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Home prices surging in hot local real estate market

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A surge in real estates prices that extended down the Highway 401 corridor created a 35-per cent jump in the average price of a home in the Windsor area this January compared to January 2020.

The average local sales price for the month was $510,716 compared to $379,813 just 12 months earlier and $206,383 higher than in January 2019.

“The underlying facet of this is really the fundamental of supply,” said Windsor-Essex County Association of Realtors president Damon Winney.

“In January 2020 there were more new listings than this January. We’ve all heard the stories of 10 to 20 bidders for a property.

“With fewer new listings, we’re moving through our inventory of homes quickly. We only have 319 active listings on the board right now.,” said Winney, who is also co-owner of Jump Realty.

Local homes are taking only eight or nine days on average to sell, he said.

The London/St. Thomas Association of Realtors reported the average price rose 40.5 per cent in the region, to sit at $607,431. Chatham-Kent’s average price rose 42.4 per cent to push the average home to $350,452 for January.

Homes were selling for 11.7 per cent over asking price in Windsor and 10 per cent over in London.

The rental market for apartments also remains tight with a 3.2-per cent vacancy rate compared to 3.6 per cent a year ago.

The average local rent for a two-bedroom apartment has crept up from $949 in 2019 to $1,058 currently. The national average is $1,330.

It’s a similar housing story in London and Chatham where homes are moving as quickly and there is less than a month’s supply of homes on the market based on the current rate of sales.

Windsor’s February figures, which haven’t been released yet, won’t maintain the same torrid pace as January, Winney said.

“They aren’t as eye-popping as 35 per cent, but they’re still strong at 24 per cent,” Winney said. “That’s more in line with the provincial average.”

The average home sale price for January in Canada increased by 22.8 per cent to $621,525.

Monthly prices increased 21 per cent in Ontario, the largest increase of any province, with the average home costing $796,884.

The highest average price remains in British Columbia at $843,830 with New Brunswick being the most affordable province to buy a home at $205,074.

Winney said “2021 started off just like 2020 ended, with a number of key housing market indicators continuing to set records,” Canadian Realtors Association chair Costa Poulopoulos said of the national scene.

“The two big challenges facing housing markets this year are the same ones we were facing last year — COVID and a lack of supply. With luck, some potential sellers who balked at wading into the market last year will feel more comfortable listing this year,” he said.

The inventory of new listings in Canada is at a record low.

CREA’s forecast released last week for the Windsor market remains robust in terms of prices and in economic and population growth.

Winney said COVID has made buying a home challenging, but supply has also become restricted as some homeowners have opted to renovate their homes and stay put.

At the same time, there’s also continued interest from outside buyers, particularly from large urban areas like pricier Toronto.

A stable workforce, good climate, border access and the ability to cash in their expensive Greater Toronto Area homes and buy cheaper in the Windsor region are all driving the rising prices in the local housing market.

“I also believe there’s a density concern when we look at people moving from the GTA to here,” Winney said. “People are seeking space.

“They can get a four-to-five bedroom home with space for a home office, larger yard, better lifestyle and a better cost of living.”

Bungalows were the most popular choice for buyers in January followed by two-storey dwellings.

Source:- Windsor Star

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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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