Okanagan realtors are seeing signs that the market is becoming “healthier” in the wake of the Bank of Canada’s interest rate hike.
According to the Association of Interior Realtors, a total of 1,708 residential unit sales were recorded across the Shuswap and Okanagan in April, which is a 31.9 per cent decrease compared to a record-high number of units sold in April 2021. Inventory was also on the rise.
“It is important to remember that this is not the same market we had a year ago. For almost the entire year in 2021 we had record highs each month, so to say sales are down does not mean they are low — they are just lower in comparison to a time of unusual real estate market activity,” Association of Interior Realtors president Lyndi Cruickshank said.
“The current rising interest rate environment will naturally slow things down bringing real estate activity back to a healthier market.”
2:12 South Okanagan real estate inventory down 57% from last year.
South Okanagan real estate inventory down 57% from last year – Feb 7, 2022
The number of new residential listings coming onto market in April dropped by 5.6 per cent within the region, with 2,990 new listings recorded compared to the same period last year.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions remained consistent with double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories, with the greatest increase being for condominiums in the North Okanagan.
The benchmark price for a Central Okanagan home was up to $1.13 million in the Central Okanagan, which is a rise of 26.9 per cent compared to the year earlier. In the North Okanagan, a single-family home’s benchmark price is now $788,600 which is a rise of 26.2 per cent year over year, while in the South Okanagan the benchmark price is now $771,000 which is a rise of 26.5 per cent.
The benchmark price for condominiums in the North Okanagan recorded a 29.8 per cent increase compared to April 2021, coming in at $353,400.
2:09 Benchmark house price reaches $1 million in the Central Okanagan
Benchmark house price reaches $1 million in the Central Okanagan – Jan 6, 2022
The average number of days to sell a home, always a good barometer to watch, Cruickshank said, dropped down to 39 days from 46 days last month.
It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
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.
