As predicted, the pace of home sales slowed in July as consumers adjusted to the new harmonized sales tax. Coupled with the fact that interest rates were rising, the rush to buy homes prior to the HST coming into effect on July 1 resulted in an overheated market in May and June. But this current slowdown in the market is expected to be short lived.
Earlier this month Jeff Mahannah, President of the Oakville, Milton and District Real Estate Board, said, “Sales transactions are down for July, but overall for the year-to-date we are on par or are observing a slight increase in transactions when compared to 2009. What I anticipate, once the public has time to adjust to the HST and realize that interest rates are still affordable, is an increase in activity in sales transactions in September.” This is what he is talking about. Last month residential sales for Oakville were down by 48 percent compared to July 2009 and the average sale price – $505,999 – decreased by 0.2 percent. However, year-to-date sales were still up by 5 percent and the average sale price was up by 13 percent.
In Burlington, the story is quite similar. “July was certainly a quiet month for sales,” said Joe Ferrante, President of the Realtors Association of Hamilton-Burlington, “but it was not at all unexpected. Despite the slower sales in July, our year-to-date sales are still up 10.7 per cent over this time last year.” The average price of freehold residential properties sold in Hamilton-Burlington in July was $329,317, an increase of 5.5 per cent over July last year. In the condominium market the average price of condominiums in July was $237,304, an increase of 1.6 per cent over July 2009. “We have a good inventory of listings,” Ferrante explains, “which makes Hamilton, Burlington and our outlying areas such a great place to buy real estate right now.”
Whether it is a slow market or an overheated market, each brings particular challenges of their own and the key to making the best deal possible is to work with a broker who has a proven track record and is a consistent top performer – someone who you are confident will be able to sell your home quickly and for top dollar. Innovative marketing and investment, knowledge about the marketplace, commitment and exemplary service differentiate the Dan Cooper Real Estate Team. The result is that we are achieving accomplishments that illustrate the Dan Cooper difference. We are the Number 1 team in Canada for Royal LePage, which is a testament to our ability to sell homes fast in the Oakville and Burlington areas. In fact, we have been the Number 1 team for seven of the past ten years. We were also named Best Real Estate Agent and Best Real Estate Team in North Oakville Today’s annual Readers’ Choice Awards. The Readers’ Choice Awards are as grassroots as you can get, and being named Number 1 for both agent and team are proof that we are having a significant impact right here in our own community.
Dan Cooper is an award winning Broker with Royal LePage Real Estate Services Ltd., Brokerage – the Number 1 Royal LePage Team for Canada in 2009. He can be reached at 905.338.3737, direct line at 905.849.3303 or through his innovative and interactive website at DanCooper.com. Be sure to catch the Dan Cooper Real Estate Series on DailyWebTV.com. For his free booklet How To Sell Your House For Top Dollar – Fast! or his Guide to Oakville Real Estate, please call the Dan Cooper Team.