Real eState

Real estate in the age of COVID-19: Bidding wars still, but a reckoning is near – Ottawa Citizen

Published

4 years ago

March 20, 2020

A home for sale on Fourth Avenue in the Glebe on Friday.

Wayne Cuddington / Postmedia

By rights, Ottawa’s real estate industry should be flat on its back. It’s a sector that relies heavily on buyers with secure jobs, direct personal contact and confidence in the future.

Yet, despite all the pernicious effects of social distancing, including lost jobs, shrinking wages and disappearing revenues in core parts of the economy, the past week has been anything but quiet.

“In the last seven days, we’ve seen 576 new listings, 119 of them in the past 24 hours,” says Bill Meyer, owner of HomeTeamOttawa, a real estate firm that markets services under the Remax Hallmark Realty banner. “We are still in this period of pent up demand.”

Indeed, the COVID-19 virus smacked into Ottawa’s real estate industry just as it was scaling rarely seen peaks. Residential resale prices had soared 20 per cent year over year in January and February, the highest such gains in nearly four decades. Residential properties last month sold for a record average $564,000, while condos fetched nearly $350,000.

Even so, momentum will carry the sector only so far. A reckoning is coming and there’s a whiff of desperation in the air.

“We aren’t doing open houses anymore,” Meyer says, “but this market is strong because some people still have to sell. They’re changing jobs or they’ve already bought a house and need to sell to pay for it.”

Bill Meyer is owner of hometeamottawa, a real estate firm that markets its services under the Remax banner.

Handout photo /

Remax

It could be a much different picture once all these urgent sales clear the market. “This could all come to a screeching halt,” Meyers observes. “I can’t imagine people listing their homes in this (COVID-19) environment unless they have to.”

Certainly working conditions have changed. The firm’s 15 agents and staff are working out of their homes. Meyers goes to the office for a couple of hours each morning and evening, when he is the only one there, and catches up with colleagues by phone or email.

Like many other real estate firms, Meyer’s company has stringent protocols in place. Agents still arrange showings, but there can be no overlap of potential buyers. Hand sanitizers or wipes must be available, and all inside doors must be kept open so no one has to touch surfaces.

Meyer on Tuesday arranged an estate sale in which all papers were signed electronically.

It’s a similar scene at Paul Rushforth Real Estate, an agency with 13 realtors. “We’ve closed our offices, but our front desk is still taking queries from home,” Rushforth says. “We’re not doing open houses, and showings (of houses) are just one person at a time.”

Rushforth says he has been surprised by the briskness of sales activity this past week, but can see underlying weakness. As with Meyer, many of his company’s new listings are from people who absolutely need the cash after buying another house earlier and fully expecting to pay for it by selling their existing home into a hot market.

So far prices are holding up, but Rushforth notes some telling patterns. “We’re still seeing bidding wars for properties,” he says, “including more than half our ten most recent deals.” But he notes that a property that might have attracted 10 bids early in March now gets just two or three. This, in turn, means sellers are not getting as much over their initial asking price. “This week we listed a property for $699,000 and it sold for $708,000,” Rushforth explains, “Two weeks ago, it would have got $770,000.”

A home for sale on Fourth Avenue in the Glebe on Friday.

Wayne Cuddington /

Postmedia

John King, the broker manager for Engel & Völkers Ottawa Central, says he also notices the start of a shift. On Thursday evening, he fielded six offers for a property at 480 Brennan Ave., in the Hampton Park district. It sold almost immediately for $747,000, more than $100,000 over the original listing price.

On Friday, though, he was somewhat surprised to discover there were still no requests for showings for two new listings in the highly popular district of Westboro. “It’s day by day now,” King says.

For the moment, Engel & Völkers is keeping its Ottawa offices open with a skeleton staff. “There’s just one employee per floor,” King says, adding he is also making greater use of video by doing tours of his listings through Facebook. If people like what they see virtually, they can sign up for a showing in person, “one group at a time.”

The difference between what was and what will be in Ottawa’s real estate market promises to be stark.

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Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

3 days ago

September 11, 2024

Anne Joseph

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.

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Montreal home sales, prices rise in August: real estate board

Published

1 week ago

September 6, 2024

Anne Joseph

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.

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Canada’s Best Cities for Renters in 2024: A Comprehensive Analysis

Published

2 months ago

July 24, 2024

Harry Miller

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.