Connect with us

Real eState

Housing supply shortage continues through October, reports Fraser Valley Real Estate Board – Agassiz Harrison Observer – Agassiz-Harrison Observer

Published

 on


A housing supply shortage continues to challenge the Fraser Valley Real Estate Board (FVREB), as they report another good month for sales alongside another bad month for new listings.

Sales were the third highest on record for October, yet their housing inventory is half of what was during the same month last year.

It’s driving prices up, according to Larry Anderson, president of the board.

“What we’re seeing is a combination of above-average sales with below-average new listings which is placing strong upward pressure on home prices, for all residential categories, month-over-month,” he said.

“It is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts.

The board processed a total of 1,938 sales in October, an increase of 3.9 per cent compared to September, but a decrease of 18.2 per cent compared to last year.

It’s been a year of record-breaking sales, but new listings have decreased steadily since July, and are well below the 2020 numbers. The FVREB called it the “worst supply shortage in 40 years” in September.

New listings rebounded slightly in September, but fell once again in October. The board received 2,188 new listings for the month, a decrease of 6.6 per cent from September, and a decrease of 29 per cent from October last year.

The active inventory at the end of the month was 3,447, a decrease of 9.6 per cent from September, and a decrease of 49.8 per cent from October last year.

It took an average of 28 days to sell a single-family detached home, 18 days for a townhome and 27 days for an apartment.

Single Family Detached: At $1,396,700, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to September 2021 and increased 33.4 per cent compared to October 2020.

Townhomes: At $720,500 the Benchmark price for an FVREB townhome increased 1.9 per cent compared to September 2021 and increased 26.6 per cent compared to October 2020.

Apartments: At $514,200 the Benchmark price for an FVREB apartment/condo increased 1.9 per cent compared to September 2021 and increased 18.3 per cent compared to October 2020.

RELATED: High sales, supply shortage continues for September, Fraser Valley Real Estate Board reports

RELATED: Home buyers facing worst supply shortage in 40 years, says Fraser Valley Real Estate Board


@portmoodypigeon
patrick.penner@missioncityrecord.com

Like us on Facebook and follow us on Twitter.

Fraser ValleyReal estate

Adblock test (Why?)



Source link

Continue Reading

Real eState

Montreal real estate prices soar 21% amid lower listings, sales in November – Global News

Published

 on


The Quebec Professional Association of Real Estate Brokers says November home sales and new listings fell in Montreal as prices soared by more than 20 per cent compared with a year ago.

The association says sales for the month totalled 4,402, a 17 per cent drop from 5,296 in November 2020.

Read more:

International students and offshore banking flagged in Canadian real estate money laundering

New listings amounted to 5,056, down 14 per cent from 5,848 last November.

The median price of a single-family home soared by 21 per cent compared with a year ago to reach $525,000, while condos went up by 18 per cent to hit $374,000 and plexes with two to five units had a 15 per cent spike pushing them to $725,000.

Read more:

Montreal October home sales down from record level last year, but prices up

Apart from condominiums, which saw a slight decline, the association says the median prices were also up from October 2021.

Charles Brant, the association’s director of market analysis, says he noticed a lack of supply and persistently high demand last month that placed pressure on prices and encouraged potential sellers to get into the market.

“The announcement of an earlier-than-expected rise in interest rates no doubt motivated potential sellers to advance their project in order to benefit from the sustained activity and the opportunity to sell at the best price,” he said in a statement.

© 2021 The Canadian Press

Adblock test (Why?)



Source link

Continue Reading

Real eState

Montreal real estate prices soar 21% amid lower listings in Nov.: brokers group – moosejawtoday.com

Published

 on


MONTREAL — The Quebec Professional Association of Real Estate Brokers says November home sales and new listings fell in Montreal as prices soared by more than 20 per cent compared with a year ago.

The association says sales for the month totalled 4,402, a 17 per cent drop from 5,296 in November 2020.

New listings amounted to 5,056, down 14 per cent from 5,848 last November.

The median price of a single-family soared by 21 per cent compared with a year ago to reach $525,000, while condos went up by 18 per cent to hit $374,000 and plexes with two to five units had a 15 per cent spike pushing them to $725,000. 

Apart from condominiums, which saw a slight decline, the association says the median prices were also up from October 2021.

Charles Brant, the association’s director of market analysis, says he noticed a lack of supply and persistently high demand last month that placed pressure on prices and encouraged potential sellers to get into the market. 

“The announcement of an earlier-than-expected rise in interest rates no doubt motivated potential sellers to advance their project in order to benefit from the sustained activity and the opportunity to sell at the best price,” he said in a statement.

This report by The Canadian Press was first published Dec. 7, 2021.

The Canadian Press

Adblock test (Why?)



Source link

Continue Reading

Real eState

Ottawa home prices rose 19% year-over-year in November: real estate board – Globalnews.ca

Published

 on


Ottawa housing prices continue to climb as 2021 draws to a close. It’s a trend real estate experts expect to continue in 2022.

The Ottawa Real Estate Board said that November’s average sale price for a condo was $432,099, while the typical residential-class home sold for $716,922. Both represented increases of 19 per cent over average sale prices in November 2020.

Though those figures represent significant jumps year-over-year, OREB President Debra Wright says that the month-to-month prices from October to November were relatively steady in the residential market and up seven percent for condos.


Click to play video: 'How the pandemic sparked rise in sight unseen home-buying'



2:08
How the pandemic sparked rise in sight unseen home-buying


How the pandemic sparked rise in sight unseen home-buying – Oct 2, 2021

“This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021,” Wright said in a statement. “However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.”

RE/MAX said in its 2022 Canadian housing market outlook last week that Ottawa average home price is expected to rise a further five per cent next year. That’s below estimates for other large markets in Ontario, such as Mississauga (14 per cent), Toronto (10 per cent) and Brampton (eight per cent).

In Ottawa as well as those other cities, RE/MAX said home prices could feel pressure as increased immigration levels further constrain supply levels.

Read more:

Canadian homebuyers facing weeks of move-in delays tied to supply chain snags

The OREB projects housing inventory in Ottawa is currently at a one-month supply, with the 1,430 units added to the market last month representing a 27 per cent drop from October and a 13 per cent decline from levels in November 2020.

While sales sit at “30 or so units over the five-year listing average, this is simply not sustainable and is taking us further away from the balanced market that will bring much-needed relief to potential buyers,” Wright said.

OREB members meanwhile sold 1,459 properties in November, a drop from the 1,605 seen in the same month last year. Sales figures were unseasonably high during this period in 2020, however, as more homes were sold in the fall because pandemic-driven lockdowns and general economic anxiety pushed demand from the usually busy spring and summer to later in the year.

November 2021’s sales volumes were still above the five-year average of 1,348 total units sold in November.

Realtors with the OREB have also gotten more involved with rentals in the past year, helping nearly 4,500 tenants find new units so far in 2021 compared with 3,120 such deals this time last year.


Click to play video: 'Cost of housing biggest crisis outside the pandemic: Singh'



10:13
Cost of housing biggest crisis outside the pandemic: Singh


Cost of housing biggest crisis outside the pandemic: Singh – Nov 28, 2021

© 2021 Global News, a division of Corus Entertainment Inc.

Adblock test (Why?)



Source link

Continue Reading

Trending