As multiple real estate markets across the country deal with the lack of real estate inventory, Niagara region’s numbers are looking good, leaning towards a buyer’s market, according to real estate officials.
The report from online real estate firm Zoocasa looked at the hottest buyers’ and sellers’ markets of spring 2023 across Canada concluding despite the country having the lowest available housing inventory across all markets – 1.8 months of available inventory – some markets are tilting closer to a buyer’s market with more inventory than potential home buyers.
Niagara region topped the list as one of the best markets in Canada with a sales-to-new-listings ratio (SNLR) of 42 per cent, an almost 50 per cent drop year-over-year from 2022, showing Niagara region as a balanced market.
To be considered a buyer’s market, according to the report, the SNLR would have to be below 40 per cent, meaning more listings than buyers, denoting more options and ability to haggle conditions such as closing price.
Amy Layton, 2023 president for the Niagara Association of Realtors agreed stating Niagara region was in a balanced market, where it would benefit buyers and sellers to negotiate to come to terms on the sale of real estate.
“We’re headed into a balanced market, looking at sales, at this point, I’m looking at it month-over-month, this time last year, we started to change about May and June,” she said.
“We’re still seeing quite a gap because that craziness and much inflated prices happening at the beginning of the year.”
Layton added listings between March and April of this year fell by about 70 listings, which includes all housing types.
Layton said despite some parts of the country seeing the lowest available market inventory of almost two months, Niagara region is seeing more than double with 4.4 months of inventory.
“That just means if no more houses went on the market at all, it would take 4.4 months to sell what’s there right now,” she said.
“This time last year, it was a lot lower than at the beginning of 2022, we had a point where we had less than a month of inventory, which is tight.”
Layton was optimistic for buyers in a balanced market, because as she said it allows for buyers to have more negotiations and sellers need to take buyers concerns into consideration more.
“Buyers have an opportunity to have conditions again in a balanced market,” she said.
“They can go in and make an offer with a condition of financing, home inspection, maybe having their lawyer look things over and that’s what we want.”
She said when it was a seller’s market, it was more like a competition for buyers.
“It gets to be like a game. Like, ‘I won, I was the highest bidder. I won’ and if the house doesn’t appraise then we have a problem,” she said.
She explained if someone bid on a house for $810,000 and it was appraised for $50,000 less, the buyer must come up with the difference.
“The buyer will need to come up with the $60,000 difference or the seller needs to lower the price, if it turns out they’re getting a mortgage which some people go in with cash, when they’re needing a mortgage, so, (that’s why) we like a balanced market,” she said.
“Everybody has the opportunity to put their best foot forward and have their conditions met, as it’s fairer and squarer.”
Layton, optimistic of the balanced market, said it would appear to be on the right track, but people looking into entering the market need to pay attention to the housing listings and sales over price.
“We’ve got a good strong market here in Niagara and the good thing is with everything else changing, it’s important to look at new listings and sales, that tells you the most, more than price,” she said.
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.
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