BEIJING (Reuters) – China will institute new rules in real estate financing, its central bank said on Sunday.
The move comes after China’s Ministry of Housing and Urban-Rural Development and the People’s Bank of China (PBOC) held a conference last week in Beijing with property companies and other government bodies to discuss a long-term mechanism for regulation of the real estate market.
PBOC and the housing ministry will form capital and financing management rules for key real estate companies, the central bank said in a statement, without elaborating.
(Reporting by Yawen Chen, Yilei Sun and Ryan Woo; Editing by Muralikumar Anantharaman)
Members of Royal LePage Community Realty stand outside their Southview Drive office with a $1,000 check for Medicine Hat Family Services on Friday, the first of a dozen donations in the organization’s 12 Months of Giving campaign.–NEWS PHOTO RYAN MCCRACKEN
Forget the 12 days of Christmas, Royal LePage Community Realty is stepping up with 12 Months of Giving.
The local real estate team recently announced it will be taking $1,000 from its Institutional Advertising fund and giving it to a local not-for-profit group every month for the next year.
“We wanted to repurpose those funds and do something we could feel good about,” said Royal LePage Community Realty owner/broker Brooklyn Kalista, adding the Institutional Advertising fund is built through monthly contributions from agents.
“We support the community and the community supports us. Without community support it’s pretty hard to have success in our industry. It’s just wanting to be there for the community on a collective level. A lot of us do it personally and collectively throughout the year, but just seeing what was happening this year, specifically with COVID and everything else, we just thought this would be a really good time and a great way to repurpose funds and inject something back where we could.”
First up will be Medicine Hat Family Services, followed by the Medicine Hat Women’s Shelter Society, the Santa Claus Fund, the food bank’s Brown Bag Lunch Program, the Kinsmen Club of Medicine Hat and Medicine Hat Soccer Association.
The second half of the campaign will feature donations to McMan Youth, Family and Community Services Association, the local Mustard Seed, SPCA Medicine Hat, Big Brothers Big Sisters, the Hat Ronald McDonald House and Habitat for Humanity Southern Alberta.
Kalista says many of the team’s 46 members already volunteer their time at a number of these organizations throughout the year. When approaching the 12 Months of Giving campaign, Kalista says team members were asked to express which organizations mattered most to them.
“We kind of just picked things that really hit home, literally,” she said. “We went with things like bringing food to the table, things that deal with mental health – because obviously that’s been a really big thing for our community this last bit – and just family. Anything to do with those sorts of services that relate to everyday living, we wanted to make sure we were hitting.”
After figuring out the 12 recipients, Kalista says the team reached out to each one to co-ordinate a schedule that will help each organization at a time when it’s needed most.
“We put some thought into our timeline over the next 12 months, as to when it works best for those organizations. We connected with the organizations too, to see if there were times that were more opportune for them as well,” said Kalista. “We kept our one that goes directly to the Santa Claus Fund right around the time that we know we’re usually donating to them anyways. And we will collectively donate toys and games on top of what we’re doing. We did try to match up with the food bank for the brown bag lunch that they have going on right now.”
The real estate market balance is strongly leaning towards the seller currently.
That is what Ron David, President of the Rideau-St. Lawrence Real Estate Board says.
“There’s still a shortage of inventory. The buyers are out there and they are active and they either want to purchase or need to purchase, so what we are experiencing are multiple offers on most of the sales and listings. Which, of course, also relates to a shorter time on the market.”
David says in Leeds and Grenville they’re finding they’re having an influx of people coming to the area from communities like Ottawa, Toronto, Brampton, Kitchener and Oshawa. He says the cause of the influx is price saying this area is still a great bargain. David adds people being able to work from home is another reason when they get an exceptional deal here to work from home.
David says the Ontario Real Estate Association will be bringing a plan to Premier Ford’s government to outline how housing can help drive Ontario’s post-COVID economic recovery. He says presentations to MPPs will be done next week for the plan.
The local real estate market set more records in August, with total home sales increasing nearly 40 per cent from the same time in 2019.
There were 260 homes sold last month, shattering the previous record of 210 set in August 2017. It was also the first time more than 250 homes were sold in a month in the Huron-Perth region.
“One difference in this local market compared to many others in Ontario is that the massive rebound in sales has been accompanied by a sustained increase in new listings,” Huron Perth Association of Realtors president Sherrie Roulston said. “The market remains historically tight, and prices are moving up to record levels as a result.”
The average price of residential properties sold in August 2020 was a record $477,756, up 19.8 per cent from August 2019. The cumulative dollar value of all home sales in August 2020 was $124.2 million, a large increase of 65.7 per cent from the same month in 2019. This was also a new record, not only for August, but for any month in the local real estate association’s history.
“You’re in the heat of it through the month and things are going crazy, and when you see the percentages, it’s (surprising),” Roulston said.
August is traditionally a slower month for the housing market as homeowners and prospective buyers are busy taking holidays and preparing for school’s return, but COVID-19 has shifted the market in 2020.
“There are a lot (of buyers) coming from out of town, whether it be Kitchener, Guelph, the (Greater Toronto Area) for sure,” Roulston said. “It’s driving our market up.”
On a year-to-date basis, home sales have totalled 1,410 units over the first eight months of the year – now up four per cent from the same period in 2019.
There were 244 new residential listings in August 2020, which was three more than a year ago and the largest number of new listings added in the month of August in more than five years.
Overall supply continues to run at record low levels, though. Active residential listings numbered 284 units at the end of August, which was a significant decline of 39.4 per cent from the end of August 2019.
Residential months of inventory numbered 1.1 at the end of August 2020, down from the 2.5 months recorded at the end of August 2019 and below the long-run average of 4.7 months for this time of year. 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.
The year-to-date average price of homes sold is $434,401, rising 13.7 per cent from the first eight months of 2019.
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