The Greater Victoria real estate market is off to a solid start in 2020, but a lack of available inventory could see the number of home sales slip in the coming months.
Figures released Monday by the Victoria Real Estate Board show there were 411 sales in the region in January, a 24.9% increase over January 2019 when there were 329.
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“Our new year is already showing a strong distinction from the year previous. We’ve returned to more traditional January sales numbers, which tend to be over 400 sales,” board president Sandi-Jo Ayers said in a statement.
But even that level of sales is a relatively recent phenomenon.
There were 431 sales in January 2018, 478 in January 1017 and 539 in January 2016, but in the previous seven years the number of sales ranged between 240 and 386.
The number of available listings continues to be a problem for the real estate industry.
The board said there were 1,958 active listings at the end of January, a 4.8% drop from the same time last year when there were 2,057.
“Unfortunately, we have not seen a corresponding increase in listings alongside the demand, so buyers in the low- to mid-price segment of our market may find themselves in competition for desirable properties,” said Ayers.
“Pressure on our market has been slowly returning. With not enough inventory to satisfy demand, people occupying the middle rung of our property ladder have limited options, which means less movement to make room for those hoping to move or to buy their first homes.”
Ayers said the measures that the two senior levels of government recently introduced — mortgage stress tests and new foreign-buyer taxes designed to make homes more affordable — have not worked and it’s time government turned its hand to improving the housing supply.
“Our municipalities working with developers to cut red tape and reduce costs should help to introduce more housing opportunities and alleviate some pressure,” she said.
The benchmark prices of single-family homes, condos and townhomes have all increased over the last year.
In Greater Victoria, the benchmark price of a single-family home was $756,000 last month, up from $734,900 in January 2019, while at the same time a condo increased to $510,200 from $492,100 and a townhome to $603,000 from $591,500.
In the Victoria core — which includes Victoria, Oak Bay, Saanich, Esquimalt, Vic West and View Royal — the benchmark price for a single-family home was $858,500 in January, up from $846,900 a year ago; a condo in the core increased to $521,000 from $500,500 and a townhome was $667,400 up from $652,200.
North of the Malahat, home sales slowed down in January with just 174 homes changing hands between Mill Bay and the north tip of the Island compared to 208 in that territory in January 2019.
The benchmark price of a single-family home within the Vancouver Island Real Estate Board was $515,400 in January, a 4% increase from a year ago, while condo prices rose 5% over the last year to $309,300.
In the Campbell River area, the price of a single-family home was $437,300 in January, an increase of 4% over the last year.
In the Comox Valley, the price of a single-family home rose 4% to $521,900, Duncan increased 3% to $478,000, Nanaimo jumped 4% to $562,700 and Port Alberni rose 10% to $328,900.
The only area to see a drop was in Parksville-Qualicum, which saw its benchmark price drop slightly to $571,400.
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.
