Real eState

Joanne Paulson: As Alberta draws people west, why aren’t Sask’s low real estate prices doing the same?

Published

2 years ago

November 12, 2022

People walk past advertising enticing people to move to Alberta, in the TTC subway at Yonge and Bloor, Thursday September 29, 2022. jpg

“What’s the average price of a detached home?”

That’s the question the Government of Alberta asked Torontonians on one of its subway ads, in an attempt to lure Hogtown residents to Cowtown or E-Town.

The answer: Toronto $1.4 million. Edmonton $490,000.

My answer: Try Saskatoon and subtract a full million bucks. If, of course, you can find a house at all.

Before I get into that, here’s another Alberta ad, because I can’t resist twists on old jokes:

“An engineer, accountant and plumber walk into a province. They all get jobs.”

I have no idea whether this sort of thing brings results, but at least it IS an idea, one that just might attract innocent easterners to the west. Could it work for Saskatchewan?

Because we need more people. Our government regularly crows about our growing population, and in overall numbers, that’s true. But we are also losing people we can’t afford to say buh-bye to, and a bunch of them are headed for, yes, Alberta. As it has been and perhaps always will be.

This “more people needed” point was made at a recent Saskatchewan-wide panel hosted by the Saskatchewan Realtors® Association, entitled State of Real Estate.

One of the participants said, “We have a population problem. We have a density problem. We should be welcoming far more people to this province.”

Chris Guérette, CEO of the SRA, was in full agreement with this comment, and wondered why people are not moving here when our real estate prices are among the most affordable in Canada.

They are also the most stable, and stability is also an attractive quality.

As interest rates soar, prices are plummeting in most jurisdictions, and that’s scary. Not happening here. The province’s benchmark price rose three per cent year-over-year to $324,900 in October. Saskatoon set another record high benchmark price at $371,600, a 4.4 per cent increase. Regina was up 0.9 per cent to $317,800.

Guérette noted that some people in our market have been profoundly affected by rising rates; for example, she has heard of people selling homes and moving in with other family members. It’s not working out well for everyone.

Even so, “Our prices didn’t decrease … at all,” she said. At least so far.

In fact, “Our prices continue to increase slightly … because we are different from the markets that overheated,” she said. Yet we remain the most affordable.

The story behind that stability, as I’ve babbled on about before, is largely low inventory. Even as sales in Saskatoon fell 12 per cent year-over-year, they remain above pre-pandemic levels. Meanwhile, inventory is down almost 33 per cent from the 10-year average.

Allow me to emphasize that. Thirty-three per cent.

Regina sales are up one per cent on the year, but up 26 per cent from the long-term average, while inventory is down 18 per cent.

“Throughout the province, we’re seeing not as many sales under the $500,000 mark because that’s where the inventory is lacking,” Guérette said.

So herein lies the conundrum. We have a remarkably stable housing market and economy, considering inflation and the state of, well, everything. We are overflowing with industries powering along. We need labour. It is, comparatively, affordable to live here.

This is not the Saskatchewan of yesteryear, when we were still trying to build a strong and diversified economy.

Yet we are not seeing substantial in-migration, even while there is a dearth of affordable single-family homes.

Where is the disconnect? Regarding inventory, it could be that the market is still catching its breath after two hot years of Covid-era buying. But does that explain a 33 per cent drop in houses for sale?

As to the in-migration issue, please don’t tell me it’s winter. Alberta’s winters are almost as gross as ours in recent years, and Manitoba’s are easily as bad. And have you ever witnessed a Newfoundland and Labrador snowstorm? Jobs and shelter are still more important than weather.

I would also find it hard to believe that potential new residents would not move here only because of a lack of housing selection.

Guérette and the housing industry are grappling with this odd state of affairs, hence convening a discussion on it. Meanwhile, she says, we need to embrace all newcomers with open arms.

“When they choose Saskatchewan, we need to say, ‘Yes. Where do you want to go? What do you need?’ ” she said.

In that vein, on the real estate development side, is it possible to change tracks from “If you build it, they will come” to “When they come, we’ll build it for them?”

In the interim, while struggling to figure this out, a clever advertising campaign extolling our many virtues may not be the worst idea ever. All other ideas welcome.

Joanne Paulson is a Saskatoon author and freelance journalist who has been covering real estate, off and on, for more than 25 years. Do you have a fascinating real estate story to share? Get in touch at jcpwriter@sasktel.net.

The news seems to be flying at us faster all the time. From COVID-19 updates to politics and crime and everything in between, it can be hard to keep up. With that in mind, the Saskatoon StarPhoenix has created an Afternoon Headlines newsletter that can be delivered daily to your inbox to help make sure you are up to date with the most vital news of the day. Click here to subscribe.

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Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

4 days ago

September 11, 2024

Anne Joseph

MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

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Real eState

Montreal home sales, prices rise in August: real estate board

Published

1 week ago

September 6, 2024

Anne Joseph

MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.

The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.

The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.

The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.

QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.

Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.

This report by The Canadian Press was first published Sept. 6, 2024.

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Canada’s Best Cities for Renters in 2024: A Comprehensive Analysis

Published

2 months ago

July 24, 2024

Harry Miller

In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.

Here are the top 10 cities that emerged as the best for renters in 2024:

St. John’s, NL

St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.

Sherbrooke, QC

Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.

Québec City, QC

Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.

Trois-Rivières, QC

Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.

Saguenay, QC

Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.

Granby, QC

Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.

Fredericton, NB

Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.

Saint John, NB

Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.

Saint-Hyacinthe, QC

Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.

Lévis, QC

Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.

This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.

Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.

Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.

For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.

While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.