Real Estate & I-PODS
My 3 year old daughter asked me for an I-POD recently. She obviously isn't aware that we're in the middle of "The worst recession in 50 years". Or at least that's what they're calling it now. I'm going to wait a little bit longer before I call it anything because I think things are going to get a lot better or a lot worse very soon depending on what happens with GM, Ford & Chrysler. The outcome of this on-going drama will have a profound affect on what happens locally and across the province. This week Air Canada and Bombardier joined the list of Canadian Companies that are taking it on the chin.
For the first time since the market peaked in August 2008 the monthly average sale price was significantly lower than what it was a year ago. (- 2.5%) While this is not great news it's a lot better than Calgary's -8.2% or -19% in the U.S. First quarter sales were down 22% from the year previous and it's taking 20% longer to sell the average house. These statistics may indicate our transition into a buyer's market but the news isn't all doom & gloom. 14% of MLS sales in March were for full price or more and the inventory of active listings is still relatively low. Good news for real estate investors! The Guelph vacancy rate is down to 1.5% and mortgage money has never been cheaper! This is a great time to invest in real estate and of course, I-PODS.