Oakville & Burlington Real Estate Blog - Dan Cooper » Finances

Looking ahead during economic uncertainty

Dan Cooper — Tue, 16 Aug 2011 20:22:22 +0000

These past couple of weeks have been one of the worst for financial markets in quite some time. Stock market indexes around the world suffered their largest one-day losses in years, further extending losses that began back in the spring.

The economic uncertainty both in the U.S. and Europe and the decision by S&P to downgrade the U.S. credit rating have been the driving force behind all this financial distress. The rational perspective is that while the S&P decision is unprecedented for America, the downgrade changes absolutely nothing. It is simply a confirmation of market concerns about the fiscal situation. The most important point is that even with a lower credit rating, the U.S. government is still solvent. Investors in U.S. Treasuries will still get paid the interest they are owed and they will get the principal back upon maturity of the bonds.

So what does this all mean for Canada? For many months now, TD Economics has expected a rotation between drivers of growth in the Canadian economy, from consumer and government spending to exports. What recent developments imply is that that rotation may take longer than originally anticipated. The U.S. and European economies remain the destination of more than 80 percent of Canadian exports. Though the sector will likely get some offset due to the weaker loonie, continued weakness in those markets would imply that we may not be able to depend on the export sector to the same degree that we had expected, and more focus must remain on domestic drivers of growth – specifically, business investment and consumer spending.

On the plus side, TD Economics says that the latest job report indicates there remains strength in those domestic factors. The private sector added almost 95,000 new jobs to the Canadian economy, many of them full-time positions. Despite this robust job creation, however, household debt remains at record levels and the eventual rise in interest rates will force households to allocate an increasing share of income on servicing debt. As a result, consumer spending will be negatively impacted going forward, and without the boost from the export sector, real GDP growth will likely suffer in the quarters ahead, TD economists believe.

The Bank of Canada will be wary of raising rates too far ahead of the U.S. Federal Reserve. With the U.S. a long way off from reaching full capacity and a considerable amount of excess slack to still exist in 2013, the Federal Reserve is likely to keep monetary policy highly accommodative through 2011 and 2012. Currently, the Bank of Canada overnight rate is 75 basis points higher than the U.S. Fed Funds rate. If interest-rate spreads are further widened significantly, the Canadian dollar will experience further upward buying pressure, which the Canadian central bank would likely deem undesirable, since it would put the export recovery at risk.

With Canada’s inflation trends behaving well, the Bank of Canada will not likely move off the sidelines until January 2012, at which point it would hike rates in quarter point increments to achieve an overnight rate of two percent by May of next year. After a pause in the second half of 2012, we look for the overnight rate to rise to three percent in 2013.

Despite all this economic volatility, real estate continues to be a reliable investment, especially in areas of high demand such as Oakville and Burlington where house prices steadily increase year after year. Whether you are buying or selling, it is critical to seek help from a professional who knows the area and has the skills to negotiate the best price on your behalf.

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.

Housing sales volumes are still sluggish but prices are up

Dan Cooper — Sat, 12 Mar 2011 04:32:13 +0000

The latest housing stats coming out of Oakville, Burlington and the rest of the GTA are showing a continuing trend – sales volumes are down but prices are up. This is something I’ve addressed in earlier columns. In one respect the market is soft when it comes to activity, but homes are holding their value which proves that real estate is always a good investment. Let’s look at some of the latest statistics across the board.

In Oakville the number of homes that sold was down a whopping 21 percent in February compared to February 2010. Putting that into perspective is Jack McCrudden, President of the Oakville, Miton and District Real Estate Board. “Area sales have declined compared to last year when the resale housing market was driven by concerns over interest rates, the impact of the HST and potential changes to mortgage rules,” he said.

The rush to purchase homes before the HST came into effect last July created a buying boom. Yet, prices in Oakville last month were 12 percent higher than February 2010. The average home price last month was $645,904 compared to $577,628 last year. In Milton, sales volume matched last year’s volume and prices were up one percent, $385,002 compared to $382,396.
Hamilton and Burlington displayed the same pattern with sales down by 8.7 percent but prices up by 3.7 percent compared to February last year.

“While the numbers show that our sales and listings are down from last year, you have to remember that February of 2010 was the beginning of the recovery from the uncertain market in the early part of 2009,” according to Ann Forbes, President of the Realtors Association of Hamilton-Burlington. “Our average sales price continues to climb, year after year. Buying a property in the Greater Hamilton, Burlington and outlying areas is a good investment.”

Across the GTA, sales were down 14 percent but prices were up by five percent, says Toronto Real Estate Board President Bill Johnston. “Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong.”

What’s interesting is that last month’s sales may have been 14 percent lower than last year, but were 50 percent higher than sales in February 2009 (during the recession) and slightly higher than the average February sales volume over the previous 10 years. Jason Mercer, the board’s senior manager of market analysis, further said that market conditions remain tight in the GTA. There is enough competition between homebuyers to promote continued price growth.”

The key to selling your home is to choose an experienced realtor who will market your home effectively. Innovative advertising, knowledge about the marketplace, commitment and exemplary service differentiate The Dan Cooper Team. The result is that we are achieving accomplishments that illustrate the Dan Cooper difference. In fact, we have been the Number 1 team in Canada for Royal LePage for seven of the past 10 years, which is a testament to our ability to sell homes fast in the Oakville and Burlington areas.

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.

How the latest changes to the mortgage rules will impact you

Dan Cooper — Mon, 31 Jan 2011 19:59:13 +0000

Recently Finance Minister Jim Flaherty announced changes to Canada’s mortgage rules. He reduced the maximum amortization period, lowered the amount Canadians can borrow in refinancing their mortgages and withdrew government insurance backing on lines of credit secured by homes.

The maximum amortization period was shortened to 30 years from 35 and the maximum homeowners can borrow in refinancing mortgages was reduced to 85 percent from 90 percent. He said he had to take this action to save Canadians from financial risk. He said he was not concerned about Canada’s mortgage default rate, but rather about those who are borrowing as much as possible.

“We’re seeing people borrow to the max, and borrowing to the max at low interest rates. Most Canadians are doing that,” he says. Home equity lines of credit and loans have surged in Canada, rising at almost twice the pace of mortgages over the past decade to account for 12 percent of overall debt, according to a BNN report.

CIBC chief economist Avery Shenfeld referred to the move as putting “Canadians on a debt diet” as household debt levels sit at record levels. “Policy makers now have that credit buildup in their policy gun sights and will use higher rates and regulatory changes to bring spending into better line with income, and mortgage demand,” he wrote recently.

What does this mean for us in the Oakville and Burlington area? Who does it really affect? Most experts see the changes affecting only the extreme margins. Those with amortization between 30 and 35 years represent about 5 to 10 percent – a fairly low percentage in the larger picture.
TD Canada Trust has calculated that the changes might reduce national home sales by 20,000 units and cut 2 percent off the average price of a home. TD also calculated that homeowners who refinanced with less than 15 percent equity represented only a tenth of the total volume. Again, this will only affect the ability of homeowners at the extreme margins to access refinancing,

It is safe to assume these changes will not have a significant impact on the Oakville and Burlington markets where home prices have held their value and household income is among the highest in the country. Being affluent doesn’t mean people don’t become overextended, of course, but not at the proportions perhaps found in other parts of the country, which influences statistics and spurs the government to take action.

Investing wisely and maintaining a sound household budget will ensure Flaherty’s changes will have little impact on your future plans. If you have any questions about those changes and how they impact your decision to sell or your ability to buy, feel free to call The Dan Cooper Team.

Will 2011 be the year to buy a home?

Dan Cooper — Mon, 03 Jan 2011 21:49:17 +0000

From all accounts, this Christmas shopping season was one of the strongest in the past few years as consumers shook off those recession blues and expressed their confidence in the future through their pocketbooks. And while many of you are currently enjoying the deep discounts during the Boxing Week sales, some of you will perhaps be thinking about a new home.

If the retail scene over the past few weeks is an indication that our economy continues to get back on track and that consumers are feeling more secure about the employment picture and confident in their finances, then we can look forward to some good real estate investment opportunities in 2011.

Just to confirm that 2011 promises to be a better year, a recent poll conducted for the Globe and Mail’s Report on Business revealed that Canadian executives are increasingly optimistic about the economy and that they plan to boost capital spending, hire more staff and make acquisitions. In fact, 92 percent think our economy will grow next year, albeit moderately as opposed to strong growth. This optimism is the highest level recorded in the Globe’s annual survey in more than four years. That is good news after the struggles we’ve faced over the past couple of years.

On the housing front, improving economic conditions and stable mortgage rates will help fuel a projected 5-percent increase in house sales next year, according to a recent forecast by Central 1 Credit Union. According to the firm, housing resales have climbed since last July when the introduction of the HST stalled the housing market. The rebound is thanks to low mortgage rates, improved affordability and an improving economy. Central 1 expects sales to continue to grow early in 2011 and to tail off in the second half as mortgage rates rise.

“Mortgage rates will remain well anchored and conducive to housing demand over the forecast horizon. Posted rates in 2011 will range from an average of 5.4 percent in the first quarter to 6.2 percent in the fourth quarter. Rates are projected to rise to a modest 6.5 percent by the fourth quarter of 2012,” the credit union predicts. For those of you who are considering the lower but riskier variable rates, these reflect the Bank of Canada’s policy interest rate, which has been increased three times in 2010 in 25 basis point increments, pushing the rate to 1 percent. The credit union predicts that the next rate hike will most likely be a 25 basis point increase on the Bank’s next rate-setting meeting on April 12. While the credit union says the Bank will resume its rate normalization, it expects the policy rate to reach 2.25 percent by the end of 2011 and then to 2.75 percent or higher by the end of 2012.

Trying to predict future mortgage rates and choosing a mortgage that is right for your circumstances is an important consideration for anyone buying their first home or moving up into a larger home and carrying a mortgage. There are several strategies from fixed to variable mortgages to length of amortization.

For example, selecting the length of your mortgage amortization period will affect how much interest you will pay over the life of your mortgage. While the lending industry’s benchmark is 25 years, there are shorter or longer timeframes available. The popular opinion is that shorter is better – you pay off your home faster and pay less interest over the life of the mortgage. But there are advantages to a longer amortization and next week Lee Anne Taylor of Dominion Lending Centres will outline the pros and cons when choosing an amortization period.

Until then, all of us at The Dan Cooper Team wish you every happiness for this season and throughout the coming year.

A silver lining during the holiday season

Dan Cooper — Wed, 22 Dec 2010 21:38:17 +0000

Talk about lousy timing for depressing news. Just as consumers are flocking to the stores to do their Christmas shopping, Bank of Canada governor Mark Carney came out with a stern warning that Canadians are too far in debt. He says that household debt is so high that if there was an interest rate hike, consumers would buckle under the load.
Personally, I don’t see any reason to be an alarmist. Yes, people have been spending, but they have also been saving over the past two years. The economic meltdown in the U.S. gave us all a scare and practically halted our own economy to a standstill.

It was refreshing, therefore, to see the recent remarks by Douglas Porter, deputy chief economist with BMO Capital Markets, who said that while household debt has been “rising relentlessly,” so too have household assets. Porter calls for calm. “This singular focus on the debt side of the balance sheet really overlooks the very clear improvement under way that we’ve seen on the asset side of the ledger for the past year or so. When you take this into account, Canadian household finances are not nearly as stretched as commonly perceived.”

He said Canadians have invested rather than just spend, and most of that investment has been in real estate, thereby increasing assets. In fact, Canadians are worth more than they used to be, he says. He rightly cautions that to scare consumers into closing their wallets would be dangerous. Such action would put a serious drag on our fragile economy, which is gradually improving.

Of course, Ontarians were hit with a double whammy this year. In addition to the recession and a shrinking manufacturing base, we also had to contend with the Harmonized Sales Tax (HST), which was introduced in July. Here in Oakville, the impact on our property values were further exacerbated by the controversial power plant proposal which scared off potential buyers.

But we are recovering. Consumers are getting used to the HST and the province wiped the power plant proposal off the drawing board. I’m confident that with all this turmoil behind us, the housing market in Oakville will be booming this coming spring.

It’s a good time to start looking at properties for your next move and remember to work with a broker who knows the community and has established successful selling strategies to ensure you sell your home for top dollar – fast. In the meantime, all of us on the Dan Cooper Team wish you a happy holiday and the very best for 2011.

The latest housing sales figures point to a stable market

Dan Cooper — Fri, 10 Dec 2010 17:58:02 +0000

The Canadian Real Estate Association (CREA) recently lowered its forecast for the volume of home sales, primarily because the third quarter of this year was weaker than expected. However, the association is saying that sales activity has gained traction and that the improving momentum suggests the resale housing market is stabilizing. It’s just not as strong as they thought it would be.

“Lackluster economic and job growth, muted consumer confidence and the resumption of interest rate increases are expected in 2011,” CREA states, adding that against this economic backdrop national home sales are forecast to be down by 9 percent. While the sales volume is expected to soften, average prices continue to rise.

We continue to see this in Oakville and Burlington. According to the latest figures from The Oakville, Milton and District Real Estate Board, the number of sales in Oakville last month was down slightly from November 2009, but the average house price was up by 1 percent. The average house price last year was $590,970 compared to $598,675 last month.

Prices for the year to date show a larger jump – 7 percent compared to the same 11-month period last year. The average selling price for the 11 months last year was $526,909 compared to $561,650 this year. In Burlington, the average price for homes sold last month was $388,088.

According to Gregory Klump, CREA’s chief economist, “Housing demand and supply is stabilizing. That’s good news for home buyers, who will feel less hurried to make an offer than they did when transitory factors ignited housing demand in early 2010. It’s also good news for home sellers, who will feel more confident about price stability now that the housing market has become balanced.”

Klump goes on to say that interest rates are widely expected to remain low for some time due to recent downward revisions by the Bank of Canada to its outlook for economic growth and inflation. Consumer sentiment, he says, will likely remain under pressure until economic prospects improve meaningfully.

“In the meantime, many households will focus on paying down their debts before the Bank of Canada resumes hiking interest rates next year. Economic uncertainty is likely to keep potential home buyers in a cautious mood, so the continuation of low and stable interest rates is unlikely to cause housing demand or prices to swell,” Klump concludes.
While Klump speaks to a national picture, you must remember that Oakville tends to be in a bit of bubble that often bucks the national trend. As one of the most desirable communities in Canada in which to live, real estate appreciation tends to be stronger here than in many centres across Canada.

The key to selling your home is to choose an experienced realtor who will market your home effectively. Innovative advertising, 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 10 years.

Experts are predicting cautious optimism in our economy

Dan Cooper — Wed, 08 Dec 2010 20:33:02 +0000

The Ontario Home Builders’ Association held its annual Economic Forum in Toronto last week where a panel of economists and experts outlined their predictions for the housing and real estate industry in 2011.

The important message was that these economists held cautious optimism for the coming year and felt that interest rates will remain stable, which bodes well for anyone planning to buy their first home or perhaps moving up into something larger and having to carry a mortgage.

According to Douglas Porter, deputy chief economist for BMO Capital Markets, consumer confidence is good; that while household debt is still on the high side, net worth is still in a favourable position. While the manufacturing job market has weakened in Ontario, employment across Canada has improved. Consumer confidence and a good national employment picture mean interest rates should remain stable for the next 18 months, he predicts. We’ve seen a few Bank of Canada rate increases over the summer, but as long as the U.S. Federal Reserve holds steady, there will be no reason to increase rates here, he maintains.

Pascal Gauthier, senior economist with TD Bank Financial Group, has similar opinions explaining that the economic recovery has entered a second phase with much more subdued but more sustainable economic growth. The result is low inflation and low interest rates.

“We think the Canadian dollar can hold and even rise above parity against the US dollar over the next 12 to 24 months … We forecast the Bank of Canada’s will resume raising its overnight rate (currently at one percent) by mid-2011, to reach two percent by year-end 2011, which is still low (zero in real, inflation-adjusted, terms) and stimulative for the economy,” Gauthier says.

He goes on to explain that longer term Government of Canada bond yields (e.g. five-year) will also rise modestly, which bodes well for typical mortgage borrowing rates (e.g. posted fixed five-year) which are anchored to these rates. This will mean that affordability should remain good on a financing basis.

As we move into the holiday shopping period, CIBC World Markets has an interesting take on the consumer situation. In one of its latest reports, the bank states that in the latest quarter shoppers hit the stores, as reflected in a 3.5 percent uptick in consumption activity. The drop in the savings rate to 3.3 percent is still lower than what we are seeing in the U.S., which indicates that Canadians are feeling less guarded about the economic picture. Domestic consumption has been supported in recent months by rising wages and ongoing hiring.

So whether you are shopping for gifts or thinking of making that larger investment in the near future – buying a home – there appears to be borrowing stability in the near future. When it comes to making that major investment – real estate – the key to selling your home quickly and for top dollar is to deal with a broker who has a proven track record and is a consistent top performer.

Innovative marketing initiatives and investment, knowledge about the marketplace, commitment and exemplary service differentiate the Dan Cooper 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 10 years. This is an accomplishment that does not happen by accident, but rather by design. Our dedication and commitment to selling your home, along with superior marketing strategies, have time and time again helped our clients sell their homes quickly and for top dollar.

What the October real estate stats are telling us

Dan Cooper — Thu, 04 Nov 2010 17:25:25 +0000

The volume of house sales in the GTA was down last month compared to October 2009, but year to date we are still showing modest growth. In fact, the annual change in sales and average selling prices has been quite uniform across the GTA as the market has balanced out from record sales in the second half of 2009 and first few months of 2010.

Despite the slowdown in activity, average prices are still on the rise – up five percent last month compared to October 2009. “The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable,” says Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home.”

Oakville followed a similar track with sales volumes, dropping by 34 percent in October compared to the same month last year. But perhaps for the first time Oakville did not outpace the rest of the GTA, recording a dip in the average price by eight percent. Last month the average house price was $550,636 compared to $596,694 in October 2009.

This is a bit of an anomaly for Oakville, which up to now has seen average home prices continue to climb. I believe a significant factor that depressed real estate prices here was the power plant fight. The fact that homes in South-East Oakville were plastered with Fight the Power Plant signs undoubtedly scared away many buyers. I know for a fact that real estate in the South-East area virtually dried up during that campaign. Taking those homes out of the equation would certainly distort the October price figures.

Having won that fight and with the power plant off the table, I fully expect South-East Oakville will bounce back in the market and that we will see average home prices begin to recover quite rapidly. In fact, interested buyers who had been holding off their decisions to see what the outcome would be in that power plant battle will likely create something of a boom in the South-East section.

Year to date, Oakville had a respectable year with sales volume down only five percent and the average sale price up seven percent compared to the first 10 months of last year. In Milton, the first 10 months of the year saw volume down only four percent and the average sales price up by 13 per cent. Comparing October with the same month last year, the sales volume in Milton was down 28 percent but the average price was up seven percent – $379,843 compared to $356,030 last October. The Burlington average price was $389,003 for last month.

“The outlook for mortgage rates and income growth over the next year is favourable. The average home selling price could increase moderately next year and remain affordable for the average GTA household,” according to the Toronto Real Estate Board. I would have to add that with the power plant no longer an issue, we will see Oakville house prices rise quickly and outpace the rest of the GTA.

Choosing an experienced realtor who will market your home effectively is the key to selling your home quickly and for top dollar. The Dan Cooper Team has a proven track record through market knowledge, innovative marketing and superior client service. This is what has made us the Number 1 Team in Canada for Royal LePage for seven of the past 10 years.

Should you take a long-term or variable mortgage rate in these uncertain times?

Dan Cooper — Mon, 13 Sep 2010 16:57:35 +0000

Last week the Bank of Canada went ahead and raised its benchmark interest rate for the third straight time – despite predictions from many experts who said the bank might hold pat due to the fragile recovery. Even a plea from Premier Dalton McGuinty not to raise its overnight rate went unheeded by the bank.

Bank Governor Mark Carney, however, did leave room to pause at his next scheduled decision when he explained that while borrowing conditions remain “exceptionally stimulative,” the overall economy climate is fraught with “unusual uncertainty.” Carney raised the overnight rate by a quarter percent to 1 percent, claiming that future moves will depend on global developments and how they affect Canada’s economy.

The sputtering U.S. economy continues to be the number one risk to the global and Canadian recoveries. Having said that, the bank is downplaying the effect the global turmoil is having on Canada’s expectation for a 2 percent annual growth rate in the second quarter. In the future, the bank says consumption growth will “remain solid” and business investment will “rise strongly”. That’s because investors are looking for safer investments such as bonds, which is pushing borrowing costs down and helping consumers and companies.

What does this mean for the real estate market? The Conference Board of Canada waded into the debate the same day the bank announced its rate hike, saying there will not be a “free fall” in the housing market, but rather a pause in what has been a period of rapid increases.

“The fundamentals of our economy remain sound,” Mario Lefebvre, director of the Centre for Municipal Studies, told The Globe and Mail. “Contrary to the United States, this country’s labour market has rebounded from last year’s recession. Interest rates, while rising slowly, remain very low. This market will pause, but it will not nosedive – in contrast to the housing market south of the border, which is still battling a large inventory overhang that should keep it rebounding promptly even if employment were to rise swiftly.”

The question for many homeowners and buyers is it a good time to negotiate a long-term mortgage rate or are variable-rate mortgages the way to go? For the answer, I asked one of my close partner experts for the answer – Jim Panasiuk of The Mortgage Department in Oakville.

“Rates are on the rise and fixed-term rates are still at all-time lows, so I think the way to go is to lock in for a longer term, such as five years,” Jim advises. “The first-time home buyer especially should consider the fixed-rate mortgage deals that are available in order to avoid the possible rollercoaster ride with interest rates, thereby protecting themselves from rate fluctuations that will impact their mortgage payments.”
For the first-time buyer, Jim further explains that many “have qualified at the limit of their ability so taking a chance with a variable-rate mortgage at this time is risky.”

Jim offers sound advice in these uncertain times, but the bottom line remains that any time is a good time to invest in real estate. There are always highs and lows, but over the long term, real estate appreciates. Even in a soft selling market, you may be facing lower offers for your existing home, but you will find great opportunities for your new home.

The key is to work with a broker who knows the market and has a track record for selling homes quickly and for top dollar. The professionals at the Dan Cooper Team have such a track record, which has lead to our achieving the Number 1 Team in Canada for Royal LePage for the seventh time in the past 10 years.

Blame the decline in home sales on the harmonized sales tax

Dan Cooper — Wed, 25 Aug 2010 17:57:04 +0000

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.