real estate market news Archives

Green New Deal Boosts Appeal of New Build Investments

10/05/2023dansa

Investing in new-build property has traditionally been a popular form of property investment due to the range of benefits it can offer – this has seen many investors purchase off-plan (before the house is completed) as a means of maximizing their potential gains.

The push towards making homes energy efficient in recent years has heightened the incentive to invest in new-build properties, as tenants wish to keep their energy bills down. As a result, this has seen increased demand for such properties.

In turn, new-build properties also tend to boast higher EPC (energy performance certificate) ratings of an A or B compared to the current UK housing stock which averages out at an D.

With recent government regulations expected to make all homes in the private rented sector a C rating minimum, it can be said that new-build investors will save significant figures in not having to perform extensive maintenance required in boosting their EPC rating.

It is also worth highlighting that 72% of renters aged 18 to 34 always check the energy rating of a home before renting, with many adding that they would not choose to live in a property with an EPC rating of D or below.

Vancouver real estate: Prices drop, elusive affordability

19/04/2023dansa

The price of the average home in Vancouver has fallen by more than $100,000 over the last year, but thanks to soaring interest rates, the amount of money needed to afford such a home has risen, according to Ratehub.ca.

In a new study, the online mortgage brokerage and interest rate comparison website calculated the minimum annual income required to buy an average home in cities across Canada in March, and compared that data to the same calculation for March 2022.

“While home prices are down significantly in the majority of the cities we looked at, the income required to purchase a home still remains inflated due to higher mortgage and stress test rates,” said James Laird, the company’s co-CEO, in a news release Monday.

This dynamic is most extreme in Vancouver, where real estate prices have long been disconnected from local wages.

According to Ratehub.ca, the average home price in Vancouver declined from $1,263,500 in March 2022 to $1,143,900 last month.

That’s a decrease of nearly $120,000, but the study finds that this decrease is more than offset by the increased cost of borrowing caused by the Bank of Canada’s dramatic hike of interest rates throughout 2022.

In March 2022,

1-bedroom downtown Toronto condo listed for $400,000

04/04/2023dansa

#GTAHomeHunt is a weekly series from the Star that gets into the details of real estate listings in Toronto and the Greater Toronto Area. Have a tip? Email us at [email protected]

Prices: $399,000

Neighborhoods: Kensington — Chinatown

X-factor: This one-bedroom condo apartment at 60 St. Patrick St. is on a quiet street downtown, steps away from the Art Gallery of Ontario and Grange Park.

Accessing the heart of Chinatown to the west or Eaton Center to the east will take less than 15 minutes on foot or by streetcar, and the St. Patrick subway station is just a five-minute walk away. Nearby, there are countless restaurants, cafes, shops and grocery options.

The building itself offers an outdoor pool, sauna and exercise room, according to the listing, and the condo fees are $600 per month.

According to realtor Othneil Litchmore, that’s not a bad price. What makes it even better is that, according to the listing, the fees also cover all utilities and cables.

“That’s a really good thing,” Litchmore said, adding that this kind of offer is typically only seen in older buildings.

Condo fees for a unit in a new building might cover only water, he explained.

Overall, the

Canadian Real Estate Affordability Got Worse With Higher Rates, What Gives?

20/03/2023dansa

Canadian real estate prices are falling with higher mortgage rates, but has it made it easier to buy? Bank of Canada (BoC) data for December’s new uninsured mortgage loans shows the highest rates in well over a decade. Interest costs are rising faster than prices are falling, meaning worse affordability. The hiccup is due to the speed at which rates increase, and affordability is expected to improve in the coming months.

Canadian Mortgage Rates Have Surged To The Highest Level In Over A Decade

Mortgage rates are on the climb, which isn’t news to anyone in Canada. It’s the speed they climb that’s remarkable. The average interest on a new mortgage jumped 0.24 points to 5.53% in December. It was 3.53 points higher than a year before, more than doubling the record low recently experienced. Canada hasn’t seen a mortgage rate this high since the Great Recession.

Canadian Mortgage Rates Have Been Surging Higher

The average rate paid on new residential mortgages in Canada.

Source: Statistics Canada; Better Dwelling.

Prices have yet to reflect the full increase in mortgage rates, despite coming down from the peak. Home prices peaked in March 2022, the same month the BoC began raising rates.

Real News Briefs for 02.25.23 | Special-advertising

26/02/2023dansa

Eleven William Means Real Estate Agents Receive Prestigious Awards

William Means Real Estate announced that 11 of its agents have received recognition from the Charleston Trident Association of REALTORS® for outstanding sales production for the year 2022. The REALTORS® of Distinction award recognizes the top 10 percent of producing Charleston REALTORS® who met stringent requirements including sales production, education requirements and adhering to the REALTOR® Code of Ethics.

Downtown William Means Office — The Downtown William Means office is located at 25 Broad Street.

William Means Real Estate/Provided.

“William Means agents have incredible knowledge and understanding that you won’t find at any other brokerage in Charleston,” said Lyles Geer, President and Broker-in-Charge for William Means Real Estate. “For 90 years, our firm has offered the highest level of service and expertise to generations of Lowcountry residents and will continue to do so for years to come.”

Two William Means Real Estate Agents qualified for the Platinum category, which represents the top two percent of REALTORS® in the Charleston area. This category requires agents to have sold more than $26,600,000 in volume and/or more than 50.5 sides. Lyles Geer and Kalyn Smythe received this honor, each achieving $50M and $43M in sales, respectively.

The Gold category

Lethbridge commercial real estate market bump expected in 2023: Report – Lethbridge

23/02/2023dansa

The makeup of Lethbridge’s downtown business community is constantly shifting.

“We see businesses go, but we also see a lot of new businesses come in,” said Sarah Amies, executive director of the Downtown Lethbridge Business Revitalization Zone (BRZ.)