Family gifts helping young homebuyers, the Home of the Week and more top real estate stories | Canada News Media
Connect with us

Real eState

Family gifts helping young homebuyers, the Home of the Week and more top real estate stories

Published

5 months ago

 on

Open this photo in gallery:

Home of the Week, 2 Evans Bay, Read Island, B.C.Sotheby’s International Realty Canada

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

Try The Globe’s business and investing news quiz

Sellers seize on rate drop to enter housing market

When the Bank of Canada cut its key interest rate in early June, some industry watchers predicted that the move would re-energize buyers in the Toronto-area real estate market. Instead, it’s the sellers who have been galvanized into action, writes Carolyn Ireland. Realtors say there’s been a large increase in the number of new listings in the Toronto area, especially condos in the downtown core. Potential buyers are wary of buying a unit today that they are betting may be cheaper a few months from now, and sellers should hold off from posting new listings unless they’re really desperate. Industry analysts at Urbanation Inc. estimate more than 26,000 condo units in the Greater Toronto Area will reach completion in 2024, which could ease pressure and lower prices even further.

Family gifts ‘becoming the norm’ for young homebuyers looking to afford a down payment

According to a new study by CIBC, found that nearly a third of first-time buyers now rely on family gifts to provide or enhance a down payment, with the size of their average parental cash injection now past the six-figure mark, writes Erica Alini. The analysis finds that 31 per cent of recent first-time homebuyers this year have received a gift for their down payment, up from 20 per cent in 2015. The average amount of the financial aid has also soared, reaching $115,000, 73 per cent above 2019 levels. A growing share of existing homeowners are also tapping their parents’ purse to be able to upsize to a larger property. According to one of the authors, ever-larger and more prevalent down payment gifts are a symptom of just how out of reach home ownership is for many young people.

Open this photo in gallery:

A CIBC analysis shows that 31 per cent of recent first-time homebuyers this year have received a gift for their down payment, up from 20 per cent in 2015.Christopher Katsarov/The Globe and Mail

New homes to rise out of ashes of collapsed builder Stateview

As the fallout from the collapse of real estate developer Stateview Homes continues to work its way through the courts, some of its unfinished Ontario townhouse projects are about to spring back to life under new owners, writes Shane Dingman. But hundreds of buyers who initially placed deposits with Stateview in the years before the company filed for insolvency in May, 2023, say they’ve been left behind as the projects change hands. In all, more than 765 homebuyers gave Stateview more than $77-million in deposits for unbuilt townhouses and detached homes across the Toronto region, which the company already spent. The court order approving the sale of Stateview’s former assets pre-emptively cancelled the contracts of all those buyers, however, one of the companies taking over Stateview’s former projects say they intend to offer returning customers some special incentives and support.

Opinion: Vancouver housing troubles make for hot summer reading

A recent report ranks Vancouver as the world’s third most “impossibly unaffordable” city, behind Hong Kong and Sydney. How the city’s housing has become so unattainable for local income earners is a constant debate, as is how to fix it, writes Kerry Gold. Just in time for summer, the authors behind three books have their own theories and solutions for Vancouver’s housing market – from looking at answers in other cities, inequality in land values and the city’s evolution away from a sleepy but charming port town. One author says that with effort and ingenuity, Vancouver could find affordability again.

Home of the week: A seafood lover’s paradise

Open this photo in gallery:

Home of the Week, 2 Evans Bay, Read Island, B.C.Sotheby’s International Realty Canada

2 Evans Bay, Read Island, B.C. – Full gallery here

The property – located on Read Island, just east of Vancouver Island – is completely off-grid, usually requiring a boat ride from the Campbell River or a trip on a float plane to arrive. The primary home itself was once a fairly basic house back when it was built in the nineties, but the previous owners added a large bedroom facing the water. There are also two buildings designed purely for entertainment: a Japanese-style teppanyaki tea house and a large separated party room in a clearing off the woods, featuring a wood-fired stove and pizza oven. The previous owners say the getaway is also the perfect fishing spot, with everything from chinook salmon and ling cod to trapping crab and shrimp. And if you’re lucky, you might spot a pod of orcas.

What do you think is the asking price for the property?

a. $2.99-million

b. $3.99-million

c. $4.99-million

d. $5.99-million

b. The asking price is $3.99-million.

 

Source link

Related Topics:
Continue Reading

Real eState

Unlock Reliable U.S. Real Estate Opportunities with Oak Street Partners

Published

1 day ago

 on

November 20, 2024

By

OAK STREET PARTNERS UNLOCKING OPPORTUNITIES  FOR CANADIAN INVESTORS IN THE U.S. RENTAL HOUSING MARKET

Oak Street Partners is leading the way in cash-flow-focused U.S. affordable housing investments

TORONTO, ON | NOVEMBER 18, 2024 – With the Canadian real estate market facing challenges and declining opportunities for investors, Oak Street Partners, a Toronto-based private real estate investment firm, is offering a new avenue for Canadian investors to diversify into the U.S. rental housing market. Oak Street Partners enables investors to passively invest in U.S. affordable housing, providing them with stable, cash-flow-focused returns while helping meet the growing demand for quality, affordable housing in the United States.

“Market conditions in Canada have made it more difficult for investors to find reliable, income-generating opportunities,” says Parker Christie, Founder & CEO of Oak Street Partners. “By turning to the U.S. affordable housing market, we’ve been able to create consistent, cash-flowing investments that benefit both our investors and local communities.”

Building on this approach, Oak Street Partners facilitates investment by strategically acquiring and managing properties in the U.S., particularly in the Midwest and Southeast regions. Investors provide capital, while Oak Street handles all aspects of property ownership and management. Similar to a Real Estate Investment Trust (REIT), but privately structured, Oak Street ensures investors receive stable, cash-flow-driven returns without the need for direct involvement.
A key part of Oak Street’s approach is leveraging the Section 8 Housing Choice Voucher Program, America’s largest federal rental subsidy program that pays private landlords rent on behalf of low-income tenants. This guarantees a reliable, high cash flow income stream, even when real estate markets are challenged with high interest rate environments. By leveraging this program, Oak Street is not only able to provide consistent returns to its investors, but it also enhances lower-income communities, creating sustainable, quality homes for residents.

“It’s a win-win situation,” explains Trumbull Fisher, Director of Oak Street Partners. “Tenants are able to secure and enjoy quality, affordable housing, while investors benefit from reliable, government-backed rental payments that ensure steady cash flow.”

By investing in these properties, Oak Street is able to support the demand for affordable housing, while also contributing to the broader social good by addressing housing shortages and improving community infrastructure. This dual focus on financial return and social impact is what makes Oak Street’s approach stand out in today’s real estate investment landscape.

In its first year of operation, Oak Street has acquired over 100 units in Ohio. With $10 million in assets under management, the company has been able to offer its investors a 10 per cent cash dividend, which was distributed nine months into its operation. This is a rare milestone for companies in their first year, as many real estate investment firms operate at a loss in their early stages.

“As we look to the future, our goal is to expand Oak Street’s portfolio in high-demand areas across the Midwest and Southeast,” adds Christie. “Our focus will remain on sourcing properties that deliver strong, stable returns while positively impacting local communities.”

For more information on Oak Street Partners visit oakstreetgp.com/.

ABOUT OAK STREET PARTNERS

Oak Street Partners is a real estate investment firm focused on creating diversified and stable opportunities for investors in the U.S. rental housing market. We offer a unique pathway for investors to build and expand their portfolios by investing in affordable housing opportunities, improving the quality of life for tenants while delivering consistent returns for investors.

Website: https://oakstreetgp.com/

LinkedIn: https://www.linkedin.com/company/oak-street-partners-gp

Instagram: https://www.instagram.com/oakstreetgp/

Email: info@oakstreetgp.com  n

Continue Reading

Real eState

‘The Bidding War’ taps into Toronto’s real estate anxiety

Published

1 week ago

 on

November 12, 2024

By

 

‘The Bidding War’ is a play skewering Toronto’s real estate market via a story about a one-day bidding war over the city’s last affordable home. The cast and crew say it exposes how the housing crisis brings out “the worst in people.” (Nov. 12, 2024)

Source link

Continue Reading

Real eState

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

Published

2 weeks ago

 on

November 6, 2024

By

 

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

Trending

Exit mobile version