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Niagara real estate market 'in line' with nation's – Welland Tribune

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With no crystal ball to help forecast Niagara’s real estate market, it remains difficult to tell what the future holds.

Since April, the number of sales and the benchmark price of a residential home have steadily decreased across all Niagara communities.

Niagara Association of Realtors reported that trend continued in July, with sales falling 23.6 per cent month-over-month, to 369 from 483, and average price decreasing 4.9 per cent, to $716,500 from $753,200.

“We’re still looking to see where the market is going to end up, as far as lower prices,” said association president Jim Brown. “I expect (numbers) to go down by another five or per cent and then see where it levels out. Obviously, it will be contingent on whether the bank rate goes up anymore but all is expected to start settling down very shortly.”

As the Bank of Canada raised its benchmark interest rate (four times since March) in a battle to fight rising inflation, real estate markets across the country have seen the return of a balanced marketplace.

Bigger markets, such as Ottawa, Toronto and Hamilton, are experiencing bigger dips overall, but Niagara is “in line with what’s happening nationally,” said Brown.

As sales and prices dropped over the past few months, the number of new listing continued to increase. That ended last month with the association reporting a drop of 23.5 per cent in the number of new listings in July, to 1,174 from 1,534 .

The month also saw a large rise in the number of days a listing stayed on the market, increasing 61.9 per cent month-over-month.

In April — the first month since October 2019 that saw prices decreases — the number was at 14 days.

After single-digit increases month after month, July saw days on market jump to 31 days from 19.

“We’re finding that buyers seem to be holding back and I think they’re anticipating, much like we are, that prices may go lower, and even if the interest rates go up, I still think it might be an advantage for them to buy in this market,” said Brown.

“There seems to be an awful lot more inventory than what’s being sold so there is choices there.”

As the market balances out, Hamilton and Toronto have seen an increase in the number of terminated listings — either listings being cancelled altogether or re-listed at lower prices. In Toronto, a report from Strata.ca, which focuses on the Greater Toronto Area condominium market, saw 2,822 listings terminated in June alone, a 643 per cent increase from January.

Niagara Association of Realtors said it was unable to pull accurate statistics on terminated listings here, but Brown said he is starting to see sellers adjust their mindsets. Properties are being listed at prices more in line with what the market is dictating, understanding the time of multiple offers and selling for more than asking prices is over.

“I think those days are pretty much gone so if anybody’s been on the market for a couple of months they should be at least thinking about pulling off the market and re-evaluating where their house value is,” he said.

In July, all 10 Niagara jurisdictions of the Niagara Association of Realtors reported decreases in the number of sales, average price and number of new listings.

The average days on market also went up across all 10 areas, with the largest increases coming in Pelham (to 33 from 15), Fort Erie (41 from 20) and Niagara-on-the-Lake (41 from 23).

Year-over-year Niagara’s real estate market remains high, with the average price of a three-bedroom, two-bathroom home up 9.9 per cent from July 2021, to $716,500 from $652,200.

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Real estate markets slow in most nearby communities – Calgary Herald

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Slowing demand and rising supply in outlying communities like Airdrie have set in along with cooler temperatures of late summer, recent data shows.

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Calgary Real Estate Board statistics from last month show sales falling year over year in most communities while supply is rising.

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“In all those markets, we’ve seen improvements in inventory,” says Ann-Marie Lurie, chief economist with CREB.
“Still these markets remain quite tight, but we are seeing some price adjustments and that’s because they came up so high during the pandemic.”

Airdrie is the largest and most in-demand market with the highest sales last month, 169 transactions, down almost eight per cent year over year. Still, the community saw inventory rise more than 10 per cent with now more than 1.69 months of supply, an increase of nearly 20 per cent from last year.

Other communities have also seen sales fall and supply rise. These include Cochrane, which had 75 sales, down about 17 per cent from August last year. Its supply is now more than two months, up about 26 per cent year over year.
Okotoks had 53 sales in August, down about 19 per cent year over year while supply grew to more than 1.8 months.

Despite falling demand and growing supply, prices still grew year over year in these communities. The benchmark price in Airdrie increased almost 19 per cent to $493,500. In Cochrane, the benchmark price grew by more than 16 per cent to $517,400 while the benchmark reached $549,300 in Okotoks, also an increase of more than 16 per cent.

Chestermere saw the biggest drop in sales year over year at more than 48 per cent.

Only High River experienced a slight increase in activity with sales last month up 2.5 per cent versus the same span last year.

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Spotlight: Making sense of the current real estate market in Newmarket – NewmarketToday.ca

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Buying a home at any time is a huge undertaking. It requires a lot of preparation, time and access to expertise.

Homeowners—and those who wish to become one for the first time—have it even harder right now, with conditions seeming to change from month to month.

REALTOR® Dave Starr specializes in home buying and selling in Newmarket and the surrounding areas. With over 35 years of experience in the real estate industry, he is happy to share what he’s learned with others.

Slowing things down

So how would he describe the current state of the market in Newmarket? “It’s finally more normal and realistic,” he says. “A prospective buyer has a little more breathing room to make sure that their financing is in place and they can also consider a home inspection.”

A seller will benefit by working with a more seasoned agent, he says, because they have had prior experience with similar markets. He likens the situation to a professional athlete who has played in the playoffs before or competed in a large-scale event like the Masters in golf.

Earlier in the year, the market was not realistic.

That tended to leave buyers, sellers and agents scrambling. “The end result can be a situation with buyer’s remorse, where the buyer no longer wants to close on their purchase. The banks sometimes struggle with appraisals, which can also result in a non-closure,” he says. “In the fast-paced market that took place earlier, some agents potentially made more mistakes, especially since they weren’t experienced enough to handle multiple offers.”

Home inspections and interest rates

While some homes may not require a home inspection, there are lots that definitely need one. “In an extremely busy market, buyers could potentially end up with an unwanted surprise—at a great expense,” says the REALTOR®.

He likens it to the necessity of having speed limits on our roadways. The faster you go, the more chances you have of getting into an accident.

“We are now facing an increased mortgage rate, which many would not like to see, but the truth is it will help balance the market overall. Lower interest rates basically were one of the reasons for the inflated house prices and homeowners were simply taking on larger mortgages than ever,” he says.

For years many homeowners would tell him the same thing: that mortgage money was cheap to them. His answer to that never varied: “You do know you have to pay it back at some point.” If the rate were guaranteed for a lifetime, it would be a different story, but of course that’s not the way it works.

The market over the summer was slower but typical; that has become the norm over the past few years.

The fall market is already starting to pick up, with increased activity, though the number of listings in Newmarket is quite low. Rental availability is both quite expensive and experiencing a shortage.

Says Starr, “The market moving forward should remain stable. Buyers and sellers will have more time to make the best educated decision for their needs and wants.”

Whether you’re a buyer or a seller, he welcomes any calls or emails.

Let Dave Starr Real Estate help you make your next move. Call 416-520-3231 and get the Starr treatment you deserve.

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Commercial Real Estate Sector Faces Risks as Financial Conditions Tighten – International Monetary Fund

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Commercial Real Estate Sector Faces Risks as Financial Conditions Tighten  International Monetary Fund



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