Gary Moran's Kingston Realty Team SEPTEMBER 2008 Newsletter
Hi everyone,
Well, summer is over and everyone is back to work and school. I hope that each of you had a good summer and took some time to relax and enjoy with friends and family.
MORTGAGE LIFE INSURANCE
We did get a couple of calls, and a few e-mails about the CBC documentary on bank mortgage life insurance. I think that it is such an important topic I wanted to include the link again this month, just in case anyone missed it or didn't have an opportunity to have a look. If you have a bank mortgage and mortgage life insurance from the bank you really need to spend 20 minutes and watch this CBC documentary.
http://www.cbc.ca/marketplace/in_denial/
You are not likely going to have insurance if and when you need it according to this documentary!
If you have any questions about this eye opening documentary by the CBC, please call my office or better yet call my associate Ilyas Khalid who brought this to my attention. Ilyas is a financial advisor with Sun Life Financial and he can be reached on his cell phone at 613-217-8760 or via e-mail at ilyas.khalid@SunLife.com. Let him know you are calling, because you saw the CBC documentary from our newsletter.
THE MARKET REPORT
August is usually a slow month in the Real Estate sector, because so many folks (including realtors) are away on holiday and this year proved to be no different.
STATISTICS |
| | | | | | | |
Entire Board Area (West Napanee/Bath to East Gananoque) |
| | Jan to Aug | Jan to Aug | Jan to Aug | Jan to Aug | Active Listings | Active Listings |
| | 2005 | 2006 | 2007 | 2008 | 31-Aug-07 | 31-Aug-08 |
| | | | | | | |
2-Storey | # Units Sold | 847 | 806 | 954 | 904 | 480 | 574 |
| Average Price | $225,608 | $247,725 | $251,507 | $266,238 | | |
| | | | | | | |
Bungalow | # Units Sold | 1206 | 1117 | 1212 | 1155 | 603 | 765 |
| Average Price | $197,887 | $209,107 | $220,381 | $234,644 | | |
| | | | | | | |
Other | # Units Sold | 513 | 514 | 531 | 418 | 297 | 397 |
Residential | Average Price | $176,785 | $191,738 | $194,779 | $214,802 | | |
| | | | | | | |
Total | # Units Sold | 2566 | 2437 | 2697 | 2477 | 1380 | 1736 |
Days On Market | 54 | 56 | 56 | 59 | | |
| | | | | | | |
Condo | # Units Sold | 232 | 243 | 227 | 237 | 60 | 74 |
| Average Price | $143,195 | $163,709 | $166,290 | $170,678 | | |
Days On Market | 46 | 47 | 44 | 50 | | |
| | | | | | | | | | | | | |
If we compare the average number of transactions from January 1, 2008 till the end of August to the same period last year we are down by 7.2%. If you compare this year-to-date to the same period in 2006 we are actually 1.3% higher this year (2714 transactions year-to-date for 2008 compared to 2680 year-to-date for 2006. Overall this year-to-date compared to the average number of transaction for the last 3 years, we are only down by 3.1%.
Prices in the meantime remained fairly stable with two-storey and bungalow prices up 5% compared to last year's average prices and condos are up by 3.8%.
Inventory remains high with a total of 1810 active listings at the end of August compared to 1440 at the end of August last year, representing a 25.7% increase.
Overall in my opinion the real estate market remains relatively stable and balanced in our marketplace and with inventory levels the way they are, I expect that average price increases over last year will continue in the 3 to 5% range.
ZERO DOWN MORTGAGES
I expect everyone has heard the news that effective October 15, 2008 zero down mortgages will no longer be available in Canada. The minimum down payment will be 5%.
For those considering selling their home, call my office at 613-389-4052 to arrange for a full presentation of all the marketing services we provide - just one example "The Talking House." has been getting our listings a lot of attention. Our multifaceted marketing program is designed to gain the greatest exposure of your property in the marketplace - exposure to qualified buyers is the key to selling quickly and for top dollar - call us today!
If anyone has any questions about our unique VIP Buyer Profile Service please give me a call at my home office 613-389-4052, for those at a distance call me toll free direct at 1-866-393-5762. This hassle free service could save you thousands!
If anyone would like to receive our special Video entitled "What you need to know before selling your home" simply call 613-389-4052 and ask for the free video to be sent to you. It could make you thousands!
Have a Great Day!
Regards,
Gary Moran, M.Sc.
KingstonRealtyTeam
sutton group-masters realty inc., Brokerage
Independently Owned and Operated
