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Montreal had weakest January home sales in four years: Quebec real estate association

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MONTREAL — Home sales in Greater Montreal sank in January to a level the market hasn’t seen since 2018 as listings dropped and prices soared.

The Quebec Professional Association of Real Estate Brokers says sales last month totalled 2,836, down 27 per cent from 3,905 last January.

New listings fell by a mere one per cent to 4,899 last month from 4,928 in the prior January.

Active listings saw an even larger decrease, dropping 15 per cent to 9,242 last month from 10,872 during the same time last year.

However, prices were up with single-family homes rising 25 per cent to $541,000 and condominiums hitting $381,000, a 19 per cent increase from last year.

Prices for plexes reached a new price record for January as they climbed nine per cent to $712,500.

The association calls the prices and market conditions extreme and says they are handing an advantage to sellers.

“The combination of the return of tighter health restrictions due to the Omicron wave, the expected upward movement in interest rates which are already seen in five-year fixed mortgage rates, and the arrival of new opportunities at the start of the year has once again made the acquisition of a new property a priority for experienced buyers and investors,” says Charles Brant, the association’s director of market analysis, in a release.

“This renewed interest is particularly evident in the Island of Montreal’s peripheral areas. With rising sales in higher price segments while down in others, we are noticing a further acceleration in prices, particularly on the North Shore, the South Shore, Vaudreuil-Soulanges and Saint-Jean-sur-Richelieu.”

This report by The Canadian Press was first published Feb. 4, 2022.

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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.

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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.

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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.

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