With so many amenities shut down during the pandemic, putting up with Toronto’s sky-high real estate prices and often cramped living conditions is seeing many eschewing urban life for more rural settings.
While the housing market saw a relative pause in March, in recent weeks data has shown a surge in home sales outside the city. Many of the area’s buyers have been choosing to go beyond the traditional bedroom communities in the 905. The boom has been caused, in part, by the flexibility afforded to those working from home.
“(In) the top seven municipalities that saw the biggest growth, sales are up 40 per cent over last year, over the past six weeks,” said John Pasalis of Realosophy Realty.
The areas of those sales, he said, were on average about 86 kilometres away from Toronto.
Pasalis said the early signs of urban exodus were being driven by those who had a person working from home while their partner also had a flexible work status.
Durham Region and other areas within a close drive to Toronto have been an affordable alternative for many in the past, but Pasalis said areas seeing sales growth were far outside those areas.
“Areas like Caledon, Innisfil, King, like, just these outer, outer suburbs that are kind of not even the typical 905 — like Markham, Richmond Hill,” he said.
Jeff McKay and his wife Breanne Drennan have been dipping their toe in the rural market for the past several months. When the coronavirus pandemic hit, they were living in a two-bedroom apartment near Dufferin Street and St. Clair Avenue West. With two children and McKay working from home, the lack of space proved too much for their family.
McKay works for an insurance startup, which he said was set up so that remote work made a lot of sense. When the community workspace on Front Street shut down during the pandemic, he said the two-bedroom they were living in for commuting’s sake no longer made sense.
“We kind of looked at ourselves, at each other, and we were wondering, ‘Why are we in Toronto?’” said McKay.
“We were losing our minds,” said Drennan.
“We never expected to all hunker in and have a workspace and a household in a two-bedroom apartment.”
Drennan said they were among the lucky ones because her maternity leave gave her the ability to spend more time watching their sons, who are five and 18 months old. But with McKay’s ability to work from home, the pair decided to make a major change.
Now the family is living outside of Flesherton, located about a 40-minute drive southwest of Collingwood. With so much uncertainty surrounding the pandemic, they decided to lease rather than buy. But with their $1,500 rent on a modest home on a one-acre property versus $2,400 for a 1,000-square-foot apartment, the couple is considering a more permanent move.
“Something that seemed impossible before now seems like, you know, it can work,” said McKay.
“It’s kind of a decision that’s dynamic and it’s changing, you know, as the situation changes with COVID.”
Pasalis said many others aren’t playing it quite as safe when it comes to choosing more home and space over larger debts.
“I guess they’re confident that this is going to go on for years and I guess that’s the big bet that they’re making,” he said.
But while there has been a boom in some regions, he said the traditionally low sales volumes in those areas also need to be recognized. The test, Pasalis said, will be to see how long the trend continues.
“I think it’s hard to say how long these trends will last, but we’re certainly seeing these early signs of people moving to the suburbs,” he said.
© 2020 Global News, a division of Corus Entertainment Inc.
Sale of Private Residential Estate Breaks Quebec Real Estate Record – GlobeNewswire
Montreal, Quebec, Aug. 13, 2020 (GLOBE NEWSWIRE) — Sotheby’s International Realty Canada today announced the sale of a private estate in Montreal that has set a new benchmark as the highest recorded residential property sale through the MLS® (Multiple Listing Service) system in Quebec’s history.
Listed at $20 million, the sale closes as Montreal’s real estate market soars following the resumption of real estate brokerage activities in May.
“Situated on almost 30,000 square feet of beautifully landscaped grounds, this estate provided a rare opportunity to own one of the most prestigious properties in Montreal,” said Liza Kaufman, listing agent with the Kaufman Group of Sotheby’s International Realty Quebec, who represented the sellers and the buyers in the transaction.
“By marketing the property across Sotheby’s International Realty’s exclusive media network, we generated strong local and international demand and several offers. This sale reflects how confident luxury buyers are in the long-term fundamentals of Montreal. It also reveals a consumer trend that is emerging with the pandemic – more than ever, people are seeking security and a desirable lifestyle by investing in their homes,” Kaufman said.
Built in 1924, the six bedroom home, with six full bathrooms, two powder rooms and one powder room in the pool cabana, has been fully restored to merge classic European architecture with stylish contemporary designs, bespoke furnishings and world-class comforts, including a 14-car garage and saltwater pool.
The main kitchen is equipped with a Lacanche Cote d’Or, nine-burner gas stove with double ovens, large Miele Refrigerator, large Miele freezer, Miele dishwasher, compactor, double sink, garburator and pot filler. A grand centre marble island seats four with an adjacent breakfast table with seating for six. An additional pair of writing desks and an abundance of hidden storage make the kitchen a central hub for the home.
The imposing entry opens to a grand centre hall paneled in rich wood, offering exquisite moldings and a gas fireplace. The cross hall plan is perfect for entertaining. The light-filled living room features large windows overlooking the city and a beautiful marble antique mantle piece. The adjacent dining room is available for intimate dinners or lavish entertaining, and it is serviced by a caterer’s kitchen featuring a Wolf oven, Subzero refrigerator, gas stove, dishwasher, microwave and wine refrigerator.
French doors open to a spectacular multi-level backyard which feature the pool and stone terraces large enough to host a wedding party and other large events. A custom stone fire pit, pool cabana with change room and powder room, tree house and children’s play area, make this an outdoor paradise.
“Montreal’s residential real estate market has been strong across the conventional and luxury real estate market, and across every residential property type this summer,” says Daniel Dagenais, Managing Broker of Sotheby’s International Realty Quebec. “In fact, according to the latest statistics released for the Montreal Census Metropolitan area by our real estate board, residential sales surged 46% year-over-year from July of last year and set a new record for a month of July.”
The transaction demonstrates a resurging demand for luxury Canadian properties.
“The Montreal real estate market, as well as major metropolitan markets such as Toronto and Vancouver, saw significant gains in the first months of 2020 before COVID-19 disrupted their momentum,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “We’re now seeing pent-up consumer demand surge into new activity. In addition, global uncertainty is firing up new demand for real estate in key Canadian markets including Montreal, not only amongst locals, but from buyers from the U.S. and overseas who are seeking sanctuary and a secure financial investment.”
According to Kottick, favourable mortgage lending conditions and continued volatility in the stock market are also positioning Canadian real estate as a desirable and secure investment.
Further details of the sale of this estate remain private.
About Sotheby’s International Realty Canada
Combining the world’s most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby’s International Realty Canada is the leading real estate sales and marketing company for the country’s most exceptional properties. With offices in over 32 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of approximately 1,000 offices in 71+ countries and territories to manage the real estate portfolios of discerning clients from around the world. For further information, visit www.sothebysrealty.ca.
Media Contact Victoria Levy Talk Shop email@example.com 604-738-2220
Edmonton-area real estate market hot despite COVID-19 pandemic – Global News
According to the Realtors Association of Edmonton, even though concerns remain over the coronavirus pandemic, residential sales in the city and surrounding areas are up this summer.
In the first few months of the pandemic, sales were down more than 35 per cent from March to April. But they’ve since rebounded and then continued to grow.
In May, the housing market shot up more than 54 per cent compared to April, and in June they rose again, up more than 77 per cent. Those sales held steady, increasing slightly in July.
Residential home sales were up nearly 14 per cent in July 2020 compared to last July.
Homes are also selling faster. On average, a single-family home is selling in 49 days — eight days faster than this time last year.
Reema Kaushik is a top-ranking mortgage advisor for CIBC.
“We were quite worried in March when the pandemic started. We thought that people would be scared to buy a home,” she said, joking that she thought she’d have time to try out new recipes on YouTube.
But instead, she’s busier than ever.
“I think one of the biggest reasons is the competitive rates that every lender is offering. We’ve never seen such great rates — ever,” Kaushik said.
She also points to an incentive by the Canada Mortgage and Housing Corporation for getting new buyers into the market.
“It allows first-time home buyers, within a certain eligibility criteria, to borrow five per cent for existing homes and 10 per cent down payment for new construction homes.”
New construction mortgages are Kaushik’s specialty.
“I was talking to one of my builder partners when they told me they’re completely out of existing home inventory, which means there’s no quick possession left.”
This summer has also been a whirlwind for YEG Pro Realtor Reanna Bowden.
“It’s extremely busy,” she said. “I’ve been a realtor in Edmonton for 15 years and by far this is the busiest June [and] July I ever saw.
“It’s 16-hour days — non-stop — to get my clients to where they want to be.”
As for Bowden’s take on the sudden jump in home sales?
“I think our spring buyers that were maybe on the fence, not buying in the spring, just jumped on top of our June [and] July buyers, so it was a frenzy.”
In a single month, Bowden said her clients found themselves in multiple-offer situations four times.
One of those clients was Hana Price. She was one of five people to place an offer on a particular house in west Edmonton in June.
“I thought that the real estate market was not going to be that hot, especially with COVID(-19),” she laughed.
Price said her boyfriend’s house sold pre-pandemic, but they weren’t comfortable shopping when COVID-19 hit.
“There’s uncertainty with employment at that time,” she explained.
“And just kind of not really wanting to leave your house and go into somebody else’s house.”
Price ended up getting the house she wanted, but had to pay $25,000 over the asking price.
She said if you’re interested in buying, she has some advice.
“Move quick. Don’t think about it for too long, because you might lose out.”
© 2020 Global News, a division of Corus Entertainment Inc.
Vancouver real estate: Point Grey home listed at $5.8 million sells just over $4 million – Straight.com
A new home in one of the most expensive neighbourhoods of Vancouver took a huge cut in price before selling.
Close to $2 million.
The Point Grey area home at 4568 West 8th Avenue sold for $4,023,809 on August 4.
The amount represents a $1,864,191 reduction from its listing price in 2018, the same year the home was constructed.
A July 30, 2018 listing by RoyalLePage Sussex J Soprovich pegged the price at $5,888,000.
Based on tracking by the property site fisherly.com, more listings followed.
Luxmore Realty listed the five-bedroom, six-bathroom home for $5,388,000 on October 16, 2018.
The agency made two more listings: $4,988,900 on November 26, 2018, and $4,998,900 on February 27, 2019.
Then it was the turn of RE/MAX Select Properties.
The agency listings were as follows: $4,998,900 on May 8, August 30, and January 7, 2020.
RE/MAX Select Properties tried again on February 21, 2020 with a reduced price of $4,788,000.
Then it was Century 21 Coastal Realty Ltd.’s turn.
The agency listed the home for $4,788,000 on July 21, 2020.
The price was reduced to $3,688,000.
Finally, a buyer came forward and offered above the asking price.
Century 21 Coastal Realty Ltd. sold 4568 West 8th Avenue seven days after the July 21 listing for $4,023,809.
The listing praised the “elegant home” as a “gorgeous contemporary residence” in “prestigious Point Grey”.
It is a south-facing property with “sun-filled entertaining areas”.
The home also features a rooftop patio with “stunning city views”.
The home comes with a media room, recreation room, and a wet bar and “encased wine wall”.
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