Home sales last month were down a whopping 43 per cent from July 2021, and 23 per cent from this past June, according to the Real Estate Board of Greater Vancouver (REBGV).
Sales in the region totalled 1,887, which is 35.2 per cent below the 10-year July sales average.
The board says these figures signal a new market cycle — characterized by lessening demand for homes — is here.
“I think home buyers and sellers are taking a breather after a frenetic two-year period,” said Craig Munn, vice president of communication at REBGV
Munn said buyers’ caution is being driven by increasing interest rates and inflationary concerns.
“Home buyers are wisely taking time to assess what these changes mean for their own personal circumstances.”
The board says that part of the new market cycle includes a gradual rise in the number of homes for sale, but last month’s listings totalled 3,960 homes, down almost 10 per cent from July 2021 and 25 per cent from June 2022.
Meanwhile, the composite benchmark price for the region sat at more than $1.2 million last month, a roughly 10 per cent increase from July 2021 and a two per cent drop from June 2022.
Munn said prices have started to edge down over the last three months, but at a gradual pace of about two per cent per month.
‘A very normal response in the market’
Brendon Ogmundson, chief economist at the B.C. Real Estate Association, said demand is cooling off across the province.
“No matter what market you look at, sales are generally about 20 to 25 per cent below what’s normal for this time of year,” said Ogmundson.
Ogmundson said while prices are slowly declining, a big drop in prices is highly unlikely.
“What we’re seeing is a very normal response in the market to very high interest rates.”
Brampton man attacked by machete, axe-wielding suspects | CTV News – CTV News Toronto
Graphic content warning: This story contains details readers may find disturbing.
A well-known real estate agent and media personality in Brampton, Ont. was viciously attacked in broad daylight in his own driveway by three men, two of whom appeared to be wielding an axe and a machete.
Peel police said it happened at around 8:15 a.m. on Aug. 4 in the area of Hurontario Street and Mayfield Road.
In video obtained by CTV News Toronto, the victim, who has been identified by family as Joti Singh Mann, is seen approaching his white Jeep Wrangler Rubicon. As he is getting settled in the driver’s seat, he is approached by an axe-wielding suspect and slams the door shut.
Video shows the suspect swinging his weapon in full force at the driver-side window—breaking the glass on impact and removing the window completely on the second swing.
As Singh Mann opens the door, two other suspects enter the frame, one of whom is armed with what appears to be a machete.
The three men, dressed in black and wearing masks, are seen savagely attacking the man while they pull him out of his vehicle.
Mann attempts to escape his attackers by running behind the vehicle, where he is caught and attacked for another 30 seconds before a woman, who has since been identified by CP24 as Mann’s mother, exits the home to intervene.
Once the suspects flee, Mann’s mother can be seen running to her son, who is not seen for the remainder of the video.
Emergency crews were called to the scene shortly after the incident. Peel police could not speak to the extent of Mann’s injuries, but said he is currently in stable condition.
Mann is a well-known real estate agent in Brampton and frequently appears on his own podcast in which he discusses ongoing issues in India.
Speaking to CP24, Brampton Councillor Gurpreet Singh Dhillon said he has visited Mann in hospital and that his injuries include an amputated big toe, the loss of mobility in one of his hands, and that he has received upwards of 25 stitches.
“A lot of people are questioning the safety in this city,” Singh Dhillon told CP24, adding that this is the third attack on a Punjabi media personality in Brampton in the last year. In fact, Mann’s mother told CP24 that her son had received a threat while he was recording a recent episode of his podcast.
“A lot of people are also questioning the freedom of the media to report and do their commentary. So we’re looking forward to getting more information from police as they do their investigation.”
Investigators tell CTV News Toronto that the incident was targeted and not related to a carjacking, but that the motive behind the attack is not known at this time.
No arrests have been made.
‘THIS WAS CLEARLY ATTEMPTED MURDER’: BRAMPTON MAYOR
In an interview with CP24 Wednesday afternoon, Brampton Mayor Patrick Brown praised Mann’s mother’s bravery while condemning the attack in the strongest terms.
“The courage of the mother to face these criminals—this was clearly attempted murder,” Brown said.
“She showed incredible courage and her heroic actions probably saved her son’s life.”
Brown said he is in communication with Peel police and that they have “very strong leads” on the suspects involved.
In the meantime, Brown underscored freedom of the press and reinterred that no one should feel intimidated for sharing their ideas.
“Whatever topics this podcaster was speaking about, the notion that someone could try through violence to silence them is criminal behavior that can never be tolerated,” Brown said.
Niagara real estate market 'in line' with nation's – Welland Tribune
With no crystal ball to help forecast Niagara’s real estate market, it remains difficult to tell what the future holds.
Since April, the number of sales and the benchmark price of a residential home have steadily decreased across all Niagara communities.
Niagara Association of Realtors reported that trend continued in July, with sales falling 23.6 per cent month-over-month, to 369 from 483, and average price decreasing 4.9 per cent, to $716,500 from $753,200.
“We’re still looking to see where the market is going to end up, as far as lower prices,” said association president Jim Brown. “I expect (numbers) to go down by another five or per cent and then see where it levels out. Obviously, it will be contingent on whether the bank rate goes up anymore but all is expected to start settling down very shortly.”
As the Bank of Canada raised its benchmark interest rate (four times since March) in a battle to fight rising inflation, real estate markets across the country have seen the return of a balanced marketplace.
Bigger markets, such as Ottawa, Toronto and Hamilton, are experiencing bigger dips overall, but Niagara is “in line with what’s happening nationally,” said Brown.
As sales and prices dropped over the past few months, the number of new listing continued to increase. That ended last month with the association reporting a drop of 23.5 per cent in the number of new listings in July, to 1,174 from 1,534 .
The month also saw a large rise in the number of days a listing stayed on the market, increasing 61.9 per cent month-over-month.
In April — the first month since October 2019 that saw prices decreases — the number was at 14 days.
After single-digit increases month after month, July saw days on market jump to 31 days from 19.
“We’re finding that buyers seem to be holding back and I think they’re anticipating, much like we are, that prices may go lower, and even if the interest rates go up, I still think it might be an advantage for them to buy in this market,” said Brown.
“There seems to be an awful lot more inventory than what’s being sold so there is choices there.”
As the market balances out, Hamilton and Toronto have seen an increase in the number of terminated listings — either listings being cancelled altogether or re-listed at lower prices. In Toronto, a report from Strata.ca, which focuses on the Greater Toronto Area condominium market, saw 2,822 listings terminated in June alone, a 643 per cent increase from January.
Niagara Association of Realtors said it was unable to pull accurate statistics on terminated listings here, but Brown said he is starting to see sellers adjust their mindsets. Properties are being listed at prices more in line with what the market is dictating, understanding the time of multiple offers and selling for more than asking prices is over.
“I think those days are pretty much gone so if anybody’s been on the market for a couple of months they should be at least thinking about pulling off the market and re-evaluating where their house value is,” he said.
In July, all 10 Niagara jurisdictions of the Niagara Association of Realtors reported decreases in the number of sales, average price and number of new listings.
The average days on market also went up across all 10 areas, with the largest increases coming in Pelham (to 33 from 15), Fort Erie (41 from 20) and Niagara-on-the-Lake (41 from 23).
Year-over-year Niagara’s real estate market remains high, with the average price of a three-bedroom, two-bathroom home up 9.9 per cent from July 2021, to $716,500 from $652,200.
Which GTA region has seen the biggest decline in real estate prices since February market peak? – Toronto.com
Real estate prices across Toronto and the Greater Toronto Area (GTA) have taken a pounding since reaching record highs in February.
In February, the Toronto Regional Real Estate Board (TRREB) reported an average GTA sale price for all dwelling types combined of $1,334,544. In TRREB’s July report, that average fell to $1,074,754 — a 19.5 per cent decline in just five months.
Prices have fallen further in some areas than others, with Durham Region leading the way with a 26.6 per cent decline. Southern areas of Simcoe County were a close second with a 24.8 per cent decline in average prices, followed by York Region at 19.7 and Peel Region at 19 per cent. Real estate prices have fallen 18.1 per cent and 15.8 per cent in Halton Region and Toronto, respectively.
Durham Region led the way in price declines for detached homes, seeing a 29.1 per cent decline, followed by Toronto and Simcoe County both at 26.9 per cent. Detached units sold for 20.7 per cent less on average in July compared to February, while detached ditched home in Peel Region have dropped 20.3 per cent and 19.9 per cent in Halton Region.
Semi-detached homes broke down a little differently. Durham also saw the steepest decline for that segment at 25.8 per cent, followed by York at 25.4 per cent and Peel at 25 per cent. Semi -detached home prices in Halton declined by an average of 22.9 per cent, with Simcoe seeing a 15.5 per cent drop followed closely by Toronto with 15.4 per cent decline in average price for semi-detached units.
Condo apartment prices have fared a little better in most regions outside of Simcoe, which has seen condo prices tumble 35.2 per cent since February. Durham condo apartments have lost 17.3 per cent in value over the past five months, with Peel Region and York Region condos seeing 15.3 and 13.5 per cent declines, respectively.
Toronto condos fared a little better, seeing only a 9.5 per cent decline between February and January. Condos in Halton Region have held their value the best so far, only declining by 4.2 per cent.
The table below shows a breakdown of how much the average price for all dwelling types combined in all cities and towns monitored by TRREB have fallen since the GTA market peaked in February.
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