Our first chart shows that 2009 sales from June, 09 through October were above the previous peaks in 2007. A sign this recovery has legs and 2010 is expected to show further increases as the economy continues to improve and interest rates slowly rise.

 Prices followed the same trend as October's strong sales showing is especially encouraging for the upper end of the market. Above $500,000 homes move to 23% of sales (from 18%) and the $200-300,000 range drops to 24% from 28%. The recovery is spreading from first time buyers, who realized it's cheaper to purchase than rent, to those who want to move up.

The market for these upper end homes was hurt badly last year. Confidence is increasing and sales reflect it. Mortgage rates remain low, enticing renters into the market. The Bank of Canada again reaffirmed its' commitment to low rates. As this chart show prices are moving up dramatically.

The average resale price has moved up substantially during the last three months. For buyers who want to move up there are lots of opportunities to find bargains. Your existing home is probably fairly valued and this is an excellent time to start shopping. One caveat - the over-supply of houses for sale is gone as the next chart illustrates. Fewer sellers mean higher prices.

The sales year is generally marked by two busy seasons, March through June and mid-September to November. October new listings did not keep pace with demand as our next chart further illustrates. Sales have reduced inventory and prices are rising.

Even though the average price is the highest in 4 years, affordability continues to improve with low interest rates and low, or no, inflation. As the chart below illustrates, we're only back to the long term trend line in prices, which was interrupted last year.

If you’re thinking of selling give us a call for a no cost, no obligation, estimate of what your property is worth. We can help advise you on market timing and cost effective fix-ups to make sure you maximize your price.