Smaller cities and towns in Ontario have become increasingly more desirable over the last two years and the provincial real estate market is undeniably reflecting this trend. Typically, smaller more remote housing markets have offered a lower cost of living and below-average housing prices, while still offering access to the amenities that residents need and want. The COVID-19 pandemic only intensified the draw to these areas.
Buyers in the Tillsonburg real estate market are attracted to this small (but quickly growing) and tight-knit community, while maintaining proximity to larger Ontario cities such as London, Kitchener-Waterloo and Guelph. Sitting just off a major highway, Tillsonburg, Ontario offers residents the opportunity to own more home for a lower price, while still being close enough to tap into the employment opportunities within the larger cities that surround it.
Sales in Tillsonburg have reflected growing interest in this market, as have inventory levels and prices, pushing the small-town market into strong sellers’ territory. While sales started to decline slightly toward the end of the year, the market remained in a strong position.
Sales Easing, But Tillsonburg Real Estate Still Above Average
After skyrocketing sales in October 2020, this past October saw sales fall 33.2 per cent on a year-over-year comparison. The Multiple Listing Service System of the Tillsonburg District Real Estate Board tallied 137 unit sales during October 2021. Even though this is far below 2020, it is still 5.3 per cent above the five-year average for the region. David Bennet, adds, “Sales activity was down from the blistering pace last October to levels more in line with the average for this time of year.”
While monthly sales on a year-over-year basis were down significantly, year-to-date sales were up. Even though this is a cumulative amount, make no mistake that the month of October contributed to this significant rise in sales. On a year-to-date basis, at the end of October the total number of home sales in Tillsonburg this year reached 1,727 units – a 10.1 per cent increase over the first 10 months of 2020.
With sales still remaining relatively stable, the Tillsonburg real estate market continues to burn hot, largely attributed to a shortage of new listings. During the month of October, just 171 residential homes were posted on the market. This is a substantial 23.7-peer-cent decrease year-over-year; it is also seven per cent below the five-year average and 11.6 per cent below the 10-year average for the month of October.
With new listings dropping, and sales remaining strong, active residential listings and months of inventory have also taken a dip. Just 183 units remained on the market at the end of October, down 23.4 per cent year-over-year. This is also the lowest number of residential listings on the market at the end of October in more than 30 years. Months of inventory at the end of October sat at just 1.3 months.
The decline in inventory is putting upward pressure on the market price. David Bennet, President of the Tillsonburg District Real Estate Board states, “New listings also took a step down, so the overall level of inventory on the market is still hovering near record lows. Despite the moderation in sales, we are still in a historically tight market, with benchmark prices rising to new highs at a pace of close to 40 per cent year-over-year.”
The Multiple Listing Service Home Price Index composite/single-family benchmark price was up 37.3 per cent when comparing October 2020 to 2021. The average price of a home sold in Tillsonburg in October 2021 was a new record of $670,185 – a steep increase of 30.9 per cent compared to this time last year.
While prices increased, the dip in home sales impacted the total dollar value of all home sales in October 2021 when compared to 2020. The total value of homes sold this past October was $91.8 million – down 12.5 per cent year-over-year.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
