There really isn’t a resale market in Rosewood yet. To date, no recorded sales on the MLS system.

Inventory levels in Stonebridge are reasonable given the higher price point which can be a bit more challenging today. There are just 26 single-family homes for sale with sales of 14 units over the past sixty days. That means there is currently about a 3.7 month supply of homes. Not an easy market for a seller, but far better than it would have been a year ago. In Willowgrove, we have 71 single-family homes for sale, and 30 sales over the past sixty days, meaning there is a 4.8 month supply of homes available.

Is it a good time to sell? It’s all speculation but I’m starting to get the impression that we are going to see some changes to the lending rules. If you believe that to be the case, then now might be the best time to sell for some time to come. Higher down payments will seriously limit the number of buyers who can buy a home. Shorter amortization periods would force payments higher meaning that all buyers would be have to buy less house to qualify.

Conversely, if these changes don’t happen we could see a very active market as long as rates remain low.

Tough call.

Still qualified with an “if.”

Hmmm. This should be interesting.

In the recently released TD Housing Outlook, the writer suggested that “pent-up” demand resulting from last year’s slow down should be satisfied by the end on November, or the end of December at the latest.

I read this morning on Larry’s blog that the market appears to be cooling some in North Vancouver with a “wave of reductions.”

Here is CTV’s report including some video of Flaherty.

In Saskatoon, we’re sitting at 152 unit sales for December, 2009. Compare that to 162 units for the entire month of December in 2008, and 161 units as the five-year average for the month of December. I’m guessing we’ll see thirty more sales this week, and possibly as many as 3o next week.

http://bit.ly/63nP1u

“CTV says Ottawa is considering raising the minimum down payment for home buyers as well as reducing the amortization period in order to stop some consumers from taking on too much debt.

In an interview with CTV Question Period, to be aired next week, Finance Minister Jim Flaherty says the measures will be taken if there’s evidence of excessive demand in the housing market.

Flaherty says the new measures would target consumers “who are taking on obligations that they will not be able to handle in the future when the interest rates do rise.”

He says the likely measures the government will take is to increase the size of the down payment from 5 per cent “to a higher figure” and to reduce the amortization period “from a maximum of 35 years to something less.”

Anyway, Norm, thanks again for continuing to address these issues- much prior to the mainstream media’s coverage of them.

All the best to everyone over the holiday season! Stay safe and enjoy your loved ones.

I expect we will probably see some action taken. Not sure how I feel about higher minimum down payments but I could see a move back in the direction of 25-year amortizations.

“Aren’t these the people whom we expect to feed us the “all is well” side of the argument?”

Yeah. It’s kinda like Ronald McDonald telling you to watch your cholesterol!

If he’s concerned…..