Wednesday, January 7, 2009

Area Real Estate Prices Holding

Despite a softening in sales during the second half of 2008, house prices in Canada and throughout the local real market are remaining relatively constant.
The year-end 12-month average residential price for properties sold through the MLS® (multiple listing service) of the Georgian Triangle Real Estate Board stood at $279,513. This represents a 3.3% decrease from the 12-month average price at the end of 2007. This decrease in the average MLS® sale price in our area is far more attributable to 2008's decreased sales activity especially at the upper end of the market which saw area sales for properties valued above $500,000 decline 30% in 2008.
As was stated in a recent press release issued by Royal LePage Canada and reported in the Wednesday January 7th issue of the Globe and Mail, the average home price declined nationally by just 1.1% in 2008. A further decrease of 3% is predicted for 2009 as we enter into more "balanced" market condtions.
Notwithstanding the fact that we are in uncertain economic times, demand for area properties throughout the Georgian Triangle remain strong. Buyers however are cautious, anticipating there will be a widespread decrease in prices with bargains to be had. Ultimately prices are set by what willing buyers are prepared to pay and much of this falls to obtaining, qualified and quantified real estate advice. In my next post I will recap last year's real estate results in greater detail.

1 comment:

goooooood girl said...

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Royal LePAGE Locations North (Brokerage)

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Rick relocated to Collingwood from Toronto in 1985 through a transfer with Goodyear Canada. In 1987 Rick was recruited by a major client of Goodyear’s, managing their Canadian business based in Barrie before moving to Chicago in 1992 as Vice President of Sales & Marketing. Upon returning to Canada in 1996, Rick ran an industrial products manufacturing company in Stratford, Ontario. In 1998 Rick returned to Collingwood with his two children. Rick is a licensed real estate Broker with Royal LePAGE Locations North in Collingwood and holds his MVA designation (Market Value Appraiser-Residential). He is an active volunteer in the community serving several years on the Board of Directors with the Collingwood Chamber of Commerce as Treasurer, 6 years on the Board of Directors for the Southern Georgian Bay Association of REALTORS® of which he is the Past President (2008) and currently serves on a committee with the Ontario Real Estate Association. Rick is a diverse executive manager with extensive experience in strategic planning, manufacturing, finance, human resources and quality assurance management.