Austins Estate Agents’ Post

We are seeing a similar consumer mind set here in the Muskoka real estate market.

The latest #HalifaxHousePriceIndex shows that house prices continued to climb for a fourth month – albeit at a slower pace than during September, at +0.2% compared to +0.3% the previous month. While first time buyers will no doubt see any slowdown in growth as positive for their home-owning aspirations, affordability challenges remain. It will be interesting to see how the measures unveiled in the recent Budget, including the rise in stamp duty for second home buyers, affects the wider market in the months to come. https://lnkd.in/e7uxG_Xq

I do not see rates coming down as quickly as those waiting on the sidelines are hoping they will. I continue to believe that the unofficial goal is to reduce home prices across the board and keep them there. ----------- The Bank of Canada’s first interest rate cut in four years has done little to boost Toronto’s real estate market, as sales continue to drop — with condos showing a whopping 28 per cent decrease in June compared to the same time last year. Many buyers are waiting for more rate cuts before jumping into the market, lessening demand — but new listings were up 12 per cent year over year, keeping the market well-supplied, according to the June report from the Toronto Regional Real Estate Board (TRREB) released Wednesday. https://lnkd.in/gnz48Qeg

The Canadian housing market has seen record prices over the last two years. With record-low inventories and increasing demand, prices soared from coast-to-coast. It is the perfect recipe to create a seller’s market, meaning that competition for homes is fierce. RE/MAX brokers reported multiple-offer scenarios in key Canadian housing markets such as Toronto, Ottawa, and Vancouver. This leads many to question what prompts multiple offers and how to win a bidding war https://shorturl.at/dtwUW #MortgagesMadeEasy #KristenYoungMortgage #RealEstateNews #CalgaryMortgageBroker #HomeTrends #CalgaryRealEstate

https://lnkd.in/euvTfy-W The gap between what sellers want for their homes and what buyers are paying has increased by a further 1.1% in the past year to 17.1%, Yopa reveals. Yopa’s analysis found that the average asking price of a home in Britain in July this year is £365,999 while the average sold price stands at £303,396.

Edinburgh House Prices See Positive Growth Prime prices across #Edinburgh nudged up by 0.6% in the first three months of this year, and by 1.2% in the six months to March 2024, confirms Abode2.   According to Knight Frank’s latest index – prompting the estate agency to suggest “buyer sentiment is improving.” Edinburgh’s #housing market “is facing similar challenges to the rest of the UK,” says the team, explaining that, despite widespread anticipation of interest rate cuts this year, “the effects of stubborn #inflation on the UK mortgage market are limiting sales as households stave off moving house and losing the security of a low fixed-rate #mortgage.” Top-end #properties – priced above £1mn – have seen marginally stronger increases over the last six months, although every price bracket is showing positive growth. Buying activity under £1mn “has softened as domestic buyers hold off their purchasing decisions until borrowing costs start to reduce. Analysis of how different property types are faring shows that houses are back on the agenda in Edinburgh. Flats proved more popular amongst buyers that houses through most of 2023, but that trend “is starting to wane,” says Knight Frank. Houses prices in the city increased by an average of 0.9% through Q1, while flats registered just 0.1% growth. This follows a notable increase in house Vs flat prices through the pandemic years, driven by demand for larger homes and outside space. Houses have seen a 24% increase in value on average since Q1 2020; flats by comparison have notched up 13% growth.

This informative graphic illustrates the buoyancy of the property market across the United Kingdom for the early part of 2024, specifically from the 1st of January to the 16th of March. compared to the same period in 2023. Read the stats here: https://shorturl.at/bhHM4 #homeowners #investors #firsttimebuyers #mortgages #buytolet

Home prices may have hit a new high, but the real estate market is showing signs of weakness that could help buyers negotiate a lower price on a house. For the four weeks ending June 30, homes sold for 0.3% below asking price, according to a recent report by online real estate brokerage Redfin. June 2024 was the first time homes have sold below asking price since 2020, the report says. “The market is softening,” says Daryl Fairweather, chief economist at Redfin. “Given current conditions, sellers are having to be less aggressive with their pricing.” https://lnkd.in/efXtWiUr

https://lnkd.in/eBJrafjM The gap between what sellers want for their homes and what buyers are paying has increased by a further 1.1% in the past year to 17.1%, Yopa reveals. Yopa’s analysis found that the average asking price of a home in Britain in July this year is £365,999 while the average sold price stands at £303,396.

The actual national average home price was $659,395 in January, up 7.6 per cent from January 2023. The number of newly listed properties was up 1.5 per cent month over month. The national sales-to-new listings ratio was 58.8 per cent, as sales rose faster than listings.