Real eState

Niagara real estate market bouncing back compared to other parts of Canada

Published

2 years ago

May 8, 2023

As multiple real estate markets across the country deal with a lack of housing inventory, Niagara region’s numbers are looking good, leaning towards a buyer’s market, according to real estate officials.

The report from online real estate firm Zoocasa looked at the hottest buyers’ and sellers’ markets of spring 2023 across Canada, concluding despite the country having the lowest available housing inventory across all markets — 1.8 months of available inventory — some markets are tilting closer to a buyer’s market with more inventory than potential home buyers.

Niagara topped the list as one of the best markets in Canada with a sales-to-new-listings ratio (SNLR) of 42 per cent, an almost 50 per cent drop year-over-year from 2022, showing the region as a balanced market.

To be considered a buyer’s market, according to the report, the SNLR would have to be below 40 per cent, meaning more listings than buyers, denoting more options and ability to haggle conditions such as closing price.

Amy Layton, president of Niagara Association of Realtors, agreed stating Niagara is in a balanced market, where it benefits buyers and sellers to negotiate to come to terms on the sale of real estate.

“We’re headed into a balanced market, looking at sales, at this point, I’m looking at it month-over-month, this time last year, we started to change about May and June,” she said.

“We’re still seeing quite a gap because that craziness and much inflated prices happening at the beginning of the year.”

Layton said listings between March and April fell by about 70 listings, which includes all housing types.

She said despite some parts of the country seeing the lowest available market inventory of almost two months, Niagara is seeing more than double with 4.4 months of inventory.

“That just means if no more houses went on the market at all, it would take 4.4 months to sell what’s there right now,” she said.

“This time last year, it was a lot lower than at the beginning of 2022. We had a point where we had less than a month of inventory, which is tight.”

Layton is optimistic for buyers in a balanced market, because she said it allows for buyers to have more negotiations and sellers need to take buyers’ concerns into consideration more.

“Buyers have an opportunity to have conditions again in a balanced market,” she said.

“They can go in and make an offer with a condition of financing, home inspection, maybe having their lawyer look things over and that’s what we want.”

She said when it was a seller’s market, it was more like a competition for buyers.

“It gets to be like a game. Like, ‘I won, I was the highest bidder, I won,’ and if the house doesn’t appraise then we have a problem,” she said.

She explained if someone bid on a house for $810,000 and it was appraised for $50,000 less, the buyer must come up with the difference.

“The buyer will need to come up with the $60,000 difference or the seller needs to lower the price, if it turns out they’re getting a mortgage, which some people go in with cash, when they’re needing a mortgage, so, (that’s why) we like a balanced market,” she said.

“Everybody has the opportunity to put their best foot forward and have their conditions met, as it’s fairer and squarer.

“We’ve got a good strong market here in Niagara and the good thing is with everything else changing, it’s important to look at new listings and sales, that tells you the most, more than price,” she said.

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Real eState

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

Published

1 week ago

November 6, 2024

Anne Joseph

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

Published

3 weeks ago

October 24, 2024

Anne Joseph

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

Published

4 weeks ago

October 17, 2024

Anne Joseph

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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