Broker Robin Pope recently listed a three-bedroom, two-bathroom condo at 32 Trolley Cres. in Corktown, which has an asking price of $1,599,990.Pope Real Estate Ltd.
A renewed vitality in the Toronto real estate market is leading to rich rewards for some sellers and disappointment for others.
Robin Pope, broker with Pope Real Estate Ltd., describes the current action as volatile.
“The market is a lot better than it was in the fall. But it was near death in the fall.”
The imbalance stems partly from the fact that listings are limited at this time of year. Some buyers believe prices may have hit a trough after sliding through the fall and they are eager to buy before the next upswing.
Many potential sellers, meanwhile, are waiting to list until gardens bloom and prices rise.
Against that backdrop, strategies for listing vary widely and buyers struggle to gauge how aggressive they should be in the current market.
Mr. Pope has worked with buyers in recent weeks who have been outbid by rival bidders, while some properties set up for competition are not receiving bids on offer night.
In one case, Mr. Pope worked with a buyer who submitted an offer for a house with no staircase from the main level to the basement. The only entry to the lower level was through small exterior doors.
The downtown property was listed with an asking price of approximately $1.38-million
“Only a Hobbit could live in the basement because of these tiny little doors,” he says, explaining that he wasn’t expecting competition.
Nevertheless, the house drew eight offers and sold for $300,000 above the asking price.
In another scenario, Mr. Pope represented a buyer who submitted an offer for a hard loft near Euclid Avenue and College Street.
The unit was listed with an asking price around the $1.23-million mark and offers welcome any time.
Two more bidders quickly jumped in and the loft sold to one of the late entrants for $1.315-million.
“It sold for $14,000 more than we were prepared to pay,” says Mr. Pope.
Meanwhile, a renovated bungalow in Little Italy was listed with an asking price of $1.2-million and a deadline for reviewing offers.
The house did not sell on the offer date and was later relisted with an asking price of $1.45-million.
In Seaton Village, a semi-detached was listed with an asking price of $999,000 and sold for $1.35-million with 11 offers, Mr. Pope says.
Two days later, another semi in a better part of Seaton Village was listed with an asking price of $1.299-million and an offer date.
Despite many showings and two bully offers, the homeowner didn’t consider any of the bids acceptable and the house failed to sell.
“No one in the open market was willing to pay the seller what she wanted for her home,” Mr. Pope says.
Acting for a seller, Mr. Pope recently listed a three-bedroom, two-bathroom condo unit for sale in Corktown with an asking price of $1,599,990 and offers welcome any time.
“It’s priced to get attention,” he says.
One buyer did come to the table but the two sides were not able to reach a deal for unit 1212 at 32 Trolley Cres.
One buyer did come to the table for the unit at 32 Trolley Cres., but the two sides were not able to reach a deal.Pope Real Estate Ltd.
“There are some buyers who think we are in the market we were in the fall. They don’t care how well the property is priced, they still want to give you a haircut.”
Mr. Pope says the varying results illustrate how uneven the market can be. He expects it to remain that way for the next 12 months or so.
“No one really knows how long this is going to last or what it means,” says Mr. Pope. “I think, personally, this is somewhat short-lived because the inventory is going to grow. It always has.”
He adds that some buyers appear to have forgotten the pattern of the past two years, when sales ramped up through the spring and then cooled when June came around.
“It’s kind of like collective amnesia,” he says.
Mr. Pope believes one reason the market may falter is that many consumers still lack confidence because of today’s fairly high mortgage rates and the lack of affordability in the Toronto market.
The United States will be holding a presidential election in November, which often leads to tumult in financial markets. In Mr. Pope’s experience, the uncertainty often dampens real estate sales as well.
Other risks include the war in Ukraine and conflict in the Middle East, which in turn may have an affect on oil prices.
His advice to buyers is to remain conservative.
“My call would be, ‘tread carefully.’”
In East York, real estate agents Christine Breen and Robin Millar of Re/Max Hallmark Realty, drew 18 offers for a semi-detached house at 88 Linsmore Cres.
The three-bedroom house with an asking price of $1,179,000 sold for $1.5-million after five days on the market.
Ms. Breen says the property had a large number of showings as buyers began circulating again. She has noticed a marked uptick in activity since the Bank of Canada announced following a Jan. 24 meeting of the Governing Council that it was holding its key interest rate steady.
Buyers are jumping into competition in many neighbourhoods where supply is tight, she says.
Ms. Breen says homeowners often benefit by selling when there are few rival properties on the market, but if the sellers in turn need to find a new home they are going to be facing the same supply challenges.
Rishi Sondhi, economist at Toronto-Dominion Bank, notes that sales have been rising faster than listings as listings remain below long-term norms in most provinces.
Sales in January were particularly strong in Ontario, he notes, with a 6.9-per-cent rise compared with December. The release of pent-up demand shifted the market very quickly from favouring buyers to a more balanced state, he points out.
The average home price in Ontario slid by 3.8 per cent in January from December, according to the Canadian Real Estate Association.
Mr. Sondhi says one reason for the dip may be that sellers capitulated on their asking prices in a market that had previously been tilted toward buyers.
Nationally, the economist expects prices to rise as the balance between supply and demand remains tight, but severe deterioration in affordability in many cities should limit the potential for runaway growth, he adds.
The average home price in Ontario slid by 3.8 per cent in January from December, according to the Canadian Real Estate Association.Pope Real Estate Ltd.
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.
