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Real estate board donates to VON Sakura House – Woodstock Sentinel Review

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The Woodstock-Ingersoll and District Real Estate Board donated $2,800 to VON Sakura House as part of their ongoing efforts to help during the pandemic.

VON Sakura House – Oxford County’s only residential hospice.

The Woodstock-Ingersoll and District Real Estate Board donated $2,800 to VON Sakura House as part of its ongoing efforts to help during the pandemic.

The local board made the funding as part of the Ontario Real Estate Association and Ontario Realtors Care Foundation’s $480,000 donation to be distributed across the province to help shelters, food banks and shelter-based charities.

“The unprecedented impact of COVID-19 has been felt around the world, including in our local communities of Oxford County, with vulnerable populations being disproportionately affected,” Lesley Michie, the president of the real estate board, said.

The provincial funding is being distributed to more than 50 charities in Ontario.

The care foundation has existed since 1977 and receives funding through realtors. In 2019, the foundation raised more than $1.2 million for shelter-based organizations.

“Here in the communities of Oxford County, we have been proud to partner with Sakura House and have witnessed first-hand the tremendous work they do to support individuals and families requiring hospice services,” Michie said. “We hope that this donation will help them get through this incredibly difficult time.”

The donation is redirected from OREA’s $5-million grant to the care foundation.

“We are grateful to the Woodstock-Ingersoll and District Real Estate Board for their donation to VON Sakura House,” John Goodbun, the chair of VON Oxford Community Corporation, said. “Support from our community has made it possible for Sakura House to continue to provide compassionate and professional care 24 hours a day, seven days a week, to patients and families across Oxford County during challenging times.”

COVID-19

Here’s a rundown of our daily coverage on the Woodstock-area fallout of the COVID-19 pandemic from March, April, May and June.

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Halifax Real Estate: A Top Canadian Market to Watch – RE/MAX News

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Before the coronavirus public health crisis devastated the Canadian economy, analysts and investors were keeping a keen eye upon trends emerging within key Canadian real estate markets, including the Halifax real estate market. For years, parts of the Maritimes suffered from economic stagnation due to high unemployment, capital outflows and a declining population. But in the months leading up to the COVID-19 pandemic, many homebuyers started homing in on the East Coast.

Halifax has been a fascinating city to watch, particularly after the approval of the Centre Plan. In 2017, the municipal government gave the go-ahead to an initiative that would improve the development of Halifax’s urban core. The campaign would lead to expanded public transit, new commercial and residential buildings, new and buried utility lines, and pedestrian-friendly walkways. The efforts are expected to attract businesses and workers from across the country and around the world.

With it, of course, would come a booming real estate market. In line with the Plan’s projections, Halifax is witnessing an economic resurgence, and this could only be the beginning.

Halifax Real Estate: A Top Canadian Market to Watch

In August, the Halifax-Dartmouth housing market experienced a 20.3-per-cent year-over-year increase in residential sales, with 769 transactions reported by the Canadian Real Estate Association (CREA). The residential average price also surged 18.2 per cent to $372,982 in August.

Year-to-date sales activity in the region was down 1.1 per cent in August, with 4,693 homes trading hands. However, Halifax home prices have still climbed 11.6 per cent to an average of $356,687.

This is a continuation from what has been occurring in the aftermath of the COVID-19 outbreak, with homebuyers scooping up properties at a rapid rate.

Housing experts anticipate these bullish trends will persist heading into the fall. According to the RE/MAX Fall Market Outlook Report, the inventory shortage and increased demand will boost average housing prices in Halifax by 10 per cent during the remainder of 2020.

In Halifax and across Nova Scotia, as demand continues to blossom, industry observers are warning that supply will continue to fall, which has sparked concern among federal officials. Andy Fillmore, the Member of Parliament for Halifax and a former city planner, says that the housing shortage could soon price too many Halifax homebuyers out of the market.

“If we want to have a city that reflects the full diversity of everyone who lives in our city … we have to put in place mechanisms so that we can have the diversity of income earners … especially when it comes to folks who traditionally lived in those areas and find themselves being priced out,” said Fillmore in an interview with CBC News, adding that all three levels of government and the private sector need to devise a plan to address this problem.

With interest rates being as low as they are, developers might take advantage of the ultra-low borrowing costs and invest in new housing developments. Fillmore did also say that municipal governments can modify zoning regulations, something that could stimulate new supply. Until then, the Halifax housing market could be tighter for the next 12 months, which would translate to higher valuations. 

During this time, experts say it is also important to keep an eye on mortgage deferrals, says Kean Birch, an associate professor at York University.

“I find it worrying that housing prices are continuing to rise. The reason being that we don’t know what’s going to happen once the mortgage payment deferral ends, and the consequences actually could be dramatic across the board. And it could be highly inequitable as well,” said Birch in an interview with Halifax Today.

Is Atlantic Canada the Next Real Estate Hotspot?

Is Atlantic Canada finally catching a break? For a long time, the Maritimes had endured economic stagnation, capital flight, and a sliding population. This could be changing now, based on the latest real estate data. Housing prices are soaring, the jobs are coming back, and economic development is accelerating. In these respects, the good times are returning to Halifax, St. John’s, Charlottetown and Fredericton.

But the momentum of this upswing will hinge on what happens over the next few months. Although the consensus is that Halifax and the rest of Atlantic Canada will still record strong housing numbers, fears over the second wave of the coronavirus and general uncertainty could weigh on the real estate market as we head into the last quarter of 2020.

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Real estate site that backstops home buyers raises $100 million to expand across Canada – Financial Post

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Article content continued

Properly is playing the technology disruption card to smooth real estate deals somewhat akin to apartment hunter Compass in the U.S. as it bets on the desire of modern consumers to sidestep life’s hassles, whether it be cooking with Skipthedishes food delivery or grocery shopping with HelloFresh meal kits. The Canadian real estate industry continues to accelerate in most markets outside of the Prairies, which has been marred by pandemic-induced oil price woes.

Properly uses computer models and market analysis to determine equity values, which can be combined with mortgage offers from Canada’s large five banks including special rates with the Canadian Imperial Bank of Commerce for purchasing your next home while you’re still in your current one. Then it offers staging and handyman tweaks for selling it, all for a 5 per cent commission, the industry standard, Ruparell said.

Many brokerages offer similar services, noted Waterloo, Ont.-based Remax agent Dawn Peace, but few clients take them on because the current market prices move so fast.

“Until you sell you don’t know how much exactly you have in your hands, and you might get $100,000 above asking and you might not,” Peace said. “Until it’s technically exposed to the real market with real buyers, you don’t know.”

Ruparell said: “The process of buying and selling a home has remained complicated and stressful and uncertain and we don’t believe that should be the case. There’s an opportunity for us at the same price you’d work with a traditional agent to provide this additional value service and do so profitably.”

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Toronto is the only North American real estate market considered in bubble territory – The Globe and Mail

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Toronto home prices are overvalued, making it the only North American city at high risk of being in a bubble, according to a new report on global real estate conditions by UBS.

The bank ranked Toronto as No. 3 in its annual bubble index, following Munich and Frankfurt. Seven of the 25 global cities assessed were in the high-risk category. Hong Kong, Amsterdam and Paris were below Toronto.

The report defines a bubble as being a period of a substantial and sustained mispric­ing of homes.

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On the flip side, Chicago had the lowest ranking and was labelled undervalued, while Madrid, Warsaw and Milan were considered fair valued.

UBS real estate analyst, Jonathan Woloshin, said “there is a greater chance of price stagnation or price decline” in cities like Toronto than in places like Chicago. “Does that mean it will happen? No. But the risk is certainly greater,” he said.

The UBS report stressed that it was not predicting when a bubble would burst. “Overvaluation and undervaluation can go on for quite a long period of time,” Mr. Woloshin said.

But the report said a change in the economy, investor sentiment or a major increase in housing supply could trigger a decline in home prices.

The report looks at imbalances in real estate markets, including the relationship between home prices and household income. This is the fourth straight year that Toronto has been in the bank’s bubble zone, taking the top spot in 2017. Vancouver also made it to the No. 1 spot in 2016, but this year the UBS index did not classify the city as being in the highest risk zone.

Toronto’s home prices have increased, “yet affordability is already stretched,” the report said. It also said the “expected appreciation of the Canadian dollar will curb the appeal of Toronto’s property to foreign buyers when travel restrictions are lifted.”

Toronto is Canada’s second-priciest real estate market after Vancouver. After an eight-week slowdown during March, April and May, home resales and prices in Toronto have reached record highs. In August, the average prices for detached houses and semidetached houses in the city jumped more than 20 per cent to $1,505,100 and $1,166,226, respectively, compared with August of last year.

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Although home resales and prices across most of the country have rebounded to prepandemic levels, the Canada Mortgage and Housing Corp. has forecast that a correction in the market could see home prices fall between 9 per cent and 18 per cent.

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