Rossetti Real Estate Review | July 2010

Following a typical summer trend, market activity fell off dramatically in July with total unit sales down nearly 30% from June. Although this is a dramatic decrease, balancing this drop was 36% fewer new listings, resulting in marginal downward pressure on pricing. That said, the market has certainly shifted in favor of buyers. Homes are taking on average 45 days to sell, allowing buyers much more time to make decisions. Although multiple offer situations are rare, there continues to be demand for fairly priced listings in good locations as evident from the sales on page 3. Expectations of significantly higher interest rates has yet to materialize, with 5 year fixed rates now available at under 4%.

July was a historic month with the introduction of the Harmonized Sales Tax (H.S.T.). After a month of it in force it is still unclear how much it will affect prices and demand. The H.S.T. is now applicable on some fees associated with real estate transactions, but the biggest impact will be to the purchase of building lots and on new construction.

If you have any questions about the North Shore real estate market please give us a call at 604.983.2518.

Wishing you a terrific end to your summer!

We look forward to hearing from you.

Sincerely,

Tony Rossetti

To read the entire Rossetti Real Estate Review, click here.