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Real estate market in the southeast had a lot of positive numbers in February – Estevan Mercury

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The Saskatchewan real estate market continues to build on January’s momentum and outperformed last February, according to information from the Saskatchewan Realtors Association (SRA).

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Across the province, sales were up over 74 per cent from last February, and were up 62.3 per cent year-to-date, going from 663 to 1,157. New listings were essentially flat in February, and down 2.1 per cent year-to-date, going from 1,775 to 1,773, and the median sale price was up close to three per cent, and up 1.9 per cent year-to-date, going from $265,000 to $272,000.

Inventories were also down in all 19 of the markets that the SRA tracks.

Median sales prices were up in 13 of the 19 markets that the SRA tracks, with Estevan and Weyburn seeing the greatest increases, and the number of sales was up in 18 of 19 markets.

“We’re seeing inventories dry up as people keep buying. At the same time, the number of new listings continues to fall in several markets, suggesting that supply is shrinking,” said Chris Gbekorbu, economic analyst.

This suggests that prices will continue to rise as fewer homes are available and buyers are forced to increase their bids to secure what’s available.

As prices continue to rise, however, the SRA is also seeing the number of new listings rise in certain markets.

“Rising prices could help to encourage would-be sellers, who having seen homes jump in value last year, don’t want to miss out on rising prices this year,” said Gbekorbu.

The safety precautions that the SRA put in place last April to help reassure the public that real estate is safe have certainly helped to channel pent-up demand from COVID and allowed the real estate market to continue its boom.

Sales in southeast Saskatchewan were up 64 per cent, going from 25 in February 2020 to 41 in February 2021, up 53 per cent from the five-year average and 25.8 per cent from the 10-year average.

The total number of sales in Estevan rose 30 per cent, going from 10 to 13, and rose 266.7 per cent in Weyburn, going from three to 11. Sales in Estevan were 38.3 per cent above the five-year average and 7.4 per cent above the 10-year average, while they were 83.3 per cent above the five-year average and 20.9 per cent above the 10-year average in Weyburn.

Year-to-date sales in the overall region were up 36.4 per cent over last year, going from 25 to 41, with year to date sales in Estevan rising from 18 to 21, and 14 to 18 in Weyburn.

Sales volume in the region rose 142.9 per cent going from $4.0 million to $9.7 million in 2021 (60.8 per cent above the five-year average and 29.2 per cent above the 10-year average). Sales volume in Estevan rose 53.7 per cent – $3.0 million to $4.7 million in 2021 (32.2 per cent above the five-year average and 3.2 per cent below the 10-year average), while it increased 437.1 per cent in Weyburn, from approximately $600,000 to $3.2 million (92.0 per cent above the five-year average and 35.9 per cent above the 10-year average).

Year to date sales volume in the region rose from $10.0 million to $16.2 million in 2021 (an increase of 61.1 per cent), with Estevan seeing a 53.7 per cent rise and Weyburn seeing a 28.6 per cent increase in the year-to-date sales volume.

The number of new listings in southeast Saskatchewan was flat at 86 (1.4 per cent below the five-year average and 17.5 per cent below the 10-year average). The number of new listings in Estevan was down from 17 last year to 16 this year, while in Weyburn, new listings decreased from 24 last year to 19 this year.

Active listings were down 22 per cent across the region, from 776 in 2020 to 605 in 2021, down 22.5 per cent in Estevan from 142 to 110, and down 29.5 per cent in Weyburn from 176 to 124.

Inventory in south east Saskatchewan stood at 14.8 months, which is 52.5 per cent below the level in 2020 and 48.3 per cent below the five-year average), while the sales to listing ratio was 47.7 per cent, suggesting balanced market conditions. Inventory in Estevan stood at 8 1/2 months (which is 40.4 per cent below the level last year and 59.7 per cent below the five-year average), while the sales to listing ratio was 81.2 per cent, suggesting that market conditions favour sellers.

Inventory in Weyburn stood at 11.3 months (which is 80.8 per cent below the level last year and 78.5 per cent below the five-year average), while the sales to listing ratio was 57.9 per cent, suggesting balanced market conditions.

In 2021, homes stayed on the market an average of 122 days in southeast Saskatchewan, up 10.9 per cent from 110 days last year (and 2.9 per cent above the five-year average of 119 days and 17.1 per cent above the 10-year average of 104 days).

Homes in Estevan stayed on the market longer than homes in the larger region at 127 days on average in 2021, but also up from an average of 86 days last year and 21.2 per cent above the five-year average.

Homes in Weyburn stayed on the market longer than homes in the larger region at 163 days on average in 2021, but also up from an average of 29 days last year, and 28.8 per cent above the five-year average.

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Hot real estate market sparks warnings to potential buyers as complaints to regulator double

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As home sales in the province continue on a dizzying trajectory, the province’s real estate watchdog and regulator are warning buyers to be wary of what they may be getting into.

The Real Estate Council of B.C. (RECBC) and the Office of the Superintendent of Real Estate said that in the first three months of 2021, they have seen an increase in inquiries and complaints.

Calls to the regulator were up 42 per cent over the previous year, while complaints, such as how offers were made and accepted, were double the number received in the same period in 2020.

“Buying a home is one of life’s biggest financial decisions. There are potential risks at the best of times, but with the added pressure and stress of the current market conditions, those risks are amplified,” Micheal Noseworthy, superintendent of real estate, said in a statement.

 

 

The Real Estate Board of Greater Vancouver says sales in the region have continued at a record-setting pace.

Residential home sales covered by the board totalled 5,708 in March 2021, up 126.1 per cent from March 2020, when the COVID-19 pandemic hit, and up 53.2 per cent from February of this year.

Rural and suburban areas have experienced the biggest spikes.

For the past two weeks, Jay Park has been in the middle of the buying frenzy.

He and his partner are trying to upgrade from their one-bedroom apartment to a two-bedroom condo or townhouse in Vancouver.

“I wish we had done this a month or two ago,” he said.

 

A condo tower under construction is pictured in downtown Vancouver in February 2020. (THE CANADIAN PRESS/Darryl Dyck)

 

Park put an offer on a $1-million condo, $4,000 above asking price.

“To entice the [seller], we put in a subject-free offer, but it wasn’t successful,” he said. “They accepted $110,000 over asking price that was also subject-free.”

The hot market has led to bidding wars. Some would-be buyers have even lined up outside for days to try to get a jump on a property.

Erin Seeley, the CEO of the council, is warning buyers to do their research and be aware of risks before making an offer.

“It’s really important that buyers have engaged with their lender before they’re making offers so they know how to stay within a reasonable budget,” she said.

Seeley said some of the complaints the council has heard from buyers is that they weren’t aware the seller has a right to take an early offer.

“And the seller was really in the driver’s seat about setting the pricing,” she said.

 

Demand continues to outstrip supply for housing in cities like Vancouver. (Rafferty Baker/CBC)

 

Aaron Jasper, a Vancouver realtor, advises clients to avoid cash offers and to include finance clauses even if it may mean they lose a deal.

“There’s a lot of frustration among buyers, feeling pressure to take some risk,” he said.

“You’re better to be delayed perhaps a year getting into the market as opposed to being completely financially ruined.”

Jasper also says realtors are limited in the advice they can give to clients on legal matters, home inspections, potential deficiencies with homes, and financing.

‘Caught up in the craziness’

Other tips from the council include seeking professional advice before making a subject-free offer or proceeding without a home inspection, and speaking to a professional to determine how market conditions may be affecting prices.

Meantime, people like Jay Park say they are still keen to buy. Park has more viewings scheduled and is optimistic.

“It’s a very exciting time for us, but I also don’t want to get caught up in the craziness and make a purchase that’s above our means.”

Source: – CBC.ca

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Black Press Media introduces one of Western Canada's best real estate platforms helping home buyers Find. Love. Live. that new home – Aldergrove Star

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Need an agent who knows the community?

Or, is it time to look for a new place to live, but you don’t know what’s on the market?

Whatever the real estate need is for residents in the communities of British Columbia, Yukon & Alberta, there’s a new way to do that one-stop shopping – by visiting Today’s Home.

The slogan for the site is “Find. Love. Live.”

“We want people to find their dream home, love it, and live in it,” said group publisher Lisa Farquharson.

Building on the success of Black Press Media’s niche digital platforms – Today’s Home brings the same wealth of knowledge and local expertise to the search for a home, be it buying, selling, or even just daydreaming about what changes you can make in the future.

Search hundreds of listings that local real estate agents have available.

The listings cover properties around the region, from a one-bedroom, one-bath condo for $339,900 to million-dollar acreages throughout the province of BC, Yukon, Central Alberta and beyond.

Click on a listing, and see not only the realtor handling the property sale, but links to his or her other listings and social media feeds. With the click of a mouse, take a virtual tour of the property, find the property’s walking score, and learn about nearby amenities.

There are links available to schedule a showing, or send the agent a comment or question.

Want to share a listing? When you click on the share button, you’ll actually send an attractive digital flyer of the prospective property, not just a link.

There’s even a button to help determine how much you have to spend, courtesy of the convenient mortgage calculator.

Plus, scroll down the page on Today’s Home and find a list of expert local real estate professionals who can answer questions or help with that home sale, Farquharson explained.

Today’s Home offers the advantage of the massive reach that Black Press Media has built throughout Western Canada with its network of community newspapers and online products. That allows the public to tailor real estate searches based on location, price, and other key factors while allowing real estate professionals to gain unprecedented audience reach with their listings.

Today’s Home will dovetail into the media company’s existing print real estate publications.

“Black Press Media has real estate solutions in print and now we can add in the digital component,” Farquharson said.

Watch for expansion of the Today’s Home platform in the near future, she added. That will come as Black Press Media adds a new component – the development community. Developers will be able to reach a huge audience when their projects are ready for presentation.

For information on Today’s Home, contact group publisher Lisa Farquharson at 604-994-1020 or via email.

Happy house hunting!

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV

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Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.

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The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.

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Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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