2009: The Year in Review

2009 was one of the most unusual years I've seen in my 25 years in the real estate business. Here are some quirks:

The lowest prime rate in over five decades (2.25%).
Despite the economic downturn, an increase in house prices of up to 2.3% (due to the low rates).
A reversal of the historic rule that more houses are sold in the rst half of the year—in 2009, the second half outsold the first by 18%.
A drop in the market share of condos sold: from 15-20% down to 11.8%. Again, this is a side effect of low interest rates, which allowed first-timers to step up to a higher price range.
The highest-ever sales figures for December in Brampton (over 500, breaking the previous record of about 450).

With so many strange statistics, nobody can predict what will happen in 2010. However, since it's almost certain that interest rates will come back up, I recommend you take advantage of low rates in the first half of the year.

Related topics: Market Updates.

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Want to know more about the state of the market? Please ask me, I'll be happy to help.

peter@peterbottcher.ca — Office: 905-793-9233 — Cell: 416-629-8548

Home to Home Realty Inc., Brokerage — 23 Epsom Downs Drive, Brampton, ON L6T 1Y7
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