Real eState

Kitchener-Waterloo real estate prices fell slightly in March – Global News

Published

2 years ago

April 4, 2022

For the first time in six months, the Kitchener-Waterloo Association of Realtors reported a decrease in the average cost of buying a home.

“The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February,” said KWAR president Megan Bell.

“While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a levelling off on the average price, no matter how incremental.”

The realtors say the average sale price of a home in March fell to $960,181 from a record high of $1,007,109 in February. This represents a decrease of about 5.6 per cent.

This number is still a slight tick above January, when KWAR reported the number to be $955,665.

Detached homes continue to sell at well above the million-dollar mark as the average price last month came in at $1,132,637.

While this is still a dizzying number for many Kitchener residents, it represents a 6.4 per cent decrease from February when that number was reported to be $1,214,067.

Some 725 homes changed hands across the area last month, which is a decrease of 25 per cent from a year earlier, when a record was established for monthly home sales across the region.

The previous 10-year average for home sales in March in the area is 599.

Bell said that realtors are starting to see signs that the market may be cooling somewhat.

“As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling,” she said.

“We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.”

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Real eState

National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

Published

4 hours ago

September 16, 2024

Anne Joseph

OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

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Real eState

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

Published

5 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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