More homes were sold in Greater Vancouver in March than in any single month to date, according to the Real Estate Board of Greater Vancouver.
The organization said 5,708 homes changed hands last month, up 126.1 per cent from the same period in 2020, and up 53.2 per cent from February.
The blistering sales volume was 72.2 per cent above the 10-year average for the month of March, and higher than any single month previously recorded.
High demand has pushed annual price growth for single-family homes into the double digits, the board said.
The benchmark price for a detached home across the region reached $1.7 million in March, up nearly 18 per cent year-over-year, and up nearly five per cent from February alone.
Canada’s million dollar real estate club grows
Townhomes registered a benchmark price of $872,000, up 10 per cent from the same month last year and nearly four per cent from February.
The benchmark price for condos and apartments was $715,800, up 3.7 per cent year-over-year and up 2.6 per cent from February.
The board said demand was highest in rural and suburban areas. South Delta, for example, saw sales climb by nearly 196 per cent year-over-year.
Whistler saw growth of almost 195 per cent, and Squamish saw sales climb nearly 189 per cent.
The board attributed the surge in sales to a recovering economy, low interest rates, high demand for space and more household savings.
© 2021 Global News, a division of Corus Entertainment Inc.
Credit 'Zombies' on the Rise as Real Estate Firms Lead Charge – BNN
(Bloomberg) — The walking dead of the corporate world are multiplying — and the property industry sustains the most.
A new study on companies that have dodged default for years, even though they don’t have enough money to pay interest, comes just as markets from Hong Kong to New York are roiled by real-estate giant China Evergrande Group’s showdown with its creditors.
Consultancy firm Kearney found their numbers have expanded by 9% globally in the past decade, in part because loose monetary policy has allowed them to keep rolling over debts.
While “zombies” have been on the rise since the last financial crisis, the pandemic looks likely to bolster their ranks, with more companies seeking waivers after taking on unsustainable piles of debt when economies were shuttered.
The OECD defines zombie companies as those that have been trading for more than 10 years and have been unable to cover their interest burden from their operating revenues for three consecutive years.
Kearney studied records of 67,000 listed companies from 152 countries. It found:
- 7.4% of real-estate firms were zombies
- 5.9% of healthcare
- 5.5% of telecommunications and media
- 5.1% of travel and tourism
Within retail, online retail had a slightly bigger share of zombies than brick-and-mortar counterparts, potentially due to the low profitability of online players, according to the report.
At least 5 issuers are offering debt on European markets on Thursday, with new issuance volumes of at least EU2.25 billion-equivalent.
- Bank of England voted to keep bond-buying target and interest rate benchmark unchanged at a record-low 0.1%
- Ashmore Group Plc’s Jan Dehn is set to leave the firm, ending a 16-year stint at the emerging market-focused money manager
- SMCP’s majority shareholder, European TopSoho’s, failed to redeem at maturity EU250 million 4.0% bonds exchangeable into SMCP shares
Financial regulators in Beijing issued a broad set of instructions to China Evergrande Group, telling the embattled developer to focus on completing unfinished properties and repaying individual investors while avoiding a near-term default on dollar bonds.
- Global investors will focus on China Evergrande Group’s $83.5 million interest payment due Thursday on a five-year dollar note
- The People’s Bank of China pumped in 110 billion yuan ($17 billion) of cash with seven- and 14-day reverse repurchase agreements.
- Four Chinese firms were offering dollar bonds Thursday, ending a three-day lull in the Asian credit market amid holidays and concern about contagion from the distressed property giant Evergrande
Federal Reserve Chair Jerome Powell said there is little direct U.S. exposure to debt of the Chinese company Evergrande but said it could impact global financial conditions
- Powell said the Fed could begin scaling back asset purchases as soon as November and complete the process by mid-2022
- The takeover of medical supply company Medline Industries Inc. is being funded by the largest leveraged buyout loan in three years
- A gauge of volatility in the $4 trillion market for state and local-government debt has tumbled to just shy of a record low set in early January
©2021 Bloomberg L.P.
Record-breaking real estate: North Saanich property sells for nearly $23M – CHEK
The sale of a multi-million dollar listing in North Saanich is shattering any previous record for highest house price on Vancouver Island.
For $22.75 million, the Lawrence Road property includes a 13,000-square-foot home with eight bathrooms, six bedrooms, a two-storey study, a detached yoga studio, an infinity pool, tennis court, gym — even an underground wine cellar.
The president of the Victoria Real Estate Board, David Langlois, said the property is unique.
“You are looking at a very high-end, very interesting property that is going to offer features that you simply can’t find anywhere else,” he said.
It also comes with its own detached two-bedroom guest cottage.
“It’s significant in that it’s certainly the largest recorded sale that we’ve seen in our marketplace,” Langlois said.
“We do have a lot of really valuable real estate throughout the Greater Victoria area. We’ve got lots of private islands, and lots of estate-like settings. It’s not surprising.”
In June, a property in Metchosin sold for $12 million. It sits on 67 acres and a stream runs under parts of the 10,000-square-foot home.
At the time, it was the highest price ever paid through the Victoria Real Estate Board listings.
Tina Ireland, a regional assessor with BC Assessment, said there are fewer homes in the luxury market available right now.
“The luxury home market is more unique though of course, because the properties are more unique.”
With demand up for properties worth $4 million and more, so are prices.
“Last year’s assessment, we had seen a 10 per cent increase,” Ireland said. “This year I think we’ll see at least that in our assessed values.”
There have been 245 sales of homes in the $2 million category so far in 2021, compared with just 94 in the same period in 2020.
Dubai real-estate firm DAMAC approved to take firm private – 95.7 News
DUBAI, United Arab Emirates (AP) — A Dubai real-estate company known for its deals with former President Donald Trump said Thursday it had received regulator approval for an effort to take the firm private.
DAMAC Properties still plans to offer $595 million for outstanding shares of the company, the firm said in a filing on Dubai Financial Market stock exchange.
It said it would offer an update on the plan in the coming weeks. It earlier announced plans in June for the offer to take the company private, then withdrew them as regulators examined the plan.
The buyout would be through Maple Invest Co. Ltd., a holding company of DAMAC’s billionaire founder Hussain Sajwani. Sajwani owns nearly four-fifths of the company through various investment firms.
DAMAC stock traded up Thursday over 3% on the news. The firm has a market capitalization of over $2 billion.
DAMAC is known in Dubai for a development that features a Trump-branded golf club surrounded by villas and apartments, making it the only one of its kind in the Middle East that bears the Trump logo.
The company’s partnership with the Trump Organization to manage and run the golf course was struck before Trump’s election as U.S. president.
The Associated Press
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