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Canadian home sales fall to record-breaking 36-year low – CTV News

Published

4 years ago

May 16, 2020

TORONTO —
Canadian real estate sales have fallen to historic lows during the pandemic as fears about the market’s future keep cautious buyers and sellers from making a move.

Home sales in April plunged a record-breaking 57.6 per cent from the year prior to 20,630 sales nationwide, the lowest activity on record since 1984, according to the Canadian Real Estate Association.

The stunning drop was most apparent in the country’s two hottest real estate markets, where spring is usually the one of the busiest times of the year. Activity fell 66.2 per cent in the Greater Toronto Area and 51.5 per cent drop in Greater Vancouver. Those cities were followed by Ottawa, which saw a 51.5 per cent drop, and Winnipeg, with a 42 per cent drop.

Those numbers come as little surprise to Vancouver-based realtor David Hutchinson. He listed a new property in April and received just one phone call about it the entire month.

Buying a home is one of the biggest financial commitments a person can make, and Hutchison says both buyers and sellers have decided to take a wait-and-see approach.

“People are on the sidelines a lot more,” Hutchison told CTV News.

While home sales have fallen dramatically, prices have not followed suit. The most recent numbers from April show that the national average price for a home was more than $488,000, down just 1.3 per cent from the same month last year.

Regardless, what’s clear is that anyone looking to sell a home isn’t facing the same set of circumstances as they would have before March. Toronto-based realtor Gus Papaionannou showed CTV News the numbers on a detached home in Toronto’s Riverdale neighbourhood that recently sold for $1.2 million — about $140,000 less than what the sellers were asking for just six weeks ago.

“Prices in general are flat, but there are certain sellers that if they need to sell, yes, they need to sell,” he said.

The state of the market is also worrisome for those who recently purchased a home. Myles Wagman and Jenia Bloch took possession of their new home just three weeks ago in Toronto.

“For so long in Toronto it’s just been assured that house prices are going up,” Wagman said.

If prices take a nosedive, they worry they could be left with a property that isn’t worth what they paid for.

“We haven’t seen prices reduce significantly, but definitely it’s been very, very stressful,” Bloch said.

Lockdown measures have also made it difficult to buy and sell, with most jurisdictions banning open houses. Instead, virtual open houses by Skype or FaceTime have been offered in their place.

It’s too soon to know what next month will bring, but that are early signs that May could be a more positive month for sales, said Sean Cathcart, senior economist with the Canadian Real Estate Association.

“We’ve developed a bit of a leading indicator and it’s showing that things have been improving since about mid-April,” Cathcart said.

The market’s long-term viability could be affected by job losses if hard-hit homeowners begin looking to cash out on their properties. But measures such as mortgage deferrals and financial assistance from the provincial and federal governments may be helping keep those numbers down.

Preliminary figures suggest that about 10 per cent of Canadian homeowners have chosen to defer their mortgage payments, according to the CMHC, and those deferrals are higher in regions that rely on the oil and gas sector.

Nationally, new listings fell 56 per cent from March to April.

With fewer houses up for sale and buyers holding back offers, the market has entered an unusually placid phase, said Robert Kavcic, director and economist of BMO Capital Markets.

“We’re in this odd situation where yes we are in recession, but we’re not getting a bump in listings and therefore, we’re not getting a decline in home prices.”

It may be years before real estate prices return to pre-pandemic levels. Earlier this month, officials with the Canada Mortgage and Housing Corp. said they don’t expect prices to return to what they were before COVID-19 until late 2022 at the earliest.

With files from The Canadian Press

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Allen nets shutout as Devils burn Oilers 3-0

Published

8 hours ago

November 4, 2024

Anne Joseph

EDMONTON – Jake Allen made 31 saves for his second shutout of the season and 26th of his career as the New Jersey Devils closed out their Western Canadian road trip with a 3-0 victory over the Edmonton Oilers on Monday.

Jesper Bratt had a goal and an assist and Stefan Noesen and Timo Meier also scored for the Devils (8-5-2) who have won three of their last four on the heels on a four-game losing skid.

The Oilers (6-6-1) had their modest two-game winning streak snapped.

Calvin Pickard made 13 stops between the pipes for Edmonton.

TAKEAWAYS

Devils: In addition to his goal, Bratt picked up his 12th assist of the young season to give him nine points in his last eight games and now 15 points overall. Nico Hischier remains in the team lead, picking up an assist of his own to give him 16 points for the campaign. He has a point in all but four games this season.

Oilers: Forward Leon Draisaitl was held pointless after recording six points in his previous two games and nine points in his previous four. Draisaitl usually has strong showings against the Devils, coming into the contest with an eight-game point streak against New Jersey and 11 goals in 17 games.

KEY MOMENT

New Jersey took a 2-0 lead on the power play with 3:26 remaining in the second period as Hischier made a nice feed into the slot to Bratt, who wired his third of the season past Pickard.

KEY RETURN?

Oilers star forward and captain Connor McDavid took part in the optional morning skate for the Oilers, leading to hopes that he may be back sooner rather than later. McDavid has been expected to be out for two to three weeks with an ankle injury suffered during the first shift of last Monday’s loss in Columbus.

OILERS DEAL FOR D-MAN

The Oilers have acquired defenceman Ronnie Attard from the Philadelphia Flyers in exchange for defenceman Ben Gleason.

The 6-foot-3 Attard has spent the past three season in the Flyers organization seeing action in 29 career games. The 25-year-old right-shot defender and Western Michigan University grad was originally selected by Philadelphia in the third round of the 2019 NHL Entry Draft. Attard will report to the Oilers’ AHL affiliate in Bakersfield.

UP NEXT

Devils: Host the Montreal Canadiens on Thursday.

Oilers: Host the Vegas Golden Knights on Wednesday.

This report by The Canadian Press was first published Nov. 4, 2024.

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Mahomes throws 3 TD passes, unbeaten Chiefs beat Buccaneers 30-24 in OT

Published

8 hours ago

November 4, 2024

Anne Joseph

KANSAS CITY, Mo. (AP) — Patrick Mahomes threw for 291 yards and three touchdowns, and Kareem Hunt pounded into the end zone from two yards out in overtime to give the unbeaten Kansas City Chiefs a 30-24 win over the Tampa Bay Buccaneers on Monday night.

DeAndre Hopkins had two touchdown receptions for the Chiefs (8-0), who drove through the rain for two fourth-quarter scores to take a 24-17 lead with 4:17 left. But then Kansas City watched as Baker Mayfield led the Bucs the other way in the final minute, hitting Ryan Miller in the end zone with 27 seconds to go in regulation time.

Tampa Bay (4-5) elected to kick the extra point and force overtime, rather than go for a two-point conversion and the win. And it cost the Buccaneers when Mayfield called tails and the coin flip was heads. Mahomes and the Chiefs took the ball, he was 5-for-5 passing on their drive in overtime, and Hunt finished his 106-yard rushing day with the deciding TD plunge.

Travis Kelce had 14 catches for 100 yards with girlfriend Taylor Swift watching from a suite, and Hopkins finished with eight catches for 86 yards as the Chiefs ran their winning streak to 14 dating to last season. They became the sixth Super Bowl champion to start 8-0 the following season.

Mayfield finished with 200 yards and two TDs passing for the Bucs, who have lost four of their last five.

It was a memorable first half for two players who had been waiting to play in Arrowhead Stadium.

The Bucs’ Rachaad White grew up about 10 minutes away in a tough part of Kansas City, but his family could never afford a ticket for him to see a game. He wound up on a circuitous path through Division II Nebraska-Kearney and a California junior college to Arizona State, where he eventually became of a third-round pick of Tampa Bay in the 2022 draft.

Two year later, White finally got into Arrowhead — and the end zone. He punctuated his seven-yard scoring run in the second quarter, which gave the Bucs a 7-3 lead, by nearly tossing the football into the second deck.

Then it was Hopkins’ turn in his first home game since arriving in Kansas City from a trade with the Titans.

The three-time All-Pro, who already had caught four passes, reeled in a third-down heave from Mahomes amid triple coverage for a 35-yard gain inside the Tampa Bay five-yard line. Three plays later, Mahomes found him in the back of the end zone, and Hopkins celebrated his first TD with the Chiefs with a dance from “Remember the Titans.”

Tampa Bay tried to seize control with consecutive scoring drives to start the second half. The first ended with a TD pass to Cade Otton, the latest tight end to shred the Chiefs, and Chase McLaughlin’s 47-yard field goal gave the Bucs a 17-10 lead.

The Chiefs answered in the fourth quarter. Mahomes marched them through the rain 70 yards for a tying touchdown pass, which he delivered to Samaje Perine while landing awkwardly and tweaking his left ankle, and then threw a laser to Hopkins on third-and-goal from the Buccaneers’ five-yard line to give Kansas City the lead.

Tampa Bay promptly went three-and-out, but its defence got the ball right back, and this time Mayfield calmly led his team down field. His capped the drive with a touchdown throw to Miller — his first career TD catch — with 27 seconds to go, and Tampa Bay elected to play for overtime.

UP NEXT

Buccaneers: Host the San Francisco 49ers on Sunday.

Chiefs: Host the Denver Broncos on Sunday.

—

AP NFL:

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NHL roundup: Kuemper helps visiting Kings shut out Predators 3-0

Published

8 hours ago

November 4, 2024

Anne Joseph

NASHVILLE, Tenn. (AP) — Darcy Kuemper made 16 saves for his first shutout of the season and 32nd overall, helping the Los Angeles Kings beat the Nashville Predators 3-0 on Monday night.

Adrian Kempe had a goal and an assist and Anze Kopitar and Kevin Fiala also scored. The Kings have won two of their last three.

Juuse Saros made 24 saves for the Predators. They are 1-2-1 in their last four.

Kopitar opened the scoring with 6:36 remaining in the opening period. Saros denied the Kings captain’s first shot, but Kopitar collected the rebound below the goal line and banked it off the netminder’s skate.

Fiala, a former Predator, made it 2-0 35 seconds into the third.

The Kings held Nashville to just three third-period shots on goal, the first coming with 3:55 remaining and Saros pulled for an extra attacker.

Elsewhere in the NHL on Monday:

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DEVILS 3 OILERS 0

EDMONTON, Alta. (AP) — Jake Allen made 31 saves for his second shutout of the season and 26th of his NHL career, helping the New Jersey Devils close their western Canadian road trip with a 3-0 victory over the Edmonton Oilers.

Jesper Bratt had a goal and an assist and Stefan Noesen and Timo Meier also scored. The Devils improved to 8-5-2. They have won three of their last four after a four-game skid.

Calvin Pickard made 13 saves for Edmonton. The Oilers had won two straight.

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