Real eState

Winter real estate market not frozen in Sarnia-Lambton

Published

5 years ago

March 5, 2020

Mild weather is helping fuel an unseasonably busy real estate market in Sarnia-Lambton, where the $43.8-million in total sales recorded in February was up 23 per cent over the same month in 2019.

President Donna Mathewson is shown in the board room at the Sarnia-Lambton Real Estate Board.

Paul Morden / The Observer

Mild weather is helping fuel an unseasonably busy real estate market in Sarnia-Lambton, where the $43.8 million in total sales recorded in February was up 23 per cent over the same month in 2019.

The Sarnia-Lambton Real Estate Board said there were 127 home sales locally last month, which is up 15 per cent from February 2017.

“Some of it is weather related,” said board president Donna Mathewson about the market that has stayed active during the early months of the year.

“It really hasn’t been a winter so people aren’t burrowing down.”

The value of residential sales in the community is up 16 per cent, year to date, so far in 2020, but that isn’t “out of whack” compared to the growth in recent years, Mathewson said.

The average home price in February was $355,803, locally.

“That’s creeping up,” Mathewson said.

The local average price had been sitting in the “$330,000s” for a period of time, she said.

The lack of homes on the market “is boosting up the sale prices because there are so many buyers,” Mathewson said.

That means that homes in the “hot” $200,000 to $400,000 price range can sell after only a week or two on the market, she said.

“Some of them are three days.”

There were 158 homes listed for sale locally in February, which is in line with the number in 2019.

More listings typically begin appearing on the real estate market beginning in March when winter is traditionally winding down.

“People want their homes to show the best” and “they don’t want to move in the winter time,” Mathewson said.

“March, April, May and into June is the busiest time of year,” followed by the fall, she said.

Mathewson said the real estate industry is watching what happens with interest rates in the coming weeks, following the recent move by the Bank of Canada to lower its rate by 0.5 per cent in reaction to economic jitters caused by the novel coronavirus.

She said some banks had already lowered prime interest rates on mortgages.

“It’s fantastic right now for people who are buying,” Mathewson said. “We really thought, two or three years ago, we were going to see interest rates start to climb slowly.”

Instead, buyers are currently seeing rates of 2.6 per cent or 2.8 per cent on a five-year mortgage, Mathewson said.

New home construction remains “very strong” in the city and surrounding communities, including Corunna, Wyoming, Camlachie and Forest, she said.

Building permit numbers released by Sarnia City Hall show show a total of seven new single-family home permits issued in January and February this year, compared to one permit at the same point in 2019.

The Ontario Real Estate Association released results this week of a recent survey that found 22 per cent of first-time home buyers in the province say they’re looking for a townhouse.

Townhouses are “a great place for them to start out” in the Sarnia real estate market, Mathewson said.

“They can get into them for less money.”

Prices for single-family homes have climbed out of reach for some buyers, but townhouses are selling in the city, depending on their location, from $150,000 or less and up, she said.

“Our townhouse sales here are doing really well.”

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

4 days ago

November 6, 2024

Anne Joseph

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

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Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

2 weeks ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Real eState

Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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