Atlantic bubble fuelling red hot Maritime real estate market - CTV News Atlantic | Canada News Media
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Atlantic bubble fuelling red hot Maritime real estate market – CTV News Atlantic

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HALIFAX —
The Atlantic bubble is being cited as one of the reasons for the Maritimes red hot real estate market.

In Halifax and other cities, people are moving home, and others are just moving, as offers are going well above the asking price, fueling a sellers market.

“I would say it’s rather insane right now. It’s definitely a sellers market for sure,” says Chris Peters, president of the Nova Scotia Association of Realtors.

Peters says three of his clients recently tried to buy homes by offering tens of thousands of dollars more than the asking price, but all were outbid.

He says the real estate market was hot before COVID-19, but now the demand is even higher, and inventory is down.

“I believe (COVID-19) is a factor, but we don’t have the stats to confirm that,” says Peters.

There are no current housing stats indicating where home buyers are moving from, but one Halifax moving company says that they are noticing more people moving to the Maritimes from away.

“Often times its people that are originally from Atlantic Canada that have decided to move back,” says Jason Morais, general manager of Two Men and a Truck movers. “We’re also seeing people that have mentioned that due to COVID-19 and the current situation, they chose to leave some of the larger metropolitan areas.”

James Langille and his fiancé returned to Halifax on a repatriation flight from Peru at the height of COVID.

Langille plans to stay, and while he’s renting now, eventually he’ll consider buying.

“This is where I was born and raised,” says Langille. “I still have friends here, so this is where we decided to come back to.”

Peters says he’s heard that from others.

“Because of the fact that we do have such low levels of COVID-19, and it’s a very safe place to live if you’re going to be within Canada,” says Peters.

The Maritime real estate explosion isn’t limited to Halifax.

Moncton real estate agent Sylvie Cormier has been in the industry for nearly a decade.

When COVID-19 restrictions began affecting how she sold homes, she wasn’t sure what that meant for the market in Moncton.

“A lot of us thought that the market would go down and it would be terrible,” said Cormier. “For us, it’s the complete opposite. I’ve never seen anything like it in my 9-10 years of doing real estate.”

Statistics released by the Canadian Real Estate Association last month put Moncton in the top five hottest housing markets in Canada, with the price of homes up by 12.5 per cent compared to 2019.

“They’re going for higher than before. Some are seeing an increase in the sales prices, and if people are putting their homes on the market at the price we’re recommending, there’s a bidding war,” explains Cormier.

“Basically this year in 2020, we’re going to do 12 months of real estate in a 9 month period,” says Andre Malenfant, president of the N.B. Real Estate Association.

Katie Drisdelle’s Moncton home was listed for just two days before it was sold.

“Once we found out what was going on with the housing market, we decided to roll the dice and see what we’d be able to get for our property with the market how it is right now,” says Drisdelle.

But a sellers market does have a downside, as Drisdelle says she is having a hard time finding a new place to find home.

“I’ve noticed that you have to go in with aggressive offers if it is a property you really want, and if there’s something that you’re interested in, not to waste any time before putting in an offer because things are getting snapped up,” says Drisdelle.

In a red hot market where sold signs are a sign of the times.

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

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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.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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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.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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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.

The Canadian Press. All rights reserved.

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