Prices for homes sold in Miami-Dade County reached a new high in June, despite a sharp drop in sales amid higher interest rates. For would-be homebuyers on the sidelines, real estate experts offered a sour forecast — prices will remain steady or increase.
Total home sales fell steeply for the first six months of 2023 compared to the same period in 2022 in Miami-Dade and Broward, according to data from the Miami Association of Realtors. Miami-Dade had 12,605 closings, an approximately 33% drop from 18,925 closings in the first half of last year. Broward saw a similar trend with 15,500 transactions, down about 18% from 18,838 in 2022.
While sales fell, prices reached new peaks. As of June, Miami-Dade had a median sales price of $622,500 for single-family homes and $418,000 for condos — historic highs. That surpasses the county’s last peak of $620,000 for a single-family home in May. Prices increased from $579,000 for houses and $410,000 for condos in June 2022.
Broward also saw an uptick in home prices. It has a median sales price of $615,000 for a single-family home, up from $590,000 in June 2022, and $280,000 for condos, up from $265,000 a year ago.
Real estate experts said there are fewer buyers on the market due to higher interest rates. The average 30-year fixed-rate mortgage was 6.78% as of July, up from 5.54% a year ago. Those who are buying homes are willing to spend more due to the limited inventory.
“People thought this was going to be a bubble, things were going to crash. It hasn’t happened. Interest rates slowed things down for the entire country, but I feel like where we are today compared to other cities in the world is we are the place where everybody wants to be,” said Ron Shuffield, CEO of Berkshire Hathaway HomeServices EWM Realty. “Part of the long-term success of a community is perception. The perception is Miami is the future.”
South Florida still has a shortage of inventory. A balanced market consists of six to nine months of listings. Miami-Dade has 3.3 months of houses listed for sale and five months of condos. Broward has even fewer homes on the market, with 2.7 months of single-family homes and 3.4 months of condos.
People continue to move from across the country to South Florida. Dave Silver, 31, moved to the MiMo neighborhood in May 2023 for the Miami expansion of REC Philly, an entertainment incubator he co-founded. A cyclist, Silver wanted to be within biking distance of REC Miami’s location in Little Haiti.
“I was a little intimidated going in based on how pricey everything was said to be,” he said of a two-day shopping experience in which he toured 12 different properties. “Coming from Philly and being a startup entrepreneur, I was wondering if I could afford it and be safe with the budget that I have. I was happy with what I was able to find.”
Silver pays $2,400 a month in rent for his one-bedroom condo. In Philadelphia, he shared a three-bedroom apartment with two roommates and altogether they paid the same amount in rent. He said the new amenities such as a patio and gym and close proximity to Key Biscayne make the price worth it.
South Florida started to attract waves of out-of-state remote workers, executives and corporate expansions during the pandemic due to the region’s business-friendly environment, zero state income tax and warm climate. Shuffield said his real estate agents still see prospective buyers from California, Illinois and New York. More potential buyers are now calling from Latin America, especially with the arrival of international soccer star Lionel Messi.
Out-of-state buyers often beat long-time residents and natives in the housing market with higher salaries. Many South Floridians have waited years to buy, but continue to face stiff competition and out-of-reach prices. Another challenge for many buyers? Cash remains king. In Miami-Dade, 43.5% of all deals closed in cash, nearly double the national trend of 26%. Broward has 40.9% of its deals close in cash.
Real estate experts predict demand will remain high for South Florida homes. Miami Association of Realtors members reported 233,675 requests for showings in June across South Florida, up 7% from 218,973 showings last year.
Those thinking about buying might want to do so sooner rather than later, said Mariya Letdin, a business professor at Florida State University. Home prices are expected to remain high, given South Florida’s local job market.
Based on data from the U.S. Bureau of Labor Statistics, the Miami, Fort Lauderdale and West Palm Beach metro areas have 2.89 million people employed and a 2% low unemployment rate, conditions South Florida hasn’t seen in nearly 20 years. Given the strong employment market, buyers are expected to have the stable job conditions to support a mortgage.
Shuffield said home prices in the region won’t go down to pre-pandemic levels anytime soon, if ever. “I feel like with the demand that we have right now and the quality of what we’re seeing, many neighborhoods are being improved with remodeling. Those are all pluses for people who want to come here,” Shuffield said, “You just need to get in the game.”
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.
