Daily Market Update

by REP10 Feb 2015
Injunction served to man selling real estate
The Real Estate Council of Alberta (RECA) has served a court injunction against a man ordering him to stop listing and selling real estate. The council also issued a $25,000 administrative penalty against Kevin Manji, saying the RECA’s executive director believes Manji contravened the Real Estate Act by trading in properties without a licence, according to the CBC. 
Manji also falsely held himself out as a real estate agent, and advertised properties on Kijiji that he did not own, RECA says. The court injunction, which was filed against Manji late last month, is the same one filed against Derek Johnson last year. 
Read more here.

Peterborough sales reach pre-recession levels 
The month of January was a boon for Peterborough as its sales increase 14 per cent for real estate compared to the same period last year, according to the president of the Peterborough and Kawartha Real Estate Association. "With the growth of our economy locally and the reduction in interest rates by .25 per cent, we are seeing that momentum carry through into 2015. January 2015 saw a 14 per cent increase in sales over January 2014," Cole said. With plenty of development and opportunity in the town, realtors are keeping busy. 
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Alberta resales slide 16 per cent 
Sales of existing homes will slide 16% in Alberta this year as a plunge in oil drags down the provincial economy, according to Royal Bank of Canada. In an article in the National Post, the number of homes changing hands will drop to 60,500 from 71,800 in 2014, according to a forecast Monday from the Toronto-based lender. The bank predicted in a Jan. 15 note Alberta home sales would fall 6.5 per cent. The decline would be the biggest since a 21 per cent drop in 2008.

Investors, realtors banking on micro-condos to sell
Although developers are pitching micro condos as an affordable entry point into the market, brokers say it's mostly investors - catering to a demographic of young professionals increasingly flocking to the downtown core - that's driving demand.  
Micro suites tend to fetch higher rents per square foot than larger units, as many renters are willing to live in a slightly smaller space in order to save a bit on costs and live closer to the city core.  Shaun Hildebrand, vice president of condo research firm Urbanation, says condos under 500 square feet can bring in well over $3 per square foot, while the rest of the market averages around $2.50 or $2.60. Time will tell but signs point to the mini units doing quite well given the market. 
Read more here.



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