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MONCTON–Real estate activity in Greater Moncton remained relatively busy in November, as the end of a historic year for the region nears.
The 363 units sold are second all-time for November, only trailing the mark set in 2020. However, elevated prices pushed the value of all sales to $104.7-million, which sets a new record in that category for this time of year.
“If last year’s fall market was considered white-hot, fall 2021 would register as red hot. MLS home sales were well above average for this time of year, posting the second-highest November total on record,” said Ryan Davison, President of the Greater Moncton Realtors.
In 2021, a record 4,303 units have been snatched up by buyers, before factoring in sales in December.
An unprecedented 11 months for Greater Moncton Realtors have wreaked havoc on overall availability and the costs of properties.
“The number of newly listed properties during November was once again insufficient to keep up with the torrid pace of demand, further deteriorating overall supply,” Davison said.
“Active listings have now fallen to the lowest level since the start of the pandemic with no relief in sight for buyers. As long as the current market conditions persist, we expect prices will continue to be elevated well into 2022.”
It would take about 1.5 months to sell current inventories at the current rate of sales.
Robert Lothian is a reporter with 91.9 The Bend in Moncton, a Huddle content partner.
Canada’s Real Estate Bubble Is So Big Even The Mother of All Crashes Can’t Fix It – Better Dwelling
Lack of listings pushes Alberta real estate into a sellers' market – Calgary Herald
Amid the success of the real estate market is a sore spot that could drive up prices more than expected, and that’s low inventory in the coming year, according to one national realty firm.
While the pinch of low supply is most acute in larger centres like Toronto and Vancouver, Alberta is also “feeling the inventory pinch,” says Rachel Rehkopf, spokesperson for Zoocasa Realty Inc. in Toronto.
She points to December total sales rising by 27 per cent in Alberta while new listings remained stagnant.
That “pushed the entire province into sellers’ market conditions.”
The province sits at 2.5 months of residential inventory. That essentially means if no new homes came to market over the next two and a half months, and current demand for housing continues, Alberta would have no more homes for sale.
It’s a scenario that’s unlikely to happen, of course, and the overall supply-demand picture is better in Alberta than other parts of the country, she adds.
In Ontario, for example, supply is 0.6 months while the metric is 1.7 months in British Columbia.
Yet Alberta’s supply is significantly lower than last year when it had four months of supply, she says.
Calgary is the tighter of the two large markets in the province with only 1.5 months of supply, while Edmonton actually added new listings in December, growing by about 10 per cent, year over year. Still, sales in Edmonton outpaced new listings, resulting in a 14 per cent decrease in inventory.
Overall, high demand in both cities paired with continuing low supply will likely drive prices higher in the year ahead, she notes.
Welcome to Real Estate Friday! – theberkshireedge.com
Here’s what we have for you this week in The Edge Real Estate section:
- Property of the Week – Janet Kain of TKG Real Estate offers the opportunity to live in a stunning home, lovingly cared for and perfectly located for year-round enjoyment of the Berkshires.
- Transformations – Designer Jennifer Owen and her clients imagined a calming space to relax while listening to the Boston Symphony Orchestra Live from Tanglewood on the radio!
- Weekly real estate transactions for Berkshire County, Northern Litchfield County and, now, Columbia County
- Market Perspective – Updated this week: The 2021 year-end real estate report from the Berkshire Board of REALTORS. What does it tell us?
- The Self-Taught Gardener – How does Joan Didion’s approach to life and to her art inform our Self-Taught Gardener on how to garden?
- Gardener’s Checklist – The holidays are over and the winter doldrums have set in. What’s a gardener to do to lift his spirits in these dark days?
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