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'We have had record sales,' Real estate market has dramatic rebound in cottage country – CTV News

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PORT CARLING, ONT. —
The real estate market has rebounded since the pandemic first hit, and in Muskoka, the demand for cottages has risen dramatically.

For many Canadians, a cottage by the lake is a dream that more people are trying to make a reality.

“We have had record sales,” said realtor Catharine Inniss, Johnston and Daniel Rushbrooke Realty.

In June 2019, 161 cottages were sold in the District of Muskoka while last month, 278 were sold, which is an increase of 73 per cent year over year.

Jodi Kovitz lives in a condo in downtown Toronto with her daughter and said she’s on the hunt for a Muskoka cottage.

“We’re doing great. We’re healthy, and we live in 11-hundred square feet, and we haven’t really left it for four months,” Kovitz said she’s looking to find her dream cottage.

It’s a trend taking shape across the world.

A recent article in the Wall Street Journal reported 39 per cent of urban dwellers in the United States are thinking about moving somewhere more rural because of the pandemic.

But if you are considering a move, Inniss has some tips, including using a local realtor.

“They know whether there’s flooding, shore allowances, septics, etc.,” she explained.

Inniss added that while properties are moving quickly, there are still plenty out there.

Local real estate agents expect prices to continue to climb slowly and demand in cottage country to remain high through the fall.

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Kelowna real estate agent fined $6500 for 'misleading' website – Kelowna Capital News

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A Kelowna real estate agent has been fined $6,500 for creating a website that advertised services he was not licensed to provide.

According to a July decision from the Real Estate Council of B.C. (RECBC), James Kevin Adams, an agent who used to work with local real estate firm Sage Executive Group, created a website called “K-O Properties” in 2017. The site advertised property management services around the Okanagan and Kootenay regions.

In its decision, the council called the website “false and/or misleading” as neither Adams nor anybody else affiliated with the site was licensed to provide such services in B.C.

Adams said the K-O Properties site was a working prototype, which he planned to have fully-running only after he was licensed to provide strata and rental property management services. He argued he only published the site to “work out the bugs” and “see how it would work by having [his] friends interact with it.”

The web designer Adams hired to build the website said Adams “most likely was not aware that [the website] was live.”

While the council said no evidence existed of Adams actually providing such services through K-O Properties, it still deemed his actions constituted professional misconduct.

Adams signed a consent order on July 16, agreeing to pay a $5,000 fine and a further $1,500 in fees to the council. He also agreed to complete a real estate and trading services remedial education course at his own expense.

READ MORE: Class resumption raises challenges for Central Okanagan schools

Do you have something to add to this story, or something else we should report on? Email: michael.rodriguez@kelownacapnews.com


@michaelrdrguez
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Real estate market in Durham advantageous for sellers during coronavirus pandemic – Global News

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Industry leaders are reporting a resurgence in the real estate market in Durham after the region took an initial hit in the early stages of the coronavirus pandemic.

According to Vicki Sweeney, president of the Durham Region Association of Realtors, if you’re looking to sell your home in Durham, now is the time.

“The pandemic hit and obviously our numbers went right down,” Sweeney said. “But now we’re seeing unprecedented numbers for a summer market.”

According to housing reports released by the association, in July there were 1,583 homes sold at a record-high average of $709, 640.

Read more:
Coronavirus — Home sales surge outside of Toronto as residents seek more rural life

This is a notable difference compared to sales in April, when only 513 homes were sold at an average of $612,563. What’s more, in July, properties only lasted on the market for an average of 16 days compared to 23 days this time last year.

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Sweeney says right now the competition is fierce for buyers, with sellers getting multiple offers. She says the sudden increase in sales could be due to a number of factors.

“I think there’s also another trend happening right now, where before living in (Toronto’s) downtown core was important for avoiding long commutes,” she said.

“Since COVID, we’ve had to adapt to the online platforms, and people have realized, if they can work from home they don’t have to live in the downtown core.”

Mortgage brokers say another reason for the spike in interest for homes in Durham is a significant drop in mortgage rates, which currently hover around two per cent.

Read more:
Coronavirus — Real estate market in Ontario’s cottage country experiencing boom

Mortgage broker Craig Howie says that while the current state of the market has posed a challenge for first-time home buyers, it’s proven to be even more difficult for those who are self-employed.

“Previously, lenders would look at a two-year average and look at what their self-employed income was,” Howie said.

“Now they’re looking at whether or not the job is going to be feasible, if it’s going to be around in the next couple of years because of everything that’s gone on with the pandemic.”

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Howie adds that with the value of homes going up, there have also been difficulties when it comes to appraisals.

Read more:
Controversial Pickering, Ont. condo proposal draws hundreds to open house

“When a lender is, say, lending 95 per cent of the value of that home, there’s concern that maybe the value isn’t there and some appraisals aren’t coming in the way we need them to be.”

Realtors in Durham say Clarington is currently the region’s largest hotspot for buying homes.

© 2020 Global News, a division of Corus Entertainment Inc.

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Huge month for Chilliwack real estate in July – Chilliwack Progress – Chilliwack Progress

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Last month was the biggest month for real estate in the Chilliwack and District Real Estate Board (CADREB) by dollar volume since the housing sales boom of 2016 and 2017.

For the first time since June 2017, more than $200 million in residential homes traded hands, that’s up 48 per cent from $136 million year-over-year and four per cent from the $193.3 million a month prior.

The month prior, June, saw a large surge in single family home sales, something that continued in July with 195 houses sold for an average price of $672,645 up 9.6 per cent from the July 2019 single family home sale price of $613,826.

• READ MORE: Single family home sales in Chilliwack surge in June – June 2020

• READ MORE: Chilliwack home sales numbers moving in the right direction: Realtors – July 2019

The average price of all homes sold in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between – was $570,087 up 12 per cent year over year from the $509,521 in July 2019.

The average of the 96 townhouses sold was $458,756, and the average of the 44 apartments sold was $327,792.

In July, 21 homes sold over the $1 million mark and another 26 sold over the $800,000 price point.


Do you have something to add to this story, or something else we should report on? Email:
editor@theprogress.com

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