Real eState

October real estate report shows new listings decreasing, but sales numbers and prices continue to rise – StCatharinesStandard.ca

Published

3 years ago

November 5, 2021

Same story, different month.

Continuing a trend seen across the real estate market over the last three to four months, the number of new listings in the Niagara Region was down in October.

“This is frankly something that is consistent right across the market and the country. The fact that we are seeing a reduction in the number of listings is not unique to Niagara,” said Doug Rempel, president of the Niagara Association of Realtors.

In the Greater Toronto Area, the number of new listings was down 34.3 per cent, as compared to Niagara which was down 14.9 per cent from September.

But after a few months of a decreasing number of sales, October saw a “rebounder” month, with sales increasing from 707 in September to 774 in October.

According to the association’s report for October, Niagara’s average sales price — for a three bedroom, two bathroom home — increased from $657,400 to $679,400.

While inventory is down, sales are up.

Rempel said those statistics are reflective of what was seen in the GTA as well, with the Toronto-area recording the second highest number of sales on record last month.

“There is a pent-up buyer demand right across the peninsula. When you break down different parts of the Niagara Peninsula there is not one area where you see a flattening or diminishment of price. There’s not one area where prices have gone down,” he said.

And with fewer homes available and buyer demand high, Rempel said sellers are at an advantage, and have a certain amount of leverage, in the current market.

Buyers want to buy now in anticipation prices will continue to rise. They also recognize there will likely be an increase in interest rates. Rempel said while it won’t be a significant increase, and is not “going to force people out of their homes,” it could trim some people’s buying power.

So whether you are selling or buying, both parties understand there will be competition.

“We are certainly seeing very competitive situations, particularly at the entry level and that makes it altogether difficult for young people who are trying to get in the market. They are oftentimes competing with equity buyers,” he said.

“If I’m a seller, I should recognize this is a great time to be in the market. And if I’m a buyer, I better have my ducks all lined up and ready to go.”

For young buyers looking to get into the housing market, Rempel said make sure they speak with their financial institution and understand what is in their “war chest” before heading into the market.

“I know it’s frustrating because the dream of home ownership is very real with everybody, particularly young people. I get it, I certainly get it, but to put themselves in position simply because of the pressure of trying to compete in the market, you have to know what your limitations are,” Rempel said.

“Don’t get talked into going beyond where you should.”

He is hoping — which he said is a “reasonable hope” — that if inventory does return to a more stable level, the market will also return to traditional business practices, where offers can be negotiated and home inspections and financial conditions set.

Because right now, to compete, Rempel said buyers need as clean an offer as possible and anticipate they will pay over asking.

There has been less deliberate under market pricing — setting the price of a home lower than market value to allow competition to drive up the price — than seen in previous months in Niagara. But because the market goes through ebbs and flows, what happens next largely depends on supply and demand.

“We could find ourselves in another wave of significant activity and appreciation in price. It will be very, very interesting to see but I think time will tell,” Rempel said.

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Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

4 days ago

November 6, 2024

Anne Joseph

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

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Homelessness: Tiny home village to open next week in Halifax suburb

Published

2 weeks ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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