As I am sure you are aware the real estate market has been cooling down since mortgage rates increased slightly in June and with the addition of the dreaded HST!
What I want to make sure you understand, is that HST does not apply to the sale of a resale home or condominium. It does however get added on to the fees and services involved in a purchase or sale such as home inspections, condominium status certificates, lawyers fees and real estate commissions. All of these were previously subject to GST so the increase is not dramatic.
Now for the market - July unit sales in the Georgian Triangle Board where 162 compared to 217 for last year and the total unit sales year to date is still up considerably with 1147 in 2010 and 986 in 2009. We feel that this will probably even out by year end and finish very close to last year.
Of course the secret to getting a property sold in this market comes down to pricing it correctly. We are seeing many price adjustments as sellers get used to the new market (one day this past month had 104 reductions)!
Stay posted for next months news and remember to call your favourite sales representative (me) when you are thinking of buying so selling!