With 0ne week still remaining in the month, October real estate sales have already far surpassed those of October 2008.
Month-to-date sales through to October 25th total $41.3 million and given the current rate of activity may well pass the $51 million mark by month-end. Back in October of 2008 we were in the early stages of a significant economic slowdown and real estate sales across the country were falling substantially in all major markets. Georgian Triangle real estate sales in October of last year totalled just $26.8 million hence we are already $14.5 million or 54% of last year's volume for the same month.
Back in March, year-to-date sales for the first quarter in our area were down 40% in terms of units and 47% in dollars. Subsequent months have seen a reversal of fortune as beginning in April we saw this trend begin to turn. Unit sales in June, July and August were up 16%, 27% and 30% respectively. As noted in my 3rd Quarter Real Estate Newsletter I predicted that by year-end, total area sales for 2009 would surpass those of 2008. Given the current rate of activity this month, year-to-date sales by the end of October may very well exceed year-to-date sales for the same period last year.
With a high level of consumer confidence, low interest rates and a substantial inventory of property for buyers to choose from, the remaining months of 2009 should see continued strength in our market as we head into 2010.
Sunday, October 25, 2009
Saturday, October 17, 2009
How Many Bedrooms Does Your Home Have?
With more and more real estate information now available to consumers online either through individual REALTOR® websites or via http://www.realtor.ca/ , the accuracy of listing information with respect to any given property is becoming increasingly important and often frustrating.
As licensed REALTORS® we are required to carry errors and omissions insurance and we are in fact responsible for not only the accuracy of our work reading Agreements of Purchase and Sale but also with the listing of properties as well. For example, the Alliance for Canadian Real Estate Education (ACRE) has specific guidelines to follow with respect to measuring the square footage of a home in order to ensure there is no misrepresentation.
One of the more contentious issues of late is with respect to the number of bedrooms a home may have. A room without a closet is not technically a bedroom. More importantly a room in a basement without a window does not constitute a bedroom. Building code requirements stipulate specific window sizes for basement bedrooms so as to allow adequate space for a person to escape through in the event of a fire etc.
The correct format relative to accurately portraying bedrooms in a real estate listing is as follows. If a home has 3 bedrooms above grade and 1 in the basement then the listing should read 3+1 bedrooms not 4 bedrooms. A house with 2 bedrooms up and 2 down would be 2+2 bedrooms etc. To this point in time, http://www.realtor.ca/ does not have the ability to differentiate bedrooms in this manner. Consequently a home with 1 bedroom on the main floor and 2 in the basement would appear online as a 1 bedroom home. Understandably this infuriates the seller. Later in November, the Canadian Real Estate Association will be implementing programming changes to http://www.realtor.ca/ that will correct this shortcoming.
In the meantime if you were thinking of selling you home, how many "legitimate" bedrooms does it have?
As licensed REALTORS® we are required to carry errors and omissions insurance and we are in fact responsible for not only the accuracy of our work reading Agreements of Purchase and Sale but also with the listing of properties as well. For example, the Alliance for Canadian Real Estate Education (ACRE) has specific guidelines to follow with respect to measuring the square footage of a home in order to ensure there is no misrepresentation.
One of the more contentious issues of late is with respect to the number of bedrooms a home may have. A room without a closet is not technically a bedroom. More importantly a room in a basement without a window does not constitute a bedroom. Building code requirements stipulate specific window sizes for basement bedrooms so as to allow adequate space for a person to escape through in the event of a fire etc.
The correct format relative to accurately portraying bedrooms in a real estate listing is as follows. If a home has 3 bedrooms above grade and 1 in the basement then the listing should read 3+1 bedrooms not 4 bedrooms. A house with 2 bedrooms up and 2 down would be 2+2 bedrooms etc. To this point in time, http://www.realtor.ca/ does not have the ability to differentiate bedrooms in this manner. Consequently a home with 1 bedroom on the main floor and 2 in the basement would appear online as a 1 bedroom home. Understandably this infuriates the seller. Later in November, the Canadian Real Estate Association will be implementing programming changes to http://www.realtor.ca/ that will correct this shortcoming.
In the meantime if you were thinking of selling you home, how many "legitimate" bedrooms does it have?
Thursday, October 15, 2009
Royal LePage - Canada's Leading Real Estate Voice
As a real estate Broker affiliated with Royal LePage, I am afforded a great many marketing and other tools that helps me service my valued clients as a better REALTOR®. Royal LePage is the most frequently quoted authority on residential real estate in Canada. Our numerous reports including the Survey of Canadian Hose Prices, the Recreational Property Report, First-Time Homebuyers Report and others are all valuable tools that help us, help you be a better informed real estate consumer.
A recent article in the Vancouver Sun entitled "Rebound in house prices doesn't point to boom" quoted Phil Sopher of Royal LePage as saying "increase in sales activity and firming of house prices are the product of a normal market correction and not the beginning of another aggressive expansionary cycle.'' Mr. Sopher further went on to say that "Once housing supply returns to normal levels, we believe the economy will support low pricing growth into 2010."
We are certainly seeing this throughout the Georgian Triangle. Sales have recovered in recent months and as I stated in a prior posting, we fully anticipate that real estate activity in our area during 2009 will surpass 2008. Pricing has by and large remained stable with price reductions coming primarily on those properties that were grossly overpriced to start with now being reduced or are being taken off the market altogether. Significant price increases should not pose a threat as there is still an ample selection of both new and resale housing inventory for buyers to choose from and their willingness to "over-pay" is virtually non-existent.
A recent article in the Vancouver Sun entitled "Rebound in house prices doesn't point to boom" quoted Phil Sopher of Royal LePage as saying "increase in sales activity and firming of house prices are the product of a normal market correction and not the beginning of another aggressive expansionary cycle.'' Mr. Sopher further went on to say that "Once housing supply returns to normal levels, we believe the economy will support low pricing growth into 2010."
We are certainly seeing this throughout the Georgian Triangle. Sales have recovered in recent months and as I stated in a prior posting, we fully anticipate that real estate activity in our area during 2009 will surpass 2008. Pricing has by and large remained stable with price reductions coming primarily on those properties that were grossly overpriced to start with now being reduced or are being taken off the market altogether. Significant price increases should not pose a threat as there is still an ample selection of both new and resale housing inventory for buyers to choose from and their willingness to "over-pay" is virtually non-existent.
Subscribe to:
Posts (Atom)
