March 2009 Newsletter

Welcome to Squamish Rocks Realtors E-News letter
New Foundations

Like most things in this current global financial uncertainty, real estate has seen its challenges. In actual fact the effects of the change that was about to come started in real estate in the second quarter of 2008. Prices had hit an all time high, inventory was rising and sales had slowed down. With these three forces all coming together and then the subprime meltdown just put the icing on the cake and the second half of 2008 saw sales come to a grinding halt.

So where are we now when comparing the market and where it is going? There have been some significant changes when compared with last year. Prices have come down drastically and continue to move lower. Inventory in single detached homes and townhouses has actually been reduced since this time last year, down on average 30% while the number of apartments listed has remained the same. The first three months of the year saw sales numbers at very low levels with single family down by 65%, town homes down 66% and apartments had the largest drop at 85% when compared to sales for the first quarter of last year.

As the first quarter was drawing to a close there were a few signs that the real estate market could be gathering some steam. Interest rates continue to be at record lows, giving the purchasers more confidence and better buying power. While inventory levels are lower than last year there is still a good selection of property for both homeowners and investors to choose from. As for prices, in many cases they have come down to late 2006 and early 2007 levels. So while there is still a great deal of uncertainty there are some encouraging indicators in the real estate market that might suggest that we will have a more active 2nd quarter in 2009.

House sales rise 7% in March - Globe & Mail, April 15, 2009

It's the second straight month of improving sales; the year-over-year decline was the smallest in six months The Canadian housing market appears to be stabilizing, with sales activity up in March for the second consecutive month as lower prices drew in more buyers, the Canadian Real Estate Association said Wednesday. Actual transactions were down 13.7 per cent, year over year. This was the smallest decline in six months, the association said.

"Housing markets are starting to show signs of buyer interest because of lower prices and interest rates," Regina real es- tate agent Dale Ripplinger, CREA presi- dent, said in releasing the March results.

Community News

Joanne Ennis joined the Cancer Relay for Life Survivor Committee in the early fall of last year, participating in raising the communities aware- ness of cancer survivors and the importance for their participation in this event. Joanne will be hosting the first ever "survivor tea" this Tuesday April 21, 2009, bringing all local survivors who can attend together.

Royal LePage Black Tusk Realty has sponsored for the 3rd year in a row the Realtors Team for Cancer Relay for Life. This year we will be asking our family, friends and clients for their help by supporting our team in this worthwhile cause.

Cancer Relay for life

Friday June 5
Located at the Brennan Park all weather fields.
We all have been touched by someone with cancer, we invite you to be supportive and help sponsor our team.