A lack of new residential listings is “undermining the level of supply and sales for the Montreal Census Metropolitan Area,” says the latest market statistics report from the Quebec Professional Association of Real Estate Brokers (QPAREB).
The report is “based on the real estate brokers’ Centris provincial database.”
“The downward trend in sales continued in August, and can be explained by several factors combined,” stated Charles Brant, director of the QPAREB’s Market Analysis Department. “These include a historically low inventory of properties for sale and a more typical summer season in terms of sales— as opposed to last year when sales were exceptionally high due to the fact that the market was on pause during the spring.
“Also, year-to-date sales have increased by only 11 per cent compared to last year,” he added. “While the overheated market is well established, with price increases that remain substantial compared to last year, the proportion of sales concluded above the asking price is weakening. This reflects the shrinking pool of buyers with the financial capacity to buy in this market and explains the current stabilization of prices, particularly for single-family homes.”
For August of this year, the association’s report says “3,372 residential sales transactions were concluded in the real estate brokers’ Centris system in August, a 30 per cent decrease compared to August of last year, thereby reinforcing the downward trend in sales that has been evident since early spring.
“In terms of year-to-date sales, they are only 11 per cent higher than the first eight months of last year. In July, year-to-date sales were 17 per cent higher than last year.”
As well, “sales on the Island of Montreal fell by 27 per cent compared to August of last year. For a third consecutive month, single-family homes registered the largest decrease in sales at 39 per cent.”
Sales also decreased off-island, “caused by a slowdown in single-family home sales: Vaudreuil-Soulanges (-43 per cent), the South Shore (-34 per cent), the North Shore (-34 per cent), Laval (-27 per cent) and Saint-Jean-sur-Richelieu (-13 per cent).”
The QPAREB report points out that “three main property categories registered a drop in sales compared to August of last year.
“Sales of single-family homes fell by 37 per cent, while sales of condominiums decreased by 28 per cent. Plexes were less affected by the August slowdown, as transactions fell by only four per cent.”
There was also 10,238 active listings on the Centris system, representing “20 per cent fewer properties than in August of last year.
“In terms of year-to-date statistics, the number of properties available for sale in the CMA tumbled by 20 per cent, a phenomenon accentuated by low levels of new listings that have been ongoing for several months now.”
Also, “median prices continued to rise sharply in August, reaching $500,000 for single-family homes (+17 per cent), $375,000 (+20 per cent) for condominiums and $679,750 (+13 per cent) for plexes. Year-to-date, half of all single-family homes sold for more than $485,000, a 26 per cent jump compared to the same period in 2020. As for condominiums and plexes, their year-to-date median price rose by 20 per cent and 13 per cent, respectively, to reach $354,000 and $676,000.”
The report concludes that the Montreal real estate market is “still showing significant overheating conditions, but the proportion of sales concluded above the asking price has weakened over the past four months.”
What About $8 Million Buys In Real Estate Around The World – Forbes
When it comes to luxury real estate, location is key. From properties with French alpine to Pacific Ocean views, these luxury listings take advantage of their picturesque settings.
French alpine chalet
Location: Courchevel Le Praz, France
This wood-filled chalet overlooks the ski slopes from an expansive living room with a fireplace and an adjacent south-facing terrace.
The six en-suite bedrooms all have terraces. A closed-in area features a pool and spa, along with sauna and massage room.
Creek views in Colorado
Location: Aspen, Colorado
Price: $8.3 million
This ranchette home, remodeled in 2017, sits on a hillside overlooking Brush Creek Valley, the Snowmass ski area and Hunter Creek. The main home, which features antique 19th-century French Provincial/Mediterranean doors, has three bedrooms and 2.5-bathrooms. Features include a pantry with a custom wine cellar. A large outdoor entertaining area comes with a wraparound stone deck.
A two-story accessory dwelling unit, built in 2005, houses an art studio and kitchen on the first floor and one bedroom, one bathroom, and a kitchen on the second. A three-car garage comes with a full bath.
Spanish island villa
Location: Son Termes, Bunyola, Mallorca, Spain
This villa sits surrounded by nature on the island of Mallorca. The 12-bedroom, nine-bathroom stone residence has classic Spanish architecture, shaded outdoor sitting areas and a modern swimming pool.
Historic oceanfront in Santa Monica
Location: Santa Monica, California
Price: $7.75 million
Designed and built in 1910 by architect Robert D. Farquhar, this three-bedroom home sits just off the Santa Monica Bluffs, with views to the Pacific Ocean. The home has been reimagined with luxurious finishes, including white oak flooring and custom automated shades. The kitchen features custom two-tone Italian cabinetry and stone countertops and Wolf, Sub-Zero, and Miele appliances. The bathrooms include luxe fixtures by Brizo, Rohl, Newport Brass and Toto.
This home features a patio and the ground level and a deck on the second floor comprising more than 1,000 square feet of private outdoor space.
FGP Swiss & Alps, Hilton & Hyland, Inmobiliaria Rimontgo and Slifer Smith & Frampton Real Estate are exclusive members of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.
B.C. real estate agent suspended, fined nearly $100K over 'predatory' rent-to-own scheme – CBC.ca
A Lower Mainland real estate agent has been ordered to pay nearly $100,000 in fines after being found guilty of professional misconduct in relation to a rent-to-own scheme allegedly aimed at financially vulnerable homeowners.
More than three years after B.C.’s real estate council first suspended Kevindeep Singh Bratch’s licence under “urgent circumstances,” Bratch has also been told he’ll have to wait another year before he can apply to get his licence back.
A disciplinary committee found that Bratch committed conduct unbecoming of a real estate agent after a hearing that saw testimony from a man who claimed Bratch acted like a “saviour,” while negotiating a deal to purchase a $2.1 million house for less than a quarter of its worth.
“Bratch’s conduct … constitutes conduct unbecoming because it targets members of the public who are in stressful positions, have limited options and feel pressured into agreeing to any terms to keep their family homes,” the council said in submissions that resulted in the penalties.
“In these circumstances, Mr. Bratch was looking to make an investment and was driven by profit. The homeowners were driven by the desire to keep their homes.”
Deals ‘disadvantageous’ to owners
The case was one of the last handled by the real estate council before the introduction of a new regulatory authority in B.C. The B.C. Financial Services Authority (BCFSA) now oversees real estate agents, mortgage brokers, credit unions, trust and insurance companies and pension plans.
The penalties — which include a $45,000 fine and $50,000 to pay for the cost of the investigation — were announced on the new regulator’s website this week.
The BCFSA will handle the file going forward.
Bratch could not be reached for comment, but a spokesperson for the regulator said he has appealed the decision to the Financial Services Tribunal.
The rulings make clear that Bratch’s activities were not illegal.
The real estate council claimed they were “disadvantageous” to owners who “did not receive independent legal advice or separate agency representation, and either believed that Mr. Bratch was acting on their behalf, or were at least confused as to his role in the transaction.”
‘This is the best case scenario’
The witness who claimed Bratch came across as a “saviour” told the council that he approached Bratch after receiving unsolicited mail claiming the real estate agent was a foreclosure specialist.
At the time, the witness — whose name is redacted in the decision — was experiencing financial difficulties; his mother had passed away two years earlier and his bank had started foreclosure proceedings on his $2.1 million childhood home.
According to the decision, the two reached a deal that saw Bratch and his wife purchase the home for $500,000 and then agree to rent it back to the former owner for $4,000 a month with an option to buy back the property for $600,000 four months later.
“The language was like this is the best case scenario, this is what you have to do in order to make sure that the bank doesn’t take your home,” the witness told the disciplinary committee.
“I’m walking into this, like Kevin [Bratch], is in my corner, he is not somebody who, who is on the other side of the table in an agreement.”
The deal ultimately ended up in court after Bratch and his wife sued the homeowner, who responded by claiming the deal was “unconscionable.”
All three parties agreed to dismiss the legal action in December 2017.
‘I do wear the different hats’
The real estate council’s disciplinary committee considered evidence related to three rent-to-own deals involving Bratch.
In one case, Bratch evicted an elderly Maple Ridge couple on Thanksgiving 2017 after taking them to the Residential Tenancy Branch, over unpaid rent on a home they agreed to sell for $233,000 less than its assessed value to a company Bratch and his wife controlled .
The council faulted Bratch for failing to disclose the nature of his relationship with the company, and for failing to recommend that the couple get independent legal advice.
That situation led to the interest of local media. It also resulted in a lawsuit that was settled in an agreement that saw the couple buy their home back from Bratch for roughly the same price he originally paid them.
In the third case, the council says Bratch paid $154,000 less than the value of a property assessed at $869,000. He rented it back to the original owners for $4,300 a month.
“When we first signed this deal I expressed concern as to whether or not… [we] would be able to execute the re-purchase option after just one year, to which you assured me, and I quote, ‘I’m not a monster, I’m here to make a return on my investment, if you can’t buy it back after one year I would extent it [sic] another year,'” the original homeowner said in an email to Bratch, shared with the council.
The original owners could not buy the home back in a year and ended up renting on a month-by-month basis before moving out in December 2018.
According to the decision, Bratch now resides in the property. It was assessed at $915,000 in 2019.
Bratch represented himself at the hearing, disputing the allegations against him. He claimed he had advised the elderly couple to get a lawyer and was clear with his clients about the transactions.
According to the decision, he described himself as wearing “different hats.”
“So I provide homeowners with the different options and again I do wear the different hats,” Bratch is quoted as saying.
“So I would be wearing a mortgage broker’s hat, a real estate agent’s hat and during that time you’re allowed to be … licensed as a mortgage broker and a real estate agent at the same time.”
In addition to the penalties and suspension, Bratch has been ordered to take an “Ethics in Business Practice” course offered by the Real Estate Institute.
Vancouver real estate market: Inventory dips to lows not seen since 2016 – CTV News Vancouver
A just-published report suggests the inventory in the Vancouver real estate market has reached a low not seen since 2016.
The Q3 report posted Thursday morning by the Real Estate Board of Greater Vancouver noted the number of active listings was low over the summer months, a trend that isn’t exactly new in the region.
“Since the last half of 2019, the total inventory of homes for sale in the market has been operating at near-historic lows despite higher-than-typical sales and new listing activity,” the REBGV wrote.
Still, record highs for sales and listings were noted in March of this year.
“The increasing correlation between sales and new listings over the pandemic is consistent with more buyers selling their current homes and purchasing other, typically larger, homes,” the board said.
It described the trend board members are seeing since early 2021 as the market “settling down,” and said a monthly survey pointed to first-time and move-up buyers becoming a larger portion of total home sales.
While inventory is down, prices are generally not.
The August 2021 benchmark price – a measure that is not an average or median but is calculated based on the typical type, size and age of home available in a region – was a record-breaking $1,176,600.
Looking at detached homes alone, the benchmark was $1,807,000. Benchmarks for attached homes and condos were at $952,600 and $735,100 in the market.
While growth in prices hasn’t been to the extent seen at other times in the local market, things are expected to pick up again in the fall.
The board forecast an upward pressure due to above-average sales volumes, coupled with the low inventory noted previously.
It says buyers and sellers should expect new listings and sales in Q4 to remain near to long-term averages, and expects the number of listings to increase, but at a level still well below the norm.
The report also summarized what its seen with housing completions, as well as trends in mortgage rates and employment.
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