Having decided Canada would not face the same scenario in the real estate market as the United States there was still speculation late last year about supposed free-falling property prices, fuelled by market trends in British Columbia and Alberta where rapid price increases and speculation had been prevalent. Based on current statistics there is now an emerging body of evidence that the Southern Central Ontario real estate marketplace is seeing what is best described as a “market adjustment” resulting in a soft landing and not the crash that much of the media projected.

In our local area, residential resale activity for June is up on the same month last year. In Oakville, by 18% and the ever
expanding Milton by 34%. Current data would suggest little movement up or down in average sales prices with Oakville
down 1% and Milton up 2% on last June.

The median sale price. which is the midpoint of all sales, in Oakville for the first six months of this year is $418,000 down
just 2% from the same period last year and in Milton at $325,000 is down only 1%. With the number of new listings also down, year to date and June statistics showing signs of pent up demand resulting in higher sales we could be moving back to a sellers market. Many of the economical problems facing home buyers today have been offset by lower mortgage rates and a stable market place.

There are signs that we may be recovering from the first recession since 1992. Buyers, Sellers and REALTORS® will certainly find this scenario much less stressful.Taking the stress out of buying and selling is our day to dayactivity.

If you are considering either buying or selling now could be one of the best times to be reviewing your options while the market is stable. Preparation is a key part of the process. So why not give me a call or contact me by e-mail at info@valeriepeebles.com. I would love to hear from you.

Resale housing sales activity is easing from its peak last year and buyers are taking more time to shop. Unlike in the United States, Canadian homeowners are by and large under no pressure to sell, so often times unsold listings are being taken off the market. With less new properties coming into the marketplace there are indications it will stabilize.

As the housing market and pricing environment cools, the number of days on market for sales is likely to rise. Home-buyers should not expect to see the kind of price correction that is underway in the U.S Calvin Lindberg the President of the Canadian Real Estate Association feels the challenge is for sellers to price their home to meet the local realities and for buyers to realize there is no real estate bubble that will burst.

The market trend data at the National or GTA level is great water cooler talk, but not that relevant when you are making decisions about your most important asset. Just like the weather, real estate is local. Unique micro-climates exist in each of the communities and towns we live and work in. You won't hear the weatherman say the average national temperature in Canada is 20 degrees today and nor would you hear him say that it will be only 5 degrees in Newfoundland.

As a REALTOR®, I live in the market I serve and I grew up in many different Oakville neighborhoods. I am available to discuss and advise you according to your buying or selling needs.

Please do not hesitate to contact me for more market information or assistance in buying or selling.

Happy November!

Hope to talk to you soon,

Valerie Peebles