Monday January 10, 2011
December Real Estate Sales Up
Strong year-end showing despite pending changes to mortgage rules
Submitted by Steve Lerigny, CADREB
ints of tougher new federal mortgage rules are a concern with Finance Minister Flaherty reported to be looking at stiffening amortization and down-payment regulations again.
"Any changes to amortization schedules and mortgage eligibility rules could present challenges for some Canadians to realize their dream of home ownership, particularly first-time buyers," said Kyle Hislop, President of the Chilliwack and District Real Estate Board (CADREB).
"We are starting to show economic growth and this would be the worst possible timing. We are asking our elected officials to lobby against any changes."
Increased housing activity just prior to Christmas helped boost home sales out of the doldrums in December in Chilliwack and area.
Home sales jumped an impressive 24% from a month earlier, posting 120 sales. While still behind the December 2009 tally of 141, the increase was welcome news to CADREB, which is looking forward to 2011 returning to a "normalized" market.
"We anticipate that the housing market will continue to move along with the recovery in consumer demand," said Mr. Hislop.
"Consumer confidence is returning in various sectors, and that will soon reflect housing sales. We're looking for an upward trend in the first quarter of 2011," he added.
Of the total sales last month, the highest number (17 each) were in the $275,000 - $299,999 range and $300,000-$349,999 range, followed by 14 sales in the $225,000 - $249,999 range.
With a recent report indicating that home prices are inching up in the larger metropolitan areas, the New Year would be an excellent time to take advantage of the large inventory of homes currently listed on the local market. With 166 listings joining the inventory last month, close to 1,200
homes currently listed represent a wide array at various price points.
While increased consumer confidence is good news for sellers, the age-old rules of selling cannot be overlooked - ensure that your property is in good repair and in immaculate condition, as home buyers can afford to be fussy.
And, be sure to listen to the pricing advice of an experienced REALTORR, who has been through the cycles of the real estate market, and can suggest tactics for making your home stand out.
For more information visit www.cadreb.com
Also see the monthly sales statistics on the main page (left column) courtesy of CADREB.
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