Calgary real estate market remains hot; average price of home up to $457,900 - Global News | Canada News Media
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Calgary real estate market remains hot; average price of home up to $457,900 – Global News

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After a flurry of home sales over the summer, Calgary’s real estate market was readying itself for a September slowdown.

But the latest numbers from the Calgary Real Estate Board show that sales are continuing to grow year over year.

CREB reports 2,162 residential homes were sold in September, an increase of 26.7 per cent from this time last year.

Read more:
Calgary’s housing market stages remarkable rebound: ‘It’s like a scene out of Mad Max’

Inventory slipped to 5,607 properties, a drop of 10.3 per cent, forcing prices to continue to climb.

The average home price in Calgary rose to $457,900, which is an 8.6 per cent increase compared to September 2020. The average detached home is going for $537,500.

Justin Havre from RE/MAX First said the numbers show that Calgary remains an active market for both buyers and sellers.

“The single-family detached segment continues to remain relatively strong,” said Havre. “And there is lots and lots of opportunities in the apartment segment.”

Read more:
Canadian real estate highly vulnerable thanks to price hikes, overvaluations: CMHC

Havre added that he’s seeing a growing interest from buyers outside of the province, specifically from the Toronto and Vancouver markets.

“Something like a [detached home] could cost twice if not three times more in other markets,” said Havre. “So when you have people in Ontario looking at Calgary, we’re on sale.”

Buying from afar

Homeowner Agamemnon Spiridoulias and his wife have been eyeing the Calgary market for a while.

The couple from Burlington, Ont., decided they wanted to cash in on the record-breaking housing market by selling their home and buying a property in northwest Calgary.

“We were looking at the bottom line,” said Spiridoulias. “You really do get more bang for your buck here, and the housing market here for us definitely coming from Burlington is super affordable.”

Read more:
Calgary housing market takes experts by surprise

Buying a house from across the country and wanting to avoid travelling during the pandemic, Spiridoulias opted to check out options through video calls, photos and virtual tours.

“The first night that we got out here [was when we got] the keys and stepped into the place for the very first time,” said Spiridoulias.

Read more:
Calgary Real Estate Board predicts COVID-19, decreased demand for oil to hamper housing market

He added that while professional photos tend to exaggerate the size of rooms, video tours seem to do the opposite, under-representing the square footage.

“We went upstairs to our second level. We were like this is way more than we’d ever even need,” said Spiridoulias. “So that was a pleasant surprise.”

The new Calgarian said he would recommend a similar process for other buyers looking at moving across the country, as long as you set some ground rules with your realtor.

“Don’t fall in love with every place that you’re looking at,” said Spiridoulias. “Make sure that [the house] really ticks the boxes of the main things that you’re looking for.”

© 2021 Global News, a division of Corus Entertainment Inc.

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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.

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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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