Well the year closed out with some impressive results. The total sales volume for the Georgian Triangle area was $484,646,974 for the year ended December 31, 2009 as compared to $441,044,393 in 2008 or an improvement of 9.89%. The sales to listing ratio also improved from 28.67% for 2008 to 31.61% for 2009. Lower interest rates and the feeling that the worst was over fueled demand in the housing market.
That may not seem like much but it is significant when you consider the ratio for January was 10.53%. The market for the coming year is said to be booming in the first half and then quiet for the balance of the year. The main culprit the HST implementation which takes place in July. The bottom line is that it will cost more to buy a home. For the resale homes you will pay more on the services that are required to sell or buy real estate. This could mean an increase of about 1500 on the average home purchase. The big hit will be in the higher end homes. where significant costs will be incurred. I will elaborate on this in my next blog.
If the number of inquiries and activity levels are any indication, the prediction of the first half of the year being busy is well on the way to reality.