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Celebrate Fall

Don’t miss the opportunities during this Fall real estate season!  Your calls and emails regarding the local real estate market are always welcome.

And, if anyone you know is ready to buy, sell or refinance, your referrals mean more than you know.

Denis Pellerin, (519) 577-8181, dPellerin@coldwellBankerPbr.com

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The Summer Market moving to the Exciting Fall Market

Residential sales for the month of August experienced a year-to-date total of 4,876 units, an increase of 3.7 per cent compared to 2016.

There is an indicator that stability is returning to the market.  I did not like the way the market had been going with record setting sales and prices that seemed unsustainable and created an unfavorable real estate market.

In August 2017, comparing August 2016, 286 detached homes were traded, down 18.8 per cent and 105 condominium units down 30.9 per cent which includes all properties regardless of style such as semis, townhomes, apartment, detached and so on.

The good news is that values were not lost. The average sales price of all residential sales increased 10.1 per cent to $441,992 year over year. Detached homes sold for an average price of $519,910 for an increase of 5.9 per cent, while the average sale price for an apartment style condominium was $294,787 for an increase of 26.5 per cent. Townhomes and semis sold for an average of $338,191 up 13.4% and $351,233 a 17.3%.

With a continuing low two-month inventory that benefits the seller, the signs seem to be trending to a more balanced market.

The savvy have said and continue to tell us that there is no best time to get involved. It’s always a good time keeping in mind that with the upwards pricing trends now seems to be the best time to shop for a home or an investment property.

Wishing more info or wish to shop, contact Denis at (519) 577-8181, dpellerin@coldwellbankerpbr.com. Want to see “Hot New Listings” for nearly all of Ontario, visit http://denispellerin.ca/property-listings

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Housing bubble has already burst says BMO’s Porter

THE KW MARKET has undergone such changes as in the GTA in the last few months. Are we moving away from a sellers market to our normal balanced market? Many believe so as I do. Now as the fall market begins to heat-up is a great time to begin your search. – dP

ARTICLE

Not everyone agrees that Toronto has been in a housing bubble but BMO’s chief economist is in no doubt.

“By any traditional definition, we were in the grips of a full-on bubble earlier this year,” Doug Porter told CBC’s Metro Morning on Friday. He backed that up with stats on house prices rising 40% in around 15 months, a situation last seen in the late 1980s which was widely accepted as a bubble.

Porter continued that the Ontario government’s measures to cool the market helped burst the bubble.

Although prices remain elevated in the GTA, there has been a 13% drop in four months and Porter expects softening to continue with a “full-blown buyer’s market ahead.”

He believes that further interest rate rises will continue to affect affordability even as prices ease, with first-time buyers still facing challenges to home-ownership.