Spring is usually the time sellers get their homes ready, and buyers start their hunt – but the Maritimes are seeing a challenging housing market, with a low inventory driving prices even higher.
Dave Watt, owner and CEO of the Right Choice Realty in Fredericton says if you think realtors are enjoying it – think again.
“I personally hope this doesn’t continue. I think we’re stretching too far. And we’re trying to find that fine balance between fair market value meets actual affordability for New Brunswickers,” he said. “A lot of people say, ‘you must love your job right now.’ I’m going to be honest, it’s a very challenging industry…when you have a buyer that’s made five or six offers, they get frustrated at you, and you get frustrated at the market.”
Watt says a home in the Fredericton region sits, on average, eight to 10 days on the market today. The number of new listings in March fell by 17.2 per cent from March 2021, according to the Real Estate Board of the Fredericton Area.
In 2021, the city saw 13 homes go for $100,000 over asking price. So far in 2022, they’ve seen 20.
He says he doesn’t believe that demand is going away anytime soon. He says it will likely balance out – but prices will stay the same, not necessarily decline.
“I do feel that we’re going to be in to a two to three year demand shortage,” he said. “This is not a Fredericton-market, this is not a New Brunswick market, this is a national housing issue that we’re trying to deal with. So next to injecting more housing into the system, we’re going to see this demand rise.”
Jed Palmater and Melissa Dickinson spent every weekend – for months – looking and offering on houses in the Fredericton area.
Three went for $100,000 over asking price, and two they lost to people from Ontario.
“Sometimes, maybe one of us would cry,” said Palmater.
“Me,” Dickinson said.
The couple said it’s like a rollercoaster. They feel lucky they had a realtor they could trust, who told them finding the right house is a full-time job.
“You just keep pushing ahead and pushing ahead and hoping for the best,” said Dickinson.
“There was a few times where, ‘Oh my God we’re never going to find a house,’ might have been said. Just disappointment, a lot of disappointment and then excitement, and then disappointment,” said Palmater.
They ended up finding their perfect home, and say the hard work and moments of disappointment were worth it.
The average N.B. house price was about $180,000 for almost eight years, according to Watt. In 2017, realtors started to see an increase in sales. Then, 2020 was a record-breaking year, but broken immediately by sales in 2021.
Now, the average N.B. house price is about $310,000, says Watt.
“Getting into the market is probably the best advice I can do. Obviously, contacting a local realtor to help advice and educate you on: is a house fishing for the highest price? Are they priced fairly? And what are the neighbouring properties selling for? So I know I’m not overpaying for a property,” he said.
“Getting into the market, I say that because we’re currently sitting at one month of inventory and what that means is if we were to not allow anyone else to list their property it would take one month at the rate homes are currently selling to be completely out. It took about two and a half years to get here.”
He also advises buyers to be patient. He says it can often take several offers, and months of patience, to land a home. But he believes the demand is only going to worsen, so now is the time.
“What I’m finding is when I start working with a buyer and in that six month time frame, the house they could have bought six months ago is now $20,000 more expensive, so they realize getting into the market sooner rather than later is best.”
Watt says they’re still seeing people from other parts of Canada, selling their homes and move to N.B. with ‘pure cash.’ Their market has increased too, and Maritime housing prices are still very attractive compared to other parts of the country.
Or, people are buying from out-of-province, and renting out the property. That can get in the way of a first-time home buyer wanting to break into the market.
From their experience, Palmater and Dickinson say the right real estate agent, persistence and patience are key.
“You will find the house and it will work out to be the right house. You may not recognize that in the moment when you lose one, but you will get there and you will find the right one,” Palmater said. “We did and we’re really glad that it worked out the way it did.”
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.
