The buyers took a livestreamed tour of this home at 94 Withrow Ave. in Toronto.Shane Little/Shane Little
The Toronto area is full of motivated real estate buyers. The challenge for one couple was to find a way to outrun them.
Shane Little, a real estate agent with Re/Max Hallmark Richards Group Realty, describes one pair of move-up buyers as “very motivated” after they lost out on a few properties.
Their vexation came to an end last month when the couple purchased a four-bedroom house in Riverdale long before it hit the market, after a virtual walk-through over Zoom.
COVID-19 protocols prevented them from visiting the property in person because the residents were isolating, Mr. Little was told.
“It was a very unique 2022 real estate story,” he says of the way the Omicron lockdown, Zoom and house hunting came together.
Mr. Little had been working with the couple since October, after they decided to move up from a semi-detached house in the city’s Little India area to a larger house in nearby Riverdale.
The couple bid on a few houses but they were crushed by rivals paying way above what made financial sense, he says. In some cases, properties were selling more than $500,000 above an asking price in the $1.2-million range.
“It’s definitely tough for buyers,” he says. “We had our teeth kicked in by the market a little bit.”
By January, active listings in the Greater Toronto Area were at their lowest level in more than two decades, according to the Toronto Regional Real Estate Board, while the average price hit a new milestone of $1,242,793.
Sales in January dropped 18.2 per cent from the same month last year – partly because it was hard for house hunters to find a property to buy.
Against that backdrop, Mr. Little decided to shake the trees a bit. It’s common practice for agents to place letters in mailboxes in an effort to find homeowners who might be willing to sell, but Mr. Little took a more strategic approach.
He set up a data search south of Danforth, between Broadview and Pape avenues, and looked for all of the houses that had changed hands in the past five to seven years. He then started contacting agents who had been involved in the previous sale.
Mr. Little figured that any homeowners willing to forgo the auction process would set a high asking price.
“They would attach a very big premium, which is fair enough – that’s their prerogative.”
One agent replied that he was in touch with a client who was getting ready to move out of town.
If the two sides could strike a deal, it would save the homeowners the time and expense it would take to prepare the house.
Mr. Little and his clients drove by the four-bedroom, semi-detached house at 94 Withrow Ave., and liked what they could see from the exterior.
During the livestreamed tour, they saw a spacious interior with the original character preserved. They submitted an offer for the full asking price around the $1.6-million mark. The buyers attached conditions: they wanted a home inspection and a chance to walk through in person.
The sellers accepted and the buyers arranged a visit. A few days later, the deal was done.
“We just caught them very, very early and we got lucky,” Mr. Little says.
He figures the buyers might have had to compete with 20 or so bidders if the house had been listed with a low asking price and an offer date.
Mr. Little says he was trying his method for the first time. The fact that the homeowners were already in touch with an agent who could represent them made the process go more smoothly, he adds.
“The seller wants to make sure that they’re getting the right advice.”
Mr. Little’s clients then had the task of selling their own semi-detached three-bedroom house. Mr. Little listed the property at 211 Woodfield Rd., with an asking price of $1,179,000 and the house sold for $1,731,000.
Scott Russell, broker with Engel & Volkers in Oakville, Ont., has been working with one pair of disheartened first-time buyers who have lost out on a series of homes, despite their healthy budget of about $1.4-million.
In Georgetown, Ont., one property was listed with an asking price of $999,999. Mr. Russell estimated the house would sell for about $1.5-million. The house would also need a thorough renovation, he says, because the fixtures and finishes were about 45 years old.
His clients were dismayed when 58 buyers entered the fray and the house sold for $1.76-million.
The couple started their search a little bit west of Toronto in Etobicoke and Mississauga, he says, but kept pushing farther away from the core in an effort to find a detached house.
The two are now considering townhouses and semis, he says.
Mr. Russell says some house hunters take a break from the market after bidding and losing on multiple properties.
“It takes an emotional toll on people. It just gets to be too much.”
But he recommends that buyers persist because often that move to the sidelines comes just as more supply comes on. It’s during that shift that buyers can sometimes find they are the only bidder on offer night. He advises buyers to submit an offer if they see a house they like – even when the competition seems overwhelming.
“At some point when the market starts to change – and it will – you don’t want to miss an opportunity,” he says. “At some time there’s going to be a retraction in prices.”
One factor that could lead to a correction is that many people have suffered financially during the pandemic, he says. If interest rates rise, a number may be forced to sell, and inventory may swell.
“They may take an offer that’s less than what they hoped for,” he says. “If that does happen, that does put buyers into a bit of a tailspin.”
Halfway through February, agents are seeing listings stream onto the market.
“There are more listings in February every day compared with January,” Mr. Russell says.
The Canadian Real Estate Association is watching for a rush of new inventory in the national market.
CREA senior economist Shaun Cathcart says the ideal situation between now and the summer would be for a huge surge of sellers to come forward looking to sell in the spring, 2022 market. That scenario would get a lot of frustrated buyers into home ownership, he says.
“We’d likely see some cooling off on the price growth side if those offers are spread across more listings,” he says. “Those are all things this market needs.”
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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.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
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