However, sales jumped 23.7 per cent last month compared to October 2019.
“The trends this fall are not reminiscent of what we would normally see — with October activity slowing slightly compared to September — and this is due to 2020 not being a typical year,” says RAHB president Kathy Della-Nebbia. “As a result of COVID-19, we experienced a delayed spring market and a surge in record activity over the summer months when the province began to reopen. As a result of this unstable year, active listings at the end of each month are some of the lowest we’ve seen, exacerbating low inventory levels and continuing to drive average price.”
The average sale price of a home last month was $721,523, an increase of 0.02 per cent from September, and up 19.8 per cent from October 2019.
New listings were down 12.8 per cent compared to September but rose 5.5 per cent over last October.
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“If demand remains high and the economy doesn’t shut down, we may not experience the slow down we saw with the first wave,” said Della-Nebbia. “The activity more likely to slow down is new listings, which will cause a further problem with supply and demand, and prices will continue to increase. These unprecedented times are where the services of a local RAHB realtor are invaluable. We will continue to work with clients to ensure their housing needs are met and will continue to use virtual technology and sanitary measures to combat COVID-19.”
3:59 Real estate market continuing to recover despite pandemic
Real estate market continuing to recover despite pandemic
The number of sales for single-family properties within the entire RAHB market increased in October by 13.3 per cent compared to the same month last year, the number of new listings was down 14.7 per cent over last year, and the average sale price increased by 19.4 per cent to $795,415.
Townhouse sales activity across the entire RAHB market area increased from October 2019 by 18 per cent, new listings were up 9.1 per cent, and the townhouse average sale price increased by 16.6 per cent to $603,229.
Apartment-style property sales increased by 32.8 per cent from October 2019, new listings increased by 78.8 per cent, and the average price increased by 9.7 per cent to $475,945.
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.
