Jul 23 | Posted by Barry


Looking to buy or sell your home, but unsure whether now is the time to do so? The Canadian real estate market is expected to slow during the second half of 2010, but that doesn’t mean that you shouldn’t put your home on the market or stop looking for your dream property. What it does mean is that you will need a good agent to help you navigate the world of real estate.

According to a recent housing survey released by a Canadian real estate organization, home buyers will see more choice and lower prices, meanwhile sellers will be seeing fewer offers for their homes. The post- recession real estate market saw a record number of new homes on the market and the recent survey suggests that the decline in home prices in some markets is not necessarily a slow down, but a result of the high prices seen last year. Low interest rates and the desire to beat the HST, which came into effect July 1st, also encouraged buyers in the latter half of 2009.

As Jason Mercer, senior manager of market analysis at the Toronto Real Estate Board, stated recently in the National Post: “The pace of sales that we started off with at the beginning of the year was not sustainable over the long-term. Sales are now moving back in line with longer-term expectations for population growth in the GTA.”

This past month, resale home transactions fell by 23%, but this doesn’t mean you shouldn’t put your home on the market, it just means you’ll need an experienced real estate agent to help you with the process of selling your home.

Questions about the current real estate market? You know who to call!

Sources: Johnston, Bill. “Resale dips in June, 23%.” National Post 10 Jul. 2010: PH7.
               Lasalle, Luann. “Real estate market will slow, LePage says.” The Globe and Mail
               8 Jul. 2010: B12.