Found 10 blog entries tagged as inventory.

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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The real estate industry can be both exciting and intimidating for prospective buyers and sellers. With constantly changing market trends and regulations, it is important to stay well informed and prepared. Whether you’re looking to buy your first home or sell your current property, this article will provide valuable insights and tips to help you navigate the real estate industry with confidence.

Current Market Trends

According to the recent market data, the real estate industry is experiencing a surge in demand for single-family homes and a shortage of inventory. This has led to increased competition among buyers and rising prices in many markets. On the other hand, sellers are enjoying the benefits of sellers market, with properties often selling…

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rent to own program

The Canadian real estate market is showing signs of slowing, now that interest rates are rising. Despite sales activity sliding and prices moderating, the country’s housing sector is still leaving many hopeful homebuyers sitting on the sidelines.

According to the Canadian Real Estate Association (CREA), national home sales tumbled at a monthly rate of 3.9 per cent in September. The MLS® Home Price Index (HPI) declined by 1.4 per cent month-over-month but was still up 3.3 per cent year-over-year. Meanwhile, the actual (not seasonally adjusted) national average sale price declined 6.6 per cent year-over-year, to $640,479.

New residential listings fell 0.8 per cent month-over-month, and months of inventory edged up slightly…

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sign sold over asking

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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A year ago, housing affordability dominated national conversations as the Canadian real estate market exploded in growth, across major urban centres and rural communities alike.

For the last couple of months, it seems like this discussion has shifted, with affordability taking a back seat given recent moderation in the market following the unprecedented “COVID boom.”

The average price for a home in Canada was sold for about $630,000 in July, recent data from the Canadian Real Estate Association (CREA) confirm. This is down five per cent from the same time a year ago. When the red-hot markets of Toronto and Vancouver are removed from the equation, the typical price for a residential property falls to roughly $525,000.

Despite the last several…

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MLS® home sales in Newfoundland and Labrador post third best monthly total ever in July, overall inventory remains stable

Chart resi 0

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 703 units in July 2022, declining 11.9% from July 2021.

Home sales were 17.9% above the five-year average and 30.8% above the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 3,563 units over the first seven months of the year. This was virtually unchanged from the same period in 2021, moving only 0.1% (five sales).

Residential activity in St. John’s was down by 10.9% on a year-over-year basis in July, while activity…

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How is the Atlantic Canada real estate market performing in the era of rate normalization? Eastern Canada has been a hotbed of growth for the last two years, from population gains to economic resuscitation. With the coronavirus pandemic turning the housing industry upside down and triggering a change in consumer patterns, the Maritimes region is enjoying a renaissance. But while there is the uncertainty of higher interest rates and a post-crisis national economy reopening, experts are confident that this part of the country will survive the next phase of the economic cycle.

In the meantime, market analysts are combing through the data to determine just how well places like Prince Edward Island and Nova Scotia are doing in this environment. Experts…

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Canadian real estate prices are soaring at the fastest pace ever, yet the national numbers downplay growth. Canadian Real Estate Association (CREA) data shows home prices continued to soar in December. Over just 31 days, a “typical” home added up to $40,000 in one market. Over the past year, prices have increased more than ten times that monthly surge.

A Typical Home Across Canada Increased $16,700 Last Month

Canadian home prices are rising at one of the fastest rates ever. The composite benchmark (a.k.a. a typical home) reached $798,200 in December, up 2.1% ($16,700) compared to a month before. The benchmark is now a whopping 26.6% ($167,500) higher than last year. Both are large gains, but this is the index — many markets outperform even…

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Photo: Spiroview Inc. / Adobe Stock

Home prices in prominent Canadian markets ramped up last month, but the acceleration we’re seeing now is expected to ease off by the second half of next year as these markets become more balanced.

In an RBC Economics Thought Leadership report published this week, senior RBC economist Robert Hogue said that property prices “reaccelerated further” in major markets during November thanks to strong demand and dwindling inventories.

In the Greater Toronto Area, “aggressive” bidding drove the composite MLS Home Price Index (HPI) up 3.9 per cent from October to $1,173,000. Over the past two months, GTA prices have climbed 2.2 per cent and 4.3 percent, resulting in a $114,000 increase over a three-month period.…

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When inventory is low and buyer demand is high, chances are you’ll receive at least one cash offer—a promise to purchase your property that doesn’t depend on the buyer acquiring a mortgage. Buyers figure paying cash might help them stand out among multiple offers, but what’s in it for you as the seller? Here’s what sellers need to know about all-cash offers.

What is a cash offer?

Most offers on residential homes typically include three conditions: financing, an inspection, and a review of documents. When an all-cash offer is submitted, the buyer is telling the seller they have enough cash and investments to purchase the property, says Rochelle Cantor, a REALTOR® and broker with Engel & Völkers in Montreal.

“A cash offer doesn’t mean…

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