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Home Sales Soar to New Record in May

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1,539 homes were sold in May in LSTAR’s jurisdiction, an increase of 33.4% over the same period last year. This represents the best results ever for May, and the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978.

We’re experiencing a very strong marketplace, with the fifth consecutive month of record sales,” said Jim Smith, LSTAR President. “REALTORS® are still seeing multiple offer scenarios and interest from outside the region. When you factor in the region’s low unemployment rate and continued job growth, the economy is firing on all cylinders. This year, year-to-date home sales are already 27% ahead of 2016.”

In May, a total of 1,209 detached homes were sold, an increase of 28.6% over the previous year, while there were 330 condominium sales, up 54.2% from 2016. The average sales price across London and St. Thomas was $344,815 down 0.6% from the previous month. The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057.

“We understand the City and local home builders are working closely to bring more permit ready residential lots in the second half of the year, which contributes a tremendous boost to the economy,” Smith said. “The news of high-speed rail is also encouraging, and this may be a huge factor toward a future building boom in home construction.”

In May, there were 1,985 listings, up 15.5% from the same time in 2016. The year-to-date sales are outpacing last year by 27.0%, with a total of 5,307 homes sold. St. Thomas also had a very healthy May, with a total of 115 homes sold, down 0.9% from the same time last year. The average home price in St. Thomas was $259,491 down 4.0% from the previous month.

The best-selling house style in May continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in May was $372,163 down 0.1% from the previous month, while the average price for a condominium was $244,619 down 1.4% from the previous month.

To read the article in full visit: www.lstar.ca

 

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Royal LePage Triland Realty National Garage Sale for Shelter

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On Saturday, May 13th, Royal LePage Triland Realty will host Royal LePage Triland Realty’s National Garage Sale For Shelter in support of the Royal LePage Shelter Foundation in both London and St. Thomas.

This event will bring the community together to raise much-needed funds and awareness to help break the cycle of family violence. This event was a huge success last year and raised approximately $11,000 with proceeds going to local womens shelters. Proceeds will be directed to Women’s Community House in London and Violence Against Women Services Elgin County in St. Thomas.

Spring Clean and Donate for a Cause!

Uncategorized

Home Sales Achieve Another Monthly Record in April

calgary-real-estate-home-sales-housing-prices

The London and St Thomas Association of REALTORS® (LSTAR) announced another record month for residential sales in April, with a total of 1,220 homes sold, an increase of 14.2% over the same period last year. This represents the best results ever for April, since LSTAR began tracking sales data in 1978.

“Since the beginning of the year, every month has achieved record sales. After the first four months, we’re about 25 percent ahead in home sales compared to 2016,” said Jim Smith, LSTAR President. “It just shows how desirable the region is, when you consider affordability, accessibility and lifestyle. London and St. Thomas have so many features that make them attractive destinations to live, work, raise families and retire. We’ve got farm-to-table restaurants, London Knights hockey, big-name concerts and culture, such as the North American Railway Hall of Fame and the Grand Theatre.”

In April, a total of 971 detached homes were sold, an increase of 11.7% over the previous year, while there were 249 condominium sales, up 25.1% from 2016. The average sales price was $347,062 up 5.4% from the previous month. The average year-to-date sales price was $325,286 up 16.6% from 2016 average home price of $279,057.

“With this robust marketplace, it’s a fantastic time to get in touch with a REALTOR®,” Smith said. “With an increase in multiple offer situations, interest from outside of London and St. Thomas, and the regulatory requirements, a REALTOR® can help you manage the process every step of the way.”

St. Thomas also had a very healthy April, with a total of 97 homes sold, up 12.8% from the same time last year. The average home price in St. Thomas was $270,439 up 9.3% from the previous month.

 

To read the article in full visit: www.lstar.ca

real estate

Canada’s Two Largest Real Estate Markets Head in Opposite Directions In 2017’s First Quarter

April 18, 2017

Over-heated Toronto market boils over into adjacent regions.   Market slows in Vancouver, yet signs point to early rebound

RLPHPSPhoto_ENTORONTO, April 18, 2017 – According to the Royal LePage House Price Survey[1] released today, Canada’s residential real estate market saw substantial price growth in the first quarter of 2017. While the majority of Canadian housing markets posted modest gains, price appreciation across much of Ontario significantly outpaced the rest of the country, with similar market dynamics to those that have driven housing activity in the Greater Toronto Area (GTA) beginning to impact the entire “Golden Horseshoe” region of south-central Ontario, and as far away as Windsor and London in southwestern Ontario. Meanwhile, the pace of year-over-year home price appreciation in Greater Vancouver was noticeably lower than the historic highs witnessed in 2016, and for the first time since 2013, home values for the region as a whole declined on a quarterly basis.

The Royal LePage National House Price Composite, compiled from proprietary property data in 53 of the nation’s largest real estate markets, showed that the price[2] of a home in Canada increased 12.6 per cent year-over-year to $574,575 in the first quarter. The price of a two-storey home rose 13.9 per cent year-over-year to $681,728, and the price of a bungalow increased 10.9 per cent to $490,018. During the same period, the price of a condominium increased 8.9 per cent to $373,768.

“For the first time in several years, real estate markets in Vancouver and Toronto are headed in opposite directions,” said Phil Soper, President and CEO, Royal LePage. “The Vancouver market stalled, as confused consumers took to the sidelines after a series of uncoordinated moves by all three levels of government. With the housing shortage becoming more acute, Toronto easily stepped forward to assume the title of Canada’s most overheated real estate market.”

A price reset is underway in British Columbia’s Lower Mainland, where eroding affordability coupled with recent public policy intervention abruptly slowed activity. The number of homes trading hands has fallen steeply, and home values have begun to adjust downward as demand falls.

“Vancouver house prices are up compared to the first quarter of 2016, yet this doesn’t tell the complete story,” continued Soper. “For weeks now, we have witnessed a steady fall in real estate values in the Lower Mainland, with sales activity down some 40 per cent compared to recent norms.”

“There is now reason to believe that the market correction underway in Vancouver may be short-lived,” said Soper. “The principal victims of the B.C. government’s foreign buyer tax were Canadians who had planned to sell or buy a home and were frightened away by unsubstantiated rhetoric in which the Chinese were entirely to blame for Vancouver’s housing shortage. The reality is that as much as 90 per cent of the housing activity that disappeared overnight in the Lower Mainland after the tax was introduced was from Canadian residents, not foreign investors. Homebuyers are waking up to this reality and may be ready to rush back into the market.”

Soper explained, “An unfortunate side effect of heavy-handed regulatory intervention is that we risk market whiplash. In the coming weeks, it is possible that six months of pent-up demand will be unleashed on the market, sending prices sharply upward again; this when the pre-intervention 2016 trend was a natural market slowdown based on eroding affordability.”

Meanwhile, price appreciation in the Greater Toronto Area reached new heights in the first quarter, rising by an unprecedented 20 per cent year-over-year across all housing types studied. As Toronto home prices continued to significantly rise over the past year, so too did values in suburban regions outside of the city’s core, as more and more homebuyers looked farther afield for affordable housing. Elsewhere in Ontario, expanding economies and improving employment have lifted what were listless housing markets into the strong growth category, particularly those within a two-hour drive radius of the province’s capital.

Significant home price appreciation has also extended much further into other southwestern Ontario markets like London and Windsor, due to strong demand, supportive economic factors and the quest for affordability. In fact, the torrid pace of home price appreciation in much of Ontario contributed almost half of the national aggregate home price increase in the first quarter, with the rest of Canada appreciating by a healthy, but much lower, 6.4 per cent year-over-year when excluding all regions within Ontario.

For this reason, dialogue concerning the health of the GTA housing market has moved to the forefront of real estate commentary in recent weeks, amid growing apprehension over the region’s steep price gains and declining housing affordability – prompting some analysts to forecast major downward price adjustments, while others call for public policy responses.

“Canada is now the fastest growing advanced economy in the world, and most new Canadians are building their new lives in Ontario,” Phil Soper said. “With high household formation levels driven by expanding employment opportunities, we are playing catch-up with the supply of housing. In a low interest rate environment, many of these people will want to purchase a home, which is going to put further upward pressure on home prices.”

“The hasty introduction of new real estate-related regulations or taxes in Ontario, in the absence of data and analysis to support these policy moves, could lead to a sharp price correction, impacting not only household wealth, but damaging the broader Canadian economy as well,” said Soper. “We applaud the Canadian government’s federal budget commitment to partner with the provinces and municipalities to create a coordinated national housing strategy.”

Elsewhere in the country, housing markets are in balance. Fairly priced homes are selling within a reasonable amount of time. Bidding wars are rare and buyers have an opportunity to make conditional offers.

Soper stated, “The mood in Alberta is brightening, as the region adjusts to a world of $50 a barrel oil. Signs of renewed optimism can be seen all around the province, from a spate of recent deals and pipeline approvals in the oil patch to major business investments such as a recently announced five-storey, 95,000 square foot Simons’ retail department store in Calgary’s historic Lancaster building. This sense of stability is reflected in our House Price Composite which is showing slight year-over-year upticks in prices in the province’s largest cities, where home values remained unexpectedly resilient throughout the oil price collapse driven downturn.”

On the other side of the country, continued strong economic improvement is also underway in Quebec, against the backdrop of a provincial government surplus and a refreshed focus on attracting business investment in the region.

“Quebec has emerged as an economic shining star in Canada, showcasing the lowest unemployment rates in over 40 years and a promising year ahead for GDP growth. As a result, Montreal’s residential real estate market is seeing strong house price vitality that is likely to grow over the coming year. The region is now one of the healthiest real estate markets in the country, currently sitting at mid-single-digit appreciation – which is well within the historical range that we would hope to see in the GTA and Lower Mainland of British Columbia,” concluded Soper.

The Canadian economy was boosted by strong export performance to an expanding United States market, infrastructure spending at home, and stabilizing global commodity prices. The country’s unemployment rate dropped to 6.7 per cent in March, close to its lowest level in two years.

“The overall Canadian market is healthier in 2017 than it has been in years, yet the downside risks are greater too,” concluded Soper. “Our economy, which has recovered nicely from the 2014 oil crisis, is sadly dependent on moves by an unpredictable U.S. federal government and can be swayed by unforeseen global events, such as fallout from Europe’s restructuring. Still, housing activity is strong and prices are rising at a healthy mid-single-digit rate across the land. The trend in Alberta, Quebec and Atlantic Canada is particularly encouraging. Our concerns with the state of Canadian real estate begin and end with Toronto and Vancouver.”

Provincial and City Summaries and Trends

Following many years of economic acceleration, most forecasters expect British Columbia’s growth to slow in 2017 as the housing sector decelerates to a more sustainable pace. In the first quarter of 2017, the aggregate price of a home in Greater Vancouver increased 12.3 per cent year-over-year to $1,179,482, compared to a 25.6 year-over-year increase in the fourth quarter of 2016.  Meanwhile, the regions of Langley, North Vancouver, Surrey and Richmond saw first quarter increases of 21.2 per cent, 18.9 per cent, 15.4 per cent and 13.4 per cent, to $794,213, $1,387,141, $763,806 and $1,069,218, respectively. During the same period, the City of Vancouver also saw a reduced rate of year-over-year home price appreciation compared to the previous quarter, with an increase of 10.1 per cent year-over-year to an aggregate price of $1,412,527.

Although the province may be coming off a high, British Columbia will likely remain an economic growth leader in Canada. Earlier this year, a major Canadian financial institution reported that it expects British Columbia to tie Ontario with a growth rate of 2.3 per cent for the year, exceeding the national average. However, with the real estate market going into a slightly lower gear, other industries are projected to drive growth in the Vancouver region in 2017, with the Conference Board of Canada predicting that the retail sector will overtake housing as the highest growth industry in the city.

With the recent stabilization of oil prices, Alberta is projected to see an improved economic picture in 2017 when compared to the prior year. A wave of deals have already been announced in the oil and gas sector in recent weeks. As a result of the apparent upswing from the cyclical bottom, Alberta will likely be the fastest growing provincial economy this year when compared to last, with the Conference Board of Canada forecasting the province to expand by 2.8 per cent in 2017. This positive momentum has proved supportive of the residential housing market, with the aggregate price of a home in Calgary rising 0.6 per cent year-over-year to $461,635 in the first quarter, while the price of a home in Edmonton followed a similar trend, rising 0.3 per cent to $381,733.

Following two years of recessionary trends amidst the energy sector downturn, Saskatchewan is expected to resume growth in 2017. Saskatchewan’s agricultural sector is also expected to have a better year compared to 2016, while the potash sector may see continued declines.  With the regional improvement in economic fortunes forecasted for later this year, the first quarter of 2017 saw modest home price gains in the province’s largest cities, with Regina posting an increase of 1.8 per cent year-over-year to an aggregate price of $335,135. During the same period, the aggregate price of a home in Saskatoon remained relatively flat, decreasing 0.5 per cent to $385,980.

Manitoba remains in a good position for economic expansion, boasting strong ties to the U.S. economy in conjunction with the general economic improvement in other western provinces. Although the mining sector in the province is still under pressure, other sectors including manufacturing and transportation are expected to shield the province from its impact. In the first quarter of 2017, the aggregate price of a home in Winnipeg remained relatively flat, posting a slight dip of 0.9 per cent year-over-year to $274,844.

According to major forecasters, Ontario is expected to lead the country in provincial GDP growth in the coming year with British Columbia. This will be the first time that the province has taken the top spot since the year 2000. The province’s labour market will be a source of strength, with recent economic expansion having led to increased hiring in the province. As of March, employment in Ontario was up 1.2 per cent, with the majority of increases seen in full-time work. At 6.4 per cent, the province’s unemployment rate in March was close to a two-year low. U.S. economic strength and robust financial markets, trade, manufacturing and retail, in conjunction with continuously improving employment prospects, continue to reinforce a steep upward trajectory in home price appreciation in the province, particularly in southwestern Ontario.

In the first quarter, the aggregate price of a home in the Greater Toronto Area increased 20.0 per cent to $759,241, while the price of a home in the City of Toronto rose 17.0 per cent to $763,875. Home prices also increased significantly in the surrounding GTA regions, with suburbs such as Richmond Hill, Oshawa, Vaughan, Markham and Oakville posting increases of 31.5 per cent, 28.2 per cent, 25.8 per cent, 23.2 per cent and 23.1 per cent to $1,209,741, $500,105, $985,534, $970,216 and $987,001, respectively. During the same period, other parts of Southwestern Ontario saw mentionable home price increases. Hamilton saw an aggregate home price increase of 17.4 per cent year-over-year to $457,452, while Niagara/St. Catharines, Kitchener/Waterloo/Cambridge and London home prices rose 15.7 per cent, 14.4 per cent and 12.4 per cent to $326,545, $400,902 and 314,777, respectively.

Following several years of sluggishness, the Quebec economy has turned a corner and emerged as a Canadian leader. Within the first quarter, the Quebec unemployment rate hit generational lows, with the January rate falling to 6.2 per cent, the lowest seen since the outset of Statistics Canada’s records in 1976. In the 12 months ending in March 2017, employment rose by 97,000 (2.4 per cent) with an unemployment rate of 6.4 per cent, down 1.1 percentage points from a year earlier. Unlike many other provinces, the Quebec government is in a strong fiscal position, recently announcing a third consecutive budgetary surplus, allowing it to further boost the provincial economy through promised spending in large-scale public transit projects, health and education. An upswing in business investment is also underway in the region, particularly in the cloud computing and artificial intelligence sectors, where the city has attracted companies like Google, who recently selected Montreal to host a new data centre and tagged the market as its first Canadian Google Cloud Region. In effort to retain its tech savvy talent and advance research, the Federal government has also announced an investment of $40 million dollars over five years for the implementation of an all-new artificial intelligence institute.

The province’s economic performance is being reflected in its residential housing market which has displayed healthy home appreciation in recent months. In the first quarter, the aggregate price of a home in the Greater Montreal Area rose 4.9 per cent to $367,702. Montreal West witnessed the highest year-over-year appreciation, with the price of a home rising 6.8 per cent to $419,404, followed by Montreal Centre which saw an increase of 6.4 per cent to $449,883. Moderate to healthy home price gains were also seen in other areas of the province. Trois-Rivières, Sherbrooke and Quebec City posted gains of 6.1 per cent, 5.1 per cent and 2.7 per cent to $208,154, $254,147 and $299,245, respectively.

In Atlantic Canada, Newfoundland and Labrador remains in a recession in light of the downturn in commodity prices. With little to offset the decline in resource-based activity, economic indicators from the unemployment rate through to retail sales reflect an economy in decline. In the first quarter, the aggregate price of a home in St. John’s decreased 1.9 per cent year-over-year to $328,485.

Against the backdrop of a stable or improving economy in the rest of the Atlantic region, the residential real estate market showed varying trends across major cities in the first quarter. In New Brunswick, the aggregate price of a home in Saint John and Fredericton showed strong increases of 8.0 per cent to $218,604 and 6.4 per cent to $259,040, respectively. During the same period, the price of a home in Moncton remained relatively flat, declining 0.6 per cent year-over-year to $188,797. In Nova Scotia, Halifax saw an aggregate home price increase of 3.6 per cent to $306,944 and in Prince Edward Island, Charlottetown saw a year-over-year home price decline of 2.9 per cent to $217,333, as sales activity slowed in the winter months.

[1] Powered by Brookfield RPS
[2] Aggregate prices are calculated via a weighted average of the median values of homes for reported property types in the regions surveyed

View complete article here

real estate

Another Record Month For Home Sales

The London and St Thomas Association of REALTORS® (LSTAR) announced another record month for residential sales in March, with a total of 1,242 homes sold, an increase of 44% over the same period last year. This represents the best results ever for March since LSTAR began tracking sales data in 1978.

“We continue to experience a very robust marketplace, with some very strong year-to-date sales as well,” said LSTAR 2017 President. “After the first quarter of 2017, year-to-date sales are up by 30.4%, compared to 2016. We’ve been telling consumers who are thinking about putting their home on the market that current conditions are very encouraging. You have to go back to 2004, the only other instance when sales surpassed 1,000 homes in March.”

In March, a total of 1,006 detached homes were sold, an increase of 46.9% over the previous year, while there were 236 condominium sales, up 34.9% from 2016. The average sales price was $329,218 – up 6.9% from the previous month. In looking at the first quarter of 2017, the average sales price was $314,847, up 12.8% from the first quarter of 2016.

“March started to see mild, spring-like temperatures in weather, and this could also have been a factor helping the month’s sales,” LSTAR President said. “We continue to see the trend of low supply and high demand, with the number of listings down 7.9% compared to a year ago. Now more than ever is an ideal time to get in touch with a REALTOR®.”

St. Thomas also had a very healthy March, with a total of 108 homes sold, up 44% from the same time last year. The average home price in St. Thomas was $247,455 up 2.2% from the previous month.

The best-selling house style in March continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in March was $355,651 up 8.5% from the previous month, while the average price for a condominium was $216,539 down 8.3% from the previous month.

Press Release April 3, 2017 – London & St. Thomas Association of Realtors
Full Release Found Here

real estate, Spring Cleaning

Add Value To Your Home With This Outdoor Spring Clean Up Guide

Spring has sprung, which means it’s the perfect time to get the outside of your home in top shape before the summer months.

A little sprucing can go a long way. In fact a property’s outdoor appeal can dictate peoples’ home buying decision.

And while it’s not always necessary to keep a perfectly manicured lawn and flawlessly trimmed trees and bushes, little updates and refreshers, such as washing the windows and re-painting the front door, can make a positive impact. Plus, yearly maintenance can prevent big, costly overhauls down the road.

Check out the infographic below to hit all the bases, from the lawn and gardens to outdoor lighting and walkways.

spring-clean-up-guide-infographic

Infographic courtesy of https://thegrasspeople.com/

real estate

Home Sales Continue to Soar in February

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Last month the best-selling house style in LSTAR’s jurisdiction continued to be the two-storey, followed by the bungalow and ranch.

“We experienced another strong month, with year-to-date sales also up by 19.5%” said Jim Smith, LSTAR 2017 President. “Again, we’re observing this trend of low supply and high demand, with February having a 9.8% decrease in the number of available listings, compared to this time last year. For those considering of putting their home on the market, the current conditions are very encouraging.”

In February, a total of 597 detached homes were sold, an increase of 15% over the previous year, while there were 166 condominium sales, up 24.8% from 2016. The average sales price was $307,831 up 7.9% from the previous month.

“Overall, we experienced a mild February in terms of weather, which also played in factor in helping the strong performance throughout the month,” Smith said. “And we continue to see robust activity in the condominium market, with a quarter more units sold.”

St. Thomas also had a very healthy February, with a total of 69 homes sold, up 25.5% from the same time last year. The average home price in St. Thomas was $242,028, up 25.7% from the previous month.

To read the article in full visit: www.lstar.ca