17 West Street in Wellington, Ont., one of the principal towns in the increasingly popular Prince Edward County.
Deborah Baic/The Globe and Mail
Demand for real estate in Prince Edward County, Ont., exploded in June as pandemic-weary Toronto residents seek an escape from the city.
The number of properties that traded hands doubled in June from May, says Treat Hull of the brokerage Treat Hull and Associates. Sales were also jumped sharply from June, 2019.
The average price, meanwhile, climbed 14 per cent from June of last year to hit $600,000.
Mr. Hull sees more than a burst of activity stemming from pent-up demand: he believes there is a tectonic shift underway in real estate that will likely result in high demand for Prince Edward County properties for a long time to come.
Mr. Hull says the coronavirus and the measures imposed to contain it seem to have prompted many people to think about a change in lifestyle. As restrictions were eased and the market began to open up again, buyers swarmed to Prince Edward County, which is about two hours east of Toronto.
“I think it’s psychological. The risk didn’t change overnight,” Mr. Hull says. “All of a sudden they just returned to the market. I was gobsmacked.”
Meanwhile, the number of resale listings fell far short of the same month last year. Months of inventory stood at just over four months at the end of June.
Months of inventory is an indicator of the balance of supply and demand. It measures how long the pool of current listings would last at the current rate of sales. The current level has not been seen since the bubbly days of 2016-2017.
Prince Edward County’s mix of farmland, beaches, charming towns and fine dining have made the headland jutting into Lake Ontario a popular weekend destination for visitors from Toronto for many years. Often, those visitors decide to buy a vacation home or an investment property they can rent out on Airbnb and other short-term rental platforms.
The County’s mix of farmland, beaches and fine dining have made it a a popular weekend destination.
JOHNNY C.Y. LAM/The Globe and Mail
Some buyers also purchase with a longer-term view towards retirement. Mr. Hull says that is one group that has been making the drive along Highway 401 recently. Many are accelerating those plans.
Mr. Hull has heard from more than a few lawyers, for example. One is a senior partner at a large Toronto law firm who told Mr. Hull the changes brought about by the pandemic have given him time to reflect. He wants to slow down his practice and work mainly from home.
Mr. Hull says Zoom video conferencing and other technologies have made working from home acceptable now for a wide swath of the professional economy.
In the past, buyers looking toward retirement asked lots of questions about the proximity to a hospital and how long it would take to have the roads plowed of snow in the winter.
Not one of his buyers has raised those concerns in recent weeks.
“They want a retreat,” he says. “Distance from wineries matters for a lot of people.”
Another cohort of buyers is the family that has been talking about buying a cottage or vacation property for years. They’ve been cooped up for months – with lots of time to think about how nice it would be to have a retreat in the countryside.
“They’re stir-crazy and they can’t travel out-of-country.”
Some buyers are also motivated by fear of a second wave, he adds.
Mr. Hull’s analysis shows that many of the recent buyers and current house-hunters are new to the market – not only people who had to put their plans on hold in March when the real estate business dramatically slowed.
“It’s people who have newly resolved, ‘we’ve got to get a place in the country,‘” he says.
Many buyers feel a sense of urgency and want a shorter-than-usual closing, Mr. Hull says.
As for sellers, Mr. Hull sees no sign they are rushing to list. Many remain concerned about allowing agents to usher potential buyers into their homes.
23 County Road 35, Sophiasburgh, Ont.
Deborah Baic/The Globe and Mail
Looking ahead to the fall, Mr. Hull says there has never been a higher level of uncertainty in the business world. Second waves are common in pandemics, he points out, and it’s also commonplace for the second wave to be worse than the first.
Those factors mean incomes could be hit hard and paying $300-a-night for a weekend get-away to the county could become a lower priority for many people.
Meanwhile, some forecasters are predicting a modest increase in real estate prices in Canada, while others are expecting a decline.
“My advice to clients is, you need to be ready for both scenarios,” Mr. Hull says. “It’s discomfiting for buyers. I’m not saying things are going to go south – but they definitely could.”
Toronto-Dominion Bank economist Rishi Sondhi is warning that the pandemic has thrown sand in the gears of Canadian population growth.
The national population count was already expanding at its slowest pace since 2015 in the first quarter, Mr. Sondhi points out. In April, immigration collapsed.
The risks from weaker population growth and elevated unemployment have prompted Mr. Sondhi to downgrade TD’s forecast to modest price growth in Canadian housing in the second half of 2020 and a mild decline next year.
He expects the impact to be most noticeable in the large cities of Toronto, Vancouver and Calgary, where many immigrants settle.
The rental market will slump first – at the same time that pandemic-related job losses have already disproportionately hit younger workers, who also tend to rent.
“The ownership housing market will also feel the impact as fewer newcomers purchase properties and there is less demand from investor-owned rental units,” Mr. Sondhi says in a research report.
Some of the setback is likely to be temporary, he says, but the mix of ongoing travel fears, a pandemic-related slowdown in processing times for immigration applications, government travel restrictions, an only gradually healing global economy to hold Canada’s population growth well below its pre-pandemic rate of about 1.5 per cent annually.
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.
