Connect with us

Real eState

Lapse in enforcement, effect on B.C. real estate market in focus as money laundering inquiry opens – Richmond News

Published

on


Justice Austin Cullen, commissioner for the independent Commission of Inquiry into Money Laundering in British Columbia, hinted Monday that his team will specifically address trade-based money laundering, the ability to act on evidence of wrongdoing and the impact of criminal proceeds on the B.C. real estate market.

The commission heard opening statements from lawyers for the provincial and federal governments on the first of three hearing days this week. This week is the first of several weeklong hearing intervals to the end of the year.

article continues below

If the first day is any indication, the inquiry will be a slow grind through complex matters related to government legislation, regulatory oversight and enforcement efforts.

“I think we’ll be hearing evidence that it’s a pretty elusive issue and one that’s difficult to bring down to the ground,” said Cullen.

Both senior governments largely outlined their existing efforts to address money laundering.

B.C. government lawyer Jacqueline Hughes opened by noting that “the Lower Mainland has earned an international reputation for money laundering,” and asked, “Was there wilful blindness to what’s going on?”

She said the government hopes the commission can address that question and many others over the course of the year.

Hughes’ statement focused on two key areas: government-regulated gambling and the real estate industry.

Judith Hoffman, general counsel for the federal government, began by saying the inquiry is a provincial one but money laundering “obviously has many federal dimensions.” Ottawa is assisting the inquiry to understand the scope of the problem in B.C. and the effectiveness of federal enforcement, she said.

Hoffman said new federal regulations are coming for foreign virtual currencies that have yet to face the kind of regulations that govern credit cards or bank accounts. Likewise, cryptocurrencies present similar oversight issues.

Cullen interjected at one point to note that the commission may want to specifically look at trade-based money laundering and may seek federal help in better understanding current efforts to address it.

Hoffman addressed a maze of federal agencies whose work falls under the umbrella of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The Financial Transactions and Reports Analysis Centre (FINTRAC) “has an enormous mandate,” with upwards of 25 million reports annually, Cullen said.

“I am interested in perhaps turning Canada’s attention to that,” he told Hoffman.

Hoffman noted the interconnected roles of FINTRAC, RCMP, the Canada Revenue Agency, the Canadian Security Intelligence Service and the Office of the Superintendent of Financial Institutions, which regulates banks and money service businesses. The Canada Mortgage Housing Corp. also plays a role as the federal regulator of housing policies.

Using money service businesses as an example, Hoffman explained how the RCMP’s Combined Forces Special Enforcement Unit is working with the B.C. Attorney General and City of Richmond on a provincial licensing program.

Both senior governments are looking at new regulations for greater transparency in business ownership.

Hughes spoke about B.C.’s ongoing public consultation process to create a provincial public registry of corporate beneficial ownership, as it has done for property ownership – key recommendations of the Expert Panel on Money Laundering in Real Estate, commissioned by the province in 2019.

That panel provided a broad picture of money laundering in B.C., estimating that between $800 million and $5.3 billion was cleaned through B.C. real estate in one year.

The Cullen inquiry has been spurred largely by the perceived impact of dirty money on the real estate industry and its impact on B.C.’s middle class. Furthermore, as noted by Hughes, criminal proceeds from the opioid crisis are flowing through casinos and ending up in real estate.

The BC NDP government has created a new Crown agency to regulate the real estate and finance sectors in the province – the B.C. Financial Services Authority, which now controls the formerly independent role of the superintendent of real estate.

gwood@glaciermedia.ca

 

 

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Cariboo real estate sales stall, decline due to struggling resource industries, COVID-19 – Williams Lake Tribune

Published

on


The BC Northern Real Estate Board (BCNREB) reported 753 sales with a value of $217,389,724 through the Multiple Listing Service® (MLS®) in the first quarter of 2020. This compares with 876 sales worth $257,043,507 to the end of March 2019. As of March 31st, there were 3,096 properties of all types available for purchase through the MLS® compared to 3130 at this time last year.

The first quarter of 2020 saw a persistent pullback in housing demand, as the BC forestry, mining and oil sectors continued to struggle. This led to MLS® unit sales in the region covered by the BC Northern Real Estate Board to fall by 13 per cent compared to the same time last year. Despite the pullback in demand, prices increased by one per cent due to a notable decline in active listings. At the end of the first quarter, the MLS® average price was $298,811 in the region. MLS® sales are expected to continue to decline in the second quarter of 2020 due to the economic standstill brought on by COVID-19, which will likely also lead to significant investment projects such as LNG and BC Hydro to scale back.

Read More: 53 new COVID-19 cases in B.C., four new deaths

“The COVID-19 pandemic continues to cause significant challenges to everyone in our society,” says BC Northern Real Estate Board’s new President, Shawna Kinsley. “Our members are committed to doing their part to ensure communities stay safe. Real estate is an essential service. REALTORS® are following all orders and guidance from the Public Health Authority. The Real Estate Board has recommended that no Open Houses be held during this time. REALTORS® are also modifying their practices around face-to-face meetings and showings. Sellers may now remain on the MLS® system without the need for showings and all consumers can expect more phone or virtual meetings as well as limits on showings and new showing guidelines. We ask consumers to be patient with real estate practice changes at this time. REALTORS® remain committed to serving their clients and safeguarding their communities.”

By Region:

(2019 values appear in brackets)

Cariboo Region

100 Mile House and area: A total of 66 (68) properties of all types worth $14.8 million ($16.6 million) have been sold by REALTORS® in the area since the beginning of the year. In the first three months of 2020, 17 single-family homes, 24 parcels of vacant land and nine homes on acreage changed hands. At the end of the quarter there were 373 (375) properties available for purchase through the MLS®.

Williams Lake: 58 (91) properties have sold so far this year through MLS® in the Williams Lake area. The value of these properties was $ 15.4 million ($21.4). In addition to the 29 single-family homes sold, nine homes on acreage, six manufactured homes in parks, and one manufactured home on land have changed hands in the first quarter. As of March 31st, there were 190 (207) properties listed on the MLS® in the Williams Lake area.

Quesnel: In the Quesnel area REALTORS® reported 47 (55) sales worth $8.5 million ($11.7 million) in the first three months of 2020. In addition to the 16 single-family homes that sold, nine parcels of vacant land and seven homes on acreage have sold this year. There were 161 (147) properties of all types available for purchase through MLS® in the Quesnel area as of March 31st.

Northwest Region

Prince Rupert: 47 (34) properties worth $15.4 million ($8.8 million) have sold through the MLS® so far this year. Of those 47 properties sold, 29 were single-family residential properties and six were parcels of vacant land. As of March 31st, there were 104 (169) properties of all types available for purchase through the MLS® in the Prince Rupert area.

Terrace: REALTORS® in the Terrace area sold 58 (53) properties in the first quarter of 2020. The value of these properties was $18.9 million ($16.9 million). 29 single-family homes, five manufactured homes in parks, and two manufactured homes on land have changed hands since January 1st. As of March 31st, there were 222 (192) properties of all types available for sale in the Terrace area.

Kitimat: In the first quarter of 2020, 18 (19) properties worth $6.2 million ($6.7 million) have been reported sold. Of those 18 properties, 11 were single-family homes, three were half-duplexes and two were townhouses. At the end of March there were 113 (124) properties of all types available for sale through MLS® in the Kitimat area.

Bulkley Nechako Region

Smithers: REALTORS® in the Smithers area reported 43 (44) sales with a value of $12 million ($12.6 million) to March 31st, 2020. In addition to the 23 single-family homes that sold, four parcels of vacant land, six homes on acreage, and five manufactured homes in parks changed hands this year. At the end of the first quarter there were 122 (120) properties of all types available for purchase through the MLS® in the Smithers area.

Burns Lake: Four (16) properties worth $456 thousand ($2.3 million) have changed hands since January 1st. At the end of March there were 80 (87) properties of all types available for sale through the MLS® in the Burns Lake area.

Vanderhoof: REALTORS® in the Vanderhoof area reported 19 (30) sales worth $4.4 million ($12.2 million) in the first quarter of 2020. At the end of March there were 89 (80) properties available for purchase through the MLS® in the Vanderhoof area.

Fort St. James: In the first quarter of 2020 there were 11 (9) sales worth $2.1 million ($1.9 million) in the Fort St. James area. As of March 31st, there were 54 (61) properties available on the MLS® in the area.

Northern Region

Fort St. John: In the Fort St. John area, 90 (111) properties worth $28.3 million ($35.5 million) changed hands in the first quarter of 2020. In addition to the 41 single-family homes sold, 11 half-duplexes, 9 homes on acreage, 7 manufactured homes in parks and 3 manufactured homes on land have sold since January 1st. At the end of March there were 644 (597) properties of all types available for purchase through the MLS® in the Fort St. John region.

Fort Nelson: 11 (11) properties worth $1.6 million ($919 thousand) were reported sold through the MLS® since the beginning of the year. At the end of March there were 124 (95) properties available for purchase through the MLS® in the Fort Nelson area.

Fraser Fort George Region

Mackenzie: Since January 1st 10 (12) properties worth $1.5 million ($1.4 million) have changed hands. As of March 31st, there were 56 (63) properties available for purchase through the MLS® in the Mackenzie area.

City of Prince George: 221 (257) properties of all types, worth $73.3 million ($90 million), have changed hands in the first three months of 2020 in the City of Prince George. In the western part of the City, the median price of the 34 single-family homes that have sold on MLS® was $346,000 ($327,500). In the area east of the by-pass, the 29 single-family homes that sold had a median value of $272,500 ($309,000). In the northern part of the city, commonly referred to as “the Hart”, 29 single-family homes sold with a median price of $401,250 ($370,000). In the southwestern section of the city, 37 homes have sold since January with a median price of $453,500 ($429,500). At the end of March there were 509(534) properties of all types available on the MLS® within the city limits.

The REALTOR® members of the BC Northern Real Estate Board serve the real estate needs of the communities from Fort Nelson in the north to 100 Mile House in the south, and from the Alberta border to Haida Gwaii.


Do you have a comment about this story? email:
editor@wltribune.com

Like us on Facebook and follow us on Twitter.

Real estate

Get local stories you won’t find anywhere else right to your inbox.
Sign up here

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Technology used to overcome impacts of COVID-19 on Edmonton’s real estate market – Global News

Published

on


The Realtors Association of Edmonton has released its first quarter market report for 2020 and the numbers aren’t looking too great. But like many other industries impacted by COVID-19, realtors are finding creative ways to adapt.

“Right now is key for us… to just always shift and adapt — shift and adapt in everything that we’re doing to keep everything moving,” Kristin Boser, associate broker with Sarasota Realty, said.

A necessary step in a time when the Edmonton real estate market is taking hit.


READ MORE:
COVID-19 costs to City of Edmonton likely between $27M and $112M: report

In the latest report released by the association, the average sale price of single family homes is $404,344 — a drop of nearly 5 per cent from last year. Sales are down about 2 per cent.

Condominiums sold for an average of $218,613, — up 2.5 per cent from March 2019.

Story continues below advertisement

“It’s certainly not business as usual,” Chair of the Realtors Association of Edmonton Jennifer Lucas explained.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

“Our realtors have had to pivot overnight in how they conduct their business.

“We’re starting to see an uptick in the use of technology tools like electronic signatures and virtual showings.”

Tweet This


READ MORE:
Alberta home builders say construction jobs essential during COVID-19 crisis

A new direction that realtors with Sarasota Realty are embracing.

“The use of technology, virtual showings, virtual evaluations for some clients, virtual open houses we did yesterday is just becoming our new normal,” added Boser.

“We will a see a decline until COVID is resolved and then we’ll start to see the numbers rebound hopefully if we can get that consumer confidence and people back to work,” Lucas said.

From the list date till sold, single family homes averaged 54 days on the market — a six-day decrease from 2019. Condominiums saw an eleven-day decrease at 66 days on the market.

© 2020 Global News, a division of Corus Entertainment Inc.

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Saskatchewan residential real estate market sees little effect of COVID-19 in March – The Battlefords News-Optimist

Published

on


Submitted

There can be no denying that COVID-19 has had a tremendous impact on global and local markets. While the true extent of the pandemic’s effects will not be known for some time, we can begin to get an idea of how markets are being affected. In Saskatchewan, the first presumptive case of COVID-19 appeared on March 12, and the province declared a state of emergency on March 18. Comparing sales and sales volume figures since the state of emergency was declared to the same period last year reveals that while there was a 6.2% drop in total sales and a 9.6% drop in total sales volume, none of this decline affected the residential market.

article continues below

In fact, the number of residential sales in the province was unchanged while total sales volume increased 5.6%. While reports have suggested that real estate markets in countries hit with COVID-19 have seen the total number of transactions decline significantly, the Saskatchewan real estate market hasn’t been negatively impacted to date. However, what data exist suggests that it takes time for transaction volumes to fall, and as the environment continues to change and markets react to new policy measures, we should expect to see impacts emerge in the future.

“Other markets have seen significant declines in transactions as a result of COVID-19 or other previous pandemics” says Jason Yochim, CEO of the Saskatchewan REALTORS® Association. “While we should expect to see transaction volumes decline in the wake of COVID-19 as well, the combination of low interest rates and declining inventories should make for a strong recovery once this temporary crisis is over.”

North Battleford

Sales in North Battleford were up a whopping 181.8%, going from 11 last year to 31 this year, and up 109.5% in the overall region, going from 21 to 44. In both North Battleford and the region, sales were more than 28.0% above the 5-year average while they were more than 16.0% above the 10-year average. Year-to-Date (YTD) sales in North Battleford rose 62.5% over last year, going from 32 to 52, while YTD sales in the larger region also increased 45.5%, going from 55 to 80.

Sales volume was up 205.1% in the city, going from $1.7M to $5.0 in 2020 which is 11.2% above the 5-year average sales volume, but 4.2% less than the 10-year average. YTD sales volume in the city was $8.0M, a 29.6% increase from $4.5M last year. In the region, sales volume was up 174.3% going from $3.0M to $8.1M (21.6% above the 5-year average). YTD sales volume also increased 61.5% in the region, rising from $9.2M in 2019 to $14.8M in 2020.

Although total sales and sales volume were up, the number of new listings fell in both the city and the region as a whole. North Battleford saw new listings fall 18.3%, going from 60 to 49 (over 23.0% below the 5-year average), while in the region, new listings fell 22.8% from 101 last year to 78 this year. The number of active listings increased, however, going from 118 to 139 in North Battleford and 545 to 590 in the region.

Saskatoon

Sales in Saskatoon were up 6.2%, going from 258 in March 2019 to 274 in March 2020, and up 7.2% in the overall region, going from 346 to 371. In both Saskatoon and the region, sales were less than 2.0% under the 5-year average while they were more than 10% below the 10-year average. Year-to-Date (YTD) sales in Saskatoon rose 8.2% over last year, increasing from 668 to 723, while YTD sales in the larger region also increased 8.8%, going from 891 to 969.

Sales volume was up 16.9% in the city, going from $81.4M to $95.1M in 2020 (1.3% above the 5-year average). YTD sales volume in the city was $240.2M, an increase of 12.6% from last year. In the region, sales volume was up 16.2%, going from $105.9M to $123.1M (1.2% above the 5-year average). YTD sales volume also increased 11.3% in the region, rising from $274.6M in 2019 to $305.7M in 2020.

Although total sales and sales volume were up, the number of new listings in March 2020 fell significantly from the number last year. In Saskatoon, new listings fell 14.2%, going from 702 to 602 (over 17.0% below the 5- and 10-year averages), while in the region the situation was even worse, with new listings falling 19.5% from 1,037 last year to 835 this year. Active listings also fell 9.9% in Saskatoon (down from 1,611 to 1,452) and 7.8% in the region (down from 2,864 to 2,641).

The sales to listing ratio was 45.5% in Saskatoon and 44.4% in the region suggesting somewhat balanced market conditions in the area.

Homes in Saskatoon stayed on the market an average of 55 days in March—down a modest 3.5% from 57 days last year (but still slightly above the 5-year average of 54 days). Homes in the region stayed on the market somewhat longer than homes in the city at 66 days on average in 2020, but also down from an average of 68 days last year.

Average home prices in Saskatoon went from $316,737 to $347,189 (an increase of 9.6%) and were approximately 3.0% above the 5- and 10-year average price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is down 0.3% from $303,200 to $302,200. Average home prices in the region also increased 8.4%, going from $306,161 to $331,793, which is also approximately 3.0% above historical averages.

Regina

Sales in Regina were up 1.9%, going from 210 in March 2019 to 214 in March 2020, and up 11.5% in the overall region, going from 235 to 262. In Regina, sales were approximately 2.0% below the 5-year average and just over 9.0% below the 10-year average, while in the region overall, sales were 3.7% below their historical averages. Year-to-Date (YTD) sales in Regina fell 8.6% over last year, decreasing from 525 to 480, while YTD sales in the larger region fell a more modest 3.7%, going from 597 to 575.

Sales volume was up 5.3% in the city, going from $62.4M to $65.7M in 2020 (3.4% below the 5-year average). YTD sales volume in the city was $141.5M, a decrease of 9.3% from last year. In the region, sales volume was also up 19.0% going from $68.3M to $81.3M (2.9% above the 5-year average). YTD sales volume decreased 1.7% in the region, however, falling from $176.3M in 2019 to $173.4M in 2020.

The number of new listings in Regina fell a significant 19.5% from March of last year, going from 534 to 430 (over 13.0% below the 5- and 10-year averages), while in the region the situation was slightly better with new listings only falling 16.1% from 670 last year to 562 this year. Active listings also fell 4.6% in Regina (down from 1,344 to 1,282) and 4.2% in the region (down from 1,836 to 1,759).

The sales to listing ratio was 49.8% in Regina and 46.6% in the region suggesting somewhat balanced market conditions in the area.

Homes in Regina stayed on the market an average of 68 days in March—down 6.8% from 73 days last year (but still above the 5-year average of 58 days). Homes in the region stayed on the market somewhat longer than homes in the city at 75 days on average in 2020, but also down from an average of 84 days last year.

Average home prices in Regina went from $297,134 to $307,140 (an increase of 3.4%) and were approximately 1.0% above the 5- and 10-year average price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 1.8% from $266,500 to $271,300. Average home prices in the region also increased 6.8%, going from $290,559 to $310,250 which is also approximately 0.3% above historical averages.

Melfort

Sales in Melfort were down 57.1%, going from 7 in March 2019 to 3 in March 2020, but up 13.3% in the overall region, going from 15 to 17. In Melfort, sales were more than 58.0% below the 5- and 10-year averages, while in the region overall, sales were 1.2% and 12.4% below their 5-year and 10-year averages. Year-to-Date (YTD) sales in Melfort fell 56.3% over last year, decreasing from 16 to 7, while YTD sales in the larger region fell a more modest 16.7%, going from 42 to 35.

Sales volume was down 44.6% in the city, going from $1.4M to $0.8M in 2020 (50.2% below the 5-year average). YTD sales volume in the city was $3.2M, a decrease of 50.1% from last year. In the region, sales volume was up 63.0%, going from $1.9M to $3.0M (4.1% above the 5-year average). YTD sales volume decreased 13.4% in the region, however, falling from $6.3M in 2019 to $5.5M in 2020.

The number of new listings in March fell from 6 to 5 year-over-year and is over 54.0% below the historical average, while in the region the situation was somewhat worse with new listings falling from 34 last year to 24 in 2020. Active listings in Melfort increased from 49 to 54 and is over the 5-year average of 49, while in the region, active listings fell modestly, going from 228 in 2019 down to 222 in 2020, just slightly below the 5-year average.

The sales to listing ratio was 60.0% in Melfort and 70.8% in the region suggesting a sellers’ market in the area.

Homes in Melfort stayed on the market an average of 144 days in March—up 48.5% from 97 days last year (and still above the 5-year average of 108 days). Homes in the region stayed on the market somewhat longer than homes in the city at 155 days on average in 2020, also up from an average of 89 days last year.

Average home prices in Melfort went from $203,700 to $263,333 (an increase of 29.3%) and were approximately 16.0% above the 5-year average price. Average home prices in the region also increased a significant 43.8%, going from $124,060 to $178,376—5.8% above the five-year average price.

Moose Jaw

Sales in Moose Jaw were down a modest 6.1%, going from 33 in March 2019 to 31 in March 2020, but up 29.7% in the overall region, going from 37 to 48. In Moose Jaw, sales were 11.4% below the 5-year average, while in the region overall, sales were 3.0% above their 5-year average. Year-to-Date (YTD) sales in Moose Jaw fell 3.6% over last year, going from 83 to 80, while YTD sales in the larger region jumped 19.8%, rising to 115 from 96.

Sales volume was down 23.3% in the city, going from $8.8M to $6.8M in 2020, off 20.3% from the 5-year average. YTD sales volume in the city was also down 9.7%, falling from $19.5M to $17.6M. In the region, sales volume was up 1.9% going from $9.3M to $9.4M (but still 7.4% below the 5-year average of $10.2M). YTD sales volume also increased 5.5% in the region, rising from $21.3M in 2019 to $22.4M in 2020.

The number of new listings in the city fell from 89 to 87 (12.3% below the 5-year average), while the region saw a significant 15.9% increase in new listings, going from 113 in 2019 to 131 in 2020. Active listings in Moose Jaw fell 9.6% to 255—off almost 13.0% from the 5-year average, while active listings only fell modestly in the region, going from 502 to 492.

The sales to listing ratio was 35.6% in Moose Jaw and 36.6% in the region suggesting a buyers’ market in the area.

Homes in Moose Jaw stayed on the market an average of 86 days in March—up 6.2% from 81 days last year (and still above the 5-year average of 69 days). Homes in the region stayed on the market for 88 days on average in March, down from an average of 92 days last year.

Average home prices in Moose Jaw fell a significant 18.3%, going from $268,174 to $219,019 and were approximately 10.0% below the 5- and 10-year average prices of $243,401. Average home prices in the region also fell a significant 21.5%, going from $250,452 to $196,719—10.7% below the 5- and 10-year average price of $220,308.

Prince Albert

Sales in Prince Albert were up 60.0%, going from 15 in March 2019 to 24 in March 2020, but down 5.4% in the overall region, going from 37 to 35. In Prince Albert, sales were 18.4% below the 5-year average and 35.0% below the 10-year average, while in the region overall, sales were 22.2% below their 5-year average. Year-to-Date (YTD) sales in Prince Albert rose 14.0% over last year, going from 50 to 57, while YTD sales in the larger region fell 6.3%, going from 95 to 89.

Sales volume was up 87.8% in the city, going from $2.6M to $5.0M in 2020 (24.6% below the 5-year average of $6.6M). YTD sales volume in the city was $11.6M, an increase of 19.8% from last year. In the region, sales volume was essentially unchanged, going from $7.1M in 2019 to $7.2M in 2020. YTD sales volume fell 5.3% in the region from $18.4M to $17.4M in 2020.

The number of new listings in Prince Albert fell 14.3%, going from 70 to 60 (over 13.0% below the 5- and 10-year averages), while in the region, the situation was slightly worse with new listings falling 19.4% from 134 last year to 108 this year. Active listings rose 1.1% in Prince Albert (up from 265 to 268) but fell 4.8% in the region (down from 626 to 596).

The sales to listing ratio was 40.0% in Prince Albert suggesting balanced market conditions, while a buyers’ market exists in the overall region with a sales to listing ratio of 32.4%.

Homes in Prince Albert stayed on the market an average of 68 days in March—down 34.6% from 104 days last year (and 29.2% below the 5-year average of 96 days). Homes in the region stayed on the market longer than homes in the city at 96 days on average in 2020 (down from 137 last year), which is 18.8% below the 5-year average of 118 days.

Average home prices in Prince Albert increased 17.4%, going from $176,493 to $207,152, but were approximately 4.6% below the 5-year average price. Average home prices in the region also increased 6.2%, going from $192,957 to $204,976, which is also approximately 5.3% below the 5-year average price of $216,344.

Swift Current

Sales in Swift Current were up 45.5%, going from 11 in March 2019 to 16 in March 2020, and up 8.3% in the overall region, going from 24 to 26. In Swift Current, sales were more than 15.0% below the 5- and 10-year averages, while in the region overall, sales were more than 17.0% below their historic averages. Year-to-Date (YTD) sales in Swift Current rose 27.5% over last year, going from 40 to 51, while YTD sales in the larger region rose a more modest 8.2%, going from 73 to 79.

Sales volume was up 51.8% in the city, going from $2.6M to $3.9M in 2020 (but still 23.6% below the 5-year average of $5.0M). YTD sales volume in the city was $11.8M, an increase of 28.1% from last year. In the region, sales volume was up 32.8% going from $3.7M to $4.9M (26.0% below the 5-year average). YTD sales volume rose 13.4% in the region, going from $13.3M in 2019 to $15.1M in 2020.

The number of new listings in March fell 23.0% from 61 to 47, however this is more consistent with the 5- and 10-year historical averages of 47 and 42. In the region, new listings fell 9.0% (100 to 91). Active listings in Swift Current fell from 209 to 201 (which is still over the historical averages) and the number of active listings in the region also increased modestly, going from 499 last year to 502 this year.

The sales to listing ratio was 34.0% in Swift Current and 28.6% in the region suggesting a buyers’ market in the area.

Homes in Swift Current stayed on the market an average of 128 days in March, an increase of 30.6% from 98 days last year (and still above the 5-year average of 93 days). Homes in the region also stayed on the market an average of 128 days, a 8.6% decrease from the 140 days spent on market last year.

Average home prices in Swift Current went from $232,682 to $302,240 (an increase of 29.9%) and were approximately 9.8% above the 5-year average price. Average home prices in the region also increased a significant 22.6%, going from $154,063 to $188,836—7.8% below the five-year average price.

Yorkton

Sales in Yorkton were up a significant 77.8%, going from 9 in March 2019 to 16 in March 2020, and up 53.5% in the overall region, going from 43 to 66. In Yorkton, the total number of sales was 2.6% above the 5-year average, while in the region overall, sales were 8.6% above their 5-year average. Year-to-Date (YTD) sales in Yorkton rose 43.5% over last year, going from 23 to 33, while YTD sales in the larger region jumped 12.3%, rising to 128 from 114.

Sales volume was down 2.4% in the city at $2.7M and off 22.2% from the $3.4M 5-year average. YTD sales volume in the city was up 5.0%, rising from $6.0M to $6.3M. In the region, sales volume was up a significant 27.2%, going from $6.5M to $8.3M (but still 11.1% below the 5-year average of $9.3M). YTD sales volume also increased 4.6% in the region, rising from $16.3M in 2019 to $17.1M in 2020.

The number of new listings in the city fell 14.0%, going from 50 to 43, while the region saw new listings rise 9.7%, going from 165 in 2019 to 181 in 2020. Active listings in Yorkton fell 7.1% to 170—up from the 166 5-year average, while active listings in the region increased 1.5%, going from 949 to 963.

The sales to listing ratio was 37.2% in Yorkton and 36.5% in the region suggesting a buyers’ market in the area.

Homes in Yorkton stayed on the market an average of 109 days in March—up 1.9% from 107 days last year (and still above the 5-year average of 88 days). Homes in the region stayed on the market for 116 days on average in March, down from an average of 124 days last year.

Average home prices in Yorkton fell a significant 45.1%, going from $304,398 to $167,069 which is approximately 26.0% below the 5- and 10-year average price. Average home prices in the region also fell a more modest 17.1%, going from $151,200 to $125,333—more than 16.0% below the 5- and 10-year average price.

South East Saskatchewan

Sales in south east Saskatchewan were up 50.0%, going from 20 in March 2019 to 30 in March 2020, up 7.1% from the 5-year average. Although the total number of sales fell 25.0% in Weyburn (down from 8 last year to 6 this year), this was offset by a 400.0% increase in Estevan, with sales going from 1 to 5. Year-to-Date (YTD) sales in the overall region were up 44.1%, going from 59 to 85, with YTD sales in Weyburn falling from 21 to 20, but rising from 10 to 23 in Estevan.

Sales volume in the region increased 33.5%, going from $3.7M to $5.0M in 2020 (but 15.1% below the 5-year average of $5.8M). Sales volume in Weyburn fell 50.7% ($2.3M in 2019 to $1.1M in 2020) while it increased 485.7% in Estevan ($0.1M to $0.9M). YTD sales volume increased from $11.9M to $15.0M in 2020 (an increase of 26.3%), with Weyburn seeing a fall of 14.0% and Estevan seeing a 70.6% rise in sales volume.

The number of new listings in south east Saskatchewan fell 20.3%, going from 133 to 106 (8.5% below the 5-year average, but consistent with the 10-year average). The number of new listings in Weyburn were down from 37 last year to 22 this year, while in Estevan, new listings increased modestly, from 31 to 34. Active listings were down across the region—6.1% in the region as a whole (821 in 2019 to 771 in 2020), 14.3% in Weyburn (189 to 162), and 21.5% in Estevan (200 to 157).

The sales to listing ratio was 28.3% in the region, 27.3% in Weyburn, and 14.7% in Estevan, suggesting that market conditions favour buyers at the moment.

In March, homes stayed on the market an average of 132 days in the region, down 15.9% from 2019, but 5.8% above the five-year average of 125 days. In Weyburn, homes stayed on the market an average 89 days (a significant drop of 46.1% from last year’s 165 days) while in Estevan, homes stayed on the market an average of 121 days.

Average home prices in the region fell 11.0%, going from $185,445 to $164,080, or 19.5% lower than the 5-year average. In Weyburn, average home prices were down 34.3%, going from $282,625 to $185,750, while in Estevan, prices increased 17.0%, up to $172,000 from $147,000.

Let’s block ads! (Why?)



Source link

Continue Reading

Trending