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HomeNewsHome sales in Kawartha Lakes at lowest levels since the 1990's

Home sales in Kawartha Lakes at lowest levels since the 1990’s

KAWARTHA LAKES-2018 could be one of the worst for home sales in the last 20 years.

Sales in Kawartha Lakes totalled 1,304 units in 2018. This was a decrease of 16.6% from the same period in 2017.

It’s one of the the lowest levels since the late 1990s owing mostly to weakness in the first half of 2018 the Canadian Real Estate Association said in October. (CREA)

“There is a mismatch between buyers’ and sellers’ expectations on price, and activity level has slowed down.” Says Brad Nelson, local real estate expert with Coldwell Banker in Bobcaygeon,  “Product stays on the market longer and sells at a discount of what it would have been at the end of 2017.”

There is some good news though.

Residential home sales were up almost 20% in December 2018 with 69 units sold.  This was an increase of 19% (11 sales) from December 2017. Activity has been steadily improving since hitting last year’s low point in May according to the Kawartha Lakes Real Estate Association.

There were 61 new residential listings in December 2018. This was an increase of 17.3% (nine listings) on a year-over-year basis.

Overall supply is still historically low but is up from the extreme lows seen in 2016 and 2017. Active residential listings numbered 246 units at the end of December, up 29.5% from the end of 2017 but well below the end of most other years in history.

Meanwhile the Ontario government announced today it will modernize laws governing real estate professionals.

 

“It has been almost two decades since the last comprehensive review of the Real Estate and Business Brokers Act. The market has dramatically changed since then,” said Bill Walker, Minister of Government and Consumer Services. “Our government is looking for input from the public, including homeowners, renters and real estate professionals, about strengthening the legislation so the people are better served.”

A press release from the province states: Under today’s rules, for example, in multiple offer situations a broker representing a seller can only disclose the number of competing offers on the property to every person who has made an offer but cannot disclose the competing price. The government will be looking at these types of rules during the consultations and review to determine how best to modernize.

Ontarians can have their say by filling out an online survey at ontario.ca/RealEstateAct. The government is also looking for feedback on a consultation paper posted to the Ontario Regulatory Registry. Both the survey and feedback on the consultation paper will close on March 15, 2019.

“We need to make sure the rules governing real estate professionals, and the brokerages that employ them, are efficient, fair and up-to-date with modern realities,” said Walker. “This review is part of our government’s plan to strengthen consumer protection, increase transparency and make life better for the people of Ontario.”

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