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Victoria real estate market remains hot despite pandemic – CTV Edmonton

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VICTORIA —
The latest report from the Canada Mortgage and Housing Corporation (CMHC) shows that despite the pandemic, the Victoria real estate market remains hot.

The report for the third quarter of 2020 indicates that sales in the region have been trending upwards since the height of the COVID-19 lockdown in March and April. Reported sales of single-family detached homes from July to September surpassed sales in the same period in 2019 and 2018.

“The third quarter not only surpassed the same level last year but it is gearing towards the peak year in 2016,” said CMHC senior analyst Pershing Sun. “We see this ‘heat’ in the market partially because of a low and stable mortgage environment.”

Sun says during the reporting period conditions were right for people who were considering the purchase of a home due to the availability of “cheap money.” She says the costs of borrowing remaining low translates into lower carrying costs for homebuyers.

“This might have motivated a lot of home buyers to enter the market,” said Sun. “Mortgage rates are one of the fundamental indicators that supported a higher home price on average.”

Sun says although unemployment is high due to the pandemic in some of Greater Victoria‘s hardest hit industries, such as tourism, it is hard to say if people in those industries are taking advantage of low interest rates to purchase a home.

“Its quite likely that home buyers in Victoria have not experienced this job loss or any significant financial burden,” said Sun.

The report notes another factor that is fuelling the region’s hot market is supply and demand. The third quarter of 2020 saw a reduced number of active listings compared to the number of potential home buyers in the hunt for a home.

“Homes that were listed on the market got absorbed relatively quick,” said Sun. “The speed of supply or the amount of listings that were coming on the market hasn’t really been able to catch up with demand.”

According to the report, more than one quarter of all sales of single-family detached homes in the third quarter of 2020 were in Saanich East, Langford and Victoria. This led to a year-over-year increase in the price of single-family homes in Victoria by three to five per cent during the three-month period.

The price of a single-family detached home in West Shore communities, such as Langford and Sooke, increased by more than seven per cent during the same reporting period.

“The West Shore area is the major driver of the new supply of housing stock in Victoria,” said Sun. “New housing supply in Victoria is a good thing, it helps to balance out the amount of demand in the region and hopefully it will keep the supply and demand in a healthy threshold to keep the price growth at an affordable pace.”

Sun says based on sales data and other economic indicators for the third quarter of 2020, the overall condition of the Greater Victoria real estate market presents moderate vulnerability.

“So that is the middle of low to high vulnerability so it warrants further monitoring,” said Sun. “So far I would say it is quite stable and hasn’t shown that much evidence for us to be concerned.” 

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LACKIE: Toronto real estate defying all conceivable expectations amid pandemic – Toronto Sun

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Article content continued

It was a perfect storm.

By the end of 2020, rental transactions in Toronto were down 20% from the year before. Average rent, down 5% across the GTA, fell a full 15% in the downtown core alone.

Notwithstanding the broader social and economic concerns of this moment we’re in, it is finally a good time to be an apartment hunter.

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Now, prospective tenants considering a move have options — units without thoughtful floor plans, outdoor space, a great view and daytime sun will languish. So would-be landlords are doing all they can to sweeten the deal — everything from signing incentives to rent rebates, to free parking, cable and Wi-Fi — anything to be competitive.

The question is then, how low can it go and how much longer can we expect this to last?

Given that the current state of things is a direct result of the fallout of the pandemic economy, it’s a safe bet that recovery will depend on how long it takes for life to return to some semblance of normal.

Simply put: this is a COVID problem – not a standalone crisis of the rental market. Once vaccines are widely distributed, universities and workplaces reopen, and Toronto reclaims its position as a hub for business, culture, and nightlife, it is a certainty that things will stabilize. And when it does, we will be reminded of the looming crisis we were bracing for prior to the pandemic — a housing supply falling well behind keeping pace with population growth and new immigration.

@brynnlackie

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With the real estate market still growing, here's how to invest this year – Financial Post

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This article was created by StackCommerce. While Postmedia may collect a commission on sales through the links on this page, we are not being paid by the brands mentioned.

Investing in real estate has always been considered a smart move, and with so many Canadians in search of better housing thanks to the pandemic, the moment is right to strike. RBC estimates home resales in Canada increased by 13 per cent last year and predicts sales will hit an even higher level in 2021. Clearly, there is money to be made, but understanding the real estate market requires skill and know-how.

Every good investor takes time to study their intended market before making a move. Investing in a home for your entire family is considerably different from nailing down the perfect time for buying a building to flip when the demand is high. If you have ever considered purchasing an investment property, you’ve probably struggled with deciding which type of home is the right one to pour your money into. Not to mention all the other important questions you’ll need to answer for an endeavour as big as this one.

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'Enamoured with the Hammer': Toronto real estate agent rhymes about downtown Hamilton loft – TheSpec.com

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The career trajectory of Arty Basinski is a somewhat head-spinning affair. First he was a musician, writing his own songs and playing in bands. This didn’t pay the bills, though, so he went into real estate.

Early in his newfound profession, after struggling for a few months, he had a breakthrough — why not advertise the properties using the power of song?

The plan worked. Now, Basinski’s listings go viral online on a semi-regular basis, thanks to the music videos he makes for his clients.

First it was “Lil Yellow House,” a duet he performed with the owner of a semi-detached bungalow in Toronto’s east end. The video amassed over 66,000 views on YouTube and the house sold for just under asking price within a week.

His latest work is a promotional video for a mixed-use building in downtown Hamilton, which includes two apartments above a recently-abandoned vape store.

In “Loft Mi Casa,” which had just over 1,000 views on YouTube as of Jan. 22, Basinski makes the case for buying real estate in Hamilton.

www.LoftMiCasa.com for all the details on this Hamilton Storefront Property

It opens with a shot of Basinski standing before the Toronto skyline, CN Tower in the distance, evidently down on his luck. A man in a leopard-print onesie kicks him in the stomach for slapstick effect.

“Leaving T.O., I’ve got nothing left to give. The bills are piling up, I can’t afford to live,” he tells us.

So off he goes to Hamilton, westbound along the QEW, to the land of cheaper real estate.

“I’m enamoured with the Hammer,” the Torontonian rhymes. “Luxury condos are advertising; watch construction from your patio — quite mesmerizing.”

Basinski’s musical background has been a boon for his real estate career. “I’ve wanted to do this for a long time, being a musician myself,” he told The Spectator. “Oddly enough, I didn’t make it as a musician, but the real estate game turned me back into one, I guess.”

He composes most of the music himself with help from his clients, many of whom have musical hobbies. The chorus in “Loft Mi Casa” — seemingly salsa-inspired, impressively catchy — was recorded in his client’s home studio. The client sings the hook.

When he’s not selling property or rapping about it, Basinski is part of a roving circus act. He drums, he juggles, he spins sticks lit on fire and he walks around on stilts — sometimes all at once.

His novel approach to advertising lends itself to commercial property especially, which can take between six months and a year to sell, he said. “It takes so long to sell commercial storefronts, so you have to keep the property at the forefront of people’s minds. You have to come up with new ways to get people to remember these properties.”

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In addition to two apartments and storefront, the Loft Mi Casa building, at 17 John St. N., includes a storage room and an outdoor patio. Its namesake loft boasts a 25-foot-high ceiling and mezzanine bedroom with a walk-in closet.

A “ROI guarantee,” said Basinski. That’s return on investment.

The COVID-19 pandemic has made properties harder to sell, so Basinski has also offered a few incentives. If you find the hidden cat in the 3D walk-through posted to his website, he’ll shave off $5,000.

Jacob Lorinc

Jacob Lorinc is a Hamilton-based reporter covering business for The Spectator. The funding allows him to report on stories about education.

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