Page 12 - Sports Energy News, Cornwall, Issue No 108

12 Issue #108 January 2022 www.sportsenergynews.com

Neighbourly Advice Fr om Our Local Pr ofessionals
Neighbourly Advice From Our Local Professionals

By Brian Johnston one.” • B.C.: $992,844 (+21.9%)
• Alberta: $429,543 (+6.4%)
Mortgage Specialist Near record-low housing inventory continues
to be a major factor keeping prices higher. • Barrie & District: $809,400 (+36.8%)
NOVEMBER SEES HOME PRICES RISE In November, there were just 1.9 months of • Halifax-Dartmouth: $488,382 (+24%)
TO RECORD LEVELS inventory available, unchanged from October • Victoria: $884,700 (+22.4%)
The average price of a home in Canada reached and well below the long-term average of five • Greater Montreal Area: $512,400 (+20.8%)
• Greater Toronto Area: $1,172,900 (+28.3%)
a new all-time high in November, as inventory months. One positive, however, was the fact • Ottawa: $651,200 (+16.6%)
levels remain near record lows. The average new listings were up 3.3% from October, • Greater Vancouver Area: $1,211,200 (+16%)
selling price in November was $720,854, which helped ease the sales-to-new listings • Winnipeg: $323,100 (+12.8%)
up 19.6% year-over-year on an unadjusted ratio slightly to 77% from 79.1%. • St. John’s: $289,400 (+7.2%)
basis, according to the Canadian Real Estate Cross-Country Home Prices
Association. The MLS Home Price Index, which takes out some of In just the past month, existing homeowners • Calgary: $446,300 (+9.3%)
the volatility from the monthly figures, was up 2.7% monthly and a in some markets have seen the value of their • Edmonton: $337,100 (+4%)
record 25.3% from a year ago. Removing the high-priced markets of homes rise by tens of thousands of dollars. Record low housing supply, which is at least
the Greater Toronto and Vancouver areas, the average price stands at Compared to October, average prices are up partly to blame for rising prices, will continue
$562,850, up 17% year-over-year. nearly $23,000 in Barrie and District, $29,613 to pose an affordability challenge for new
buyers in 2022, CREA noted. “The fact is that
There were 54,222 home sales in November, up 32.1% from a year in B.C., and over $44,000 in the Greater the supply issues we faced going into 2020,
earlier but down 1.6% monthly. “Even at what is traditionally the slow Toronto Area. which became much worse heading into 2021,
time of year for housing, conditions and price trends are at the same Here’s a look at some more regional and local are even tighter as we move into 2022,” wrote
record levels we saw this spring,” noted CREA chair Cliff Stevenson. housing market results for November: Shaun Cathcart, CREA’s senior economist.
“Things may calm down a bit through the balance of December and • Ontario: $922,580 (+23.9%)
January, but next year’s spring market will no doubt be an interesting • Quebec: $471,195 (+14.1) “Interest rate hikes will make it even harder for
Continued on page 25

getting multiple offers, it is not how much and offers better terms, such as the seller’s
By Michael VanderMeer you can negotiate off the asking price - it preferred closing date.
Real Estate Agent
is how low you can keep your offer over Your realtor’s advice will be crucial to
the asking price. securing the property without breaking
HOWBUYERS SHOULD NEGOTIATE Although price is usually the the bank or leaving you open to litigation.
AN OFFER IN TODAY’S HOUSING determining factor in an offer, sometimes They should also advise you if you can
MARKET offers are accepted based on conditions leave out certain conditions and what
in the offer and the size of the deposit the dangers are of doing so. Your realtor
Generally, when negotiating an offer on submitted with the offer. In some cases, a should also advise if you are offering too
a home, you try to negotiate the price lower priced offer may be considered over much money, as we are seeing in a lot of
down from the asking price. In today’s market, with most homes a higher offer if it has fewer conditions cases with multiple offers at this time.

While this most certainly applies to by the end of the year. Each time the result
Max Ming P.Eng. CFP ® financial markets and investing, it is is basically the same. Forecasting the
Financial Planner
also just as prevalent in forecasts like future is hard and humans are generally
predicting the future impact of the very bad at it.
THE FUTILITY OF FORECASTS
pandemic, the price of oil, the direction
So, while we may sound like a broken
We hope everyone had a happy holiday of the housing market, or the near future
record at times, in the year ahead we urge
season, and we extend our warmest of interest rates, for example. As we turn
you to continue to tune out the noise,
wishes for a healthy and prosperous New to 2022, we will no doubt have access resist temptation to chase performance,
Year! to outlooks, forecasts, and predictions and stay committed to a long-term plan
As we begin another year, we thought it for the year ahead, all at our fingertips. that we help you create. It is our strong
Naturally, most individuals believe if belief that to be successful in reaching
would be a good time to revisit the futility of forecasting. Most they gather enough information, they your goals it is necessary to have that
of the time, forecasts are so wildly inaccurate that they come off will know what is going to happen; like plan in place and to follow a process. As
more as entertainment than expertise, creating seemingly endless where a company’s stock price is headed Howard Marks said, “The only thing that
news and discussion on media sources. tomorrow, or where interest rates will be
matters is where you are in the long run.”

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