Ottawa’s real estate landscape continues to change as more homes hit the market, tempering the massive over-bidding trend of recent years.
Despite this shift, however, property prices are still high, and the market remains highly competitive, leaving many first-time homebuyers struggling to find well-priced properties.
In every neighborhood, signs of spring are popping up, with properties both for sale and sold. Vendula Seary, a renter in Kanata South, says it is increasingly difficult to become a first-time homebuyer.
“We’re currently trying to figure out how much we can afford and what we are able to buy. We both have jobs, it’s a dual income and we would love to stay in this area but I don’t know if that is possible within our budget,” says Seary, whose budget is around the half-million dollar mark. “We are not able to afford anything. The houses that are at a reasonable price, they go really, really fast.”
During the pandemic, the record-low number of properties for sale led to dramatic price spikes and increased competition. For instance, in 2022 a home in Ottawa’s New Edinburgh neighbourhood sold for $3.1M — $800,000 over the asking price. Today, a similar home, only a few doors down the same street, sold for around $2.2 million, slightly under the asking price.
“There has definitely been a shift in the market,” says Dan Salhany, a managing broker with RE/MAX Hallmark Realty Group. “There’s actually a significant pent up demand and we’re seeing it with the traction, with the traffic that’s coming through our open houses, with the inquiries that are coming in and just the number of calls. You may see some opportunities in the suburban markets, but in the urban areas, I think that we’re going to continue to see a higher demand, which is going to ultimately result in prices increasing.”
Salhaney notes there is some stabilization but says that demand continues to outpace supply, adding upward pressure on prices, many of which continue to sell at above-asking prices, despite higher lending rates.
“We’re at a point where I think there’s an acceptability level to where rates are at today. We’re still in in an affordable range, prices have pulled back and I think that if we see another decrease in interest rates, we’re going to see more movement in 2024,” he says. “I think that if people don’t figure out a way to get into the real estate market today, they’re going to struggle even more going into 2025. Prices will continue to rise.”
For Seary, the hope is that the family will be able to make a winning bid on a home in their price range later this season, and break the cycle of paying rent.
“If we decide to keep renting, the cost can be so large we would be stuck paying and there is no money to be saved to potentially buy later,” she says. “We need a bit of luck to get a good home.”
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.
