If you had a home to sell in the Chilliwack area, December probably wasn’t a good month for you. But if you were moving a townhouse or condominium, you may have done well.
While the average value of single-family homes took another hit last month, strata properties saw a bump.
In the latest numbers released by the Chilliwack and District Real Estate Board (CADREB), only 58 single-family dwellings sold in December. CADREB represents an area covering Yarrow to Lytton and you have to go back to January of 2019 and its 53 sales to find a slower month.
While Decembers are generally sluggish, December 2020 had 147 sales and December 2021 had 129.
The average value of a single-family home dropped 5.41 per cent last month, from $861,009 to $814,433. It’s the fourth dip in the last five months and a substantial decrease from December 2021’s average value of $1,047,591.
Single family homes are also taking longer to sell, from 23 days in December 2021 to 54 in December 2022.
But as mentioned off the top, not everything is gloomy. Thirty-four townhouses came off the market last month at an average value of $589,254, representing an 8.54 per cent jump from November’s $542,832. Townhouse values have risen in three of the last four months.
Fewer condominiums sold in December than November (22 versus 32), but they went for more money. The average value of a condo rose 7.97 per cent from $337,342 to $364,223.
Taken together, there were 125 residential property sales in Chilliwack last month, for an average value of $653,389. There were 13 sales over $1-million but zero sales over $2-million. The most popular price bracket, with 13 sales, was between $550,000 and $600,000.
Home sales were 35.4 per cent below the five-year average and 31.9 per cent below the 10-year average for the month of December.
“Although there were promising signs of activity at the end of 2022 after sales took a large dip in the wake of repeated interest rate hikes, the year was subdued on the whole compared to recent history,” said CADREB president Daryl Moniz. “The market popped up into balanced territory in the last month of the year, which continues the momentum of readjustment after bottoming out in June 2022 and holds some promise for a further re-balancing in 2023. It will be difficult to monitor trends with much foresight in the next few months as supply remains traditionally low at this time of year, but once the spring comes around we should have a better idea of how 2023 might play out.”
December ended with 707 listings on the market, substantially more than the record-low 264 that were available at the same point in 2021.
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.
