At Performance Realty, our realtors meet by video conference to review and keep informed of the current protocols with the Covid-19 Pandemic. On Friday April 3rd we reviewed the latest from the Saskatchewan Real Estate Association.
“Real estate has been classified as an allowable service in Saskatchewan, but that doesn’t mean it’s business as usual. We’re working to share that message with the public so they are aware that, while we continue to provide services to ensure housing availability and financial stability in ongoing real estate transactions, our members are taking the utmost care and precaution to mitigate the spread of COVID-19 and protect the public. A letter has been made available to our members in the event you are approached about conducting business in person and out in the public. It’s a reminder to the public that real estate is an allowable service, and our members are authorized to conduct their real estate business during the pandemic.”
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Bottom line is we are still conducting business, but in a safe and responsible manner to keep everyone safe including our clients, agents, families and our communities. We review the recommended new protocols by the Saskatchewan Real Estate Association. We are doing as much as possible by video and virtual means including showings and meetings. Our main street office door is locked but we are available to conduct business and minimize risks by utilizing digital means for signing necessary contract documents.
A recent home possession saw having the keys swiped clean with disinfectant wipe prior to hand over. Another buyer client engaged a professional cleaner to do a Move in Clean of a residence prior to moving in. We did confirm with Lindsay Allen of Tiki Cleaning that they are still available to do Move-in or Move-out cleans of vacant homes and that they utilize hospital grade disinfectants.
Reviewing the numbers provided by SRA we see Real Estate is still moving. South East Saskatchewan From SRA Stats:
Sales in south east Saskatchewan were up 50.0%, going from 20 in March 2019 to 30 in March 2020, up 7.1% from the 5-year average. Although the total number of sales fell 25.0% in Weyburn (down from 8 last year to 6 this year), this was offset by a 400.0% increase in Estevan, with sales going from 1 to 5. Year-to-Date (YTD) sales in the overall region were up 44.1%, going from 59 to 85, with YTD sales in Weyburn falling from 21 to 20, but rising from 10 to 23 in Estevan.
Sales volume in the region increased 33.5%, going from $3.7M to $5.0M in 2020 (but 15.1% below the 5-year average of $5.8M). Sales volume in Weyburn fell 50.7% ($2.3M in 2019 to $1.1M in 2020) while it increased 485.7% in Estevan ($0.1M to $0.9M). YTD sales volume increased from $11.9M to $15.0M in 2020 (an increase of 26.3%), with Weyburn seeing a fall of 14.0% and Estevan seeing a 70.6% rise in sales volume.
The number of new listings in south east Sask fell 20.3%, going from 133 to 106 (8.5% below the 5-year average. The sales to listing ratio was 28.3% in the region, 27.3% in Weyburn, and 14.7% in Estevan, suggesting that market conditions favour buyers at the moment.
In March, homes stayed on the market an average of 132 days in the region, down 15.9% from 2019, but 5.8% above the five-year average of 125 days.
Average home prices in the region fell 11.0%, going from $185,445 to $164,080, or 19.5% lower than the 5-year average. In Weyburn, average home prices were down 34.3%, going from $282,625 to $185,750, while in Estevan, prices increased 17.0%, up to $172,000 from $147,000.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
