adplus-dvertising
Connect with us

Real eState

Many positive signs in local real estate market, says Weyburn realtor – Weyburn Review

Published

 on


A longtime Weyburn realtor, Winston Bailey, said there are many positive aspects to the real estate market in the city and area right now, in a presentation he gave to the Weyburn Rotary Club on Thursday via Zoom.

He noted he’s been in business in the city for 46 years, since he began with a construction company in 1976, and in real estate for the last 16 years, “and I have no intentions of quitting just yet.”

article continues below

Sharing statistics about how real estate is doing in this area, Bailey noted that provincially the real estate market has had one of its strongest ever starts to a year, according to the Saskatchewan Real Estate Association, with housing values up by one per cent after going down for the previous four or five years.

One factor is the low interest rates, said Bailey, pointing out that on a recent home sale the buyers were able to get 1.79 per cent on a 20-year mortgage with a five-year term.

Comparatively, when he built a home in 1983, the interest rate went down from 14 per cent to 11.5 per cent, “and I said yep, we can afford this — so that’s quite a difference.”

He added that in the last few months, he hasn’t seen any interest rates higher than 2.25 per cent, which can make a large difference in mortgage payments.

Currently the number of houses and other properties on the market has dropped by about 30 per cent, which has the positive effect of quick sales for a seller — unless it’s a condominium unit, which are “very sluggish” right now with 41 condos on the market in Weyburn right now.

Overall, there are about 135 properties on the market in Weyburn right now, including the condos, where normally the city has over 200 properties for sale. Bailey noted that “well over 200” properties sold in 2020, and “that’s pretty impressive. We haven’t seen that for a long time.”

There are few housing starts right now due to the high cost of building materials, said Bailey. He noted his son, Chad, recently built a fishing shack, and a sheet of plywood cost about $60, up from the past average price of around $22-23 a sheet.

The strongest real estate markets right now are in the larger cities, like Regina, Saskatoon and Prince Albert, while in the smaller cities, like Weyburn, Estevan, North Battleford and Kindersley, most of them have a strong presence of the oil industry.

“When the boom was on, it was our cities that grew the most. We’re suffering a little bit right now, but by the same token, we’re not in trouble. I don’t think that’s too negative a thing, I’m still very optimistic,” said Bailey.

Farmland values have been very strong in the Weyburn region, particularly good quality farm land from Yellow Grass, Lang and Colfax areas up to Regina, said Bailey.

He pointed to two recent land sales just north of Yellow Grass, with six quarters selling for $3,500 an acre in one sale, and in a smaller parcel, the land sold for $4,000 an acre, “so $600,000 for a quarter is what you’re seeing on some farmland.”

Land in the Weyburn area has sold for around $250,000 a quarter, he added, saying as a general rule, farmland will sell for 1.2 to 1.3 times its assessment, and high-quality farmland will sell for 1.5 to 1.6 times its assessed value.

“Even pasture land will sell for $150-175,000 a quarter,” he added.

For commercial properties, Bailey said some oil-related properties have had their tenants move on, but many of them have tenants renting so very few of those are sitting empty.

Addressing how COVID-19 has impacted the real estate business, Bailey said they are making it work and are abiding by the provincial regulations around how businesses are to operate.

“When I go to show a house, I have a mask on and keep a physical distance, and use hand sanitizer. You just comply by the rules,” he said. “People in general have been very open to allow us in. Some ask us to wear gloves, and that’s fine, that’s not a problem. In all, it’s a different way of doing business, but we just comply with the provincial standards, rules and regulations, and we can live with that.”

Weyburn has a lot going for it, such as being declared one of the best communities to live in on the prairies and in Canada.

“I’m a believer in our city, and in what we have going for us. It continues to attract people of all walks of life,” said Bailey, pointing out Weyburn has a new school and a new recreation and culture centre under construction, and a new hospital is on the way.

“I’ve had the privilege of taking a couple of tours (of the new facilities) and it’s absolutely amazing, it’s unbelievable. We should be very, very proud to have that facility here,” he said, adding the new hospital will also be a big boost for the city.

Combined with having Southeast College here, Weyburn has a lot to offer, he said. “Education and health care always assist in attracting people to the city.”

The ranking of Weyburn as one of Canada’s top communities is based on many factors, he added, including affordability, crime rate, schools, recreation and sporting facilities, and the business community, not to mention Weyburn’s friendliness, which is mentioned to him all the time by visitors from other communities.

Asked if Weyburn’s Golf Club is a selling feature for potential buyers, Bailey said it absolutely is a major recreational asset, along with the other sporting and recreation facilities that are here.

Let’s block ads! (Why?)

728x90x4

Source link

Continue Reading

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

 on

 

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.

Source link

Continue Reading

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

 on

 

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.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

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.

Source link

Continue Reading

Trending