Real eState

Brampton house sold at $640K loss 2 years after purchased

Published

10 months ago

January 12, 2024

A Brampton house that just sold at a $640,000 loss – after it was listed a handful of times – speaks to the state of the market in the outskirts of Toronto, real estate experts say.

The detached two-storey house, located at 27 Jacksonville Drive, sold for $1.7 million on Jan. 5.

The house sold for $2.3 million two years earlier in January 2022.

At the time, prices were “completely out of control” and in many cases “highly artificial,” Toronto real estate agent Desmond Brown said, describing the super low rates available in the first years of the pandemic.

“We always knew that when prices were going crazy during COVID and post COVID that the outlying area of Toronto would suffer the most when things settled down or when there was a turnaround,” Brown said.

While the Jacksonville property sold at a major loss, Brown said the drop wasn’t as steep as the overall market in Brampton.

The average price of a detached home in Brampton dropped 30 per cent between January 2022 and December 2023, Brown said. By comparison, the Jacksonville house decreased in value by 25 per cent in the same time period.

brampton house

“In Brampton, they actually did better than what was expected, even though it was a huge loss,” Brown said.

Murtaza Haider, Director of Research at Toronto Metropolitan University’s Urban Analytics Institute, pointed to another house that tells a similar story.

A detached home, located at 1099 Caldwell Avenue in Mississauga, sold for a $800,000 loss last month after selling for $400,000 over asking at $2.6 million in the spring of 2021.

A year later, in March 2022, it was listed for the first of a dozen times at $3.4 million. Over time, the price was reduced until it sold for $1.8 million in December.

TREB

“I compared the average price in 2022 to the average in 2023 and I see that Brampton is no different from Mississauga,” Haider said, referring to the decline in prices that began to tumble down as early as May/ June 2022.

“Real estate is a long game, so if people are going to be selling just two years later, they are going to be losing money,” Brown said

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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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