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.
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.
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.
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.
