Connect with us

Real eState

Ontario Real Estate Showings Gradually Rebounding Amid Pandemic – Toronto Storeys



As the real estate market continues to take hit after hit as a direct result of COVID-19, with both prices and sales down in the Greater Toronto Area (GTA), it’s hard to imagine we’ll be on the other side of the pandemic any time soon.

But, if it’s any consolation, Toronto home sales finally started to see some slight improvement in the past week and real estate showings are also gradually starting to increase in Ontario, proving that there is still an underlying demand from prospective buyers, albeit at a very different level than what you might typically see in the province at this time of year.

READ: There’s Been Up to a 500% Increase in Online Virtual Home Tours in Canada

According to data from ShowingTime, a market stats and showing management technology provider for residential real estate, the initial drop in showing activity seen throughout March — as stay at home and social distancing orders were implemented — has given way to show “modest” signs of stabilization as agents are turning to virtual showings in the areas where ShowingTime operates, which includes Alberta, Ontario, and Nova Scotia in Canada, as well as many states across the US.

“Through mid-March, year-over-year showing activity was higher nationwide compared to 2019. The current volume is indicative of the industry’s response to COVID-19, which is changing daily,” said the company in a statement.

To provide daily updates charting homebuyer showing activity across the markets it serves, ShowingTime analyzes weekly real estate showing data from the first calendar week of January, through April 27, 2020, with a 7-day moving average.

Here in Ontario, you can see showing activity had been gradually increasing since the start of the year up until around March 16, when COVID-19 emergency orders were implemented and real estate showings were halted, before plunging on March 30 to the lowest weekly average of the year at -65.7%. However, as we eased into the new month, showings started to slowly pick up, before seeing a significant increase leading up to April 27 to reach a weekly average of -42.2%, nearly a 25% uptick from its lowest point.

Ontario Showing Activity/ShowingTime

While the showing activity shift might be minor, it’s definitely an indicator that buyers and sellers are still interested in making transactions happen – pandemic or not.

The data points represent a rolling weekly average in ShowingTime’s 100 top markets, with each market recording tens of thousands of appointments in 2019 and 2020.

Let’s block ads! (Why?)

Source link

Continue Reading

Real eState

Vancouver Real Estate Prices Slide, With Typical Home Dropping $7600 Last Month – Better Dwelling



Greater Vancouver real estate is still adjusting to the pandemic, but buyers seem to be more deterred than sellers. Real Estate Board of Greater Vancouver (REBGV) data shows the price of a typical home made a significant monthly decline in May. Inventory fell from last year’s levels, but didn’t drop nearly as much as sales did.

Great Vancouver Real Estate Prices Dropped $7,600 Last Month

Greater Vancouver real estate prices are up from the same month last year, but not much else. REBGV reported the benchmark price for a home reached $1,028,400 in May, up 2.9% from last year. In the City, Vancouver East’s composite benchmark reached $1,089,000, up 3.5% from last year. Pricey Vancouver West saw the benchmark reach $1,283,000, up 4.2% from last year. Looking at the benchmark price chart, you may have noticed this isn’t the first impression.

Greater Vancouver Composite Benchmark Price

The price of a typical home across Greater Vancouver, in Canadian dollars.

Source: REBGV, Better Dwelling.

The year-over-year rate of growth is higher than last month, but prices are down using monthly or peak numbers. The 2.9% annual increase for May is higher than it was in May 2019. However, prices are down 0.73% from April 2020 – about $7,600 lower over the span of a month. Prices are also down 6.88% from peak, whereas they were down just 6.19% from the month before. A lot of odd dynamics created by the monthly price change falling almost twice as fast as last year, but the takeaway is prices are lower from peak, and last month.

Greater Vancouver Composite Benchmark Price Change

The annual percent change of a typical home across Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Home Sales Fall Over 43%

Greater Vancouver real estate sales slipped, although this was largely expected due to the pandemic. There were 1,485 home sales in May, down 33.9% from a month before. This represents a decline of 43.7% when compared to the same month last year. Once again, the drop in sales was expected due to the pandemic. However, sales coming in 54% lower than the 10-year average for the month is a tough pill to swallow regardless.

Greater Vancouver Composite Sales Vs. Listings

The number of homes sold vs total inventory in Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Home Inventory Fell, But Not As Much As Sales

New listings for Greater Vancouver homes didn’t fall quite as much as sales. REBGV saw 3,684 new listings in May, up 59.3% from the month before. This represents a 37.1% decline compared to the same month last year. The smaller decline for new listings helped prevent total inventory from completely drying up.

Total inventory, a.k.a. active listings, climbed higher across the board. REBGV reported 9,927 active listings in May, up 5.7% from a month before. This represents a decline of 32.4%, when compared to the same month last year. Once again, total inventory didn’t quite fall as much as sales, which actually led to a lower ratio of sales to listings.

The sales to listings ratio (SALR) slid from last year. The SALR fell to 15% in May, down from 18% during the same month last year. Generally, analysts believe prices fall when the ratio drops below 12%. Prices are expected to rise when the SALR is above 20%, and considered balanced between 12% and 20%. The market is still in balanced territory, but a little closer to seeing prices fall, compared to last year.

The pandemic is slowing things down, but buyers appear to be more deterred than sellers at this point. Price growth did still accelerate on an annual basis, which is considered a bullish indicator. However, the mechanics are somewhat broken, considering prices fell on both the month and from peak.

Like this post? Like us on Facebook for the next one in your feed.

Let’s block ads! (Why?)

Source link

Continue Reading

Real eState

Okanagan, Shuswap real estate sales double in May – iNFOnews



Image Credit: SUBMITTED/B.C. Assessment

June 02, 2020 – 7:00 PM

It appears the novel coronavirus pandemic is loosening its effect on the housing market in Kamloops as well as the Central, North Okanagan and Shuswap as real estate sales almost doubled in May compared to the month before.

According to figures from the Okanagan Mainline Real Estate Board, housing sales jumped 95 per cent in May from April, however, sales still took a big hit, down 42 per cent compared to the same month in 2019.

The Real Estate Board reports 446 units sold in May, up from 299 units in April.

Statistics from the Kamloops and District Real Estate Association paint a similar picture with sales of single-family homes down 52 per cent in May compared to the same month 2019. Prices still managed to increase though, with single-family homes up by nine per cent.

While the volume of sales certainly is down, the price of a single-family home still climbed in the region from Peachland to Revelstoke, albeit modestly with increases between five per cent in the Central Okanagan to one-and-a-half per cent in the Shuswap/Revelstoke.

Townhouses and condos didn’t fair as well, with sales and prices declining in all markets across the region, with the exception of the Central Okanagan. Sales of townhouses in the Central Okanagan felt by 44 per cent, however, the price still managed to creep up by 1.7 per cent.

“While we are still in the midst of a global pandemic it is encouraging to see that residential sales are moving at an upward trajectory,” Okanagan Mainline Real Estate Board president Kim Heizmann said in a media release. “We are starting to see a return to real estate activity which looks promising for the future, however, we remain cautious about predicting future outcomes as many economic factors will have impacts.”

The number of properties on the market increased nine per cent in May compared to April but is still 16 per cent lower than the same month the year before. The average number of days to sell a home also increased to 91 days in May from 83 days in April.

In Penticton, sagging South Okanagan real estate sales did not seem to have a negative effect on the average sale price of a single family home, according to May real estate statistics.

The South Okanagan Real Estate Board says the average price of a single-family home rose by nine per cent to $605,768 compared to $553,636 in May 2019.

That’s in spite of the fact single family monthly sales declined by 39 per cent from 117 units last May to 71 units sold in May.

The number of active listings also dropped 11 per cent, from 1,417 last May to 1,262 this May.

Overall sales volume was down from $92,856,414 in May, 2019 to $61,803,933 in May, 2020, a decline of 34 per cent.

To contact a reporter for this story, email Ben Bulmer or call (250) 309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won’t censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

News from © iNFOnews, 2020


Let’s block ads! (Why?)

Source link

Continue Reading

Real eState

Kamloops real estate sales numbers down, prices up – Kamloops This Week



Real estate sales in Kamloops and the surrounding region are the lowest they have been in more than five years, with the number of residential units sold down 25 per cent compared to last year and the five-year average.

But the prices remain high.

article continues below

The data comes from the Kamloops and District Real Estate Association, which issued its report for May on Tuesday.

A total of 175 residential units were sold in May, down 46 per cent compared to May 2019. That figure also represents a five-year low and is nearly half of the five-year average of about 325 units sold each May.

The price of those residential units, however, is at a five-year high.

In 2016, the average price of a home sold in May was $337,953, but with steady increases each year, the average price of a home sold in May 2020 was $435,621.

KADREA president Wendy Runge said realtors were prepared for a sluggish month after April, which saw a 56 per cent drop in sales and a 51 per cent decline in new listings, noting sales figures have improved since the government enacted Phase 2 of its pandemic-related restart plan.

The number of new listings has also rebounded somewhat. March saw 474 new listings, April had 232 new listings and May recorded 327 people list their homes for sale.

Runge said she anticipates a sharp rise in sales in June.

Let’s block ads! (Why?)

Source link

Continue Reading