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Statistics on the Woodstock Real Estate Market

Woodstock & District home sales down from last year
but still strong – active listings at all-time lows

This is what  “The Canadian Real Estate Association, in co-operation with the Woodstock-Ingersoll & District Real Estate Board ” is saying

Residential sales activity numbered 98 units in November 2017. While this was down 17.6% from a year earlier, it was still the third best month of November in the past two decades and the fourth best ever.

Year-to-date home sales numbered a record 1,622 units over the first 11 months of 2017, up 9.3% from the same period last year. This leads all other years on record.

“Home sales have remained at strong levels after having rebounded earlier in the fall,” said Lesley Michie, President of the Woodstock-Ingersoll & District Real Estate Board. “With just one month left to go this year, it looks likely that 2017 will set a new annual sales record.”

The average price of homes sold in November 2017 was $353,474, rising 19.4% from November 2016. The year-to-date average price was $341,454, up 18.9% compared to the first eleven months of 2016.

New listings numbered 95 units in November 2017, down 28.6% from November 2016. This was the lowest number of new listings for the month of November since 2002.

 

 

 
Active supply is still trending near all-time lows. There were just 184 active residential listings on the Board’s MLS® System at the end of November 2017, down 22.4% from levels at the end of November 2016.

There where just 1.9 months of inventory at the end of November 2017, in line with the two months recorded at the end of November 2016. This was a record-low for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all residential property sales amounted to $34.6 million in November 2017, down just 1.7% from a year earlier.

Sales of all property types numbered 103 units in November, down 20.8% from the same month in 2016. The total value of all properties sold was $35.7 million, down 13.2% from November 2016.

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Some Good Information About the New mortgage rules 2018Global News is saying :
Come Jan. 1, 2018, Canadians getting, renewing or refinancing a mortgage might have to prove that they would be able to cope with interest rates substantially higher than their contract rate.

New rules by Canada’s federal financial regulator announced in October mean that even borrowers with a down payment of 20 per cent or more will now face a stress test, as has been the case since January of 2017, for applicants with smaller down payments who require mortgage insurance.

Ottawa has already moved to tighten the rules around the mortgage market six times since July 2008, with a series of regulatory tweaks aimed at limiting the amount of debt that Canadians and financial institutions take on.

This is the seventh turn of the screw — and it could have a big impact.

Some 10 per cent of Canadians who got an uninsured mortgage between mid-2016 and mid-2017 would not have qualified under the new standards, a recent analysis by the Bank of Canada suggested.
As we celebrate the New Year, We wish everyone success, health and happiness. Happy New Year!