Not long ago, the strict physical distancing rules that have caused so much disruption in society would have forced the closure of the real estate industry.
There was a time when potential buyers would need to feel the carpet beneath their feet or walk into a kitchen to determine whether they felt a connection to a home, and face-to-face interactions with a real estate agent would be necessary in order to finalize documentation.
But that was before this era of virtual tours, digital documents and remote conferencing.
So with nearly every sector of society in the pinch of a pandemic, real estate agents in Newfoundland and Labrador are still doing business, said Bill Stirling, chief executive officer of the N.L. Association of Realtors.
“Our industry has not ground to a halt at all,” Stirling said Monday.
Bill Stirling is chief executive officer of the N.L. Association of Realtors. (Bruce Tilley/CBC)
And the numbers — though lower than past years — prove it.
Last week, said Stirling, 63 real estate transactions were concluded in the province. These were homes that sold in January or February, with the money changing hands last week after all the legal work was completed at the height of a public health emergency.
Stirling said another 54 new sales were recorded last week, meaning buyers have been approved for their financing, had inspections completed, and are now working with their lawyers to finalize a mortgage.
“You can still buy and sell. But there will be some delays,” said lawyer Chris Peddigrew, a partner with St. John’s firm Wadden, Peddigrew and Hogan.
The way real estate agents interact with their clients has been evolving for years as technology improves, and agents welcome these changes into their daily workflow.
Virtual tours are proving to be very useful, as those in the market for a new home can visit a listing without ever physically venturing onto the property, so people are only going to look at a house after they’ve seen it online and are really serious, said Stirling.
“Anybody who is just a tire kicker or they’ve got some discretion as to whether or not now is the time to buy or sell, those people are being encouraged to stay home and wait.”
St. John’s lawyer Chris Peddigrew is continuing to carry on real estate law, despite an ongoing pandemic. However, he says clients should prepare for a long closing process. (WPH Law)
The real estate industry has been deemed essential because even in a pandemic, life situations continue to present themselves.
There are still deaths, divorces and job changes, and these factors are largely responsible for the limited amount of activity.
“Our job is to be there for all our clients, but to do it properly, with safety first and foremost,” said St. John’s real estate agent and NLAR board member Keith Soper.
But with public health experts implementing strict measures to limit physical interation and contain the spread of the coronavirus, agents and others in the business have been forced to adapt.
Open houses have been stopped, with viewings limited to vacant homes, and only under careful distancing and cleaning protocols.
When a viewing is necessary, both the agent and the client sign a document, affirming that they have not travelled, do not have COVID-19 symptoms, and have not come in contact with anyone with the disease.
On top of everything else that’s going on globally, the Newfoundland and Labrador economy is nothing to be writing home about these days.– Keith Soper
“If any of that criteria is not met, then it doesn’t happen,” said Soper.
While home inspections are continuing, face-to-face interaction is practically non-existent, with technology relied upon to deliver a final report to the buyer.
But those insisting on buying during these trying times will have to be patient.
It typically takes 30 days for a real estate transaction to close, but that process could now take double, or three times as long, Soper said.
With so many people working remotely, and offices reduced to essential workers, critical steps in the process, including title searches, tax information and banking documents, are taking longer to complete.
And with the court system closed, a transaction that involves changes to an estate may not even be possible, said Peddigrew.
Meanwhile, one area where a face-to-face meeting is still required is the signing of a mortgage, and like every other step in the process, this is done with care and caution, said Peddigrew.
“Right now there’s no ability for electronic signatures for lawyers to witness these mortgages. We are required to meet with clients in person,” he said.
St. John’s real estate agent Keith Soper is a member of the N.L. Association of Realtors board. (Keith Soper Real Estate Team/Facebook)
But business-as-usual seems like a distant memory, and agents are worried about what the COVID-19 pandemic will do to the housing market in the long term.
“On top of everything else that’s going on globally, the Newfoundland and Labrador economy is nothing to be writing home about these days,” said Soper. “I don’t think that’s going to improve any time soon.”
The average price for a home in St. John’s and area prior to the pandemic was roughly $290,000, said Soper.
It’s too early to say how the economic shock being delivered by the coronavirus will affect the market, but Soper believes the stage is set for an erosion of prices.
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.
