More Chilliwack real estate records fall as CADREB releases February numbers – Agassiz Harrison Observer - Agassiz Harrison Observer | Canada News Media
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More Chilliwack real estate records fall as CADREB releases February numbers – Agassiz Harrison Observer – Agassiz Harrison Observer

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Real estate prices in the Chilliwack-to-Hope region have risen 29.51 per cent over the last 12 months, bringing the average value of all residential properties up to $877,321.

The Chilliwack and District Real Estate Board (CADREB) released its month end numbers for February, and the figures sing a familiar tune.

“A backlog of home buyers continues to hold prices strong in Chilliwack and area, as February was a month of lightning quick sales, multiple offers, demand for inventory and record dollar values,” the news release noted.

There were actually fewer sales in February 2022 (430) than there were in February 2021 (533), but properties sold for so much more. Last month’s total was $7 million more than it was 12 months ago, leading to the higher average value.

The 430 properties totaled $368,474,817.

That’s the third highest monthly total in CADREB stats dating back to 2007. The all-time monthly high was $486,849,694 in April 2021, eclipsing $421,026,695 in March 2021.

Single-family homes are where the biggest increases continue to be seen.

RELATED: More supply in January’s real estate market, but Chilliwack prices keep rising

RELATED: Red hot Chilliwack real estate sales in 2021 unlikely to continue for 2022

The average value of those set another record last month. After nudging over $1 million for the first time ever in December, February’s average on 215 sales hit $1,118,254.

There were unprecedented sales of 146 homes over the $1 million mark, including four over $2 million.

“Demand for housing will continue as we recently learned that the population growth in Chilliwack is the second highest in the province,” said newly-installed CADREB president Daryl Moniz.

Townhouse sales nearly doubled from January (49) to February (92), with the average value settling in a record-setting $763,252.

Condominium sales did double from January (46) to February (93), with the average value of $434,358 coming close to the all-time high of $444,839 set in August 2021.

While more and more real estate signs are popping up as the weather warms, real estate inventory continues to be very low.

There were 543 listings on the market at month’s end, which is 10th lowest all time.

“Supply issues will continue to keep the market at current levels of increases,” Moniz suggested. “There is still lots of demand for housing, but inventory isn’t keeping pace, which keeps prices buoyant. Even with the Bank of Canada poised to increase lending rates slightly, don’t expect prices in the area to cool down anytime soon.”

The CADREB region includes Chilliwack and Hope along with Yarrow, Agassiz and Harrison.


@ProgressSports
eric.welsh@hopestandard.com

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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.

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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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