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Would-Be Homebuyers Facing Canada's Tightest Real Estate Market on Record – Toronto Storeys

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Despite the pandemic bringing the economy to a near standstill last spring, Canada’s real estate market smashed records in 2020, as buyers regained confidence and returned to the market in full force to compete for larger properties despite the dwindling levels of supply.

The result? Canadian home buyers are now facing the tightest real estate market on record, with a buying frenzy that shows no signs of slowing down. Though, there is one obstacle standing in the way of potential buyers: inventory — which is running very low in many parts of the country, especially for single-family homes.

The new year began just how 2020 ended, with national home sales and prices setting records, the Canadian Real Estate Association (CREA) said on Tuesday.

Home sales in January were up 35.2% compared with a year earlier, setting a record for the month by a considerable margin, while also inching up 2% month-over-month from December.

In January, the actual national average price of a home sold set a new record after reaching $621,525, a 22.8% jump from the same month last year.

Fuelling prices was a sharp drop in new listings last month, down 13.3% from December, which was led by double-digit declines in the GTA, Hamilton-Burlington, London and St. Thomas, Ottawa, Montreal, Quebec, and Halifax Dartmouth

READ: January Another Record-Setting Month for National Home Sales

As a result, CREA says Canada has only 1.9 months of housing inventory available — the lowest reading on record for this measure. At the local market level, some 35 Ontario markets were under one month of inventory at the end of January.

This comes as the national sales-to-new listings ratio, a measure of a market’s tightness, rose to 90.7% last month — the highest level on record. The previous monthly record was 81.5%, which was set 19 years ago.

Fuelling the purchasing frenzy is historically low mortgage rates and shifting buying behaviours, as more homeowners look for larger living spaces. Though, the growing lack of supply amid the pandemic’s second wave and renewed lockdown measures continue to impact the market.

“The problem with this time of year is that the buyers and sellers that will, in time, define the Canadian housing story of 2021 are mostly all still waiting in the wings,” said Shaun Cathcart, CREA’s Senior Economist.

“It’s the dead of winter and we’re only just starting to get the second wave of COVID under control. We’re unlikely to see a rush of listings until the weather and public health situations improve, and we won’t see buyers until those homes come up for sale.”

Cathcart says the “best-case scenario” would see a lot of sellers who were apprehensive about entering the market last year, make a move in 2021.

“A big surge in supply is what so many markets really need this year to get people into the homes they want, and to keep prices from accelerating any more than they already are,” added Cathcart.

Though, it’s not just Canada’s real estate market that’s facing tighter conditions, as Ontario’s Muskoka region is also seeing its tightest market conditions ever following record-smashing January sales.

This lack of inventory is being particularly felt in the waterfront category, according to new data from CREA. Waterfront property sales numbered 76 units in January 2021 — this count more than doubles that of the same month in 2020, surpassing the year earlier by 117.1% and setting a new sales record for the month of January.

With files from Kayla Gladysz. 

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These are the cheapest real estate listings in Calgary right now | Urbanized – Daily Hive

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Good news for YYC house-hunters – you don’t have to break the bank to purchase your own home.

In this month’s roundup of Zoocasa’s cheapest real estate listings in Calgary, affordable properties can be found throughout the city for under $300,000.

A lower budget doesn’t mean you have to compromise your standards, as most of these properties offer updated kitchens and bathrooms, recently replaced flooring, and state-of-the-art appliances.

If you’re in the market for a new home, take a peek at these Calgary real estate listings.

5. $299,992: 6420 26th Avenue NE

Courtesy of Zoocasa

Listing details: 

  • Three bedrooms
  • One bathroom
  • 826 sq ft

This Pineridge home is close to schools, playgrounds, and shopping, making it a convenient location for anyone. The property offers a detached garage and a fully-fenced yard.

4. $274,900: 21 Copperstone Villas SE

Courtesy of Zoocasa

Listing details: 

  • Four bedrooms
  • Two bathroom
  • 1,132 sq ft

Located in Copperfield, this townhome features a fully developed basement, spacious tiled front entryway, and upgraded appliances in the kitchen. This is an end-unit property boasting tons of natural light and electric fireplaces.

3. $225,000: 14625 Shawnee Hill SW

Courtesy of Zoocasa

Listing details: 

  • Two bedrooms
  • Two bathrooms
  • 1,174 sq ft

This bungalow-style condo is located in The Highbury building in Evergreen Estates-Shawnee Slopes. The unit was recently updated and has stainless steel appliances, a spacious master bedroom, a walk-through closet, and luxury vinyl plank flooring throughout. Condo fees include everything except electricity.

2. $219,900: 3 – 812 McNeill Road NE

cheapest real estate Calgary

Courtesy of Zoocasa

Listing details: 

  • Two bedrooms
  • One bathroom
  • 441 sq ft

In this Mayland Heights bi-level home, house-hunters will find large windows, a dining area with a cozy built-in bench, and a spacious balcony with downtown and mountain views. The unit has been freshly painted and boasts new laminate floors.

1. $179,000: 32 – 3800 Fonda Way SE

cheapest real estate Calgary

Courtesy of Zoocasa

Listing details: 

  • Three bedrooms
  • One bathroom
  • 1,099 sq ft

Live in this new Fonda condo, featuring a renovated kitchen with stainless steel appliances, a main floor office, and laminate-engineered hardwood flooring throughout. The upper level is home to a spacious master bedroom and recently renovated four-piece bathroom.

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Real estate company says demand for housing in Niagara will continue to grow – NiagaraFallsReview.ca

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A Hamilton-based real estate company says Niagara’s economy as well as its real estate market are poised for continued growth.

After placing a renovated 12-unit apartment on Drummond Road on the market, Crescendo Equity secured a total sale of $2.9 million. That translates to $247,000 per unit, compared to a previous benchmark of $176,000 for units in the area.

The company predicts demand for housing in Niagara will continue to grow through 2021.

”Market conditions are being strengthened by interprovincial migration, as home buyers and renters from the Greater Toronto Area, Peel and Halton regions look to Niagara for more space and better affordability,” said Mathew Moxness, Crescendo Equity’s founder.

The Drummond Road property is part of the company’s larger strategy to take older, underperforming stock and reposition properties for maximum occupancy and potential.

“With growing demand for multi-family housing throughout Ontario, repositioning aging and underperforming assets will help to supply the segment and provide housing for those who need it,” Moxness said.

The company, which offers opportunities to private and group investors, purchased a shuttered retirement home in Niagara Falls last year, and plans to convert the property into apartments.

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BCREA: BC Government Proposes Changes to Real Estate Services Act Paving Path for Single Regulator – Business Examiner

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BRTISH COLUMBIA – On March 2, Bill 8: Finance Statutes Amendment Act, 2021 was introduced in the BC Legislature. With its introduction, the BC Government’s intention to create a single financial services regulator, including real estate, announced in September 2019, was finally made clear.

The bill creates the path for the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) to become part of the BC Financial Services Authority (BCFSA). According to the government’s news release, this is expected to happen “later in 2021.”

BCREA reaction:

We welcome a more cohesive regulatory structure, which is something we asked for early in 2019. Unfortunately, the legislative changes introduced yesterday don’t include the creation of the Professional Standing Committee BCREA proposed more than a year ago.

When the BCFSA becomes the real estate regulator, administration of the Real Estate Services Act (RESA), Real Estate Development Marketing Act and parts of the Strata Property Act will be added to the BCFSA’s current regulatory responsibilities, which include credit unions, mortgage brokers and insurance. BCFSA’s Chief Executive Officer will become the new Superintendent of Real Estate.

As a result of the omission of the Professional Standing Committee, BCREA is concerned that real estate licensees will have fewer opportunities to provide input into rules and policies that impact the practice of real estate. Although the Professional Standing Committee isn’t included in the proposed amendments to RESA, we hope it will be implemented in the practical application of the new regulatory structure. We will continue to work with the BCFSA, OSRE and RECBC to this end. Our goal is to ensure a consistent, meaningful process for practitioner input.

Other Changes:

At a high level, the government also proposes the following changes, among others:

  • expanding the administrative penalty system, including the option of requiring further education and doubling the maximum penalty (currently $50,000),
  • eliminating discipline committees, and
  • strengthening the new superintendent’s options for handling urgent circumstances.

Next steps

BCREA is carefully reviewing the proposed changes to RESA, including seeking legal analysis and meeting with government staff.

This bill – like all bills – will be debated in the legislature and subject to further changes as part of that process. Once it’s passed, it won’t take effect right away. Instead, the government will implement it at a later date by regulation.

As BCREA learns more about the proposed changes to RESA, we’ll provide updates in future blog posts. If you have any concerns, please contact Senior Policy Analyst Norma Miller.

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