Real eState

Edmonton’s real estate market led by strong demand for bigger homes in south

Published

4 years ago

March 12, 2021

Harry Miller

Author of the article:

Joel Schlesinger • for the Edmonton Journal

The Orchards at Ellerslie is one of the south Edmonton communities with the most active sales for single-family detached homes. Photo by Supplied /Postmedia

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Edmonton’s resale real estate market had the highest sales figures by a large margin for February over the last four years with neighbourhoods in the south leading the charge, the most recent monthly data shows.

In particular, buyers are seeking more size offered by relatively newer homes in the city’s southeast and Anthony Henday areas, says Tom Shearer, chair of the Realtors Association of Edmonton. The Anthony Henday area includes communities largely south of the ring road as well as some to the west, encompassing communities including Blackmud Creek, Windermere, Callaghan and Summerside.

“To me, it’s just simple math: the lower interest rates, higher buying power and less concern about the commute,” he says. “There is a flight to value, and this is what is showing in those newer areas.”

Edmonton’s resale market saw 1,091 transactions (excluding outlying municipalities) last month, up more than 44 per cent over the same period in 2020, led by demand for single-family homes, RAE figures for February reveal. This housing type accounted for more than 65 per cent of sales overall, growing by more than 50 per cent last month, year over year.

Yet the Anthony Henday and the southeast were among the most activity for single-family detached homes sales, with 156 and 117 sales respectively last month.

The north central area also saw strong sales with 143 sales in February. Those three areas out of the eight in the city made up more than 63 per cent of all single-family home sales.

“Just like you saw a whole bunch of new development in the southeast part of the city, it’s the same there (north central),” Shearer says, adding the area also features newer housing stock along with affordable, older single-family homes.

Edmonton realtor Azra Bagga with Royal LePage Noralta, who specializes in the Anthony Henday and southeast areas, says newer homes are seeing the greatest demand.

“We did a property on Friday in the southeast in the Silver Berry area, and it had six offers within two days, and sold for over list price,” she says, about the home in the community completed in 2011.

“Every property we’re showing is pending” with offers accepted by the seller.

Shearer says newer neighbourhoods — which typically have homes with larger floor plans — are increasingly in favour as a result of the pandemic. As a result, buyers are moving from apartment condominiums in central areas that typically do not have the new features buyers are demanding, such as a designated office.

“When we talk about the flight to value, you’re not getting that in areas that are centrally located, and often more mature neighbourhoods.” That even includes southeast communities like Bonnie Doon and Idylwylde. Homes there are often several decades old and may require significant renovations to update floor plans, which can add extra cost for buyers, who typically are budget-conscious, Shearer says.

In the past, however, these areas saw higher demand because of their location. Now the commute is a less of a concern so buyers are moving outward to get more for their dollar, he says.

It’s not just newer communities. Among the hottest spots in the city is Mill Woods.

“You have that perfect combination of entry-level pricing, square footage and lack of supply,” Shearer says. “A house goes up, and it sells right away.”

Yet demand for new or single-family homes built in the last few years is the dominant sales theme, brought on by the pandemic while, on the whole, more established communities are seeing lower demand, Shearer says.

“The more mature neighbourhoods offer convenience and, right now, convenience isn’t a high priority because people don’t need to be close to the office.”

Source: – Edmonton Journal

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Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

1 hour ago

November 6, 2024

Anne Joseph

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

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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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