CAPITAL REGION, N.Y. — Residential real estate is selling fast, according to the most recent report from the Greater Capital Association of Realtors.
Last month, a typical single family in the Capital Region sold just above 100 percent of the original list price in less than a month on market. That’s a reduction of 22 days compared to last September.
A limited supply of housing and increased selling prices are keeping the Capital Region market hot, the report said. Homes are still selling at a brisk pace and listing prices continue to grow steadily over the previous year.
Active inventory continues to fall short and is down 22 percent from a year ago with just 2,874 units on the market.
“With new listings down 23 percent to 1,453, the uptick in inventory we saw last month seems to have hit the pause button,” Greater Capital Association of Realtors CEO Laura Burns said in a press release.
Homes are still being quickly snapped up as demand remains elevated. Greater Capital Association of Realtors president Jeffrey Decatur of Re/Max Capital added, “It’s difficult for inventory to grow when shoppers are still actively buying homes and the pace of new sellers is weakening.”
Existing home sales throughout the Capital Region were down in September, falling 14.5 percent.
The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 11.6 percent to $270,000.
New construction provided 127 new listings last month, down by 41 percent on the 217 new homes that came to market in September 2020.
This shortage has played a part in the median sale price of new construction rising by seven percent last month to $425,346.
Declining affordability is showing an impact on homebuyers. According to Freddie Mac, though mortgage rates are still historically low, many potential homebuyers are staying on the sidelines due to high home price growth. Rising mortgage rates combined with growing home prices make affordability more challenging for potential homebuyers.
As the Capital Region heads into the cooler weather, the market often cools as well, but if Covid-19 and the Delta variant concerns don’t make it to the rearview mirror, the report said, the cold weather might not affect the hot market.
Google real estate executive says 5% more workers coming in to office each week
Alphabet Inc’s Google has seen an increasing number of employees coming in to its offices each week, particularly younger workers, the company’s real estate chief said during an interview at the Reuters Next conference on Friday.
On Thursday, Google indefinitely pushed back the mandated return date for employees due to concerns about the Omicron variant. The company had previously said its 150,000 global employees could be required to come in to the office as soon as Jan. 10.
Nevertheless, David Radcliffe, Google’s vice president for real estate and workplace services, said many Googlers are returning of their own volition. About 40% of its U.S. employees on average came in to the office daily in recent weeks, up from 20-25% three months ago, he said. Globally, 5% more employees are returning to offices week after week, he added.
“People are actually showing voluntarily that they want to be back in the office,” Radcliffe said. “We’re moving in the right direction.”
Younger employees and those who joined Google more recently have been coming in at higher rates, seeking opportunities to learn from colleagues, Radcliffe added.
Google expects workers in the office at least three days a week once it mandates a new return date.
Based on feedback from those already back, it is redesigning floor plans to increase private, quiet spaces for distraction-free individual work and adding conferencing and other collaboration areas in open spaces both indoors and outdoors.
Real estate and human resources experts have considered Google a trailblazer for the past 20 years in sustainable office design and variety of workplace perks, including free meals, massages and gyms.
To extend those sustainability and wellness benefits to remote work, Google has encouraged employees to buy carbon offsets and non-toxic furniture for their home offices. It also has provided free cooking classes and discounts to fitness studios near workers’ homes.
“It was amazing how many employees had really never cooked themselves,” Radcliffe said.
(Reporting by Paresh Dave in Oakland, Calif., and Julia Love in San Francisco; Editing by Sonya Hepinstall and Matthew Lewis)
Calgary real estate is on a late-year roll – Western Investor
With $468 million in sales – not counting the $1.2-billion Bow office tower purchase that has yet to close – in the third quarter (Q3) 2021, Calgary is on track to top $2 billion in commercial and industrial real estate sales this year, according to Altus Group.
Meanwhile housing sales in November reached 2,110 transactions, just shy of the record for the month set in 2005, as the sales-to-new-listing ratio hit a blistering 100 per cent.
Altus reports that the Calgary’s commercial real estate market recorded 115 transactions for a total investment volume of $468 million in the third quarter, bringing the total investment volume for the year close to $2 billion. The total sales volume was up 37 per cent from the first three quarters of 2020.
Industrial sales led the commercial and industrial assets investment parade in the third quarter, with 27 transactions valued at $188 million. This sector was dominated by two substantial distribution logistics centre deals. These were the $69.7 million purchase of a Canadian Tire 496,000-square-foot distribution centre by Skyline Commercial Real Estate Investment Trust (REIT); and the $32.18 million sale of the Valad Construction headquarters industrial and office complex to Nexus REIT.
The ICI (industrial-commercial-institutional) land sector was the second most active in terms of dollar volume with 38 transactions amounting to $83 million, up 62 per cent from Q3 of 2020.
The multi-family rental apartment sector saw 15 transactions totalling $82 million, a 70 per cent increase from the same point last year, and only a marginal decrease from the previous quarter.
The retail sector tallied $44 million in transactions amounting to a 110 per cent increase from Q3 2020.
The biggest retail sale was the $8.35 million purchase of the Hansen Ranch Plaza, a near-12,000-square-foot retail centre in northwest Calgary, bought by local investors.
“Calgary’s beleaguered office market has remained flat, with five transactions amounting to $15 million, a negligible change from the same quarter last year,” noted Ben Tatterton, manager of data solutions at Altus, who prepared the Calgary report with national research manager Krut DSesai.
The landmark sale of the Bow office tower will be registered in a future quarter, Altus noted.
The two-million-square-foot Bow tower was purchased in August from Toronto-based H&R REIT by Oak Street Real Estate Capital, of Chicago, for $1.216 million, in a deal expected to close by the end of this year.
The Calgary Real Estate Board (CREB) reported a rush of home buyers in November.
“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB chief economist Ann-Marie Lurie. She added that supply levels have tightened, causing prices to rise.
The benchmark composite home price in November was $461,000, up nearly 9 per cent from November of 2020, according to Lurie.
Saskatchewan real estate market conditions making it hard for buyers: realtors – Globalnews.ca
“The really good houses, you pretty much have to go the exact same day as (they’re) listed, and even then you probably are going to get into a bidding war,” he said Friday.
He adds that bidding wars over Saskatoon homes are happening at a rate he has never seen in his 11 years working in Saskatchewan.
“(Last) Friday I got into two bidding wars with two different clients,” he laughed. “That’s not something you see too much of.”
A new report from RE/MAX shows this is the case across the country, making it harder for first-time homebuyers to get into the market.
RE/MAX Canada Regional Executive Vice President Elton Ash says this competition could continue.
“In March, we’re anticipating the Bank of Canada to start edging the overnight rate up with inflation concerns and that sort of thing,” he said Thursday. “That’s going to push buyers suddenly, because they’ve been looking and they’re going to want to lock in at a lower rate.”
Rural Boom: Why millennials are flocking to small town Canada
He said buyers from all across Canada are now seeing the value of an affordable new house in the Prairies.
“People are looking at that and saying, ‘Hey, yeah I might today be working in Toronto but I can work remotely and I can move back home to Saskatchewan where prices are much more affordable; family life will be better and I can work remote,’” Ash explained.
Ens says he’s seen this play out in his day-to-day job, with plenty of newcomers in the last year.
“We’ve seen people from Toronto, Chilliwack, B.C., places like that that are coming here,” he said.
From his perspective, the report is accurate in its prediction that houses will likely only continue to slowly increase in price, but he says a seller’s market won’t always make things easier.
“When you have bidding wars and you have multiple offers it sounds great for a seller,” he explained. “But it’s also very tricky because you could actually lose all the offers because you do something wrong.”
The bottom line, he says, is that Canada is a seller’s market — and Saskatchewan is selling fast.
© 2021 Global News, a division of Corus Entertainment Inc.
More Galleries of Color Debut at Art Basel Miami – The New York Times
Dutch former queen Beatrix tests positive for COVID-19
Hoping Omicron won’t wreck Christmas, Bethlehem lights up tree
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Sports9 hours ago
FTB: The Maple Leafs are in Minnesota after a scuffle at practice – Pension Plan Puppets
Health22 hours ago
'I was shocked': Mother, child mistakenly given COVID-19 vaccine instead of flu shot – Vancouver Is Awesome
Health24 hours ago
A 3-year-old went for a flu shot. Instead, she mistakenly got an adult COVID-19 vaccine – CBC.ca
News3 hours ago
Omicron: Should you travel and what insurance will you need? – CTV News
Economy15 hours ago
Can the global economy battle through another COVID-19 setback? – Aljazeera.com
Tech23 hours ago
PlayStation is reportedly working on its own version of Xbox Game Pass – MobileSyrup
Economy11 hours ago
Nobody seems to know what's going on with the economy – CNN
Sports22 hours ago
Sheldon Keefe on the Mitch Marner-Jake Muzzin incident in practice: "Our team is really close and that kind of stuff will be shaken off really quickly" – Maple Leafs Hotstove – Maple Leafs Hot Stove