By COLLIN GALLANT on January 16, 2020.
Medicine Hat’s real estate market stayed on the same track in 2019, and according to the new head of the local real estate board, more of the same should be expected moving forward.
According to new year-end figures, activity and value essentially stood pat with the previous year — home prices increased just 0.5 per cent – with only listing showing some minor fluctuation.
“All our numbers are very similar to last year,” said Dionne Todd, the incoming president of the Medicine Hat Real Estate Board.
“My personal opinion is that we’re going to be similar to where we are and have been for a while.”
The talk throughout Alberta’s real estate sector in early 2020 is that markets are seeing a “new normal” with more cautious and price conscious consumers across the province in a buyers market.
Poor economic outlook and continuing woe in the oilpatch is affecting markets, according to a report by the Alberta Real Estate Association.
That doesn’t necessarily translate directly to Medicine Hat, said Todd, who felt the local market was more insulated, but locals shouldn’t expect to see big fluctuations either.
“The past (strong markets) aren’t going to present themselves anytime soon, considering the economy and gas and oil leaving the city,” she told the News.
“I don’t anticipate seeing booms or fluctuations, but we’ve never really followed the trends in the large cities either. We definitely have our own dips and valleys.”
In Medicine Hat during 2019, a total of 1,290 properties changed hands for a total of $271.8 million, which is eight fewer sales than 2018 and $1 million less in receipt value than the whole-year figures in 2018.
That’s essentially even, considering the size on the market, and again on par with figures in three of the previous four years – the outlier being a minor market uptick in 2017.
The average home price rose slightly to $278,700 during the past 12 months, less than a percentage point higher as listings eventually rose through the year, likely keeping prices in check.
That supply adds to the resale market as Medicine Hat saw a severe downturn in new home construction last year.
New year-end figures from the city planning department state only 20 new home permits were issued last year, fewer than half the previous year and only one-fifth the total from five years ago.
That likely represents a more cautious approach from builders, and could mean better conditions for a buyers.
“There’s more to view and choose from, interest rates are still low – there are still a lot of positive things happening,” said Todd.
The Alberta Real Estate Association presented its year-end picture for the entire province this week, stating that inventory levels eased late in the year in the major centres of Calgary and Edmonton, but not enough to fix a situation that analysts say is oversupplied.
Most rural regions saw losses as the economy sputtered, Lethbridge made small gains, while Medicine Hat gained listing late in the year, causing prices to fall. It wasn’t enough to offset stronger results in the summer, however, a summary stated.
Specific to the Hat in December 2019, a total of 66 single-family homes and other residential sales closed for a grand total of $16.8 million. The month’s aggregate figure was pushed higher by four commercial transactions valued at $1.4 million.
One year earlier, higher-priced home sales, compared to condo sales and business sales set the December figure at $18.2 million, while each month recorded 70 transactions.
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Just the stats! 2019 Revelstoke real estate numbers summary – Revelstoke Mountaineer
This article first appeared in print in the January 2020 issue of Revelstoke Mountaineer Magazine.
Each quarter, Emily Beaumont reviews Revelstoke real estate statistics for our Just the Stats! column. This quarter, she has reviewed the 2019 statistics, minus the last couple weeks of the year due to our press deadline.
Winter has once again arrived in our snow globe town of Revelstoke and the real estate market remains active.
As of mid-December, there are 91 Single Family Residential sales compared to 94 in 2018.
In 2019, 61 sales were in in the $400,000 to $700,000 range, 15 were under $400,000 and 15 above $700,000.
The average sale price for a single-family residential home in 2019 was $567,000 compared to $538,000 in 2018.
There was an increase in the overall sales volume by 2%. The number of sales is down, but the prices are just slightly up.
The average number of days on market for 2019 is down to 70 from 89 in 2018. Sellers are updating listing prices and the demand for single-family homes remains strong.
Land only sales are up, with 56 sales in 2019 compared to just 31 sales in 2018.
The average sale price for land is also up, at $251,000 compared to $193,000 in 2018.
The average days-on-market-to-sell was 110, compared to 68 days in 2018. Prices are higher, which accounts for the additional time to sell, but there remains a strong demand for single family lots.
2020 will be an exciting year with plans for new subdivisions, homes and townhomes.
Wishing everyone the magic of the season from the team at Royal LePage Revelstoke!
In pictures: The most expensive real estate listings in Saskatoon – CTV News
While Canada Mortgage & Housing Corporation (CMHC) predicts the city’s average home price will sit somewhere between $275,100 and $283,900 in 2020, there are still plenty of intriguing possibilities for those with deeper pockets who are looking to spend.
Saskatoon’s most expensive listing, as of January 2020, is 934 Saskatchewan Crescent East at $4.6 million.
The 4,684-square-foot home is packed with amenities, including a home gym, elevator, panoramic river views, wine cellar — and of course, this high-heeled shaped bathtub.
The listing made headlines in July, when it became the most expensive house ever listed in Saskatoon. According to the real estate agent, the two-storey 15-room home belongs to a couple who own an excavating company, and are looking to downsize.
Another Nutana residence located at 209 Saskatchewan Crecent West is the city’s second most expensive home with an asking price of $3.98 million. It also features unobstructed views of the South Saskatchewan River from an enviable vantage point, a living room with lofty ceilings and a kitchen fully equpped with high-end appliances.
Next up: 318 Sturgeon Drive, listed at $2.99 million
The 3,860-square-foot home boasts outstanding views of the South Saskatchewan River from any angle of the home.
The two-storey home’s windows, blinds, temperature and lighting can be completely controlled by a smart phone or tablet.
674 Saskatchewan Crescent East is fourth on the list, at $2.97 million.
This 2,900-square-foot two-storey home is just down the street from Saskatoon’s most expensive listing.
The home features floor-to-ceiling glass windows around the home with views of the city skyline.
For an unobstucted sight line, the property includes a rooftop terrace —and don’t forget a bottle of wine from the 700-bottle temperature-controlled wine room.
This three-storey home, with seven bedrooms and six bathrooms, is a custom build in Willowgrove. Custom features include a library with a 20-foot ceiling, and a staircase inspired by the famous Shirley Plantation in Geogia that was build in 1613.
Fifth on the list is located in Arbor Creek, 118 Kaplan Green listed for $2.19 million.
This four bedroom, four bathroom home overlooks the Erindale Lake. The 2,746-square-foot home has three gas fireplaces. Its main selling point is the basement, featuring a games room and two bars.
Photos from Realtor.ca.
Kimberley lifestyle appeals to newcomer – so does its real estate market! – Kimberley Bulletin
Kimberley residents are familiar with the varied lifestyle options and the range of activities available in and around the community.
Realtor Dan Keeley and his family, who chose Kimberley as a place to relocate from Abbotsford, B.C. in 2018, have experienced much in their relatively short time here. Winters might include great skiing close by at Kimberley Alpine Resort, swimming at the Aquatic Centre, skating or taking in a Dynamiters hockey game at the Civic Centre or simply enjoying a family dinner in town. For Dan, warmer weather means getting out his motorcycle and riding the area, or working on his pair of 1967 International trucks in between taking day trips to local lakes and rivers.
“It’s family friendly and a good place to raise kids,” he says, adding there’s numerous ways to get involved in community activities as well. “Everybody’s happy to be here.”
A hidden gem in the Kootenays
Travelling around and living in the area has given Dan, an agent with Royal LePage East Kootenay Realty, good perspective on the people who live here and the residential and investment real estate market.
“I see Kimberley as a hidden little gem,” says Dan, who moved here with his wife and three children from Abbotsford, a busy city in southwest B.C. “It’s a ski town, but we haven’t seen the price increases that other ski towns such as Fernie have experienced. That means it’s a lot more affordable for families.”
Demand for rentals strong in area
One aspect of the local housing market he’s noticed is the low level of available rental accommodation – the city has a vacancy rate of less than one per cent. “That’s good news for someone looking to purchase an investment property,” Dan says. He not only has a good handle on that area of the market, he’s experienced in property management and strata management. That comes in handy for helping you find good tenants and setting appropriate rental rates.
To sell or renovate?
Kimberley is blessed with many older homes that still have “good bones,” which is leading many homeowners to undertake renovations on their kitchens, bathrooms and other living spaces. Drawing on his years working with homeowners in the busy Fraser Valley real estate market, and his understanding of sales trends here, Dan can advise you on whether it makes financial sense to do a major renovation, or sell and find a home that better suits your lifestyle.
He invites you to give him a shout at 250-581-6683 to talk about your property ownership options in and around Kimberley. You can also email him at email@example.com.
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