Connect with us

Real eState

Okanagan, Shuswap real estate sales double in May – iNFOnews

Published

on



Image Credit: SUBMITTED/B.C. Assessment

June 02, 2020 – 7:00 PM

It appears the novel coronavirus pandemic is loosening its effect on the housing market in Kamloops as well as the Central, North Okanagan and Shuswap as real estate sales almost doubled in May compared to the month before.

According to figures from the Okanagan Mainline Real Estate Board, housing sales jumped 95 per cent in May from April, however, sales still took a big hit, down 42 per cent compared to the same month in 2019.

The Real Estate Board reports 446 units sold in May, up from 299 units in April.

Statistics from the Kamloops and District Real Estate Association paint a similar picture with sales of single-family homes down 52 per cent in May compared to the same month 2019. Prices still managed to increase though, with single-family homes up by nine per cent.

While the volume of sales certainly is down, the price of a single-family home still climbed in the region from Peachland to Revelstoke, albeit modestly with increases between five per cent in the Central Okanagan to one-and-a-half per cent in the Shuswap/Revelstoke.

Townhouses and condos didn’t fair as well, with sales and prices declining in all markets across the region, with the exception of the Central Okanagan. Sales of townhouses in the Central Okanagan felt by 44 per cent, however, the price still managed to creep up by 1.7 per cent.

“While we are still in the midst of a global pandemic it is encouraging to see that residential sales are moving at an upward trajectory,” Okanagan Mainline Real Estate Board president Kim Heizmann said in a media release. “We are starting to see a return to real estate activity which looks promising for the future, however, we remain cautious about predicting future outcomes as many economic factors will have impacts.”

The number of properties on the market increased nine per cent in May compared to April but is still 16 per cent lower than the same month the year before. The average number of days to sell a home also increased to 91 days in May from 83 days in April.

In Penticton, sagging South Okanagan real estate sales did not seem to have a negative effect on the average sale price of a single family home, according to May real estate statistics.

The South Okanagan Real Estate Board says the average price of a single-family home rose by nine per cent to $605,768 compared to $553,636 in May 2019.

That’s in spite of the fact single family monthly sales declined by 39 per cent from 117 units last May to 71 units sold in May.

The number of active listings also dropped 11 per cent, from 1,417 last May to 1,262 this May.

Overall sales volume was down from $92,856,414 in May, 2019 to $61,803,933 in May, 2020, a decline of 34 per cent.


To contact a reporter for this story, email Ben Bulmer or call (250) 309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won’t censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

News from © iNFOnews, 2020

iNFOnews

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

B.C. Real Estate Association releases new rules for open houses – Globalnews.ca

Published

on


It’s been a long tradition in the real estate industry: Showcasing a home for sale via an open house, where anyone could just walk in.

“In the pre-COVID days, open houses were often a form of Sunday afternoon entertainment,” said Darlene Hyde, CEO of the B.C. Real Estate Association (BCRCA).

“People would just go into a house to see what it looked like.”

Those days are now gone, at least for the foreseeable future, as modifications are underway keep everyone safe during the pandemic.

Read more:
Real estate sales, house prices rising in Central Okanagan

On Wednesday, the BCRCA released new rules for realtors holding open houses, which are now resuming after being on hold for the past four months.

Story continues below advertisement

“This will be safe for the public going through the open house, it will be safe for the occupants, it will be safe for the public and for the realtors,” Hyde told Global News.

The new protocols include limiting open-house attendees to serious buyers by leveraging technology tools and screening for qualifying consumers.

The new guidelines also encourage realtors to pre-register potential buyers before they attend the open house.

“The realtor community is going to a lot of extra lengths to make it safe, so there’s no point in having people on a property or in a place that don’t have to be there,” Hyde said.

Read more:
Coronavirus: Okanagan real estate market adapts to new conditions

Other guidelines include buyers having to wait outside for their turn if numerous people are wanting to go through a home and all parties involved wearing masks and maintaining their social distance inside.

Kelowna realtor Geoff Hayes welcomes the new rules.

“It’s kind of helping us keep the handle on the pandemic, but it’s also helping us do our job,” he told Global News.

Hays said for the past four months, realtors have had to rely on technology to market homes for sale.

Story continues below advertisement

“We’re using our phones, we’re going live on social media, Instagram, Facebook,” he said.






2:35
Toronto home prices rising, bidding wars declining


Toronto home prices rising, bidding wars declining

Many realtors have been holding virtual open houses, since traditional ones have not been taking place since mid-March.

“People, they typically want all eyes on their home, so it’s just been one of those things where . . . we had to explain, ‘Well the bad news is we can’t do them, but the good news is we can do them a different way,’” Hayes said.

Hyde said the pandemic has made it tough the last few months to market homes for sale.

“It has been extremely challenging and we have encouraged realtors to use virtual means whenever possible,” she said.






2:34
The New Reality: How COVID-19 could impact the commercial real estate market


The New Reality: How COVID-19 could impact the commercial real estate market

Despite the new strict guidelines in the industry, Hyde said things are looking promising.

Story continues below advertisement

“The market is opening up, and in the Okanagan for example, sales rebounded in June. They are back to pre-COVID levels, so things are really looking good for the Okanagan.”

Hyde added that the supply of homes, however, remains low.

“It’s got to be putting a little bit of pressure on the price,” she said. “There’s a lot of uncertainty ahead but we are cautiously optimistic that the market will remain firm.”

© 2020 Global News, a division of Corus Entertainment Inc.

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Victoria Real Estate Market Sees 9.2% Increase In June – Business Examiner

Published

on


Sandi-Jo Ayers is President of the Victoria Real Estate Board 

VICTORIA – A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May 2020. Sales of condominiums were down 3.2 per cent from June 2019 with 209 units sold. Sales of single-family homes were up 16.8 per cent from June 2019 with 460 sold.

“This June we saw competing factors from all different sides of the real estate equation,” says Victoria Real Estate Board President Sandi-Jo Ayers. “If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC’s Restart Plan. Because of the pandemics, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market.”

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of June 2020, 11.3 percent fewer properties than the total available at the end of June 2019 but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.

“Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC,” adds Ayers. “This may have pushed some demand forward – although there are alternate suppliers of mortgage insurance. Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers. This may be in part due to the recent strata insurance issues which caused concern for owners and sellers. The government promised this month to begin to address the insurance issue, so there may be some relief on the horizon. These are not normal days for local real estate, nor is this month a signal of a return to normal, regardless of the numbers. That said, buyers and sellers are successfully navigating our market with the help of local realtors, who know how to implement health and safety protocols and understand the complexities of our current market. As always, I recommend you consult your Realtor to understand what is happening in the moment.”

The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4 per cent to $896,200, 1.2 per cent more than May’s value of $885,400. The MLS HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 per cent to $525,600, 1.6 per cent less than the May value of $534,300.

www.vreb.org

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Fraser Valley Real Estate Board says sales double in June, buyers returning to market – Abbotsford News

Published

on


Real-estate sales in the Fraser Valley are back on the upward trajectory after COVID-19 slowed the growth of the market for several months.

The Fraser Valley Real Estate Board (FVREB) said they saw 1,718 sales through their multiple-listing service in June, an increase of 113.4 per cent over May’s sales, and an increase of 31.5 per cent over June of last year.

“We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels,” said Chris Shields, president of the board. “[Buyers] are getting more comfortable with the new buying and selling process.”

He said that very-low interest rates, high demand over the previous three months when “the market was on hold,” and new Canadian Mortgage and Housing Corporation rules (which came into effect July 1) are all contributing factors.

The board says they had 3,456 new property listings in June, a 56.6 per cent increase compared to May’s 2,207 listings, and a 23 per cent increase over June, 2019.

There were 7,063 active listings by the end of June, an increase of 9.4 per cent from May, but a decrease of 17.1 per cent last year, according to the board.

“We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community,” Shields said. “People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”

The month saw an average sell time of 37 days for the region’s apartments, 30 days for townhouses and 31 days for single-family detached homes, according to the board.

The region’s benchmark price for a single-family detached home was $994,500 (an increase of 3.6 per cent from 2019), $559,600 for townhouses (up 1.9 per cent from 2019) and $435,300 for an apartment (up 3.3 per cent from 2019).

RELATED: Dipping Abbotsford house prices suggest being a couch potato is no longer more profitable than working

Fraser ValleyReal estate

Get local stories you won’t find anywhere else right to your inbox.
Sign up here

Let’s block ads! (Why?)



Source link

Continue Reading

Trending