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We're hearing it in the news, we're all talking about, but what is really going on?
There is alot of media attention out there with respect to declining home sales and prices. Keep in mind however, alot of that media is generalizing our market and they are talking about Canada as a whole. However, markets from province to province, city to city and even neighborhood to neighborhood can be very very different.
Too many people are trying to time the market which results in alot of people in the fence.
It is true, that home sales have declined, but we are nowhere in the mess that the U.S. is facing. Due to alot of negative media out there, people are on the fence and waiting to see what happens. In the meantime, interest rates are at an all time low and home prices in the Georgetown and Brampton area have declined anywhere from 5 - 10%.
Take the average home price in Brampton in 2008 which is $312,605 (W23) and $306,528 (W24), still a little higher then what we saw in 2007 - $306,528 and $313,636 respectively. Most of these gains were realized in the beginning of the year. In Georgetown the average home sale price in 2008 went to $369,611 from $357,089. Again, most of these gains were realized in the beginning of the year.
So. even though since 2008 to 2007 our average home prices have gone up slightly, home sale prices have declined anywhere from 5 - 10% since around early fall for the majority of homes out there - which is great news if you are a move-up buyer or a first time homebuyer. Just think, if you have your eye on a bigger home, and that house price has come down 10%, what you may have lost in the sale of your home you have more then gained on the purchase of your new home.
It's a huge opportunity for first time buyers out there and we work with mortgage specialists out there that can offer 0% downpayment! First time homebuyers should be seriously looking to get into the market now, homes are more affordable with the lowest interest rates that we've seen in decades and a large selection of homes, nothing could be easier.
If you know of someone who is looking to buy their first home, or is thinking about "moving up" please pass on our email address moira.robinson@sympatico.ca. Thank you!
Downpayment Assistance for First Time Homebuyers
In May, 2008, The Region of Peel received $2.85 million under the Canada-Ontario Affordable Home Ownership Program that is designed to provide low-to-moderate income residents who are currently renting a unit, the opportunity to qualify for down payment loan assistance.
Under the program, the down payment allocation is considered a forgivable loan after 20 years of ownership.
Also, did you know that first-time buyers of resale homes can also take advantage of the Land Transfer Tax Refund of up to $2,000 from the provincial government. Applications and further program information regarding Downpayment assistance and land transfer tax rebates for First Time Home Buyers can be obtained by clicking here, or contacting us at (905) 452-7272 or via email at moira.robinson@sympatico.ca. Applications and additional information will be provided.
The end date of this program as per the provincial funding timeline is March 31, 2009.
Source: The Region of Peel
Now is the PERFECT TIME for First Time Home Buyers to purchase their new First Home!! Contact us for further details.
INTEREST RATES AT ALL TIME LOW!
CURIOUS ABOUT WHAT'S GOING ON WITH INTEREST RATES?
Interest rates are at an all time low!
Borrowing $100,000 over a 25 year amortization period is more affordable then ever. Look at the low monthly payment!
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value.
When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision.
Marketing a home for sale is quite different from most other types of marketing and advertising. Unlike marketing many products, homes are each unique. Marketing decisions will be based on thorough examination of the home’s features and comparison to the competition in the marketplace. Decisions must also be made concerning improvements that might enhance the home and sell it faster and for a higher price.
ATTENTION: FIRST TIME HOMEBUYERS 
In May, 2008, The Region of Peel received $2.85 million under the Canada-Ontario Affordable Home Ownership Program that is designed to provide low-to-moderate income residents who are currently renting a unit, the opportunity to qualify for down payment loan assistance. 
