Although the Canadian real estate market in general is experiencing a cooling effect, the situation in Canada is different and much more positive than in the U.S., according to the Georgian Triangle Real Estate Board.

According to statistics released this week, MLS residential sales across Canada fell 13.3 per cent in the first half of 2008 versus the same period last year.  By comparison residential sales in the Georgian Triangle decreased 9.3 per cent in the first six months of the year, which saw a total of 952 properties sold compared to 1,050 the prior year.

Total sales revenue totalled $248.5 million for the period January through June, down seven per cent from the $267.2 million in sales during the first half of 2007. The month of February saw the largest decrease in monthly sales across Canada in more than four years.  Conversely, residential unit sales in the Georgian Triangle during February were up 11 per cent while dollar revenue rose 28 per cent over February 2007.  

A 13.8-per-cent increase in year-to-date Georgian Triangle MLS sales through the end of February was subsequently followed by four consecutive periods of monthly declines in  March through June compared to the same months in 2007. 

With the exception of Collingwood, which recorded a 1.5-per-cent increase in residential unit sales for the first half of the year, sales activity throughout the remaining municipalities in the Georgian Triangle were below the same months last year.  

The Municipality of Grey Highlands had the largest drop in residential sales at -18.9 per cent with Tiny Township, The Town of the Blue Mountains and Wasaga Beach all down between 14.3 per cent to 15.6 per cent.  Sales in Clearview Township declined 8.2 per cent while sales in the Municipality of Meaford were down slightly less at 7.1 per cent.

New MLS listings of homes for sale in Canada's major markets reached record levels in the first half of the year up 8.1 per cent from the previous record,  which was in the first six months of 2007. 

More new properties were listed in the months of April, May and June of this year than in any other months on record.  Residential MLS listings throughout the Georgian Triangle increased by 9.1 per cent in the first half of the year with a total of 3,215 new property listings being reported though the end of June.  At the same time, the number of expired listings increased by 13.3 per cent with a total of 1,086 property listings expiring without being sold.

"Unlike previous years, which saw a significant increase in residential sales above $350,000, residential sales activity in the local market is currently being driven by increased sales activity below $350,000," said Rick Crouch, President of the Georgian Triangle Real Estate Board.

"This is particularly the case in the $200,000 to $300,000 range where year-to-date sales are up 7.3 per cent.  Buyers looking to purchase at the mid to upper end of the market appear to be taking a wait and see attitude prior to making any firm commitment to purchase."  

"Overall the area's resale housing market is in a balanced state compared to last year," said Crouch. 

"Notwithstanding the fact the MLS residential sales are down, there are also a significant number of new housing developments in the area where the sales of 'new' homes are reported to be doing well thus serving to decrease the number of homes sold in the 'resale' market. 

"With a more subdued pace of sales and increased property listings, buyers have an abundance of choices and are able to shop around without any undue pressure prior to making an offer, making this an excellent time to purchase Georgian Triangle real estate."

The Georgian Triangle Real Estate Board has more than 350 Realtor members representing over 45 individual real estate brokerage offices across southern Georgian Bay. Markets covered include Wasaga Beach, Collingwood, Clearview, Grey Highlands, the Town of the Blue Mountains and the Municipality of Meaford.