Real eState

Interest rates subdued real estate market throughout the Okanagan, realtors association says

Published

2 years ago

January 6, 2023

It’s been a roller-coaster year for real estate throughout the Okanagan.

After starting the year at an all-time high, residential real estate sales softened at the conclusion of 2022.

A total of 572 residential unit sales were recorded across the region in December 2022, marking a 42.8 per cent decrease in sales compared to December 2021.

“After a very strong first half of 2022, we began to see market activity moderate amid consistently rising interest rates imposed by the Bank of Canada,” Association of Interior Realtors President Lyndi Cruickshank said. “Although inventory levels remain tight, the high-interest rates will continue to subdue market activity in the coming months.”

New residential listings saw a decline of 20.7 per cent within the region compared to December 2021 with 651 new listings recorded. However, the overall inventory saw a 93.5 per cent spike with 6,001 units currently on the market at the close of December 2022.

Sales declined in December.

Courtesy: Association of Realtors

Cruickshank said in the year ahead they anticipate inventory will continue to accumulate, as compared to recent years, with all signs pointing to more balanced conditions with buyers and sellers benefitting equally.

The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw moderate decreases in year-over-year comparisons.

In the Central Okanagan, the December benchmark price for a single-family home went down 3.5 per cent year over year, to $1,002,400 and, on average, it took 64 days for a house to sell, which is a 65 per cent rise from a year earlier.

In the North Okanagan, the benchmark price for a single-family home is $717,100, which is a drop of 0.2 per cent from a year earlier and it’s taking 65 days to sell.

Finally, in the South Okanagan, the benchmark price of a single-family home was $689,500 in December, which is a fall of 4.2 per cent from a year earlier. The number of days it takes to sell a home in that market has also risen to 71.

The benchmark price in all other housing categories saw minor to moderate increases compared to December 2021, with the highest percentage increase in the townhouse category for the North Okanagan up 13.8 per cent compared to December 2021, coming in at $574,400.

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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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