Real eState

Edmonton real estate market remains strong through February – Edmonton Journal

Published

3 years ago

March 3, 2022

In the greater Edmonton area, real estate transactions “nearly doubled” last month compared to a “normal February,” according to the Realtors Association of Edmonton. Photo by Gavin Young, File /Postmedia

Edmonton’s real estate market showed strong momentum last month, with business doubling compared to a “normal February.”

Tom Shearer, past chair of the Realtors Association of Edmonton, said there were 2,200 total transactions last month, when there is typically around 1,000 transactions. Total residential unit sales in the area are up 41.7 per cent from a year ago.

“I sincerely believe that Edmonton, the greater Edmonton region, is at the beginning of a nice cycle,” said Shearer. “You never know how long a cycle’s going to last, or what the high point is going to be, but I do feel like we’re at the beginning of a strong period.”

The average price of a single-family home hit a record high last month, coming in at $493,543 — a 12.7 per cent year-over-year increase. Single-family homes spent an average of 42 days, five less than last February, on the market with 35.6 per cent more units being sold.

Shearer said the increase in price is in part due to two dozen $1 million-plus homes sold in February.

“In Edmonton we’re lucky if we see more than 20 houses sell over $1 million,” in any given month, he said. “It’s not a common occurrence.”

Condominium sales in the greater Edmonton area saw a massive increase this February, with a 55.2 per cent sale increase from the year before. While condos flew off the market last month, they sold for 1.8 per cent less, at an average of $226,811.

Shearer said a strong February is not an every-year occurrence and the sales this February are similar to spring months, where the real estate market is typically busy.

With momentum carrying into 2022, Shearer identified two buying groups that have made their way into the Edmonton market and another group that he believes is on its way.

Shearer said local people looking to buy their first home or looking to buy a bigger house were the main source of activity in 2020 and 2021.

In the last couple of months, he said some out-of-town buyers with extra equity in their home have decided to buy an investment property in Edmonton, which hasn’t happened in a long time. Shearer pointed to the affordability of the city, its stable market and the upside of buying in Edmonton right now as reasons for the increase of sales from this group of buyers.

Now, Shearer has his sights on another group of buyers entering the local real estate market.

“People from outside Alberta deciding to move here because they see a good job opportunity, or they feel like their quality of life would be better if they moved here and that group of people hasn’t come yet, but I see that coming some time in the next year or two,” he said.

ktaniguchi@postmedia.com

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Real eState

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

Published

10 hours 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.

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Real eState

Here are some facts about British Columbia’s housing market

Published

1 week 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.

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

Published

1 week ago

October 17, 2024

Anne Joseph

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.

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