adplus-dvertising
Connect with us

Real eState

"Exodus of real estate agents has begun"

Published

 on

Around a month ago, News.com.au reported that “hundreds if not thousands of Queensland real estate agents are leaving the industry” amid softening house prices and sales.

This followed thousands of agents joining the industry as the market ramped up in late 2021.

Former Buderim real estate agent Myles Blackwell left the industry in late March and said that agents were facing more of a battle to list and sell houses:

“When the times get tough and the houses aren’t selling, and people are holding back, and the affordability becomes unreachable for more people because the interest rates are a lot higher, then it is a real slog.

“Generally speaking you have more properties that can fall over or don’t complete and it takes longer to get the buyers across the line”.

In his weekend market wrap, leading Sydney auctioneer and agent, Tom Panos, claimed “the exodus of real estate agents has begun”:

“They came in when the market was going up. They got themselves a nice tailored suit. Got themselves dressed up. Might have even taken a car lease and upgraded their car”.

“They sort of got by in 2020 and 2021, and they may have even got by in 2022. But they’re not getting by in 2023”.

“The big Exodus is there. They were easy come easy go these real estate agents”.

“They came from a JB Hi-Fi. They came from Politics Menswear. They came from David Jones. They came from Uber. They came from the hospitality industry. They came from being Baristas”.

“They saw all the bright lights, shiny cars. They saw all the Swank”.

“But guess what team? All Swank, no bank at the end of the day. That’s what actually happened”.

CoreLogic’s June housing market report, released on Monday, showed how real estate agents have gone from booming conditions to bust.

While home prices have rebounded over recent months, “the number of capital city homes advertised for sale over the four weeks ending June 25th was almost 20% lower than at the same time last year and 26.4% below the average for this time of the year”, CoreLogic notes.

“Regional listings also trended lower through the month, tracking 32.9% below the previous five-year average”:

Real estate listings

Source: CoreLogic

Actual sales volumes have also fallen heavily from the pandemic boom back to normal five-year average levels:

 

Home sale volumes

Source: CoreLogic

For a profession that is based around sales commissions, real estate agents are clearly experiencing their own version of the Hunger Games.

It also means that state governments will earn less from stamp duty receipts.

Won’t somebody think of the poor real estate agents?

 

728x90x4

Source link

Continue Reading

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

 on

 

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

 on

 

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending