adplus-dvertising
Connect with us

Real eState

Quinte continues to face critical lack of house listings in real estate market – Belleville Intelligencer

Published

 on


Article content

Quinte region’s dire shortage of housing supply shows no signs of improving leaving many buyers locked out of home ownership, says Don McColl, president of the Quinte and District Association of Realtors.

Article content

In a report to Belleville’s Economic and Destination Development Committee Thursday, McColl said a severe shortage of property listings can in not meet the demand of potential purchasers vying to enter the market.

300x250x1

“Real estate is moving along just like it has been for the past couple of years. It doesn’t seem to be slowing down at all, the only thing is that if you look at the numbers for February 2022 compared to February 2021 the situation just seems to be getting worse,” McColl said.

“The number of listings are down, the number of sales are down, the total number of listings are down but of course, the average price keeps going up. The average price for February was almost $770,000,” he said. “If you look back to 2019, the average price was $338,000.”

McColl told EDDC members in a virtual meeting there were at the end February only 226 houses listed for sale on the board as compared to 750 listings for the same period in 2019.

High prices, multiple offers in many cases from the Greater Toronto Area and lack of supply has put many homes entirely out of reach, especially for first–time home buyers.

Coun. Sean Kelly, chair of the EDDC, told members he spoke with a local man who earns six figures and still can’t buy into the housing market.

Kelly said, “his reality in 2022 is that he can’t afford a home.”

McColl agreed, saying “I see it every day. I have three different buyers who are looking and we’ve been looking for a year and a half and they, you know, run into 18 to 20 offers and they’re all cash offers and they need to get financing and they just can’t compete,” McColl said.

Article content

“Unless something changes on the supply side or on the demand side, I think it’s going to take a while to get more houses built, that seems to be a slow process. The provincial and federal governments don’t seem to be going down the same path but we need to get all levels of government on the same path to help that out.”

McColl said increasing immigration in the last four or five years has pushed demand to record levels without increasing supply.

Coun. Kelly McCaw said “a great majority are coming from larger areas and as a result I think what we are seeing is local residents are finding it tougher times to find property and be able to secure property.”

McCaw asked if many of the selling agents are from the GTA but McColl said, “we don’t have actual firm stats on it.”

McColl said in his personal professional experience of late, most buyers of homes in Quinte have been from Greater Toronto.

“Actually, most of the buyers I’ve had in the last year and half have been from the GTA or Ottawa is the second largest,” he said.

Many first-time buyers have not been able to buy in the last two years, he said.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

Nanaimo Real Estate Market Report: January 2023

Published

 on

NANAIMO – Calm start to the year indicates a great time to buy

In January, 46 single-family homes sold in Nanaimo, down 33 per cent from December and 26 per cent from the previous year.

Active listings of single-family homes on the Mid-Island rose 108 per cent year-over-year, but dropped by 4 per cent from December.

The average price for a single-family home in Nanaimo was $795,527 in January, a 23 per cent drop from last year.

300x250x1
In a competitive market, it is key to obtain the advice of a REALTOR®, especially in a rapidly changing environment.

These are the benchmark numbers for Nanaimo in January 2022, as well as central and northern Vancouver Island:

  • Nanaimo’s benchmark price decreased to $755,300, a 7 per cent decrease from last year.
  • Campbell River’s benchmark price for single-family homes was $647,600, a 4 per cent decrease from the previous year.
  • Comox Valley’s benchmark price decreased by 4 per cent from last year to $784,700.
  • Cowichan Valley reported a benchmark price of $745,700, an decrease of 4 per cent compared to January 2022.
  • The Parksville-Qualicum area decreased 6 per cent from the last year to $856,100.
  • Port Alberni’s benchmark decreased to $518,300, a 8 per cent decrease from last year, the largest decrease on the island.

The monthly Nanaimo Real Estate report analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.

Looking for listings? Start browsing Nanaimo’s Real Estate listings here

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report

728x90x4

Source link

Continue Reading

Real eState

Montreal home sales down 36% from January 2022: Quebec real estate association

Published

 on

MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.
2023020716024-925c1b48af31af902cd8f01c43ca95be7a228483e639c159622554468ac36b3f
The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued. A woman walks by a house for sale in Montreal, Friday, March 4, 2022. THE CANADIAN PRESS/Graham Hughes

MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.

The association says last month’s sales totalled 1,791, down 36 per cent from 2,816 in January 2022.

Charles Brant, the association’s market analysis director, says these numbers mean activity is approaching a historic low for the month of January and come as rising interest rates are weighing on homebuyers.

He says first-time homebuyers in particular are taking a cautious wait-and-see attitude despite recent drops in prices.

300x250x1

The median price of a single-family home edged down seven per cent to $500,000 year over year, while condos dipped three per cent to $370,000 and plexes dropped six per cent to $675,000.

As median prices fell so did new listings, which hit 4,598 compared with 4,808 a year ago.

This report by The Canadian Press was first published Feb. 7, 2023.

The Canadian Press

728x90x4

Source link

Continue Reading

Real eState

B.C. residential real estate investors unfairly ‘painted as speculators’: BCREA

Published

 on

Statistics Canada released data last week revealing 23.3 per cent of B.C. homeowners are also investors in the market. The Vancouver census metropolitan area (CMA) had an overall investment rate in condominiums and houses of 21.3 per cent.

“Investors often get kind of painted as speculators who are out to buy up housing and do nothing with it, or flippers or any other kind of pejorative terms that we add to investors. But what this data shows, and what’s good to understand, is that they’ve really invested a lot in a primary rental in Canada,” said Brendon Ogmundson. “A lot of the rental units that are being provided are smaller investors who own one unit and are renting it out.”

Statistics Canada defines an investor as an “owner who owns at least one residential property that is not used as their primary place of residence.” 

In B.C., 73 per cent of properties with multiple dwellings were owner-occupied investment properties. Investor-occupants are more common in the province, making up 9.6 per cent of owners.

300x250x1

This is due to a higher proportion of properties with multiple residential units – 11.7 per cent – such as laneway units or basement suites, according Statistics Canada. The national statistics agency said these types of units are more likely to be owner-occupied.

“So many owners in B.C. have chosen to also be landlords by renting out their basement suites or laneway houses and it’s way, way different than any other province in this dataset,” Ogmundson said. 

RE
Statistics Canada data breaking down homeowners by investor-type. 
The region of Greater Vancouver A or Electoral Area A, which includes the University Endowment Lands, Barnston Island, Howe Sound communities, Indian Arm and Pitt Lake communities, had a higher proportion of houses and condominium apartments used as an investment at 42.1 per cent compared with the rest of the region. 

The City of Vancouver had a lower proportion at 32.5 per cent.

This difference is attributed to students attending the University of British Columbia, who are more likely to be renters or live in a second property owned by a family member, according to Statistics Canada. 

The proportion of condominium apartments owned for investment purposes by non-resident investors was the highest in B.C. among the provinces – seven per cent.

The rate of condominium apartments used as investment was lower in the Vancouver CMA (34 per cent) than the rest of the province.

Across B.C., non-residents and out-of-province investors owned 43,890 houses used as an investment. This number was typically higher in areas near the Alberta border. 

Out-of-province investors owned 1.6 per cent of homes in B.C., while in-province investors accounted for 9.8 per cent of all investors. 

clwilson@glaciermedia.ca

728x90x4

Source link

Continue Reading

Trending