Well, fall has officially arrived.
More people from outside the Kootenays bought into the real estate market during the pandemic than ever before. That’s the latest information from the Kootenay Association of Realtors.
“There’s no denying the fact that among other regions in the province, the Kootenay region provides great value for your home investment,” said KAR President Chuck Bennett. “I have noticed that with remote working opportunities arising after lockdown, more people were interested in locations that would’ve previously been out of their consideration. As per a recent report on buyer locations, it was observed that during the pandemic, our region saw growth among buyers coming from outside the region.”
While the majority of buyers during the past year of a very hot Kootenay real estate market were from the region, there was a considerable jump in out of region purchasers as well.
“Since October 2020 until May 2021, we recorded the percentage share of out-of-district buyers of Kootenay properties to be in the range of 35-45 per cent. Whereas a year before, the same was in the range of 25-35 per cent. This means that compared to a year before, we saw an increase of about 10 per cent in the number of buyers that came from out-of-district areas each month during the pandemic. Considering we sell 300 listings on an average each month, a shift of 10 per cent means that there were about 30 more buyers from other regions who bought Kootenay properties each month, since the hot market started last year,” said Bennett.
The majority of the out of region buyers are from either Alberta or the Lower Mainland.
Since Oct 2020, about 250 buyers who bought Kootenay properties were from the Lower Mainland. As compared to the same months a year before, there were only 102 buyers who came from the Lower Mainland. Similarly for the same period, the number of buyers from Alberta increased to 440 from 266 in the previous year.
“KAR will continue to monitor where the buyers are coming from, and it will be interesting to see if the current trend continues in the coming months. For now, the majority of buyers are still from within the Kootenay region,” Bennett said.
Well, fall has officially arrived.
The election is over, the air is finally crisp, and the leaves are starting to turn. It feels like a new chapter is before us.
Following a relatively slow summer, the real estate market has reawakened, with buyers and their agents zooming from showing to showing, sellers and their agents prepping houses to bring to market, all while everyone else is doing their best to keep the calm.
Managing expectations while leaving room for the market to work its alchemy is pretty much the name of the game these days.
Even with the welcome surge of new activity, Toronto is still besieged by the tightest real estate market in recent memory. Active listings are at a 25-year low while demand, bolstered by record-low interest rates, remains fierce. These market conditions don’t bode well for those clinging to the hope that prices will come down any time soon.
If anything, we are already seeing signs that the dramatic growth we have witnessed in the freehold market is now taking root in the condo market, the last front for would-be homeowners now priced out of proper houses in the 416 and 905. If you can’t afford a house in the city and your job requires you to show up to work in-person, your options are limited — one can understand the logic in taking advantage of the low rates while you can and buying what you can afford versus continuing to rent in an equally tight market with rents almost totally back to pre-pandemic levels.
The good news is the election is now over and we may finally have some reprieve from the hollow discussions around how best to confront Canada’s housing (un)affordability crisis. With the Liberals now granted another four years to implement their election promises, it will be interesting to see how that shakes out given that a number of their proposals seemed awfully challenging to deliver.
Think you’re likely to see that Home Buyers’ Bill of Rights come into effect any time soon? Doubtful since it’s a federal policy and the real estate industry is regulated by the provinces. If blind bidding is going to be banned, and I honestly don’t see how it can, it’s going to take years of consultation in order to land on the process to stand in its place, and a regulatory system to enforce it.
Instead, I would expect to see them to swiftly follow through on their promise to freeze foreign home purchases since that won’t take much more than the stroke of a pen. If so, I would also expect to see increased foreign buyer activity until such a time, particularly in the condo sector, which will, at least in the short term, drive demand and contribute to rising prices.
The other aspect of the platform most experts anticipate will be coming will be the Liberal pledge to increase the cut-off for insured mortgages from $1M to $1.25M, effectively punching up buyers’ spending power. Forgetting for a moment that all that will functionally do is allow people to compete with one another for the same homes by spending more, which will in turn be yet another element driving demand, in the short term it may have some unintended consequences.
While some buyers may take a beat and wait for their spending power to increase, we might also see sellers do the same, which will further limit inventory and drive-up prices in the short term.
The reality is that Toronto is not unique — housing affordability in major cities is a global problem.
How best to address the crisis is an ongoing conversation happening in countries and cities all over the world. Canada is only just getting started.
Freed Zachary Benjamin & Dianna Marie from Datkuliak Daniel L & Donald E & James W, 4696 Fohl St SW, $125,000.
Freed Zachary Benjamin & Dianna Marie from Datkuliak Daniel L & Donald E & James W, 4720 Fohl St SW, $125,000.
Fritz Travis W from Ames Jack W & Bonita L, 7853 Hudson Dr SW, $285,000.
PSPR Properties LLC from Lee’s hunt’in Shackinc, 702 Main St N, $50,000.
Skibicki Rolland & Pamela from Vancamp Judith C, 216 4th St NE, $125,000.
Alspach John Jr & Carol from Schalmo Properties Inc, 930 Cabot Dr, $41,900.
Hercheck Steven J from Klein Peter N, 555 Market St W, $92,500.
Holderbaum Beth S from Fulton Landings Development LLC, 318 Alexis LN, $356,553.
Mamj Properties LLC from Schalmo Properties Inc, parcel 10009478 Portage St NW, $150,000.
Yeary Lisa M from Huntley Kristen E, 2044 Ellsworth Dr, $246,000.
Aces Real Estate Inc from Goodyear Bank, 4140 Portage St NW, $500,000.
Aowad Ryan & Ashley from Staley James & Sherrie K, 8375 Audubon St NW, $320,000.
Bajormas Joseph J & Mary Beth from Ridgeview Development Co Inc, parcel 1630311 Chermont St NW, $79,000.
Biasella Matthew E & Ashley L from Tank Bradley D & Alexandra v, 7247 Bentham Cir NW, $345,500.
Blackstock Stefan C & Denise M from Mckimm Lisa, 3316 Broadhaven Ave NW, $190,000.
Bradshaw Timothy J & Karen C from Bagwell Eric M & Jill E, 8341 Blue Heron Cir NW, $530,000.
Curtis Susan K from Aman James P & Denise J, 5949 Freitag St NW, $200,000.
Curtis Susan K from Aman James P & Denise J, parcel 1602779 Libbie St NW, $200,000.
Dale Sally M Trustee & from Braucher Daniel J Trustee, 7626 Wales Ave NW, $925,200.
Dale Sally M Trustee from Dale Sally M Trustee &, 7626 Wales Ave NW, $925,200.
Emley William W Sr & Christine A from Samsa Charles A, 2222 Duncannon Ave NW, $270,000.
Gillespie Nicholas R from Chine Jeffrey L & Gillespie Pamela A, 7993 Oakdale St NW, $112,500.
He Ying from Masidonski Lauren M, 3614 Barrington PL NW, $158,000.
Hines Matthew Spencer from Divvy Homes Warehouse I LLC, 1266 Concord St NW, $100,000.
Holmes Sonya A & James P from Waltman Carol E, 8273 Edmund Court Cir NW, $380,000.
Impagliozza Donald J & Jane A from France Jerry G & Mareno Richard M II, 2245 Devonshire Dr NW, $299,900.
Khan Saadat A & Karamat Anum from Rubin Barbara L & Dickson Pamela S Ttees, 4106 Lochness Cir NW, $525,000.
Kibler Christopher & Carly from Vanderlind Gary S & Lisa A Trustees of T, 8663 Regency Dr NW, $675,000.
King Lindsay A from Huston John E III, 8893 Traphagen St NW, $128,000.
Lawrence Mark from Scassa Antonio R, 3508 Cardiff Ave NW, $220,000.
Lemin Ian K & Sara L Ttees from Jane Zito Designs LLC, 7032 Emerson Cir NW, $830,022.
Lindesmith Zachary Jeff & Jeff from Weaver Christ, 6674 Hills and Dales Rd NW, $110,000.
Mellion Mark L & Amber L from Jain Kantilal N & Bhagwanti K, 3357 Hadrian Cir NW, $360,000.
Miller Michael D from Minor Christopher S, 5947 Westlake BLVD NW, $165,000.
Miller Michael D from Minor Christopher S, parcel 1604187 Sterling St NW, $165,000.
Monaco Nathan A & Aimee B from Jane Zito Designs LLC, 7235 Greenview Ave NW, $872,873.
Oakes Javin from Oakes Edward T., 7816 Daytona St NW, $185,000.
Pachan Ben & Kate from Linton David K & Deborah L Trustees of T, 3328 Waterford Ave NW, $333,220.
Parks Kyle & Mary from Petit Mark A & Lori J, 7680 Killeen St NW, $712,000.
Romans David E & Dorinda M from Boch Robert C & Helen M, 8093 Winterwood Ave NW, $149,000.
Roush Chad & Heather from Moore Johnathon & Jessica, 6685 Hillfield St NW, $195,900.
Russell Daniel Thomas & Heather Armsey from Tonsky Thomas A & Beth A, 6735 Thicket St NW, $357,250.
Sherer Steven D II & Linda Ann from Rodriguez Castillo Vanessa A & Rodas Man, 7403 Hawksfield Ave NW, $375,000.
Smith David W & M Lynn Co-Trustees from Salter Bryce J, 6968 Knight St NW, $212,000.
Tanda Construction LLC from Kelly Joseph, 5093 West BLVD NW, $140,000.
Vail Capital Group LLC from Carlone Brian M & Lynn A, 6990 Hills and Dales Rd NW, $230,000.
Vretas James & Kathryn from Cross Timberlands LLC, parcel 10012362 Nottinghill Cir NW, $370,000.
Boak Marlesa Marie & Keith R from Madzia Cindy Sue & Bing Karen Elaine, 15021 Penford St NW, $150,000.
Luther Michael & Aurora E from Lincoln Joseph W, 136 Thomas BLVD NW, $46,000.
Mitchell Courtney & Seth from Ammond Timothy J & Jennifer A, 4795 Alabama Ave NW, $425,000.
Tharp Eric Shane & Jenni Lynn from Tissot Chelsie, 15391 Orrville Rd NW, $210,000.
Aaron Corban J from Moyer Geraldine B, 869 Amherst Rd NE, $60,000.
Arnold N Brewer Associates LLC from Praxis Properties LLC, 2212 Courtland Ave NW, $66,000.
Bourquin Nichole from Harwig Marc A, 142 Penn Ave SE, $32,500.
Brinkley Property Group LLC from Hercules Holding Collc, 2770 Erie St S, $935,000.
Dicicoo Joseph & Kelsey from Braneky Stephen L &Frieda J, 2536 Valleywood Ave NE, $273,750.
Glick Josiah W from Spencer Kathleen D, 1334 3rd St SE, $30,003.
JJ Canton Rentals LLC from Schnabel Investments LLC, 517 8th St SW, $440,000.
Jones Lemuel T & Connie S from Jre Homes LLC, 1801 Forest Ave SE, $79,900.
Layth & Ayah Properties LLC from Meinhart Patricia A, 2005 Clearview Dr NE, $140,000.
Loudiana Michael J from Gorcoff Dennis M & Susan J, 1488 Pebble Chase Cir NE, $189,000.
Mccoy Todd A from Diacontonas Zachary M, 146 25th St NW, $129,000.
Miller David P & Dream G from Mccleary Ladonna & Boyd Beth, 325 12th St SW, $109,900.
Mullet Merle & Lena from Guilliams Ashley L, 805 32nd St NW, $118,000.
Reality Renovations LLC from Green Mountain Holdings Cayman Ltd, 1161 Bradford Rd NE, $210,000.
Rey Timothy C from Mishler Kelly J, 475 27th St NW, $141,500.
Ruth Jeremy G from Lec Investments LLC, 1117 Tremont Ave SE, $45,000.
Salopek Anthony from Highben Edward A Jr & Carolynnanne M, 667 Young Ave SE, $23,500.
Salopek Anthony from Highben Edward A Jr & Carolynnanne M, parcel 608343 Young St SE, $23,500.
Schilling Birchard L from Hoffner Christopher T, 1420 Forest Ave SE, $84,900.
Baker Anthony S from Riley Homes LLC & Exteriors Plus LLC, 3163 List St NW, $200,000.
Baltzly Andreas from Douglass Jason P & Macy D, 1021 Market St NE, $159,900.
Burke Michael W & Marcoguiseppe from NVR Inc D/B/A Ryan Homes, 6985 Gauntlet St SW, $240,175.
Davis Rebecca J & Robert M from Daugherty Karen S, 5514 Perry Hills Dr SW, $200,000.
Dennis James A from Dennis James A & Robert L, 3232 Rayanna St NW, $40,000.
Duffy Taylor Brooke & from Strock Kelly, 4908 14th St SW, $130,000.
Foradas Alyssa & Mcmullin Corey from Rescomm Property Investments LLC, 3985 Greenford Ave SW, $180,000.
Garrett Raquel L from Warth Michael J, 321 Elmford Ave SW, $103,675.
Gess Emanuel from Belliveau Matthew & Kristina, 1500 Jackson Ave NW, $210,000.
J & K Rental Management LLC from Bowlus Realty Ltd, 1733 Perry Dr SW, $265,000.
JJ Canton Rentals LLC from Schnabel Robert R Jr Trustee / Robert R, 5401 Richville Dr SW, $184,000.
Kaminski Cassidy M from Murray Tina M, 515 Highland Ave SW, $144,900.
Kubiak Michael C IV from Sampsel Lindsey D, 4909 Lynncrest St SW, $130,000.
Laney Joshua C & Mast Sydney R from Laney Charles J Ttee, 2524 Nottingham St NW, $201,000.
Loudon Nathan A & Erica from NVR Inc D/B/A Ryan Homes, 6128 Lavenham Rd SW, $270,125.
Lynch 3125 LLC from Braun Stuart R, 3125 Lynch St SW, $80,000.
Nations Lending Corporation from Long Joseph S, 4742 17th St NW, $80,000.
Nations Lending Corporation from Long Joseph S, parcel 4301227 Woodlawn Ave NW, $80,000.
NVR Inc A Virginia Corporation DBA from Dehoff Agency Inc, 6109 Lavenham Rd SW, $60,000.
NVR Inc D/B/A Ryan Homes from R L Deville Holdings Ltd, 6913 Gauntlet St SW, $47,895.
Piatko Jeffery A from Rohleder Ryan A & Alicia, 5387 Aquarius St SW, $205,000.
PNC Bank National Association from RCK Properties LLC, 5240 Emil Ave SW Unit 102, $26,000.
Slutz Jacob from Schnabel Luke C & Kaley, 5525 Richville Dr SW, $225,000.
Smith Cole Jason from Hirschman Julie S, 1215 Delverne Ave SW, $139,900.
Swisher Jerry L & Susan L from File Lila, 319 Zern Ave SW, $72,000.
Walker Lisa Marie from Flagg Michael R & Annmarie L, 3751 Mollane St NW, $185,000.
Garvin Jewell L from Garvin Wesley J & Jewell L, 5877 Smith Rd SW, $195,000.
Hershberger Aden S & Clara N from Grady Jack C & Shell Deborah H, 14909 Wynncrest St SW, $310,000.
Mast Benjamin M from Miller Milo J, parcel 6700326 Navarre Rd SW, $677,000.
Miller Kobe A & Brittany A from Hershberger Nancy L, 805 West CT, $178,500.
Zeigler Tamara L from Brewster Estates LLC, 460 First St SW Lot #64, $6,000.
Neitz Nicholas from Romar Chris P & George P, 923 Highlander St NW, $72,500.
Pros react to Oleksandr Usyk’s upset of Anthony Joshua – MMA Fighting
Media Release – September 25, 2021 – Guelph Police – guelphpolice.ca
2020 Ryder Cup: What do the Euro players think of Ryder Cup home fans? 'Not much' – Golf Channel
COVID-19 cases in Ottawa: 50 new infections Saturday – CTV Edmonton
New Brunswick announces new COVID-19-related death, 61 cases Saturday – CTV News Atlantic
Social Media Buzz: Meng Back in China, U.K. Gas Shortage, Huobi – Bloomberg
South River's SOUNDplay Festival celebrates 20 years of media art – BayToday.ca
Coronavirus: What's happening in Canada and around the world on Saturday – CBC.ca