Real eState

Calgary real estate market sizzles as newcomers flock to Alberta

Published

1 year ago

July 7, 2023

Downtown Calgary and the Bow River are seen from the air on Wednesday, May 31, 2023.THE CANADIAN PRESS/Jeff McIntosh Photo by Jeff McIntosh /The Canadian Press

CALGARY — As the curtain rises on the 10-day extravaganza that is the famed Calgary Stampede, homebuyers are also stampeding to snap up real estate in Alberta’s largest city.

This summer, the hottest commodity in town isn’t the perfect pair of cowboy boots or a well-broken-in Stetson — it’s a detached home on a nice lot or a perfect downtown condo with a view.

“It started taking off around February, and it’s been like this all year,” said Calgary real estate agent Matt Halladay, who has been helping buyers navigate what has become Canada’s hottest real estate market in 2023.

That means homes selling often the day they’re listed, he said, for well over the asking price — and occasionally sight unseen, as sellers accept a bid before the scheduled viewings even start.

“It’s common to see anywhere from four to 17 offers (on one listing),” Halladay said.

“The most I’ve heard of, on one that we lost out on, was 26 offers.”

The frenzy in Calgary — the city set an all-time record for home sales in June, up 11 per cent year-over-year, with apartment sales alone up an eye-popping 48 per cent — flies in the face of what’s happening nationally.

The real estate story across the country for most of the year thus far has been a decrease in activity due to the impact of higher interest rates.

While home sales in major markets like Toronto and Vancouver started picking up steam again this spring, home sales nationwide in May — the most recent month for which national statistics are available — were up just 1.4 per cent year-over-year, compared with Calgary’s 11 per cent.

And while prices have fallen nationwide — the Canadian Real Estate Association’s (CREA) aggregate composite home price index for the month of May sat 8.6 per cent below 2022 levels — they are sizzling in Calgary.

The average selling price of a home in Calgary last month increased by almost seven per cent from a year earlier to $552,273, according to the Calgary Real Estate Board.

“I think we’ve been a bit surprised at how strong it’s been,” said Ann-Marie Lurie, chief economist for the Calgary Real Estate Board.

“And how strong activity has been even in the upper (price) ranges, in spite of the interest rate increases.”

Part of the reason that Calgary’s housing market is outperforming the rest of the country is that it has more room to grow.

Unlike Toronto and Vancouver, whose overheated housing markets have been a topic of national conversation in recent years, Calgary is coming out of a years-long slump that began with the oil price crash of 2015.

That year alone, home sales in Calgary plunged 26 per cent. In the city’s condo and apartment market, it has taken eight years for prices to recover to their 2014 levels.

But with the higher commodity prices that began last year in the wake of the invasion of Ukraine, the city’s oil-and-gas-based economy is rebounding.

Over the past twelve months, the Alberta labour market has outperformed the rest of the country in terms of job gains, and a recent report from Deloitte predicts the province will experience the strongest economic growth in the country this year at 2.1 per cent.

People are also flocking to the province, in particular the city. Statistics Canada says Alberta saw the largest net interprovincial migration of all the provinces during the first three months of the year, with more than 15,000 people arriving from other parts of the country — in particular, Ontario, B.C. and Saskatchewan.

Another 100,000 people moved to Alberta from other countries, according to Statistics Canada.

“A lot of that growth coming into Alberta is funnelling into Calgary. Calgary’s market is performing more than other markets (in the province),” Lurie said.

She added that while job opportunities are a major factor drawing people to the province, some people who have been priced out of other markets may be looking to Calgary as one of the last major Canadian cities where home ownership is still affordable.

“That can be an advantage to Calgary and attracting people here _ especially when we have a fairly strong jobs market and continue to see jobs growth, especially in areas like professional services and other higher-paid industries.”

But while the influx of people is good news for the province’s economy — and for the Alberta government, which has been trying to entice new residents from other parts of the country through its “Alberta Is Calling” marketing campaign — it can make for a stressful home-buying experience.

Kalida Manarin and her husband Stephen have been looking for a house in their inner-city Calgary neighbourhood of Marda Loop for six months, but have had no luck yet.

“We’ve seen a couple that we liked, but by the time we got to the point of putting in an offer, they had already accepted other ones,” Manarin said, adding that in the meantime, prices have continued to rise.

“I wish we would’ve bought when we started looking, but we kept thinking, ‘The price will go down, it’ll be fine,’ ” she said.

“That being said, I’m still optimistic. I still think that now is a great time to buy in Calgary. I don’t necessarily think (the market) is going to go down.”

This report by The Canadian Press was first published July 7, 2023.

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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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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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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.