market update: Word on the Street
- 06/03/10 06:56 AM
If you're receiving mixed messages regarding the economy lately well join the club. The Canadian economy is performing brilliantly right now, the best in the G8 or is it the G20? The first quarter GDP came in with an amazing and unforeseen 6.1 per cent growth. Although inflation isn't a problem yet you can bet that interest rates will rise if our economy maintains this torrid pace. On the other hand if you believe the news, the crisis involving Greece and other members of the European Union threatens to plunge us into the second half of a double-dip world recession. It's … (1 comments)
market update: Market Update May 2010
- 05/03/10 07:42 AM
Could Early Spring Mean Early Summer? Those of you who are regular readers of my market update may recall that back in February we were enjoying spring-like market conditions. It was the hottest February for real estate in recent memory and local Realtors who were more than ready for the end of the recession were delighted with the early arrival of the spring market. Buyers and sellers wanting to avoid the impending HST plus a general economic recovery stimulated our local market which lead to record sales and market conditions typical of April or May. After a very strong March where … (0 comments)
market update: Double Whammy Could Slow Market in Second Half
- 04/01/10 07:21 AM
Canadian banks sent a clear signal that the era of rock-bottom interest rates is over by hiking mortgage rates this week, a move that will cost Canadians more to finance home purchases and could hasten a slowdown of the red-hot housing sector. Surging home sales and prices may cool in the second half of this year due in part to the implementation of the Harmonized Sales Tax in July. The new tax will increase costs for home buyers in Ontario for new homes over $400,000 and for related services such as real estate commissions, home inspections and lawyer's fees. The double … (4 comments)
market update: South End Drives Early Spring Market
- 03/03/10 02:22 AM
Imagine putting your home up for sale and after two days on the market you receive eight offers and sell well over asking price. I know that sounds too good to be true but that's exactly what many fortunate sellers in Guelph experienced in February. Following a strong fourth quarter when the Canadian economy grew by 5 per cent, the biggest rebound in nine years, Canadians are feeling more positive about the economy. A recent consumer outlook index showed growing optimism last month, with 62 per cent now saying they expect the economy to improve in the next year. Consumer optimism … (1 comments)
market update: Guelph Gets a B !
- 02/01/10 05:31 AM
Calgary, Waterloo, Ottawa, Vancouver, St. John's, and Richmond Hill, Ont., top the Conference Board of Canada ranking of the country's most attractive cities to migrants, the Globe and mail reported in January. These cities have "what migrants are looking for when choosing where to locate," according to the Conference Board's second report on the topic. It analyzed 50 Canadian cities based on 41 indicators including health, economy, environment, society, education, innovation and housing to rank the places most attractive to skilled workers and mobile populations. "Cities that fail to attract new people will struggle to stay prosperous and vibrant," said Mario … (0 comments)
market update: Market Update
- 01/04/10 07:16 AM
Two Tales of a City One look at December's sales statistics and you can clearly see a huge change from a year ago. December 2008 had us waist deep in the global recession and while banks and automakers were being bailed-out south of the border our local real estate market was pretty much non-existent. Total sales for the month had trickled to an all-time low and while Stephane Dion enjoyed a cup of coffee as the Federal Liberal leader the average days on market for MLS listings slowed to a snail's pace and the amount of active listings for sale began … (2 comments)
market update: Market Update
- 12/01/09 05:49 AM
What a Difference a Year Makes Thinking back on last November, Barack Obama had just been elected president and Canadians found themselves about to be unwilling participants in the global recession. Depending on who you talk to around Guelph, the recession turned out be much ado about nothing or really had some serious economic teeth. Our local real estate market seemed to feel the effects almost as soon as Stephen Harper begrudgingly admitted that not only was Canada's economy headed for recession, it had already been there for months. Total MLS sales from last November were an astoundingly low 88. That … (0 comments)
market update: Canada's hot Real Estate Market Getting Hotter
- 11/02/09 06:26 AM
A new report from the Canadian Real Estate Association (CREA) shows the market tighter than ever with the lack of supply of new listings conspiring to make a hot market even hotter. CREA said Thursday the average sale price of a house in Canada reached $331,602 last month, a 13.6% increase from a year ago. There just isn't enough new product coming to market to meet demand. Last month, there were 80,816 new listings across the country, compared to 97,657 a year ago. The supply problem is happening in almost every major Canadian city. The same things continue to drive the … (2 comments)
market update: BACK TO THE FUTURE!
- 10/02/09 06:48 AM
Our local real estate market has been in a state of transition since June when we started to pull out of the so-called recession. But the most significant change took place during September when what we were calling a recovery turned into a full- fledged seller's market. At first glance our stats for last month paint the portrait of a typical September. Total sales are just slightly over last year, average days on market just a few days quicker and the average sold % of list price just a fraction more than September /08. But our good friends Supply and Demand … (4 comments)
market update: Guelph, Ontario Buyer's Market or Seller's Market?
- 11/18/08 03:14 AM
There are only two kinds of real estate markets, buyer's markets and seller's markets. It's easy to sell a house in a seller's market, practically any Realtor can do it. In a buyer's market it takes skill and determination. I don't believe we are experiencing a true buyer's market (at least not yet). It's more likely that we're between the two in a neutral market. Sales are down 30% from a year ago, prices seem to be down a little but the inventory of homes for sale is still as low as last year. A glut of homes for sale, the 3rd … (0 comments)
If you're receiving mixed messages regarding the economy lately well join the club. The Canadian economy is performing brilliantly right now, the best in the G8 or is it the G20? The first quarter GDP came in with an amazing and unforeseen 6.1 per cent growth. Although inflation isn't a problem yet you can bet that interest rates will rise if our economy maintains this torrid pace. On the other hand if you believe the news, the crisis involving Greece and other members of the European Union threatens to plunge us into the second half of a double-dip world recession.
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