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Canada housing market: What to expect this spring as prices drop

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With two kids under the age of six living in a two-bedroom, one-bathroom household, Jacquelin Forsey and her husband have long known it would only be a matter of time before their family outgrew their beloved home.

Long hours in the small space while Forsey was pregnant and toiling away from home during the COVID-19 pandemic, along with a visit to a neighbour who was selling their “beautiful” place that was “the perfect size,” convinced the couple to start their new home hunt recently.

“If there was any way to make this place bigger, we would never leave,” said Forsey, a PhD student, of the home her family owns in the Leslieville area of Toronto.

“We love it. We love the neighbourhood, we love our house, but we just can’t all be in this tiny house forever.”

The couple has spent recent months scouring listings and put in at least one failed bid, but Forsey has her fingers crossed that their fortunes will change this spring as economists and brokers predict activity to return to Canada’s housing market.

The market has been sluggish since last year, when prospective buyers started putting off plans to purchase homes as the Bank of Canada aggressively hiked interest rates eight consecutive times.

The quick succession of increases eroded buying power as borrowing costs rose and sent prices falling, discouraging sellers from listing their homes.

With Canadian Real Estate Association data showing average prices have dropped 19 per cent from their February peak of $816,578 to $662,437 last month and BMO Capital Markets’ chief economist predicting they will bottom out after falling 20 to 25 per cent, realtors see many edging toward a purchase once more.

“We got a flood of buyers in January, in February and we still are getting more and more and we started seeing multiple offers return and bully offers return,” said Michelle Gilbert, a Toronto broker with Sage Real Estate Ltd.

“We’ve started getting calls where buyers are just like ‘I think I’ll just adjust what I want, but I don’t want to miss my opportunity.”

These clients are a mix of people who have to move because they are relocating for work or growing their families and also first-time homebuyers keen to not let lower prices pass them by.

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Many first-time buyers are finding it harder to qualify for mortgages, but still want to make a purchase, so they are compensating by adjusting their expectations, said Gilbert.

“Maybe they can’t get the square footage they thought they could get because they can’t qualify for as much but they still really want to get a good deal,” she said.

Over in Vancouver, Coldwell Banker Prestige Realty agent Tirajeh Mazaheri has also seen a resurgence in buyers.

Weeks after the Bank of Canada signalled further interest rate hikes were unlikely, she said properties started selling quickly and with multiple offers.

She spotted a condo listed for $699,000 garner 11 offers and a house listed for $2.8 million snag five bids last month.

Others aren’t wading into the market just yet but are preparing to do so soon.

“Everyone who wasn’t pre-approved is getting themselves pre-approved because people want to jump on buying something because they’re worried that prices are going to start going way too high again,” said Mazaheri.

Despite such sentiment, she doesn’t see the market returning to the frenzied pace of 2021, largely because of the lack of properties available.

February’s new listings totalled 51,366, down 26 per cent from a year ago, the Canadian Real Estate Association recently revealed. On a seasonally-adjusted basis, they hit 57,535, down nearly eight per cent from January.

“A lot of sellers are beginning to want to list, but most of them, I am noticing, are a little bit cautious,” Mazaheri said.

“They’re noticing the shift in the market as well and they want to get top dollar for their property, so they’re thinking maybe let’s wait until the spring or the summer.”

For Forsey, there is no rush to buy a home, but she admits the pause on interest rates is giving her family some confidence in its decision to look for a new place.

While her engineer husband has been crafting spreadsheets calculating what they can afford, their amortization and the effects of potential interest rates, she said they’ve accepted “that we can’t time the market and we just have to do the best we can do and what we’re comfortable with and then hope it works out.”

“We can stay here until the right opportunity comes and we don’t have to rush out and we don’t have to make a rash decision,” she said.

“And if it doesn’t work out for a long time for us, that’s OK because what we’ve got is pretty great.”

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B.C. court allows police to apply to dispose of evidence from Robert Pickton’s farm

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VANCOUVER – A B.C. Supreme Court judge says it has jurisdiction to order the disposal of thousands of pieces of evidence seized from serial killer Robert Pickton’s pig farm decades ago, whether it was used in his murder trial or not.

A ruling issued online Wednesday said the RCMP can apply to dispose of some 15,000 pieces of evidence collected from the search of Pickton’s property in Port Coquitlam, including “items determined to belong to victims.”

Police asked the court for directions last year to be allowed to dispose of the mountain of evidence gathered in the case against Pickton, who was convicted of the second-degree murder of six women, although he was originally charged with first-degree murder of 27 women.

Pickton died in May after being attacked in a Quebec prison.

Some family members of victims disputed the disposal because they have a pending civil lawsuit against Pickton’s estate and his brother, David Pickton, Yand want to ensure that the evidence they need to prove their case is not dispersed or destroyed.

The court dismissed their bid to intervene in July this year, and the court has now ruled it has the authority to order the disposal of the evidence whether it was used at Pickton’s trial or not.

The ruling says police plan to “bring a series of applications” for court orders allowing them to get rid of the evidence because they are “legally obligated to dispose of the property” since it’s no longer needed in any investigation or criminal proceeding.

Justice Frits Verhoeven says in his ruling that there may be reason to doubt if the court has jurisdiction over items seized from the farm that had not be made exhibits.

But he said that will be a decision for later, noting “the question as to whether the court retains inherent jurisdiction to order disposal of seized items may remain to be considered, if necessary, in some other case.”

Jason Gratl, the lawyer representing family members of victims in the civil cases against the Pickton brothers, said in an interview Wednesday that the latest court decision doesn’t mean exhibits will be destroyed.

“Any concern about the destruction of the evidence is premature. Just because the court will hear the application to allow the RCMP to destroy the evidence does not mean that the court would grant the application,” he said.

Gratl said that if the RCMP brings an application to get rid of evidence that could be useful in proving the civil cases, he would ask the court for the evidence.

“We would be seeking to take possession of any evidence that the RCMP no longer wants in order to prove that civil claim,” he said.

Gratl said no date has been set for when the civil cases will be heard.

The court’s earlier ruling says the RCMP has agreed to allow some of the civil case plaintiffs “limited participation” in the disposal application process, agreeing to notify them if police identify an “ownership or property interest in the items” that they’re applying to destroy.

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.



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Democrats devastated by Vice-President Kamala Harris’ defeat |

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Supporters of Vice-President Kamala Harris say they are devastated the Democratic party leader lost the United States presidential election. Harris was set to address Democrats at her alma mater Howard University in Washington, D.C. after conceding the race in a phone call with Donald Trump. (Nov. 6, 2024)



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Democrat Elissa Slotkin wins Michigan’s open Senate seat, defeating the GOP’s Mike Rogers

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DETROIT (AP) — Democratic U.S. Rep. Elissa Slotkin has won Michigan’s open U.S. Senate seat, giving Democrats a bittersweet victory in a swing state that also backed Republican President-elect Donald Trump in his successful bid to return to the White House.

Slotkin, a third-term representative, defeated former Republican congressman Mike Rogers. Democrats have held both Senate seats in Michigan for decades, but this year were left without retiring incumbent Sen. Debbie Stabenow.

Michigan’s was among a handful of Senate races Democrats struggled to defend. They lost their U.S. Senate majority despite Slotkin’s narrow win.

The race was incredibly close. Just minutes before it was called for Slotkin, she addressed supporters in Detroit, acknowledging that many voters may have cast their ballots for her while also supporting Trump, who won the state’s electoral votes over Democrat Kamala Harris.

“It’s my responsibility to get things done for Michiganders. No matter who’s in office, just as I did in President Trump’s first term,” said Slotkin. “I’m a problem solver and I will work with anyone who is actually here to work.”

Slotkin’s win provides some solace for Democrats in the state, many of whom entered Election Day with high confidence following sweeping victories in the 2022 midterms. Democrat Gov. Gretchen Whitmer still controls the executive branch and Democrats held onto the Senate, but their state House majority was in peril.

And Republicans also captured a mid-Michigan seat vacated by Slotkin, considered one of the most competitive races in the country.

Slotkin, a former CIA analyst and third-term representative, launched her Senate campaign shortly after Democratic Sen. Debbie Stabenow announced her retirement in early 2023. With a largely uncontested primary, Slotkin built a significant fundraising advantage and poured it into advertising. Her high-profile supporters included former President Barack Obama and Stabenow, who helped her on the campaign trail.

On the Republican side, Rogers faced multiple challengers for the party’s nomination, including former Reps. Justin Amash and Peter Meijer, the latter of whom withdrew before the Aug. 6 primary. Rogers served in the U.S. House from 2001 to 2015 and chaired the House Intelligence Committee.

Trump won Michigan in 2016 by just over 10,000 votes, marking the first time a Republican presidential candidate had secured the state in nearly three decades. This time, he expanded that margin to about 80,000 votes.

Slotkin and other Michigan Democrats focused much of their campaigns on reproductive rights, arguing that Republican opponents would back a national abortion ban, although Rogers said he wouldn’t. How effectively the issue motivated voting in a state where reproductive rights were enshrined in the constitution by Michigan voters in 2022 remained to be seen on Election Day.

About 4 in 10 Michigan voters said the economy and jobs is the top issue facing the country, according to AP VoteCast, a sweeping survey of more than 110,000 voters nationally, including about 3,700 voters in Michigan. About 2 in 10 Michigan voters said immigration is the most pressing issue, and roughly 1 in 10 named abortion.

Slotkin used her funding advantage to establish her narrative early, aiming to connect both with her base and disillusioned Republicans.

“For the Republicans who feel like their party has left them over the last few years, you will always have an open door in my office,” Slotkin said during their only debate.

The Canadian Press. All rights reserved.



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