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Aussie city with biggest homes in the world

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From McMansions in Gungahlin to ambassadors’ villas in Red Hill, homes in the nation’s capital all have one thing in common.

Canberra has been named the world capital with the largest average home size at a whopping 256.3 square metres, according to an analysis by UK firm Buildworld.

That’s 560 per cent more floor space than the bottom-ranked Moscow, where the average was just 45.5 square metres, and 36 per cent bigger than Cairo in second place at 188 square metres, the report found.

“It’s surprising but it’s not overly surprising,” said Josh Yewdall from Belle Property Canberra, who is currently selling an “enormous” five-bedroom, three-bathroom house in the southern suburb of Gordon.

The 450 square metre, Mediterranean-style mansion on Clem Hill Street is set across four levels on a 1500 square metre block backing onto a national park.

A five-bedroom property for sale in Gordon. Picture: Realestate.com.au

A five-bedroom property for sale in Gordon. Picture: Realestate.com.au

Billed as the “ultimate entertainers home”, the $2.5 million property boasts multiple living spaces with terrace access, an eight-car garage and self-contained external pool house.

“It’s on another level,” Mr Yewdall said. “They bought it in 2009 and have done extensive renovations — imported tiles, Santorini vibe, pool deck, huge rock retaining walls.”

He noted there were “a lot of really nice houses in Canberra” as well as a lot of “new, fast-growing suburbs” with smaller blocks but large houses. “They might only be blocks of 500 square metres but they’ll put a big monster on it that’s two storeys,” he said.

Particularly after Covid, a lot of people were building “the house they always wanted”.

“We call Clem Hill the ultimate Covid house — you don’t want to leave,” he said.

Kostya Logvinov from Town Residential, who is selling a six-bedroom, three-bathroom home closer to the city in Chapman, agreed that “the dream in Canberra is to have a big house”.

‘The dream in Canberra is to have a big house.’ Picture: Realestate.com.au

“When Canberra was first introduced they had to entice people from Sydney and Melbourne to move to be public servants,” he said.

“One of the ways they did that was to sell this dream of a very family-friendly city where you could have a big house with a big backyard, raise a family.”

Even on smaller blocks “people want a big five or six-bedroom house with a swimming pool”.

“I see a lot of people who have two or three kids want to have three living areas, a study,” Mr Logvinov said. “A lot of parents in Canberra are working from home now so they want that sixth bedroom as well.”

The 313 square metre Chapman home, set on a 975 square metre block in a “blue-chip” cul-de-sac, includes a downstairs studio apartment with private access and three “oversized” living areas.

“It’s a home that has been well maintained over the years — the house itself is quite large with a lot of space to raise a family,” Mr Logvinov said.

“Chapman historically is a suburb with a very good name. It has a level of prestige with good schools nearby and it’s quite close to the CBD.”

The 450 square metre Clem Hill property is ‘enormous’. Picture: Realestate.com.au

Research from CommSec last year came to a similar finding that Australian and American homes are now the biggest on earth — with the average floor space for a new freestanding single family home in both countries at 229 square metres.

CommSec found newly built houses in the ACT averaged 259 square metres.

“Canberra’s homes are larger than those in any other capital, or any other city in Australia,” Buildworld’s report said.

“But it’s not necessarily a good thing. Critics suggest building massive homes in Canberra is a trend that’s out of control, with developers adding rooms for the sake of it and bumping up the carbon footprint along with the property footprint.”

And as local architect Shannon Battison told The Canberra Times last year, “We’re leaving vast members of the community behind, because not everyone can or should afford a huge house. And lots of us who can’t afford these huge houses, but feel the need to build them because that’s what everybody builds, are building them really badly.”

Buildworld’s analysis was based on a country-by-country analysis of property listings, and manual research to find studies conducted within the last 12 months from local real estate companies in each country. The data was collected in October 2022.

The report noted that there were “ongoing economic factors” to consider.

“Smaller homes have been known to gain value more quickly (with the exception of so-called micro-homes under 37 square metres) — but larger homes are currently driving demand as workers continue to decamp to the home office,” it said.

“And while smaller homes tend to have a higher price tag per square metre, bigger ones cost more to heat and maintain.”

Cairo came in second place. Picture: iStock

Capital cities with largest homes

• Canberra, Australia 256.3

• Cairo, Egypt 188.0

• Tripoli, Libya 180.0

• Amman, Jordan 170.0

• Ottawa, Canada 163.8

• Santo Domingo, Dominican Republic 160.1

• Kuala Lumpur, Malaysia 158.4

• Jakarta, Indonesia 157.0

• Manila, Philippines 155.0

• Abu Dhabi, United Arab Emirates 153.4

• Brussels, Belgium 151.8

• Islamabad, Pakistan 149.6

• Muscat, Oman 145.0

• Ankara, Turkey 140.0

• Luxembourg, Luxembourg 130.0

• Edinburgh, Scotland 129.5

• New Delhi, India 129.1

• Wellington, New Zealand 123.0

• Nicosia, Cyprus 119.0

• Port Moresby, Papua New Guinea 118.0

Moscow had the smallest homes of any capital city. Picture: iStock

Capital cities with smallest homes

• Moscow, Russia 45.5

• Bangkok, Thailand 51.0

• Paris, France 52.0

• Tehran, Iran 55.0

• Warsaw, Poland 55.4

• Budapest, Hungary 56.7

• Stockholm, Sweden 57.4

• Helsinki, Finland 58.0

• Bucharest, Romania 60.0

• Montevideo, Uruguay 60.6

• Hanoi, Vietnam 61.0

• Mexico City, Mexico 61.8

• Minsk, Belarus 63.8

• Buenos Aires, Argentina 64.0

• Prague, Czech Republic 65.0

• Ulaanbaatar, Mongolia 67.0

• Oslo, Norway 68.1

• Bratislava, Slovakia 69.0

• Tallinn, Estonia 70.0

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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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