Latest news with #housingmarket
Daily Mail
2 hours ago
- Business
- Daily Mail
This looks like nothing but an empty concrete lot - but what's underneath is actually worth $2MILLION
A concrete slab not much bigger than a driveway that has been used as a parking spot for years is now for sale. While the slab of concrete itself isn't worth much, the dirt that it's covering - in yet another indication of Australia's dire housing market - is worth millions because of it's location in the trendy Sydney suburb of Balmain. There's no waterfront view, in fact, at the rear of the property is a three-story high brick wall, and there's no backyard to speak of, yet the owners are confident of a quick sale and have listed it with a price guide of $1.5 million to $2 million. An inspection for the property was held on Saturday with respected real estate firm Spencer & Servi in charge of the sale. Director David Servi confirmed that an entire group of interested buyers showed up for the inspection and that he has received a lot more inquiries over the phone. 'Because it's a vacant block of land with a cyclone fence across the front of it, you can see the whole thing from the street,' he told 'And there's nothing to show them – I can't exactly show them the tennis court or the swimming pool.' The propety's listing on the website caslls it 'a rare and exciting opportunity in one of Sydney's most tightly held inner-west locations'. Houses in the area sell for a median asking price of $2.4 million and the 221sqm empty slab is a rare commodity in the built-up inner west suburb. The property is close to Balmain's 'vibrant' cafes and shops, is with walking distance of Sydney Harbour, and is close to bus and ferry transport links. 'Whether you're an architect, investor, developer, or owner-builder, this is your chance to secure a piece of blue-chip Balmain.' Earlier in the year a similar piece of land which was even smaller sold for $1.5 million in the same suburb. That property was only 134sqm and advertised as the 'ultimate blank canvas for your dream home'.
Yahoo
2 hours ago
- Business
- Yahoo
Canada's June housing numbers reveal a market that remains 'stagnant,' say economists
Canada's housing market perked up again in June, with sales rising from May after declining at the end of last year through to April, but economists don't think the market is out of the woods just yet. National home sales rose 2.8 per cent in June from May, according to the Canadian Real Estate Association (CREA) on Tuesday, after rising 3.6 per cent in May from April. CREA said sales have 'rebounded' 17.3 per cent since April. Prices, however, were essentially flat in June from May and down 1.3 per cent from a year ago and listings at the end of June were up 11.4 per cent from a year ago. Here's where economists think the Canadian housing market is headed for the rest of the year. 'Canada's housing market remains stagnant,' Robert Kavcic, a senior economist at BMO Capital Markets, said in a note, basing his opinion on 'subdued sales activity, solid new listings flow and falling prices.' He said the improvement in sales was because sellers backed down on seeking prices reminiscent of the hot housing days of 2022. But he thinks there are three things holding back the housing market from fully rebounding, including ongoing uncertainty from the trade war, mortgage rates of approximately four per cent 'are not low enough to improve the affordability calculus in a demand-sparking way' and 'market psychology appears bearish,' meaning buyers, who are expecting prices to fall, are holding back from purchasing. Southern Ontario, including cities such as Toronto, Kitchener-Waterloo and Barrie, was a 'weak spot,' with a condo glut pushing prices down and single-detached prices falling as well. Sales in Calgary fell 18 per cent, a major turnaround from a few years ago when that market was overheated. 'The resale housing market took another small positive step in June, but it will likely return to the doldrums if a trade deal isn't reached by the new Aug. 1 deadline when the U.S. threatens to hike tariffs on Canada to 35 per cent,' Tony Stillo, director of Canada Economics at Oxford Economics Ltd., said in a note. Despite three months of gains in home sales, he said the market has a hill to climb, with activity still 14 per cent below the five-year average. Furthermore, the multiple listings service (MLS) benchmark home price was down in June for the seventh straight month and the benchmark price has shrunk almost 18 per cent from its high in February 2022. 'Unless a deal is reached to immediately reduce U.S. tariffs, Canada's resale housing downturn could extend into 2026,' Stillo said. Oxford forecasted that a recession brought on by a trade war could result in 140,000 layoffs, more distressed selling of homes and reduced demand, which could push home prices lower. Canada's housing market has 'reversed' the gains in sales and prices made after the Bank of Canada started cutting interest rates in June 2024, Daren King, an economist at National Bank of Canada Financial Markets, said in a note. Sales increased in six of the 10 provinces in June, with activity up seven per cent in Prince Edward Island, 5.8 per cent in British Columbia, 5.3 per cent in Ontario, 3.5 per cent in Nova Scotia, 2.7 per cent in Saskatchewan and 2.3 per cent in Quebec. Sales fell 6.4 per cent in New Brunswick, 4.5 per cent in Newfoundland, 2.1 per cent in Manitoba and 1.7 per cent in Alberta. King said it looks like a cooling in trade tensions, which appears to have since evaporated, opened the door for some buyers to purchase a home. Canada's home sales rise for second month, but market 'not out of the woods yet': CREA 'From bad to terrible': Toronto's market for new condos has fallen off a cliff 'It is still too early to say whether this is the beginning of a sustained upward trend for the Canadian real estate market,' he said. For the first half of the year, total home sales shrank 4.6 per cent from the same period in 2024 and 'were at their lowest level since 2020,' he said. • Email: gmvsuhanic@
CTV News
2 hours ago
- Business
- CTV News
Ultra-luxury home sales up in GTA, even as ‘chaos' becomes new normal in Toronto real estate market
While data show many potential homebuyers are sitting out of Toronto's real estate market for now, it appears that those shopping for the GTA's most expensive homes are doing the opposite. Sales of ultra-luxury homes worth more than $10 million in the Greater Toronto Area are up 200 per cent for the first half of this year compared to the same period last year, according to a new report from Sotheby's International Realty Canada. 'Residential sales in Canada's largest luxury real estate market declined in the first half of 2025 as uncertainty slowed activity across much of the Greater Toronto Area (GTA),' the report says. 'However, the region's ultra-luxury real estate market defied headwinds, while sales activity in several of Toronto most prestigious neighbourhoods remained resilient.' According to the report, 12 properties worth more than $10 million were sold in the Greater Toronto Area between January and June, seven of them in Toronto proper. That compares to just four sales in that category in the same period last year. At the same time, sales have declined in just about every other home category. Sales of $4 million-plus homes in the GTA were down 28 per cent year over year, while sales of $1 million-plus homes fell 23 per cent. So why are ultra-luxury home sales bucking the trend? 'Just think how Warren Buffett buys. He buys when everybody else is not buying,' says Dianne Usher, managing broker for Sotheby's International Realty Canada. 'That's the thinking of the ultra luxury buyer. Nobody else is buying, there's uncertainty in the marketplace. They have confidence in the market, and they're out there and they're looking and they're buying.' With an extension of the federal foreign buyers ban still in place, all of the purchasers have been local, she says. So what is someone looking for if they have $10 million to spend on a new pad? 'The prime real estate buyer is very, very selective today. You know, schools, lifestyle, location play a huge, huge role,' Usher said. 'They want something that exudes quality, elegance. They want something that's comfortable. They don't want anything particularly outlandish or daring as well. They want something that is solid and withstands the test of time.' Some of the Toronto neighbourhoods that fit the bill include areas like The Bridal Path, Rosedale, Moore Park, The Annex, Yorkville, and The Kingsway. More sales of $10 million-plus properties are also taking place 'off-market,' the report notes. Usher says that this could be for a variety of reasons, including the fact that expensive homes are often difficult to accurately price and often take longer to sell. An interested buyer for the property might only come forward after a listing has expired, or the seller could choose not to list in order to sell more discretely. 'Many sellers, particularly in the ultra luxury rage, don't want their names disclosed when they sell a property, or even if they're selling a property, they don't want that information in the public purview. They're very much more private, very much more discreet,' she says. Investors turning away from condos Of the dozen properties that sold for $10 million plus so far this year, all have been freeholds. 'None of them are the high-end luxury condos,' Usher said. And while just 222 homes worth $4 million or more were sold in the GTA in the first half of this year, just 18 of them were condos. 'Buyer's market conditions remained pervasive across the GTA's luxury condominium segment in the first half of 2025, as inventory surged, purchasing timelines lengthened and price negotiations skewed in favour of prospective buyers,' the report states. 'Sotheby's International Realty Canada experts report that cautious investors have retreated from Toronto's condominium market, shifting the buyer profile toward end-users with highly selective lifestyle-driven preferences.' Overall condominium sales over $1 million in the GTA were down 29 per cent year-over-year to 938 units. The report says the drop reflects 'buyer hesitancy in an uncertain market' and adds that a buyer's markets is expected to persist for some time. 'As the first half of 2025 drew to a close, threats to the Canadian economy continued to influence consumer sentiment across the region's conventional and luxury markets,' the report states. 'With active listings up more than 30 per cent in June according to TRREB, and absorption rates lagging, buyer-friendly conditions are expected to persist across much of the region's conventional and luxury segments through the summer months.' Fourth quarter could see 'active market' in other categories But while uncertainty is expected to continue in the market, Usher says she sees reason for optimism. 'The chaos is now translating into a new normal,' Usher says. 'So it's not that this too will pass. It's just that we've learned as a community to adjust, pivot and adapt.' She said that while buyers in the ultra luxury segment might have unique circumstances, their confidence in the market suggests they're looking past some of the political and economic turmoil and that Toronto is a good long-term bet for those who plan to live here for many years to come. 'Certainly there's more resilience in the upper-end luxury market. However, I believe that, given what we've weathered so far this year, that we are poised for a very active third quarter, and in the $4 million plus range, as well as over a million for that matter. 'I feel that the there's been chaos, quite candidly, in the spring of this year, and buyers particularly have been sidelined and not sure as to whether to proceed. Well, now chaos is, quite frankly, becoming to perhaps the new normal, and let's just get on with our purchases.' The Sotheby's report comes on the heels of a Royal LePage report which showed that Toronto home prices declined by three per cent last quarter but are expected to increase by two per cent by the fourth quarter, making up some of the drop. Usher predicted that with less competition in the market, some buyers might seize on the opportunity to upgrade to higher-end homes. 'Real estate for the average buyer in Toronto, is always a good investment, but it's not a short-term investment; It's a long term investment,' Usher notes. 'If you want to go and buy a piece of property, do a quick fix on it and flip it, this is not the market to do it. 'If you want to buy your first home, your second home, your third home, you want to move up, you want to continue to live and work in Toronto, now is an excellent time.'
Yahoo
5 hours ago
- Business
- Yahoo
Homes in Livingston County sold for higher prices in April. Here's how much
Newly released data from for April shows potential buyers and sellers in Livingston County saw higher home sales prices than the previous month's median of $379,900. The median home sold for $483,100, an analysis of data from shows. That means April, the most recent month for which figures are available, was up 27.2% from March. Compared to April 2024, the median home sales price was up 39.4% compared to $346,500. sources sales data from real estate deeds, resulting in a few months' delay in the data. The statistics don't include homes currently listed for sale and aren't directly comparable to listings data. Information on your local housing market, along with other useful community data, is available at Looking only at single-family homes, the $397,500 median selling price in Livingston County was down 1.9% in April from $405,000 the month prior. Since April 2024, the sales price of single-family homes was up 13.3% from a median of $350,722. Four single-family homes sold for $1 million or more during the month, compared to three recorded transactions of at least $1 million in April 2024. Condominiums and townhomes increased by 53.7% in sales price during April to a median of $538,000 from $349,950 in March. Compared to April 2024, the sales price of condominiums and townhomes was up 65.6% from $324,950. Two condominiums or townhomes sold for $1 million or more during the month, compared to one recorded transaction of at least $1 million in April 2024. In April, the number of recorded sales in Livingston County rose by 25.7% since April 2024 — from 214 to 269. All residential home sales totaled $128.6 million. Across Michigan, homes sold at a median of $240,030 during April, up 3.2% from $232,607 in March. There were 10,478 recorded sales across the state during April, down 4.1% from 10,921 recorded sales in April 2024. The total value of recorded residential home sales in Michigan increased by 24.2% from $2.6 billion in March to $3.2 billion this April. Of all residential home sales in Michigan, 1.73% of homes sold for at least $1 million in April, up from 1.24% in April 2024. Sales prices of single-family homes across Michigan increased by 1.3% from a median of $223,997 in March to $226,875 in April. Since April 2024, the sales price of single-family homes across the state was up 3.6% from $218,905. Across the state, the sales price of condominiums and townhomes rose 6.6% from a median of $294,762 in March to $314,295 during April. The median sales price of condominiums and townhomes is up 13.3% from the median of $277,375 in April 2024. The median home sales price used in this report represents the midway point of all the houses or units listed over the given period of time. The median offers a more accurate view of what's happening in a market than the average sales price, which would mean taking the sum of all sales prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high sale. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI Team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Livingston Daily: Homes in Livingston County sold for higher prices in April. Here's how much
Yahoo
5 hours ago
- Business
- Yahoo
Homes in Lenawee County sold for higher prices in April. Here's how much
Newly released data from for April shows potential buyers and sellers in Lenawee County saw higher home sales prices than the previous month's median of $203,000. The median home sold for $210,000, an analysis of data from shows. That means April, the most recent month for which figures are available, was up 3.4% from March. Compared to April 2024, the median home sales price was up 6.1% compared to $197,900. sources sales data from real estate deeds, resulting in a few months' delay. The statistics don't include homes currently listed for sale and aren't directly comparable to listings data. Information on your local housing market, along with other useful community data, is available at Looking only at single-family homes, the $190,875 median selling price in Lenawee County was down 4.6% in April from $200,000 the month prior. Since April 2024, the sales price of single-family homes was up 2.4% from a median of $186,500. Five single-family homes sold for $1 million or more during the month, compared to one recorded transactions of at least $1 million in April 2024. Condominiums and townhomes decreased by 22.8% in sales price during April to a median of $297,375 from $385,000 in March. Compared to April 2024, the sales price of condominiums and townhomes was slightly up from $295,500. Eight condominiums or townhomes sold for $1 million or more during the month, compared to zero recorded transactions of $1 million in April 2024. In April, the number of recorded sales in Lenawee County dropped by 22.6% since April 2024 — from 133 to 103. All residential home sales totaled $57.5 million. Across Michigan, homes sold at a median of $240,030 during April, up 3.2% from $232,607 in March. There were 10,478 recorded sales across the state during April, down 4.1% from 10,921 recorded sales in April 2024. The total value of recorded residential home sales in Michigan increased by 24.2% from $2.6 billion in March to $3.2 billion this April. Of all residential home sales in Michigan, 1.73% of homes sold for at least $1 million in April, up from 1.24% in April 2024. Sales prices of single-family homes across Michigan increased by 1.3% from a median of $223,997 in March to $226,875 in April. Since April 2024, the sales price of single-family homes across the state was up 3.6% from $218,905. Across the state, the sales price of condominiums and townhomes rose 6.6% from a median of $294,762 in March to $314,295 during April. The median sales price of condominiums and townhomes is up 13.3% from the median of $277,375 in April 2024. The median home sales price used in this report represents the midway point of all the houses or units listed over the given period of time. The median offers a more accurate view of what's happening in a market than the average sales price, which would mean taking the sum of all sales prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high sale. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI Team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on The Daily Telegram: Homes in Lenawee County sold for higher prices in April. Here's how much
