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!