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Q+A: New London-area real estate boss offers reality check for buyers, sellers – The London Free Press

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It’s been a rollercoaster ride for those working in the volatile real estate market during the past few years. But for anyone contemplating buying or selling a home, the new chair of the London St. Thomas Association of Realtors, Kathy Amess, shares some advice on what she calls “a fairly  balanced market.”


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Q: Tell us about yourself.

A: “I’ve been a full-time realtor since January of 1993. I opened Blue Forest Realty in December of 2014 and I have 85 realtors in the office.”

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Q: What is the state of the real estate market, with interest rates being the highest they have been in the last few years?

A: “I think there is this misconception that rates are high and I think that’s because we had such artificially low rates for a few years. People are stuck in this narrative. The rates go up a quarter of a point (and), this is no slam on the news media, but they will say rates soar by quarter of a per cent. The rates are actually lower (than they have been historically). I think a lot of people got used to those artificially low rates.”

Q: What are we going to see a year from now?

A: “There are signs interest rates are going to come down . . . but my crystal ball is broken. I don’t really know. I think we have a fairly balanced market, which is good for both buyers and sellers. It just maybe looks different than  . . .  the COVID years when the market was crazy. It looks different than the rest of real estate history. I think it’s a good time for buyers and for sellers, it’s just been in a different place than it’s been for the last few years.”

Q: What is your advice for people buying or selling a home right now?

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A: “Everyone has different reasons for buying or selling, so it depends on that. If you’re a buyer, though, you need to get into the market to reap the benefits of home ownership. If you sit around and always wait for something to happen . . . it’s not so easy to find the perfect time to (buy a house). I don’t remember who said this: ‘The perfect time to buy real estate was 20 years ago. The second best time is now.’ It’s true.”

Q: What about the young adults who can’t afford home ownership?

A: “There’s no question houses are less affordable than they were, but I also think not in all cases. There are instances where maybe people need to adjust their expectations. You can’t buy your parents’ house as your first house. There are ways to offset some expenses, purchase something with a friend or relatives. Or you buy a property that needs work and you’re going to do the work yourself over time and build equity in it that way. People are less interested in doing that than they used to be.”

hrivers@postmedia.com

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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.

The Canadian Press. All rights reserved.

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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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