In October the real estate market here in Peterborough started changing rapidly as sales dropped by 10%, 39% and 36% in each of the last quarter months. Expired listings, those properties that didn't sell, increased significantly in each month as well vs. 2007. RE/MAX Ontario-Atlantic Canada as well as some economists are projecting a 5% to 8% drop in house values for Ontario this year. Without getting caught up in all the doom and gloom in the news we need to keep in mind that the market went from an average price for a single family home in Peterborough in 2002 at $141,753 to $211,196 in 2008, a 48.9% increase. Prices will drop a little over the next year or two but it won't be anything like the real estate losses they have suffered south of the border or the losses in the stock market in the last three months.
I am confident that Peterborough housing prices will fluctuate less than those more industrial reliant cities and will boom in the future as Toronto expands and more people realize what a great place the Kawarthas are in which to live, work and retire or raise a family. Just think of it as a "SALE" in real estate right now and the smart money will be buying and taking the opportunity to buy up over the next couple of years. Sales across the entire Peterborough real estate board declined in 2008 by 14% over 2007 sales, while the average residential sale price increased 1% over the entire Peterborough and Kawarthas Real Estate Board (in town and rural properties) and increased by 3% here in town. The average market time to sell increased by 16%. The number of waterfront sales dropped by 31% in 2008 from 438 in 2007 to 302 last year with the average price dropping by 3% to $339,282. The average condo price in Peterborough stayed the same at $209,150 in 2008 with the number of sales increasing by 14% and the time to sell increasing by 16%.
Giving Back
After 21 years of building a successful real estate business, I've come to understand how important it is to give back to the community that has helped me and my team succeed. This year we have decided that for every client we help buy or sell a home, we will make a donation to the Peterborough Regional Health Centre to help our health care providers care for our family, friends and neighbours. The hospital touches all of our lives and our health is our most valuable asset. Our goal is to raise $5000.00 this year and increase that contribution to the community each and every year. Give us a call and help our goal come true.
St. Anne's Spa Day Giveaway
A few years ago I did a draw for a gas Barbecue. This year we are having a similar contest. If you buy or sell or send us a referral that ends up in a solid sale between Jan. 1st, 2009 and June 30th 2009 (historically the busiest closing date of the year) we will put your name in a draw for a full day at St. Anne's Spa in Grafton, only 40 minutes from Peterborough. It's known as one of Canada's premier spa destinations. It is the ultimate in relaxation and pampering!Included is:Lunch, afternoon tea, $200 spa allowance, one group wellness class, dinner and use of the facilities. It must be a solid (no conditions) agreement by June 30th, 2009 to qualify for the draw. The number of entries will depend on the number of sellers and buyers we help between Jan. 1st and June 30th, 2009. So if you are thinking of buying, selling or talking real estate, please keep us in mind or call us with the name of someone we can help. Unfortunately, members of the Galvin Team do not qualify for the contest!
Thank You for Your Business in 2008
We are pleased to announce that the "Galvin Team" finished as the number one real estate team at RE/MAX Eastern Realty Inc. in 2008. RE/MAX finished the year with 37% market share here in Peterborough. Personally, I finished #3 out of the 130 agents at RE/MAX Eastern Realty Inc., serving Peterborough County. Betty and Calum increased their rankings as well. We are all working hard to implement systems to take better care of each and every client as we guide them through the buying and selling process, and the hard work seems to be paying off. Thank you for your continued support and confidence.
New Current Value Assessment from MPAC
In October everyone in Ontario received a new assessment for their property from the Municipal Property Assessment Corporation. They timed the market perfectly as the peak of the market was close to their January 1st, 2008 valuation date. We received about 16 calls inquiring about valuations that past clients felt were high. Given the fact that between January valuation date and the time we received the letters in October the valuations did seem high as the market had changed. Luckily, they are phased in over 4 years. Feel free to let us know your valuation and we would be glad to do an opinion of value as of Jan. 1, 2008 if you wish to appeal. The last date for appeal is March 31st of that tax year. You must file a RFR (Request for Reconsideration) to appeal. They also have a free service online called "About my property" where by you can compare your property to the most recent three comparable sales in your area.
If you would like to get The Galvin Report emailed to you directly, email andrewgalvin@topproducer.com and let us know!
