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Pelham Scores Top Results in Niagara

Residential re-sale market activity in Pelham is continuing its upward trend into the final months of 2009. A total of 29 single family MLS sales were reported during the months of October and November 2009, an overall increase of 93% over the total of 15 transactions during the same time period last year. To keep…
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Economic Development Benefits: Community Portal Website

MyPelham.com is a community portal website that my marketing company, Tiger Eye Solutions, is currently developing along with joint venture partner, Melissa Wells of Ex Nihilo Web Designs. This article summarizes the community economic and tourism benefits that a community portal webstie delivers to local communities. 1) Increases traffic for other websites in the community…
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Local REALTORS® work to improve Quality of Life in Niagara

As local REALTORS® our work contributes dramatically to the quality of life in our local communities and the Niagara Region as a whole. We sell much more than homes. We sell the livability of our communities and as local citizens we actively participate in a wide variety of initiatives that support economic growth and sustainability.…
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Real Estate Taxation is a Shell Game

The real estate market, whether it is through development charges, market value assessment rates, land transfer taxes, capital gains taxation or broader application of provincial sales tax rates, has become an easy target for ever increasing varieties of tax applications. It is important to recognize that, whatever the source, all tax revenue ultimately combines into…
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Common Vision for Pelham-”Yes we can!”

In Pelham, our political landscape has been littered lately by accusations of conspiracies, hijackings, hidden agendas and elitism. How much better would it be if the picture was focused instead on images such as common vision, engaged citizenship, collaboration, and sustainable prosperity? Just two weeks ago, the St. Catharines - Thorold Prosperity Council presented to…
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Pelham Local Economy is an Endangered Species

Unlike many Ontario communities where big-box retailers and multi-national corporations dominate the retail landscape, Pelham continues to function as a rare local economy. Decisions that impact local jobs, wages and the quality of life of our community are made in Pelham everyday. When Pelham residents spend their shopping dollars at local businesses 3-4 times the…
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An Economic Vision for Pelham

Why don't we take our Town vision statement a step further and translate it into an all encompassing marketing message that can serve to unite and promote our entire community? Perhaps our theme will not be retirement but a more holistic, multi-generational, sustainable living centred focus.

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Pelham Real Estate 2008-the Year that Was

As we launch into the resolution stage of the post holiday season one cannot help but shake their head in wonder at what a difference a year can make. During 2008 the local real estate market entered into a remarkably sudden, yet long anticipated, recessionary phase that followed in the wake of an incredible decade long run.

The year began optimistically after the Pelham market had experienced another record breaking year in 2007. At $312,134, the MLS average single family house had exceeded $300,000 for the first time ever. Residential single family sales totaled an unprecedented 227 units. During the first quarter it seemed that the record pace would continue. Year-to-date residential single family sales at 40 units was at the same level as the first quarter of 2007 and the 12-Month average sale price at $310,831 was just marginally below the previous year-end figure.

However, by the second quarter a different story was beginning to unfold. Total unit sales for Apr.-June 2008 were 62 compared to 92 for Apr.-June 2007 resulting in a 22.7% drop in year-to-date unit sales. By the end of June 2008 the 12-Month average sale price had fallen 3.3% to $301,666. As we entered into September, the already decelerating local market situation was further compounded by the global stock market plunge. Although the Jan-Sept. 2008 year-to-date unit sales decrease had stabilized to a 17% decline, the 12-Month average sale price fell further to $298,817 representing a 4.3% drop in average price.

Nothing could have prepared us for the complete lack of consumer confidence that strangulated the real estate market in the fourth quarter of 2008. Total single family residential unit sales for Oct-Dec. dropped 43.6% reflecting 22 units sold compared to 39 during the same period in 2007. The final 2008 year end tally for Pelham was 178 single family residential MLS sales. This total represents a 21.6% decline in unit sales compared to the previous year. The year-end average sale price was $295,179 or 12.1% less than the mark achieved in 2007.

Yes indeed-what a difference a year can make. Many homeowners whose only experience of the market has been frenzied year upon year price increases may be looking towards 2009 with fear and trepidation. Those of us who have adapted to down markets in the past merely shrug our shoulders, and with a slightly melancholic sigh, remind everyone "that this too shall pass".

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