Edmonton area home sales drop, single-family house prices still strong: Real estate report | Canada News Media
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Edmonton area home sales drop, single-family house prices still strong: Real estate report

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The Edmonton area housing drop continues, with a 12 per cent year-over-year decrease in home sales from August 2021, shows the latest industry data.

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 8.3 per cent compared to July 2022, said the Realtors Association of Edmonton (RAE) report released this week.

New residential listings, meanwhile, dropped 10.5 per cent month-over-month from July 2022 but saw a small increase of 0.9 per cent from August of last year.

“While we continue to see the Edmonton real estate market cooling down after a record-breaking period earlier this year, there is still a fair amount of activity happening,” said RAE chairman Paul Gravelle, in a news release.

“Although we’ve seen average prices decrease month-over-month across the board, single-family home prices are still above average from this time last year.”

Single-family home unit sales, at 1,034, were down both 17 per cent from August 2021 and 10.8 per cent from July 2022.

Condo unit sales, meanwhile, rose 5.8 per cent from August 2021 but were down 1.5 per cent from July 2022.

Duplex/rowhouse unit sales were down both 22.7 per cent year-over-year and 15 per cent from last month.

On the price side, single-family homes averaged $469,757, a 1.8 per cent year-over-year increase but a month-over-month decrease of 4.1 per cent.

Condominiums sold for an average of $220,051, a small drop of 3.3 per cent year-over-year and 4.2 per cent dip compared to July 2022.

Duplex prices increased 1.5 per cent from August 2021, at $360,570, but saw a 3.3 decrease from July 2022.

The MLS® Home Price Index (HPI) composite benchmark price in the GEA is $399,300, a 4.3 per cent increase from August 2021, with a small decrease of 2.8 per cent recorded from July 2022.

Single-family homes averaged 37 days on the market, up four days from July 2022, while condos averaged 54 days on the market, up by two days month-over-month. Duplexes averaged 37 days, a three-day increase compared to last month.

Overall, all residential listings averaged 42 days on the market, up three days month-over-month, with no change recorded when compared to August 2021.

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

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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.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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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.

The Canadian Press. All rights reserved.

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

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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.

The Canadian Press. All rights reserved.

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