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Ottawa home sales down 30 per cent in December

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It was a quiet end to 2022 for Ottawa’s real estate market, as home sales dropped for a 10th straight month in December.

The Ottawa Real Estate Board reported a 30 per cent year-over-year drop in home sales last month, while the average price for a residential property dropped 7 per cent at the end of the year.

“As interest rates and inflation both climbed, buyers retreated to the sidelines and began taking a wait and see approach,” Ottawa Real Estate Board president Ken Dekker said in a statement.

“However, while it’s quieter than the frantic pace we experienced in 2021, it is now a balanced market.”

A total of 601 residential properties were sold in Ottawa in December, down from 857 in December 2021. The 30 per cent drop in home sales in December followed a 42 per cent decrease in November and a 41 per cent drop in October.

The average sale price for a residential property was $655,839 last month, down 7 per cent from December 2021. The average price of a condo was $434,973 last month, up nine per cent from 2021.

The Bank of Canada raised interest rates seven times in 2022, including a half a percentage point increase in December to 4.25 per cent.

“Although market activity tapered off in later 2022, there was an immense amount of activity in the spring at high prices,” Dekker said. “This will be an important caveat to consider as we begin comparing 2023 numbers to the previous year.”

The average price of a new home in Ottawa dropped by nearly $200,000 over 10 months. Statistics from the Ottawa Real Estate Board show the highest average sale price for a home in Ottawa was $853,615 in March, with the average price dropping to $655,839 in December.

The Ottawa Real Estate Board says 15,288 residential and condo properties were sold in 2022, compared to 20,289 in 2021.  Total sales volume was approximately $10.5 billion.

The average sale prices in Ottawa in 2022 was $769,623 for a home, up 7 per cent from 2021, while the average condominium price of $453,770 increased 8 per cent over the year before.

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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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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.

The Canadian Press. All rights reserved.

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