The Vancouver area’s real estate board says the number of home sales last year was up from 2018, but remained below the region’s 10-year average, despite a moderation in prices.
The Real Estate Board of Greater Vancouver says the number of sales in 2019 totalled 25,351 units, up three per cent from 24,619 in 2018, which marked a recent low point.
REBGV says sales last year were 20.3 per cent below the region’s 10-year sales average and 29.6 per cent below 2017, when 35,993 home sales were recorded.
The board’s composite benchmark price for all residential properties ended 2019 at about $1 million, a 3.1 per cent decline from December 2018.
Sales in December totalled 2,016, up 88.1 per cent from 1,072 in December 2018, but down 19.3 per cent from 2,498 sales in November 2019.
REBGV president Ashley Smith says buyer demand picked up in the second half of 2019, after a relatively quiet spring season.
“In terms of home values, prices dipped between two and four per cent across the region last year depending on property type,” Smith said in a statement.
REBGV’s benchmark price of apartments fell 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes dropped four per cent.
This report by The Canadian Press was first published Jan. 3, 2020.
In pictures: The most expensive real estate listings around the Edmonton region – CTV Edmonton
The COVID-19 pandemic may have some people holding onto their money a little tighter due to economic uncertainty—or dreaming of living the lavish lifestyle.
We broke down the five most expensive homes for sale in the Edmonton region according to Realtor.ca:
As of Monday, 27523 Highway 633 in Parkland County is the regions highest listed property at a cool $8.75 million.
The more than 7,000-square-foot home is nestled on more than 80 acres.
It includes five bedrooms, eight bathrooms and a chef’s kitchen.
Other features include a 9,600-square-foot car showroom, and a second 3,400-square-foot shop.
The second most expensive listing is 16 Windermere Dr.
The 12,890-square-foot home with an acre of gated property is priced out at nearly $6.5 million.
It includes six bedrooms, eight bathrooms and a 20-foot rotunda lit by a custom chandelier.
Other features include an elevator, Italian glass finishing, six-person spa and a memorabilia room.
The third most expensive listing is located at #2 27509 TWP RD 540 in Parkland County, sitting at an even $5.7 million.
The 6,941-square-foot rests on 2.5 acres overlooking a lake and is fully fence. The home was built in 2009 and has three bedrooms and five bathrooms.
It also has a movie theatre and a parking garage that contains 12 parking spaces.
The fourth most expensive listing on 8606 Saskatchewan Dr. is priced out just shy of $5.3 million.
The four-bedroom, nine-bathroom home includes a rooftop deck that looks out on the river valley and has a 10,000 square foot living area.
The fifth most expensive listing is tucked away on 6240 Ada Blvd, clocking in at a casual $4.25 million.
The five bedroom, seven bathroom home was built in 1912 and is in the Highlands neighbourhood and overlooks the river valley.
The 7,385-square-foot home has hand painted linen wall coverings, oak inlay flooring and four gas fireplaces.
All photos from Realtor.ca
Strong Activity Ahead for the Saskatoon Real Estate Market – RE/MAX News
As Saskatchewan’s largest city and business hub, the Saskatoon market is energized with activity. The prairies were affected by COVID-19, but quickly rebounded to strong activity – notably, Saskatchewan has outperformed last year’s market.
The city of Saskatoon had fewer cases of COVID-19 compared to other urban centers and was able to control the virus early to avoid the devastation experienced by other provinces. As a result, this market is showing promising signs of resiliency and recovery.
Here are a few market conditions that show the activity ahead in the Saskatoon real estate market:
Buying and Selling in Saskatoon
The province experienced a slight uptick in COVID-19 cases in September, but this hasn’t deterred people from participating in the Saskatchewan real estate market. In fact, there was a 52 per cent increase in sales from last September.
Activity was evident during the summer months where some REALTORS® even noted the occurrence of bidding wars and homes selling within days. June was one of the busiest months in years. This was a sure sign of market recovery following slower Spring real estate activity due to coronavirus. The market has even outperformed last year’s figures.
Despite the pandemic, buying and selling of homes waged on in this prairie province. Sale prices continue to be high, while inventory is low, showcasing that this market has seemingly recovered from the instability the coronavirus caused.
It’s important to note that home prices in Saskatoon remain steady. Homes in the city stayed on the market an average of 40 days in September, which is a 27.3 per cent decrease from 55 days last year. All of these factors point to a seller’s market in this city.
Low Interest Rates
Across the country, low interest rates will offer more Canadians the opportunity to dip their toes into the real estate market. The Bank of Canada has slashed interest rates to the lowest they’ve ever been at 0.25%. The rates are expected to stay for a while in order to bolster the economy.
Saskatoon is an attractive real estate market for young people and first-time homebuyers due to its affordability, compared to other markets across the country. For homebuyers who previously had trouble borrowing amid pervious market conditions, these accessible rates make jumping into the market a little easier.
Leveraging Technology to Get Deals Done
For those who aren’t deterred by the coronavirus and are willing to adapt to new public health measures to facilitate real estate transactions, the market conditions are prime. Technology solutions are providing the opportunity for people to scoop up their dream home in the Saskatoon market.
From virtual tours to e-signatures, there’s been a few changes to the way home sales are occurring within the current climate. Real estate agents have pulled out all the stops to ensure their clients feel safe when attending open houses and conducting business. Their dedication to innovation and commitment to putting clients first has helped keep the real estate industry afloat, despite shaky economic conditions across the country.
Can We Expect Strong Real Estate Activity Ahead?
Will demand for Saskatoon real estate be sustained into 2021? The Saskatchewan Real Estate Board does expect some of this demand to fall off as fall winds down and transitions to winter. Yet, consumer confidence continues to be high…for now.
RE/MAX brokers and agents are estimating a three-per-cent increase in average residential sale prices for the remainder of the year. Research indicates that 56% of Canadians who feel confident in the real estate market are likely to buy or sell even in the event of a second wave.
Real estate professionals are cautiously optimistic that Saskatoon will see at least average activity during the fall and winter seasons. Although, as government funding tapers off, it remains uncertain as to whether this activity will continue to be as strong. Some people may not have strong financial power to purchase homes. Yet, some industry observers suggest that the affordability of this prairie market may still attract homebuyers regardless.
Saskatoon is a fast-growing city with a buzzing real estate market that has thrived despite the COVID-19 pandemic. Although the coronavirus affected the market early on, with increased confidence and improving market conditions, Saskatoon is expecting the strong market activity to continue through the winter season.
Virtus Real Estate Investment Trust Acquires First US Based Holding – GlobeNewswire
WOODBRIDGE, Ontario, Oct. 26, 2020 (GLOBE NEWSWIRE) — Virtus Real Estate Investment Trust is pleased to announce the acquisition of its first U.S. based holding.
Virtus Real Estate Investment Trust (VREIT) has acquired a 71,760 square foot, free standing commercial building located at 1899 Cinema Drive, Olean, NY for $7,450,000 USD. The building is currently occupied by a single tenant, BJ’s Wholesale Club. BJ’s Wholesale Club recently exercised a 7 year lease extension beginning December 2019 through January 2027.
“We’re thrilled to expand Virtus REIT’s footprint with our first U.S. acquisition,” comments Virtus President Aurelio Baglione. “We are excited to add this new commercial property to our portfolio given the strong demographic profile within the area.”
About Virtus Real Estate Investment Trust
Founded in 2019, Virtus REIT offers investors the opportunity to invest in a diversified portfolio of income producing commercial, industrial, retail and multi-unit residential properties in both Canada and the United States. Virtus REIT is distributed as an alternative investment product through Virtus Capital Management Inc. To learn more about Virtus REIT and other alternative investment product offerings through Virtus Capital Management Inc., please visit virtuscapitalmgmt.com or contact firstname.lastname@example.org.
Phone Number: +1 416-930-8407
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