The Sarnia-Lambton Real Estate Board recorded its best year on record in 2020, in the midst of a global pandemic.
Board President Rob Longo said sales volume surpassed $700 million.COVID
“We did hit $731 million last year in total sales, which was over $100 million higher than the year before, so a record for us,” said Longo.
“A lot of that is attributed to two factors. One, we have seen quite a bit of an increase in pricing overall in Sarnia-Lambton. We were up almost 20 per cent last year, year-over-year, so a lot of that will account for that volume increase and also we did see a lot of people coming to town from the GTA (Greater Toronto Area), Kitchener-Waterloo, London areas, looking to downsize or looking for smaller town life.”
Longo is expecting 2021 sales to be just as strong.
“All the predictions are looking like it’s going to be a good year in terms of sales and in terms of price increases, so, there’s been a lot of confidence in the Sarnia-Lambton market, so we think it will be a positive upswing in home values again for the next year.”
He said historically low interest rates also continue to be a driving factor in sales.
“That obviously helps with affordability as prices go up and interest rates are going down, that’s helping to offset each other for people that are looking to get into the market as first-time buyers, or looking to change, upsize, downsize, things like that.”
He said inventory is very low with only about 80 homes on the market right now in Sarnia-Lambton, which is adding extra pressure for essential sales and purchases allowed during the second lockdown.
“As we did the first time around, we are taking the proper precautions,” said Longo. “I think the Sarnia-Lambton Real Estate Board really did well to lead the way for a lot of realtors in Ontario into how they did business, and I think we did it very safely and very well to still serve our clients and customers out there. There always is a certain segment of the population that has to move, or someone that has to sell or buy a house, for one reason or the other, so that’s going to continue on through those essential sales.”
Court-mandated sales due to separations or divorce, estate sales already in progress, or sales due to job loss, job transfer, foreclosure or bankruptcy are still being facilitated.
Buyers who previously sold their home and need to purchase a new one will also be accommodated, while others will be urged to wait until the lockdown is over.
The total number of properties that sold in 2020 was up only 2.7 per cent at 1,893.
The average sale price for the year was $403,620 compared to $336,651 in 2019, an increase of 19.89 per cent over 2019.
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.
