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For immediate release November 6, 2009
Association of Regina REALTORS® Inc. REGINA MLS® SALES CONTINUE HOT PACE IN OCTOBER Residential sales through the Regina and area Multiple Listing Service® System continued at a torrid pace in October, said the Association of Regina REALTORS® Inc. There were 259 residential properties sold inside the city, up 26% from 205 sales posted in 2008. For the entire MLS® System including all geographic areas there were 298 sales recorded, up 31% from 228 in 2008. This marks the second highest number of sales ever for October, only surpassed by the record-breaking level of 305 in 2007. It also represents the sixth consecutive month that sales have exceeded 2008 levels. Total dollar volume of sales in the city of $64.4M set a new monthly high, up 33% from $48.4M recorded in 2008 and surpassing the previous high of $53.0M set in 2007. The dollar volume of $73.4M for all geographic areas also set a new record, up 37% over 2008’s $53.5M. For the year-to-date 2,843 homes have sold in the city, up 14% from 2,503 sales recorded in 2008 and behind only 2007’s 2,950 for the same period. YTD dollar sales volume in the city was $701.6M, another new high and an increase of 16% from the previous record of $602.6M set in 2008. There have been 3,228 sales recorded in all geographic areas, an increase of 8% from 2008’s 2,999 sales. YTD sales-dollar-volume of $788.8M for all areas was up 15% from the previous record high of $688.5M set in 2008.
The average price of residential properties sold inside the city was $248,533, up 5% from 2008’s $236,126. The average price for the YTD was $246,798, up 3% over 2008’s $240,737. The average price for all geographic areas for the month was $246,300, an increase of 5% from 2008’s $234,792. For the YTD for all areas the average price was $244,372, a new high and up 6% from last year’s $229,571. Homes which sold in the city during October were on the market for an average of 42 days before selling, compared to 38 days in September. Homes sold at an average of 96.5% of asking price. Inside the city there were 749 active residential listings on the MLS® System at the end of the month marking the lowest number of active listings so far this year. There were 352 new listings received on the MLS® System during October, down 16% from 419 received last year. For the entire MLS® System including all geographic areas there were 1,242 active listings on the market at month end. There were 440 new listings received during the month, a decrease of 10% from 2008’s 488. “Sales in October were once again indicative of the strong market we have experienced for most of the year. A solid local economy, job and population growth are all contributing to demand for housing in the marketplace”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “This level of demand combined with a steady decline in inventory levels, particularly in the city, may lead to some upward pressure on prices in the months ahead although nothing like was experienced in 2007. We are anticipating that 2009 will now come in as the second best year for sales on record only behind 2007”, concluded Archibald The Association operates the Multiple Listing Service® System in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact:
Gord Archibald, Executive Officer
306-791-2705
GArchibald@ReginaREALTORS.com Association of Regina REALTORS® Inc.
MLS® Residential Statistical Summary
For Month Ending October 31, 2009 
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| | For immediate release October 5, 2009
Association of Regina REALTORS® Inc. REGINA MLS® SYSTEM SETS NEW SALES HIGHS Residential sales through the Regina and area Multiple Listing Service® System in September shattered monthly records in many key measurement categories, said the Association of Regina REALTORS® Inc. There were 292 residential properties sold inside the city, up 18% from 2008’s 248 sales. For the entire MLS® System including all geographic areas there were 343 sales posted, up 23% from 2008’s 280. This is the first time September monthly sales have surpassed the 300 mark and the highest number of sales ever for the month by exceeding the previous high of 289 recorded in 2007. It also marked the seventh consecutive month that sales have been above the 300 level – the longest such streak in the history of the MLS® System. Total dollar volume of sales in the city of $72.4M set another new monthly high, up 20% from the previous high set in 2008 of $60.6M. The dollar volume of $83.1M for all geographic areas also set a new record, up 26% over the previous high set in 2008 of $65.8M. For the year-to-date 2,586 homes have sold in the city, up 13% from 2,298 sales recorded in 2008 and behind only 2007’s 2,679 for the same period. YTD dollar sales volume in the city was $637.6M, yet another new high and an increase of 15% from the previous record of $554.2M set in 2008. There have been 2,932 sales recorded in all geographic areas, an increase of 6% from 2008’s 2,771 sales. YTD sales-dollar-volume of $715.8M for all areas was up 13% from the previous record high of $635.0M set in 2008.
The average price of residential properties sold inside the city was $247,859, up 2% from 2008’s $241,149. The average price for the YTD was $246,580, up 2% over 2008’s $241,149. The average price for all geographic areas for the month was $242,196, an increase of 3% from 2008’s $234,945. For the YTD for all areas the average price was $244,140, a new high and up 7% from last year’s $229,142. Homes which sold in the city during September were on the market for an average of 38 days before selling, a decrease from 45 days in August. Homes sold at an average of 96.4% of asking price. Inside the city there were 813 active residential listings on the MLS® System at the end of the month. This marks the lowest number of active listings so far this year. There were 360 new listings received on the MLS® System during September, down 34% from 547 received last year. For the entire MLS® System including all geographic areas there were 1,364 active listings on the market at month end. There were 459 new listings received during the month, a decrease of 28% from 2008’s 640. “September exceeded all of our expectations for sales. Demand levels continue to be very strong for this time of the year as evidenced by the record number of sales occurring during the month. The relatively strong local economy, positive consumer confidence levels, historically low mortgage rates and stabilizing prices are bringing buyers into the marketplace”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “The strong level of demand combined with a declining number of new listings and inventory of homes for sale in the city it’s possible that we could see some upward pressure on prices during the fourth quarter. We are beginning to see more listings sell at or even above list price in some instances”, concluded Archibald The Association operates the Multiple Listing Service® System in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact:
Gord Archibald, Executive Officer
306-791-2705
GArchibald@ReginaREALTORS.com Trademark owned or controlled by the Canadian Real Estate Association. Used under license. |
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AUGUST REGINA MLS® SYSTEM SALES JUMP Residential sales through the Regina and area Multiple Listing Service® System in August exceeded 2008 levels for the fourth consecutive month while setting new highs in some key measurement categories, said the Association of Regina REALTORS® Inc. There were 312 residential properties sold inside the city, up 46% from 2008’s 214 sales. For the entire MLS® System including all geographic areas there were 369 sales posted, up 47% from 2008’s 251. This marks the second highest number of sales for the month behind only the 397 sales recorded in 2007. Total dollar volume of sales in the city of $76.5M set a new monthly high, up 41% from 2008’s $54.3M and breaking the previous high of $61.7M set in 2007. The sales-dollar-volume of $89.8M for all geographic areas was also the highest ever recorded, up 49% over $60.1M in 2008 and passing the previous high of $70.0M set in 2007. For the year-to-date 2,294 homes have sold in the city, up 12% from 2,050 sales recorded in 2008 and behind only 2007’s 2,425 for the same period. YTD dollar sales volume in the city was $565.3M, another new high and an increase of 15% from the previous record of $493.6M set in 2008. There have been 2,589 sales posted in all geographic areas, an increase of 4% from 2008’s 2,491 sales. YTD sales-dollar-volume of $632.7M for all areas was up 11% from the previous record high of $569.2M set in 2008.
The average price of residential properties sold inside the city was $245,432, down 3% from 2008’s $253,620. The average price for the YTD was $246,417, up 2% over 2008’s $240,784. The average price for all geographic areas for the month was $243,355, an increase of 2% from 2008’s $239,308. For the YTD for all areas the average price was $244,397, a new high and up 7% from last year’s $228,489. Homes which sold in the city during August were on the market for an average of 45 days before selling, an increase from 40 days in July. Homes sold at an average of 95.2% of asking price. Inside the city there were 892 active residential listings on the MLS® System at the end of the month. This marks the lowest number of active listings so far this year. There were 391 new listings received on the MLS® System during August, down 20% from the 490 received last year. For the entire MLS® System including all geographic areas there were 1,523 active listings on the market at month end. There were 496 new listings received during the month, a decrease of 18% from 2008’s 607. “August was yet another exceptional month for sales. There continues to be solid demand for housing and consumer confidence in a home purchase particularly in first time buyer price ranges”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “We’re now beginning to see a significant tightening up in supply inside the city. The combination of a high number of sales and decreasing number of new listings is causing a decline in the number active listings on the market. It’s now at the lowest level since December of last year. This could be a potential signal of some upward pressure on prices provided that demand levels continue to be strong”, concluded Archibald The Association operates the Multiple Listing Service® System in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact:
Gord Archibald, Executive Officer
306-791-2705
GArchibald@ReginaREALTORS.com Trademark owned or controlled by the Canadian Real Estate Association. Used under license.
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Regina's housing market is picking up speed, says a new report by Re/Max, and the expectation is that the number of homes sold by the end of the year will match 2008 levels. Re/Max said that even though year-to-date multiple listing service (MLS) sales for Regina and area were down 10 per cent from 2008 -- from 1,977 to 1,778 units -- the gap narrowed throughout the past two months. During May, the number of homes sold was 387 units, up 8.7 per cent from last year. In June, there were another 387 sales -- a 24-per-cent increase from 2008. Rob Nisbett, co-broker and co-owner of Re/Max Crown Real Estate in Regina, said sales just inside Regina are only down one per cent this year, and the increase in demand is a result of job creation in the province and Regina. He said it took people awhile to realize that the economic situation isn't as bad as what they may have been told, and buyers are now getting into the housing market. "As consumer confidence is coming back, people are spending money, people are needing more staff, there's expansion in businesses, (and) there's a thrust in employment," he said. "We're having ex-pats come back to Regina as new jobs are posted ... I'd have to think that now we have stopped any negative out-migration and it's all in-migration." During the first six months of the year, the most active segment of the market was homes under $275,000, which was driven by first-time buyers. Homes sold for between $400,000 and $450,000 also experienced more activity, as sales increased about 25 per cent compared to the same period last year. "When somebody sells their house for $250,000, their next house is most probably that $375,000 to $475,000 (range)," said Nisbett. "That has leap-frogged, so that's why you have those two price ranges that have shown magnificent increases in demand." The high demand for homes in these price ranges has also caused average prices to increase, said Nisbett. The year-to-date average price of a home inside Regina was up four per cent from the first six months of 2008. However, with an oversupply of units listed in the market, Re/Max reported that sales of condominiums have softened. Nisbett said most condo buyers made their purchases in 2007 and 2008 and it's now a matter of waiting for the next round of buyers to come to the market. The Re/Max report also indicated that Regina's housing market is transitioning into a balanced market that would favour neither the buyer nor the seller. The transition began in May and June when the high level of transactions took a lot of the inventory out of the market, Nisbett said. "Our housing market is, number one, a safe market -- a good investment," he said. "Secondly, I believe that we're going to have a continued increase in average price in Regina and I think the economic growth of Saskatchewan and Regina is almost guaranteed." Nationally, Re/Max reported that pent-up demand boosted sales of residential homes in major Canadian markets -- an indication of a recovering housing sector. Toronto and Vancouver led the country in June sales, with 10,955 units and 4,259 units, respectively -- both just short of breaking records. The market conditions are more balanced and sales throughout the remainder of the year in most centres are expected to either be on par or ahead of sales in 2008, said Re/Max. © Copyright (c) The Regina Leader-Post |
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June marked the second consecutive month that residential sales through the Regina and area Multiple Listing Service® System exceeded 2008 levels, said the Association of Regina REALTORS® Inc. There were 337 residential properties sold inside the city during the month, up 30% from 2008’s 260 sales. For the entire MLS® System including all geographic areas there were 387 sales posted, up 24% from 2008’s 312. Total sales-dollar-volume of sales in the city of $82.6M set a new monthly high, up 27% from 2008’s $65.2M and breaking the previous high of $66.6M set in 2007. The sales-dollar-volume of $94.9M for all geographic areas was also the highest ever recorded for the month, up 27% over $74.9M in 2008 and surpassing the previous high of $79.0M recorded in 2007. For the year-to-date 1,610 homes have sold in the city, down 1% from 1,627 sales recorded in 2008. YTD dollar sales volume in the city was $396.5M, a new high and an increase of 3% from the previous one of $386.5M set in 2008. There have been 1,778 sales posted in all geographic areas, a decrease of 10% from 2008’s 1,977 sales. YTD sales-dollar-volume of $436.4M for all areas was down 2% from 2008’s record high of $444.2M. The average price of residential properties sold inside the city was $245,038, down 2% from 2008’s $250,676. The average price for the YTD was $246,271, a new high for the period and up 4% over 2008’s $237,545. The average price for all geographic areas for the month was $245,097, an increase of 2% over 2008’s 239,963. For the YTD for all areas the average price was $245,443, a new high and up 9% from last year’s $224,661. Homes which sold in the city during June were on the market for an average of 41 days before selling, up from 37 days in May. Homes sold at an average of 96.4% of asking price. Inside the city there were 1,108 active residential listings on the MLS® at the end of the month. There were 491 new listings received on the MLS® System during June, down 23% from the 639 received last year. For the entire MLS® System including all geographic areas there were 1,776 active listings on the market at month end. There were 677 new listings received during the month, a decrease of 14% from 2008’s 787. “During the first half of the year we experienced very steady and solid levels of demand for housing. This is as a result of the strength of the local economy and continued population growth which are buoying demand for housing in the Regina area. With active listings inventory levels up we are in more of balanced market not seen for years, although sellers are advised to have their property priced for these market conditions to have it sell”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “Although first-half sales through the MLS® System are currently behind 2008, we are anticipating that demand will remain strong in the second half of the year with sales actually exceeding 2008 levels in many of the remaining months”, concluded Archibald.
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MAY MLS® SALES BREAKS RECORDS (June 2009 Stats out soon.) Residential sales through the Regina and area Multiple Listing Service® in May ex eeded 2008 levels for the first time while breaking records for average price and dollar volume said the Association of Regina REALTORS® Inc. May marks the first month in 2009 that the number of sales exceeded 2008 levels. Average Residential Price: May - $266,743 up 9% from May 2008 of $245,391.
Year to date: - $246,599, up 5% over 2008’s $235,047. Average Days on the Market: May 2009 - 37 days before selling, This is the first time average days on the market has been below 40 for two consecutive months since September 2008. . List Price vs Selling Price: Homes sold at an average of 96.4% of asking price, the highest ratio so far in 2009. "Once again, the numbers for the month are an indication of a vibrant local real estate market with strong demand for housing. Buyers are taking advantage of a level of supply not seen for many years which offers more choice without the extensive bidding up and competing offers that we saw at the beginning of 2008. Despite a decent number of sales taking place, sellers are still well advised to price their home for current market conditions to attract buyers”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “We are anticipating that demand will remain strong for the foreseeable future with sales exceeding 2008 levels in many of the remaining months of the year”, concluded Archibald.
Source: www.reginarealtors.com
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MARCH MLS® SALES SOLID: AVERAGE PRICE UP Residential sales through the Regina and area Multiple Listing Service® in March continued to be reported at above historical levels with some upward pressure on the average price, said the Association of Regina REALTORS® Inc. Average Residential Price: March - $244,888, up 4% from last year of $234,504.
Year to date: - $232,385, up 5% over 2008’s $221,085. Average Days on the Market: March 2009 - 47 days before selling, compared to 51 days in February. Homes sold at an average of 95.9% of asking price compared to 95.8% in February. “Despite the active inventory of listings being double normal levels, we saw some signs of the market picking up during the month with the average number of days on market before selling showing a steady decline and the selling price as a percentage of asking tightening up. We are also beginning to see more sales taking place in less than 10 days from listing date”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “The fact that the average price of homes selling is holding is also a good indication of steady demand for housing in our market”. “Although the boom markets of 2007 and 2008 are behind us the current market is performing very well from an historical perspective. We’re also not experiencing the significant drops in sales and property values taking place in many other markets across the country. We are anticipating the traditional busy spring market to occur over the next few months”, concluded Archibald. Source: www.reginarealtors.com |
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| Installation can be a DIY job if you have the patience By Paul Bianchina, Inman News Tired of your ragged old shower curtain? Sick of hassling with that old shower door with the worn track and the missing rollers? If it's time to start thinking about a new door for your shower, you'll find a wide and beautiful assortment of options awaiting you. Whether you have a tub/shower combination or a dedicated stall shower, there are essentially three different types of doors available: · Horizontal sliding doors: By far the most popular of the door styles is the horizontal slider, which can be used with either tub/shower combinations or with wide stall showers. A horizontal overhead track is supported by two vertical frame pieces at either side of the opening. A pair of doors then hangs from the overhead track on nylon rollers. Both of the doors are operable, with one door sliding horizontally past the other door. · Swinging doors: Swinging doors are designed specifically for use with stall showers of virtually any width. The door is mounted onto a vertical frame using a continuous hinge and swings out away from the shower (shower doors never swing into the shower stall because of the difficulty in opening it to get to a person who has fallen or otherwise become trapped inside the stall). Swinging doors can be hinged to swing in either direction, and for showers over about 3 feet in width, there is typically one or more fixed panels next to the swinging door so that the door doesn't have to be as wide and heavy. Swinging doors are also used in combination with glass panels and a metal framework to make up a corner shower unit. · Accordion doors: Designed for both tub/shower combinations and stall showers, vinyl accordion doors hang on a track and fold up against one wall in small sections. This particular door style is no longer particularly popular, given the difficulty in cleaning all of its multiple panels and parts. KNOWING WHAT TO LOOK FOR When shopping for a new door, you have more options than you probably realize, primarily in color and style. Your first priority is to look for a door with a good solid frame and heavy-duty rollers, hinges and other hardware. The glass is required by law to be tempered, and doors with acrylic panels are no longer allowed in most areas. Be sure and look at a full-size, operable example of the door you're interested in before you buy it. The basics aside, the choice comes down to one of appearance. For the frame color, you'll have a choice of chrome -- typically the least expensive -- gold-tone, white, almond and a variety of other colors. For the glass, the least expensive option is opaque or frosted, but you'll also have a choice of clear, smoked, bronze-tinted, or clear or frosted glass panels with any of a variety of etched pictures. If you opt for clear glass, there are little shower squeegees you can use to quickly remove water from the glass after your shower, which helps greatly in preventing a buildup of water spots. Some glass shops also offer doors with custom etching. You can bring them a picture, message, logo, or other artwork, and they can have the art etched into one or more of the doors or panels. This will obviously add to both the cost and the ordering time. THE INSTALLATION OPTIONS You've got two options here -- do it yourself or hire it out -- and the choice is directly influenced by your level of patience. Installation of a sliding or swinging shower door set requires the assembly of the frame and its installation in the shower, followed by the hanging and adjustment of the door(s), sealing of the frame, and installation of the weatherstripping. Most shower doors are available in kits for the do-it-yourselfer, and contain all of the necessary hardware and instructions, usually with the exception of caulking or sealant for sealing the frame in the opening. Typical tools you'll need include a screw gun, hack saw, level, caulking gun, and a couple of different sizes of drill bits -- including masonry bits if you're installing the frame against ceramic tile. Shower doors are sold through most glass shops, as well as home centers and larger hardware stores. Given the number of options, you'll probably only find the most common sizes and colors in stock; others will typically require a special order and, depending on the style and color, will take anywhere from a couple of days to several weeks for delivery. |
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First-time buyers driving force in Canada’s residential real estate markets, says RE/MAX
Entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada, according to a recent report released by RE/MAX. The 2009 RE/MAX First-Time Buyers Report, highlighting first-time buying activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market. While a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today’s buyer-centric real estate climate. Increased inventory and longer days on market, coupled with the lowest lending rates ever, are presenting opportunities that have not been seen in almost a decade. While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices. Affordability has greatly improved and buyers are firmly in the drivers’ seat in just about every market we surveyed. The new reality is that homeownership remains well within reach for most first-time buyers. Although the year got off to a slow start, February home sales were well ahead of those reported in January. The upward trending is expected to continue as more and more first-time buyers enter the market in the weeks ahead. The flurry of activity in the lower-end may also serve to kick-start sales in the mid-to-upper end of the market, which have, as expected, been relatively sluggish in recent months. While inventory and days on market was up virtually across the board, it’s noteworthy that several markets reported tighter conditions in the lower end of the market, where demand and buyer activity remains quite healthy. Canadian markets from coast-to-coast are ripe for a reawakening as the weather warms up. First-time buyers seem more acclimatized to economic factors, even though the barrage of bad news continues to flow. Those who are secure in their jobs, have accumulated good down payments, and have acceptable credit ratings are continuing to venture forward, undeterred by tighter lending criteria. According to the RE/MAX Report, buyers are clearly in control in most Canadian markets. Of the 32 markets surveyed, 22 (69 per cent) remain firmly in buyer’s market territory. These include Vancouver, Surrey, Port Coquitlam, Chilliwack, Kelowna, Victoria, Edmonton, Calgary, Saskatoon, Regina, Ottawa, Peterborough, London-St. Thomas, Niagara Falls, Mississauga, Metro Toronto, Northern GTA, Kingston, Windsor, Hamilton-Burlington, Barrie, and Halifax-Dartmouth. Ten (31 per cent) report more balanced conditions: Winnipeg, Kitchener-Waterloo, Sudbury, North Bay, St. Catharines, Saint John, Moncton, Fredericton, St. John’s, and Charlottetown. Forty per cent of markets offered single-detached homes priced under $200,000, including Charlottetown, Saint John, Moncton, Peterborough, Niagara Falls, St. Catharines, Windsor, Fredericton, Halifax-Dartmouth, London, North Bay, Kingston, Saskatoon and Winnipeg. More than two-thirds (71 per cent) offered condominiums starting under $200,000, (Moncton, Fredericton, Halifax-Dartmouth, Sudbury, North Bay, Peterborough, Mississauga, Burlington, Niagara Falls, St. Catharines, Kitchener-Waterloo, London, Windsor, Surrey, Chilliwack, Victoria, Kelowna, Edmonton, Saskatoon, Regina, and Winnipeg). The most affordable markets for detached homes, based on starting prices are: Moncton ($115,000), Charlottetown ($120,000), and Saint John ($130,000) in Eastern Canada; Windsor ($75,000), Niagara Falls ($119,000), and St. Catharines ($125,000) in Ontario; Winnipeg ($185,000), Saskatoon ($190,000), and Regina ($210,000) in Western Canada. RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 670 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,800 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in resident, commercial, referral, and asset management. For more information, visit: www.remax.ca ### RE/MAX of Western Canada (1998) Inc. First Time Buyers Report, issued March 11, 2009.
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Threat of global recession to hinder home sales in major Canadian housing markets in 2008 and 2009, says RE/MAX Recovery linked to economic stability next year Global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres during the latter half of 2008. Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX. Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009. Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored. If inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity, we could see a bounce back as early as spring. The RE/MAX Housing Market Outlook for 2009 examined residential real estate trends in 22 markets across the country and found that average price held up remarkably well in 2008, despite 13 centres reporting double-digit declines in home sales. Solid gains earlier in the year likely served to prop-up housing values at year-end. The prognosis for housing activity in the first six to nine months of 2009 is somewhat static, given continued volatility in financial markets and the threat of recession, but as stability returns, housing markets are expected to recover. Nationally, 440,000 homes are expected to change hands in 2008, down 15 per cent from record 2007 levels. Canadian housing values are expected to hover at $300,000, a nominal three per cent decline from last year’s historic peak. By year-end 2009, unit sales should match 2008 levels, while average price is forecast to fall another two per cent to $293,000. Major markets are evenly split in terms of housing performance in 2009, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels. The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009. Housing values are expected to hold the line in 2009, with St. John’s, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2009. Canada’s real estate environment is considerably more complex than it has been in recent years. The landscape is definitely changing -- with most markets shifting into either balanced or buyer’s territory. The shut out is over. Sellers no longer rule the roost. Opportunities exist for purchasers like never before, including lower interest rates, greater inventory levels, the luxury of time to make decisions, and the upper-hand at the negotiating table. Motivated vendors will need to take note of the new mindset and set their prices accordingly. Canadian sellers are slowly adjusting to new realities. For most markets, 2008 started in balanced territory and moved into buyer’s market conditions during the latter half of 2008. The year ahead will prove challenging, especially for vendors. While the economy will dictate real estate performance next year, it’s important to remember that demand still exists in the marketplace. In the midst of stock market turmoil, sold signs continue to appear on lawns across the country. With affordable lending rates and increased selection, first-time and move-up buyers with good credit may choose to play their investment strategy safe and purchase a home. The comfort of a tangible investment like real estate goes a long way in tough times. RE/MAX of Western Canada (1998) Inc. Housing Market Outlook 2009 Report, issued December 3, 2008.
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