A New Year is a time to reflect on the events of the past, recharge, regroup and plan for the future. But we can’t forget the events of 2009, especially the ups and downs of real estate within the province of British Columbia. The year began with home sales trending at a 25-year low and ended at a 20-year high. MLS® sales climbed 132% to 5,703 homes in December 2009 compared with the December 2008. More homes were sold last month than in any December on record except 1989, when 6,014 units were sold. No one predicted the events of last year but the experts do all agree that they are still amazed when looking at the statistics on a graph and seeing the great, big “V” that stands out amongst the peaks and valleys during the past decade.
Predictions are just that: not a solid science or a guarantee and what we have learned from the experts is that real estate is difficult to predict. In Victoria, the start of each year also brings the Canadian Home Builder’s Association “Crystal Ball” event where real estate and construction experts gather to analyze the events of 2009 with graphs and statistics and peek into the real estate crystal ball for the coming year’s forecasts. With the mist of uncertainty clearing and positive signs of recovery emerging in the economy, the experts’ presentations included predictions for 2010 of continued momentum and an increase in sales and prices during this period of historic low mortgage rates and below-average inventories of active listings.
Regardless of the statistics, figures, graphs, opinions of the experts and trends during this past year, Jawl Developments are fortunate not to have to rely on the crystal ball for answers or predictions. Our reputation for sound business practices and quality developments provides a guarantee for our buyers and neighbours that their investment at Sayward Hill will continue to be solid and secure into the future whatever the crystal ball shows!