Another fascinating week of activity in town, with the number of sales being down 33% over the previous week, and the number of available properties staying relatively consistent. I’ve included a graph to give a clearer visual presentation of the trend over the past 8 months, and it is quite interesting.

I have to repeat what I’ve been saying every week – multiple offers abound. I was involved in 2 more this week. Also, as agents are catching up to the changing market, some of the benefits to buyers

are already disappearing. For a couple of months, it was easy to get an offer accepted conditional upon the sale of the buyer’s property; now it is virtually impossible. Why, you might ask? Because if the house is priced properly and shows well, it seems increasingly likely that there will be multiple offers, so there won’t be a need to accept a conditional-on-sale offer.

What this means for sellers is that NOW is a good time to sell! What this means for buyers is that the window is rapidly slamming shut! The perfect storm I’ve been talking about is rapidly dissipating. Sure, it may come back, but it may not come back for 5, 10, 15 years. I have to speak straight from the heart, and ask when people are going to get off the fence and take action? We’ve seen prices inching up; the supply is down, and still people are trying to time the market. Guess what folks – you missed the bottom of the market. Don’t keep trying to do the impossible; just get into the market now!

Call me today at 905-208-7002, and we’ll get you moving along the path to owning a home, or an investment property, while the options are still out there.

Here’s the updated Annual Summary:

Milton Real Estate Activity Summary 05-22-09

And here’s the weekly overview:

Milton Real Estate Weekly Summary

And here’s the weekly summary graph of listings (green) and sales (red):

TORONTO, ONTARIO–(Marketwire – May 20, 2009) – Greater Toronto REALTORS^® reported 4,561 transactions in the first half of May – an increase of three per cent compared to May 2008.

“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill. “Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market’s affordability.”

The average price for MLS^® sales was in line with last year, down by less than one-half of one per cent at $399,811.

“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year’s level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”

May 2009 Mid-Month Statistics

Year-Over-Year Regional Breakdown
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                                  2009                      2008
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                         Sales    Average Price      Sales    Average Price
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City of Toronto ("416")  1,864         $439,459      1,734         $437,205
Rest of GTA ("905")      2,697         $372,408      2,688         $377,344
GTA                      4,561         $399,811      4,422         $400,817
----------------------------------------------------------------------------
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Source: Toronto Real Estate Board

Just yesterday, I had the pleasure of helping a wonderful family from Montreal buy an outstanding house in the Dorset Park section of Milton. The house is on one of the big lots in town – 52′ x 153′ – and has been done over to the 9′s, or more accurately, to the 10′s! I am very partial to this model of house, and was thrilled to see what can be done to open up this particular style of side-split. I, very seriously, told my clients that I was very glad my wife hadn’t seen the house, or we’d have been moving, and I am happy where we are.

What got me about this house was that it sold for a price about $65,000 lower than I think it could have sold for 18 months ago. On the price of the home, that is a saving of around 18%. That is phenomenal! My clients were fortunate, because we were in a multiple-offer situation, and they are ecstatic, because this house is everything they want in a home for their extended family.

As I think about this purchase, and as I do research for some other clients today, I realize that the market really has turned. Not in the $350,000 + range, but in the lower price ranges. I just checked the MLS, and there are only 2 freehold homes with 3 bedrooms under $260,000. That is a huge contrast to January this year, when there were 23 homes that fit that criteria.

Folks, whether you are first-time buyers, or you are investors whose criteria is newer freehold townhouses, you need to get into the market now! The sale is rapidly coming to an end; don’t be one of the people standing there, wishing they had taken action. Take action TODAY! Call me at 905-208-7002.

Bringing water up from Lake Ontario would create huge pressure for development, opponents argue.

Leslie Adams pores over a Google Maps image of thousands of hectares of prime farmland in Halton Hills – and fears the worst.

Halton Region council is considering building a “big pipe” along Trafalgar Rd., north of Highway 401, that will provide water and sewage services to tens of thousands of potential new residents southwest of Georgetown, in a municipality serviced today by wells and a stream-based sewage treatment plant.

Adams, who heads the group Protect Our Water and Environmental Resources, says the pipe will create pressure to gobble up 10 times the area that planning consultants think should be developed.

Read the full story here

Home Buyers’ Plan

1. What is the Home Buyers’ Plan?
2. What is the current maximum amount that can be withdrawn under the HBP
   Routing Number VIRGINIA COMMERCE BANK

   ?

3. What is the new maximum amount announced in the 2009 Budget?
4. If I withdrew up to $20,000 from my RRSP after December 31, 2008, and before January 28, 2009, can I withdraw additional funds from my RRSP after January 27, 2009?
5. Is the HBP connected to the new Home Buyers Tax Credit (HBTC)?
6. Where can I find more information on the HBP?

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home for yourself or for a related person with a disability.

2. What is the current maximum amount that can be withdrawn under the HBP?

Currently, the maximum amount that an individual can withdraw in a calendar year from an RRSP to purchase or build a qualifying home without having to pay tax on the withdrawal is $20,000.

3. What is the new maximum amount announced in the 2009 Budget?

For 2009 and subsequent years, for withdrawals made after January 27, 2009, the budget proposes to increase the maximum amount to $25,000.

4. If I withdrew up to $20,000 from my RRSP after December 31, 2008, and before January 28, 2009, can I withdraw additional funds from my RRSP after January 27, 2009?

Yes. You can withdraw additional funds after January 27, 2009, as long as the total of all your withdrawals in 2009 does not exceed the new maximum amount of $25,000. However, under existing requirements neither you nor your spouse or common-law partner can own the qualifying home for more than 30 days before making the final withdrawal in 2009.

5. Is the HBP connected to the new Home Buyers Tax Credit (HBTC)?

No. Although some of the eligibility conditions for the HBP and the HBTC are similar, they are not connected. Participation in the HBP does not affect an individual’s eligibility for the HBTC.

6. Where can I find more information on the HBP?

For more information, please consult RC4135, Home Buyers’ Plan. Taxpayers are encouraged to check our Web site often – all new forms, policies, and guidelines will be posted here as they become available.

Documents are also available immediately at Department of Finance’s Budget 2009.