Real estate sales in the Powell River region in December 2020 were significantly higher than sales from December 2019, setting a new sales record for the month of December, according to the Canadian Real Estate Association (CREA).
“We ended the year with record sales and price growth coming in at a much higher pace compared to the earlier months of the year during the lockdown period,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “Ultimately, despite all the hardships faced during the year, our realtor members were on the frontline helping consumers navigate the market and make transactions during some of the most tumultuous times in recent history.”
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In December 2020, in single-family home sales, there were 25 for a total of $10,064,800, compared to 17 in December 2019, amounting to $5,917,300.
In the single-family mobiles and manufactured home category, in December 2020, there were two sales for $330,000, compared to one sale for $81,500 in December 2019.
For single-family condos, apartments and duplexes, there were five sales, valued at $1,598,000, in December 2020, compared to five sales, valued at $1,693,900, in December 2019.
Residential totals show 32 units sold, valued at $11,992,800 in December 2020, compared to 23 units sold, valued at $7,692,700 in December 2019.
In terms of non-residential sales, there were eight parcels of vacant land sold in December 2020, valued at $1,580,000, compared to two parcels of vacant land in December 2019, valued at $1,180,000.
Grand totals show 40 units, valued at $13,572,800, sold in December 2020, compared to 25 units, valued at $8,872,700, in December 2019.
Frost said the Powell River market is facing a bit of a supply and inventory issue. He said there is a lack of listings here in town and in the rural areas.
“Everything is getting bought up in most of our areas,” said Frost. “Properties are selling quickly.”
Average single-family home selling price in December 2020 was $402,592. Average days on the market were 54. In December 2019, the average single-family home selling price was $348,076 and the average days on the market were 71.
According to statistics from CREA, on an annual basis, home sales totalled 418 units over the course of 2020, which was a large increase of 30.2 per cent over the same period in 2019.
Frost said it’s still a seller’s market, which is compounded by dearth of product. He said January and February 2021 will be a good time for home sales, weather notwithstanding. Weather did not influence sales in December 2020, especially compared to the previous year, according to Frost.
The number of vacant lots sold is significant, said Frost.
“That means people are turning to development as an alternative,” he added.
In terms of the real estate buyer profile, on a year-long basis, from January to November 2020, local buyers made up 45.4 per cent of the market, while out of area buyers made up 54.6 per cent. In the month of November 2020, there were 32 out of area buyers and 14 local buyers.
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.
