Don't listen to the news. Turn off the T.V. Call someone you know who is out getting their hands dirty and seeing what is going on in your market. Well, maybe no need to go so far as that, but the constant back and forth we have been seeing and reading in regards to the housing market is enough to make us think that super-cell storm last night might have been due to conflicting stories. Fact of the matter is scary buzzwords like "soft-landing" and "market bubble" are used over and over to illicit fear from consumers and keep their rapt attention, and it works.
Yes there are truths to what is being said about todays economy, but Real Estate ls local. Real Estate is tangible. In a world where even the large news networks are falling deeper and deeper into the "instant" news trap there is more information than we seem to be able to process. That coupled with the fact that every reporter or blogger(yes that means us too ) is going to have a personal opinion means that now more than ever you need to have people you trust give you the rundown. We should note that we are Sales Representatives* by trade. We love our jobs but don't sugar coat any information we come across. We are purveyors of information and take pride in it.
All that said here are the newest market stats from CREA(Canadian Real Estate Association).
- National home sales rose 3.6% from April to May. A good thing to take away from this is consumer confidence is growing. Despite all the doom and gloom people are purchasing and selling new homes at an increased rate.
- Actual (not seasonally adjusted) activity came in 2.6% below levels in May 2012. : The monthly data shows that the volume of trades went down in May from the same time last year. Keep in mind this is consistant with the 2.6% from April.
- The number of newly listed homes was up 1.9% from April to May. ; This is a big one. Be aware that as inventory climbs prices tend to go down.See the next point however, as our market is currently balanced this is something you will want to watch.
- The Canadian housing market remains firmly in balanced territory. Balanced is good. We like balanced. As we represent both sides of the transaction it allows us to truly showcase our worth when it comes down to negotiations.
- The national average sale price rose 3.7% on a year-over-year basis in May. Another consistant stat, in April prices rose 3.7% as well. This growth is another good indication of consumer confidence.
- The MLS® Home Price Index (HPI) rose 2.3% year-over-year in May. " The MLS® Home Price Index (MLS® HPI) is not affected by changes in the mix of sales the way that average price is. For that reason, it provides the best gauge of Canadian home price trends."-CREA
If you have any questions or comments we are more than happy to provide any help that we can. You can reach us on Twitter, Facebook, Email or Phone: 519-860-6547. We aim to for Honesty and integrity in all things so please don't hesitate to contact us.