March monthly prices rise in Niagara real estate; first time since April 2022 | Canada News Media
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March monthly prices rise in Niagara real estate; first time since April 2022

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It may only be a modest increase but it is an increase just the same — for the first time since April 2022 the average price of a Niagara home grew month-over-month.

For Niagara Association of Realtors, the recent numbers indicate a recovering market, with cautious but eager buyers and steady prices.

The association’s newly released statistics showed the average price of a home, sales and new listings all increased from February to March, jumping 2.25 per cent, 24.72 per cent and 38 per cent, respectively.

Year-over-year, however, those number are starkly distant, with the average price falling 21.8 per cent compared to March 2022.

But association president Amy Layton said it is time to focus on the month-to-month numbers, with real estate statistics during the pandemic “the most inflated prices we’ve seen.” Compared to early 2020, Niagara home prices are up, an average of seven per cent a year.

“This is the second month in a row we’ve seen increases in the number of listings and the number of sales, which is a really good sign and prices are holding their own,” said Layton.

“We’re OK. I know it sounds simple and vague but … this is what the economics have been saying since last year, that this year would be a year of recovery and (quarter) one is showing us, in black and white, we’re recovering.”

 

There is no shortage of buyers but what remains low is inventory. Layton said there are people who want to, but do not need to, sell their homes and that is contributing to the lack of listings. Part of the real estate cautiousness has to do with falling real estate prices in 2022 and wanting to see what the first quarter of 2023 would bring.

But a large role has also been the eight interest rate increases by the Bank of Canada to curb inflation.

Now that it appears those rate hikes have slowed or ended, with the bank holding steady in March, Layton said she thinks that will “encourage people to put their home on the market.”

For some individuals who remain on the sidelines, part of the challenge they’re facing in entering the market is the lack of townhomes and bungalows in Niagara. Specifically for the older population looking to downsize, they can’t sell their homes if they have nowhere to go.

“I know that it is on the mind of a lot of builders that this is what people want, this is what people need,” said Layton. “We don’t have a ton of bungalow townhouse’s here either. I have another client (who will) put her place up for sale tomorrow if I can find her a bungalow townhouse to buy. Not easy, we don’t have a lot of them.”

Month-over-month, the only municipality in Niagara that did not see an increase in value was Lincoln, where the average sale price dipped to $737,400 in March compared to $745,500 in February.

Last month, the benchmark price for a Niagara home was $641,600, up slightly from last month’s $627,500, but down 21.8 per cent — from $820,100 — compared to March 2022. The average day on market decreased to 41 from 48, month-over-month, but increased to 41 from 11 year-over-year.

 

The number of new listings increased to 1,046 in March from 87 in February, but decreased year-over-year to 1,045 from 1,293. The number of sales also increased month-over-month to 560 sales from 448, but a drop from 830 a year ago.

 

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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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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