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Montreal, Quebec City home sales hit record highs in January, says real estate brokers association – Globalnews.ca

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People in Montreal and Quebec City rushed to buy a record number of homes at the start of the year, but had fewer options to choose from.

The Quebec Professional Association of Real Estate Brokers said Tuesday that Montreal sales climbed to 3,971 in January, up 17 per cent from 3,398 the year before.

Quebec City’s sales during the same month reached 829, a 16 per cent jump from 713 in 2020.

The record highs show that house hunters weren’t deterred from snatching up properties even as the province contended with strict lockdowns and curfews meant to keep Quebecers home and curb COVID-19.

Those that ventured out found a competitive market, but a lack of options.

“It was a feeding frenzy, but there was no food, no inventory,” said Catherine Dawe, a Montreal broker with Keller Williams Realty.

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Read more:
Coronavirus: Montreal real estate continues to exceed expectations

She noticed housing demand was high in most of the regions’ trendiest neighbourhoods, including the Plateau, throughout January and she was urging buyers to stay calm and not get overwhelmed by the heated conditions.

Charles Brant, director of market analysis at the QPAREB, noticed the frenzy too.

“Condominiums and plexes registered record sales, including on the Island of Montreal, with the highest number of transactions ever recorded since the early 2000s,” he said in a statement.

But there were also signs of the market of easing up.

January was the first month since June 2020 that the increase in sales was well below the 40 per cent mark in Quebec City, he pointed out.

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‘Feeling the fear of homelessness’: Renters facing an eviction crisis during pandemic

That easing is likely due to active listings falling by nearly two-thirds in the past 12 months in the single-family home category and the Quebec City market seeing a strong increase in sales last January.

The QPAREB said the number of active listings this January dropped by 48 per cent to 3,848 in Quebec City and 25 per cent to 11,176 in Montreal.

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The number of new listings was down by 30 per cent to 1,003 in Quebec City and 11 per cent to 5,042 in Montreal.

Meanwhile, the price of a single family home edged up by 11 per cent to reach $282,000 in Quebec City, while condos slipped in price by two per cent to an average of $200,000.

In Montreal, the average single family home price crept up by 23 per cent to hit $434,000 while condos moved up 23 per cent to $434,000.

“What is shocking is that the prices are still going up and up and up,” said Dawe. “We re-establish our prices based on what we think the new normal is and then people are still getting beyond that.”

She recently helped a client put a $600,000 offer — $50,000 over the list price — on a house “in the middle of nowhere” that she figures would have sold for $450,000 a year ago.

It generated 17 offers and sold for $100,000 over asking.

Another property she was involved with needed a “total gut job,” but sold for what it would have, if it was renovated.

“There’s just no end to what is going on,” Dawe said.

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“The only place where there’s not as much crazy demand is in a condo in the heart of downtown.”

QPAREB’s new numbers come a month after the regions proved so resilient that they reported the best December on record for home sales across every Montreal neighbourhood.

The association said that agents sold 4,613 Montreal homes in December, up 32 per cent from 3,503 during December 2019.

© 2021 The Canadian Press

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

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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.

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

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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.

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Here are some facts about British Columbia’s housing market

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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.

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