Real estate: Canada home sales up from September | Canada News Media
Connect with us

News

Real estate: Canada home sales up from September

Published

 on

 

OTTAWA –

Several real estate industry observers say the housing market isn’t roaring back, despite October delivering the first month-over-month uptick in home sales since February.

Their outlook on the market comes as the Canadian Real Estate Association revealed Tuesday that sales totalled 35,380 in October, a 1.3 per cent increase from September, but a 36 per cent drop from a year ago.

“Tumbleweeds continued to blow across the Canadian housing market in October,” said Robert Kavcic, a senior economist with BMO Capital Markets, in a note to investors.

Even though sales were up on a month-over-month basis in 60 per cent of all local markets with Greater Vancouver up six per cent alone, he pointed out last month’s activity remained below the low end of pre-COVID norms.

It was even the quietest October for unit volumes since the economy was climbing out of a recession in 2010, Kavcic said.

Rishi Sondhi of TD Economics had a similar view.

“Sales have already cratered by over 40 per cent since February, are trending at levels last consistently seen in 2012, and appear to have undershot levels in line with fundamentals like income and housing supply,” Sondhi wrote, in a note to investors.

He and Kavcic attributed much of the slowness to interest and mortgage rates, which have been hiked in recent months to combat an inflation level not seen in decades.

That’s weighed on consumer purchasing power and when combined with low levels of new listings, kept many buyers on the sidelines awaiting even further price drops.

Meanwhile, sellers are still refusing to list properties unless they have to move because they have realized prices aren’t as high as they were at the start of the year.

CREA found the number of seasonally-adjusted and newly-listed homes totalled 68,605, up 2.2 per cent on a month-over-month basis in October.

On a non-seasonally-adjusted basis, new listings hit 60,349, down 1.3 per cent from October 2021.

“We have a unique situation where demand has cracked and buyers can’t qualify for, or afford, early-year prices,” said Kavcic.

“But, outside some areas, there’s not a bounty of listings to choose from, and sellers are still able to say ‘no thanks’ and pull listings.”

Despite the lack of listings, the actual national average home price was $644,643 in October, down 9.9 per cent from the same month last year. On a seasonally-adjusted basis, it reached $643,743, down 0.6 per cent from a month earlier.

Cailey Heaps, president of the Heaps Estrin Real Estate Team in Toronto, said in the Greater Toronto Area she sees prices levelling off after their 10 per cent fall from their pandemic peak.

“The dropping market that we have seen since June has now stabilized,” said Heaps.

“Maybe we will see a swing of a percentage or two in the coming year or so, but I don’t think we will see the same drastic decline in the central core of Toronto, but we might see it in the horseshoe that surrounds the city.”

Her theory was based on several of her listings netting multiple offers last month and buyers realizing that lower prices are still being offset by higher borrowing costs.

“So typically the buyers that we see in today’s market are buyers who are upgrading and they’re taking advantage of the lower pricing or they’re buyers who aren’t sensitive to interest rates,” she said.

However, Kavcic and Sondhi agreed the downward price pressure will continue into next year because mortgage rates are pushing above five per cent and more interest rate hikes could be looming.

Sondhi has forecast average home prices retracing about half of the gains made during the pandemic, but cautioned supply levels represent a key risk to TD’s predictions.

“With homeowners feeling the pinch of higher monthly payments due to rising interest rates, some may be forced into listing their properties (although so far, the level of new supply hitting the market each month remains subdued),” Sondhi wrote.

“If a sufficiently large number of these homeowners end up listing their homes, it could downwardly pressure prices by more than we anticipate.”

This report by The Canadian Press was first published Nov. 15, 2022.

Source link

Continue Reading

News

1-800-GOT-JUNK? Reveals the Spooky Side of Decluttering This Halloween

Published

 on

VANCOUVER, BC, OCTOBER 24, 2024// This Halloween, 1-800-GOT-JUNK? is spotlighting the strange and spooky items uncovered while helping customers declutter. Known for making junk disappear, the world’s largest junk removal service encounters all kinds of oddities—and during the Halloween season, some of those finds are downright eerie.

From forgotten family heirlooms to unusual antiques, the company’s friendly, professional teams have seen it all. Customers often joke about having skeletons in their closets, but with 1-800-GOT-JUNK?, it sometimes turns out to be true. To see the full list of the most unusual and spooky items visit their Spooky Junk blog.

Whether you have traditional junk items, or you’re looking to get rid of something slightly spooky, 1-800-GOT-JUNK? is committed to providing exceptional customer service every step of the way. With 35 years of experience, no junk is too scary for this industry leader to take. All you have to do is point.

 

1-800-GOT-JUNK? Spooky Junk

About 1-800-GOT-JUNK?

1-800-GOT-JUNK? pioneered an industry that brings people and businesses relief by making their junk disappear. Whether it’s a pile of household junk in the garage or a warehouse full of office furnishings, 1-800-GOT-JUNK? removes it for you. With the help of their friendly, uniformed team members, convenient services, and customer first philosophy, they make the ordinary business of junk removal exceptional. They also care about the environment, making sure to recycle the recyclables and donate the donatables when possible. 1-800-GOT-JUNK? was founded in 1989 and now operates in 180 locations throughout North America and Australia. For more information, visit www.1800gotjunk.com.

For more information:

1-800-GOT-JUNK?

pr@1800gotjunk.com

Continue Reading

News

Trudeau decried for immigration cuts which scapegoat migrants

Published

 on

Halifax, Nova Scotia (October 24, 2024) – Today, the Trudeau government announced significant cuts to permanent resident targets for Canada over the next three years. For the first time, targets for temporary residents are also being included in their plan. This follows a series of announcements by the Trudeau government to reduce the number of temporary residents in Canada, including low-waged migrant workers.

In 2021, Prime Minister Trudeau made a mandate letter commitment to a regularization program for undocumented people and permanent resident status for migrant workers and students. Earlier this year, the United Nations Special Rapporteur on contemporary forms of slavery Tomoya Obokata called Canada’s Temporary Foreign Worker Program “a breeding ground for contemporary forms of slavery” and urged the Government of Canada to provide a clear pathway to permanent residency upon arrival for migrant workers. Instead, these recent changes will mean reduced access to permanent residence for migrants.

In an October 24, 2024 press release, the Government of Canada claims that their new plan “alleviates pressures on housing, infrastructure and social services.”

“These changes unfairly blame and punish migrants. Migrants build communities and bolster the economy. They fund services like healthcare through their taxes, and yet in places like Nova Scotia they are excluded from healthcare coverage. We need real solutions, not more smoke and mirrors,” said Stacey Gomez, Executive Director of the Centre for Migrant Worker Rights Nova Scotia, which is a member of the Migrant Rights Network.

Over 100 organizations have penned an open letter to Prime Minister Justin Trudeau warning the government that slashing permanent immigration will force more migrants into temporary and precarious situations, further entrenching their exploitation and worsening conditions for all workers. The letter, signed by nearly every major civil society group in Canada, shows that there is a unified consensus in Canada to expand, not reduce, permanent residency programs, abolish closed work permits and ensure regularization. Read the letter here.

The Migrant Rights Network and its allies are calling on the federal government to immediately reverse this decision and chart a new course that grants equal rights for all migrants. This includes ensuring permanent resident status for everyone, expanding protections for workers, and upholding human rights for all.

Continue Reading

Health

Here is how to prepare your online accounts for when you die

Published

 on

 

LONDON (AP) — Most people have accumulated a pile of data — selfies, emails, videos and more — on their social media and digital accounts over their lifetimes. What happens to it when we die?

It’s wise to draft a will spelling out who inherits your physical assets after you’re gone, but don’t forget to take care of your digital estate too. Friends and family might treasure files and posts you’ve left behind, but they could get lost in digital purgatory after you pass away unless you take some simple steps.

Here’s how you can prepare your digital life for your survivors:

Apple

The iPhone maker lets you nominate a “ legacy contact ” who can access your Apple account’s data after you die. The company says it’s a secure way to give trusted people access to photos, files and messages. To set it up you’ll need an Apple device with a fairly recent operating system — iPhones and iPads need iOS or iPadOS 15.2 and MacBooks needs macOS Monterey 12.1.

For iPhones, go to settings, tap Sign-in & Security and then Legacy Contact. You can name one or more people, and they don’t need an Apple ID or device.

You’ll have to share an access key with your contact. It can be a digital version sent electronically, or you can print a copy or save it as a screenshot or PDF.

Take note that there are some types of files you won’t be able to pass on — including digital rights-protected music, movies and passwords stored in Apple’s password manager. Legacy contacts can only access a deceased user’s account for three years before Apple deletes the account.

Google

Google takes a different approach with its Inactive Account Manager, which allows you to share your data with someone if it notices that you’ve stopped using your account.

When setting it up, you need to decide how long Google should wait — from three to 18 months — before considering your account inactive. Once that time is up, Google can notify up to 10 people.

You can write a message informing them you’ve stopped using the account, and, optionally, include a link to download your data. You can choose what types of data they can access — including emails, photos, calendar entries and YouTube videos.

There’s also an option to automatically delete your account after three months of inactivity, so your contacts will have to download any data before that deadline.

Facebook and Instagram

Some social media platforms can preserve accounts for people who have died so that friends and family can honor their memories.

When users of Facebook or Instagram die, parent company Meta says it can memorialize the account if it gets a “valid request” from a friend or family member. Requests can be submitted through an online form.

The social media company strongly recommends Facebook users add a legacy contact to look after their memorial accounts. Legacy contacts can do things like respond to new friend requests and update pinned posts, but they can’t read private messages or remove or alter previous posts. You can only choose one person, who also has to have a Facebook account.

You can also ask Facebook or Instagram to delete a deceased user’s account if you’re a close family member or an executor. You’ll need to send in documents like a death certificate.

TikTok

The video-sharing platform says that if a user has died, people can submit a request to memorialize the account through the settings menu. Go to the Report a Problem section, then Account and profile, then Manage account, where you can report a deceased user.

Once an account has been memorialized, it will be labeled “Remembering.” No one will be able to log into the account, which prevents anyone from editing the profile or using the account to post new content or send messages.

X

It’s not possible to nominate a legacy contact on Elon Musk’s social media site. But family members or an authorized person can submit a request to deactivate a deceased user’s account.

Passwords

Besides the major online services, you’ll probably have dozens if not hundreds of other digital accounts that your survivors might need to access. You could just write all your login credentials down in a notebook and put it somewhere safe. But making a physical copy presents its own vulnerabilities. What if you lose track of it? What if someone finds it?

Instead, consider a password manager that has an emergency access feature. Password managers are digital vaults that you can use to store all your credentials. Some, like Keeper,Bitwarden and NordPass, allow users to nominate one or more trusted contacts who can access their keys in case of an emergency such as a death.

But there are a few catches: Those contacts also need to use the same password manager and you might have to pay for the service.

___

Is there a tech challenge you need help figuring out? Write to us at onetechtip@ap.org with your questions.

Source link

Continue Reading

Trending

Exit mobile version