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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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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

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

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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