September 2009

OTTAWA – Tax policy discourages the sale of income property and impedes a chain reaction of economic stimulus and job creation – elements that could greatly contribute to a commercial real estate market recovery and community redevelopment. A new Altus Group economic study prepared for The Canadian Real Estate Association (CREA) found that income property sales generate sizeable economic activity in a number of industries, and support job creation

Link:
New Economic Study Underscores Need to Remove Tax Barriers to Property Reinvestment

National resale housing market sales activity remained up from year-ago levels in August 2009 for the third consecutive month, posting the largest year-over-year gain in more than two years. According to statistics released by The Canadian Real Estate Association (CREA), a total of 42,483 homes traded hands via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards in August 2009

Link:
MLS® home sales remain strong in August

Average selling prices were down 2.2% ($278,400) in August, from July’s $285,247, but up 2.8% from the reported $270,802 reported in August ‘08’.

“Home sales are stronger then expected,” commented Debbie Dawson, 2009 DRAR President. “The drop in sales from July to August is consistent with market history. Housing sales usually drop in August as most clients go on vacation or are busy getting children ready for a new school year.” 

DRAR in co-operation with the Canadian Real Estate Association (CREA) launch Fall Advertising radio commercials. Durham REALTORS®, We Work Where You Live . To contact a local Durham REALTOR® or find an Open House in the Durham Region and surrounding area visit: http://www.DurhamRealEstate.org .

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Contact a Durham REALTOR® or Search Open Houses at www.DurhamRealEstate.org

The Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on September 10th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent. The Bank said that, in line with its expectations, aggressive policy stimulus and the stabilization of global financial markets are supporting the beginnings of a recovery in Canada and elsewhere

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Bank of Canada keeps interest rates on hold