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Greater Victoria real estate sales, prices surge amid strong demand, low inventory; 'mobs' of buyers – Times Colonist

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“Mobs” of buyers are viewing homes for sale across the region, putting in offers well above asking prices and waiving inspections as the real estate market continues surging during the pandemic and traditional slower winter months.

Home sales of all types hit a record 863 during February, smashing the previous mark of 780 in 1992, and sailing past the 772 sales in 2016.

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And prices are climbing.

The average price of a ­single-family home in the capital region breezed past the $1-million mark in June as the inventory of available homes for sale withered.

February’s single-family home average price hit $1.16 million — up from $888,000 during the same month a year ago. Last month’s average was beefed up by the sale of 30 properties that sold for more than $2 million — with 12 of those selling for asking prices and above, said Dustin Miller of 8X Real Estate in Victoria.

He said an equestrian farm in Central Saanich listed for $6 million went $155,000 over asking and there were three ­condominium sales for more than $2 million each, including the penthouse at Hudson Place One, the tallest building in Victoria.

The Victoria Real Estate Board said the benchmark value — or median price without the high and low end of sales — for a single-family home in the region’s core municipalities during February increased year-over-year by 9% to $948,200, a 1.7% increase from the previous month.

The benchmark value for a condominium in the core remained close to last year’s value at $525,400.

Real estate board president David Langlois said the market is caught between constrained inventory and high demand.

“The good news is that we have seen some stabilization in listings and condo pricing between January and ­February, but we continue to see huge pressure on single family homes,” said Langlois. “New listings are snapped up as soon as they are listed.”

That’s resulted in pressure on single family homes, where there is significant competition for desirable homes. “And in our marketplace most homes are desirable … and people are ­competing for properties and pushing prices up.”

There were 1,318 active listings for sale on the board’s Multiple Listing Service at the end of February — 38% fewer than the same period a year ago.

Miller said there are fewer than 400 single-family homes available across the entire system right now. “In a typical year we will see the most amount of inventory go online in April and May, but if the current trend continues, we will see only around half of the number of new listings compared to what was normally seen in the past.”

Kevin Sing of DFH Realty listed a modest, three-bedroom no-step rancher in East Saanich on Thursday for $759,000 and has shown it to nearly 50 prospective buyers over four days. He’s scheduled appointments from dawn until dusk and has received several offers, some unconditional, and several well over the asking price.

Sing said although the federal government’s mortgage stress test has put many younger buyers out of the single-family-home market, empty nesters, older couples who are downsizing or families with students at nearby Camosun College and the University of Victoria are lining up for the East Saanich home.

The demand for real estate seems insatiable, said Sing, and it isn’t just Greater Victoria.

“It’s worldwide,” he said. “I get on regular Zoom calls and everyone is experiencing the same thing, from Manhattan to the Grand Caymans. Unless you’re in a war zone, the demand for housing right now is just ridiculous.

“It’s hard to explain … it seem we have collectively decided [during COVID] that nesting is what we want to do.”

Langlois said the theme for 2021 is going to be inventory — “where does it come from and how much new supply can be approved — so that this situation does not persist.”

“We’ve seen the government attempt to influence the housing market in hopes of dampening the demand for home ownership,” he said. “The foreign buyer tax has changed nothing … our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust.”

Langlois said concerns about housing prices and availability should be addressed by supporting new developments in municipalities. “Be vocal with your local council or neighbourhood association,” he said. “These stakeholders hold the power in these negotiations and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area.”

Miller said buyers and sellers should expect a competitive trend, including “mob-like numbers of people” showing up to see new listings.

He noted “bully offers” being submitted within hours of a property being listed and the waiving of all buyer protection contingencies such as home inspections.

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Black Press Media introduces one of Western Canada's best real estate platforms helping home buyers Find. Love. Live. that new home – Aldergrove Star

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Need an agent who knows the community?

Or, is it time to look for a new place to live, but you don’t know what’s on the market?

Whatever the real estate need is for residents in the communities of British Columbia, Yukon & Alberta, there’s a new way to do that one-stop shopping – by visiting Today’s Home.

The slogan for the site is “Find. Love. Live.”

“We want people to find their dream home, love it, and live in it,” said group publisher Lisa Farquharson.

Building on the success of Black Press Media’s niche digital platforms – Today’s Home brings the same wealth of knowledge and local expertise to the search for a home, be it buying, selling, or even just daydreaming about what changes you can make in the future.

Search hundreds of listings that local real estate agents have available.

The listings cover properties around the region, from a one-bedroom, one-bath condo for $339,900 to million-dollar acreages throughout the province of BC, Yukon, Central Alberta and beyond.

Click on a listing, and see not only the realtor handling the property sale, but links to his or her other listings and social media feeds. With the click of a mouse, take a virtual tour of the property, find the property’s walking score, and learn about nearby amenities.

There are links available to schedule a showing, or send the agent a comment or question.

Want to share a listing? When you click on the share button, you’ll actually send an attractive digital flyer of the prospective property, not just a link.

There’s even a button to help determine how much you have to spend, courtesy of the convenient mortgage calculator.

Plus, scroll down the page on Today’s Home and find a list of expert local real estate professionals who can answer questions or help with that home sale, Farquharson explained.

Today’s Home offers the advantage of the massive reach that Black Press Media has built throughout Western Canada with its network of community newspapers and online products. That allows the public to tailor real estate searches based on location, price, and other key factors while allowing real estate professionals to gain unprecedented audience reach with their listings.

Today’s Home will dovetail into the media company’s existing print real estate publications.

“Black Press Media has real estate solutions in print and now we can add in the digital component,” Farquharson said.

Watch for expansion of the Today’s Home platform in the near future, she added. That will come as Black Press Media adds a new component – the development community. Developers will be able to reach a huge audience when their projects are ready for presentation.

For information on Today’s Home, contact group publisher Lisa Farquharson at 604-994-1020 or via email.

Happy house hunting!

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV

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Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.

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The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.

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Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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Where in Canada are house prices increasing the most? Maybe not where you think – CTV News

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TORONTO —
Canada saw a surge in housing prices over the past year due to COVID-19, a market trend experts say is caused by people working from home more often and moving to rural and suburban areas.

Data released by the Canadian Real Estate Association (CREA) shows that when comparing the average market prices from February 2020 to February 2021, Canada had a 25 per cent year-over-year increase. The average price rose from $542,484 to $678,091.

“One factor is that with work-from-home even more generalized, many people don’t have to live within commuting distance from their jobs,” Shaun Cathcart, senior economist at CREA, told CTVNews.ca. “That means that folks who own condos and smaller homes can take out built-up equity and move to a property that better meets their needs – as over the past year, home is not only where you eat a few meals and sleep, but also the office, your kids’ school, playground, gym, etc.”

The largest year-over-year percentage changes came from the Northwest Territories (48.1%), Nova Scotia (30.4%), Ontario (24.5%), Quebec (22.5%), and New Brunswick (20.9%).

Cathcart noted that the higher percentage change in Northwest Territories is likely due to the fact that in both February 2020 and February 2021, six homes were sold throughout the entire territory and the ones that were sold in 2021 were marked at a higher price.

When looking at the provinces and territories that had the largest upsurge in terms of price difference, Ontario sits at the top of the list with an increase of over $170,000. Northwest Territories came next, followed by British Columbia, Nova Scotia, and Quebec.

The data also shows that prices in suburban and rural areas were impacted the most and saw the biggest changes, with regions like Rideau-St. Lawrence and Sarnia-Lambton in Ontario averaging about a 50 per cent increase from the previous year.

“With people no longer having to live within commuting distance to their jobs, as long as suburban and rural areas have decent internet, they become even more attractive to families looking for more space,” said Cathcart.

Find your region and the year-over-year price and percentage change below.

Cathcart says that Canadians can expect to see sales and prices increase this year, but forecasts sales to slow down in 2022 while prices remain high.

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