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.
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