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Real estate: Canada home sales up from September

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OTTAWA –

Several real estate industry observers say the housing market isn’t roaring back, despite October delivering the first month-over-month uptick in home sales since February.

Their outlook on the market comes as the Canadian Real Estate Association revealed Tuesday that sales totalled 35,380 in October, a 1.3 per cent increase from September, but a 36 per cent drop from a year ago.

“Tumbleweeds continued to blow across the Canadian housing market in October,” said Robert Kavcic, a senior economist with BMO Capital Markets, in a note to investors.

Even though sales were up on a month-over-month basis in 60 per cent of all local markets with Greater Vancouver up six per cent alone, he pointed out last month’s activity remained below the low end of pre-COVID norms.

It was even the quietest October for unit volumes since the economy was climbing out of a recession in 2010, Kavcic said.

Rishi Sondhi of TD Economics had a similar view.

“Sales have already cratered by over 40 per cent since February, are trending at levels last consistently seen in 2012, and appear to have undershot levels in line with fundamentals like income and housing supply,” Sondhi wrote, in a note to investors.

He and Kavcic attributed much of the slowness to interest and mortgage rates, which have been hiked in recent months to combat an inflation level not seen in decades.

That’s weighed on consumer purchasing power and when combined with low levels of new listings, kept many buyers on the sidelines awaiting even further price drops.

Meanwhile, sellers are still refusing to list properties unless they have to move because they have realized prices aren’t as high as they were at the start of the year.

CREA found the number of seasonally-adjusted and newly-listed homes totalled 68,605, up 2.2 per cent on a month-over-month basis in October.

On a non-seasonally-adjusted basis, new listings hit 60,349, down 1.3 per cent from October 2021.

“We have a unique situation where demand has cracked and buyers can’t qualify for, or afford, early-year prices,” said Kavcic.

“But, outside some areas, there’s not a bounty of listings to choose from, and sellers are still able to say ‘no thanks’ and pull listings.”

Despite the lack of listings, the actual national average home price was $644,643 in October, down 9.9 per cent from the same month last year. On a seasonally-adjusted basis, it reached $643,743, down 0.6 per cent from a month earlier.

Cailey Heaps, president of the Heaps Estrin Real Estate Team in Toronto, said in the Greater Toronto Area she sees prices levelling off after their 10 per cent fall from their pandemic peak.

“The dropping market that we have seen since June has now stabilized,” said Heaps.

“Maybe we will see a swing of a percentage or two in the coming year or so, but I don’t think we will see the same drastic decline in the central core of Toronto, but we might see it in the horseshoe that surrounds the city.”

Her theory was based on several of her listings netting multiple offers last month and buyers realizing that lower prices are still being offset by higher borrowing costs.

“So typically the buyers that we see in today’s market are buyers who are upgrading and they’re taking advantage of the lower pricing or they’re buyers who aren’t sensitive to interest rates,” she said.

However, Kavcic and Sondhi agreed the downward price pressure will continue into next year because mortgage rates are pushing above five per cent and more interest rate hikes could be looming.

Sondhi has forecast average home prices retracing about half of the gains made during the pandemic, but cautioned supply levels represent a key risk to TD’s predictions.

“With homeowners feeling the pinch of higher monthly payments due to rising interest rates, some may be forced into listing their properties (although so far, the level of new supply hitting the market each month remains subdued),” Sondhi wrote.

“If a sufficiently large number of these homeowners end up listing their homes, it could downwardly pressure prices by more than we anticipate.”

This report by The Canadian Press was first published Nov. 15, 2022.

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Juan Soto’s 3-run homer in 10th sends Yankees past Guardians 5-2 and into World Series for 41st time

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CLEVELAND (AP) — Juan Soto’s arrival last winter was supposed to be that move that pushed the New York Yankees back to the top.

They’re one step away.

Soto hit a three-run homer with two outs in the 10th inning and the Yankees advanced to their 41st World Series — and first in 15 years — by beating the Cleveland Guardians 5-2 in Game 5 of the AL Championship Series on Saturday night.

Baseball’s biggest brand is going back to October’s main stage.

Soto, who was acquired in a seven-player trade from San Diego in December, pushed the Bronx Bombers into position with one big swing.

This was why he came, for this moment and for so many more.

“We’re right where we belong,” said Yankees general manager Brian Cashman, who pulled off the deal for Soto.

The Yankees will try to win their 28th title against either the New York Mets or Los Angeles Dodgers. Game 6 of the NL Championship Series is on Sunday at Dodger Stadium.

In the third consecutive tight game in three nights at Progressive Field, Austin Wells walked with one out in the 10th and Alex Verdugo followed with a grounder to Guardians second baseman Andrés Giménez, whose soft toss to the bag was dropped by rookie shortstop Brayan Rocchio for an error.

Hunter Gaddis struck out Gleyber Torres and had Soto in a 1-2 count before New York’s stylish outfielder sent a shot over the wall in center. Soto danced down the first-base line and paused to celebrate with his teammates before circling the bases.

“I was just saying to myself, `You’re all over that guy. You’re all over that guy. He ain’t got anything,’” said Soto, who moved alongside his manager, Aaron Boone, as the only New York players to homer in an extra-inning, series-clinching win.

Luke Weaver got the final three outs with Lane Thomas flying out for the last one, which was caught by Soto.

“We get to play for a world championship,” Boone said. “That’s pretty sweet.”

The 25-year-old Soto is eligible for free agency this winter, and Yankees fans chanted “Re-sign Soto!” during the postgame festivities. He’s expected to get a contract upwards of $600 million, and his heroics in Game 5 may have raised his price.

Giancarlo Stanton hit a two-run homer and was named ALCS MVP as the Yankees took care of the Guardians in five games. It wasn’t easy.

New York won the first two at Yankee Stadium without much fanfare or any major drama. However, it was a different story in Cleveland as all three games at Progressive Field were nail-biters.

The Guardians rallied to win Game 3 on two, two-run homers in their last two at-bats, and the Yankees held on to win Game 4 after blowing a four-run lead.

“This was a rollercoaster and we were able to just keep punching back,” Stanton said. “We know there’s much more work to do and it’s only uphill from here and we got to get it done.”

Cleveland just didn’t have enough and a surprising season under first-year manager Stephen Vogt ended just short of a World Series. The franchise remains without a title since 1948, baseball’s current longest drought.

“There’s only one team that gets to win the last game of the year, and unfortunately it’s not going to be us,” Vogt said. “But we accomplished a lot as a group. We got better. We worked extremely hard. I couldn’t be more proud of this group. We just didn’t get quite as far as we wanted to.”

The Yankees are back in the World Series, back where their fans expect them to be every year.

The club’s 82-80, fourth-place finish in the AL East last season led to some “soul searching as an organization” during the winter, according to Boone, who has been widely criticized but is one of just three managers to take New York to playoffs in six of his first seven seasons.

While the team’s core stayed mostly intact, getting Soto in a blockbuster trade on Dec. 7 — New York sent five players to San Diego for the three-time All-Star — accelerated the team returning to title contender.

“That was a good day,” Boone said with a laugh before the game.

Stanton’s 446-foot rocket into the left-field bleachers tied it at 2 in the sixth and chased Tanner Bibee, who had struck out New York’s dangerous DH in his first two at-bats and held the Yankees scoreless for the first five innings.

It was Stanton’s fourth homer in this series — his third in three days — and his 16th in the postseason, moving him into fourth place on the club’s career list behind Bernie Williams (22), Derek Jeter (20) and Mickey Mantle (18).

Before the game, Boone was asked what makes Stanton so good.

“He can hit it harder than anyone, first of all,” Boone said. “So there’s the physical nature of what he does that’s different than just about everyone in the world.”

But Boone went on to compliment Stanton’s discipline at the plate, “his approach, his process, how he studies guys.”

“There’s something that he does when he gets familiarity with people on top of being very physically gifted,” Boone said.

The Guardians took a 2-0 lead in the fifth off Carlos Rodón on Steven Kwan’s RBI single with two outs. But Cleveland missed a big chance for more, leaving the bases loaded when Lane Thomas grounded out on the first pitch to him from Mark Leiter Jr.

TRAINER’S ROOM

Yankees: LHP Nestor Cortes (elbow strain) had another successful live batting practice session. The reliever remains on track to join the Yankees on their World Series roster. Boone said Cortes would throw again early next week. Cortes went 9-10 with a 3.77 ERA in 30 starts.

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No. 5 Georgia knocks off No. 1 Texas 30-15, with Etienne running for 3 TDs

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AUSTIN, Texas (AP) — Trevor Etienne ran for three touchdowns, the first two set up by cornerback Daylen Everette’s takeaways, and fifth-ranked Georgia went on to beat Quinn Ewers and No. 1 Texas 30-15 on Saturday night.

Etienne’s last score was a 1-yard plunge on fourth down with 12:04 left. That came right after an ugly sequence when Texas fans littered the field with water bottles and other trash after referees called a pass-interference penalty that initially wiped out an interception and long return, before the flag was picked up and set up a Longhorns TD.

“These players bring the best out of me,” Georgia coach Kirby Smart said. “They tried to rob us with calls in this place. And these guys are so resilient.”

Georgia (6-1, 4-1 Southeastern Conference), which began the season at No. 1, has won three in a row since a 41-34 loss at then-No. 4 Alabama, when the Bulldogs overcame a 28-0 deficit and went ahead late during an exchange of long TD passes.

The Bulldogs never trailed in their first trip to Austin since 1958 to take on the SEC newcomer that had gotten through the first half of its schedule pretty much unscathed.

“Nobody gave us a chance. Everybody doubted us,” Smart said, then making a reference to ESPN’s “College GameDay” pregame show that broadcast from the Austin campus earlier in the day. “Did you watch the show this morning? I didn’t because I was in meetings, but I got 8,000 texts about it.”

Texas (6-1, 2-1) won at reigning national champion Michigan in Week 2 and had been behind for less than four minutes all season before facing the the back-to-back national champ before the Wolverines.

The 15-point loss was the most lopsided for a No. 1 team at home since Notre Dame’s 31-16 win at Pittsburgh in 1982, according to Sportradar, when Dan Marino was the Panthers quarterback.

“Unfortunately, we didn’t play our best football tonight, but we were still competitive. Hopefully, we get another crack at them,” Texas coach Steve Sarkisian said. ‘They’ve they’ve been the standard in college football now for about five, six, seven years and we played them really well in the second half.”

Georgia quarterback Carson Beck improved to 19-2 as a starter, including a 7-2 mark against ranked teams. He was 23 of 41 for 175 yards and finished with three interceptions, though Texas didn’t get anything out of the two he threw in the first quarter. The Longhorns had only 38 yards total when trailing 23-0 at halftime.

Jahdae Barron’s pick and 36-yard return to the Georgia 9 late in the third quarter came after contact with Arian Smith that drew a pass interference penalty. Sarkisian was irate at officials, then went to the far corner of the field where students sit signaling for them to quit throwing things.

As the debris was being picked up, officials were discussing the play and picked up the flag. Two plays later, Ewers threw a 17-yard touchdown to Jaydon Blue to get the Longhorns to 23-15.

Ewers completed 25 of 43 passes for 211 yards.

Everette’s blindside sack late in the first quarter jarred loose the ball from Ewers, and the defender recovered at the Texas 13 after several of his teammates had tried to pick up the fumble. That led to Etienne’s 2-yard TD for a 7-0 lead.

A 15-yard TD run by Etienne, with a late lunge into the end zone, made it 17-0 after Everette stepped in front of a receiver for an interception at the Texas 34.

“We all always say that takeaways come in bunches,” Everette said. “We practice taking small details seriously.”

Peyton Woodring kicked three field goals before halftime for Georgia, the last a 44-yarder as time expired after freshman Arch Manning, in for a second series, fumbled while being sacked.

The takeaway

Georgia: Smart got his 100th career win in 117 games over nine seasons. … The defense set the tone for the Dawgs, including seven sacks and forcing four turnovers that Georgia turned into 17 points.

Texas: This was the Longhorns’ biggest test so far in the SEC, and it turned into a jarring reminder of how difficult things can be in their new league. Texas has lost its last five home games against top-five opponents, since a win over No. 3 Nebraska in 1999 when they were in the Big 12 together.

Poll implications

Texas will fall out of the No. 1 spot, it is just a matter of how far. Oregon (6-0) is likely to take over at the top from No. 2, but Georgia could possibly replace the Ducks there. No. 3 Penn State and No. 4 Ohio State, whose only loss was at Oregon, were both off this weekend.

Up next

Georgia: Faces Florida on Nov. 2 in their annual game in Jacksonville, Florida.

Texas: At Vanderbilt on Saturday.

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Indonesia swears in Prabowo Subianto as the country’s eighth president

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JAKARTA, Indonesia (AP) — Prabowo Subianto was inaugurated Sunday as the eighth president of the world’s most populous Muslim-majority nation, completing his journey from an ex-general accused of rights abuses during the dark days of Indonesia’s military dictatorship to the presidential palace.

The former defense minister, who turned 73 on Thursday, was cheered through the streets by thousands of waving supporters after taking his oath on the Quran, the Muslim holy book, in front of lawmakers and foreign dignitaries. Banners and billboards to welcome the new president filled the streets of the capital, Jakarta, where tens of thousands gathered for festivities including speeches and musical performances along the city’s major throughfare.

Subianto was a longtime rival of the immensely popular President Joko Widodo, who ran against him for the presidency twice and refused to accept his defeat on both occasions, in 2014 and 2019.

But Widodo appointed Subianto as defense chief after his reelection, paving the way for an alliance despite their rival political parties. During the campaign, Subianto ran as the popular outgoing president’s heir, vowing to continue signature policies like the construction of a multibillion-dollar new capital city and limits on exporting raw materials intended to boost domestic industry.

Backed by Widodo, Subianto swept to a landslide victory in February’s direct presidential election on promises of policy continuity.

Subianto was sworn in with his new vice president, 37-year-old Surakarta ex-Mayor Gibran Rakabuming Raka. He chose Raka, who is Widodo’s son, as his running mate, with Widodo favoring Subianto over the candidate of his own former party. The former rivals became tacit allies, even though Indonesian presidents don’t typically endorse candidates.

But how he’ll govern the biggest economy in Southeast Asia — where nearly 90% of Indonesia’s 282 million people are Muslims — remains uncertain after a campaign in which he made few concrete promises besides continuity with the popular former president.

Subianto, who comes from one of the country’s wealthiest families, is a sharp contrast to Widodo, the first Indonesian president to emerge from outside the political and military elite who came from a humble background and as president often mingled with working-class crowds.

Subianto was a special forces commander until he was expelled by the army in 1998 over accusations that he played a role in the kidnappings and torture of activists and other abuses. He never faced trial and went into self-imposed exile in Jordan in 1998, although several of his underlings were tried and convicted.

Jordanian King Abdullah II bin Al-Hussein was expected to attend Sunday’s ceremony, but canceled at the last minute because of escalating Middle East tensions, instead deciding to send Foreign Affairs Minister Nancy Namrouqa as his special envoy. Subianto and Abdullah met in person in June for talks in Amman on humanitarian assistance to people affected by the war in Gaza.

Subianto, who has never held elective office, will lead a massive, diverse archipelago nation whose economy has boomed amid strong global demand for its natural resources. But he’ll have to contend with global economic distress and regional tensions in Asia, where territorial conflicts and the United States-China rivalry loom large.

Leaders and senior officials from more than 30 countries flew in to attend the ceremony, including Chinese Vice President Han Zheng and leaders of Southeast Asia countries. U.S. President Joe Biden sent Linda Thomas-Greenfield, the U.S. ambassador to the United Nations. Adm. Samuel Paparo, the U.S. Commander of the Indo-Pacific Command, was also among the American delegation.

Army troops and police, along with armored vehicles, fire trucks and ambulances, were deployed across the capital, and major roads were closed to secure the swearing-in.

The election outcome capped a long comeback for Subianto, who was banned for years from traveling to the United States and Australia.

He has vowed to continue Widodo’s modernization efforts, which have boosted Indonesia’s economic growth by building infrastructure and leveraging the country’s abundant resources. A signature policy required nickel, a major Indonesian export and a key component of electric car batteries, to be processed in local factories rather than exported raw.

He has also promised to push through Widodo’s most ambitious and controversial project: the construction of a new capital on Borneo, about 2,000 kilometers (1,240 miles) away from congested Jakarta.

Before February’s presidential election, he also promised to provide free school lunches and milk to 78.5 million students at more than 400,000 schools across the country, aiming to reduce malnutrition and stunted growth among children.

Indonesia is a bastion of democracy in Southeast Asia, a diverse and economically bustling region of authoritarian governments, police states and nascent democracies. After decades of dictatorship under President Suharto, the country was convulsed by political, ethnic and religious unrest in the late 1990s and early 2000s. Since then, it has consolidated its democratic transition as the world’s third-largest democracy, and is home to a rapidly expanding middle class.

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Associated Press journalists Edna Tarigan and Andi Jatmiko contributed to this report.



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