Hamilton-Burlington real estate sales slow down in October, average price increases - Global News | Canada News Media
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Hamilton-Burlington real estate sales slow down in October, average price increases – Global News

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The real estate sector slowed down a bit in October in Hamilton and Burlington compared to its torrid run over the summer.

The Realtors Association of Hamilton-Burlington (RAHB) says 1,615 homes were sold last month, down 7.6 per cent from September.

However, sales jumped 23.7 per cent last month compared to October 2019.

“The trends this fall are not reminiscent of what we would normally see — with October activity slowing slightly compared to September — and this is due to 2020 not being a typical year,” says RAHB president Kathy Della-Nebbia. “As a result of COVID-19, we experienced a delayed spring market and a surge in record activity over the summer months when the province began to reopen. As a result of this unstable year, active listings at the end of each month are some of the lowest we’ve seen, exacerbating low inventory levels and continuing to drive average price.”

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Canadian home sales up nearly 46% in September: CREA

The average sale price of a home last month was $721,523, an increase of 0.02 per cent from September, and up 19.8 per cent from October 2019.

New listings were down 12.8 per cent compared to September but rose 5.5 per cent over last October.

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“If demand remains high and the economy doesn’t shut down, we may not experience the slow down we saw with the first wave,” said Della-Nebbia. “The activity more likely to slow down is new listings, which will cause a further problem with supply and demand, and prices will continue to increase. These unprecedented times are where the services of a local RAHB realtor are invaluable. We will continue to work with clients to ensure their housing needs are met and will continue to use virtual technology and sanitary measures to combat COVID-19.”

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3:59
Real estate market continuing to recover despite pandemic


Real estate market continuing to recover despite pandemic

The number of sales for single-family properties within the entire RAHB market increased in October by 13.3 per cent compared to the same month last year, the number of new listings was down 14.7 per cent over last year, and the average sale price increased by 19.4 per cent to $795,415.

Townhouse sales activity across the entire RAHB market area increased from October 2019 by 18 per cent, new listings were up 9.1 per cent, and the townhouse average sale price increased by 16.6 per cent to $603,229.

Apartment-style property sales increased by 32.8 per cent from October 2019, new listings increased by 78.8 per cent, and the average price increased by 9.7 per cent to $475,945.

© 2020 Global News, a division of Corus Entertainment Inc.

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

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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.

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

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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.

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Here are some facts about British Columbia’s housing market

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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.

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