Barrie Home Inspector

Home Maintenance and Tips for Home Owners

Category: Real Estate

Real Estate information for Home Owners.

Low Ball Offer on Home

Home Inspection, Real Estate

Low Ball Offer on Home in Angus

 

Low Ball Offer ConfusionMost home sellers put a fair market value on their home when listing with a Realtor.  You have discussed the positives and the negatives and set a price that is reasonable, then you get a Low Ball offer on your home.  Many times sellers cannot get past their feelings and will simply reject a Low Ball offer.

Controlling your emotions can help you look at the positive side of receiving a low offer, unless it is completely ridiculous.  The positive side is someone is interested in your home and now you can negotiate, which is happens in every Real Estate transaction.

When a low offer comes in, rather than “slamming the door” by counter offering a full listing price.  Take the time to cool the emotions and treat the sale a pure business deal.  By counter offering a small amount below listing price, you send the message that you know what your home is worth and will not be giving it away any time soon.  More importantly, it shows you are open to negotiation.

Remember when you start negotiating, it’s not where you start that counts, it’s where you end up.

Having your home Pre-inspected by the Angus Home Inspector can allow you to identify and correct items that will come up when your house is sold.   Fixing or identifying potential issues will prevent financial surprises when the buyer has your home inspected and comes back to the table looking at a price reduction or item replacement.

Although a home inspection is only a visible assessment of the condition of your home an experience professional can detect issues that less experienced inspectors may miss.   Roger Frost has been providing professional home inspections in the Angus and Essa area for over 10 years and has inspected over 5,000 homes.

Missing Insulation in CornerFree Thermal Imaging is offered on every home inspection.  This valuable service allows missing insulation, electrical hot spots and hidden moisture to be detected.  The Angus Home Inspection service was the first home inspector in Simcoe County to offer Thermal Imaging as part of the home inspection process.

Many insurance companies now require you have your Fireplace or Wood Stove inspected by a WETT Certified Technician prior to issuing you an insurance policy.  Roger Frost is WETT Certified and provides Wood Burning Appliance inspections for all of Simcoe County.

Call Roger Frost today to book your Risk Free home inspection.  PH  705-795-8255

Energy Conservation in your Home

Heating, Home Inspection, Real Estate

Energy Conservation in your Home. Turning your home into an energy efficient house not only helps the environment but also saves you up to forty percent in your energy consumption charges. This is in comparison to the average home in North America.

Keep your furnace clean, lubricated and properly adjusted with annual maintenance. If your furnace is working at peak efficiency it will use less energy and cost less to operate. Clean or replace the filter every 1-2 months – a dirty filter reduces the airflow and forces the furnace to run longer to heat your home. Set back your thermostat when nobody is home and at night when everyone is sleeping for added savings. Heating your home constitutes your largest energy expenditure. Even a little conservation of heating fuel goes a long way toward achieving a lower utility bill. Dialing down the thermostat one degree during the winter can result in about 1 to 3 percent less fuel use, and a similar reduction in your heating bill.

When doing laundry use cold water and save from 85 to 90 percent of the energy you would normally use. Front loading machines use less water and energy, up to fifty percent. Also wash full loads to ensure you are fully utilizing energy being consumed.

You can make a lot of progress toward improving the energy efficiency in your home by simply plugging the many places through which air can get in or get out. Plugging your home is called “air sealing,” and it is one of the most important first steps to take when weatherizing your house to increase its energy efficiency.our windows and doors allow a lot of energy to escape which is costing you money. Ensure all your window frames, door frames and sills are caulked using a silicone based sealant. Make sure your heat registers are not being blocked by furniture.

Your water heater is the next largest home energy load after heating and cooling. To reduce water heating energy use ensure your water heater’s thermostat is set to 120F . Improvements such as installing low-flow faucets and shower heads, and insulating hot water pipes will also help you save money on water heating. When replacing your hot water heater consider buying an Energy Star model to ensure greater efficiency.

Air conditioners typically have a life expectancy of twenty years. Even after your unit is 10 years old you can save up to 40 percent of your efficiency by replacing your older model with newer air conditioner with a minimum SEER rating of 15.

Learn about Barrie Home Inspection Information. Stop by The Barrie Home Inspector’s site where you can find out all about the Barrie Home Inspection Services you will need.

Home Inspection – Common Deficiencies

Real Estate

Only one service should be installed for each dwelling or building. A minimum 100-amp service is needed for a single residential dwelling unit.

Home inspectors in Ontario who take online training from United States may get confused when inspecting residential garages. In Ontario only a fume barrier is required not a fire separation.

US version of basement egress windows. Basements and every sleeping room should have at least one operable emergency escape and rescue opening that opens directly into a public street, public alley, yard or court. Where basements have one or more sleeping room, an emergency egress and rescue opening should be installed for each sleeping room, but is not required in adjoining areas of the basement.

Except for basement areas, the window described in Sentence shall have a maximum sill height of 1 000 mm (3 ft 3 in) above the floor.

Notches in solid lumber joists, rafters and beams should not be longer than one-third of the depth of the member (, and should not be located in the middle third of the span. Notches at the ends of the member should not be more than one-quarter of the depth of the member . Notches located in the outer thirds of the member should not be more than one-sixth of the depth of the member.

Minimum height of chimneys should be 3 feet. The top of the chimney should extend 2 feet higher than building or roof with 10 feet. Any portion of the masonry chimney passing through building must maintain a 2 inch clearance from combustibles. This air space provides protection from radiated heat and prevents conduction to combustibles.

A masonry chimney should terminate some distance above a roof in order to provide adequate upward draft in the chimney. Masonry chimneys should extend at least 2 feet higher than any portion of the building within 10 horizontal feet. The minimum height of the chimney should be 3 feet. Any portion of a masonry chimney located in the interior of the building (such as an attic space) should have at least 2 inches of air-space clearance from combustibles. As heat is transferred through the masonry material, any combustible material in close proximity to the heated walls may reach the point of ignition. The air space helps in the dissipation of heat.

When inspecting masonry chimneys the height of chimney must be two feet higher than building or roof structure within 10 feet. The part of the masonry chimney passing through the building is required to have 2 inch clearance from any combustibles locate in building. This protects combustibles from heat transfer from conduction and helps with radiation with a 2 inch air space.

A light fixture should be installed to illuminate the passageway and the mechanical appliance. A control switch should be installed near the entry to the passageway. An electrical receptacle should be installed at or near the mechanical appliance to allow for safe and convenient maintenance and service of the appliance.

In general terms the maximum length of a dryer duct would be 25 feet. After this you would need a dryer exhaust blower installed. Every dryer manufacturer has the type of pipe and length of duct permitted in their installation instructions. It is recommended not to install screens on your exterior vent.

The length of a clothes dryer exhaust ensures that the dryer exhaust blower will be able to push sufficient air volume to take away the moist air and lint. The length can be increased only when the make and model of the dryer is known, or when an approved blower fan calculation is provided.

Many homes have home made S traps and other contraptions under their sink etc. Traps are required to be the P type and have a minimum 2 inch water seal and be attached to an approved venting system.

An appliance used for heating water or storing hot water must be protected by a relief valve. A combination temperature- and pressure-relief valve (or separate temperature-relief and pressure-relief valves) protect a water heater from explosion. They are emergency devices. They are not intended to function continuously.

Plumbers, electricians and HVAC installers have all been known to cut or notch structural supports to install their systems. This can be structurally unsound and expensive to repair.

An open vent pipe that passes through a roof should extend at least 6 inches above the roof. If snow accumulation is expected at various times, the vent height should be increased so that the vent pipe will be at least 6 inches above the anticipated snow accumulation. The height in snowy areas is often determined by the local building official based upon local information. If the roof is used for a purpose other than weather protection the vent extensions should extend above the individuals occupying the roof, at least approximately 7 feet above the roof.

The diameter of bored holes into solid lumber structural members shall not be larger than one-third the depth of the member. Bored holes should be at least 2 inches from the top or bottom edge of the structural wood member, and should be a minimum of 2 inches from any other hole or notch in the member.

Working space in front of electrical panels is a minimum of 30 inches. 36 inches in Ontario. There shall also be a minimum of 30 inches width. If panel is wider than 30 inches the work space must be sized accordingly.

As a Home Inspector knowing plumbing, electrical and building codes is definitely a benefit for the home or business owner. If you don’t know the codes how can a home inspector inform his client of potential problems or expenses.

Professional Home Inspections by Orillia Certified Home Inspections. Read what a professional home insepctor finds at Orillia Home Inspection Defects for your Peace of Mind when buying a home.

Commercial Property Inspector – Barrie

Real Estate

Commercial Property Inspector – Barrie is a Certified Building Code Official. He has attained the required training and education with the Ontario Building Officials Association and is fully qualified on Large Buildings and Part 3 of the Ontario Building Code. An unknowing inspector may lead you to believe your property is code compliant when you could in fact be faced with spending thousands or tens of thousands in required building code upgrades.

Aluminum Wiring: In the late 1960′s and early 1970′s copper prices rose and contractors/electricians switched from copper to lower costing aluminum wiring. Concerns with this type of wiring have arisen, for example, when aluminum wire is connected to devices (eg. receptacles, light fixtures) which were not designed for aluminum, or, when aluminum and copper wires are attached. In these cases a reaction can occur causing the connections to fail, perhaps become disconnected, and/or, potentially overheat, spark and catch fire. Symptoms of this can sometimes be seen in the discolouration of receptacles, flickering lights, or the smell of hot plastic insulation.

Asbestos became increasingly popular among manufacturers and builders in the late 19th century because of its sound absorption, average tensile strength, its resistance to fire, heat, electrical and chemical damage, and affordability. It was used in such applications as electrical insulation for hotplate wiring and in building insulation. When asbestos is used for its resistance to fire or heat, the fibers are often mixed with cement (resulting in fiber cement) or woven into fabric or mats. All types of asbestos fibers are known to cause serious health hazards in humans. Removing asbestos from a property can be expensive and time consuming. Personnel have to be licensed to perform asbestos removal.

Mould: Leaking roofs or basements can lead to an excess of moisture in your crawl space, basement or storage areas of your building or office. The best reason is to avoid the growth of fungus, mold, or mildew that may decay and destroy wood and potentially your indoor air quality. Moisture in any form provides the missing ingredient for spores to thrive and grow in its environment. Having your property or building inspected can prevent expensive clean up costs that might be incurred after you purchase a property.

Thermal imaging (infrared camera) is used on all our commercial property inspections. This amazing technology can aid in the detection of heat loss, moisture, water leaks, over-heating conditions and even mould detection. We also perform moisture checks with our up-graded digital moisture detector which allows us to detect moisture up to an inch behind most building products.

The Commercial Property Inspector has been in business for 7 years and has performed over 4,000 inspections. As a Certified Building Code Official with the Ontario Building Officials Assc he has master the Ontario Building Code by completing all the Part 9 (small buildings) and Part 3 (large buildings over 600 m2) which enables him to use this experience when inspecting your commercial real estate investment. All inspections are performed to ASTM E2018 standard and report is based on PCA format.

Looking to find Toronto Commercial Property Inspections, then visit www.commercialbuildinginspector.ca to find the best advice on GTA Commercial Property Inspections for your next investment.

Canadian home sales pull back in January

Real Estate

Real Estate Sales Barrie ONOTTAWA – February 15, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity retreated in January 2012 from the strong finish reported for December 2011.

Highlights:

  • Home sales were down 4.5% from December to January.
  • Actual (not seasonally adjusted) activity came in 4.0% above levels in January 2011, and stood even with the 5 and 10 year averages for January sales.
  • The number of newly listed homes edged down 1.4% from December to January.
  • With sales down by more than new listings, the national market shifted further into balanced territory.
  • The national average home price was up less than 2% year-over-year in January, ranking it among the smallest increases of the past year.

Sales activity recorded through the MLS® Systems of real estate Boards and Associations in Canada fell 4.5 per cent from December 2011 to January 2012. This marks the first monthly decline in national activity since August 2011 and the biggest monthly decline since July 2010. The monthly decline reversed a string of monthly increases over the closing months of last year, and returned national activity to where it stood at the end of the third quarter of 2011.

“The national housing market is stabilizing and remains well balanced,” said Gary Morse, CREA’s President. “That said, forecasts for economic and job growth going forward vary widely for different parts of the country, suggesting a possible continuation of a softening trend in some markets, as well as the potential that demand will pick up based on strong fundamentals in others. All real estate is local, so talk to your local REALTOR® to understand how price trends in your neighbourhood are shaping up.”

Activity was down in over half of all local markets in January from the previous month. Led by declines in Greater Toronto and Montréal, demand also softened in a number of other major urban centres including the Fraser Valley, Calgary, Edmonton, Winnipeg, Ottawa, and Greater Vancouver.

Actual (not seasonally adjusted) national sales activity was up four per cent from year-ago levels in January, the smallest year-over-year increase since last May. As was the case in a number of months last year, actual sales in January 2012 stood close to the five and ten year average for the month.

The number of newly listed homes edged down 1.4 per cent on a month-over-month basis in January following a 2.9 per cent increase in December. The monthly decline in new supply reflects a drop in new listings in a number of Canada’s largest urban centres, which offset a jump in new listings in Vancouver.

Sales fell in January shifting the national market back towards the mid-point of balanced territory and reversing the recent trend which had seen the market becoming tighter over the final four months of 2011. The national sales-to-new listings ratio, a measure of market balance, stood at 53.8 per cent in January, down from 55.5 per cent in December and 55.4 per cent in November.

Based on a sales-to-new listings ratio of between 40 to 60 per cent, 60 per cent of local markets were balanced in January. Compared to December, there were fewer buyers’ and sellers’ markets, and a greater number of balanced markets.

The number of months of inventory stood at six months at the end of January on a national basis, up from 5.7 months in December 2011 and returning it to where it stood in October 2011. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in January 2012 was $348,178, representing an increase of 1.2 per cent from its year-ago level. This ranks among the smallest increases since late 2010.

On a seasonally adjusted basis, the national average home price rose 1.6 per cent on a month-over-month basis, marking a rebound from a decline of similar magnitude in December. This pattern mirrors the one playing out in the newly-launched MLS® Home Price Index (HPI), published on February 6.

“Year-over-year comparisons in the national average price are expected to become volatile and may turn negative, reflecting average price developments in the first half of 2011 in Vancouver,” said Gregory Klump, CREA’s Chief Economist. “At that time, high-end home sales in Vancouver’s priciest neighbourhoods surged to all-time record levels, which skewed the national average price upward considerably. A replay of this phenomenon is not expected this year. As a result, comparisons for national average price to year-ago levels over the coming months will reflect an upwardly skewed base effect. For this reason, year-over-year comparisons should be kept in perspective. Developments in the MLS® HPI will provide important guidance on price trends, since it is not affected by the problem of compositional shifts in the mix of sales activity.”

The MLS® HPI also takes into account the contributions toward the price of a home made by a broad range of quantitative and qualitative housing features, allowing it to track Canadian home price trends better than any other measure.

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm.

Professional Barrie Home Inspections

Home Inspection, Real Estate

Professional Barrie Home Inspections.  A home inspection is a limited, non-invasive examination of the condition of a home.  Most Real Estate companies now recommend a home inspection.  Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components.

Barrie Home InspectorA Home Inspection is a visual inspection of all the components and systems of your home.  The home inspector will operate and find items that are not functioning correctly.  When a problem is found the inspector will include a picture and description of the problem in his report.

The Barrie Home Inspector’s report will include all the pictures of any deficiencies with a detailed description. This will include reviewing condition of heating system, electrical systems, roof, attic, visibleinsulation, windows, doors, foundation and  any visible structure.  The inspection also includes a Free Thermal Imaging Scan.

The home owner should attend the home inspection when ever it is possible.  This is the opportunity to learn where all the shut offs are for furnace, hot water tank, main water shut off, electrical shut, fireplace shut off, and the main water shut  off for the home.  You, as the client,  can take this opportunity to ask questions and you will be shown any deficiencies at the time the inspector finds them, giving you a great opportunity to learn fully about the cause and effect of the deficiency.

Your home inspection report will be put on line to allow you to view the report at your leisure.  At the end of the inspection we present you a slide show of all the pictures taken and review all the deficiencies found. If you attend the inspection this will give you information about every deficiency three times, ensuring you fully understand the nature of any defects.

Barrie Home Inspections has performed over 4,000 building inspections and is highly qualified to inspect your home.  His training includes being recognized as a Certified Building Code Official with the Ontario Building Officials Association and was a Registered Builder with HUDAC.  Barrie Home Inspections was the first company in Simcoe County to perform Thermal Imaging scans as part of the home inspection process.

Bank of Canada Holds Interest Rate

Real Estate

Bank of Canada Holds Interest Rate.  The Bank of Canada kept its trend-setting Bank Rate at 1.25 per cent on January 17th, 2012. This marks the 11th consecutive policy meeting in which borrowing costs have been left unchanged.

While recognizing that the outlook for the global economy had deteriorated and that uncertainty had increased since it released its October Monetary Policy Report (MPR), the Bank also made those same observations at its previous meeting on December 6th.

Economic growth in Canada had more momentum in the second half of 2011 than the Bank projected in its October MPR, but it expects the pace going forward to slow by more modest than previously expected, due largely to factors outside Canadian borders. This reiterates statements made in December 2011. On the upside, the Bank said that “very favourable financing conditions are expected to buttress consumer spending and housing activity.”

The Bank releases its updated forecast for Canadian economic growth. It now estimates that the economy grew by 2.4 per cent in 2011 compared to the initial estimate of 2.1 per cent, owing to the better than expected end to the year.

The Bank projects growth of 2.0 per cent in 2012 compared to 1.9 per cent in the October MPR, and 2.8 per cent in 2013, down slightly from the previous 2013 forecast of 2.9 per cent, with the big picture being that past and current growth estimates have been revised upward at the expense of future economic growth.

“The Bank said it expects the pace of growth going forward to moderate by more than initially thought, but the forecast for growth this year has actually been raised slightly,” said CREA Chief Economist Gregory Klump. “That reflects a weaker than previously expected growth profile for the first half of 2012, followed by an acceleration in the second half of the year.”

“The Bank reiterated that its outlook remains subject to downside risks from the sovereign debt issue in Europe. Recent credit-rating downgrades to much of the euro zone point to potential contagion by way of a drop in financial market liquidity,” he added. “The bottom line is that the Bank rate is not going to be going up anytime soon, and we may see rates lowered should downside risks materialize.”

The Bank noted that “while the economy appears to be operating with less slack than previously assumed, it is only anticipated to return to full capacity by the third quarter of 2013, one quarter earlier than was expected in October.” Overall, inflation expectations remain “well-anchored.”

A number of financial institutions have recently dropped their five-year lending rates to a record low of 2.99 per cent. This is down considerably from the advertised five-year rate of 5.29 per cent when the Bank last met on December 6th, 2011.

The Bank will make its next scheduled rate announcement on March 8th, 2012.

http://creastats.crea.ca/natl/interest_rate_trends.htm

Real Estate Market in Innisfil

Real Estate

Real Estate Market in Innisfil.  Today’s market for buying and selling homes if very competitive and you will want to ensure you have picked the best possible real estate agent to represent you. Here are some tips we have gleaned from some professionals.

Does your professional Realtor provide a staging service for his or her listings, many do in this competitive market. What information did your agent bring to your home prior to listing? How many agents are in his office, how many listings does he currently have? There are many people who are doing “on the job training” make your agent isn’t one of them.

How is your Realtor intending to market your home. What type of ads and how many open houses will they be having. It is always better to have an understanding on how the process will take place prior to listing, then there is no confusion.

When listing your home ensure you are using the current market conditions and not a two year old appraisal that does not reflect the current market prices. Mortgages rates are low and vacancy rates are declining which is good news for investors and sellers of properties.

Many people try and save money by utilizing the same Realtor and will even use a Home Inspector recommended by the Realtor. This saving can have dire consequences when you don’t have someone whose only duty is too look after your interests. Pay for the services of a professional and they will ensure your interests come first and foremost.

When buying a “used” home or property it is very important to ensure all work was done by qualified trades persons and all permits were taken out. Patio’s and decks are often erected illegally without using the proper building techniques or materials. You could end up paying to remove structure and erecting a new one if your local building authority inspects your property.

Mortgage Facts for Potential Home Buyers

Real Estate

Mortgage Facts for Potential Home Buyers.  Information to help you wade through all the mortgage information and facts available.

Economic news and downturns in key areas can affect the money banks pay in both Canada and the There are many variables that can influence the rates on long-term debt instruments, but an understanding of key economic indicators can provide clues to the future direction of interest rates in both Canada and the US.

The CPI for All Items less Food and Energy (also sometimes referred to as the “core” or “underlying” CPI) excludes volatile food and energy prices. Analysts focus on the “core” CPI, which is considered a more accurate measure of the underlying rate of inflation. A higher-than-expected CPI or increasing trend is considered inflationary, and can cause bond prices to fall and yields and interest rates to rise. Likewise, a lower-than-expected CPI cause yields and interest rates to fall.

A higher-than-expected monthly increase or increasing trend is considered inflationary, and can cause bond prices to fall and yields and interest rates to rise. Conversely, a smaller-than-expected figure cause yields and interest rates to fall. he government’s employment report provides information on the unemployment rate and the number of unemployed persons by occupation, industry, duration of unemployment, and reason for unemployment. Unlike the payroll employment data, which is a coincident indicator of economic activity (it changes direction at the same time as the economy), the unemployment rate is a lagging indicator.

After you have filed for bankruptcy protection or liquidation, you will wait four years before a traditional mortgage lender will qualify you for a home loan with market interest rates. And that will happen then only if you have taken steps to improve your credit and are in a good enough financial position to handle the loan.

Consider alternatives to traditional home mortgages with a bankruptcy on your record. Seller financing can be an option at any time. This is often a far more flexible arrangement. Plus, if you include this provision in your seller-financed loan agreement, you can convert to a traditional loan as you are able to qualify for it.

A lease-to-own house purchase (also “rent-to-own purchase” or “lease purchase”) is a lease combined with an option to purchase the property within a specified period, usually 3 years or less, at an agreed-upon price. Such arrangements have proliferated in the post-crisis market because many potential home buyers can’t meet the tougher loan qualification requirements today, and many potential sellers are unable to realize a satisfactory price in any other way.

When looking to purchase a home in the Angus real estate market remember that one of the most important conditions is that your property be inspected by a Home Inspector. There are many Home Inspectors available, but if you want a Home Inspector who has years of experience, over 4,000 inspections and is a Certified Building Code Official as designated by the Ontario Building Officials Association the call the Orillia Home Inspector, or visit his site at www.barriehomeinspector.com to view his qualifications and “Fair Pricing Policy”. Call Roger at 705-795-8255 or Toll Free at 888-818-8608. Information and advice is always FREE. Roger is also WETT Certified for homes that have fireplaces or other wood burning appliances.

Canadian home sales edge higher in November

Real Estate

Canadian home sales edge higher in November.  Canadian homes sales seemed to be un-touched by the same forces which have decimated some of our US markets.

OTTAWA – December 15, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity rose slightly in November 2011 from the previous month.

Highlights:

  • Sales activity rose slightly (+0.5 per cent) from October to November on a seasonally adjusted basis.
  • Year-to-date sales remained in line with the 10 year average, but pulled further ahead of last year’s levels.
  • The number of newly listed homes was down 3.4 per cent from October to November.
  • The national housing market remains balanced, but is edging closer to seller’s market territory.
  • The national average price posted a 4.6 per cent year-over-year gain in November, the smallest increase since January.

Sales activity recorded through the MLS® Systems of real estate Boards and Associations in Canada edged upward by one-half of a percentage point. This marks the third straight month in which national activity was up from the previous month’s levels.

Activity rose in about 60 per cent of all local markets with a record November in the Halifax-Dartmouth region offsetting a dip in sales in Toronto.

“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,” said Gary Morse, CREA’s President. “That said, some housing markets are picking up while others are holding steady or consolidating, so buyers and sellers should talk to their local REALTOR® to understand current and prospective trends in their local housing market.”

Throughout most months in 2011, actual (not seasonally adjusted) national home sales were in line with the 10-year average. November sales marked a break in that pattern, climbing seven per cent above the 10 year average and reaching the fourth highest level on record for the month.

“Toward the end of every year, there’s a natural inclination to compare how momentum for national sales activity and average price compare to the year before,” said Gregory Klump, CREA’s Chief Economist. “National sales activity picked up late last year, and November’s results suggest that a similar trend may be playing out again this year. By contrast, national average price also picked up toward the end of last year, whereas this year it has held steady after having peaked in the spring.”

“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” added Klump. “That said, current trends for resale housing and new home construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”

A total of 432,048 homes have traded hands via Canadian MLS® Systems so far this year, up 2.1 per cent from levels in the first 11 months of 2010. The year-to-date sales figure remains broadly in line (+0.7 per cent) with the average for that period from 2001 to 2010.

Compared to October, the number of newly listed homes fell 3.4 per cent in November. New listings slipped lower in more than two-thirds of Canadian housing markets, with Toronto, the Hamilton-Burlington region, and Calgary contributing most to the national decline.

The national housing market remains balanced, but is edging closer to seller’s market territory. The national sales-to-new listings ratio, a measure of market balance, stood at 55.5 per cent in November, up from 53.4 per cent in October. This marks the third month in which the national ratio has risen, and it now stands at its highest reading since the spring.

Based on a sales-to-new listings ratio of between 40 to 60 percent, just over half of local markets in Canada were balanced in November, while a third of markets qualified as sellers’ markets.

The number of months of inventory nationally stood at six months at the end of November. It has held steady at about this level since April, which is above levels posted during the first quarter. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in November 2011 stood at $360,396. This represents a year-over-year increase of 4.6 per cent, its smallest increase since January.

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm

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