The Association says that a total of 442 residential unit sales were recorded by the Multiple Listing Service in September 2020, a rise of 52.9 per cent over the same time last year.
The average MLS residential price in the region was $395,768, up 11.3 per cent from last year. Total sales in September valued $174.9 million, a 69 per cent rise over September 2019.
This is the fourth month in a row that real estate sales have broken records in the region.
“The impact we were expecting Covid-19 to bring is not reflecting on the real estate market for several reasons. The first is pent-up demand over the last 5 months, and the fact that people may not want to wait until winter arrives. Moreover, Realtors® in the region have adapted well to changing market scenarios and have been quite successful in minimizing the impact of the pandemic. We are sitting on the cusp of a major transition in our daily lives but real estate buyer behaviour in the Kootenays appears to be unaffected,” said KAR President Tyler Hancock.
“Sales numbers may seem to be the go-to parameter for analysts to determine market health but as a Realtor, there is more to it than that,” he said. “Although the numbers may seem extraordinary right now, we must not forget that these are extraordinary times as well. It is great to see sales records being broken, but we cannot use this to forecast how the market will perform as we approach winter.”
One concern is inventory levels, which continue to be low, and that may determine market behaviour in the days to come.
“I remember mentioning this last month that average prices will reach the $400k mark by September and today we’re at $395k. Against the ongoing trend, if we can get more homes on the market, average prices in the region will stabilize,” adds Hancock.
Year-to-date (YTD), Kootenay MLS residential sales dollar in September was $932.6 million, 17.2 per cent higher than what it was last year. YTD Residential unit sales were up for the first time this year by 7.6 per cent at 2486 units, while the average MLS residential price (YTD) was up by 8.9 per cent to $375,141.
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.
