If you had a home to sell in the Chilliwack area, December probably wasn’t a good month for you. But if you were moving a townhouse or condominium, you may have done well.
While the average value of single-family homes took another hit last month, strata properties saw a bump.
In the latest numbers released by the Chilliwack and District Real Estate Board (CADREB), only 58 single-family dwellings sold in December. CADREB represents an area covering Yarrow to Lytton and you have to go back to January of 2019 and its 53 sales to find a slower month.
While Decembers are generally sluggish, December 2020 had 147 sales and December 2021 had 129.
The average value of a single-family home dropped 5.41 per cent last month, from $861,009 to $814,433. It’s the fourth dip in the last five months and a substantial decrease from December 2021’s average value of $1,047,591.
Single family homes are also taking longer to sell, from 23 days in December 2021 to 54 in December 2022.
But as mentioned off the top, not everything is gloomy. Thirty-four townhouses came off the market last month at an average value of $589,254, representing an 8.54 per cent jump from November’s $542,832. Townhouse values have risen in three of the last four months.
Fewer condominiums sold in December than November (22 versus 32), but they went for more money. The average value of a condo rose 7.97 per cent from $337,342 to $364,223.
Taken together, there were 125 residential property sales in Chilliwack last month, for an average value of $653,389. There were 13 sales over $1-million but zero sales over $2-million. The most popular price bracket, with 13 sales, was between $550,000 and $600,000.
Home sales were 35.4 per cent below the five-year average and 31.9 per cent below the 10-year average for the month of December.
“Although there were promising signs of activity at the end of 2022 after sales took a large dip in the wake of repeated interest rate hikes, the year was subdued on the whole compared to recent history,” said CADREB president Daryl Moniz. “The market popped up into balanced territory in the last month of the year, which continues the momentum of readjustment after bottoming out in June 2022 and holds some promise for a further re-balancing in 2023. It will be difficult to monitor trends with much foresight in the next few months as supply remains traditionally low at this time of year, but once the spring comes around we should have a better idea of how 2023 might play out.”
December ended with 707 listings on the market, substantially more than the record-low 264 that were available at the same point in 2021.
The 2022 real estate year in the Ottawa Valley ended with a little bump in what can best be described as a year to forget if you are a realtor or an individual searching for that perfect home at a reasonably affordable price.
The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totalled 83 units in December 2022. This was a substantial decline of 21 percent from December 2021 but still came in around average levels for this time of year.
The year started off slow and never really gained any momentum during the 12 months, a trend that the rest of Canada was mired in for the first eight months of the year.
In its final report of the year, the Canadian Real Estate Association (CREA) reported the national slower than usual real estate sales in the first half of the year was caused by a number of factors.
“In 2022, we saw one of the biggest single-year shifts on record in Canadian housing activity, from record highs last winter to just below the 10-year average to end the year,” said Jill Oudil, chair of CREA. “That said, the market’s adjustment to higher rates may be mostly in the rear-view mirror at this point. That could start to bring buyers back off the sidelines this spring.
Leading the way for the slump in sales was the uncertainty of the Canadian mortgage rates and the pattern of following the American bank rate that was drastically increased over the latter part of the year.
The Federal Reserve waged a war on inflation throughout 2022 and as a result the interest rate set by the Fed increased by a whopping 4.25 per cent during the 12 months. The high rate of inflation, the war in Ukraine, shortages of materials in the global supply chain all contributed to the massive increases.
In Canada, the Bank of Canada often followed suit. In October the cost of borrowing to purchase a home was determined by the national rate which sat at 1.75 percent. By December 2022, it was 4.25 per cent.
In Renfrew County, home sales were eight percent below the five-year average and six percent above the 10-year average for the month of December. On an annual basis home sales totalled 1,652 units over the course of 2022. This was a significant decrease of 25.9 percent from the same period in 2021.
The average price of homes sold in December 2022 was $402,804, down sharply by 10.1 per cent from December 2021.
The more comprehensive annual average price was $465,948, an increase of 14.2 per cent from all of 2021.
The dollar value of all home sales in December 2022 was $33.4 million, a big reduction of 28.9% from the same month in 2021.
The number of new listings increased by 8.2 per cent (five listings) from December 2021. There were 66 new residential listings in December 2022.
New listings were 9.1 per cent below the five-year average and 21.7 per cent below the 10-year average for the month of December.
Active residential listings numbered 226 units on the market at the end of December, more than double the levels from a year earlier, surging 113.2 per cent from the end of December 2021.
Active listings were 20.3 per cent below the five-year average and 55.5 per cent below the 10-year average for the month of December.
Months of inventory numbered 2.7 at the end of December 2022, up from the one month recorded at the end of December 2021 and below the long-run average of 7.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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Housing sales have been dropping in Saskatoon. However, sales are still higher than the 10-year-trend according to the Saskatchewan Realtors Association (SRA). For those searching for something a little above average, the Saskatoon market still has some of the top luxury homes to offer.
Here are six of the most expensive homes in the region.
A four-bedroom, six-bathroom home in the Nutana neighbourhood. The property has direct access to the South Saskatchewan River and offers captivating views. Over four-thousand square feet spread over three levels, including a developed basement. It also has an in-ground pool, courtyard and a dock at the river’s edge. The open-concept kitchen contains a butler’s pantry, coupled with a formal living and dining room on the main floor.
A four-bedroom, three-bath luxury home overlooking the South Saskatchewan River. This property was custom created to make the most of the breathtaking view. It offers floor-to-ceiling windows, an ultra-private rear courtyard with a built-in cooking area, a basement that has a space for a live-in nanny suite and a home gym. It also has a unique high-heel style bathtub in the master bedroom.
This five-bedroom, four-bathroom home offers views of the South Saskatchewan River. It is also automated, which means you can control elements through your phone, such as windows, temperature, surround sound, lighting and security system. There is also a four-car garage on the property, a second-flood deck and landscaping.
A five-bedroom, seven-bathroom home that offers a lot of space and comes completely furnished, except for the piano. In the basement, there is a theatre room, powder room, and storage room. The main level features a powder room, pantry and kitchen with Miele appliances. In the yard, there is a ground-level patio and a triple garage that offers direct entry to the basement.
One of Saskatoon’s original mansions, this 5-bedroom, 4-bathroom home was designed by Frank P. Martin, a well-known architect from the 1900s. Renovations have kept the original plan while updating the wiring, plumbing and more. This home features a private rooftop patio, a third-floor self-contained suite that is separate from the rest of the home, and the original carriage house with a loft.
This four-bedroom, three-bathroom home was built in 1962 by George Kerr in the Mid-Century Modern Style. It includes a large art studio, a floating staircase, a 20-foot ceiling and floor-to-ceiling windows. It offers views of the green space in Grosvenor Park and is a short walk to the University of Saskatchewan.