Looking Back: The 2010 Real Estate Market In Review

 The 2010 Real Estate Market In Review Photo          One of my favourite Real Estate blogs, BuzzBuzzHome, posted a great recap a few days ago of all the craziness that the Canadian real estate market experienced this past year (read it here).  Looking back, there’s no doubt 2010 was a remarkably eventful year.  Here’s my own breakdown of some of the highlights:

  • The first half of the year was characterised by multiple-offers and steadily increasing prices (a continuation of what began in earnest in the fall of '09).  The flourishing of this seller's market was due in part to low inventory, high demand, and historically low interest rates.
  • New mortgage rules were implemented by the federal government in April.  These changes effectively made it more difficult for some buyers to obtain financing. 
  • Easter weekend ushered in the Spring market, along with a noticeable increase in listing inventory.
  • July saw the arrival of the Harmonized Sales Tax (HST).  Purchasers of new homes would feel the sting more than others.
  • The Summer market was slower than that of years past.  Fears of a bubble and uncertainty were in the air.  A number of buyers chose to sit on the sidelines.
  • The Fall market saw an increase in activity following the slower summer.  No bubble?  Multiple offers seemed to be making a comeback...
  • The Competition Bureaus vs CREA.  A settlement was finally reached - one that ultimately provides consumers with more choice.  How will the new rules affect the industry?  Only time will tell.

So, what can we expect in 2011?  A number of industry leaders are predicting more stability for the real estate market over the next few years.  I don't know about you, but more stability sounds just fine to me...

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