Cliff here from RE/MAX with my update for Milton, Georgetown & Glen Williams for the week of December 6th to the 12th - almost the end of the year! Next week, I'm actually going to do a summary for all of my findings for the year, and then call it a day until the new year. 

Before I get to the numbers for Milton and Georgetown, I'd like to share something with you. I talked last week about renting a basement apartment, renting a house for investment purposes. One thing I didn't mention was things like furnaces that break down, needing new roof, windows that decay over time.  You have to remember that even investing in properties, you have to keep a contingency fund. Basically 1% of the value of the house per year should be factored into maintenance. So keep that in mind. 

But today, I want to talk about the state of the market. I was talking to a colleague on the weekend who listed a house in Brampton on Thursday and sold it on Sunday and she had 137 showings. The house was just nothing -it needed a complete gut reno and it had tenants in it. So it just goes to show right now that the market is crazy. My prediction for next year is I think the prices are still going to go up. If you look at those 137 people that looked at that property that means there's a huge difference between the number of properties available and the number of buyers out there.  That difference is making prices go up and up and up. The demand keeps going up and RE/MAX is predicting a price increase of 5 to 6% next year in detached homes in the GTA. So I think that's pretty accurate. It could be even higher than that, but I think eventually the government or the banks are going to step in and do something because it's getting so hot.  We've just passed record numbers for debt per household and it is just going up and up.  The size of the mortgages are going up and up and it's getting in the scary territory. But we'll see. I honestly hope it goes up a little bit more and then just flattens for a while. It would be nice if we just had a balanced market -that would be really nice, a lot easier to deal with. 

Anyways, the numbers for Milton, Georgetown and Glen Williams: It's an interesting week in Milton, because for the first time, something happend that I've never seen before. We had 5 semis that sold last week, $905k average. So we finally broke the $900k average, which I've never seen before. And then detached - 17 detached sold $1.25M on average - broke the $1.25M barrier to $1.52M. So it broke it by approx $2,000. 33 sales last week as opposed to 19 last year. And we had the same number ... actually more sales last week than we did the week before, which is unheard of in December. You never, ever, ever get this. I've been in this for 15 years and I've never seen anything like it. 

So anyways, getting to Georgetown & Glen Williams.  Not quite as busy as Milton, but that's just the way it is because the inventory is much lower and the population base is much lower. 11 sales last week compared to 11, same period last year, and 2 townhouses sold $807k on average. I've never seen it break $800k before, so that's interesting. And then 9 detached at $1.126M on average. And 2 days on average for the towns, 9 days on the market for detached. So, it's still selling well in Georgetown and Glen Williams, just that the inventory is low because there's not as many homes out in that area as in Milton. 

Next week, like I promised early on, way back when I started doing these recordings, I was going to chart everything. So I've kept every single note that I've done over every week of my updates for the past 6, 7, 8 months and I'm going to chart everything next week so we can see how the trend looks. And this is a total real trend, I'm not making anything up, because these are real numbers. And if you want, you can go back on every single video and you'll see that I'm going to chart it for real. So it's going to be a Milton chart and Georgetown/Glen Williams chart. You'll see prices and I might do days on the market as well, but that's kind of irrelevant because it's almost the same all the time - everything sells so quickly! 

Anyways, that's it. Cliff here for RE/MAX here with my update for December 6th to 12th. Any of your questions, give me a shout and I'll talk soon. Thanks, take care.