Real Talk!

Melissa Leong’s article, in today’s National Post, screams from its title, “Home sales rocket to record levels” and quotes one Toronto Realtor ® as saying, “February right through, it hasn't stopped. Right now, it is a seller's market.... We're constantly in multiple offers”… and a spokeswoman from RE/MAX Ontario-Atlantic as saying that while Buyers can still get a good deal- “That's not going to last. Those prices will go up if inventory does not come on the market”.

Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada, says "Traditional market indicators are in place - the stock market has made tremendous gains in recent months, crude values have risen significantly, and the Canadian dollar has gained almost 10 points in the past month. Combine these influences with pent-up demand and growing economic stability and you have the ingredients for solid sales in the top-end of the market."

It might be a wet summer, but Canadian housing sales have and, as a result of a sizzling in June, Canada's two largest real estate markets -- Toronto and Vancouver -- came close to breaking their all-time sales records. This week the Toronto Real Estate Board said Greater Toronto realtors reported record sales in July- a hefty 28% rise over the same month in 2008.

Our local markets, surrounding Bancroft and Barry’s Bay, have picked up- dramatically, too. I feel like the past couple of weeks are little more than a blur. Recent buyers have been lucky, snapping up some of the best real estate deals in years- and there are still some real opportunities.

Although there are some new listings coming up for sale- if they’re priced properly they sell fast! It’s always a good idea to have a Realtor® scouting for you… giving you early information on listings that fit your criteria for that perfect retirement or vacation property. These days, a number of Buyers find that their retirement is only a few years down the road but the current low interest rates are an incentive to buy now and use the property recreationally or to produce rental income, until it’s time to retire.

&, Lately, I’ve been asked a lot about “foreclosure” and “power of sale properties”… I believe it’s because there is so much hype in television commercials we see on channels that broadcast from the United States…. The laws here are much different and lenders have a serious responsibilities and strive to obtain real market value for properties they’ve taken back. Listing contracts for these properties are often made with the understanding that the fact the property has been, in some way, repossessed will NOT be highlighted in the marketing process.

Still… there are some excellent deals to be had and, judging by the action in our local marketplace, but there it’s not the time to procrastinate! Currently there are listings for cottages with shared shoreline or boat-required access… and seasonal cottages/camps with acreage and waterfront lots for under $100,000… some under $50K…. and there are building lots and year round homes for well under a $100K, too! In fact, some building lots are still listed under $10,000.

Indications are, especially with all of the multi-million dollar rebuilding plans, this area is going nowhere but up, up, up. & It already has much to offer…. Location, location, location are still the 3 most magic words in Real Estate.