Real estate sales do not slow down
October 5, 2020 9:26am
There was another big jump in real estate sales in Windsor-Essex in September.
The number of properties that changed hands last month went from 558 in September 2019 to 738, an increase of 32.26 per cent.
There were more listings too.
For the month of September, the Windsor-Essex County Association of Realtors said 951 were added to the list, an increase of 8.44 per cent over the same month last year. Currently, 840 properties are up for sale across the region.
The average price of a home continues to climb, it rose 30.77 per cent in September from September 2019 to $433,043. It was $430,810 in August.
The most popular style of home sold in September was the bungalow, followed by the ranch and the two-storey home.
ULI & PwC to Release ‘Emerging Trends in Real Estate’ Report
An upcoming report on Canada’s real estate market will highlight our nation’s resiliency through the COVID-19 pandemic. Nationwide impacts to retail, office spaces, and suburbanization have been felt hard in the development industry, as landowners, sellers, and buyers are all affected by the trials of 2020. Many in the industry are viewing this as a prime opportunity to reposition their portfolios, so this is among the topics to be covered in PwC and ULI’s new Emerging Trends in Real Estate report.
“The coming year will be all about embracing opportunities to be resilient in the face of uncertainty, while shifting strategies in anticipation of market headwinds,” reads a statement issued by Frank Magliocco, National Real Estate Leader, PwC Canada. “For the first time in a few years, we’re hearing divergent views from industry players about issues like the future of office spaces and the urbanization and suburbanization trends.”
Downtown Toronto, image by Forum contributor Michael62
Set to be released on October 30th, the report’s 2021 edition touches on trends and outlooks in the Canadian and US real estate markets. Among these are specific changes to the market, including breakdowns of specific submarkets. Within the commercial real estate submarket, this includes details on retail troubles, office space uncertainty, and warehousing gains. Within the residential real estate submarket, the report discusses the concept of “creating 18-hour cities across Canada,” environments that combine live, work and play elements, as more Canadians are drawn towards more spread out suburban communities.
“The tension between longer term trends and fundamentals and short-term realities manifests in this year’s must-read report,” reads a statement from Richard Joy, Executive Director of Urban Land Institute Toronto. Prudence, “in the face of uncertainty, while dampening some sectors and trends, is accelerating and expanding others.”
The report is to be launched at the end of the month with an online webinar event led with a keynote delivered by Andrew Warren, Director of Real Estate Research at PwC, which is set to be followed by a panel of local experts panel to be moderated by PwC. The program has been expanded, with this year’s event offering attendees the opportunity to participate in various sessions, including a closing Fireside Chat with Jon Love and Aliyah Mohamed to further explore the economic landscape of the real estate development sector.
Those wishing to attend the ULI/PwC Annual Trends in Real Estate webinar on Friday October 30th, from 8 AM to 12 PM, can register at this link.
Source: – Urban Toronto
Canadian Real Estate Hottest Luxury Markets
The Canadian real estate market has witnessed more highs than lows this year, despite the world facing an unprecedented public health crisis. After a modest slowdown at the height of the coronavirus pandemic, many regions across the country experienced a quick rebound – some at a far greater pace than others. It might be confusing, considering that the economy is in a recession and more than two million Canadians are out of work, but the housing sector is benefiting from pent-up demand and historically low interest rates. Can these trends continue heading into 2021?
If there is one area of the real estate sector that could answer this question, it is the luxury market.
From Vancouver to Toronto to Montreal, the nation’s luxury real estate market has been performing well. This has been attributed to evolving consumer trends and changes in home-buying patterns, with more people working from home and a renewed focus upon our living space. While foreign demand for grand properties, mega mansions and upscale homes remains a crucial factor, industry experts are pointing to current homeowners looking to move-up amid changes in their work situation.
According to the RE/MAX Fall Market Outlook Report, Toronto and Vancouver’s luxury segments are balanced, although Vancouver prices have been tilting more toward a sellers’ market. But what do the numbers say? Let’s explore the most recent data for a more in-depth understanding about what is unfolding in some of Canada’s hottest luxury real estate markets.
Canadian Real Estate: A Look at Canada’s Hottest Luxury Real Estate Markets
Greater Toronto Area
From condominiums to detached houses and townhomes, the Greater Toronto Area has an ample supply of luxury properties, and they are selling at noteworthy prices.
According to local real estate news outlet, Toronto Storeys, some of the most expensive condos were sold in Toronto in the past month. For example, in September, a two-bedroom and two-bathroom condo in Yorkville sold for $7.1 million. This was followed by a two-bedroom, three-bathroom suite selling for $2.95 million in the heart of the city’s Entertainment District.
But this has been par for the course for most of 2020, with reports of notable spikes in demand for luxury real estate throughout the Greater Toronto Area. Even secondary markets, such as Hamilton-Burlington, are seeing their luxury markets swell with activity. High-end buyers are searching for more square footage and larger properties that are situated outside of city centres.
Even more interesting is that domestic buyers have been setting their sights on luxury Toronto real estate even before the coronavirus outbreak. Sales of homes priced over $5 million were up 8.5 per cent year-over-year, between January and October 31, 2019, while transactions of $2-million homes were also up nine per cent year-over-year.
For months, there have been continuous discussions pointing to the slow exodus of city dwellers in search of larger homes in suburban or rural areas far from the city core. But while many people are heading for the suburbs, there remains a strong subset of buyers who are on the hunt for an upgraded living space who aren’t willing to leave their urban area code. These are the buyers who may be trading in their multi-million-dollar condominium in the Financial District for a detached house in Leaside.
In the months leading up to the COVID-19 pandemic, Montreal had been one of Canada’s hottest markets for luxury homes. Ultimately, multi-million-dollar homes were being sold more than ever before. How about today? Surprisingly, the data highlight that both luxury houses and condominiums are experiencing price appreciation throughout the pandemic.
Montreal’s luxury niche is reporting pent-up and rising demand, as well as a steady stream of new listings. Cheap credit has been largely fueling the current situation unfolding in Montreal’s housing market: a boost in sales and higher prices.
When Vancouver introduced the foreign buyers’ tax, the levy left the city’s luxury housing market reeling. Prices and sales activity have slumped in the last couple of years, but that has changed in recent months. The Vancouver Sun recently reported that prosperous foreign buyers are “gradually picking off properties in the city, seeking out possible COVID-19 discounts.”
Although Vancouver’s luxury market slightly favours sellers, the bargain-hunting affluent are on the hunt “for signs of distress” among sellers who have been financially beaten due to the public health crisis. The Hurun Report, a publication that monitors the real estate trends among wealthy Chinese citizens, revealed that Metro Vancouver is the seventh most-sought-after “investment destination for high-net-worth individuals.” This pushes this west-coast city ahead of real estate hot spots like Los Angeles and San Francisco.
The city’s luxury market could continue to trend higher based on monetary policy. The Bank of Canada (BoC) has slashed interest rates to nearly zero, and it is unlikely the central bank will normalise rates for a few more years. This makes it cheaper to borrow considerable sums of money for the purchase of a high-end home. When you factor in the desire of so many Vancouver homeowners looking to move-up, its luxury niche could return to pre-2016 levels once again.
Overall, the median price of a luxury house rose nationally one per cent year-over-year to $2.5 million, while the median price of a luxury condo stayed relatively the same at $1.25 million. Indeed, the coronavirus pandemic ignited much instability in the broader economy, and there is still a lot of near- and medium-term uncertainty. For now, the Canadian economy is trying to recover, and it seems that Canadian real estate – luxury and non-luxury – could be one industry that will contribute to the national economic revival into 2021.
Source: – RE/MAX News
Real Estate Token Contracoin to List on ProBit Exchange
SINGAPORE, Oct. 19, 2020 (GLOBE NEWSWIRE) — Global real estate token project Contracoin is pleased to announce that it will be listing its native token CTCN on popular global digital asset trading platform ProBit.
“We are happy to onboard the Contracoin token (CTCN) to the ProBit trading platform,” says Ronald Chan, CEO of ProBit Exchange. “It is exciting to see blockchain technology being used in real estate and we are happy to support Contracoin in an emerging industry for which we see huge upside potential.”
Disrupting a USD 228 Trillion Global Real Estate Market
Real estate is one of the largest alternative asset classes with the total global real estate market estimated to be about USD 228 trillion. The past couple of years has seen the concept of tokenizing real estate gaining momentum in many regions around the world.
“Raising capital by utilizing blockchain technology to issue tokens democratizes the whole process of buying and selling real estate,” states Barry Lipscombe, CEO of Contracoin. “Removing traditionally high barriers to entry as well as intermediary fees for real estate, tokenization is an extremely attractive concept. We are happy that ProBit, a fast-growing crypto exchange that garners a Top 10 ranking in Korea, is supporting Contracoin and look forward to a successful listing partnership!”
Designed to Streamline Overseas Property Transactions
Contracoin is a global real estate blockchain-powered platform which allows property investors anywhere in the world to invest and benefit from the international real estate market.
The ERC-20 Contracoin token (CTCN) is designed to streamline overseas property transactions and overcome challenges in cross-border remittances. Eliminating complicated banking processes and excessive fees, CTCN transactions will speed up fund transfers, reduce costs and remove restrictions associated with cross border transfers. The ultimate aim is to empower Contracoin investors by enabling them to purchase real estate globally using CTCN for up to 100% of the selling price.
Leveraging blockchain technology and smart contracts to get rid of manual errors, Contracoin ensures that transactions will be secure, transparent and immutable.
Backed by a Global Barter Network and a Team of World-Class Professionals
The strength of the Contracoin marketplace lies in its extensive database of more than 200,000 global merchants through Contracoin’s parent company, Contracard and its Virtual Barter network. 65% of Fortune 500 companies are included in Contracard’s global trade exchange network, which will aid in the drive to mass adoption of the Contracoin tokens.
Furthermore, the team of Contracoin consists of world-class professionals who specialize in real estate, blockchain technology, finance, legal, marketing and IT development.
Trading on ProBit Exchange Soon
Currently trading on crypto exchanges CoinBene and P2PB2B, CTCN will soon be available on ProBit.
Launched in 2018, the ProBit platform presently provides four hundred tokens for trading in seven hundred markets with 800,000 monthly active users. ProBit has 50 million combined monthly visitors on Coingecko and Coinmarketcap, a testament to why the exchange features amongst the most popular global digital trading platforms in terms of real website traffic and volume.
The details for the CTCN token listing on ProBit Exchange are as follows:
Deposits: 13:00 (KST), October 21, 2020
Trading: 13:00 (KST), October 22, 2020
Withdrawal: 13:00 (KST), October 21, 2020
Trading Pair: CTCN/USDT
With more trading promos and other details on the way, the community should stay tuned to Contracoin’s official social channels for the latest announcements of the CTCN token listing on ProBit.
Contracoin is a global real estate platform built on blockchain technology which aims to revolutionize the global real estate market. Utilizing smart contracts to ensure secure, cost-efficient, transparent and immutable transactions, Contracoin offers a technology solution to facilitate cross border real estate transactions. https://contracoin.network/
About ProBit Exchange
ProBit is a centralized cryptocurrency exchange launched in November 2018. Built with features guaranteed to provide traders with the ultimate trading experience, ProBit delivers a world-class trading engine, strong presence in major financial markets and enhanced superior security. https://www.probit.com/en-us
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