This two-storey house has more than 2,200 square feet of living space.William Kwok
This semi-detached house was listed for $1,098,000 taking into account the presence of a large hydro substation at to foot of the short cul-de-sac. More than 250 parties toured the house over one week, and nine guests presented purchase offers, with the winning bid coming in almost 15 per cent over the asking price.
“Many young families commented on the home being so close to the power lines,” said agent Belinda Lelli. “However, the stunning interior, the upgrades and especially the separate entrance to the fully finished basement with two large bedrooms, an eat-in designer kitchen, hardwood throughout, full bathroom and living room, made this home too hard to pass up.
“Every offer was at least $100,000 over asking. “People need more affordable options like this that are new and in a family-centric area,” Ms. Lelli said.
“Detached homes of an older vintage, from the 1950s and 60s, they’re at least $1.5-million and they can go up to $1.9-million. And some of the newer builds are over $2-million.”
There are kitchens and entertaining areas on the main and lower levels.William Kwok
This two-storey house has more than 2,200 square feet of living space, including four bedrooms, four bathrooms and two laundry rooms, as well as kitchens and entertaining areas on the main and lower levels.
Recent improvements range from a new staircase with iron pickets to an updated garage door and interlocking driveway on the 29- by 126-foot lot.
The house includes four bedrooms, four bathrooms and two laundry rooms.William Kwok
“The top school catchment, proximity to parks, library, transit and new forthcoming Bathurst and Sheppard subway station appealed to families who wanted a large, four-bedroom home in Bathurst Manor,” Ms. Lelli said.
“The lower level was also a huge seller because it’s closed off, so you can lease it.”
Recent improvements range from a new staircase with iron pickets to an updated garage door and interlocking driveway on the 29- by 126-foot lot.William Kwok
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
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.
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