Average Housing Prices Rise Again Across Most of Canada's Major Urban Centres.

July's resale housing price numbers have been released, indicating another year over year increase in most of Canada's major urban centres. Real estate continues a strong upward trend. 

Average MLS® Resale Price for Local Markets

City	July 2011	July 2010
Halifax	$ 262,723	$ 245,944
Saint John	$ 158,448	$ 176,061
Quebec	$ 240,225	$ 237,605
Montreal	$ 317,519	$ 303,317
Ottawa	$ 342,925	$ 322,342
Toronto	$ 459,122	$ 420,455
Hamilton/Burlington	$ 349,235	$ 309,293
Winnipeg	$ 238,258	$ 225,191
Saskatoon	$ 303,439	$ 289,715
Regina	$ 272,548	$ 281,836
Calgary	$ 397,613	$ 402,809
Edmonton	$ 334,444	$ 329,731
Vancouver	$ 761,673	$ 657,815
Victoria	$ 467,052	$ 496,943

E-Mail or comment with any questions or concerns:

matthew.j.w.clarke@gmail.com

www.kingstonhomeloans.ca

Interest Rates to Remain Low. Cheap Loans Will Continue for the Near-Term. More Variable Rates and Inflation the Result.

Yesterday's news from the federal reserve that interest rates will remain low for two years provided a sigh of relief for investors and those looking to buy homes over the next little while. 


According to the Globe and Mail:


"High unemployment, tapped-out consumers and a depressed housing market led the Federal Reserve to say Tuesday that the outlook for recovery in the world’s largest economy is now so tepid that short-term interest rates will probably remain at emergency, near-zero levels until mid-2013."


The Federal Reserve initially lowered rates to the 0 - 0.25% level following the financial crisis in 2008, but the elusive recovery has caused rates to remain largely unchanged since that time. With two more years added to the low rate environment, the markets now have some degree of certainty regarding the Fed's decisions going forward, and an assurance that cheap money will be plentiful for investors and home buyers in the near-term.


What's the move for those thinking of buying real-estate any time soon? In the current interest rate environment, consider variable rates to save you some cash as any raise in rates going forward is becoming unlikely. And for investors? Be very wary of holding cash as inflation is sure to eat away at your savings quickly. 


For more from the Globe and Mail:


http://www.theglobeandmail.com/report-on-business/economy/interest-rates/fed-promises-two-years-of-low-rates/article2124029/


Happy Investing and contact me if you have any home buying or financial questions.

New Condo Development in Kingston. Plans and Prices for Anna Lane are Available.

Pricing and floor plans / layouts have been revealed for Kingston's newest condominium development downtown. Located on Queen Street, "Anna Lane" is aiming to provide affordable living for Kingstonians who want an urban lifestyle.


The suites will be brand new, which is definitely a plus for those who do not want to do much maintenance or any renovations, but it looks like prices are not as low as many had originally expected. Ranging from $141,000 to $315,000, plus parking and taxes, there is a wide range of opportunities. In addition, units range in size from small bachelor apartments to relatively large 3 bedroom units.


For your information, I have attached a list of the unit prices below:





Personally, I might consider owning one to rent out to students in the area, but at about $300,000 for a 2 bedroom unit, they might only be practical to live in in order to cover the mortgage payments and taxes.


For those who want additional information, just send me an e-mail and I will gladly give you more information and tell you how you might proceed.