Residential real estate sales records continue to be set as Chatham-Kent’s red-house market shows no signs of cooling off.
Residential real estate sales records continued to be set last month as Chatham-Kent’s red-house market showed no signs of cooling off.
The 175 units sold in October not only set a new sales record for the month – a 35.7 per cent increase from October 2020 – but set an overall dollar value record for the properties sold, which rang in at $77.6 million
The total dollar value soared 84 per cent above the same month last year and is also the largest dollar value of homes sold for any month in the region’s history, stated a media release from the Chatham-Kent Association of Realtors.
Home sales were also 27 per cent above the five-year average and 45.2 per cent above the 10-year average for the month of October, stated the release. On a year-to-date basis, home sales totalled a record 1,553 units over the first 10 months of the year, a substantial gain of 36 per cent from the same period in 2020.
“The blistering pace of sales activity continued unabated in October, with home sales reaching not only the highest October on record but also the second highest level of any month in history,” association president Laura Tourangeau said in the release.
“New listings are not matching the level of demand out there among prospective homebuyers, so overall inventories remain near record lows,” she added. “This extreme lack of supply is enabling year-over-year price gains to remain in the strong double digits.”
The average price of homes sold in October 2021 was $443,538, a jump of 35.6 per cent from October 2020, said the association. The average price for the month actually dropped from the record $463,605 reached in September.
The more comprehensive year-to-date average price was $415,538, a sharp increase of 35.6 per cent from the first 10 months of 2020.
The number of new listings saw a sizable gain of 13.5 per cent from October 2020. There were 176 new residential listings in October 2021. This was the largest number of new listings added in the month of October in more than five years, said the real estate association.
New listings were 8.6 per cent above the five-year average and 3.3 per cent above the 10-year average for the month of October. Active residential listings numbered 168 units on the market at the end of October, increasing by 21.7 per cent from the end of October 2020. Active listings were 20.5 per below the five-year average and 54.9 per cent below the 10- year average for the month of October.
There was only a single month of inventory at the end of October, down from the 1.1 months recorded at the end of October 2020 and below the long-run average of 3.4 months for this time of year, said the association.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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.
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