Real eState

'Historically low levels': Limited inventory continues to squeeze Victoria's pricy real estate market – CTV Edmonton

Published

4 years ago

March 1, 2021

VICTORIA —
Greater Victoria’s real estate market showed no signs of slowing down in February, with both condo and single-family home sales increasing from the month before.

In total, 863 properties were sold in the Greater Victoria region in February, up 33.6 per cent from January, and up 53.3 per cent compared to the same time last year.

According to the Victoria Real Estate Board (VREB), limited inventory in the region is causing the price of real estate to increase, especially when it comes to single family homes.

“The good news is that we have seen some stabilization in listings and condo pricing between January and February, but we continue to see huge pressure on single-family homes – new listings are snapped up as soon as they are listed,” said VREB president David Langlois in a release Monday.

“As a result, the pressure on single family homes continues to ramp up,” he said.

The real estate board says that there were 1,318 active listings available at the end of February, down nearly 40 per cent compared what was available at the end of February 2020.

As low inventory continues to drive up prices in the region, the Victoria Real Estate Board is asking residents to call on local governments to fast track construction in Greater Victoria.

In a rare move, VREB said that more work was required to make sure housing prices were brought back down, after it says the provincial government failed to improve market conditions.

“Demand-suppression measures have not worked and their failure to moderate housing prices in our community has only exacerbated the pressure on the supply that was constrained 10 years ago but is now at historically low levels,” said Langlois.

“If you are concerned about housing prices and availability of housing in general in our community, please support development in your municipality,” he said. “Gentle density and the building of new homes are the only pathway to moderate housing prices in our area.”

The average price of a single-family home sold in Greater Victoria in February was $1.16 million. The median price of a single-family home was $978,000.

Meanwhile, the average price of a condo sold in Greater Victoria last month was $542,564, while the median price was $454,900.

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Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

2 weeks ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Real eState

Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

3 weeks ago

October 17, 2024

Anne Joseph

VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

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