Prices in this set of
data first peaked in 1990, then slumped to a low in 1995, and surprisingly jan-dec 2011 is the current
peak for these average sets of data.
so it will be interesting to see if 2012 will manage to keep
above the 2010 figure
the 2010 figure was $247,701 & the jan-dec 2011
figure is $256,530.....a 3.6% increase compared to the 2010
So below is a summary of the year on year changes in the average residential
selling prices ....
2002 to 2003
+12%
2003 to 2004
+11.2%
2004 to 2005
+9.0%
2005 to 2006
+3.6%
2006 to 2007
+6.8%
2007 to 2008
+2.2%
2008 to 2009 +0.4%
2009 to 2010
+6.3%
2010 to jan-dec2011 +3.6%
this is quite remarkable when you think back to how bleak the market outlook was back at the end of
2008/beginning of 2009 as we were heading into a recession
This is just one of many charts i have prepared to help my clients get a feel for the Peterborough and Kawartha Lakes
area realestate market. Other titles in the series include:
*Separating data for city and county areas
*Separating
out waterfront
*Separate charts for 1-2, 3, 4, and 5 bedrooms
*Cottage/Recreational also separating out waterfront
*condominiums& multifamily
*Number of city sales in each month for single & multifamily
*Number
of county sales in each month for waterfrontage & nonwaterfrontage
*Number of cottage sales in each month seperating
out waterfont and non-waterfont
Also from the data used to produce the charts we can get an approx av percentage
increase in price year on year for each of these categories
These sorts of graphs are essential to understand the
trends in prices, but do not replace a detailed determination of market value for a particular property by performing a comprehensive
comparative market analysis....
if you are thinking of selling,
contact me now for a comprehensive comparative market analysis of your own property..... as right now
might be a good time to sell ..
if this recession was going to follow the pattern
of the last recession from 1990-1996, then the average selling price might have been expected to be falling
year on year from around 2007 .. but this has not happened for most of these charts
what
will 2012 bring for the real estate market in this area? ...
this is has been
an unprecedented world wide recession over the last few years, that we are hopefully coming out of, but we also have
had unprecendented world wide low interest rates and massive stimulus packages that are just starting to come to
an end... this recession is certainly unlike any other.... and hopefully the european sovereign debt problem will be
resolved without weakening the banking systems around the world ... if this is the case for 2012, then prices may well be
only just a little above the 2011 figures
then in 2010 in Canada we had several slight
tightenings of the mortgage approval rules , followed by the 1st July 2010 introduction of HST which
added approx $1500 to $2000 to an average resale home purchase, and further mortgage rule tightening came into
effect march 2011 ... these measures have probably been slowing down the Canadian real estate market as we
go through 2011 and into 2012 ..... although in jan 2012 we have seen the banks offer the lowest fixed rate mortgages
of 2.99%!
If you are thinking of buying, contact me to discuss all your
options ... mortgage interest rates have been at historically low levels and can probably only start to
go very gradually higher as we head into 2012, plus many buyer incentives are in place ... so the
right time to buy for you will depend on so many factors and your own situation ... see also the market trends
web page for some additional info on prices davidwoolverton.com/id10.html
next update due in February 2012
