Hello Everyone,  Happy Fall!

 Where did the summer go?  Where did 2010 go? Hope everyone is reaping the benefits of our post recession recovery and looking forward to even better days ahead, as our economy gets even stronger.

And of course, just when we're getting back on our feet, the government hits us with the HST.  There has been some confusion as to what is subjest to the HST, exactly, so let us clarify a few things. There is no tax on resale homes, just on the commission. For buyers, the only HST increase in their costs, is for a home inspector - mortgage as well as insurance costs are not affected. Lawyer's fees are also subject to HST. For more info, go to www.cra.ca/harmonization So although none of us like the idea of more tax, as far as real estate transactions, the added costs are not that significant, and we will get used to them.

And many buyers and sellers have.  After the customary seasonal lull, activity has definitely picked up again, although it is a different market than in the spring. Pre HST was a seller's market, because of strong demand and limited inventory. Now it is more of a buyer's market, as there is increased inventory but not as strong a demand. Prices have moderated somewhat but overall we are up over 6% from last year. Interest rates did go up but they have come back down again, with five year terms, available for under 4% and 1 year under 3%.  So the sky did not fall in the real estate market in Durham Region, and we actually fared very well.

And of course if you know any of your acquaintances who are considering a move, please let us know. We are never too busy to help you with any of your real estate questions as well. You can check our web site for more detailed synopsis of the market, under MARKET WATCH, and you can go there every month to see what's happening.  You might also be interested in our Fall Checklist, that might keep you organized for those routine fall jobs ahead. Home ownership is always a work in progress, but the benefit will pay off in your equity ... some day.

All the Best,

Rick and Judy

www.realestateoshawawhitbyarea.com