Central Alberta real estate market starts fall strong – Red Deer Advocate – Red Deer Advocate
Central Alberta real estate markets continue to make up lost ground from a tough spring and summer.
To the end of September, 3,245 sales were made in Central Alberta, not far off the 3,296 sales over the same nine months in 2019, according to Multiple Listing Statistics in a market update released by the Central Alberta Realtors Association.
The numbers were helped by the best sales September since 2015.
In September, 484 properties were sold, up 23 per cent from the 392 sold last year. It is also the best year in the past five.
Sales prices also are on the rise in central Alberta. Through September, average sale price was $318,364 compared with $295,583 a year ago.
Red Deer’s real estate market continues to play catch-up. There were 940 sales to the end of September, compared with 1,033 over the same period last year, 1,087 (2018) and 1,085 (2017).
“While sales have been improving over the past three months, it has not been enough to offset the pullbacks faced in early spring and year-to-date sales remain well below last year’s levels,” says a regional market analysis from the Alberta Real Estate Association.
However, the local market is coming off a strong September with 140 sales, up from 118 last year, 105 (2018) and 125 (2017).
“September was stronger than we thought it was going to be, for sure,” said Allan Melbourne, Central Alberta Realtors Association president.
“I don’t think anyone said back in August that September was going to be better or as good as August.”
Halfway through October, the market remains — if not hot — at least warm.
“It seems to be carrying right on. It doesn’t seem to have slowed down,” said Melbourne, who is a realtor with Re/Max Real Estate Central Alberta.
Forecasts of snow could have a chilling effect in more ways than one.
“If we do get some snow, it always cools down things,” he said.
The Alberta Real Estate Association says Red Deer’s strong September was driven by sales in the $200,000 to $299,000 range.
The average detached house price is $345,412, up four per cent from last year. Semi-detached prices are up 12.4 per cent to $251,218. Row homes declined slightly, down 1.4 per cent to $206,236. Apartments were hardest hit with average prices down 22.9 per cent to $175,741 year over year.
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A massive chunk of Toronto's Kensington Market is now for sale at $24 million – blogTO
A large portion of Toronto’s eclectic Kensington Market community is on the chopping block, with a group of properties hitting the market for a combined $24 million, and potential plans to redevelop the site with a new mid-rise building.
Realtors are shopping a group of seven properties around that includes 23 Saint Andrew Street plus 25 through 35 Kensington Avenue, located just northwest of the Dundas and Spadina intersection.
The document circulating mentions the possibility of purchasing additional properties at 21 and 23 Kensington Ave plus an easement lot attached to 23 St. Andrew, which would add 0.173 acres to the site and increase the developable footprint to 0.66 acres.
The site is currently home to a collection of Victorian semi-detached homes with commercial frontages and includes a handful of businesses such as vintage store Fashion Old and New.
If sold off, it is expected that the new owner of the properties would redevelop the site with a higher-density development, and the document specifically notes the potential for an eight-storey building on the land.
Toronto’s Official Plan does indeed designate this pocket of the city for mixed-use development, though, like pretty much everything else proposed under the city’s archaic zoning by-laws, any mid-rise plan would require a rezoning to move forward.
The site is located within the planned Kensington Market Heritage Conservation District (HCD), which aims to conserve the area’s cultural and built heritage. This would likely only prove a small speed bump in any redevelopment plans, as new development is still permitted in an HCD as long as it adheres to the surrounding style.
Federal Government Amends the Foreign Buyers Ban Regulations – British Columbia Real Estate Association
On March 27, 2023, the federal government announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s (the Act) accompanying Regulations, effective March 27, 2023. The Act was passed in June 2022 and the regulations came into force January 1, 2023.
Here’s what you need to know about the amendments to the Foreign Buyers Ban.
Enable more work permit holders to purchase a home to live in while working in Canada.
The amendments allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.
Repealing existing provision so the prohibition doesn’t apply to vacant land.
Repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.
Exception for development purposes.
This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province, and controlled by a non-Canadian.
Increasing the corporation foreign control threshold from 3 per cent to 10 per cent.
For the purposes of the Prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3 per cent to 10 per cent. This aligns with the Underused Housing Tax Act’s definition of ‘specified Canadian Corporation’.
While the BC Real Estate Association (BCREA) welcomes these amendments because they provide greater flexibility to newcomers and businesses seeking to contribute to Canada, we remain opposed to the legislation’s highly political and largely non-evidential assertion that foreign ownership plays a significant role in Canadian housing attainability.
The federal government’s need to amend this policy demonstrates its overly hasty policy-making process. The negative unintended consequences that necessitated the amendments could have been mitigated with proactive, fulsome sectoral consultation. The negative fallout from this legislation once again highlights a concerning trend at all levels of government to implement policy affecting major economic sectors without adequate advance sectoral consultation.
BCREA is committed to continuing our advocacy efforts calling for the establishment of a Permanent Housing Roundtable to bring together all stakeholders in the housing sphere and help address its challenges with an inclusive, holistic and innovative approach.
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