The Calgary Real Estate Board says the city is on track to record a record year for home sales, even as the number of transactions in October fell 15 per cent from the year before.
The Alberta board says October sales totalled 1,857, while year-to-date sales reached 26,823, a 13 per cent increase from this time last year.
The board’s chief economist says the numbers indicate conditions are tight, but not as tight as earlier in the year and not on par with other major Canadian cities, where there has been a significant pullback in demand.
Ann-Marie Lurie suspects Calgary is different because its employment growth, positive migration flows and the strong commodity market are helping offset some of the impacts of inflation.
The Calgary board found new listings in October totalled 2,175, a 13 per cent drop from the same time last year.
The benchmark price for the month was $523,900, up almost 10 per cent from a year earlier, while the average price of a home sold in October edged up five per cent to $509,576 compared with October last year.
This report by The Canadian Press was first published Nov. 1, 2022.
Fraser Valley housing market sees decrease in November sales: real estate board – Hope Standard
The Fraser Valley housing market is continuing to slow as the holiday season approaches.
The Fraser Valley Real Estate Board (FVREB) processed 839 sales in November in the communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock. Sales are down 6.9 per cent from October and 57.5 per cent from last November. according to the FVREB’s multiple listing service.
“The trends we’ve seen over the past several months will likely continue through to year-end,” said Sandra Benz, President of the Fraser Valley Real Estate Board, in a news release. “While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.”
The FVREB saw a 22.1 decrease in listings in November compared to October and an 18.8 per cent decrease compared to November 2021.
“The market continues to tighten in response to rising interest rates,” said FVREB CEO Baldev Gill in a statement “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home.”
The benchmark prices for apartments, townhomes, and single-family detached homes all decreased in November from the previous month. Single-family homes had a benchmark price of $1,404,900, townhomes were $799,400 and apartments were $518,400. Apartments and townhouses increased their price from last November by 5.2 per cent and 3.3 per cent respectively, while single family homes decreased by 6.3 per cent.
The average number of days to sell an apartment in the Fraser Valley during November was 27 days, while townhouses came in at 28 days and single-family detached homes averaged 34 days.
Investments in Inuit housing inadequate to address human rights violations: watchdog
From a family living for seven years in a condemned home that was meant to be temporary to people with disabilities having to be carried in and out of their bathrooms, Canada’s housing advocate says during a tour this fall of several Inuit communities she got a glimpse into the dire living conditions many have faced for years.
“The current levels of federal investments are not adequate to remedy the human rights violations caused by the housing shortage,” said Marie-Josee Houle.
The independent, non-partisan watchdog helps promote and protect the right to housing. Houle, who was appointed to the role earlier this year, travelled in October to Nunavut and Nunatsiavut, an Inuit region in Newfoundland and Labrador.
“The purpose is to really learn more about systemic issues in the North that need really serious attention and to listen to people with lived experience of their housing precarity and homelessness,” she said of her trip.
“That focus on the North is also because people don’t go there or they don’t have the opportunity to go there.”
Among the biggest takeaways, Houle said, was that housing is in short supply. Housing that is available is not in a good state, with issues like mould, or is otherwise unsuitable for elders or people with disabilities or children.
“The government neglect and underfunding for Inuit housing has absolutely taken its toll over the years,” she said.
“Residents report a lack of trust in public institutions responsible for housing because the wait-lists are decades long and they’ve given up even applying for the housing programs.”
Houle said inadequate housing in the North has led to overcrowding, increased contact with the justice system, exacerbated mental health issues and tension among families. It also means many people are forced to leave their communities, which can result in isolation, racism and violence.
“If it’s not by choice, it can be a traumatizing experience for people,” she said. “There’s a lot of harrowing stories.”
The 2021 census found almost a third of the nearly 49,000 Inuit who live in Inuit Nunangat — or Inuit homeland in Canada comprising communities in Nunavut, Northwest Territories, Newfoundland and Labrador and northern Quebec — were living in dwellings in major need of repairs. More than half were living in crowded homes.
This is not the first time abysmal housing conditions have been documented in the North.
The Standing Senate Committee on Aboriginal Peoples released a report in 2017 detailing the severity of the housing crisis in Inuit Nunangat. Former Nunavut NDP member of Parliament Mumilaaq Qaqqaq documented “inhumane” housing conditions in several communities in March 2021.
The federal government said it has made several investments in housing across Inuit Nunangat over the years. That includes $256.7 million over two years in the 2016 budget, $400 million over 10 years in the 2018 budget and $845 million over seven years in the 2022 budget.
But Houle said there’s a need for more federal, provincial and territorial support, such as long-term funding and maintenance. She said it should respect Inuit self-determination and address unique northern challenges, such as the climate, short construction season, lack of transportation infrastructure and high costs.
In its 2022 pre-budget submission, Inuit Tapiriit Kanatami said it would take more than $3 billion over the next decade to construct new housing, as well as maintain and repair existing homes in Inuit Nunangat.
Nunavut Premier P.J. Akeeagok and representatives from Nunavut Tunngavik Incorporated met with Prime Minister Justin Trudeau in October to request $500 million in the upcoming budget to address the territory’s housing gap.
The Nunavut government recently announced a new plan to build 3,000 more homes by 2030, tripling the annual rate of new public housing units currently being constructed. Of those, 300 will be transitional housing units, 1,400 public housing units, 900 affordable housing units and 400 market housing units.
“It is ambitious, but I think if we stick close to the plan and things work out, it’s very achievable,” said Lorne Kusugak, the minister responsible for the Nunavut Housing Corporation.
Kusugak said the territory can’t continue to build homes the way it has in the past, where bids have come in at about $1,000 a square foot. He said instead of issuing annual requests for housing, the territory is partnering with the private sector to build homes over a longer period of time at a lower cost.
“We know this isn’t going to be easy and there will be a lot of criticism throughout the process, but we have to do something,” he said. “If we accomplish a few more houses each year by doing this … then we’re headed in the right direction.
“It’s going to be a struggle, it’s going to be a fight. We’re ready for that fight.”
This report by The Canadian Press was first published Dec. 3, 2022.
This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.
How To Invest In Real Estate On A Budget
The Machine That Builds a Future
The first accounting of all the land in England was first published in 1086, the ominously named Doomsday Book, it documented the holding of the King and how it was distributed among the aristocracy. Almost one thousand years later the wealth of these families is still visible.
In more recent times, the average house price in the US in 1963 was $19,300 ($187,982 adjusted) and by Q3 of 2022 this has climbed to $542,900, now increasing Year on Year by 17%. This makes it one of the best secure returns available, with any downturns correcting quickly.
This brings us to the question: Why have more people not taken advantage of this wealth building tool?
The oldest market in the world is slow, inefficient, and run by institutions.
Through the history of real estate ownership there has been institutional motives to control access to it. The process known as “Red-lining”, where financial support for home ownership was restricted in certain neighbourhoods, is responsible for a significant portion of the wealth inequality in the United States today.
Outside of these issues, the barriers to entry into real estate have been historically high, and are becoming higher as demand outstrips supply. The upfront capital, creditworthiness, and risk continues to place real-estate investment, particularly as part of a portfolio, outside the reach of many people.
In practical terms, the linking of investments to an immovable object presents challenges of liquidity and exacerbates risk. The average real-estate transaction takes 30 days to complete and involves multiple layers of fees and professional services that can degrade the value of the transaction.
While this transpires, the physical property is subject to environmental risk like damage and degradation, and shifts in the local economy and property market, something which caused huge economic damage to individuals in industrialising areas of the United States.
Alternatives for investors have traditionally included Real Estate Investment Trusts (REITs) that spread their investments across multiple properties and markets to take advantage of the overall upward trend and mitigate local fluctuations. Many can be traded as stocks and have a level of liquidity to them above the liquidity of the real-estate asset itself.
These can work well for some forms of investors who are willing to sacrifice control of their capital and lose some of its liquidity in exchange for security and convenience. These can also come with upfront investments that customers might not have available or feel comfortable locking into a commitment.
Fractional Real Estate Investment
As we have seen with investment retail-trading in recent years, progress in technology has begun to disrupt and change this market. EstateX is an organisation developing investment and payment tools that will use blockchain technology to produce their own real-estate backed digital assets.
Blockchain is a system of distributing a collective ledger that tracks ownership through a decentralised system of transactions. This can be used to track the movement of things like ownership rights of artworks, digital currency, and the digital trading of securities. These can be bought and sold through exchanges that operate 24/7.
Fractional investment allows investors to own portions of multiple properties through a single digital asset that can be stored, traded, and liquidated in speeds closer to minutes than the weeks that would be required for traditional investment assets. The liquidation channels and choice of portfolio options being left to the investor, rather than a fund manager, allows for migration of the significant risk associated with single property investing.
EstateX has developed their EstateX Pay platform that will give investors a physical Mastercard
payment card that can be used to make everyday purchases using their property portfolio and dividends payment, making their investment instantly liquid. Investors will also be able to leverage their portfolio into instant, permissionless loans of up to 70% of its value, or as an overdraft through their EstateX Pay card.
of Equity and Equality
Major investment institutions, similar to most forms of banking, have usually catered to retail investors as a secondary market due to their relatively small capital offerings. As a result, the utilities available have been geared towards the convenience of these larger customers. In contrast, fledgling retail investors that are more interested in high liquidity assets and direct access to their returns have been underserved.
Platforms like EstateX aim to support smaller investors by allowing entry for as low as $100 and paying dividends on a daily basis from the first day of investment. Regular and easily accessible dividends also allow for investors working towards building a passive income lifestyle.
Through the high returns possible in the real estate sector allowing for a hedge against and above inflation, new platforms like EstateX could have the potential to create opportunities for previously marginalised communities by giving them access to wealth building tools they have been historically restricted from.
Fraser Valley housing market sees decrease in November sales: real estate board – Hope Standard
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