This month I thought I would start off with some FUN FACTS. Last month I hinted that there seems to be a change in the air. We are definitely seeing less offers and in some cases no offers when it comes to offer presentation day if the Sellers are holding off on reviewing any offers. There also appears to be some Price Increases happening which we don’t normally see. Perhaps cold feet on listing too low or maybe adjusting to the quickly rising prices.
To Be Built (TBB) homes appear to be on the rise. Non-Members (agents from outside of our trading) selling homes in our area is also on the rise. Hopefully these agents have knowledge of the Kingston and area in order to service their clients properly.
Sales continue to rise and there tends to be a trend of people “cashing in” and moving to less expensive markets, renting, or getting rid of secondary rental properties. This still has not made it easier for buyers. Frustrations have been leading to a record number of complaints to RECO (the Real Estate Regulator). One frustrated buyer described it this way.. “opaque rules and nebulous enforcement let realtors bend the rules to benefit themselves”. I can assure you that the majority of agents do follow the rules and they are NOT opaque and the regulator is swift with enforcement! Unfortunately, there are always bad actors. This certainly is not a happy year for many!
On another topic.. CMHC released their Housing Market Assessment for Mar 2021. I thought this may be of interest to you. For the full report, go to: https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-assessment
Source: CMHC Housing Market Assessment (HMA) – March 2021
Overheating: when housing demand outpaces supply in the resale market
Price acceleration: when the growth rate of house prices increases rapidly
Overvaluation: when prices remain significantly higher than warranted by economic and demographic fundamentals
Excess inventories: when there is a large quantity of unoccupied housing units