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'Hot' Ottawa real estate market in July as home sales increase 19 per cent – CTV Edmonton

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OTTAWA —
The Ottawa Real Estate Board says residential home sales mirrored the weather in July … “Hot!”

A total of 2,189 residential properties were sold in Ottawa last month, compared with 1,838 properties sold in July, 2019.

According to the Ottawa Real Estate Board, the five-year average for residential property sales in July is 1,729.

“The resale market is not only holding its own but has surpassed 2019 figures by a significant margin,” said Deborah Burgoyne, Ottawa Real Estate Board President.

“Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our members and their clients to ensure everyone’s safety in the process.”

The average sale price of a residential-class property in Ottawa was $585,084 in July, a 20 per cent increase from a year ago. 

The average sale price for a condo was $357,764, up 19 per cent from July 2019.

“Ottawa’s resale market offers solid returns for many sellers, while buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market,” said Burgoyne.

“Multiple offers are a common occurrence with over 57 per cent of properties selling over the listing price compared to 33 per cent of transactions last July.”

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First-time home buyers priced out of London's hot real estate market – CBC.ca

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The average price of a home in London has climbed nearly 20 per cent since this time last year, meaning first time buyers are being priced out of the market, according to a local real estate agent. 

The London and St. Thomas Association of Realtors (LSTAR) said in the month of July the average price of a home —  including single detached homes and high-rise condos — was up 19.6 per cent to $484,884. 

Because many homes are getting multiple offers and are selling for more than the asking price, Rafi Habibzadeh, a real estate agent with NuVista Realty in London, said it’s “very hard” for first time home buyers to get into the market.

“I’ve had clients put offers on four or five properties, because there is only so much that they’re qualified for in terms of the mortgage,” he said. 

“We actually had one last week, this was a $2.1 million house, and that one went multiple offers and we ended up selling it above asking.” 

This is happening, said Habibzadeh, because pandemic restrictions are relaxing. 

“A lot of people have been waiting since the pandemic started, they were waiting at the sidelines to see where things were going … more people [now] have confidence in the market.” 

Selling a home during the pandemic

There were 856 homes sold in London in July, and 1,275 homes sold across LSTAR’s jurisdiction, according to the association. Most homes exchanged hands in London’s south end, where there were 336 homes sold and where there was the biggest price gain compared to July, 2019.

The average price of a home in south London, which includes data from the western part of the city, was $449,448 in the month of July. The average price of a home in east London was $380,365. In the north end, the average sale price was $562,529. 

Homes are staying on the market, according to the Canadian Real Estate Association, for an average of 10 days. 

Habibzadeh said he was surprised when on Sunday, during his first open house since the pandemic shut down, 12 groups of people showed up for a tour. 

“It was between two and four o’clock and I expected maybe a couple groups, two, three, four or five groups, to come in,” he said. “I had people waiting outside in a line to get in the house.” 

Habibzadeh said he had four people inside the house at a time, and they followed masking and physical distancing rules. 

He also said there are no signs of relief for first-time home buyers trying to break into the market — unless a second wave of COVID-19 slows things down.

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Huge month for Chilliwack real estate in July – Agassiz Harrison Observer – Agassiz-Harrison Observer

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Last month was the biggest month for real estate in the Chilliwack and District Real Estate Board (CADREB) by dollar volume since the housing sales boom of 2016 and 2017.

For the first time since June 2017, more than $200 million in residential homes traded hands, that’s up 48 per cent from $136 million year-over-year and four per cent from the $193.3 million a month prior.

The month prior, June, saw a large surge in single family home sales, something that continued in July with 195 houses sold for an average price of $672,645 up 9.6 per cent from the July 2019 single family home sale price of $613,826.

• READ MORE: Single family home sales in Chilliwack surge in June – June 2020

• READ MORE: Chilliwack home sales numbers moving in the right direction: Realtors – July 2019

The average price of all homes sold in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between – was $570,087 up 12 per cent year over year from the $509,521 in July 2019.

The average of the 96 townhouses sold was $458,756, and the average of the 44 apartments sold was $327,792.

In July, 21 homes sold over the $1 million mark and another 26 sold over the $800,000 price point.


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July's real estate action in Burlington was way up from last year – inhalton.com

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Last month, Burlington’s real estate market was as hot as weather as the regional realtor’s association marked a more than 25 per cent uptick in action from last year at the same time.

The Realtors Association of Hamilton-Burlington (RAHB) reported 1,613 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service (MLS) System in July 2020.

This means that sales were up 23.7 per cent over the month of June and up 27.8 per cent over July of last year.

New listings were up 15.5 per cent over June 2020 and up 8.8 per cent over last July.

The average price for residential properties in July was $692,999, which is up 2.6 per cent from June and up 16.3 per cent from July 2019. The number of active listings for the month was down 21.4 per cent over last year.

“As we can see from the data, activity has resumed to pre-COVID-19 levels, and is actually surpassing the levels we would typically see in the summer due to pent-up demand over the last several months,” said RAHB President Kathy Della-Nebbia in a report detailing RAHB‘s findings.

“What is also affecting the market – and more specifically the increase in average price – is the low number of active listings. With less available, buyers have limited choice and the market favours sellers.”

The report notes that the number of sales for single-family properties within the entire RAHB market — with encompasses Hamilton, Burlington, Haldimand and Niagara North — decreased by 18.1 per cent compared to the same month last year, the number of new listings was down by 2.6 per cent over last year, and the average sale price increased by 20 per cent.

Townhouse sales activity across the entire RAHB market area increased from July 2019 by 35.6 per cent, new listings were up 30.4 per cent, and the average townhouse sale price increased by 17.3 per cent to $583,351.

Apartment-style property sales decreased by 74.1 per cent from July 2019, new listings increased by 76.8 per cent, and the average price increased by 11 per cent.

“The RAHB market area moved into stage three in July, and open houses were permitted to continue. Although this improves consumer confidence, it doesn’t mean it’s business as usual,” said Della-Nebbia.

“If you are entering the market as either a buyer or seller, COVID-19 has changed real estate and many other businesses, and we are operating within a new norm.”

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