102 Bedford Rd., Toronto, sold at its full asking price of $3.895-million after seven days on the market.Sotheby’s International Realty Canada
After a lacklustre fall in Toronto-area real estate, a few determined home buyers are willing to spar with competing bidders as 2023 draws to a close.
Elli Davis, real estate agent with Sotheby’s International Realty Canada, has sold three properties in competition in recent weeks.
In the Annex, three rivals vied for a seven-bedroom detached house with an asking price of $3.895-million. The Victorian-era three-storey home at 102 Bedford Rd. sold after seven days on the market for the full asking price.
The house needs a renovation, she says, but there weren’t many properties to choose from in the area and it’s increasingly difficult to find grand old homes with such original elements as unpainted oak trim and leaded glass windows.
In mid-town, Ms. Davis drew two offers for a detached four-bedroom house after trimming the asking price to $2.495-million from $2.685-million.
Ms. Davis listed the house in early November, then cut the price two weeks later. The house sold slightly below asking, she says.
In the case of a two-bedroom-plus-den condo unit near Yonge St. and St. Clair West, Ms. Davis set an asking price of $2.395-million and sold for $2.415-million with competing offers.
Elli Davis, real estate agent with Sotheby’s International Realty Canada, says it’s increasingly difficult to find grand old homes like 102 Bedford Rd. with such original elements as unpainted oak trim and leaded glass window.Sotheby’s International Realty Canada
“It’s a decisive December,” says Ms. Davis of the buyers willing to make a move.
Some buyers keep an eye on properties they like, she says, and submit an offer with the hope that the seller is eager to land a deal before year-end. If a house has been sitting for longer than 90 days, buyers have more negotiating power, she adds.
Some house hunters also lob in a lowball offer to test the seller’s appetite for negotiation.
Ms. Davis also receives constant queries from agents representing buyers who try to pry out the lowest number a seller will accept. Others throw out a low figure the buyer is willing to pay and ask if writing up an offer would be a waste of time.
Sellers’ agents are not allowed to disclose that information, Ms. Davis stresses, insisting that buyers’ agents put pen to paper.
With buyers looking for a bargain and homeowners holding out for strong prices, the market is moving more slowly than usual for the month of December.
And while she has had a few deals which came together quickly in recent weeks, some properties are not moving, says Ms. Davis, who has had several of her listings since the summer.
“A seller has to be realistic now,” she says. If the offers are coming in much, much lower, the buyers think that’s what the house is worth.”
She’s advising homeowners who want to sell to take reasonable offers now or be willing to hold the property for two or three years.
The veteran agent recalls the early 1990s when real estate prices tumbled 40 per cent or more on some properties from the 1989 peak.
“A lot of people were chasing the market down,” she says.
Ms. Davis does not expect such a severe downturn in the next year or two but she does anticipate rising inventory in early 2024.
People will list for the usual reasons of moving up, downsizing and getting married or divorced, she says. In addition, some people who purchased during the phase of ultralow interest rates during the COVID-19 pandemic will not be able to hang onto their homes when they need to renew their mortgage, she expects.
“If you wait until next year, you’ll have more listings to compete with,” she says. “We don’t know what prices will be – even if they are slightly more or less – it won’t be anything dramatic.”
The two recent sales that Ms. Davis shepherded through a multiple offer process were among the first to take place since new rules came into effect on Dec. 1st.
The Government of Ontario’s Trust in Real Estate Services Act allows sellers who draw competing bids to disclose the amount of each offer to other bidders.
Ms. Davis presented that opportunity during the recent negotiations.
“Both sellers said, ‘I don’t want to disclose’.”
She doesn’t expect the regulations to have a major impact because the choice remains with the seller.
Mark Morris, a Toronto-based real estate lawyer with LegalClosing.ca, says the aim of the legislation is to make the sales process more transparent for consumers.
While new practices surround blind bidding, another aspect governs consumers who want to represent themselves instead of having industry representation.
As lawyer of record for many real estate brokerages, he was fielding a lot of calls from the industry as the changes approached.
“It’s a good piece of legislation coming out but there’s so much confusion surrounding it,” he said of the agents and brokers who will implement the changes.
While agents have seen a slight pick-up in deals in recent weeks, Rishi Sondhi, economist with Toronto-Dominion Bank, notes that the Ontario market is still facing challenges.
Mr. Sondhi believes it’s unlikely conditions will loosen to those last seen during the depths of the severe and prolonged 1990s housing downturn, but he doesn’t rule out the possibility.
He sees good reasons that a repeat of this extreme outcome is improbable, including the likelihood that Ontario will avoid a steep recession. He points out the potential for a more favourable path for interest rates, adding that the province is in the grips of a housing shortage and population growth is robust.
With per capita sales levels hanging around historical lows, the market likely has pent-up demand, Mr. Sondhi says.
Against that backdrop, the major wildcard is how the investor story plays out, the economist says.
In the run-up to the 90s downturn, speculative activity played an important role in fuelling a real estate bubble that eventually popped, he points out, but comparing the two periods is a major grey area because of a lack of data from the earlier decades.
An elevated investor presence is also a hallmark of the current cycle, accounting for 30 per cent of home purchases across Canada in the first quarter of this year.
Anecdotally he knows that higher interest rates today compared with recent years are making it tough for buyers to close on properties they purchased in the pre-construction market.
While Mr. Sondhi says the current difficulties in the pre-construction space are hard to gauge, he doesn’t anticipate a 90s-style outcome. He cautions, however, that prices may slide farther in the coming months.
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.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
