A Halifax realtor who’s been in the business for more than three decades says he’s never seen the housing market as hot as it is.
Mark Stein, a broker with Priority 1 Real Estate, said he’s been “flat out” in recent weeks.
“The biggest problem is finding homes mostly for first- or second-time buyers that don’t have millions of dollars to spend. It’s just very, very difficult,” he said.
“In my 32 years I’ve never experienced anything as – I don’t want to say the word crazy – but anything as challenging as it is.”
He said the market in 2022 is different than last year.
While there was already a shortage of homes and lots of people looking to buy in 2021, Stein said this year “the buyers seem to have multiplied and the listings have decreased.”
“We’ve gone from having six offers on a property averaging in 2021, to now 12, and 15, and 20 on listings in 2022,” he said.
“So it’s a frustrating market. It’s a frustrating market for realtors, it’s a frustrating market for buyers. But it is a win-win for sellers.”
Mark Stein says he’s never seen such a challenging real estate market in his 32 years in the business.
Submitted by Mark Stein
Stein said he’s been working with a number of buyers who have been looking for a home since last fall. He said the majority of buyers he works with are not investors and are looking for a home for themselves.
Most of them have already offered on at least a dozen homes each, he said, but haven’t been successful.
“So the amount of time I’m putting in with the average buyer has really tripled what I would normally do any other year,” said Stein.
The trend of houses going for hundreds of thousands of dollars above asking means it’s difficult for buyers to know what they’re getting into.
“For the first time in my career, I can’t really advise a buyer of what they’re going to have to pay in order to get a property. It’s the same thing when I’m representing a seller, that you can’t pinpoint what a house would likely sell for,” he said.
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Prior to the pandemic, Stein said he could do comparable market analysis to see what else was sold in the area and what else was on the market. That’s no longer the case.
“Then we’d get an average, we’d figure out, ‘Well, your home will sell between A and B.’ Today, that A and B could be a matter of hundreds of thousands of dollars,” he said.
“Part of my responsibility is to be able to tell buyers and sellers, based on my expertise, what they can expect. And that’s becoming more difficult to do.”
High prices here to stay
Home prices have been skyrocketing over the last two years. According to the Nova Scotia Association of Realtors, the average price of homes sold in March 2022 was a record $450,581, up 23.3 per cent from March 2021.
According to the Canada Mortgage and Housing Corporation’s latest housing market outlook, home prices in Nova Scotia will continue increasing between 2022 and 2024, “albeit at a slower pace.”
Stein said the biggest issue boils down to supply. He said the municipality needs to streamline more permits to allow more residential buildings to go up.
“It’s better to have a balanced supply and a balanced demand. Then buyers will have a choice of what they can buy, and the sellers will get fair market value,” he said.
“But when the supply is so low and demand is so high, people are really paying inflated prices.”
But even with more supply, said Stein, “I think these new prices are the ones that are going to stay.”
He said HRM and Nova Scotia’s home prices have long been on the “low end” compared to other cities of a comparable size, and are now catching up.
Those who own million-dollar summer homes will be able to afford the new tax, he said, while families who own cheaper cottages will struggle with it more.
“So I think it’s going to hurt the wrong people, and the one thing it’s not going to do? It’s not going to help the housing situation, the housing crisis we have,” he said.
“It’s just not, because even if all those summer cottages and summer homes came up for sale tomorrow, that doesn’t help the average person.”
However, even as prices remain high and supply remains low, Stein is encouraging first-time homebuyers not to lose hope.
He said people should “expand their horizons” by looking outside of the areas where they wanted to buy or consider options outside of single-family detached homes.
“You have to be patient and keep trying,” he said. “Just keep trying, and you will eventually find the home that you want.”
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.
