An interesting 2010 comes to a close!

It’s been a year of many ups and downs. With the implementation of the HST on July 1st, Real Estate in general was put on the back burner for most Canadians to have time to assess how this affects our personal budgets, investments and cash flows. To answer the Big question; there is no HST on most resale homes. What’s been affected: Legal fees, home inspection fees and insurance, renovation costs on labour charged, utilities and Real Estate commissions. HST applies to fully renovated homes or nearly fully renovated homes as well as new homes. Interest rates still remain historically low which in turn will fuel the market in 2011. New Buyer confidence is returning to the market as we approach the New Year. We still remain in a more balanced market than that of spring 2010. Homes prices are to increase at a moderate rate in 2011 through to 2012. My wishes for a Happy, Healthy and Prosperous New Year to all.

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About John Lamberton-Broker, SRES- Coldwell Banker First Ottawa Realty

Residential and Commercial Real Estate Sales
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