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The busy spring real estate market was in full swing last month with sales up almost 26 per cent from March.
The busy spring real estate market was in full swing last month with sales up almost 26 per cent from March.
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The Brantford Regional Real Estate Association is reporting 210 homes were sold in April, up 7.7 per cent compared to the same time last year.
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Home sales in Brantford were up 25 per cent in April and 27 per cent in Brant County.
The average residential sale price was $761,000.
“We are seeing strong signs of growth in the Brantford-Brant Real Estate market this month,” said David DeDominicis, president of the local real estate board. “We are happy to see significant increases with sales, coupled with only minor increases in pricing. These are all positive signs for buyers and sellers in the market.”
More people are listing their homes for sale, adding significantly to the depleted inventory. The Brantford-Brant market had 958 listings in total supply at the end of April, a significant increase from 783 listings at the same time in 2023. Total inventory comprises all property types, from residential to commercial.
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The average cost for a local detached home rose from $739,000 in March to $810,000 in April. The average price for a home in Brantford is $701,000 and just over $1 million in Brant County, up 8.6 per cent and 6.2 per cent respectively.
“This type of fluctuation in pricing is expected during the spring market,” said DeDominicis.
Homes are on the market for an average of 29 days, on par with April 2023. The close to list price ratio is 99.1 per cent, meaning homes are selling very close to the list price.
There are currently only about two months of local real estate inventory, down one month from March. The number of months of inventory is the calculation of how long it would take to turn over the current housing supply at the current rate of sales activity.
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The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026.
The agency’s latest housing market outlook says despite an increase in rental housing coming on the market in 2023, supply is not forecast to keep up with demand, leading to higher rents and lower vacancy rates in the coming years.
“Unfavourable financing conditions are expected to make it more difficult for homebuilders to start new rental projects in 2024,” CMHC chief economist Bob Dugan said in a statement.
“We anticipate by 2025-2026 lower interest rates, continued government support, and policies encouraging greater density in urban centres should make more projects viable.”
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The CMHC said affordability in the home ownership market will also be a concern for the next three years, as declining mortgage rates and the country’s strongest population growth since the 1950s will likely spur a rebound in home sales and prices.
Home sales dropped by around one-third from their peak in early 2021 to the end of 2023, while prices fell by nearly 15 per cent over that time, CMHC said.
Locally, the highest average home prices last month were in Brant County’s Ward 5, which includes Onondaga, Mount Pleasant, Cainsville and Oakland ($2.1 million). That was followed by Brant’s Ward 3, which includes Paris ($1.1 million); Ward 1, which includes St. George ($1 million); Ward 4, which includes Scotland and Burford ($929,000); and Ward 2, which also includes Paris ($750,000).
The highest average sale price for a home in Brantford last month was in Ward 1 ($793,000), followed by Ward 2 ($743,000), Ward 3 ($694,000), Ward 4 ($694,000), and Ward 5 ($503,000).
— With files from Canadian Press
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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.
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.
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