After the great ups and downs in Canada’s housing market these past couple of years, the ramp-up of the 2023 buying and selling season promises greater stability, say economists. Home prices have stopped falling in a lot of the major markets, BMO senior economist Robert Kavcic told The Epoch Times. Mortgage rates have stabilized and are…
Blackstone Sells Santa Ana Office Building for $47 Million Loss, Commercial Real Estate Woes Spread
April 11, 2023
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Continuing a downward trend in California’s commercial real estate market, New York-based investment management firm Blackstone sold two 13-story office towers in Santa Ana for an estimated $47 million loss in March. Barker Pacific Group, a Los Angeles-based real estate management and development company, and Kingsbarn Realty Capital, a private equity firm in Las Vegas,…
Two Accepted Offers on the Same House… What?
Dear Monty: Our offer was accepted after the first buyer backed out because they didn’t like the inspection report. We have already signed the contract with the seller and transferred the earnest money. The original buyer has resurfaced and wants to continue where they left off. The seller sent a mutual release to the first…
Baby Boomers Replace Millennials as Nation’s Top Home-Buying Generation
A just-released study by the National Association of Realtors (NAR) indicates baby boomers have now surpassed millennials when it comes to home-buying in the United States. In its 2023 Home Buyers and Sellers Generational Trends Report, the NAR indicates the boomers, aged 58–76, comprised 39 percent of all homebuyers at the end of 2022—a 10-point…
Don’t Buy a Home When You’re Broke and in Debt
Dear Dave, I’m thinking more seriously about buying a home in the next year or so. It seems like the housing market has cooled off a bit, so I am also planning to get a secured credit card to help me rebuild my credit score in the meantime. I make $60,000 a year, and I…
High Mortgage Rates Dampen Home Buying Amid Limited Inventory
April 7, 2023
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High mortgage rates have dampened home-buying demand, although a dwindling inventory has resulted in available properties selling out fast in some parts of the country. In the four weeks ended April 2, new listings declined by 21.8 percent compared to a year earlier, according to a news release on April 6 by real estate brokerage Redfin. This…
As Canada’s Office Vacancy Hits All-Time High, ‘Office Space Is Being Reimagined’: Report
The pandemic started a trend of working from home that is causing a “once-in-a-generation evolution” in the office real estate sector, says commercial real estate firm CBRE. The nation’s office vacancy rate hit an all-time high in the first quarter this year of 17.7 percent, with many major cities seeing higher rates than they have…
Morgan Stanley Warns of Something ‘Worse Than Great Financial Crisis’ for Commercial Real Estate Market
Morgan Stanley analysts have issued a stark warning regarding the commercial real estate market in the wake of banking turmoil after the collapse of Silicon Valley Bank (SVB) and Signature Bank last month. In a weekly Global Investment Committee note published on April 3, Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management, noted that the commercial real estate sector faces…
How the Current Real Estate Market Can Affect Your Finances
The real estate market is in an interesting state right now. Home sales are slowing because of higher interest rates, but prices in some areas have yet to drop, demonstrating how much the current real estate market can affect your finances. Overall, the median existing-home sales price in January 2023 was up 1.3 percent from…
Australia’s Rental Crisis Intensifies in the March Quarter
Australia’s rental crisis has worsened in the first quarter of 2023 with rising prices and falling vacancies, adding more pressure on renters across the country. In its latest quarterly rental review, real estate data provider CoreLogic pointed out that national rental prices rose by 2.5 percent in the March quarter, up from two percent in…
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