Real estate home sales dollar values in August 2023 dropped off from the previous year in the qathet region.
“Sales activity was about on par with levels from August 2021 and 2022 and continued trending below the average for this time of year,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “New listings, on the other hand, have been coming in very strong and have kept overall supply from moving back towards historically low levels. Our market remains in balanced territory and prices continue to ease from last year, making this a more opportune time for potential buyers to wade back in and test the waters.”
In the single-family residence category, in August 2023, there were 20 homes sold, valued at $13,281,150, compared to 29 units sold, valued at $22,802,350, in August 2022.
There were three sales in the mobiles and manufactured homes category, valued at $817,000, in August 2023, compared to three sales, valued at $663,900, in August 2022.
In the condos, apartments and duplexes category, there were six sales, totalling $2,422,900, in August 2023, compared to three sales, valued at $1,303,500, in August 2022.
Totals for residential sales indicate 29 units sold, valued at $16,422,900, in August 2023, compared to 35 units sold, valued at $24,769,750, in August 2022.
On the nonresidential side, there were eight vacant land properties sold in August 2023, valued at $1,678,000, compared to three properties, valued at $734,030, in August 2022.
In the industrial, commercial and institutional category, there was one sale, valued at $2,800, in August 2022, and none in August 2023.
Totals for nonresidential were eight units, valued at $1,668,000, in August 2023, compared to four units, valued at $736,830, in August 2022.
Grand totals show 37 units sold in August 2023, valued at $18,199,050, compared to 39 units, valued at $736,830, in August 2022.
In terms of average monthly selling price in the single-family homes category, the value in August 2023 was $664,058, with an average of 74 days on the market, compared to $786,288, in August 2022, with an average of 37 days on the market. This is a 15.5 per cent drop in average price.
Regarding new listings, on the residential side, there were 59 new listings, and on the nonresidential side, 12, for a total of 71 new listings in August 2023. In terms of active listings at the end of the month, there were 173 residential listings and 85 nonresidential listings.
According to statistics from the Canadian Real Estate Association, on a year-to-date basis, home sales totalled 190 units over the first eight months of the year, which was a large decline of 21.2 per cent from the same period in 2022.
“Home sales are starting to settle back into a trend of below-normal activity following an unexpected surge in the spring,” said British Columbia Real Estate Association chief economist Brendon Ogmundson. “However, sales are in a much stronger place than expected given current mortgage qualifying difficulty.”
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.
