Well, it looks like we are definitely in a buyer's market. The pressure of the economic conditions have finally effected the housing market. Fortunately, the Canadian real estate downturn is caused by a weakening economy and not the sub prime mortgage scandal that is crushing the U.S. housing market. With all the turmoil in the stock markets, real estate is still one of the safest places to invest. When the economy recovers and the banks loosen their increasingly stringent lending practices the Canadian housing market should recover quickly. Below is an article with some statistics on what's happening now. Have a Merry Christmas and a Happy New Year. 

Balanced market now in full swing

(November 4, 2008 - Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 926 units sold in October, indicating a decrease of 27.3 per cent over the same month last year.

The total unit sales for the first 10 months of 2008 are being reported at 9.8 per cent lower than the same period last year, while new units listed are 5.2 per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

"Although we saw a small reprieve in September, October continues the slowing trend that has defined 2008, and for the first time the average price has decreased," said Ann Cosens, RAHB President. "A number of factors have lead to this down turn including: decreased consumer confidence; the global economy; and changes in Canada's mortgage lending laws, which limit government-guaranteed mortgages to amortization periods of 35 years or less and with at least a five per cent down payment, as of October 1."

Residential properties sold during October totalled 889 which included 706 freehold properties and 183 condominiums. Commercial sales for October, including industrial, farm, vacant land and business, totalled 37 units.

The average price of freehold residential properties sold in the month of October was $268,805, a decrease of 8.7 per cent over the same month last year. In the condominium market the average price of condominiums in October was $196,899, a decrease of 7.2 per cent over October 2007. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

October's total residential average sales price decreased 8.6 per cent over the same month in 2007, but is still up 4.9 per cent for the year to date.

The total number of units listed for sale during October was 1,849, which is 18.4 per cent more than were listed in the same period in 2007.

"With the market stabilizing, it's a good time to be looking for a home," added Cosens. "With 5,512 properties currently on the market, consumers have more properties to choose from and less pressure to make a quick decision. For those looking to sell, the value of using a licensed REALTOR® cannot be underestimated."

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