The Medicine Hat real estate market saw sales remain steady and house prices rise in 2020 following dire predictions about the effect of the coronavirus pandemic on economic confidence.–NEWS PHOTO COLLIN GALLANT
Medicine Hat’s real estate market managed to make gains in 2020, but largely missed an unexpected updraft in activity that lifted Canadian home values beyond all expectation in a pandemic year, said the new president of the Medicine Hat Real Estate Board.
“There’s some uncertainty still in the province and the world, obviously, but we (in Medicine Hat) were a lot more consistent with sales,” said Frank Devine, who took over the post on Jan. 1. “That’s what you want. It is better for everybody.”
He credited low interest rates, attitudes of home buyers and Medicine Hat being relatively insulated from major job losses as the drivers of the market in 2020.
Year-end statistics for the local real estate board released this month show price gains for single-family homes on a typical number of sales – easily beating worst-case scenarios envisioned in the spring.
Some observers felt a steep drop in economic activity caused by the pandemic and lingering recovery would lead to major price reductions as stressed sellers sought to move properties.
Or, fewer sales generally would result from uncertainty about the economic outlook or job security.
Realtors were also hampered in holding open houses, or cancelled them entirely, like the local board did in December, to meet health protocols.
However, Canadian homebuyers responded to the pandemic by closing deals at prices higher.
The Canadian Real Estate Association stated this week that across Canada housing prices rose nearly 14 per cent, driven by major eastern centres. But even the regional gains in Calgary and Edmonton were around five per cent.
In Medicine Hat, year-end figures for 2020 show a steady number of sales of detached homes but at eight per cent higher value. That brought the average selling price of a single-family home in 2020 to $322,500.
Year-to-year comparisons are difficult because the local board changed its reporting format in the summer.
However, a higher number of sales in both semi-detached and row housing showed mixed results on pricing, while the condo market saw results edge lower from 2019.
The average price for a semi-detached unit sale closing price rose to $276,500, the town home’s fell to $199,500, and the average condo came in at $168,600.
At the same time, inventory on the market rose in classes outside the traditional home and lot, while those residences sold faster than new listings came on.
That is a likely result of preference changes away from more communal living environments, said Devine.
“The apartment-style housing may continue to suffer,” said Devine, stating that the fear of a huge number of homes coming on the market as the economy soured didn’t materialize.
As well, new home buyers were likely encouraged to get their situations settled.
“I think the bigger effect on the market will be low interest rates,” said Devine. “Here, you can literally buy a house and live in it for less than the cost of an apartment.”
Economists predict that prolonged periods of low interest rates may need to kindle economic activity coming out of the pandemic. To this point the lending rates have sunk below levels once thought to be the cellar floor. The nation’s best five-year closed rate was a measly 1.64 per cent, though the average was closer to 3.3 per cent. The average of floating rates was 2.4 per cent, the lowest in at least five years.
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.
