Here are the numbers. Do not beleive what you read in the papers or see on TV. NOTL's residential resale market is keeping pace with 2007. What does that mean for homesellers and buyer? Well for seller's it means you must have a fair expectation of your selling price and make sure it is well researched and feasable in todays market. For buyers, the message is remain patient and keep looking for the right property. When it comes available be prepared to act on it.
|Listings||Sales||Sales/Listings Ratio||Average Sale Price||Listings||Sales||Sales/Listings Ratio||Average Sale Price|
|Area||Month||YTD||Month||YTD||Month||YTD||Month||12 Month||Month||YTD||Month||YTD||Month||YTD||Month||12 Month|
As you can see 2008 YTD sales are one unit less than those in 2007. I would not characterize this as a declining market(as the media portrays). The number of listings available for sale is up roughly 17% This means that more inventory is available than last year and will therefore keep the average price increases in check. Greater inventory is good news for buyers looking at interest rates. If home price increases are kept to a minimum then the Bank of Canada should be able to maintain the record low interest rates that we are presently enjoying.
Good advice for NOTL Home buyers and sellers is to question the information in the public, request the facts from professionals and be prepared when it comes time to either sell your home or make that purchase.
Gary Zalepa Jr.