Prices continued to climb for real estate resales in most Calgary outlying communities in September despite most markets seeing falling sales and slight increases in supply, the latest statistics from the Calgary Real Estate Board show.
The largest market, Airdrie, saw sales fall two per cent year over year while new listings increased about 24 per cent, Calgary Real Estate Board numbers for September revealed.
Cochrane also saw sales fall, nearly 13 per cent year over year. New listings were down about 18 per cent — though year-to-date inventory has trended upward. Its benchmark price grew more than five per cent to reach $532,700.
Okotoks sales fell about seven per cent from September last year while new listings remained flat, and year-to-date inventory has trended upward. There, the benchmark price of a home reached $580,200, up more than eight per cent.
Chestermere was among the outliers, seeing sales rise nearly 48 per cent while new listings grew 50 per cent year over year. Its benchmark price grew seven per cent to $662,800.
High River also saw sales increase about nine per cent year over year, while inventory grew about six per cent. The benchmark price of a home in High River was up nearly eight per cent to $443,600.
Strathmore sales were flat year over year as were new listings, and its benchmark price grew nearly nine per cent to reach $413,900.
The priciest market, Canmore, saw sales fall the most, nearly 28 per cent year over year, while new listings fell about two per cent. Its benchmark price continued to rise, however, almost 10 per cent to reach $934,300.
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.
The Canadian Press. All rights reserved.
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.
The Canadian Press. All rights reserved.
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.
The Canadian Press. All rights reserved.
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