Canadian realtors are working overtime after closing a second month of record MLS sales in September.
Buyers in solid financial positions continued to purchase and created an extremely competitive market in B.C.’s Fraser Valley; the Agassiz/Harrison area was top of the list for thousands of buyers wanting to remain close to greater Vancouver. . National home sales were up 46 per cent year over year this September. Residential migration tell us that rural detached homes offering large lots or acreage and privacy are being sought out.
Why are so many people moving amid a national health and economic crisis while others are anchored to the security of their current home? 2020 will be known for many tragic happenings, including the “great displacement and impoverishment of the middle-class Canadian.” What began in April can be likened to a runaway train that has swept up thousands of unwilling passengers on its now speedy course to the next stop – market correction.
National rents stats show a declined of 9 per cent, and second quarter Vancouver rents declined by 17 per cent! Condo inventories continues to increase and soften the multi-unit market as a record number of newly-completed units in B.C. are now ready to sell. So, how does the predicted insolvency derail all the efforts of money printing and stimulus deferrals? CMHC only insures mortgages under a $1 million pointing to the middle class as the biggest demographic of these percentages. November will be the beginning of the end of home ownership for those who are 90 days delinquent and 6 months deferred. Lenders will have no choice but to begin foreclosures.
Furthermore, The Bank of Canada has now announced that it is putting an end to Canadian Mortgage Bond Purchasing Program (CMBPP) at the end of October. The exit of the CMBPP leaves long-term collateral damages like double-digit price growth and widens the wealth inequality gap between renters and asset holders even further.
Wealth or income distribution is directly related to how well the economy functions and the everyday uncertainty in which we continue to exist has transformed the existing affordable housing crisis into a Canadian crisis of poverty. Homelessness is a reality that we don’t see reported on as it doesn’t fit the narrative needed to bolster economic confidence. The low income working poor that survive day to day and month to month and are becoming a large statistical group labelled collateral damage of BOC pandemic liquidity stimulus that was designed to ensure that asset holders could weather the storm and keep their homes.
Many people are now losing their homes and apartments after job losses that are now permanent and it is yet to be seen if those citizens are able to find low-income rent or face homelessness. One-third of British Columbians struggle to pay their bills, while one out of five children in B.C. already lived in poverty even before the pandemic began. With our cost of living to only rise, people once considered middle class, with high debt ratios, already living paycheque to paycheque may be hard pressed to avoid becoming the working poor.
There needs to be more dialogue about what is the actual cause of the homelessness, which is impoverishment. At a time when the federal government deemed the Canadian Emergency Response Benefit needed to be $2,000 a month for the average Canadian to stay housed and well-fed during this pandemic, the current unemployment and social assistance rates fall way short of that figure.
B.C.’s once thriving middle class has been under an economic assault for several years. Record job losses in the forestry/lumber mill and oil and gas sectors began in early 2019 due to environmental pressures and International trade policy. Those permanently curtailed positions that paid middle-class wages once sustained many B.C. residents in a comfortable middle-class lifestyle.
Our incumbent NDP Government just won another four-year term to steer the province financially through the pandemic and into economic recovery. They did not campaign on revamping the forest industry to reopen mills or badly needed oil and gas sector projects and yet they need to create thousands of good-paying jobs and offer retraining for those affected to begin to turn the economy around. The NDPs says it has a plan for B.C.’s future in this global green electronic age. If the way forward is with electricity generated from renewables like solar and wind and hemp fibre production and processing, then these industries must create jobs that can replace and sustain citizens across the province.
In conclusion, electric cars, solar energy generation and smart homes that generate their own energy needs are all great ideas to improve our planet, but this huge shift away from economy-building industrial mainstays during the pandemic has put B.C. citizens and businesses on a tougher road back to financial stability. We can only hope that the middle class that the government counts on for growth spending will still be around to enjoy the electric future they have planned for us.
Freddy Marks, together with his daughter Linda Marks, runs Agassiz’s 3A Group Sutton Showcase Realty. He has been a Realtor in Canada and Germany for more than 30 years, and currently lives in Harrison Hot Springs. Read the complete column online at www.agassizharrisonobserver.com.
Okanagan-Shuswap real estate markets not slowing down – Kelowna Capital News
Home sales in the Central, North Okanagan and Shuswap markets continue to soar.
According to the Okanagan Mainline Real Estate Board (OMREB), residential sales in November of this year topped last year’s sales by 71 per cent, but came in at 15 per cent less than October’s 1,062 sales.
The supply of homes, OMREB found, still struggles to meet the high demand.
“We continue to see high residential housing demand despite a mild seasonal slowdown generally seen during this time of year,” said OMREB President Kim Heizmann said in an announcement on Dec. 2.
“Looking at the numbers we can see that consumer demand is not being met due to record low listings, which creates upward pressure on pricing. Essentially, the demand is so high that is difficult for inventory to build up.”
Compared to 2019, single-family homes across the board have increased in sales and price. In November, the most homes in the region sold in the Central Okanagan, totalling 291 sales. The highest average price also rested in the Central Okanagan, at $728,900, up 10. 5 per cent from last year. The lowest prices in the region, while also climbing, are found in Shuswap/Revelstoke, at $480,600. The North Okanagan fell between the two.
It’s a similar story for townhouses, as well as condos/apartments. However, condos in Shuswap/Revelstoke are closer in price to those in the Central Okanagan, at $342,000 compared to $387,300.
The average number of days to sell single-family homes substantially decreased, by about 20 per cent across the board compared to last year.
However, compared to October, the number of days to sell all home types went up 8 per cent to 88 days.
For more information on your local real estate market, visit OMREB.com, or contact your local Realtor.
Do you have something to add to this story, or something else we should report on? Email: email@example.com
Record-Setting Sales Continue in November on Montreal's Real Estate Market – GlobeNewswire
L’ÎLE-DES-SŒURS, Quebec, Dec. 03, 2020 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the Montreal Census Metropolitan Area (CMA) for the month of November, based on the real estate brokers’ Centris provincial database.
A new November sales record was set in the Montreal CMA despite the second wave of the COVID-19 pandemic. Residential sales jumped by 32 per cent compared to November of last year.
“We also saw a historic 57 per cent increase in the number of new condominium listings on the Island of Montreal, the highest level since the year 2000 when the real estate brokers’ Centris system began compiling market data,” said Charles Brant, director of market analysis at the QPAREB.
- Year-to-date sales have increased by 7 per cent compared to the same period in 2019.
- Sales continued to increase in several periphery markets, including the North Shore (+48 per cent), the South Shore (+37 per cent), Laval (+34 per cent) and Vaudreuil-Soulanges (+32 per cent), as well as on the Island of Montreal (+21 per cent). In contrast, sales in Saint-Jean-sur-Richelieu slowed, registering a 3 per cent increase, due primarily to a record drop in new listings in this market over the past several quarters.
- By property category, plexes (2 to 5 dwellings) registered the largest sales increase (+34 per cent) followed closely by condominiums (+31 per cent) and single-family homes (+31 per cent).
- There was a significant increase in active listings for condominiums (+14 per cent) and plexes (+7 per cent), numbers that have not been seen for a month of November since 2012 and 2014, respectively. This was in contrast to single-family homes, which registered a sharp decline (-38 per cent).
- With market conditions that are still very much to the advantage of sellers, median prices continued to increase significantly for single-family homes (+23 per cent) but tended to slow down for condominiums and plexes (+9 per cent).
If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.
Book your interview for December 16!
On December 16, the QPAREB will unveil its assessment of the 2020 real estate market, along with its forecasts for 2021 and an analysis of the impact of COVID-19. A press release will be issued on November 16. Please reserve your time slot for an interview now at firstname.lastname@example.org.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 13,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram.
Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris tools are used by close to 14,000 real estate brokers, as well as other industry professionals. Centris also operates Centris.ca, the most visited real estate website in Quebec.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7999a601-9834-44d3-bb9d-6e3ec1c4df6f
Metro Vancouver, Fraser Valley remain a sellers' markets, say real estate groups – CBC.ca
Housing sales in Metro Vancouver fell almost 17 per cent in November compared to the previous month, according to the Real Estate Board of Greater Vancouver.
But the industry group says as trends go, demand remains high, making it a sellers’ market.
REBGV’s monthly tally shows 3,064 homes sold last month across the region, compared to 3,687 in October 2020.
Compared to November 2019, sales were up 22.7 per cent.
Colette Gerber, REBGV chair, says demand from buyers has been at “near record levels” since the summer.
“This is putting upward pressure on home prices, particularly in our detached and townhome markets,” she said.
The Sunshine Coast showed the largest increase in year-over-year sales according to the data, with Squamish and the Gulf Islands not far behind.
“The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas,” said Gerber.
The total number of Metro Vancouver homes currently listed for sale is 11,118, representing a 10 per cent decrease from October 2020.
Gerber says the current market favours sellers because demand is outstripping supply.
The Multi Listing Service home price index composite benchmark price for all residential properties in Metro Vancouver — detached homes, townhomes and apartments — is $1,044,000, a 5.8 per cent increase year-over-year and a 0.1 per cent decrease compared to October 2020.
Benchmark prices in each of the three categories are:
- Detached home: $1,538,900
- Attached home: $814,800
- Apartment: $676,500
The sales scene in the Fraser Valley is even hotter, according to the Fraser Valley Real Estate Board.
It describes the level of demand as “unrelenting,” even though like Metro Vancouver, November sales dropped by 8.3 per cent from October.
In total, there were 2,173 property sales, an increase of 54.7 per cent compared to November 2019.
The boards says monthly sales records were set in September, October and November compared to previous years.
“We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate,” said president Chris Shields.
“Since the summer, we’ve seen the strongest demand in our board’s 99 year history, specifically for single-family detached and townhomes,”
The FVREB calculates the benchmark prices for the region as:
- Single family detached: $1,061,500
- Townhome: $570,100
- Apartment/condo: $435,900
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