Sellers Market: What is our current temperature?

“2021 started off just like 2020 ended, with a number of key housing market indicators continuing to set records,” stated Costa Poulopoulos, Chair of CREA. “The two big challenges facing housing markets this year are the same ones we were facing last year – COVID and a lack of supply. It’s looking...

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Kingston Area Update 2015

Kingston and Area home sales edge higher, new listings jump in November Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association posted a small year-over-year increase in November 2015. Residential property sales numbered 193 units in November, up 2.1 per cent...

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“I’ll drop the price later”

Sellers often ask if they should start with an aggressive price and wait to drop it after a month or two if their home doesn’t sell.  However, this is a very risky strategy. Buyers are savvy! They’ve done their research, they’ve looked (at least online) at all the other homes in...

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What is “market value”?

What do appraisers say? The economic definition of market value is defined by the Appraisal Institute as: “The most probable price that the specified property interest should sell for in a competitive market after a reasonable exposure time, as of a specified date, in cash, or in terms equivalent...

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Buyer’s or Seller’s Market?

A buyer’s market and its opposite, a seller’s market, are terms defined by a statistical measure. Buyer’s Market In most Canadian markets, a buyer’s market occurs when the sales-to-listing ration is 35% or less (or approximately 7 sales to every 20 listings). This is a market when there are more homes...

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HST and Home Sales

Resale homes are exempt from HST, with very few exceptions. For example, if the home being purchased was first bought by a corporation and therefore GST was never paid on it; or if the home has been substantially renovated from its original structure, it will be subject to HST. The Canada Revenue...

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