The Statistic Canada job rates that were released this month show a continued rebound in our economy with the creation of 60,000 full-time jobs, most of them in the public sector with many positions filled by men aged 55 and older. There has also been a boost in manufacturing jobs and that’s good news for Ontario. Economists see this sector as being a major growth leader in the coming months and years.
The unemployment rate of 8.2 per cent for February was the lowest reported by Stats Can since last April, before the country began to recover from a major recession. Finance Minister Jim Flaherty calls these numbers encouraging and says that while we are still in a fragile state, the latest figures show we are heading in the right direction.
Since last July, Canada has added close to 160,000 new jobs. The U.S. in comparison continues to lose jobs. An interesting statistic is that men 55 and older accounted for all of the employment gain in February. This may be part of a 10-year trend as baby boomers move into that age category, according to an industry analyst. Economists also credit the milder winter and the Olympic Winter Games for helping to boost Canada’s employment rate.
This buoyancy in the employment and economic outlook also translates into a positive housing market and some of the latest numbers for Burlington and Oakville bear this out. The Greater Hamilton-Burlington area, for example, saw a 50 per cent increase in properties sold in February compared to the same month last year. The February resale market was also 50 per cent higher than the previous month. “It is no surprise that our numbers have all increased from last year at this time,” said Joe Ferrante, President of Realtors Association of Hamilton-Burlington, “given there was so much uncertainty in the market in early 2009. It’s obvious that both buyers and sellers are showing confidence that the economy is recovering.”
Single-family properties were selling 9.4 per cent higher in February than January, and condominiums had increased in value by five per cent. “We anticipate that the spring market will be strong,” added Ferrante, “as buyers and sellers look to make their home purchases and sales before the HST kicks in and increases the taxes they will pay on the services attached to the home buying process.”
In Oakville, sales have shot up sharply in the past two months, confirming an increasingly strong housing market. The total dollar volume of sales was 115 per cent higher last month than for February 2009, according to the Oakville, Milton and District Real Estate Board. “Our market is very healthy and sustained low interest rates have made it a great time for buyers and sellers. I anticipate an even stronger market for the upcoming spring,” Board President Jeff Mahannah. “Even with the government changes to the mortgages rules of limiting buyers to a mortgage of 35 years and requiring a minimum of five per cent down payment, I predict that we are going to see records set for real estate sales and prices this year.”
Residential resales in Oakville for February were up by 85 per cent over February 2009 with an average price of $586,031 which represents a 32 per cent increase over the same month last year. The luxury market is very healthy in Oakville, recording 22 sales over a $1 million in February, compared to four in the same month last year. The length of time homes are on the market has also shortened with Oakville demonstrating a very short time period of 25 days, indicating we are in a seller’s market.
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.
