Fall Market - No surprises here – it’s still record breaking!
The start of fall market offered no surprises. Everything remains on a strong upward swing. The number of home sales continues to increase, home prices are nearing 2007 peak pricing and the market remains brisk.
A number of factors influence the market right now including a recently lowered mortgage rate- (I saw 3.69 on a five year fixed!), limited good quality product and months of pent-up demand. These factors are not likely to change dramatically into the fall and we expect the market to continue.
The provincial government announcement of the HST sales tax will have a substantial impact on the real estate market. From a 5% increase on new-homes to increased sales tax on lawyers, inspectors and real estate fees. Many buyers and sellers will be motivated in the coming months to take action in order to avoid these increased taxes. Expect the 2010 Spring market to be even more record breaking than 2009 was. For a look at the complete numbers please visit:…
As always, everyone’s circumstances are unique and that is why it remains important to work with an active and experienced real estate representative who can provide clear professional advice. For many this is the first recession market they have experienced and there are considerations for anyone getting into the market.