Real Estate Bubble 7
ByReal Estate sales in Ontario just got another boost thanks to Minister Flaherty’s changes to New and renewed mortgages as announced yesterday. We were expecting sales to remain strong this spring in Peterborough and area as the HST goes into effect on July 2nd. Building permits issued in the City of Peterborough were just under 500 units for 2009 which is close to the numbers in 2005 to 2007. The builders are getting ready for a very busy spring and to have units completed before the July 2nd deadline.
As I have written in previous blogs sellers have taken advantage of the low number of listings and low interest rates to sell their properties before the July date and the new HST. which will impact our commissions, inspections and legal fees.
Now another stimulus for the market are the changes to Mortgages, this will make for a busy spring market. Many experts expect the fall market to return to a more ” Normal ” sales rate and for some relief on price increases.
Further to my article today, there is a very good video today in the Globe and Mail’s Report on Business that explains many of the details that I have been writing about recently.
Video Link
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