Real eState

Calgary's real estate sales on track for a year like no other – Calgary Herald

Published

3 years ago

December 10, 2021

Harry Miller

Lack of listings may be holding back the total potential of the market

Author of the article:

Joel Schlesinger • for the Calgary Herald

CREB figures show the benchmark price of a home grew by almost nine per cent, year over year, to $461,000. Photo by Gavin Young /Postmedia

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November was a great month for home resales in Calgary, even if it wasn’t record-breaking month.

The year has seen many records set so far, including an all-time sales mark for real estate set in April.

While November wasn’t another record-breaker, it was “still exceptionally strong,” says Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, which released its November data earlier this month.

Calgary’s resale market saw 2,110 sales last month, up almost 49 per cent, year over year.

If anything was holding the market back from setting yet another record, it was the lack of inventory, which fell almost 22 per cent from the same month last year.

“The listings just aren’t keeping pace,” Lurie says, noting this helped drive the price of a home higher.

CREB figures show the benchmark price of a home grew by almost nine per cent, year over year, to $461,000.

Single-family detached homes continued to drive demand with 1,246 sales, an increase of about 41 per cent over the same month in 2020. In turn, the benchmark price grew to $542,600 — a rise of 11 per cent, year over year.

Yet apartment and row both experienced larger year-over-year increases in sales with 58 and 68 per cent growth respectively. Lurie notes both sectors haven’t fully recovered in price from peaks set in 2014 before the energy downturn that lasted until the COVID-19 market began.

Apartment’s benchmark price only grew one per cent, year over year, to $251,700, while row — or townhomes — saw a six per cent rise to $299,100.

Lurie further notes apartment remains least affected by low inventory amid higher demand. Months of supply for apartment condos was more than four in November, the only segment not under three months.

Calgary realtor Alex Briones says even though November did not set a record, it marked the ninth month of the year where the total value of transactions exceeded $1 billion.

“November saw the second-highest number of sales since 2005, but this is the first time in November that total sales exceeded $1 billion,” says the real estate agent with Royal LePage Benchmark in Calgary. “Usually November is a cool down month for real estate, but we have had a crazy year that we did not expect.”

Additionally, the market appears poised to break the sales record for one year. Set in 2005 with 26,600 sales, this high watermark could be surpassed by the end of 2021.

“We’re at about 25,900 now,” Lurie notes. “On a year to date basis, we’re at record levels, but we will see how December is.”

Typically one of the slowest months, December often sees fewer buyers and sellers because of the holiday season. Yet this year has shown that even the traditionally slow months — in early winter, summer and late fall — are bucking long-term trends, Briones says.

“The demand is still good. The challenge is supply,” he says. “The only reason it could slow down is there is not enough selection out there.”

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Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

5 days 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

2 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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B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

2 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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