Quest Realty recently welcomed a new member to the team. Christina Masluk begins what promises to be a long and fulfilling career in Real Estate equipped with a very strong background in customer service. Given her charming demeanour, penchant for delivering results and willingness to listen to clients’ needs, we have every confidence in Christina’s ability to bolster our reputation as the sales leader in New Home Construction.

Be sure to check out Christina’s new television ad on EastLink.

June 25, 2010 was not your usual Friday at Quest Realty. In fact, it was a day of mixed emotions as our long-time Office Administrator, Mary Strickland said goodbye to Agents and staff.

Mary officially announced her retirement back in mid-May, after spending many years ‘running the ship’! She plans to spend more time with family. It goes without saying that Mary left a lasting impression on all of us. She will be missed.

Of course, every goodbye typically opens the road to a new hello!

Barry Rogerson, General Manager of Quest Realty is very pleased to announce that Ms. Nola Hines has accepted the position of Office Administrator. Nola comes to Quest with significant experience working as a Paralegal. Welcome aboard!

The Nova Scotia Utility and Review Board announced its decision on Friday.

The five-year, $30-million plan calls for Heritage Gas to extend lines to Bedford, Bayers Lake Business Park, Fairview and Clayton Park. The company expects to connect about 800 new customers.

The work is already underway. The financing details will be decided later.

Heritage Gas currently has about 2,600 residential and industrial customers. Businesses in Dartmouth's Burnside area were the first to be hooked up. The system was later expanded to central Halifax to include hospitals and universities.

The Nova Scotia Home Builders Association (NSHBA) held its annual Real Home Show from March 12-14th at the Halifax Forum Complex. The Quest Realty exhibit proved to be a big hit with countless residents in the market for a new home. Over the course of three days, various Quest Agents were on hand to answer questions and offer suggestions encompassing everything from the latest ‘Green Construction’ techniques and energy efficiency practices, to space allocation ideas and interior design.

CREA forecasts national activity will reach 527,300 units in 2010, up 13.3 per cent from 2009. This would represent a new annual record, standing 1.2 per cent above the previous peak in 2007. Low interest rates are expected to boost housing demand in the first half of the year, resulting in strong annual sales growth in nearly all provinces in 2010, led by British Columbia and Ontario.

National home sales activity is expected to remain strong in the first half of 2010, fuelled by low interest rates and homebuyers motivated to avoid the HST before it comes into effect in Ontario and British Columbia. Over the second half of the year, national activity is expected to trend downward as the last of pent-up demand is exhausted, interest rates begin rising, and the HST comes into effect in Ontario and British Columbia.

Interest rate increases will contribute to weaker national sales activity in 2011. National home sales activity is forecast to decline 7.1 per cent to 490,100 units in 2011, putting it on par with annual levels reported in 2005 and 2006.

“Although interest rates are expected to rise, they will still be low enough to keep affordability within reach for many homebuyers requiring mortgage financing, and support overall housing demand,” said CREA President Dale Ripplinger.

The national average home price is forecast to climb 5.4 per cent in 2010, reaching a record $337,500, with average price gains forecast in all provinces. The national average price increase will continue to reflect upward skewing from the rebound in activity among Canada’s priciest markets, particularly in British Columbia and Ontario.

The national average price is forecast to ease by 1.5 per cent in 2011. Modest average price gains are forecast for all provinces except British Columbia and Ontario, whose share of national activity is expected to ease. The shift in the contribution made by provinces toward national activity will continue skewing the annual comparison in the national average price in 2011.

The price trend is similar but less dramatic for the weighted national average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national average price is forecast to climb 4.8 per cent in 2010, and remain stable in 2011.

“Improved financial market stability and recovering global economic growth mean that home sales activity in 2010 is unlikely to repeat the dive it experienced in late 2008 and early 2009,” said Chief Economist Gregory Klump.

“Fiscal restraint, a strong Canadian dollar and a subdued inflation outlook point to marginal interest rate increases over the next couple of years, especially if the U.S. economic recovery proves to be weak and protracted,” said Klump.

“The Bank of Canada will need time to gauge the effect of interest rate increases on Canadian economic growth,” Klump said. “It recognizes that consumer debt burdens are running high, so it will want to gauge the impact of interest rate hikes on domestic demand and overall economic growth. Changes in interest rates impact the economy with a lag, so the timing and magnitude of interest rate hikes will be tricky, given that the Bank expects the private sector to lead economic growth once temporary government stimulus spending expires,” he added.

“The decline and subsequent rebound in sales activity for homes in the upper price spectrum in some of Canada’s priciest markets skewed average prices upward in the second half of 2009 and into 2010. This segment of housing activity in Ontario and British Columbia is expected to ease beginning in the second half of 2010, causing average prices to moderate in those provinces,” said Klump.

“A downward trend in national sales activity combined with an increase in listings will result in a more balanced market. Although builders are understandably more upbeat than they were during the depth of the recession, speculative building will likely continue to be held in check. As a result, while the real estate market will become more balanced, Canada will continue to avoid the massive realignment in housing supply and demand experienced in the U.S.”

Despite the turbulent economic times we all experienced as 2009 began, the past year has been one of the best ever for Quest Realty. The year has been so good that we are finally able to spread our wings and take flight. This once again reaffirms that the best, and safest, investment is always Real Estate.

As the first decade in the new millennium comes to a close, next year promises to be our biggest and most exciting year yet! In fact, we can barely stand the wait as we prepare to unveil our brand new digs.

That’s right! Quest Realty’s journey will continue down a new path in 2010. We’re moving to a new ‘Home’, and we’re planning to elevate the services we provide to unprecedented levels.

For now though, just like you, we’re going to take some time and savour all that the Yuletide season has to offer.

It's the biggest year-over-year increase since early 2002, the group says.

People walk past new homes for sale in Oakville, Ont., in April. Nationally, housing sales increased by 18 per cent during the third quarter, the CREA says. (Nathan Denette/Canadian Press)
Building on two previous quarterly increases, seasonally adjusted home sales on the agency's Multiple Listing Service now stands 48 per cent above the low reached in the fourth quarter last year.

Quarterly activity increases in Vancouver (34 per cent), Toronto (11 per cent), and Calgary (19 per cent) were the largest contributors to the national increase.

Climbing to $327,736, the average price of a house in Canada rose 11 per cent from the same quarter last year.

The national average price continues to be skewed upward by a sustained increase in sales activity, including a sharp rebound in activity at the higher end of the price spectrum, in some of Canada’s priciest markets, the CREA said

The national average price surpassed all previous monthly levels in September 2009, rising 13.6 per cent year-over-year to $331,602. July and August also posted new average price records for their respective months.

A number of provinces set new average price records for September. Ontario posted the highest average price on record in the province.

An increase in sales activity and fewer new listings are drawing down inventories compared to year-ago levels.

Nationally, the number of months of inventory was 4.9 months in September, down slightly compared to August, and well down from the recessionary peak of 12.8 months in January.