Thursday, January 7, 2010

2010 Real Estate Outlook

In a press release out today, Royal LePage Canada has issued their forecast for Canada's real estate market activity in the first half of 2010.
Given the market strength that was shown if the last quarter of 2009, all indications are for the momentum to continue during the first six months of 2010. What is unknown at this point here in Ontario, is the impact that the forthcoming harmonization of PST/GST will have as it will create added costs to both home sellers and buyers. Estimates are the average real estate transaction in Ontario will incur $1,400 to $1,500 in added taxes resulting in new taxes being applied to legal, appraisal and home inspection fees, real estate commissions etc.
As part of their 2010 market forecast, Royal LePage also issued their quarterly house price survey for the last quarter of 2009. Nationally, statistics show that house prices for bungalows and 2 storey homes rose at an annual rate of 6.04% and 5.2% respectively while standard condominium prices increased by an annual rate of 6.35%. Clicking on the above hyperlinks above will give you access to the two Royal LePage publications.
In my next posting I will recap the year-end results pertaining to local market activity here in the Georgian Triangle.

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Royal LePAGE Locations North (Brokerage)

330 First Street, Collingwood, ON L9Y 1B4



Email:
rickcrouch@propertycollingwood.com



Direct: 705-443-1037



Office: 705-445-5520 ext 230




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My Profile

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.