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Ottawa real estate: Home prices drop $143,000 year-over-year

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The average cost of a new home in Ottawa dropped by $143,000 year-over-year last month, as home prices continue to fall from their highest peak one year ago.

New statistics from the Ottawa Real Estate Board shows the average sale price for a new home in March was $710,070, down 17 per cent from March 2022. The average sale price for a new home in Ottawa was $853,615 in March of last year.

The 17 per cent decrease in home prices in Ottawa last month was the largest monthly drop over the past year.

Despite the drop in home prices, the Ottawa Real Estate Board says the March sales numbers show “signs of spring surge sprouting.”

A total of 1,194 residential properties were sold in March, compared to 2,003 in March 2022.

“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022,” OREB president Ken Dekker said. “As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state.”

The average sale price for a condominium in Ottawa dropped 13 per cent in March to $418,670. The Ottawa Real Estate Board says sale prices for homes and condos increased from February to March.

“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate,” Dekker said.

“Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward.”

The Ottawa Real Estate Board says the number of homes for sale increased across Ottawa in March, and well-priced homes are selling.

The 2,089 new listings in March were up 53 per cent from February. The five-year average for new listings in March is 2,474.

“Well-priced and well-prepared homes are selling,” Dekker said.

“Buyers can benefit from the same data along with their negotiation expertise to guarantee they are receiving the best value for their dollar.”

 

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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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