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Notes slowing global economic growth The Bank of Canada increased the target for its trend-setting overnight lending rate on July 20, 2010, raising it by a quarter of a percentage point to 0.75 per cent.

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Bank of Canada raises interest rates further

Statistics released by The Canadian Real Estate Association (CREA) show that the number of newly listed homes and sales activity declined in June 2010. Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards receded 8.2 per cent in June from the previous month. Led by lower activity in Toronto and Calgary, sales declined in almost 70 per cent of local markets.

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Home sales continue to cool in June

DURHAM REGION – July 6, 2010 – The Durham Region Association of REALTORS® reported 920 sales through the Multiple Listing Service® (MLS®) during the month of June, a decrease of 17.5% from the record 1,115 sales reported in June 2009.   “At the mid-point of 2010, sales are still up 23% over the first six months of 2009, but sales numbers are beginning to trend downwards as the market settles from its earlier 2010 peaks, influenced by the prospect of higher mortgage rates, the HST and the usual summer slow down.” commented Dierdre Mullen, President of the Durham Region Association of REALTOR®. With 2,461 active resale home listings in June, the mid-year 2010 total of 10,163 listings is also up 18% annually, while the average June selling price of $304,278 came in 8% higher than the average for the same period in 2009.

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Anticipated Summer Slow Down of Resale Housing Market

OTTAWA – June 16th, 2010 – Statistics released by The Canadian Real Estate Association (CREA) show that home sales activity and new listings in Canada declined in May.

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May brings lower homes sales and fewer new listings

DURHAM REGION, JUNE 11, 2010 – Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list of goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). “While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax.” commented Dierdre Mullen, President of the Durham Region Association of REALTORS®. “As real estate professionals, REALTORS® know how important the dream of homeownership is to Ontario families.

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HST Affects the Affordability of Home Ownership

DURHAM REGION – June 4, 2010 – The Durham Region Association of REALTORS® reported 1,027 sales through the Multiple Listing Service® (MLS®) during the month of May which is at par with last year’s 1,026 sales for the same month, but reflects a decrease from the high sales totals seen in both March and April of this year. Meanwhile, active listings remain on the rise with May offering up 2,600 available resale home listings, 1% higher than May of 2009 and the highest amount seen so far this year. “We can now see the forecasted trend of increased available listings coinciding with a decrease in the substantial sales of the prior few months.

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May Sales Remain High for Durham Resale Housing Market

OTTAWA – June 2, 2010 – The Canadian Real Estate Association (CREA) has lowered its forecast for home sales via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations. The revision reflects a weaker than expected start to the year in British Columbia, and recent developments that pulled forward the timing as to when sales are expected to ease in other provinces. CREA’s previous national forecast was heavily influenced by British Columbia and Ontario forecast trends, and this remains the case in the revised forecast

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Resale housing forecast revised

For the first time since 2007, the Bank of Canada raised its target for the overnight rate by one quarter of one percentage point to 0.5 per cent on June 1, 2010. The Bank rate was raised to 0.75 per cent and the deposit rate was unchanged at 0.25 per cent, thereby re-establishing the normal operating band of 50 basis points

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Bank of Canada raises interest rates: Canada becomes first country in G7 to hike

The Canadian Real Estate Association (CREA) released a new report today indicating that home prices will stabilize, and will remain stable for some time. This means that Canadian homeowners are unlikely to experience a U.S.-style decline in the value of their homes. “The relationship between average price and income has recently been cited as portending a U.S.-style correction in Canadian home prices,” said Gregory Klump, Chief Economist, CREA.

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U.S.-Style Home Price Correction Unlikely in Canada

DURHAM REGION May 19, 2010 – The Durham Region Association of REALTORS® (DRAR) reported 525 sales in the first half of May 2010, an increase of 13% from the 464 sales reported mid-month in May ’09. Year-to-date sales are up 45% to 4,081 compared to 2,815 sales during the same term in 2009. “As was forecasted, the average selling price for single family homes has begun a modest descent as the market begins to stabilize.” Dierdre Mullen, President of the Durham Region Association of REALTORS® noted

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May Resale Housing Market Balancing Out