Real eState

Edmonton real estate hits all-time highs for sales, home prices – Edmonton Journal

Published

3 years ago

April 10, 2022

The average price of all home types reaches $414,788, with single-family homes hitting an average of $503,711.

Along with single-family homes, demand was also strong among other housing types, including duplex and row housing in March. Photo by Larry Wong /Postmedia

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

The Edmonton area resale real estate market continued its torrid pace in March, surpassing a very strong February, setting all-time records for sales and prices.

“It’s been really good; the market is very strong, but we are still suffering from a lack of inventory,” says realtor Paul Gravelle, chair of the Realtors of Association of Edmonton, which released its March data this week.

Limited supply aside, total sales last month reached 3,283, surpassing an all-time record previously set in May 2007 at 2,839 sales.

Sales last month marked a nearly 35 per cent increase from the same month the previous year, and a jump of more than 45 per cent from February.

High demand also led to the average price for all homes — up by nearly six per cent, year over year — to reach a record high of $414,788.

The previous record had been just set in February at $401,390, RAE noted in a recent update.

Driving the market is demand for single-family homes, accounting for almost 60 per cent of all transactions in the Great Edmonton Area with 1,920 sales. That’s up from 1,584 for the same month last year.

In turn, the average price hit an all-time high at $503,711, also surpassing the previous record set in February at $493,543.

Demand was also strong among other housing types, including the duplex/row housing segment.

“We’re seeing about a 93 per cent listings-to-sales ratio for those types of homes, selling almost every duplex or townhome as soon as it hits the market,” Gravelle says.

In March, for example, 472 duplexes and townhouses listed while 441 sales occurred. Sales for the segment also jumped significantly — up 54 per cent, year over year.

Average prices increased to $389,321 by nearly 12 per cent. That broke a previous price record set in October 2007 of $367,964.

The long-struggling condominium apartment segment also saw growing sales. In fact, it saw the largest percentage jump in sales, year over year, rising by 67 per cent. Consequently, its average price grew almost seven per cent to $245,070.

The all-time high average price is $271,908 set in June 2007.

Although supply remains tight, March’s numbers were not without good news for would-be buyers.

“With the spring market upon us, we’re finally starting to see substantially more new listings,” Gravelle says.

Listings increased by almost 8 per cent over March 2021 to 4,298, well above historical average, though still below the record high of 4,982 listings set in June 2007.

Edmonton realtor John Carter says high demand is resulting in sellers receiving multiple offers, including from out-of-province house-hunters.

“With many multiple offers, we’re seeing a lot of Ontario or B.C. buyers coming away with the property,” says Carter, broker/owner of Re/Max River City.

While still a small share of the overall market, out-of-province buyers from more expensive markets are drawn to Edmonton because of its relatively low prices compared with British Columbia and central Ontario.

“The joke has been here that we’re a ‘Buy one, get one’ because the market is so affordable,” Carter adds.

Strong sales are likely to continue for the next two months with the spring market now well underway, Gravelle says.

“It’s going to have to slow down at some point,” he says. “But right now, there is no sign of it doing that.”

Adblock test (Why?)

Source link

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

3 days ago

November 6, 2024

Anne Joseph

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.

Source link

Real eState

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

Published

2 weeks ago

October 24, 2024

Anne Joseph

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.

Source link

Real eState

Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

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.

Source link