Daily Market Update

by REP05 Feb 2015

Calgary luxury market faces trouble

Calgary’s housing market took a sharp turn last month, with sales dropping 35 per cent compared with the same time last year, while new listings sky-rocketed 40 per cent. The number of homes on the market across the city jumped from 3,100 to 4,400 in the span of three weeks, a Calgarian realtor said in an article in the Global nad Mail. Average prices, however, have stayed largely flat compared to December and realtors say it will likely take several months of rising listings and sinking sales before sellers acknowledge their homes aren’t worth what they were just a few months ago.

It’s a different story for the city’s luxury market, which is already in the midst of meltdown, with some sellers slashing their prices by hundreds of thousands of dollars. Sales of homes above $1-million fell 43 per cent in January compared with a year earlier, the Calgary Real Estate Board said.

 

Rhodes family brokers continue grandfather's legacy in real estate

The Ottawa Citizen tells the story of two realtors in Ottawa who  followed in their grandfather's footsteps to become some of the city's best. More than 35,000 sales later, Chris and Tony Rhodes highlight their grandfather's journey starting in 1941 to the time when they took it over and began running things. The article paints a picture what was the real estate market was like from the 40s until now.

 

Sales spike as buyers weather the cold

And staying in Ottawa, sales are looking good as cold weather didn't effect buyers from entering the market. According to the Ottawa Business Journal, OREB said its members sold 627 properties in the first month of 2015, 40 more than January 2014, and just six short of the five-year average.

“The cold weather proved not to be a deterrent for buyers in January,” OREB president David Oikle said in a statement, adding OREB members also assisted clients rent 183 properties. The January sales included 513 residential properties and 114 condominiums.

 

Barrie market hot as sales rise

January set new records in Barrie’s real estate market, as sales rose almost 18 per cent compared to a year ago.

“It’s very encouraging. Prices are going up. What’s the message? There’s confidence if you’re buying. If you’re selling, there are buyers,” Barrie and District Association of Realtors president Bruce Shipley said. January’s sales numbers show prices in the city rose 9.2 per cent over January 2014, at $319,332. Prices outside the city also rose, but not as much; the average home was up 4.2 per cent to $362,431.

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