According to a report released by a U.S.-based property management software company, around 10 per cent of all active home listings in Canada right now are priced at less than $200,000.
Real eState
Five homes for sale under $200000 in the B.C. Real Estate
Trail, Port Hardy, Richmond and Tumbler Ridge among communities with homes in this price range
Here are five residential properties in B.C. that are for sale at less than $200,000.
Richmond 106/7240 Lindsay Road
This 630 square foot apartment is almost 50 years old and has a monthly maintenance fee of $460.
It is on the ground level and a key reason that it is priced at $199,000 is because it is built on leased land. The lease is prepaid until 2087.
Sonora Island Lot 30 Owen Bay
This 1.26 acre lot comes with a small older cabin that is livable and is priced at $129,000. It has solar and wind power. There is a dock a ten-minute walk away.
Sonara Island is one of the Discovery Islands where Johnstone Strait joins the Georgia Strait.
The closest large community is Campbell River on Vancouver Island. Sonora Island is not serviced by B.C. Ferries.
Port Hardy 7/7077 Highland Drive
There are four apartments in different locations within Port Hardy on the top end of Vancouver that are priced at less than $200,000.
This one has two bedrooms and has been updated with new laminate floors and is south facing. It is priced at $169,000.
As a base for ferries to Prince Rupert, Port Hardy sees a lot of tourists in the summer.
Trail 2075 Topping Street
Trail, the site of Teck Resources zinc and lead smelting and refining complex, was a decade ago a place you could buy a home for $50,000.
It’s now a place where you can get a detached home for less than $200,000. Despite the smelter that looms over the city, Trail is close to excellent skiing and recreation.
This 1,300 square-foot home has views of the Columbia River with a serviceable kitchen and even has a new washer-dryer. It is priced at $199,000.
Tumbler Ridge 103 Ash Crescent
Tumbler Ridge in the Peace River region was built from scratch in the early 1980s to create a community for coal mining companies in the area.
As a result, it’s a lovely town that’s well laid out and has great amenities. It is, however, beholden to coal demand, that has led to a slump in real estate prices.
With an asking price of $183,000, this 2,100-square-foot home is on a large corner lot. It has three bedrooms and comes with a new furnace. It has been on the market for over two years.
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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.
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.
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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