by CRE18 Nov 2015

by Ryan Smith

The Canadian property market continues to grow, driven largely by the booming markets in Vancouver and Toronto. Excluding those markets, in fact, gains and declines are relatively evenly split across the country.

The national average sale price rose 8.3% year over year in October, according to data from the Canadian Real Estate Association. Excluding Vancouver and Toronto, however, the national average was up just 2.5%.

The number of markets where sales posted a monthly increase and markets where it declined was evenly split, according to CREA. The national monthly increase, a 1.8% rise from September, was driven largely by gains in British Columbia’s Lower Mainland and the Greater Toronto Area and surrounding regions.

“The continuation of low interest rates is supporting home sales activity,” said CREA president Pauline Aunger. “Even so, the strength of sales activity varies by location and price segment across Canada.”

Detached homes are still going strong, according to CREA. Short supply and strong demand continues to drive sales in big markets in British Columbia and Ontario. Condominiums, meanwhile, remain relatively plentiful.

“The balance between supply and demand is generally tighter for single detached homes than it is for condo apartments and that’s unlikely to change any time soon,” said CREA chief economist Gregory Klump. “For that reason, price gains for single detached homes should continue to outstrip those for condo apartment units for some time.”

Actual sales rose year over year in half of all local markets, led by increases in the Lower Mainland of British Columbia, the GTA and Montreal, CREA reported. Those gains were offset somewhat by a drop in the Calgary area, which has seen real estate founder following the oil slump.

We have seen tremendous increase in home values in Durham Region in the past 3 years and I am sure the construction of the 407 has had a big effect on creating those gains, which shows in our recent sales stats for Q 3 in 2015. I hope the municipalities within Durham Region and Clarington will not pass the policy of  charging a municiple land transfer tax on home sales in Durham Region if Wynne passes he proposed legislation. This will just add more cost for Buyers and  making owning a home more difficult. 

What are your thoughts? 

3rd Quarter Real Estate Report for Whitby's Pringle Creek area 

includes Pringle Creek neigbhourhood, Fallingbrook west of Anderson neighbourhood and the Willowbrook neighbourhood 

click here For Toronto Real Estate Boards October's Market Watch video 

Are the boom days coming to an end in Canadian Real Estate - Is that a good thing and how will that have an effect on Home sales in Whitby and Durham Region

In a recent article from MortgageBrokerNews.ca The Boom Days are over - is that a good thing? 

The article made note that: Better-than-expected job numbers both here and in the U.S. should mean a hike in interest rates by the Federal Reserve, which means the long love affair with low interest is coming to an end, and a positive sign that a potential housing crisis isn’t looming.  Read more here 

We have seen our  big banks are creeping rates higher:  variable rates have gone from prime minus  -.60 basis points  to minus .30 basis points and 5yr rates from 2.69 fixed to 2.79% fixed  

Company wins highest honours at Ontario Finest Meat Competition

OSHAWA -- At Halenda’s Fine Foods, sausage making is treated as an art. 

“There are ways to cut corners and I can speak for Halenda’s, we don’t take them,” said owner Richard Halenda. “I don’t buy spice on price, I buy where I’m guaranteed I’m getting the best.” 

That’s partly why he believes for the third consecutive time, Halenda’s took home the top prize in the Ontario Finest Meat Competition with the highest overall score. click here for more

Many Canadians dream about the day they can retire and enjoy the so-called golden years. But for some time now, experts have been warning that dream is just that — a dream.

Many people in their late 40s and early 50s are still carrying massive debts and have little savings for the future. read more......

There are options to consider to keep that dream! 

It pays off to pro active and be strategic in today's real estate market when thinking about down sizing and retirement! 

There are options for you to explore. We have helped clients who are either just entered retirement or  near retirement sell their home in the Durham Region and find them a home outside the GTA were homes are more affordable. There are many options such as  Lindsay,  Peterborough ,  Port Hope, Cobourg, Prince Edward County  and smaller communities such as Ennismore, Bridgenorth, Lakefield Bobcageon, Fenlon Falls and more. All these areas are within 2 hrs of Durham  and all are close to hospitals which is a concern for boomers. It all boils down to the lifestyle you desire. I recommend you be informed and  do your due diligence.  We have clients that have made the move to various areas, they are benefiting from the lower taxes, less traffic on the roads and new surroundings enjoying life.  If you have any questions about  the current market - Selling high and buying a more affordable home close to Durham, please feel free to call Jim.. As an  access member to the Peterborough Real Estate Board we have all mls listing information to  make available to you. Find the prefect Bungalow @ BungalowDen.com

Today we honour the service and sacrifice our veterans past and present

have made to keep us safe and enjoy the freedom we .take for granted every day!

We will never forget

Rememberance day Service today in Whtby The Annual Remembrance Day Parade forms up in front of the Branch 112 on Byron St. South at 10:20 a.m. The parade proceeds north on Byron St. to Dundas Street, east on Dundas past the four corners and arrives at the Cenotaph at approximately 10:40 a.m. more info

Dreaming of buying your first home ? You’re not alone: Canada’s real estate market remains strong, as increasing numbers of millennials prepare to make their first home purchase. The key for every aspiring homeowner is to be informed. - We have designed a home search taylored to First Time Buyers  who are looking to buy their first home in Durham Region.  See more about info about buying your first home at: homeownership.ca

The average price for resale homes in the Durham Region for the month of October was $444,920, up 13.2 per cent from $393,088 in October 2014. “Throughout 2015, prices have reached an all-time high,” commented O’Donohue. “When we add up the amount of money spent on all resale transactions over the year, we have seen almost 1 billion dollars more in sales compared to last year”.

Scotiabank raised mortgage rates 

Effective Friday November 6^th 2015, the following Fixed rates will be changed to:

Drop by Whitby's Iriquois Park today and watch some of your favourite  ex NHL players  and local hockey players participating in the Eric Lindros Celebrity Hockey Challenge raising funds in support of Easter Seals