SERGEY KOROSTENSKY GROUP Blog

Tuesday, February 16, 2021   /   by Sergey Korostensky

5 Canadian real estate market trends to watch in 2021

Every year is unique, but 2020 was truly unlike anything we’ve ever experienced in the Canadian real estate market. No one could have predicted that a pandemic would sweep across Canada, slowing the market initially and then driving prices upward in many regions across the country. Many markets across Canada even saw historically strong levels of activity as things picked up very quickly after a short period of inactivity.
Trying to foresee where things are headed this year is a difficult task, but we think these trends are certainly worth paying attention to over the next 12 months. If all five of these trends continue, it should be a very busy year for Canadian real estate.
Here are five Canadian real estate market trends to watch in 2021:


A steady increase in home prices


Detached homes will be in high demand


Monthly home sales numbers will fluctuate less


Mortgage rates will remain depressed


Potential rental resurgence could change trends


1. ...

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Monday, February 15, 2021   /   by Sergey Korostensky

Calgary's mayor sued for defamation over remarks allegedly made in 2015

Calgary's mayor has been sued for defamation over allegedly calling a Calgary businessman a gangster five years ago. 
Mike Terrigno alleges that in 2015, Mayor Naheed Nenshi told another member of council and "many other people whose identities are not known to [Terrigno]" to "stay away from the Terrigno family because Coun. Druh Farrell told me [Nenshi] that the Terrignos are mafia, are involved in organized crime and belong to the mob," according to the statement of claim filed Monday.

The mayor also allegedly told the unnamed councillor that, "Your friend Mike is a gangster and you should stay away from him."
The statement of claim says the unnamed councillor gave information as part of their testimony in another court proceeding in December 2019, at which point Terrigno learned of the mayor's alleged comments. 
The claims have yet to be proven in court, and as of Tuesday, Nenshi said he had yet to be served with the lawsuit and therefore can't comment on its sp ...

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Sunday, February 14, 2021   /   by Sergey Korostensky

Affordability drives demand growth in communities near Calgary

Home sales continued to grow last month in Calgary’s bedroom communities, recent figures show. Calgary Real Estate Board resale statistics released earlier this month show sales in communities including Airdrie, Cochrane and Okotoks among others posted significantly higher sales, year over year for the first month of 2021.
“These markets are quite tight and facing very similar trends” to Calgary, which saw its sales rise by more than 40 per cent last month, says Ann-Marie Lurie, chief economist with CREB
Only High River saw a decline of 22 per cent with 12 sales occurring last month.
Demand for single-family homes — the predominant housing type in these markets — has driven sales. Lurie adds this housing type often comes with a lower price point than in the city.
Most communities show signs of being in sellers’ market territory, she says. Like Calgary, many communities also feature low inventory leading to price gains. Airdrie, the larg ...

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Saturday, February 13, 2021   /   by Sergey Korostensky

Sellers’ market emerges as more homes purchased above list price in Calgary

Resale homes figures for Calgary from January were already pretty sensational, but it’s the last two weeks of the traditionally slowest month of the year that really stood out, according to a local realtor.
“Everything changed in those last two weeks,” says Tim Jones, realtor and broker/owner of Re/Max Prime. The first two weeks of the year were pretty typical for the season, he says. But after that, “it just went crazy.”
Following with the trend from the end of 2020, single-family home sales have driven the market. That was indeed the case for the last half of the month.
While sales grew about 42 per cent for the month, year over year, they increased 47 per cent in the last two weeks. All told 507, homes sold in the last two weeks out of the 732 single-family homes sales for the month.
What’s really striking, Jones adds, is so many sold close to or above listing price. Almost one in five sold for listing price ...

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Friday, February 12, 2021   /   by Sergey Korostensky

Bitcoin is Now Accepted for Real Estate Transactions on BTCHome.ca

TORONTO--(BUSINESS WIRE)--BTCHome.ca, a Bitcoin division of Real Estate Bay Realty (est. 2011), a licensed Real Estate Brokerage that is now accepting Bitcoin as a payment for any Real Estate, including properties priced in dollars.

Position on Bitcoin

Bitcoin is an absolutely scarce store of value asset as well as a secure payment method, allowing for transacting directly without using third-party intermediaries. Real Estate Bay recognizes that Bitcoin is a de facto permanent feature of modern society, just like the Internet.
Bitcoin is a relatively new asset class that is going through a process of price discovery, resulting in high levels of volatility.
Bitcoin cycles start with an accumulation phase by Smart Money, buying up Bitcoin below fair market value, which then transform into speculative run-ups fuelled by Fear of Missing Out (FOMO), followed up by a steep corrections.
Bitcoin holders are therefore stu ...

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