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Latest real estate numbers show decline in sales, rise in prices – BradfordToday

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NEWS RELEASE
BARRIE & DISTRICT ASSOCIATION OF REALTORS
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The June 2021 sales information is in, and residential property sales recorded through the Matrix System for the Barrie and District Association of Realtors (BDAR) region showed a year-over-year decline in sales activity however, prices continue to climb.

The sales activity decline is primarily due to the delayed spring market experienced in 2020. The below statistics indicate a slight month-over-month cool down however, the numbers are still significant as there has been 60.4 per cent more sales in Simcoe County in the first six months of 2021 compared to the same timeframe last year.

Month-Over-Month (June 2021 vs May 2021)

Residential homes

The Housing Price Index (HPI) showed a month-over-month increase of 1.3 per cent from May 2021.

Simcoe County

939 residential units were sold in Simcoe County last month – a 11.9 per cent decrease from May 2021. During the same time a year ago (May 2020 to June 2020), there was a 76.0 per cent increase in the number of units sold.

The average price of residential units sold last month was $803,919 – a 0.6 per cent increase from May 2021. This growth was less than the month-over-month change in average price a year ago (+7.0 per cent).

City of Barrie

286 units were sold last month within the City of Barrie, which was 22.3 per cent less than the number of units sold the month prior. A year ago, the number of units sold between June and May grew 58.8 per cent.

The average price of units sold within Barrie during June 2021 was $747,533. This was 0.6 per cent greater than the average price during May 2021. In comparison, the average price of units sold between June 2020 and May 2020 increased 6.6 per cent.

City of Barrie – Apartments and condos

41 apartment and condo units were sold in Barrie last month – 24.1 per cent less than the number of units sold in May 2021. The average price of apartment and condo units sold in the City of Barrie last month was $535,734 – 8.6 per cent more than the average price in May 2021.

Simcoe County excluding Barrie

In Simcoe County Excluding Barrie last month, 653 units were sold. This was 6.4 per cent less than the number of units sold during May 2021. At the same time a year ago, there was an 84.7 per cent increase in the number of units sold outside of Barrie.

The average price of units sold in the areas outside of Barrie last month was $828,614. This was 0.1 per cent less than the month prior. Between June 2020 and May 2020, the average price of units sold outside of Barrie increased 6.8 per cent. 

Innisfil

64 residential units were sold in Innisfil last month – a 14.7 per cent decrease from May 2021. During the same period a year ago (May 2020 to June 2020), there was a 16.7 per cent increase in the number of units sold. The average price of residential units sold in Innisfil last month was approximately $924,186 – a 20.3 per cent increase from May 2021. This contrasted the decline from last year when the average price declined 0.6 per cent from May to June.

Orillia

66 residential units were sold in Orillia last month – a 7.0 per cent decrease from May 2021. During the same period a year ago (May 2020 to June 2020), there was an 86.7 per cent increase in the number of units sold. The average price of residential units sold in Orillia last month was approximately $628,327 – a 5.9 per cent decrease from May 2021. The average price a year ago increased 14.9 per cent from May to June.

Essa

In Essa last month, 30 residential units were sold. This was 31.8 per cent less than the month prior. During the same period a year ago, there was a 74.1 per cent increase in the number of units sold. The average price of residential units sold in Essa last month was $895,817— a 14.2 per cent increase from May 2021. This time last year, the average price increased 13.5 per cent from May 2020 to June 2020.

Year-to-date (YTD) (June 2021 YTD vs. June 2020 YTD)

All residential homes

Simcoe County

5,813 residential units were sold in Simcoe County during June 2021 Year-To-Date (YTD) (Jan. 1, 2021 – June 30, 2021). This was 60.4 per cent more than what was sold during the same timeframe last year (Jan. 1, 2020 – June 30, 2020). The average price of residential units sold during June 2021 YTD was $773,167. This was 41.5 per cent greater than the average price during the same timeframe last year.

City of Barrie

2,020 units were sold in the City of Barrie during June 2021 YTD. This was a 66.0 per cent growth from the same timeframe last year. This growth was greater than the growth in total Simcoe County (+60.4 per cent).

The average price of units sold within the City of Barrie during June 2021 YTD was $723,739. This was 35.4 per cent more than the same timeframe last year. This growth was less than what was seen in the total Simcoe region (+41.5 per cent). During June 2021 YTD, Barrie accounted for 34.7 per cent of residential properties sold. This was 1.2 share points more than the same timeframe during 2020.

City of Barrie – Apartments and condos

274 apartment and condo units were sold in Barrie during June 2021 YTD – 69.1 per cent more than the number of units sold in June 2020 YTD. The average price of apartment and condo units in the City of Barrie this year so far was $486,572. This was 25 per cent more than the average price during the same timeframe last year.

Simcoe County excluding Barrie

3793 residential units were sold in the areas outside of Barrie during June 2021 YTD. This was 57.6 per cent more than the number of units sold during June 2020 YTD. This growth in number of units sold was less than the growth seen in the total Simcoe region (+60.4 per cent).

The average price of units sold during this time was $799,490. This was 44.7 per cent greater than what was seen during June 2020 YTD. This growth was greater than that of total Simcoe (+41.5 per cent). During June 2021 YTD, Simcoe County excluding Barrie accounted for 65.3 per cent of residential properties sold. This was 1.2 share points less than the same timeframe during 2020.

Innisfil

429 residential units were sold in Innisfil during June 2021 YTD. This was 54.3 per cent more than what was sold during the same timeframe last year (Jan. 1, 2020 – June 30, 2020). The average price of residential units sold in June 2021 YTD was $839,055. This was 53.8 per cent greater than the average price during the same timeframe last year. During this time, Innisfil accounted for 7.4 per cent of sales in Simcoe County – down 0.3 share points from the same timeframe last year.

Orillia

435 residential units were sold in Orillia from the beginning of 2021 to June 30th, 2021. This was 58.2 per cent more than what was sold during the same timeframe last year (Jan. 1, 2020 – June 30, 2020). The average price of residential units sold during June 2021 YTD was $624,874 This was 38.9 per cent greater than the average price during the same timeframe last year. During June 2021 YTD, Orillia accounted for 7.5 per cent of sales in Simcoe County, 0.1 share points more than that of June 2020 YTD.

Essa

264 residential units were sold in Essa during May 2021 YTD. This was 51.7 per cent more than what was sold during the same timeframe last year (January 1st, 2020 – June 30th, 2020). The average price of residential units sold in June 2021 YTD was $787,041. This was 41.1 per cent greater than the average price during the same timeframe last year. During this time, Essa accounted for 4.5 per cent of sales in Simcoe County—down 0.3 share points from the same timeframe last year.

Year-Over-Year (June 2021 vs June 2020)

All residential homes

The Housing Price Index (HPI) showed a 38.5 per cent year-over-year increase between June 2021 and June 2020.

Simcoe County

939 residential units were sold in Simcoe County last month – 12.4 per cent less than the same time last year. As well, the average price of residential units sold was $803,919, which was 38 per cent greater than that of June 2020.

City of Barrie

286 residential units were sold during June 2021 within Barrie. This was 11.7 per cent less than the number of units sold during June 2020. This decline was lesser than that of total Simcoe County (-12.4 per cent).

The average price of residential Barrie units sold during June 2021 was $747,533 – 34.3 per cent greater than the average price of units sold during June 2020. This growth was less than the average-price growth of total Simcoe County (+38.0 per cent). Sales in Barrie accounted for 30.5 per cent of residential sales in Simcoe County last month. This was 0.2 share points more than the same time last year.

City of Barrie – Apartments and condos

41 apartment and condo units were sold in Barrie during June 2021 – 5.1 per cent greater than the number of units sold in June 2020. The average price of apartment and condo units in the City of Barrie in June 2021 was $535,734. This was 37.9 per cent more than the average price during the same time last year.

Simcoe County excluding Barrie

653 residential units were sold outside of Barrie during June 2021, and this was 12.7 per cent less than the number of units sold during June 2020. This decline was slightly greater than the 12.4 per cent decline seen in the total Simcoe region.

The average price of units sold in Simcoe County excluding Barrie last month was $828,614. This was a 39.5 per cent increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+38.0 per cent). Residential property sales outside of Barrie accounted for 69.5 per cent of sales in Simcoe County last month. This was 0.2 share points less than the same time last year.

Innisfil

64 residential units were sold in Innisfil during June 2021, and this was 1.6 per cent more than the number of units sold during June 2020. This growth contrasted the 12.4 per cent decline seen in the total Simcoe region. The average price of units sold in Innisfil last month was approximately $924,186. This was a 64.3 per cent increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+38.0 per cent). Sales in Innisfil accounted for 6.8 per cent of sales in Simcoe County during June 2021. This was 0.9 share points more than Innisfil’s share of sales during the same time last year.

Orillia

66 residential units were sold in Orillia during June 2021, and this was 21.4 per cent less than the number of units sold during June 2020. This decline was greater than the 12.4 per cent decline seen in the total Simcoe region. The average price of units sold in Orillia last month was approximately $628,327. This was a 24.3 per cent increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+38.0 per cent). Orillia’s sales made up 7.0 per cent of sales in Simcoe County. This was 0.8 share points less than the same time last year.

Essa

30 residential units were sold in Essa during June 2021, and this was 36.2 per cent less than the number of units sold during June 2020. This decline was greater than the 12.4 per cent decline seen in the total Simcoe region. The average price of units sold in Essa last month was approximately $895,817. This was a 51.5 per cent increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+38.0 per cent). Sales in Essa accounted for 3.2 per cent of sales in Simcoe County during June 2021. This was 1.2 share points less than Essa’s share of sales during the same time last year.

Q2 2021 statistic release

June 30, 2021 marked the end of Quarter Two (Q2) of 2021, and residential sales information is in with residential property sales recorded through the Matrix System for the Barrie and District Association of Realtors Inc. (BDAR).  Q2 2021 (April 1, 2021 – June 30, 2021) sales activity and average price of units sold increased substantially as compared to Q2 2020.

Sales activity in Q2 2021 was much stronger than the same time last year. The trend of Ontarians migrating from the Greater Toronto Area to areas such as Simcoe County has continued into Q2. Both Barrie and Simcoe County Excluding Barrie contributed to this growth.  

Average price during Q2 2021 was up 41.4 per cent as compared to Q2 2020. This was driven by a growth in average price inside and outside of Barrie.

Simcoe County

There was a 60.0 per cent increase in units sold compared to Q2 2020 (Q2 2021 with 3184 units sold vs Q2 2020 with 1,990 units sold)

Average price of homes in Simcoe County during Q2 2021 was $792,242. This was a 41.4 per cent growth from the same timeframe last year.

Barrie

The number of sales increased 64.3 per cent in Q2 2021 (1022 units sold) when compared to Q2 2020 (622 units sold).

Home prices within Barrie increased to $738,571, which was a 36.4 per cent increase from Q2 of last year.

Simcoe County excluding Barrie

The number of sales increased 58.0 per cent in Q2 2021 (2162 units sold) when compared to Q2 2020 (1,368 units sold).

Simcoe County excluding Barrie had an average price of $817,612. This was a 43.8 per cent increase from Q2 of 2020.

Innisfil

The number of units sold in Innisfil during Q2 2021 was 233, 71.3 per cent more than the number of units sold in Q2 2020.

The average price of units sold in Innisfil during Q2 2021 was $834,625. This was 50.5 per cent greater than the average price of Innisfil units sold during Q2 2020.

Orillia

The number of units sold in Orillia during Q2 2021 was 232. This was 55.7 per cent more than the number of units sold in Q2 2020.

The average price of units sold in Orillia during Q2 2021 was $632,914. This was 32.4 per cent greater than the average price of Orillia units sold during Q2 2020.

Essa

The number of units sold in Essa during Q2 2021 was 137. This was 47.3 per cent more than the number of units sold in Q2 2020.

The average price of units sold in Essa during Q2 2021 was $796,422. This was 43.5 per cent greater than the average price of Essa units sold during Q2 2020.

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Interest rates send shivers through B.C. real estate market – Business in Vancouver

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A wintry summer is brewing for B.C.’s real estate market with soaring interest rates drastically reducing buyer purchasing power while sellers clamber for yesterday’s prices. Home sales fell sharply in May while home values are declining, slowly but surely.

Multiple Listing Service (MLS) sales fell 16.3 per cent in May adding to April’s 13 per cent decline to a seasonally-adjusted 6,853 units. On an unadjusted basis, sales fell 34 per cent.

While sales remained above levels observed just prior to the pandemic and above the same-month average from 2010-19, momentum is quickly weakening. This is not surprising with fixed mortgage rates well above four per cent and at a 10-year high, while variable rates are rapidly shifting higher. With home prices up 40 per cent during the pandemic, prospective buyers face a very different market, and many have quickly been priced out of ownership. High consumer price inflation is further amplifying affordability challenges for households.

Sales declines were observed in most regions of the province. Specifically, the real estate boards of Chilliwack (-25 per cent) and the Fraser Valley (-20 per cent), which covers Abbotsford-Mission and eastern communities of Metro Vancouver, including Surrey, led the drop in sales while the rest of Metro Vancouver fell 18 per cent. Vancouver Island fell 18 percent, but remained elevated, with more modest declines in the interior and northern markets. In contrast, retiree demand and migration from Alberta continues to support conditions outside Metro Vancouver.

Declining sales are contributing to a quick moderation in market conditions. Fewer sales and steady new listings lifted active listings in the province for a fifth straight month with inventory on the rise in most markets. Sales-to-active listings ratios remain in a range consistent with a sellers’ market, but the rapid decline suggests markets are nearly balanced, with the potential to move into a buyers’ market range.

At $980,324, the average price fell 4.7 per cent from April and marked the first sub-million-dollar reading since November. Consistent with sales, declines were deepest in Chilliwack (-4.3 per cent) and the Fraser Valley (-6.7 per cent), although average prices eroded in most real estate board areas.

After an impressive run where B.C. manufacturing sales increased for seven consecutive months, the streak came to an end in April as sales dipped 2.9 per cent from March to $5.8 billion. Both durable goods (down 1.6 per cent) and non-durable goods (down 4.5 per cent) posted weaker sales.

Key manufacturing areas such as wood products (down 5.9 per cent); transportation equipment (down 5.5 per cent); computer and electronic equipment (down 3.2 per cent); and electrical equipment, appliances and components (down 5.1 per cent) weighed down overall sales. The decline was only partially offset by a few sectors showing gains, such as food manufacturing (up 1.7 per cent), fabricated metal products (up 2.3 per cent) and sales of machinery (up 3.9 per cent).

Over 2022’s first four months, total sales remained 10.1 per cent of last year’s pace with durables (up 6.7 per cent) and non-durables (up 15.1 per cent), considerably ahead of last year’s pace notwithstanding April’s dip in activity. Manufacturing sales activity dipped across the province in May. In Metro Vancouver, sales fell 1.5 per cent and were down 4.3 per cent in the rest of British Columbia.

Bryan Yu is chief economist at Central 1 Credit Union.

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Simplicity launches real estate conveyancing solution in Ontario – ITBusiness.ca

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Today, Simplicity Global Solutions, a Canadian technology company, announced that its real estate conveyancing solution, Prolegis Real Estate, is available in Ontario.

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Source: Simplicity Global Solutions

Prolegis is a cloud-based real estate conveyancing solution made for real estate lawyers. It integrates with a real estate practice, providing tools and information to help each user enhance their performance, customer engagement, and work-life balance.

Prolegis is designed to help users save time, with all the capabilities and key third-party integrations needed to convey a real estate transaction. The solution provides user flexibility to configure and organize work, communicate with clients, and manage the real estate transaction end-to-end from a single solution at any time. It offers a library of document and workflow management tools, community databases, stakeholder portals, and real-time support.

‘Simplicity is incredibly pleased and excited to offer Ontario real estate lawyers and conveyancers a fresh new choice in a legal software provider. Collaborating with our valued customers and a network of trusted stakeholders, we are building a better, brighter future for real estate legal professionals and Canadian homebuyers,” said Neil N. Babiy, co-founder and chief executive officer of Simplicity Global Solutions Ltd. “At Simplicity, we envision a future where innovative technology is at the forefront of enhancing the customer experience in the real estate ecosystem. We are committed to helping advance technology utilization and adoption within the real estate sector by providing solutions that are user-friendly, easy to implement, and economical to acquire and operate.”

Ontario real estate lawyers and conveyancers can now book a demo and learn more about the tool here.

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U.S. real estate giant Blackstone says it will not target single-family homes in its Canadian expansion – The Globe and Mail

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Blackstone Inc. BX-N said Monday it has no interest in investing in single-family homes in Canada, laying to rest speculation the giant global asset manager would scoop up hundreds of Canadian houses and turn them into rental properties.

After Blackstone announced plans in May to establish a Canadian office in Toronto, rumours abounded that the private equity firm would unleash its firepower, gobble up homes and increase competition for individuals and families looking to buy homes. The typical home price across the country has climbed 50 per cent over the past two years and real estate investors have come under scrutiny for their role in ramping up competition and driving up prices.

But Blackstone’s head of real estate Americas, Nadeem Meghji, said that is not in the cards for the company’s Canadian expansion.

“It’s just not an area that we are focused on in Canada,” he said in a joint interview with Janice Lin, the new head of Blackstone Canada.

Blackstone targets Canadian real estate, opens office in Toronto

The New York-based company, which has US$915.5-billion in assets under management, has been accused of profiting off the 2007 U.S. housing meltdown after it bought swaths of distressed properties and then rented them out to U.S. residents.

Blackstone has said it did not own any single-family homes before the crisis and didn’t foreclose on any of the properties. It has also said many of its purchases were homes that had been sitting vacant and dragging down local property values.

Blackstone has since sold that business and owns a rent-to-own business called Home Partners of America – one of the many players in a growing single-family home rental market in the U.S.

“We don’t have a similar platform in Canada and we don’t have the intention of launching one because, from our perspective, we think there are just more interesting places to deploy capital in the Canadian market,” Mr. Meghji said.

Ms. Lin, a former Canada Pension Plan Investment Board executive, is in charge of Blackstone’s expansion in Canada. She cited the country’s favourable immigration policies and its strong population growth as two key factors that make Canada a winner for Blackstone’s capital.

Blackstone mostly owns warehouses and other industrial space in Canada, as well as a couple of office towers. It also has some investments in apartment building developments. All together, they are worth about US$14-billion, according to Blackstone, representing just a tiny fraction of the company’s global real estate portfolio.

Ms. Lin and Mr. Meghji both said the company will continue to invest in industrial and top office buildings, as well as hotels.

Blackstone has previously said it expects its growth here will be significant. Mr. Meghji would not quantify “significant” except to say he expects growth will be material and Canada could eventually command a larger share of Blackstone’s global real estate portfolio.

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