With signs that Canada is slowly moving out of the current economic recession, consumer confidence has risen sharply bolstering the sale of big ticket items including real estate. Overall, the national housing market has roared back surprising virtually everyone and the local real estate market is no exception.
Area real estate sales in the 3rd quarter as reported through the MLS® system of the Georgian Triangle Real Estate Board were 22% better than the 3rd quarter of 2008. Residential unit sales were up 27% and 30% in July and August respectively while September posted an 8% gain. It was during the 3rd quarter of last year that real estate sales began to significantly decline as consumers took a wait-and-see attitude with respect to the economic outlook before making any commitments with respect to their plans regarding real estate. Low mortgage rates have continued to help fuel the housing market and the Bank of Canada has committed to holding rates until early 2010 so buyers need not feel that times is running out.
Gregory Klump the Chief Economist for the Canadian Real Estate Association was in Collingwood lately giving local REALTORS® and update of the national housing market with emphasis on our area in particular. With the ongoing strength in consumer confidence and low interest rates, the outlook for strong sales in both the 4th quarter of 2009 and first half of 2010 looks very promising and I fully anticipate that real estate sales in our area for 2009 will surpass the $438 million in area property sales that we saw in 2008. For a complete summary of real estate activity throughout our area please read my 3rd Quarter Georgian Triangle Real Estate Newsletter.
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