Brand New Riverside Ranch
• 1 bath, 2 bdrm ranch - 
MLS® $209,900
East Riverside, Riverside - EAST WINDSOR`S NEWEST SUBDIVISION `ROYAL TIMBERS` LAUNCHING `REAL RANCHES` $20,000 PRICE REDUCTION BUYERS BONUS AS SHOWN. ALL 1 FLR LIVING, MAIN FLR LAUNDRY, GLEAMING HRWDS, 2 LRG BDRMS, ENSUITE ACCESS, BRIGHT OPEN CONCEPT, NEW NEW ARENA, NEW COMMERCIAL DEVELOPMENT W/FARMERS MARKET, RETAIL SHOPS, DINING & MORE, ATTACHED 2 CAR GARAGE.
Property information
Real Estate Plays a Balancing Act in Nova Scotia
December 19, 2008 – Nova Scotia: The Nova Scotia residential MLS® re‐sale housing market defied national trends in November by posting a slight increase in the average MLS® residential price, while the
national average dropped 9.8 per cent. A report published by the Nova Scotia Association of REALTORS®
shows that the average price in the province in November was $185,020, up 5 per cent compared to
November of last year.
The total value of all MLS® sales reported in the province in November was $106.9 million, down 32 per
cent from the total value of all MLS® sales in the same period of 2007, which was a record‐setting year. There were 632 properties sold through the MLS® in Nova Scotia in November, a decline of 34 per cent
from the same period of 2007.
During November, the decline in sales combined with a higher number of active listings pushed the real
estate market in Nova Scotia towards a more balanced position. There were 999 new MLS® residential
listings added in November, so by the end of the month there were 7,257 active residential listings, a 16
per cent increase in the number of active listings compared to November of last year.
Nova Scotia – November 2008
November 2008 Compared to November 2007
There were 7,257 active residential MLS® listings at the end of
the month
Up 16%
There were 632 properties sold Down 34%
The total value of all sales processed through the MLS® system
was $106.9 million Down 32%
The MLS® average price of a residential property was
$185,020
Up 5%
“Sales activity continues to slow from its record‐setting pace in 2007 and we expected this to happen. There are no surprises in our market, just balance,” says NSAR President Robert Wambolt. “The average
price in Nova Scotia has not followed the double‐digit swings in other markets which means more stability now. Our real estate markets in Nova Scotia have avoided the major price hikes so we aren’t seeing the
major adjustments there are in some other Canadian markets.”
“The biggest challenge for the Nova Scotia real estate market perhaps is public perception. Our real
estate market is local, but the national messages people are hearing and applying to our Province has the
ability to create a negative impact on consumer confidence. It is important for Nova Scotians to know
that because we did not experience the major highs like some other markets, we are not experiencing the
major lows.”
Regional Breakdown – October 2008
Based on the number of residential units, sales in November were most active in Cape Breton, along the
South Shore, and in the Halifax region.
“The challenge for many sellers remains determining the right price for today’s market conditions. Market
conditions and more competitive pricing makes it even more beneficial to enlist the services of a
REALTOR®, whether you’re buying or selling.” adds NSAR President Robert Wambolt.
Halifax‐Dartmouth Region
November 2008 Compared to November 2007
The value of MLS® residential sales was $64.4 million Down 34%
A total of 269 residential properties were sold through the
MLS® system
Down 41%
The average residential price in the Halifax region last month
was $239,438
Up 13%
Halifax‐Dartmouth Region Year‐to‐Date
In the first 11 months of 2008, the number of residential properties sold through the MLS® system in the
Halifax‐Dartmouth region is down 10.4 per cent, compared to the first 11 months of 2007, which was a record‐breaking year. The value of those MLS® residential sales in the Halifax‐Dartmouth region is down 4.1 per cent compared to the value of residential sales to the end of November in 2007. The number of
new residential MLS® listings added in the Halifax‐Dartmouth region in the first 11 months of 2008 is down almost 12 per cent compared to the same period of last year. This indicates a move towards a more
balanced and stable real estate market in the Halifax‐Dartmouth area. The average residential MLS® price in the area year‐to‐date is up 12.6 per cent compared to the average price for the same period of 2007.
Area Served by the Annapolis Valley Real Estate Board
November 2008 Compared to November 2007
All MLS® sales in September totaled $9.3 million Down 35%
There were 49 residential properties sold through the MLS®
system
Down 41%
The average residential MLS® price was $146,143 Up 13%
Important information
Please note the statistics quoted in this report now include those of the Yarmouth Real Estate Board.
Effective March 30th, 2007, data for the Yarmouth area was incorporated into the data collection process
of the Nova Scotia Association of REALTORS®. The average price information quoted can be useful in
establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent
neighborhoods, or account for price differentials between geographical areas.
The Nova Scotia Association of REALTORS® represents over 1,600 brokers, salespeople and affiliate (e.g.
solicitors, appraisers, banks) members throughout the province. NSAR serves its members through a wide
variety of educational programs, publications and special services. The association, through an agreement
with the Nova Scotia Real Estate Commission, provides all real estate licensing courses in the province.
REALTOR® is a trademark, which identifies real estate professionals who are members of the Canadian
Real Estate Association and, as such, subscribe to a high standard of professional service and to a strict
code of ethics.
‐ 30 ‐
For additional information, please contact:
Christy Wentzell
Communications Co‐ordinator Nova Scotia Association of REALTORS®
7 Scarfe Court
Dartmouth, Nova Scotia B3B 1W4
Telephone: 902‐468‐2515 or 1‐800‐344‐2001 Fax: 902‐468‐2533 or 1‐877‐220‐2533 E‐mail: info@nsar.ns.ca
The Bank of Canada in an effort to stimulate the economy has lowered the overnight lending rate .75% to 1.5%. Mortgage rates should go lower as a result in the next few days. Variable rate mortgages should adjust half to 75% soon. Ideally with interest rates dropping this should stimulate some sales and help first time buyers qualify for mortgages. Refinancing would also be cheaper if you need to free up some equity to pay off some high interest loans. (credit cras, etc.) If you have any questions or would like mortgage information feel free to contact me anytime.
www.donmerrifieldjr.com,
donmerrifieldjr@remax.net, 519-944-5955.
November saw big drops in sales volume over November 2007. Total new listings for the month were down 12% to 863, and sales were down 36% over November 2007. Year to date our Listings are down 6% and our sales are down 7%. The average price was up almost $7000 over November 2007. Interest rates continue to fall and will probably continue to do so. Economists are predicting the Ban of Canada will lower the prime rate .5%-.75% before the end of the year which should result in lower mortgage rates. If you have money it's a great time to invest in real estate. It may be hard to imagine but like all other recessions this one will too pass and you'll be saying if only I had bought when prices were that low. For more information you can contact me at donmerrifieldjr@remax.net or 519-944-5955
The Windsor - Essex County Real Estate Board
MLS ® Statistic Report
NOVEMBER 2008
%INC/DEC
2008 2007 2006
[ 2007 - 2008 ]
Total # of Listings [Month] 863 976 954 -12%
Total # of Listings YTD 13476 14325 14278 -6%
Total # of Sales [Month] 241 374 372 -36%
Total # of Sales YTD 4765 5149 5149 -7%
Total Sales Dollar Volume [Month] $41,273,363, $64,857,140, $66,601,720 -36%
Total Sales Dollar Volume YTD $778,185,362 $879,008,748 $875,241,950 -11%
MOST POPULAR STYLE OF HOME
Style of home Sold Average Sale Price
1st Raised Ranch / Bilevel 51 196,183
2nd Ranch 38 194,226
3rd 2 Storey 34 210,099
4th 1-1/2 Storey 22 125,486
5th Bungalow 20 95,480
(RESIDENTIAL) MARKET ACTIVITY COMPARISON
MONTHLY YEAR TO DATE
2008 2007 2008 2007
Listings Down 12.53% 656 750 Listings Down 4.90% 10276 10805
Sales Down 38.87% 206 337 Sales Down 7.85% 4177 4533
Average Sales Price $170,240 $163,026 Average Sales Price $162,904 $166,480
MEMBERSHIP STATISTICS 2008 2007
Affiliate 13 14
Broker 135 125
Broker of Record 63 68
Honorary 5 5
Sales Person 675 731
Total 891 943
MEMBERSHIP SUMMARY CURRENT YEAR TO DATE
New Members 0 36
Terminated Members 6 99
2008 2007
Broker Firms 65 75(Not including branch offices)
Disclaimer: The Windsor-Essex County Real Estate Board does not warrant in any way the information contained herein as to the accuracy or completeness. This is the sole responsibility of
those businesses and individuals that have submitted the information contained herein
Threat of global recession to hinder home sales
in major Canadian housing markets in 2008 and 2009, says RE/MAX
Recovery linked to economic stability next year
Global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres during the latter half of 2008. Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX.
Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009. Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored. If inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity, we could see a bounce back as early as spring.
The RE/MAX Housing Market Outlook for 2009 examined residential real estate trends in 22 markets across the country and found that average price held up remarkably well in 2008, despite 13 centres reporting double-digit declines in home sales. Solid gains earlier in the year likely served to prop-up housing values at year-end. The prognosis for housing activity in the first six to nine months of 2009 is somewhat static, given continued volatility in financial markets and the threat of recession, but as stability returns, housing markets are expected to recover.
Nationally, 440,000 homes are expected to change hands in 2008, down 15 per cent from record 2007 levels. Canadian housing values are expected to hover at $300,000, a nominal three per cent decline from last year's historic peak. By year-end 2009, unit sales should match 2008 levels, while average price is forecast to fall another two per cent to $293,000.
Major markets are evenly split in terms of housing performance in 2009, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels. The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009. Housing values are expected to hold the line in 2009, with St. John's, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2008
Canada's real estate environment is considerably more complex than it has been in recent years. The landscape is definitely changing -- with most markets shifting into either balanced or buyer's territory. The shut out is over. Sellers no longer rule the roost. Opportunities exist for purchasers like never before, including lower interest rates, greater inventory levels, the luxury of time to make decisions, and the upper-hand at the negotiating table. Motivated vendors will need to take note of the new mindset and set their prices accordingly.
Canadian sellers are slowly adjusting to new realities. For most markets, 2008 started in balanced territory and moved into buyer's market conditions during the latter half of 2008. The year ahead will prove challenging, especially for vendors.
While the economy will dictate real estate performance next year, it's important to remember that demand still exists in the marketplace. In the midst of stock market turmoil, sold signs continue to appear on lawns across the country. With affordable lending rates and increased selection, first-time and move-up buyers with good credit may choose to play their investment strategy safe and purchase a home. The comfort of a tangible investment like real estate goes a long way in tough times.
Residential Unit Sales by Market 2004-2009 |
| | |
Market | 2004 | 2005 | 2006 | 2007 | 2008* | % | 2009** | % |
|
|
|
|
|
|
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|
|
British Columbia |
|
|
|
|
|
|
|
|
Vancouver | 37,972 | 42,222 | 36,479 | 38,978 | 26,000 | -33 | 26,000 | 0 |
Victoria | 7,685 | 7,970 | 7,500 | 8,403 | 6,500 | -23 | 5,800 | -11 |
Kelowna | 5,153 | 6,070 | 5,459 | 6,192 | 3,900 | -37 | 3,510 | -10 |
Alberta | | | | | | | | |
Edmonton | 17,652 | 18,634 | 21,984 | 20,427 | 18,900 | -8 | 18,900 | 0 |
Calgary | 26,511 | 31,569 | 33,027 | 32,176 | 22,500 | -30 | 23,000 | 2 |
Saskatchewan | | | | | | | | |
Regina | 2,785 | 2,730 | 2,953 | 3,957 | 3,450 | -13 | 3,450 | 0 |
Saskatoon | 2,999 | 3,246 | 3,430 | 4,446 | 3,600 | -19 | 3,700 | 3 |
Manitoba | | | | | | | | |
Winnipeg*** | 11,447 | 12,087 | 12,304 | 13,079 | 12,900 | -1 | 12,900 | 0 |
Ontario | | | | | | | | |
Hamilton-Burlington | 13,176 | 13,565 | 13,059 | 13,866 | 12,200 | -12 | 11,500 | -6 |
Kitchener-Waterloo | 5,931 | 6,147 | 6,115 | 7,031 | 6,600 | -6 | 6,000 | -9 |
London-St. Thomas | 9,238 | 9,133 | 9,234 | 9,686 | 9,000 | -7 | 9,000 | 0 |
Ottawa | 13,158 | 13,099 | 13,783 | 14,579 | 13,900 | -5 | 13,500 | -3 |
Sudbury | 2,180 | 2,477 | 2,519 | 2,632 | 2,400 | -9 | 2,400 | 0 |
Toronto | 83,501 | 84,145 | 83,084 | 93,193 | 79,000 | -15 | 75,000 | -5 |
Barrie and District | 4,657 | 4,675 | 4,397 | 5,017 | 4,250 | -15 | 4,250 | 0 |
St. Catharines | 3,130 | 3,217 | 3,214 | 3,258 | 2,900 | -11 | 2,900 | 0 |
Kingston | 3,764 | 3,464 | 3,517 | 3,725 | 3,550 | -5 | 3,550 | 0 |
Quebec | | | | | | | | |
Montreal | 48,564 | 49,506 | 50,106 | 56,151 | 48,000 | -14 | 43,000 | -11 |
New Brunswick | | | | | | | | |
Saint John | 1,612 | 1,901 | 1,852 | 2,253 | 2,250 | 0 | 2,200 | -2 |
Nova Scotia | | | | | | | | |
Halifax-Dartmouth | 5,516 | 6,698 | 6,462 | 7,261 | 6,500 | -10 | 6,300 | -3 |
PEI | | | | | | | | |
Charlottetown | 1,500 | 1,449 | 1,492 | 1,769 | 1,450 | -18 | 1,400 | -4 |
Newfoundland and Labrador |
| | | | | | | |
St. John's | 3,203 | 3,211 | 3,537 | 4,471 | 4,950 | 11 | 4,700 | -5 |
| | | | | | | | |
NATIONAL | 460,790 | 483,789 | 484,027 | 520,747 | 440,000 | -15 | 440,000 | 0 |
* Estimate **Forecast ***Total MLS | | | |
Source: CREA, OMREB, TREB, WREB,Sudbury Real Estate Board, Ottawa Real Estate Board, RE/MAX | | | |
| | | | | | | | | |
Residential Average Price by Market 2004-2009 |
| | |
Market | 2004 | 2005 | 2006 | 2007 | 2008* | % | 2009* | % |
|
|
|
|
| | | | |
British Columbia |
|
|
|
| | | | |
Greater Vancouver | $373,877 | $425,745 | $509,876 | $570,795 | $585,000 | 2 | $545,000 | -7 |
Victoria | $325,412 | $380,897 | $427,154 | $466,974 | $490,000 | 5 | $440,000 | -10 |
Kelowna | $287,351 | $330,378 | $349,751 | $411,095 | $420,000 | 2 | $378,000 | -10 |
Alberta | | | | | | | | |
Edmonton | $179,610 | $193,934 | $250,915 | $338,636 | $335,000 | -1 | $335,000 | 0 |
Calgary | $222,860 | $250,832 | $346,675 | $414,066 | $410,000 | -1 | $410,000 | 0 |
Saskatchewan | | | | | | | | |
Regina | $111,869 | $123,600 | $131,851 | $165,613 | $230,000 | 39 | $250,000 | 9 |
Saskatoon | $132,549 | $144,787 | $160,577 | $232,754 | $289,000 | 24 | $296,000 | 2 |
Manitoba | | | | | | | | |
Winnipeg*** | $117,570 | $134,028 | $151,983 | $170,502 | $207,882 | 22 | $212,000 | 2 |
Ontario | | | | | | | | |
Hamilton-Burlington | $215,922 | $229,753 | $248,754 | $268,857 | $279,600 | 4 | $268,000 | -4 |
Kitchener-Waterloo | $205,639 | $220,511 | $237,913 | $252,429 | $270,000 | 7 | $250,000 | -7 |
London-St. Thomas | $167,334 | $178,910 | $190,521 | $202,908 | $214,000 | 5 | $218,000 | 2 |
Ottawa | $235,678 | $244,531 | $255,889 | $272,618 | $292,000 | 7 | $292,000 | 0 |
Sudbury | $124,575 | $136,748 | $154,549 | $186,276 | $213,000 | 14 | $213,000 | 0 |
Greater Toronto | $315,266 | $335,907 | $351,941 | $376,236 | $384,000 | 2 | $376,000 | -2 |
Barrie and District | $215,275 | $232,045 | $244,394 | $258,999 | $259,000 | 0 | $259,000 | 0 |
St. Catharines | $184,503 | $196,928 | $213,032 | $217,841 | $223,000 | 2 | $223,000 | 0 |
Kingston | $175,821 | $195,757 | $212,157 | $222,300 | $236,000 | 6 | $241,000 | 2 |
Quebec | | | | | | | | |
Montreal | $188,289 | $203,720 | $215,659 | $229,902 | $258,000 | 12 | $262,000 | 2 |
New Brunswick | | | | | | | | |
Saint John | $116,836 | $119,718 | $128,202 | $140,544 | $168,000 | 19.5 | $165,000 | -1 |
Nova Scotia | | | | | | | | |
Halifax-Dartmouth | $175,132 | $188,484 | $203,178 | $216,339 | $233,000 | 8 | $233,000 | 0 |
PEI | | | | | | | | |
Charlottetown | $110,815 | $117,238 | $125,430 | $133,457 | $138,000 | 3 | $133,500 | -3 |
Newfoundland and Labrador |
| | | | | | | |
St. John's | $132,993 | $141,167 | $139,542 | $149,258 | $180,000 | 21 | $202,000 | 12 |
| | | | | | | | |
National | $226,337 | $249,201 | $276,883 | $307,265 | $300,000 | -3 | $293,000 | -2 |
| | | | | | | | |
*Estimate **Forecast ***Total MLS | | | |
Source: CREA, OMREB, WREB, TREB, Sudbury Real Estate Board, Ottawa Real Estate Board, RE/MAX | | | |
For information contact Don Merrifield Jr ABR RE/MAX Preferred Realty.
519-944-5955
donmerrifieldjr@remax.net
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BobLo Island, Amherstburg
-
We invite everyone to visit our open house at 307-34 Boblo Island on
December 14
from 1:00 PM to 4:00 PM.
Property information
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Eastside, East Windsor - We invite everyone to visit our open house at 1912 Arthur on December 7 from 2:00 PM to 4:00 PM.
Property information
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BobLo Island, Amherstburg - We invite everyone to visit our open house at 204-34 Boblo Island on November 16 from 1:00 PM to 4:00 PM. Harbourview Condominiums from $179,900. Beautiful views of the waterfront from every condo.
Property information
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BobLo Island, Amherstburg - We invite everyone to visit our open house at 508-34 Boblo Island on November 16 from 1:00 PM to 4:00 PM.
Property information
Eastside, East Windsor - Announcing a price reduction on 1912 Arthur, a 1 bath, 2 bdrm bungalow. Now MLS® $100,999 - REDUCED.
Property information
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BobLo Island, Amherstburg - We invite everyone to visit our open house at 307-34 Boblo Island on November 2 from 1:00 PM to 4:00 PM.
Property information
Boblo Island Townhome
• 3 bath, 3 bdrm 2 story split - MLS® $479,500
BobLo Island, Amherstburg - BOB-LO ISLAND TOWN HOME. THIS MARINA RESORT COMMUNITY AWAITS YOU. MAIN FLR MBDRM W/ENSUITE BATH & W-IN CLST, GUEST BDRMS ON 2ND FLR W/4 PC BATH. OPEN STAIRCASE OVERLOOKING ENTRANCE & GREAT RM W/FIREPLACE & DRAMATIC 2 STY CEILING, HARDWOOD FLOORS, DREAM KITCHEN W/GRANITE COUNTERTOPS & STAINLESS STEEL APPLIANCES. PROFESSIONALLY DECORATED. INTERLOCK DRIVE & PATIO. LNDSCPD & READY FOR YOUR FAMILY. THE ULTIMATE GATED COMMUNITY SURROUNDED BY WATER.
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BobLo Island, Amherstburg - Announcing a price reduction on 41 Red Oak Cresent, a 3 bath, 3 bdrm 2 story split. Now MLS® $479,500 - .
Property information
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BobLo Island, Amherstburg - We invite everyone to visit our open house at 503-34 Boblo Island on October 26 from 1:00 PM to 4:00 PM.
Property information
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BobLo Island, Amherstburg - We invite everyone to visit our open house at 106-34 Boblo Island on October 26 from 1:00 PM to 4:00 PM.
Property information