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Why Windsor-Essex Real Estate Is Still Dominating Headlines – RE/MAX News



The Canadian real estate market has been a persisting headline over the last year thanks to record-setting growth in many housing markets, the migration from major urban centres to rural communities, as well as the industry successfully adapting to the pandemic utilising digital tools. It is hard to pick just one story that has encapsulated the real estate industry in 2020 – and in the early start to 2021.

One southern Ontario city is a great example of how fortunes can turn around in an instant. Prior to the pandemic, the Windsor-Essex real estate market was not quite as red-hot as that of Toronto, Mississauga or Ottawa. However, all that changed over 2020 as Windsor transformed into one of the hottest markets in the province, and in the broader Canadian real estate sector.

Windsor’s growth has been jaw-dropping and record-setting, and the early forecasts suggest that 2021 could be a repeat performance for the city, thanks to a mix of soaring demand, limited stock and ultra-low interest rates.

So, how strong were the trends in the Windsor real estate market last year? Immense, impressive and important. Here’s why.

Here’s Why the Windsor-Essex Real Estate Market Is Still Dominating the Headlines

According to the Windsor-Essex County Association of REALTORS®, residential sales soared, with the number of homes sold in January surging 31.5 per cent year-over-year, a new sales record for the month of January.

Average price also went through the roof in January, climbing 31.4 per cent year-over-year to $492,480.

“Home sales continued at the same breakneck pace they ended 2020 on, with no signs of slowing down,” said Damon Winney, President of the Windsor-Essex County Association of REALTORS® in a press release. “With new listings still tepid since the recovery in comparison to sales, the housing market in the Windsor-Essex County region is experiencing similar trends as other markets in Southern Ontario – the tightest market conditions in history, record low inventories, and accelerating price growth.

In total, the dollar value of all home sales in January swelled 72.8 per cent to $215.7 million from the same time in the previous year.

So, what are real estate experts saying about the rest of 2021? It could be a rudimentary case of supply and demand.

Will Low Inventories Spur New Records in the Windsor Housing Market?

In December, the Windsor-Essex County Association of REALTORS® warned that the city’s housing inventories are approaching record levels, although some new supply is coming to market over the next several months.

“Looking ahead to 2021 we have some new supply beginning to come back to the market but not nearly enough to keep up with the pace of demand. With inventories testing new record lows with each passing month, we’re likely to see double-digit price growth through the first few months of the year.”

With pent-up demand exhausted and the housing market adapting to historically low rates, industry leaders are combing through some of the more technical data points to gauge where the market is heading this year. These include listings and housing starts.

The real estate association in Windsor found that new residential listings decreased 10 per cent year-over-year to 515. Active residential listings, meanwhile, tumbled 46.2 per cent to 421 at the end of January.

The months of inventory came in at just one by the end of January 2021. This is down from 2.3 months from the same time in the previous year. The long-run average is 4.4 months for this time of the year. Industry experts note that this is a good measurement to better understand where the market is heading since the figure suggests how long it would take to sell present inventories at the current rate of sales activity.

Housing starts are beginning to balloon in Windsor. According to Canada Mortgage and Housing Corporation (CMHC), housing starts increased an astounding 946 per cent year-over-year to 136 in January. Completions fell 65 per cent, from 81 to 28, in January. While these figures are encouraging for some price relief, CMHC data suggest that three-quarters of these new construction projects are rental units.

Windsor: Continued Growth into 2021

The Windsor real estate market could be the hottest in all of Canada in 2021. The RE/MAX Windsor Housing Market Outlook (2021) forecasts an increase in average price of as much as 20 per cent to approximately $478,062 across all property types. Move-over homebuyers will drive demand, while consumers will be searching for townhomes and two-storey detached homes.

Despite the meteoric growth, Windsor is still considered to be one of the most affordable markets in Ontario, alongside London. That said, it is remarkable how much the Windsor real estate has grown since 2019, when prices were a little more than $300,000. It is a testament to how stellar the Canadian housing market is today, as well as how resilient the sector is, considering that this growth has taken place over the course of a global pandemic.

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Hot real estate market sparks warnings to potential buyers as complaints to regulator double



As home sales in the province continue on a dizzying trajectory, the province’s real estate watchdog and regulator are warning buyers to be wary of what they may be getting into.

The Real Estate Council of B.C. (RECBC) and the Office of the Superintendent of Real Estate said that in the first three months of 2021, they have seen an increase in inquiries and complaints.

Calls to the regulator were up 42 per cent over the previous year, while complaints, such as how offers were made and accepted, were double the number received in the same period in 2020.

“Buying a home is one of life’s biggest financial decisions. There are potential risks at the best of times, but with the added pressure and stress of the current market conditions, those risks are amplified,” Micheal Noseworthy, superintendent of real estate, said in a statement.



The Real Estate Board of Greater Vancouver says sales in the region have continued at a record-setting pace.

Residential home sales covered by the board totalled 5,708 in March 2021, up 126.1 per cent from March 2020, when the COVID-19 pandemic hit, and up 53.2 per cent from February of this year.

Rural and suburban areas have experienced the biggest spikes.

For the past two weeks, Jay Park has been in the middle of the buying frenzy.

He and his partner are trying to upgrade from their one-bedroom apartment to a two-bedroom condo or townhouse in Vancouver.

“I wish we had done this a month or two ago,” he said.


A condo tower under construction is pictured in downtown Vancouver in February 2020. (THE CANADIAN PRESS/Darryl Dyck)


Park put an offer on a $1-million condo, $4,000 above asking price.

“To entice the [seller], we put in a subject-free offer, but it wasn’t successful,” he said. “They accepted $110,000 over asking price that was also subject-free.”

The hot market has led to bidding wars. Some would-be buyers have even lined up outside for days to try to get a jump on a property.

Erin Seeley, the CEO of the council, is warning buyers to do their research and be aware of risks before making an offer.

“It’s really important that buyers have engaged with their lender before they’re making offers so they know how to stay within a reasonable budget,” she said.

Seeley said some of the complaints the council has heard from buyers is that they weren’t aware the seller has a right to take an early offer.

“And the seller was really in the driver’s seat about setting the pricing,” she said.


Demand continues to outstrip supply for housing in cities like Vancouver. (Rafferty Baker/CBC)


Aaron Jasper, a Vancouver realtor, advises clients to avoid cash offers and to include finance clauses even if it may mean they lose a deal.

“There’s a lot of frustration among buyers, feeling pressure to take some risk,” he said.

“You’re better to be delayed perhaps a year getting into the market as opposed to being completely financially ruined.”

Jasper also says realtors are limited in the advice they can give to clients on legal matters, home inspections, potential deficiencies with homes, and financing.

‘Caught up in the craziness’

Other tips from the council include seeking professional advice before making a subject-free offer or proceeding without a home inspection, and speaking to a professional to determine how market conditions may be affecting prices.

Meantime, people like Jay Park say they are still keen to buy. Park has more viewings scheduled and is optimistic.

“It’s a very exciting time for us, but I also don’t want to get caught up in the craziness and make a purchase that’s above our means.”

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Black Press Media introduces one of Western Canada's best real estate platforms helping home buyers Find. Love. Live. that new home – Aldergrove Star



Need an agent who knows the community?

Or, is it time to look for a new place to live, but you don’t know what’s on the market?

Whatever the real estate need is for residents in the communities of British Columbia, Yukon & Alberta, there’s a new way to do that one-stop shopping – by visiting Today’s Home.

The slogan for the site is “Find. Love. Live.”

“We want people to find their dream home, love it, and live in it,” said group publisher Lisa Farquharson.

Building on the success of Black Press Media’s niche digital platforms – Today’s Home brings the same wealth of knowledge and local expertise to the search for a home, be it buying, selling, or even just daydreaming about what changes you can make in the future.

Search hundreds of listings that local real estate agents have available.

The listings cover properties around the region, from a one-bedroom, one-bath condo for $339,900 to million-dollar acreages throughout the province of BC, Yukon, Central Alberta and beyond.

Click on a listing, and see not only the realtor handling the property sale, but links to his or her other listings and social media feeds. With the click of a mouse, take a virtual tour of the property, find the property’s walking score, and learn about nearby amenities.

There are links available to schedule a showing, or send the agent a comment or question.

Want to share a listing? When you click on the share button, you’ll actually send an attractive digital flyer of the prospective property, not just a link.

There’s even a button to help determine how much you have to spend, courtesy of the convenient mortgage calculator.

Plus, scroll down the page on Today’s Home and find a list of expert local real estate professionals who can answer questions or help with that home sale, Farquharson explained.

Today’s Home offers the advantage of the massive reach that Black Press Media has built throughout Western Canada with its network of community newspapers and online products. That allows the public to tailor real estate searches based on location, price, and other key factors while allowing real estate professionals to gain unprecedented audience reach with their listings.

Today’s Home will dovetail into the media company’s existing print real estate publications.

“Black Press Media has real estate solutions in print and now we can add in the digital component,” Farquharson said.

Watch for expansion of the Today’s Home platform in the near future, she added. That will come as Black Press Media adds a new component – the development community. Developers will be able to reach a huge audience when their projects are ready for presentation.

For information on Today’s Home, contact group publisher Lisa Farquharson at 604-994-1020 or via email.

Happy house hunting!

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV



Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.


The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.


Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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