REAL ESTATE MARKET UPDATE & OUTLOOK 2010 NANOOSE BAY TO QUALICUM BEACH & AREA
You may be surprised to know that while the average price of a home in BC is down 11% from a year ago, the carrying cost has actually declined 23%, the difference being lower mortgage interest rates. The combination of lower home prices and lower interest rates means buying a home in BC is now more affordable than at any time in the last 3 years. For instance, a typical home buyer’s mortgage payment has been slashed by nearly one-quarter over the last 12 months. Best rate on a 5 year term is 4.09% with variable rates available at below prime. See best rates under ‘Tools’ on www.tomwhifield.ca

Our November sales statistics showed average sale prices of a single family home at $372,414 and sold for 96% of list price in 75 days. Townhome style condominium average sale price was $332,612 and sold for 93% of list in 119 days. Patio style condominiums average sale price was $247,986 and sold for 96% of list price in 57 days. Building lots have sold on average for $152,500 at 89% of list price in 201 days. After prices initially falling since July of 2008, low pricing has remained stable from May through November of 2009. We’ve reached the bottom in falling real estate prices. Single digit price increases are expected for 2010. For complete November market statistics see the links: http://www.tomwhitfield.ca/mkt/November-Sales-2009.pdf
http://www.tomwhitfield.ca/mkt/November-Trends-2009.pdf

The Harmonized Sales Tax is due to be implemented July 1st, 2010. This controversial move will add 7% to the cost of building a new home after that date. Recently however, on November 18th, 2009, BC proposed to raise the threshold to $525,000. For more information on the HST, see the link:
http://www.tomwhitfield.ca/mkt/HST-transitional-rules-housing.pdf

On December 3, 2009, RE/MAX issued the 2010 Housing Market Outlook Report for Canada. The report found that sales are forecast to recover in almost all major centres by year end 2009 with the biggest gains in Western Canada. As economic performance ramps up across the country, so too will residential real estate. For the complete Canadian analysis see the links:
http://www.tomwhitfield.ca/mkt/REMAX-Housing-2010.pdf
http://www.tomwhitfield.ca/mkt/REMAX-Market-2010.pdf