The BC Northern Real Estate Board (BCNREB) reported 753 sales with a value of $217,389,724 through the Multiple Listing Service® (MLS®) in the first quarter of 2020. This compares with 876 sales worth $257,043,507 to the end of March 2019. As of March 31st, there were 3,096 properties of all types available for purchase through the MLS® compared to 3130 at this time last year.
The first quarter of 2020 saw a persistent pullback in housing demand, as the BC forestry, mining and oil sectors continued to struggle. This led to MLS® unit sales in the region covered by the BC Northern Real Estate Board to fall by 13 per cent compared to the same time last year. Despite the pullback in demand, prices increased by one per cent due to a notable decline in active listings. At the end of the first quarter, the MLS® average price was $298,811 in the region. MLS® sales are expected to continue to decline in the second quarter of 2020 due to the economic standstill brought on by COVID-19, which will likely also lead to significant investment projects such as LNG and BC Hydro to scale back.
“The COVID-19 pandemic continues to cause significant challenges to everyone in our society,” says BC Northern Real Estate Board’s new President, Shawna Kinsley. “Our members are committed to doing their part to ensure communities stay safe. Real estate is an essential service. REALTORS® are following all orders and guidance from the Public Health Authority. The Real Estate Board has recommended that no Open Houses be held during this time. REALTORS® are also modifying their practices around face-to-face meetings and showings. Sellers may now remain on the MLS® system without the need for showings and all consumers can expect more phone or virtual meetings as well as limits on showings and new showing guidelines. We ask consumers to be patient with real estate practice changes at this time. REALTORS® remain committed to serving their clients and safeguarding their communities.”
By Region:
(2019 values appear in brackets)
Cariboo Region
100 Mile House and area: A total of 66 (68) properties of all types worth $14.8 million ($16.6 million) have been sold by REALTORS® in the area since the beginning of the year. In the first three months of 2020, 17 single-family homes, 24 parcels of vacant land and nine homes on acreage changed hands. At the end of the quarter there were 373 (375) properties available for purchase through the MLS®.
Williams Lake: 58 (91) properties have sold so far this year through MLS® in the Williams Lake area. The value of these properties was $ 15.4 million ($21.4). In addition to the 29 single-family homes sold, nine homes on acreage, six manufactured homes in parks, and one manufactured home on land have changed hands in the first quarter. As of March 31st, there were 190 (207) properties listed on the MLS® in the Williams Lake area.
Quesnel: In the Quesnel area REALTORS® reported 47 (55) sales worth $8.5 million ($11.7 million) in the first three months of 2020. In addition to the 16 single-family homes that sold, nine parcels of vacant land and seven homes on acreage have sold this year. There were 161 (147) properties of all types available for purchase through MLS® in the Quesnel area as of March 31st.
Northwest Region
Prince Rupert: 47 (34) properties worth $15.4 million ($8.8 million) have sold through the MLS® so far this year. Of those 47 properties sold, 29 were single-family residential properties and six were parcels of vacant land. As of March 31st, there were 104 (169) properties of all types available for purchase through the MLS® in the Prince Rupert area.
Terrace: REALTORS® in the Terrace area sold 58 (53) properties in the first quarter of 2020. The value of these properties was $18.9 million ($16.9 million). 29 single-family homes, five manufactured homes in parks, and two manufactured homes on land have changed hands since January 1st. As of March 31st, there were 222 (192) properties of all types available for sale in the Terrace area.
Kitimat: In the first quarter of 2020, 18 (19) properties worth $6.2 million ($6.7 million) have been reported sold. Of those 18 properties, 11 were single-family homes, three were half-duplexes and two were townhouses. At the end of March there were 113 (124) properties of all types available for sale through MLS® in the Kitimat area.
Bulkley Nechako Region
Smithers: REALTORS® in the Smithers area reported 43 (44) sales with a value of $12 million ($12.6 million) to March 31st, 2020. In addition to the 23 single-family homes that sold, four parcels of vacant land, six homes on acreage, and five manufactured homes in parks changed hands this year. At the end of the first quarter there were 122 (120) properties of all types available for purchase through the MLS® in the Smithers area.
Burns Lake: Four (16) properties worth $456 thousand ($2.3 million) have changed hands since January 1st. At the end of March there were 80 (87) properties of all types available for sale through the MLS® in the Burns Lake area.
Vanderhoof: REALTORS® in the Vanderhoof area reported 19 (30) sales worth $4.4 million ($12.2 million) in the first quarter of 2020. At the end of March there were 89 (80) properties available for purchase through the MLS® in the Vanderhoof area.
Fort St. James: In the first quarter of 2020 there were 11 (9) sales worth $2.1 million ($1.9 million) in the Fort St. James area. As of March 31st, there were 54 (61) properties available on the MLS® in the area.
Northern Region
Fort St. John: In the Fort St. John area, 90 (111) properties worth $28.3 million ($35.5 million) changed hands in the first quarter of 2020. In addition to the 41 single-family homes sold, 11 half-duplexes, 9 homes on acreage, 7 manufactured homes in parks and 3 manufactured homes on land have sold since January 1st. At the end of March there were 644 (597) properties of all types available for purchase through the MLS® in the Fort St. John region.
Fort Nelson: 11 (11) properties worth $1.6 million ($919 thousand) were reported sold through the MLS® since the beginning of the year. At the end of March there were 124 (95) properties available for purchase through the MLS® in the Fort Nelson area.
Fraser Fort George Region
Mackenzie: Since January 1st 10 (12) properties worth $1.5 million ($1.4 million) have changed hands. As of March 31st, there were 56 (63) properties available for purchase through the MLS® in the Mackenzie area.
City of Prince George: 221 (257) properties of all types, worth $73.3 million ($90 million), have changed hands in the first three months of 2020 in the City of Prince George. In the western part of the City, the median price of the 34 single-family homes that have sold on MLS® was $346,000 ($327,500). In the area east of the by-pass, the 29 single-family homes that sold had a median value of $272,500 ($309,000). In the northern part of the city, commonly referred to as “the Hart”, 29 single-family homes sold with a median price of $401,250 ($370,000). In the southwestern section of the city, 37 homes have sold since January with a median price of $453,500 ($429,500). At the end of March there were 509(534) properties of all types available on the MLS® within the city limits.
The REALTOR® members of the BC Northern Real Estate Board serve the real estate needs of the communities from Fort Nelson in the north to 100 Mile House in the south, and from the Alberta border to Haida Gwaii.
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.
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.
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.
