Real Estate Stats

As the old saying goes "Spring has sprung, the grass has riz, I wonder were the buyers is" Well it appears that they are out buying Real Estate. According to the press releases today Real Estate sales for March continue to be very strong, with sales in the GTA up 70% compared to last year and prices up 20% to $ 434,696. Even Montreal with its realative cheap housing stock, prices were up 9% to $ 245,000.
 In our local market, Peterborough Real Estate sales are also very strong and prices continue to increase. One reason is supply. Last year at the end of the first quarter, we had a 5.1 month supply of listings, really a balanced market. this year at the end of the quarter we had a 3.1 month supply of listings, truly a seller's market. Looking in more detail to the report there is a very interesting statistic, listings above $ 275,000 last year there was 17.7 month supply! this year there still is a 6.3 month supply which is more of a buyer's market. This could mean there is some buyer resistance to the higher price or that the buyers simply do not qualify for the higher mortgage amounts. However, in March more sellers did enter the market as there were 778 new listings a 21% increase over March of 2009 in the Peterborough, On. market.
 Another statistic that may be a preview of the fall market is the one released on new building permits. Stats Canada said that in February residential construction intentions fell 7.5% dragged down by a 52.5% drop in the value of multiple dwelling permits in Ontario. Could it be that the bloom is off the condo boom, or are developers more cautious with the changes to CMHC insured mortgages for investment properties effective April 19th. Only time will tell!

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Harry Huffman

Harry Huffman

Sales Representative
CENTURY 21 United Realty Inc., Brokerage*
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