Vacant New Brunswick land, half-built developments and empty building lots that have attracted no interest from buyers, in some cases for decades, are suddenly being swept up in the province’s sizzling real estate markets as Canadians continue to look east for property and a place to settle.
“I’ve been doing this for 20 years and I’ve never seen a market like this,” said Marcus Power, an agent with ReMax in Saint John.
“It’s absolutely crazy.”
Power is involved in selling garden homes and townhouses in a notorious Saint John development on Lancaster Avenue that was abandoned in the middle of construction in 2008 and spent most of the last decade as an eyesore.
Purchased by Moncton, N.B., builder Pierre Vautour in 2019, fixed up and rebranded “Fallsview Village” for its perch high above the city’s famed reversing rapids, the development has since become a pandemic hot property.
Moncton developer Pierre Vautour bought the Fallsview Village development in 2019 and began renovations. High demand for homes in New Brunswick during the pandemic turned Fallsview Village into a hot property. (Roger Cosman/CBC)
“People came out of the woodwork all of a sudden,” said Power.
Fallsview is now completely sold out, including four new units that still are under construction. Foundations for additional units are being poured next week.
“Before the pandemic, it was a little tough because we were getting over the stigma on that property sitting there for 10 years and nothing being done,” said Power.
Newcomers driving hot market
Residential real estate sales around New Brunswick set records last year, much of it driven by people moving into the province from elsewhere in Canada.
New Statistics Canada population estimates show New Brunswick had a gain of 1,426 people from other provinces in 2020, the fourth year in a row it attracted more people from elsewhere in Canada than it lost. Between October and December alone, the gain was 460, the largest net inflow of Canadians during those months since 1975. Three-quarters of that was people arriving from Ontario.
The provincial government’s property transfer tax was applied to an estimated $3.9 billion in real estate sales for the year, $1.1 billion more than budgeted. The buying spree has had a number of effects, including depleting the supply of houses for sale, and driving up prices.
According to the Canadian Real Estate Association, there were just 2,221 residential listings for purchase in New Brunswick at the end of February this year, 1,900 fewer than last February. Buyers are snapping up what is available faster than new sellers putting properties on the market.
Once-ignored properties now get attention
With people still coming to the province and a dwindling supply of houses to buy, there has been growing interest in alternatives, including vacant properties and failed older developments that have taken on a new appeal.
At the foot of Sea Street in Saint John, 14 lots with panoramic views of the Bay of Fundy that have been for sale with no takers since 2005 sold in a single transaction last month.
Kevin Harris, who owns the local Exit Realty franchise, formed a company with Vietnamese architect Nam Nguyen to build $359,000 garden homes on each lot. He said although locals showed little interest in the properties over the last 15 years, ocean views are prized by those moving to New Brunswick.
“We have already sold some of those homes,” said Harris. “People just want to understand, ‘We can have this view for this amount of money? Looking at the Bay of Fundy and this is the price?'”
Sea View Estates in Saint John have had ocean view lots for sale since 2005. Nearly half had no takers, until last month, when all sold in one transaction. (Robert Jones/CBC)
Power said he used to handle six land sales a year, but is now doing that each quarter and most of that business involves buyers from away.
One group of Vancouver investors have bought more than 300 hectares of land in Saint John in two transactions over the last two months, including some undeveloped riverfront property just three kilometres upstream from the Reversing Falls.
Power said his land sales have been to Ontario and B.C.-based buyers.
He said some of those sales have been to people with plans to hold them as long-term investments, but some have been to developers interested in meeting the high demand for housing.
“Every time we list a house right now, we give people three days to come have a viewing and we are looking at offers on the third or fourth day,” Power said. “There are a few different investors looking to get into this market because we’re going to need homes.”
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.
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.
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.
