Real Estate Blog - housing market

Unveiling Newfoundland and Labrador's Real Estate Landscape - October 2023 Insights

In October 2023, 529 homes changed hands through the MLS® System of the Newfoundland and Labrador Association of REALTORS®, a slight dip of 1.1% from the previous year. Though sales trailed the five-year average by 3.5%, they soared 8.4% above the 10-year average for October.

Year-to-date figures showed a 16.2% drop in home sales, with 4,470 units sold in the first 10 months of 2023 compared to the same period in 2022.

St. John's residential activity rose by 5.6%, contrasting with a 3.6% dip in the rest of the province. Single detached home sales in St. John's experienced a 6.3% boost from October 2022.

The MLS® Home Price Index (HPI) indicated a composite benchmark price of $292,400 in October 2023, up 3.9% year-over-year. Single-family…

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Making a Splash in the Housing Market: Kitchen and Bathroom Updates That Go a Long Way

In the ever-changing landscape of the housing market, homeowners are seeking fresh and modern spaces that resonate with potential buyers. While a complete kitchen or bathroom overhaul may have been the norm in the past, the current reality is that small updates can go a long way in making a lasting impression. As the heart of the home, the kitchen and bathroom play a pivotal role in capturing buyers' attention. In this blog post, we'll explore the key details homeowners should keep in mind when considering remodeling, striking the perfect balance between updates and investment to stand out in today's housing market.

Understand the Market: A Shift in Buyer Expectations

With the real estate market rebalancing, sellers can no longer rely solely on…

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Exploring Housing Market Trends in Newfoundland and Labrador

Home sales in Newfoundland and Labrador saw a decline of 21% in March 2023 compared to the same month in the previous year, with a total of 350 units sold. However, home sales for the month were 0.5% higher than the five-year average and 13.5% higher than the 10-year average. Year-to-date home sales for the first three months of 2023 were down 20.7% compared to the same period in 2022, with a total of 902 units sold.

St. John's saw a significant decline in residential activity of 32.3% year-over-year in March 2023, with single detached home sales falling 17.5% from March 2022 levels. In comparison, the rest of the province saw a smaller decline of 14.9%. The MLS® Home Price Index (HPI) showed that the overall benchmark price for homes in…

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Are Condos a Good Investment?

The pandemic impacted Canada in many ways, including the real estate market. The industry was quickly able to adapt to virus conditions by relying on technology solutions like virtual open houses and e-signatures to facilitate transactions. Although many in-person practices have been taken up again, virtual practices for buying and selling homes have remained popular, especially for those who may not live in the area and are unavailable in person.

When market conditions change, some choose to size up their investments to determine if there are other opportunities to explore. With the remote work trend allowing for alternate living arrangements, many are wondering if now is the right time to dip their toes into the condo…

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Pros and Cons of Buying a Home As-Is

Buying a home as-is can be enticing. For those who’ve been struggling to get into the market, the price point can be more affordable. For others looking to buy when housing supply is low, it can present a viable avenue to explore. However, it’s important to bear in mind the decision to buy a home as-is works for some, but not for all.

Buying a home as-is means “the homeowner is selling the home in its current condition, and will make no repairs or improvements, before or after closing,” says Nick Kyte, a REALTOR® and salesperson in Ottawa, Ontario. “Essentially, what you see is what you get, but what you don’t see is also what you get.” 

When the correct steps are taken, buying a home this way could be a calculated and worthwhile risk that pays…

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How Blockchain Technology Can Help Improve Canada’s Real Estate Market

Blockchain technology is everywhere. It is in the banking system, in supply chain management, in high-tech enterprise security. Blockchain technology is also firmly implanted in the Canadian real estate market.

So, what role does blockchain, cryptocurrency, and all of the underlying technology play in the real estate sector anyway? Let’s explore!

How Blockchain Technology Can Help Improve Canada’s Real Estate Market

The first question many Canadians have is: What exactly is the blockchain?

Blockchain is an encrypted record-keeping system that stores data on a “block.” Every record is stored on a block and has a unique identifier. The blocks are linked together through a chain and must be synced to function…

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Canadian Home Sales See Surprising Rise?

On Tuesday, November 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of October. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members:

In a surprise to many, home sales recorded over Canadian MLS® Systems edged up 1.3% between September and October 2022.

To close observers, this should not come as a surprise given that month-to-month sales declines have been becoming increasingly smaller since May. For some, the change from negative to positive results is a big deal, if only psychologically.

A 1.3% increase may not seem like much since our natural inclination is to compare it to…

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Sold Over Asking – What Does This Mean?

When the Canadian real estate market peaked in February, this was undoubtedly the key question on prospective homebuyers’ lips, whether a single-family home in rural Ontario or a condominium unit in downtown Vancouver. It was also a hot topic – and goal – of home sellers from coast to coast.

The “pandemic boom” was certainly a housing market that many people will never forget, especially in the major urban centres such as Toronto and Montreal. Even Atlantic Canada got in on the enormous gains, thanks to notable population increases as a newfound freedom to work remotely opened up options on where to buy a home.

One notable trend accelerated in Canada’s housing market as it built up to its peak: homes sold over asking.

…

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How Do You Make a Low Ball Offer?

Could the Canadian housing market be in store for the return of the low-ball offer? While this buying strategy became all but extinct given the heated housing market in the last couple of years, rising interest rates have caused many markets to cool, and shift from strong seller’s markets to more balances, or even tilted in favour of buyers.

What is a Low-Ball Offer?

A low-ball offer is when a prospective homebuyer makes an offer to purchase a home that is below the asking price.

When Should You Make a Low-Ball offer?

Low-ball offers are more common in a buyer’s market, when there are more listings than there are buyers, and competition is not a factor. Another common scenario for low-ball offers is when looking to…

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What is Missing Middle Housing?

A well-served housing market means different things for different cities—and, on a more granular level, different neighbourhoods. Some people benefit more from multi-family buildings, others are better served by a larger share of single-family homes. One trend in many major Canadian markets is missing middle housing, even in those that stand to benefit from it.

What is middle housing? 

Middle housing includes duplexes, triplexes, quadplexes, townhomes, cottage courts, and laneway homes—it’s the middle ground between multi-family apartments or condos and single-family homes. Middle housing tends to be more affordable and requires a similar amount of land as single-family homes, while offering more…

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