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Pushing for more transparency in real estate bidding

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In Canada homebuyers have been blind bidding against each other for decades, but other countries around the world have their own way of selling houses. For instance, in Australia, the process is transparent…Tim Hudak, CEO of the Ontario Real Estate Association, says sellers in the province can opt for the auction process now, but it’s not a popular choice. “This very private personal information, like how much you can afford to pay, how much you’re going to have to borrow – not every buyer wants to sell that kind of personal information,” he says.

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Cornwall and District Real Estate Board MLS® home sales rise to June record

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The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 188 units in June 2021. This was up by 16.8% from June 2020. This was also a new sales record for the month of June.
Home sales were 14.6% above the five-year average and 19.6% above the 10-year average for the month of June.
On a year-to-date basis, home sales totaled a record 1,000 units over the first six months of the year. This was a substantial increase of 61% from the same period in 2020.

“Home sales set yet another record, this time for the month of June. Sales activity has continued unabated at its breakneck pace for a year since surging to new heights last summer,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “A strong increase in new supply coming onto the market has kept overall inventories from falling any further, but make no mistake, available supply levels are still trending close to rock bottom and the market balance remains deep in seller’s territory.”

The average price of homes sold in June 2021 was $354,433, a sizable gain of 16.6% from June 2020.
The more comprehensive year-to-date average price was $353,487, a substantial gain of 34.4% from the first six months of 2020.

The dollar value of all home sales in June 2021 was $66.6 million, an advance of 36.1% from the same month in 2020. This was also a new record for the month of June.

The number of new listings was up sharply by 43.4% from June 2020. There were 238 new residential listings in June 2021. This was the largest number of new listings added in the month of June in five years.
New listings were 13.5% above the five-year average and 2.7% below the 10-year average for the month of June.

Active residential listings numbered 215 units on the market at the end of June, a substantial decrease of 14.3% from the end of June 2020. Active listings haven’t been this low in the month of June in more than three decades.

Active listings were 53.7% below the five-year average and 68.7% below the 10-year average for the month of June.
Months of inventory numbered 1.1 at the end of June 2021, down from the 1.6 months recorded at the end of June 2020 and below the long-run average of 4.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The Cornwall and District Real Estate Board covers a large area, including the City of Cornwall and the Counties of Stormont, Glengarry, Prescott, and part of Dundas. It is uniquely situated next to the Quebec and U.S.A. borders, with the scenic St. Lawrence River running along the south and the Ottawa River along the north.

Unemployment rose as Cornwall housing market burned through May

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Unemployment in Cornwall continued its slow climb into May, as the housing market made up for lost gains in April. The Eastern Ontario Training Board released its monthly report of the local labour market, which showed the unemployment rate rose from 12.2 per cent in April to 12.8 per cent in May…Compared to the labour market, Cornwall’s housing market is still holding fast, according to the Cornwall and District Real Estate Board.

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OREA’s 2021 Home Buyers and Sellers Report

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OREA asked Ontario’s home buyers and sellers your most pressing questions, and the results are in!

Available today for download, OREA’s 2021 Home Buyers and Sellers Report provides insights into buyer and seller intentions, what they’re looking for in a home, their thoughts and experiences with Ontario REALTORS®, and how the COVID-19 pandemic has – or hasn’t – affected their buying and selling plans. Some of the results may surprise you.

SOME REPORT HIGHLIGHTS

Insights into what home buyers and sellers say about the market:

• On average, buyers anticipate being able to contribute 35% of the purchase price of the home as a down payment. Even among first-time homebuyers, the average down payment is 23%.

• On average, homeowners expect to sell for $53,000 more than what buyers expect to pay for their next home.

Why buyers and sellers use a REALTOR® and why they don’t:

• Most sellers (88%) say they will use a REALTOR® to help them sell their home, but only half say they are using the same REALTOR® as last time. Among older sellers, only 37% say they are using the same agent they used on the sale of their last home.

• Older buyers say they are more likely to choose a REALTOR® based on trustworthiness and market knowledge, while younger buyers place more value on negotiating skills and experience.

• About a third of both buyers (31%) and sellers (33%) who say they will not use a REALTOR® cite ‘saving money’ as a reason for not working with a real estate professional, and more!

OREA’s 2021 Home Buyers and Sellers Report has 300+ data points on real estate consumers you won’t find anywhere else and it’s available exclusively to OREA Members on our website.

Click the here to download the full report.