NEWS AND EVENTS
Comparitive Statistics - August 2010
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Secondary homes will bear primary cost of HSTPurchasing a new ski chalet, a new weekend condo, or a new cottage will get a lot more expensive when the Harmonized Sales Tax (HST) comes into effect July 1. Buyers of new homes that do not qualify as a primary residence will bear the full brunt of the 13 per cent HST. The tax will add tens of thousands of dollars to the cost of a new second home.
Last summer, after vigorous lobbying from OREA and other members of the housing industry, the province introduced a housing rebate of up to $24,000. However, in order to qualify for the rebate, the home has to be a primary residence.“There’s no doubt that it’s a blow for the industry,” says Frank Giannone, past president of the Ontario Home Builders’ Association. “It’s going to have a significant effect on the second-home market.”
-Queens Park Plus, May 2010
Market Activity Remains Down in July
Woodstock, Ont. –Residential property sales recorded through the MLS® System of the Woodstock-Ingersoll and District Real Estate Board were down from year-ago levels for the second consecutive month in July 2010.
Residential sales in the Woodstock-Ingersoll and District Real Estate Board’s trading area amounted to 80 units and $16,772,350.00, down 23 per cent and 21 per cent respectively from July 2009.
“A slowdown in activity throughout Ontario had been widely expected in July as a result of sales being pulled forward in advance of the HST” said Lorna Corbett, President of the Woodstock-Ingersoll & District Real Estate Board. “The weak sales figures we are seeing right now are a result of accelerated home purchases earlier in the year, but the introduction of the HST was the last of the temporary factors responsible for this volatility”.
The average price for residential homes in July was $209,654.00 up 2 per cent from the previous year. The best selling home in Woodstock and Ingersoll was the Bungalow with an average price of $202,208.00 and $234,200.00 respectively.
Total sales numbered 85 units in July, a decrease of 21 per cent from the same month last year. The total value of all properties sold was $20.2 million, down 11 per cent from July 2009. However, sales in 2010 still remain 27 per cent higher than in same period for 2009. “Activity may remain soft over the next few months, but ultimately we expect a more stable market to emerge, with demand coming back into line with economic fundamentals” commented President Corbett.
There were 9.5 months of inventory at the end of July, up from levels recorded a year earlier (8.4 months). The number of months of inventory is the number months it would take to sell current inventories at the current rate of sales activity.
If you wish to view the listings currently on the Woodstock-Ingersoll & District Real Estate Board, as well as information pertinent to Sellers and Buyers please go to www.widreb.ca
REALTORS® Ride through Woodstock
The Woodstock-Ingersoll and District Real Estate Board hosted the REALTORS® Ride on July 7th, which raises monies for the REALTOR Care Foundation. This year’s riders stopped in Woodstock, they were greeted by volunteers of the WIDREB membership and the Board President. A lunch was provided to all participating riders and volunteers by the Woodstock-Ingersoll & District Real Estate Board. To show their support, a local business, The Power Garage donated much needed refreshments to all the Riders.
Police Chief, Rodney Freeman also showed his support by attending the event on the Woodstock Police Department’s new Motorcycle. Police Chief Freeman also provided an escort for the riders when leaving Woodstock.
The REALTOR Care Foundation receives their funding through the dedication of REALTORS® across Canada’s fundraising efforts. The Foundation supplies grants to shelter based programs to many communities in Canada. In the most recent three years the Foundation has given over $5,000.00 to local projects, such as Sakura House, INGAMO Homes, and the Habitat for Humanity build in Ingersoll. Currently, WIDREB Members support the REALTOR Care Foundation by donating $1.00/member/month.
The Woodstock-Ingersoll & District Real Estate Board is an Association of REALTORS® committed to promoting and providing programs, services, education and technology enhance member competency, knowledge, ethics and professionalism. The Board shall encourage and deliver high levels of service to its members
