After raising concerns about slow sales at the start of the pandemic, business turned around in a huge way for Fredericton realtors last year.
Data from the Fredericton Real Estate board for 2020 show record sales and prices.
Things started to pick up in April, said RE/MAX agent Jason Munn, and it’s been busy ever since.
The number of houses sold was 2,660. That represented an increase of 7.9 per cent over the previous year.
For some people the timing was right, said Munn, others moved for work and some were enticed by low interest rates or New Brunswick’s low COVID-19 case counts.
Munn also noticed a lot of young buyers who decided they didn’t want to rent anymore if they were going to be “stuck at home” because of pandemic restrictions.
Homes sold for an average price of over $207,000. That was up 10.3 per cent from 2019.
Rebecca Steeves of RE/MAX says buyers are looking at houses they think they can afford and the next thing they know the house has sold for $10,000 to $20,000 above the asking price. (Submitted by Rebecca Steeves)
Houses are regularly selling for $10,000 above the list price and it’s become the norm to have multiple offers and bidding wars, according to RE/MAX agent Rebecca Steeves and Exit agent Josie Livingstone.
Livingstone said one home listed for about $200,000 ended up selling for about $240,000.
Many buyers are getting frustrated, she said.
Rudy Morales sold his home in 2020 and has been trying to buy another one since.
Morales was looking for a larger home for his family.
They expected to have time to find a new place while their old home was on the market.
But multiple offers came in within a couple of days and it sold in no time.
“We were happy,” said Morales.
Since then they’ve been living in an apartment.
Steeves says this home in New Maryland was recently purchased sight unseen by a couple from Ontario. (Submitted by Rebecca Steeves)
Every time they find a home listed for sale that they like, there’s already an offer on it, he said.
“It’s tough,” said Morales.
But he hasn’t given up. They are pre–approved for a mortgage, he said, and ready to move quickly when they find something they like.
The market conditions may be good for sellers, but low inventory makes things challenging for buyers, said Steeves.
“Right now in the Fredericton area, there’s around 200 listings, but there’s 280 realtors. So, anybody that has a realtor, they’re ready to pounce on it.”
Many people are making decisions to buy based on when they can see the home online, said Steeves.
An interior shot from a home in New Maryland that was recently purchased sight unseen. Steeves says it was designed by the seller, Dane Butler, of MacDonald Builders. (Submitted by Rebecca Steeves)
Besides photos and 3-D tours, they’re also asking for follow-up video calls, said Munn.
And they’re relying heavily on reports from home inspectors.
Steeves said she tries to be “a real black-hat thinker” and as blunt as possible about issues she spots to avoid having unhappy customers.
A buyer from British Columbia was thinking of making an offer on one home, she said, but its foundation was “caving in.”
She told them she didn’t think they’d want that home, but if they did, they should expect to spend about $40,000 on a new foundation.
Matt Wakefield and Courtney Case bought a new home in Beaver Dam last fall.
Wakefield is in the military and was being transferred from Borden, Ont., to Gagetown.
They were 36th on the waitlist for housing on base.
They relied on a realtor to scout homes for them. Most of those available were in flood prone areas, said Wakefield.
And each time they found a listing they liked, it would quickly disappear.
Josie Livingstone of Exit Realty says some buyers are getting frustrated trying to find a place, but they have few options because the price to build has gone up, too. (Submitted by Josie Livingstone)
They’d been looking for a while and Wakefield’s transfer date was just a couple of days away when they found a home they liked and made an offer.
The couple used all of their savings for the down payment.
“It was just a huge gamble,” said Wakefield. “I didn’t know what I was getting myself into.”
The realtor didn’t miss any major issues, he said, but the house was smaller than he thought it would be and some small details weren’t obvious from their remote video tour.
“You miss out on details like scratches in the walls and how the lighting looks and how much land you have and how noisy it is by the road. You miss out on a lot of things, but you get the bare necessities.”
Information Morning – Fredericton10:09Real estate series – Part 1
Philip Drost looks into the challenges of trying to buy a house during a pandemic. 10:09
Information Morning – Fredericton8:25Real estate series – part 2
A record year for home sales in Fredericton has made for a busy year for real estate agents. 8:25
Corey Demerchant and her husband decided last winter that they wanted to move to New Brunswick. The pandemic delayed their plans a bit. They put their house in Ontario on the market last summer and it sold a day later. It took them two-and-a-half months to find their new home.
“Buying a house in a different province is very stressful,” said Demerchant.
“I’m surprised my marriage lasted.”
The most challenging part, she said, was the emotional roller coaster.
“There were so many we really liked. And we inquired about them and they were already gone. You get really excited and hopeful. You really get your heart set on a house and you find out you can’t have it.”
They ended up spending a little more than they’d budgeted for, but were still able to buy mortgage free and are very happy with the end result.
It was “like Christmas morning,” said DeMerchant, when she got here and saw the home in person.
“It couldn’t have worked out better. We’re in a beautiful house and a great area.”
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.
