It is indisputable that the real estate market is having a moment.
Real eState
LACKIE: Good homes still selling amid turbulent real estate market
Well-maintained homes with parking on good streets in great neighbourhoods with excellent schools are still in demand
While some say it’s a crash of apocalyptic proportions, others insist that what we are witnessing is no more than a necessary tempering following a truly mind-blowing run. None of it is good, of course, but on the one hand it’s like the ship is going down while on the other we have something closer to a ran-out-of-fuel-with-no-wind-in-the-sails type scenario.
The past two-and-a-half years have been equal parts incredible and horrifying to behold. And while the course our market has taken since the mid-aughts has certainly had some sticky moments here and there on its upward trajectory, if you squint, it’s been almost a straight line of rapid appreciation.
What one might conclude from that is largely a choose-your-own-adventure at this point.
The bulls — and please note that I make a very loud and clear distinction between those with a bullish faith in the long-term value of real estate versus the real estate boosters who will never not be happy to sell you something — instead subscribe to the certainty that like any investment asset, there will be downtimes but the idea is to hold on for the long-term and win.
Things are still selling. Well, the good stuff is selling. And the well-priced stuff is selling quickly.
It is.
Well-maintained homes with parking on good streets in great neighbourhoods with excellent schools are still in demand. We know this because they still sell in multiple offers. The lift may be smaller than it might have been last winter but buyers are willing to compete.
Every agent I know who works in central Toronto has buyers standing in the wings, waiting for inventory to improve. This is especially so for move-up buyers who are sitting on substantial equity in their homes and have mortgages they can usually port. By their calculations, the opportunity afforded by prices moderating outweighs the increased costs of borrowing that most assume will start to come back down again in a matter of years. Most are just waiting for some stability to return to the marketplace.
What comes next is anyone’s guess. Key word being guess.
One thing I absolutely know for certain: families will continue to form, expand, dissolve, and repeat. Life goes on irrespective of the economic forecasts.
Continue Reading
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.
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.
The Canadian Press. All rights reserved.
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.
The Canadian Press. All rights reserved.
News7 hours ago
Canada’s Denis Shapovalov wins Belgrade Open for his second ATP Tour title
News7 hours ago
Talks to resume in B.C. port dispute in bid to end multi-day lockout
News7 hours ago
The Royal Canadian Legion turns to Amazon for annual poppy campaign boost
Investment5 years ago
dynaCERT Inc. Invites You to Join Us at the Vancouver Resource Investment Conference | INN – Investing News Network
Sports5 years ago
AP source: Bears acquiring quarterback Nick Foles from Jaguars – Sportsnet.ca
Media1 year ago
12 Bizarre Things People Did Just To Make Social Media Content
-
News23 hours agoFreeland says she’s ready to deal with Trump |
-
News23 hours agoNASA astronauts won’t say which one of them got sick after almost eight months in space
-
News23 hours ago43 monkeys remain on the run from South Carolina lab. CEO thinks they’re having an adventure
-
News23 hours agoFreeland rallies a united front ahead of Trump’s return to White House
-
News23 hours agoDeputy minister appointed interim CEO of AIMCo after Alberta government fires board
-
News23 hours agoMontreal says Quebec-Canada dispute stalling much-needed funding to help homeless
-
News23 hours agoS&P/TSX composite index down Friday, Wall St. extends post-election gains
-
News23 hours agoMitch Marner powers Matthews-less Maple Leafs over Red Wings
