Real Estate

The house flips that don’t pay off, the home of the week: Canadian real estate news for January 20

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3 McAlpine St., # 104, TorontoMichael Peart Photography

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today and one home worth a look.

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Canadian home sales jumped 9% in December, but prices continued to fall

The 8.7-per-cent bump in transactions from November to December was the first monthly increase since June, according to the Canadian Real Estate Association (CREA). But CREA and bank economists cautioned against reading too much into last month’s sales, writes Rachelle Younglai. Experts say the increased activity was likely because some sellers finally accepted that they would not get the prices they saw in early 2023, instead of the start of a bigger recovery in the housing market. CREA said 443,511 Canadian homes were sold in 2023, 11

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Real Estate

Average Calgary house price expected to rise 8% in 2024

Condominiums are expected to see the largest price jump as more people get priced out of single-family detached housing, said a Calgary real estate agent

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Housing prices in Calgary are projected to climb the fastest among all major Canadian cities in 2024, with a hotter market projected if interest rates drop by mid-year, a new report says.

Overall, the aggregate price of a home in Calgary is forecast to jump eight per cent year-over-year by the end of 2024, according to Royal LePage’s 2024 market report.

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The projections come as the latest Calgary Real Estate Board (CREB) data show the city’s benchmark price has risen

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Real Estate

Real Estate Agent Fined $15K for Raiding Fridge at Homeowner's House

  • A homeowner captured a real-estate agent drinking milk out of a carton from her fridge during a showing.
  • She reported him to a government agency, which fined him more than $15,000.
  • The agency deemed his behavior “unbecoming,” according to The Washington Post.

A real-estate agent in Canada has been fined 20,000 Canadian dollars, the equivalent of $15,087, after a home surveillance camera caught him drinking milk straight from a container at a seller’s house and then putting it back in the fridge, The Washington Post reported.

The agent, Mike Rose, was waiting to show a house in Kamloops, British Columbia, to potential buyers in July last year when the homeowner, Lyska Fullerton, left the property, per The Post.

Later in the day, Fullerton decided to check

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Real Estate

Real estate: Comparing house and condo costs in Canada

As the average price of a home in Canada rises year-over-year, a new study is highlighting the growing gap between the cost of condominiums and houses in major Canadian cities.

Conducted by Point2 Homes and published earlier this month, the study shows that house prices are more than double the cost of condominiums in 14 Canadian cities, most of which are in Ontario and British Columbia. The data is based on MLS benchmark prices determined by the Canadian Real Estate Association (CREA) and realtor associations in each local market as of May 2023. Benchmark prices are assigned based on property types rather than square footage.

According to Point2 Homes, the study’s results paint “a bleak picture” for those looking to upsize from condos to houses, particularly in major real estate markets such as the Greater Toronto and Vancouver areas.

In Vancouver, for example, houses are approximately $1.2 million more

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The most affordable cities to upsize from condo to house in Canada

Quebec offers the best bet for condo owners looking to move up to a single-family home

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Houses in Canada cost nearly 40 per cent more than condominiums, making upsizing seem unattainable for condo owners in most of the country’s largest cities, though there may be hope for some depending on where they live.

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