Real eState

Calgary's real estate sales on track for a year like no other – Calgary Herald

Published

3 years ago

December 10, 2021

Harry Miller

Lack of listings may be holding back the total potential of the market

Author of the article:

Joel Schlesinger • for the Calgary Herald

CREB figures show the benchmark price of a home grew by almost nine per cent, year over year, to $461,000. Photo by Gavin Young /Postmedia

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November was a great month for home resales in Calgary, even if it wasn’t record-breaking month.

The year has seen many records set so far, including an all-time sales mark for real estate set in April.

While November wasn’t another record-breaker, it was “still exceptionally strong,” says Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, which released its November data earlier this month.

Calgary’s resale market saw 2,110 sales last month, up almost 49 per cent, year over year.

If anything was holding the market back from setting yet another record, it was the lack of inventory, which fell almost 22 per cent from the same month last year.

“The listings just aren’t keeping pace,” Lurie says, noting this helped drive the price of a home higher.

CREB figures show the benchmark price of a home grew by almost nine per cent, year over year, to $461,000.

Single-family detached homes continued to drive demand with 1,246 sales, an increase of about 41 per cent over the same month in 2020. In turn, the benchmark price grew to $542,600 — a rise of 11 per cent, year over year.

Yet apartment and row both experienced larger year-over-year increases in sales with 58 and 68 per cent growth respectively. Lurie notes both sectors haven’t fully recovered in price from peaks set in 2014 before the energy downturn that lasted until the COVID-19 market began.

Apartment’s benchmark price only grew one per cent, year over year, to $251,700, while row — or townhomes — saw a six per cent rise to $299,100.

Lurie further notes apartment remains least affected by low inventory amid higher demand. Months of supply for apartment condos was more than four in November, the only segment not under three months.

Calgary realtor Alex Briones says even though November did not set a record, it marked the ninth month of the year where the total value of transactions exceeded $1 billion.

“November saw the second-highest number of sales since 2005, but this is the first time in November that total sales exceeded $1 billion,” says the real estate agent with Royal LePage Benchmark in Calgary. “Usually November is a cool down month for real estate, but we have had a crazy year that we did not expect.”

Additionally, the market appears poised to break the sales record for one year. Set in 2005 with 26,600 sales, this high watermark could be surpassed by the end of 2021.

“We’re at about 25,900 now,” Lurie notes. “On a year to date basis, we’re at record levels, but we will see how December is.”

Typically one of the slowest months, December often sees fewer buyers and sellers because of the holiday season. Yet this year has shown that even the traditionally slow months — in early winter, summer and late fall — are bucking long-term trends, Briones says.

“The demand is still good. The challenge is supply,” he says. “The only reason it could slow down is there is not enough selection out there.”

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Real eState

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

Published

4 days 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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