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Real estate sales set new mark in Powell River – Powell River Peak

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Residential real estate sales in the Powell River region for September 2020 were significantly higher than the value of sales from September 2019, setting a new record in the process.

In September 2020, there were 50 single-family homes sold, for a value of $23,051,740, compared to 15 in September 2019, valued at $6,946,300.

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According to statistics, a new sales record for the month of September was reached in Powell River and it was the third highest sales figures for any month on record in the region.

“Home sales in the region continued to rebound in September, hitting the third highest level for any month on record,” said Neil Frost, president, Powell River Sunshine Coast Real Estate Board. “New supply also hit a new record level for the month of September but is not keeping pace with the strong demand we are experiencing. As a result, the market continues to tighten significantly and the imbalance between supply and demand is putting upward pressure on prices in the region.”

For single-family mobiles and manufactured homes, in September 2020, there were three units sold, valued at $765,369, compared to three units valued at $594,000 in September 2019.

In the single-family condos, apartment and duplexes category, there were three units sold in September 2020, valued at $823,500, compared to four units sold in September 2019, valued at $935,500.

Total residential sales for September 2020 were valued at $24,640,609 for 56 units, compared to $8,475,800 for 22 units in September 2019.

On the non-residential side, there were five parcels of vacant land valued at $797,000 sold in September 2020, compared to one, valued at $84,000, in September 2019. There was also one industrial, commercial and institutional property sold in September 2019, valued at $300,000, compared to none in September 2020.

Grand totals show 61 total sales in September 2020, valued at $25,437,609, compared to 24 sales, valued at $8,859,800 in September 2019.

The average price of a single-family home in September 2020 was $461,035, compared to $463,087 in September 2019. The median price of a home in September 2020 was $470,000, compared to $344,000 in September 2019.

While the average price of homes sold in September 2020 was $461.035, Frost said the more comprehensive year-to-date average price was $414,794; rising 16.5 per cent from the first nine months of 2019.

There were 75 new residential listings in September 2020. This was the largest number of new listings added in the month of September in history.

Active residential listings numbered 101 units at the end of September.

While month-end figures are not yet available, Frost said Powell River sales figures for October are strong. As of October 26, 2020, there had been 50 sales in the Powell River area, compared to 26 in 2019.

In terms of year-to-date figures, as of October 26, Frost said the 2020 figure sits at 375 sales, compared to 311 over the same period in 2019.

“When we started out, we didn’t think we were going to touch 2019 because we had a couple of dead months, then we started to catch up, were on par, and now we are ahead,” said Frost. “We definitely had our strongest September and it was our strongest month in a long time. It was a banner month.”

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COVID as catalyst: How real estate in Ottawa changed in 2020 – Ottawa Citizen

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Multiple catalysts were at play, including historically low interest rates (making for relatively inexpensive mortgages), a shortage of listings and, not least, a rush by homeowners for more space in the era of COVID-19 — whether in the form of larger home offices or physical acreage in outlying areas.

The play for more space can be seen in the detailed sales data for greater Ottawa. Year to date realtors have sold about 2,100 residential properties in 15 nearby towns for an average of $450,300. While volumes are just a bit ahead of where they were last year, prices have surged nearly 25 per cent.

This compares with a 19 per cent price gain to nearly $640,000 for residential properties inside the City of Ottawa.

Of the eight towns recording the largest price gains year to date, four were in the west (Pakenham, Braeside-McNab, Mississippi Mills and Arnprior), while two each were east (Russell, Rockland) and south (Kemptville East and Beckwith Township). Residential properties in Pakenham jumped most in price (37 per cent to nearly $500,000). Average sale prices within this group ranged from nearly $400,000 for Arnprior properties to $596,000 for rural properties in Beckwith Township, which is between Carleton Place and Smiths Falls.

The hunt for greater space was also evident within the City of Ottawa, where four of the top five real estate districts ranked by price growth were semi-rural. These included: Bells Corners and area (average price year to date was $586,000 — up 38 per cent); Greely ($704,000 — a gain of 31 per cent); Manotick and area ($866,000 — up 27.5 per cent) and Carp and area ($743,000 — a jump of 25.5 per cent).

Indeed, all rural and semi-rural districts saw house price gains greater than those posted by brokers within the city, with the exception of Dunrobin, where 158 residences were sold for an average $539,000. That represented a relatively modest gain of less than 12 per cent compared to the first 11 months of 2019.

In most other years, of course, that would have been something for sellers to celebrate.

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RioCan cuts payouts as COVID-19 challenges outlook for retail real estate – BayToday

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TORONTO — RioCan Real Estate Investment Trust says it is cutting its payouts to unitholders by a third as the COVID-19 pandemic creates an uncertain future for shopping centres. 

RioCan, which counts Dollarama, Canadian Tire and Costco among its tenants, says that it is slashing its monthly payout to eight cents per unit, down from 12 cents.

The company says the cut will save about $152 million per year, which the company will use for expanding investments in residential real estate, as well as paying down debt and buybacks. 

RioCan says the ongoing uncertainty from the pandemic influenced the board’s decision to make the cut, which starts with the February payout for January 2021.

The decision comes after RioCan’s third quarter report said it had collected about 93 per cent of rent billed during the quarter, but that 22 per cent of its tenants were potentially vulnerable to the pandemic, such as movie theatres, gyms and sit-down restaurants.

Chief executive Edward Sonshine says RioCan still has a well-positioned portfolio and solid tenants, and the new baseline for payouts will help the REIT’s transformation, as it plans to move out of malls that house hard-hit fashion retailers.

“As RioCan continues to navigate through the uncertain retail landscape created by the COVID-19 pandemic and faces an unknown length and breadth of closures, the board has taken the prudent action of reducing our distribution,” Sonshine said in a statement. 

“A more conservative payout ratio is important in this undeniably challenging environment.”

This report by The Canadian Press was first published Dec. 3, 2020.

Companies in this story: (TSX: REI.UN)

The Canadian Press

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COVID as catalyst: How real estate in Ottawa changed in 2020 – TheChronicleHerald.ca

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When the number of residential house sales plummeted more than 50 per cent year over year last April and May, you could be forgiven for concluding this was going to be a very ugly year for thousands of Ottawa brokers.

Because price hikes slowed dramatically at the same time, you might also have seen a sliver of hope for first-time home buyers, assuming they hadn’t been punched in the gut by COVID-inspired economic lockdowns.

Remarkably, it turned out to be a very good year for brokers and a rather stressful one for anyone trying to find a house to buy at prices they once believed were reasonable.  This according to the latest data published Thursday by the Ottawa Real Estate Board.

“The number of our year to date transactions are now on par with 2019,” board president Deb Burgoyne said. “If we had more supply, sales would be even higher.”

Indeed, realtors across greater Ottawa — which includes towns within commuting distance — sold nearly 13,800 properties during the 11 months ended Nov. 30. That was up about two per cent from the same period last year.

Perhaps the bigger surprise was the 19.6 per cent surge in the price paid for residential properties, which averaged $581,100 during this period. It was a similar pattern for condominiums, which changed hands at an average $361,700 year to date, up 19 per cent against the comparable stretch in 2019.

Multiple catalysts were at play, including historically low interest rates (making for relatively inexpensive mortgages), a shortage of listings and, not least, a rush by homeowners for more space in the era of COVID-19 — whether in the form of larger home offices or physical acreage in outlying areas.

The play for more space can be seen in the detailed sales data for greater Ottawa. Year to date realtors have sold about 2,100 residential properties in 15 nearby towns for an average of $450,300. While volumes are just a bit ahead of where they were last year, prices have surged nearly 25 per cent.

This compares with a 19 per cent price gain to nearly $640,000 for residential properties inside the City of Ottawa.

Of the eight towns recording the largest price gains year to date, four were in the west (Pakenham, Braeside-McNab, Mississippi Mills and Arnprior), while two each were east (Russell, Rockland) and south (Kemptville East and Beckwith Township). Residential properties in Pakenham jumped most in price (37 per cent to nearly $500,000). Average sale prices within this group ranged from nearly $400,000 for Arnprior properties to $596,000 for rural properties in Beckwith Township, which is between Carleton Place and Smiths Falls.

The hunt for greater space was also evident within the City of Ottawa, where four of the top five real estate districts ranked by price growth were semi-rural. These included: Bells Corners and area (average price year to date was $586,000 — up 38 per cent); Greely ($704,000 — a gain of 31 per cent); Manotick and area ($866,000 — up 27.5 per cent) and Carp and area ($743,000 — a jump of 25.5 per cent).

Indeed, all rural and semi-rural districts saw house price gains greater than those posted by brokers within the city, with the exception of Dunrobin, where 158 residences were sold for an average $539,000. That represented a relatively modest gain of less than 12 per cent compared to the first 11 months of 2019.

In most other years, of course, that would have been something for sellers to celebrate.

Copyright Postmedia Network Inc., 2020

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