Here we are just a few weeks from spring…already, and I can’t wait. Saying good bye to snow, ice and cold temperatures always puts a big smile on my face.
Over the past few months, I’ve been afforded the time to challenge my creative juices and have designed, with a trusted colleague, a new website: www.hipcityspace.com, targeting 13 different downtown newer condo developments. I’ve also continued to conduct Real Estate Investment and Financial freedom workshops, intended to help people combine the ability to plan and create a purpose and passion filled life with learning how to finance that life. Our next investment workshop will focus on one of my passions, empowering women.
Although our current housing market isn’t immune to the economic slowdown, consumer confidence seems to have improved somewhat during the first few weeks of February, creating a more active market, which will hopefully continue well into the spring. Buyers now have more choice, lower mortgage rates and housing has become much more affordable. In addition to this, the new Federal budget offers a renovation tax credit of up to $1350 (expires Feb. 1st, 2010), an increased limit of RRSP withdrawal to $25,000 from $20,000 for first time buyers and a new tax credit which will provide up to $750 in tax relief for first time buyers. For more information on these and other budget related issues, go to: http://www.budget.gc.ca/2009/home-accueil-eng.asp. Time to take advantage of this market, opportunity is knocking.
Given that we are not facing an early 1990’s-style affordability crisis, the rebound in the housing market will likely be relatively quick once the economic recovery takes hold. The sell time for properties in the GTA is currently on average, 30-45 days (verses 10 months throughout most of the U.S.). While MLS re-sale statistics show a drop of 20% in 2008 from 2007, we must bear in mind that 2007 was a record breaking year for real estate.
If you would prefer to have my future newsletters e-mailed to you, please let me know.
I wish you and your family health & happiness in the coming months.
All the best!
Michelle Read,
Your Personal Real Estate Consultant…For Life
P.S. I have time to work with three more great clients just like you, who want to buy or sell in the next 30-60 days. Who is the next person you know who may need my help?
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