Connect with us

Real eState

Canadian Real Estate Construction Costs Are Amongst North America’s Lowest: RLB – Better Dwelling

Published

 on

Real eState

Lack of listings pushes Alberta real estate into a sellers' market – Calgary Herald

Published

 on


High demand in Calgary and Edmonton, paired with continuing low supply, will likely drive prices higher in the year ahead, says Zoocasa

Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.

Article content

Amid the success of the real estate market is a sore spot that could drive up prices more than expected, and that’s low inventory in the coming year, according to one national realty firm.

Advertisement

Article content

While the pinch of low supply is most acute in larger centres like Toronto and Vancouver, Alberta is also “feeling the inventory pinch,” says Rachel Rehkopf, spokesperson for Zoocasa Realty Inc. in Toronto.

She points to December total sales rising by 27 per cent in Alberta while new listings remained stagnant.

That “pushed the entire province into sellers’ market conditions.”

The province sits at 2.5 months of residential inventory. That essentially means if no new homes came to market over the next two and a half months, and current demand for housing continues, Alberta would have no more homes for sale.

It’s a scenario that’s unlikely to happen, of course, and the overall supply-demand picture is better in Alberta than other parts of the country, she adds.

Advertisement

Article content

In Ontario, for example, supply is 0.6 months while the metric is 1.7 months in British Columbia.

Yet Alberta’s supply is significantly lower than last year when it had four months of supply, she says.

Calgary is the tighter of the two large markets in the province with only 1.5 months of supply, while Edmonton actually added new listings in December, growing by about 10 per cent, year over year. Still, sales in Edmonton outpaced new listings, resulting in a 14 per cent decrease in inventory.

Overall, high demand in both cities paired with continuing low supply will likely drive prices higher in the year ahead, she notes.

Advertisement

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Adblock test (Why?)



Source link

Continue Reading

Real eState

Welcome to Real Estate Friday! – theberkshireedge.com

Published

 on


Here’s what we have for you this week in The Edge Real Estate section:

  • Property of the Week – Janet Kain of TKG Real Estate offers the opportunity to live in a stunning home, lovingly cared for and perfectly located for year-round enjoyment of the Berkshires.
  • Transformations – Designer Jennifer Owen and her clients imagined a calming space to relax while listening to the Boston Symphony Orchestra Live from Tanglewood on the radio!
  • Weekly real estate transactions for Berkshire County, Northern Litchfield County and, now, Columbia County
  • Market Perspective – Updated this week: The 2021 year-end real estate report from the Berkshire Board of REALTORS. What does it tell us?
  • The Self-Taught Gardener – How does Joan Didion’s approach to life and to her art inform our Self-Taught Gardener on how to garden?
  • Gardener’s Checklist – The holidays are over and the winter doldrums have set in. What’s a gardener to do to lift his spirits in these dark days?

Adblock test (Why?)



Source link

Continue Reading

Real eState

Vancouver real estate: Luxury sales way up in 2021 | CTV News – CTV News Vancouver

Published

 on


Sellers of luxury real estate did well last year, data on the Vancouver market suggests. Sales of properties with price tags higher than $4 million were up a whopping 171 per cent year-over-year.

Data released by Sotheby’s International Realty earlier this week included that 410 such properties were sold in the area in 2021. That total includes condos, attached homes and single-family homes.

It’s a trend that wasn’t limited to Vancouver, too.

Records fell in most of Canada’s major metropolitan luxury markets, something Sotheby’s attributes to buyers’ “urgent, pandemic-influenced demand for housing mobility,” as well as strengthened confidence in Canada’s post-pandemic economic recovery.

As in non-luxury markets, demand quickly outpaced supply. Prices went up, inventory “eroded,” and markets reached historic highs, Sotheby’s report explains simply.

“Canada’s real estate market was redefined in 2021,” Sotheby’s said.

The luxury market benefitted from a change in priorities – with more people working from home, buyers were less concerned about their commutes, and more concerned about space and security.

Low interest rates and record savings also didn’t hurt, and Sotheby’s noted seeing underlying anxiety from buyers concerned about investments made elsewhere, like on the stock market.

In Vancouver, that translated to the increase mentioned above for all luxury properties.

Sales jumped even more from 2020 to 2021 when looking at the ultra-luxury listings. Twenty-four properties priced over $10 million were sold last year, up 218 per cent from just 11 sold the year before.

The report does not address the buyers of homes at this price range, so it’s unclear whether they were purchased by residents already living locally, and whether they were purchased by people intending to live there full time.

A report released last week from the Bank of Canada suggested a significant share of newer homes, at least, were purchased by repeat buyers and investors.

Of course it’s unlikely many first-time buyers are looking at luxury real estate, but the report found that as home sales grew and prices skyrocketed – a trend realtor groups often tied to local buyers looking for more space during the pandemic – it was purchases by investors that grew the most. 

The Bank of Canada study looked only at mortgage data, however, so it does not capture homes bought with cash or by corporations.

Looking at lower-priced (relatively) homes, Sotheby’s said broadening the scope to include all properties sold for prices higher than $1 million still shows an increase in 2021, compared to 2020. But sales were up 145 per cent, compared to in the higher-priced categories.

Sotheby’s said 5,794 homes in this category were sold last year.

The category that saw the steepest growth was specifically single-family homes priced higher than $10 million. Those sales were up 240 per cent, compared to the previous year’s.

Other markets saw steep growth when it came to the sale of luxury real estate last year, including in Toronto where sales of properties over $4 million was up 224 per cent from in 2020, and ultra-luxury property sales were up 238 per cent.

Calgary saw the greatest growth in sales over $1 million, which were up 222 per cent, and in Montreal, real estate listed at over $4 million was up 178 per cent from 2020. 

Adblock test (Why?)



Source link

Continue Reading

Trending