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Home prices, sales drop in northeastern Ontario, real estate board says

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There was more evidence of a cooling real estate market last month, as sales and prices declined in northeastern Ontario.

Statistics from the Canadian Real Estate Association (CREA) showed the biggest drop was in Sault Ste. Marie, where home sales totalled 131 units in October, down by 28.8 per cent from the same time period in 2021.

“Home sales were 13.4 per cent below the five-year average and 7.5 per cent below the 10-year average for the month of October,” the CREA said in a news release.

“On a year-to-date basis, home sales totaled 1,621 units over the first 10 months of the year. This was a substantial decrease of 23.2 per cent from the same period in 2021.”

The average price of homes sold last month in the Sault was $296,629, a gain of 7.6 per cent from October 2021.

“The more comprehensive year-to-date average price was $319,273, increasing by 19.2 per cent from the first 10 months of 2021,” the CREA said.

“The dollar value of all home sales in October 2022 was $38.9 million, a sharp decrease of 23.4 per cent from the same month in 2021.”

There was also a sharp drop in Timmins, where 125 homes were sold in October, down 25.1 per cent compared to the same period in 2021.

“Home sales were 12.6 per cent below the five-year average and 2.3 per cent above the 10-year average for the month of October,” the CREA said.

“On a year-to-date basis, home sales totaled 1,433 units over the first 10 months of the year, declining 15.2 per cent from the same period in 2021.”

The average price of homes sold in Timmins last month was $256,942, a gain of 8.3 per cent from October 2021. The dollar value of all home sales in October 2022 was $32.1 million, falling 19 per cent from the same month in 2021.

It was a similar story in North Bay, where home sales dropped 23 per cent compared to October 2021.

“On a year-to-date basis, home sales totalled 1,053 units over the first 10 months of the year,” the CREA said.

“This was a large decline of 23.1 per cent from the same period in 2021.”

The average price of homes sold in October 2022 was $400,593, decreasing by 9.7 per cent from October 2021.

The latest figures for Greater Sudbury are not yet available, however, statistics from September showed a decline of 16. 3 per cent in home sales.

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

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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.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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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.

The Canadian Press. All rights reserved.

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

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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.

The Canadian Press. All rights reserved.

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