A White Paper By Don Lawby President, CENTURY 21 Canada
During these first days of summer, as economists are telling us that the worst of the recession may be over, Canadians are wondering how the values of their largest financial assets - their homes - are holding up.
Media reports of real estate statistics have left many Canadian homeowners rightfully confused. The problem is that these statistics are usually based on averages of city, provincial and national markets. Such averages are pretty much irrelevant to what's really happening in specific neighbourhoods.
Our analysis suggests that Canadian homeowners should avoid relying on city, provincial or national averages to value their homes. Instead, sellers should monitor selling prices of similar homes in their own neighbourhoods. Buyers should monitor selling prices of typical homes in the
neighbourhoods where they want to live.