Connect with us

Real eState

Number of Sarnia-area real estate listings drops in July – Woodstock Sentinel Review

Published

 on


Many homes were still selling above asking prices in the Sarnia area in July but that statistic eased slightly from the previous month, according to the Sarnia-Lambton Real Estate Board.

Article content

Many homes were still selling above their asking prices in the Sarnia area in July, but that statistic eased slightly from the previous month, according to the Sarnia-Lambton Real Estate Board.

Article content

The local market’s sales-to-list-price ratio was 104 per cent in July, compared to 108 per cent in June, the board said in its monthly release of local market statistics

“We’re definitely starting to see it shift a little bit,” said board president Rob Longo. “Not monumental shifts, just nice and steady.”

The Sarnia-area market has been seeing homes sell above the list price for some time now, and the median selling price has also been growing.

But the year-to-date median house price in the market remained at $435,000 in July, the same level as June.

“I think we’re going to start to see prices stabilize themselves rather than the huge gains we’ve had over the last couple of years,” Longo said.

“We’re still seeing a busy market.”

There has been a total of 1,223 home sales locally since the beginning of the year, for a total year-to-date sales volume of nearly $606.8 million.

But the year-to-date number of homes listed for sale dropped to 136 in July, which is a record low for that month, Longo said.

The number sat at 217 in July 2020.

The number of active listings had been moving up earlier this year, “but we’ve seen that taper off,” he said.

The easing of pandemic restrictions may be one reason, Longo said.

“People are getting out more. They can travel, they can do different things. … Maybe their focus has shifted a little bit towards that after being cooped for so long,” he said.

But the lack of homes on the market is “a complex problem to solve,” Longo added.

Article content

“It really comes down to supply. It is not enough housing supply.”

That is a widespread issue across Ontario and not just in the Sarnia area, Longo noted.

“We’re not seeing enough new housing coming on to meet the demand, which creates a domino effect,” he said.

Issues include “red tape” required for housing projects and the high cost of construction materials, Longo said.

“Sarnia-Lambton specifically, we could easily handle a significant bump in the number of new homes or new units per year,” he said.

As of July, Sarnia had issued 68 single-family home building permits for 2021. That’s already better than the total of 65 issued for all of last year.

Currently, there is just a 24-day inventory of homes listed for sale locally.

“Typically, we would like to see a 30 to 60-day inventory … and we’re just nowhere near that now,” Longo said.

Those higher levels would indicate the Sarnia area was returning to a more traditional and balanced market, he said.

The median number of days listings are on the local market sat at eight in July, compared to 14 days in July 2019.

pmorden@postmedia.com

Adblock test (Why?)



Source link

Continue Reading

Real eState

Canadian Real Estate Prices To Fall More Than Expected: Desjardins – Better Dwelling – Better Dwelling

Published

 on


[unable to retrieve full-text content]

Canadian Real Estate Prices To Fall More Than Expected: Desjardins – Better Dwelling  Better Dwelling



Source link

Continue Reading

Real eState

B.C. ‘clear’ there’s not enough housing as Vancouver encampment ordered dismantled

Published

 on

VANCOUVER — British Columbia’s acting attorney general says the province was “clear” with Vancouver officials that the Crown corporation responsible for subsidized housing does not have enough spaces available for people who are being told to dismantle their tents along a street in the city’s Downtown Eastside.

Murray Rankin, who is also minister responsible for housing, says housing is a human right, and the “deeply concerning scenes from Hastings Street demonstrate how much more work we have to do to make that a reality for everyone in our communities.”

Rankin in a statement Friday says BC Housing has accelerated efforts to secure new housing for encampment residents including pursuing new sites to lease or buy and expediting renovations on single-room occupancy units as they become vacant.

He says BC Housing is aiming to make a “limited number” of renovated units available next week, with more opening later in the fall.

Vancouver fire Chief Karen Fry ordered tents set up along Hastings Street sidewalks dismantled last month, saying there was an extreme fire and safety risk.

Police blocked traffic Tuesday as city staff began what’s expected to be a weeks-long process of dismantling the encampment but little had changed by the end of the week with most residents staying put, saying they have nowhere to go.

The city has said staff plan to approach encampment residents with “respect and sensitivity” to encourage the voluntary removal of their tents and belongings.

Community advocacy groups, including the Vancouver Area of Drug Users and Pivot Legal Society, have said clearing the encampment violates a memorandum of understanding between the city, the B.C. government and Vancouver’s park board, because people are being told to move without being offered suitable housing.

The stated aim of the agreement struck last March is to connect unsheltered people to housing and preserve their dignity when dismantling encampments.

The City of Vancouver may enforce bylaws that prohibit structures on sidewalks “when suitable spaces are available for people to move indoors,” it reads.

The province is not involved in the fire chief’s order or the enforcement of local bylaws, which prohibit structures on sidewalks, but it is “bringing all of BC Housing’s resources to bear to do what we can to secure housing for people, Rankin said.

“I recognize the profound uncertainty and upheaval people impacted by the fire order are facing, and we will provide updates on this work as we have news to share,” he said.

Rankin, who had been serving as minister of Indigenous relations, was appointed acting attorney general after David Eby stepped down to run for leadership of the B.C. NDP.

This report by The Canadian Press was first published Aug. 12, 2022.

 

The Canadian Press

Continue Reading

Real eState

Mismanaged real estate deals land B.C. lawyer two-month suspension – Business in Vancouver

Published

 on


Mismanaged trust accounts have landed a ban on residential real estate conveyancing for a B.C. lawyer.

A Law Society of BC tribunal panel has suspended Surrey lawyer Serf Grewal after determining he unintentionally misappropriated tens of thousands of dollars of trust funds.

Grewal was found to have committed several breaches of law society rules, largely related to real estate. As such he’s also been barred from future residential real estate conveyancing.

“The proven misconduct,” stated the society, “includes unintentional misappropriation of slightly over $42,000 of client trust funds, due to trust shortages and accounting errors, mishandling of a further $3,770 of client trust funds which resulted in a trust shortage that he did not report to the law society, improper withdrawal of $5,500 held in trust for fees before delivering bills to the client, failure to comply with accounting obligations over a four year period, and improperly commissioning an affidavit by not personally witnessing the attestation.”

Grewal’s suspension was said to be curtailed from what may have been a longer one, granted there was “evidence establishing that none of Grewal’s misconduct arose from dishonesty or deliberate misconduct for personal gain.”

As well, “the panel also considered evidence of a clear connection between Grewal’s misconduct and mental health issues related to childhood and personal trauma, and that the consequences flowed from his decision to report that trauma,” noted the society in a statement Aug. 10.

Grewal was also ordered to undertake trust account supervision and educational courses.

He claimed his annual income was in the range of $45,000 to $50,000 and so the tribunal panel afforded him 16 months to pay $9,000 in costs.

gwood@glaciermedia.ca

Adblock test (Why?)



Source link

Continue Reading

Trending