Building off the momentum in 2020, Saskatchewan’s real estate market started 2021 strong, as home sales throughout the province — including in Moose Jaw — were up compared to last January, data shows.
Across the province, sales were up more than 49 per cent from last January — increasing to 919 homes sold compared to 616 units — while new listings were down to 1,758 units from 1,855 units, according to a news release from the Saskatchewan Realtors Association (SRA).
“We haven’t seen a January like this since 2012,” said Chris Gbekorbu, SRA economic analyst.
With new listings down 10 per cent from their historical averages, fewer houses are being put on the market, he continued. Meanwhile, the rising number of sales combined with falling inventory suggests strong demand for housing. This could put upward pressure on prices and help to encourage potential sellers.
“Although it is only one month and another COVID-like event could slow things down again like it did last March and April, this strong start should help us be optimistic for 2021,” Gbekorbu said.
While some analysts have suggested that national housing numbers could suffer significantly this year, most analysts project that home prices will rise and that the economy will see strong growth while society recovers from the pandemic, the news release added. Most consumers are also apparently optimistic about real estate and expect the market to continue to grow and be a good investment opportunity.
City of Moose Jaw data
Sales of homes in Moose Jaw this past January increased to 35 units compared to 24 homes last January, which was an increase of 45.8 per cent, SRA’s data showed. Sales volumes from those homes were $7.7 million, a jump from $4.9 million last January, or an increase of 55.2 per cent.
In comparison, the five-year average has been 26 houses sold for $5.5 million, and the 10-year average has been 27 houses sold for $6 million.
The average sale price of a home in January 2021 was $171,500, compared to $201,500 last January. This is a decrease of 14.9 per cent. The five-year average for sale prices is $189,880 and the 10-year average is $193,040.
According to the SRA data, the number of new listings this past January fell to 55 units from 77 units last January, for a decrease of 28.6 per cent. The five-year average for new listings is 69 houses and the 10-year average is 67 units.
Active listings in Moose Jaw fell to 155 in January, compared to 229 from the previous January, a decline of 32.3 per cent. In comparison, the five-year average for active listings has been 227 units and the 10-year average has been 210 units.
Inventory in the municipality stood at 4.4 months, which is below last year’s inventory of 9.5 months, while the sales to listing ratio was 63.6 per cent, which suggests that the market conditions favour sellers, the news release said.
Homes in the community stayed on the market an average of 73 days in January, down from 90 days last year. In comparison, the five-year average for homes on the market has been 79 days and the 10-year average has been 70 days.
Moose Jaw region
In the Moose Jaw area, 41 homes were sold this past January for $8.4 million, compared to 35 homes sold in January 2020 for $6.3 million, the data showed. The sale price of a home was $167,500, compared to $160,000 the year before.
The number of new listings in January was 88, compared to 108 the previous January. Meanwhile, the number of active listings was 335 units, compared to 444 units last January.
Homes stayed on the market an average of 97 days this past January, compared to 96 days the previous January.
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.
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.
