Pent-up demand for residential housing has bolstered sales in Canada’s major markets—a clear signal that the housing sector has shifted into recovery mode.
More balanced market conditions have emerged, effectively ending the stronghold that buyers had on the market over the past six to eight months.

Canada’s largest markets, Toronto and Vancouver, led the charge—with June sales among the highest in history for both local real estate boards.

Overall, major markets began to recover in March, posting escalating sales in April, May and June. The impetus is expected to continue throughout the remainder of 2009, with most centres now forecasting year-end sales on par or ahead of 2008 levels.

The strength of the market, amid the most significant global recession in recent history once again underscores its relevance to the nation’s economic engine. Canadians believe in homeownership --a fact best illustrated by the purchasers who ventured forward in recent months and snapped up some of the best real estate deals this market has seen in years. Those who chose to sit it out on the sidelines are now facing a market in transition, characterized by the threat of rising interest rates, low inventory levels, and upward pressure on housing values.

The recent surge in resale activity can be attributed to three key factors—pent-up demand, low interest rates, and greater affordability. The combination—in conjunction with declining inventory levels—has created heated market conditions in hot pocket neighbourhoods, prompting a resurgence in multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.

Luxury home sales have also experienced solid demand in recent months, with 291 homes changing hands over the $1 million price point in June – a new record. The threat of higher interest rates and home prices are expected to stimulate a flurry of home-buying activity in the months ahead. By year-end, sales are forecast to exceed 2008 levels.

While sales are the leading indicator, there are other clear signals that recovery is indeed underway. Renewed consumer confidence, albeit cautious, has been key, supported by improved economic news. In addition, we’ve seen sale price-to-list price ratios climb across the country, rising as high as 105 per cent in some communities. Vendor incentives have also come off the table, both for resale and new housing stock.”

Although the current pace may be unsustainable, all markers point to greater stability in the market, leading to healthier activity in the long run, with inventory levels a key variable influencing pent-up demand.

Record set for most expensive listing in US -- $150 million
Owner's dog helps select listing agent

When legendary television producer Aaron Spelling's widow decided to list her gated $150 million Los Angeles mansion in prestigious Holmby Hills, she invited Realtors in for marketing consultation appointments.

While list price suggestions and specific marketing plans may have carried some weight, the word is that Candy Spelling was watching the reaction of her Wheaton Terrier Madison to help her determine which real estate professional would walk away with the listing.
Sally Forster Jones, a Beverly Hills Coldwell Banker Previews agent, must have caused the dog's tail to wag, because she snagged the business as the co-listing agent.

The reported $150 million list price makes "The Manor" the most expensive listing in the US. The new listing bumps another Los Angeles property priced at $125 million from the top spot. The Spelling's French chateau style home is reported to have more than 56,000 square feet, sits on 4.6 acres and -- although not even Mrs. Spelling is sure of the exact count -- has about 100 rooms (at least one of which we assume belongs to Madison).
Other features include a wine cellar, gift wrapping room, bowling alley, barber shop, beauty salon and parking for 100 cars. It is just down the street from another trophy residence, The Playboy Mansion.

This is an ideal summer dessert that can be prepared just before sitting down to eat. It bakes in 30 minutes , which means it’ll be ready by the time you’ve eaten the main course. Be prepared to share this recipe once you serve it to your guests!

Blueberry Vanilla Clafouti
Ingredients:

1/2 cup blueberries, preferably, wild
1 cup milk
1 vanilla, bean, split, and, scraped
1/2 cup 35% cream
2 tbsp sour cream
3 egg
1 egg, yolk
1/2 cup sugar
2 tbsp flour
1 pinch salt
butter, for baking dish

Directions:

Preheat oven to 375 degrees F.
Butter an 8 by 11-inch oval baking dish. Spread blueberries on the bottom of the baking dish.
Combine the milk and vanilla bean in a small saucepan. Bring almost to a boil. Remove from heat. When milk has cooled slightly but is still warm add the cream and sour cream. Stir well.
Make custard by whisking together eggs, egg yolk and sugar until well blended. Whisk in the flour and salt. While whisking gently pour milk/cream mixture over egg mixture. Blend well.
Pour custard through a sieve over the blueberries into the baking dish. Bake for 30 to 35 minutes or until custard is set and puffy. Let cool slightly but serve warm. Sprinkle with icing sugar before serving.