Hello Everyone

I hope you had a great holiday and are enjoying to the New Year. Traditionally the New Year stimulates house sales however I think the cold weather, combined with the current economy, has helped lower activity somewhat. The year ended with a sharp decline in both sales and prices. Many feel this drop has corrected housing prices due to the economic slowdown, and prices should stabilize in the next few months. The Bank of Canada lowered prime 1% today, which should have a positive effect on housing as well as the economy.

If you have ever considered an investment property now is the time to think about it seriously. Interest rates are low and there will be some deals on the market soon. Call me at 905-332-4111 or nwilson@sutton.com to go over financing options. Real estate remains one of the most stable investments in an unstable economy.

Slow seasonal market wraps up 2008

(January 7, 2008 - Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 478 units sold in December, indicating a decrease of 27 per cent over the same month last year.

The total unit sales for 2008 are being reported at 12.7 per cent lower than 2007, while new units listed are 4.3 per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

"December continued the slowing trend that defined 2008, with sales and prices down, and listings easing," said Bruce King, RAHB President. "However, December is traditionally the slowest month of the year, due to the holiday season and onset of cold weather."

Residential properties sold during December totalled 454 which included 360 freehold properties and 94 condominiums. Commercial sales for December, including industrial, farm, vacant land and business, totalled 24 units.

The average price of freehold residential properties sold in the month of December was $255,919, a decrease of 9.7 per cent over the same month last year, and a decrease of 15.6 per cent over last month. The average price for all freehold residential properties sold in 2008 was 5.1 per cent higher than 2007.

In the condominium market the average price of condominiums in December was $179,383, a decrease of 7.4 per cent over December 2007, and a decrease of 13.5 over last month. The average price for all condominium properties sold in 2008 was 1.8 per cent higher than 2007. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

December's total residential average sales price decreased 12 per cent over the same month in 2007, and the average price for the year to date increased 4.5 per cent over 2007.

The total number of units listed for sale during December was 635, which is less than one per cent more than were listed in the same period in 2007.

"The current state of the economy has been reflected in the real estate market over the past few months," added King. "However compared to markets in the US and larger markets in Canada, the Hamilton-Burlington housing market performed reasonably well in 2008, albeit below earlier expectations."

Unit sales reflect "all property types" including residential, condominiums, commercial property, farmland and sale of businesses.