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Low inventory, winter weather hampers hampering Powell River real estate market – My Powell River Now



It’s been a quiet 2020 so far for Powell River real estate.

Powell River/Sunshine Coast Real Estate Board president, Neil Frost, said low inventory, the forestry workers strike, and winter weather have hampered the local market.

“2019 ended overall fairly strong, all the predictions were to have slightly less volume and prices the same or slightly up, which bore true,” Frost said.

“December/January were a little slower. That’s typical season stuff and typical, based on the weather. January was a little quieter. We’re all very hopeful that’s going to bounce back in the spring. All the current forecasts are for a slight increase in volume this year so we’re looking forward to that.”

Frost said that while tighter mortgage rules, including the B-20 “stress test” have been a challenge for every market, there are other factors at play.

“I wouldn’t say that the B-20 is responsible, wholly, for the slowdown here. I would say that’s more due to inventory. We have a low inventory and it hasn’t replenished this year. I hate to call it a slowdown because 2019 was very busy but compared to the previous couple of years – 2016, 2017, 2018… we were down in volume.”

Meanwhile, Frost said the stress test has reduced people’s buying power.

“It absolutely has kept some of the people out of our market but I would say that wasn’t so much as a factor because it was more of an inventory.”

Frost said that because of the tighter mortgage rules, some buyers have been forced to “settle,” so instead of buying a $350,000 home, they had to buy a $300,000 home.

“Even a difference of 20, 30 grand can make a big difference in Powell River,” Frost said.  

He said $350,000 is your starter home now, while $375,000 to $390,000 is “your average price for a decent home.”

Frost added that a house worth $300,000 will likely “need some work,” but for anything under that, you “start getting into the fixer uppers.”

Frost crunched numbers from 2019:

  • dwelling/housing units sold 2019 (excluding raw land, float cabins) – 315
  • total sales 2018 excluding commercial – 401
  • dwelling/housing units sold in 2018 (excluding raw land, float cabins) – 358

“Following a quiet November, home sales rebounded in December to finish the year on a strong note,” Frost said. 

“Despite a tight balance between supply and demand, the average home price was little changed in 2019 compared to 2018 following a number of years of sizable gains.”

He added, “If we would have had 25 more average single family homes to sell we would have sold them all.”

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Local builders still busy as real estate market takes a break – Times Colonist



The real estate market may be taking a breather, but there has been no such break for homebuilders in the region judging by new housing start figures from the Canada Mortgage and Housing Corporation.

The numbers, released Tuesday, show 2,681 new homes were started through the first seven months of this year in Greater Victoria, ahead of last year’s pace when 2,500 new units were started.

It’s a tale of multi-family projects in two parts of the region, said Casey Edge, executive director of the Victoria Residential Builders Association.

Edge said Victoria and Langford are once again doing all of the heavy lifting.

“There are a bunch of municipalities that just fly under the radar every year, like Oak Bay that still doesn’t have zoning for duplex housing,” he said noting Oak Bay has built just 19 new homes this year, while North Saanich has started 16.

“And people question why do we have a housing affordability problem,” he said.

“Well, you have just a handful of municipalities that are really carrying the weight for 13 municipalities.”

The lion’s share has been done by Victoria so far this year.

With a focus on condo and rental apartments, the city has seen 1,219 homes started, well ahead of last year’s 696. Langford has started 663 so far this year, off last year’s pace of 862 through the end of July.

Edge said what’s missing is the missing middle housing — townhomes and houseplexes, rather than the usual condos and single-family homes — that can suit small families and provide more housing options in all parts of the region.

The fact builders in at least two of the region’s centres are busy may help the market catch up a bit, as the number of property sales has slowed considerably. The B.C. Real Estate Association released numbers on Tuesday showing Victoria’s sales dropped 37.5 per cent in July compared with the same time last year, while the Island saw a 40 per cent drop and the province fell 42 per cent.

“High mortgage rates continued to lower sales activity in July,” said BCREA chief economist Brendon Ogmundson.

“Many regions around the province have seen sales slip to levels well below normal for this time of year.”

At the same time, provincial active listings rose 28 per cent year-over-year.

Inventories remain quite low, but the slow pace of sales has tipped some markets into ­balanced or even buyers’ market territory, the association noted.

Year-to-date, residential unit sales were down 29.3 per cent to 56,801 units, while the average residential price was up 13.2 per cent to $1.03 million.

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Podcast: Real estate marketing strategy with Publish Partners | RENX – Real Estate News EXchange



Podcast: Real World of Real Estate with Gerald Tostowaryk

Max Jakubke, principal and founder of Publish Partners, and the firm’s digital marketing director Bianca Elliot discuss numerous strategies for effective online real estate marketing with host Gerald Tostowaryk.

One of the focuses for the episode, the second in a series on real estate marketing, is using data effectively to improve your storytelling ability about a project or development.

As part of the discussion, Jakubke and Elliot share some examples of successful campaigns.

Publish Partners is an international firm based in Vancouver.

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Perfect time for sellers in Saskatchewan real estate market – Global News



For people who analyze statistics for a living, interpreting numbers is often about perspective.

For example, take home sales in Saskatchewan last month.

The province saw a 10-per cent reduction in home sales from 2021. However, last year was a record year for home sales in Saskatchewan.

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“Overall, most regional markets are starting to shift away from the exceptionally tight market conditions seen earlier in the year,” the Saskatchewan Realtors Association said in a press release.

“However, most regional markets still face conditions that are tighter this July then they were last year.”

One of the reasons for the reduction is the spending issues many people are facing as inflation has drove prices of everyday items up. Another reason the market has slowed is the simple fact it’s summer and people aren’t home.

“People are on holidays, they’re out farming and so typically we see a slower market and people are maybe not used to that because during the pandemic we had a market that was very busy throughout the year,” said Chris Guérette, the CEO of Saskatchewan Realtors Association.

“So we are returning to sort of pre-pandemic activity during this time of the year.”

Buyers are more leaning towards more homes priced under $400,000, which as a result means less are available and slowing down sales.

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“Inventory levels trended up in July over previous months, but every region still faced inventory levels that were lower than the previous year and long-term averages,” the press release read.

“Overall, most regional markets are starting to shift away from the exceptionally tight market conditions seen earlier in the year.  However, most regional markets still face conditions that are tighter this July then they were last year.

Guérette said overall, the provinces market it a lot more stable than other places.

“We know that we won’t have the drastic ups & downs that other large municipalities are facing & other provinces are facing at the time right now. So that means places like Ontario and B.C are seeing some really large dips and some swings.”

Guérette said it is a sellers’ market right now, with the average price of a home in Saskatchewan going up to $335,000.

Click to play video: 'How to send your kids off and prepare for university housing.'

How to send your kids off and prepare for university housing.

How to send your kids off and prepare for university housing.

© 2022 Global News, a division of Corus Entertainment Inc.

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