The house has an updated kitchen with access to a wraparound deck and fenced-in dog run.CIR Realty
Demand for large, rural properties such as this three-bedroom house on a four-acre site picked up over the pandemic, said agent Natalie Berthiaume. Located about 10 kilometres east of Airdrie, and 35 kilometres northeast of Calgary, the property welcomed visitors for two weeks before a bid of $875,000 was accepted.
“Within a 10-kilometre radius around Airdrie, right now there are five properties under $2-million, so there’s very little inventory,” Ms. Berthiaume said. “And only one property is currently pending [sale] that is under $1-million.
“I expect we’ll continue to have low inventory for acreages surrounding Airdrie, so if somebody is looking, they need to be aware they’ll need to scoop it up quickly if they see something they like.”
What they got
This 27-year-old house has a bi-level design with 1,116 square feet of living space.CIR Realty
This 27-year-old house has a bi-level design with 1,116 square feet of living space, plus a finished basement and an attached double garage.
It has contemporary living and dining rooms, as well as an updated kitchen with access to a wraparound deck and fenced-in dog run.
A 46- by 42-foot commercial shop with a mezzanine was added in 2017.
The agent’s take
It has contemporary living and dining rooms, plus a finished basement and an attached double garage.CIR Realty
“What made this property extremely appealing was the proximity to Airdrie, the privacy afforded due to the trees, and the massive shop … that could allow small business owners to be able to run their business from home and also save on high rent costs,” Ms. Berthiaume said.
“On acreages, you’ll see some form of a shop, whether it’s a workshop or larger garage, but what made this one unique was the size of it and the fact it’s relatively new.”
“You could also have horses with four acres here, so that also appealed to families,” Ms. Berthiaume said.
A 46- by 42-foot commercial shop with a mezzanine was added in 2017.CIR Realty
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
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.
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