Real eState

Hamilton’s spring real estate market warms up with return of competition and ‘optimism’ among buyers

Published

1 year ago

April 11, 2023

The birds are chirping, trees are budding and bidding wars are returning as Hamilton’s spring real estate market starts to warm up.

But some Hamilton realtors say it’s more than just the seasonal thaw at play.

Last year marked a tumultuous time for the city’s housing market, with the average price of a home in the city soaring to $1,104,163 in February — but falling to $955,658 by the end of the year.

The cooling of the market came as the Bank of Canada raised interest rates eight times between March 2022 and January 2023. However, rates held steady in March and another announcement is set for April 12.

Hamilton real estate agent Michael St. Jean told The Spectator that change in tune has caused some of the “worst-case scenario” fears on interest rates to start tapering off, instilling buyers with a renewed sense of confidence.

“We’ve had a real uptick in activity,” said St. Jean. “It may not be showing up in the March numbers, but it’s happening on the ground.”

Hamilton real estate agent Michael St. Jean is pictured in this file photo.

The Realtors Association of Hamilton-Burlington (RAHB) reported that last month was the slowest March in terms of sales in a decade, with transactions down by nearly 44 per cent from the same time last year.

However, compared to this past January, which was the slowest start to the year since 2011, the number of sales has climbed by more than 56 per cent.

St. Jean said on the ground, that activity has translated to homes spending fewer days on the market, the number of homes hitting the market increasing and demand among buyers coming back.

In January, a detached home in the city was sitting on the market for 37 days, but as of March, that number had fallen to around 28, according to monthly RAHB data. While there were just 666 new listings in January, there were close to 930 in March.

St. Jean noted more listings are selling the same day they go on the market, multiple offers have returned for a “decent amount” of listings and in some cases, his buyers are squaring off against a dozen others — and losing.

Hamilton real estate agent Sarit Zalter told The Spectator instances of multiple offers “completely disappeared” last fall, even if a home was considered to be the “best of the best,” as the market went cold under rising interest rates.

Hamilton real estate agent Sarit Zalter.Supplied

And in particular, those situations are playing out “more and more” for homes listed in the lower price brackets, said St. Jean.

Data from RAHB shows that more than 200 of the homes that sold in the city went for between $600,000 and $799,999 last month, while fewer than 100 homes sold in the $1,000,000 and $1,499,999 bracket.

St. Jean said the jump in demand is a result of higher interest rates, which have eaten away at whatever budgets buyers would have had a year ago.

“It’s pushed everybody down,” he said. “That price point has become a hot commodity and you have even more competition down there than ever before.”

Meanwhile, inventory levels in the city remain “on the low end” when compared to the pre-pandemic market, said Zalter.

Data from RAHB shows there were 1,019 homes on the market last month, while back in March 2019, there were 1,383 homes on the market. However, inventory levels have improved compared to March 2022, when there were just 674 homes on the market.

When it comes to new listings, 928 homes hit the market last month, while in March 2019, more than 1,100 properties had a sale sign stuck in their yard, according to RAHB.

St. Jean noted that the splash of homes some thought may come to market due to high mortgage rates “scaring homeowners into selling” has not come to fruition.

Another factor affecting inventory is homeowners locked into low mortgage rates, added St. Jean. Those folks, even if they want to move, aren’t budging as they’d likely have to “pay more to get less,” he said.

On buyers in the market, Zalter noted those making lateral moves have gone away, while those looking to downsize or upsize have come back to the market “with optimism.”

“Those sales are happening again,” she said. “But we’re not hearing from people who don’t need to move.”

And with no change in the housing situation in the region, which already lacks supply amid increasing immigration levels, St. Jean predicts the local market will likely turn into “a pretty hectic environment” once again.

“It is inevitable, whether it’s starting now or sometime in the near future,” he said. “Only time will tell.”

RAHB president Lou Piriano told The Spectator that folks who are thinking about buying a home should expect higher prices, adding that the market “bottomed out” in January and has been springing back ever since.

In January, the average price of a home in Hamilton was $750,529. As of March, it had risen to $793,241, according to RAHB data.

“People should find a way to buy now and finance later,” said Piriano. “Prices are on their way up.”

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Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

3 days ago

September 11, 2024

Anne Joseph

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.

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Real eState

Montreal home sales, prices rise in August: real estate board

Published

1 week ago

September 6, 2024

Anne Joseph

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.

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Real eState

Canada’s Best Cities for Renters in 2024: A Comprehensive Analysis

Published

2 months ago

July 24, 2024

Harry Miller

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.