Real eState

Greater Victoria real estate sales picked up mid-August

Published

1 year ago

September 4, 2023

Real estate sales in August reflected a typical late summer market — quiet in the first part of the month and then picking up in the final weeks, said the chairperson of the Victoria Real Estate Board.

The brisk sales pace in the later part of August may continue into September, Graden Sol said Friday when the board’s monthly data was released.

There were 544 sales through the board last month, up by 13.8 per cent from 478 in August 2022. Last month’s number of sales slid by 8.6 per cent overall from July.

The benchmark price for a single-family house in Greater Victoria’s core (Saanich, Oak Bay, Victoria, Esquimalt and View Royal) in August was $1.324 million, down slightly from $1.327 in the same month in 2022.

It rose from July’s price of $1.318 million.

Most residential properties for sale in the capital region market were single-family, which is “generally at the top price point,” Sol said.

The benchmark for a condominium in the core was $582,000 in August, marginally below the same month in 2022 when it was $583,700.

The July condo price was $578,000.

Inventory of properties for sale remains low at 2,490 listings, although it is 16.5 per cent higher than the 2,137 listing at the end of August 2022.

“The focus in our market and by all levels of government needs to be on opening up more supply,” Sol said.

Capital region inventory levels are not high enough to result in a balanced market, he said, noting that it stood at 5,000 a decade ago.

Non-single-family housing, such as townhomes and condos, “represent only 37.1 per cent of listings for sale,” Sol said.

Townhomes, which are what many families are drawn to, represent just 9.8 per cent of residential property for sale, he said.

“This imbalance in the mix of housing options means there is the potential for more price pressure on these types of properties because demand is concentrated at more attainable price points.”

The total value of all properties sold in August was $539.9 million.

cjwilson@timescolonist.com

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Real eState

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

Published

5 days 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

2 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.

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Real eState

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

Published

2 weeks 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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