The 2022 real estate year in the Ottawa Valley ended with a little bump in what can best be described as a year to forget if you are a realtor or an individual searching for that perfect home at a reasonably affordable price.
The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totalled 83 units in December 2022. This was a substantial decline of 21 percent from December 2021 but still came in around average levels for this time of year.
The year started off slow and never really gained any momentum during the 12 months, a trend that the rest of Canada was mired in for the first eight months of the year.
In its final report of the year, the Canadian Real Estate Association (CREA) reported the national slower than usual real estate sales in the first half of the year was caused by a number of factors.
“In 2022, we saw one of the biggest single-year shifts on record in Canadian housing activity, from record highs last winter to just below the 10-year average to end the year,” said Jill Oudil, chair of CREA. “That said, the market’s adjustment to higher rates may be mostly in the rear-view mirror at this point. That could start to bring buyers back off the sidelines this spring.
Leading the way for the slump in sales was the uncertainty of the Canadian mortgage rates and the pattern of following the American bank rate that was drastically increased over the latter part of the year.
The Federal Reserve waged a war on inflation throughout 2022 and as a result the interest rate set by the Fed increased by a whopping 4.25 per cent during the 12 months. The high rate of inflation, the war in Ukraine, shortages of materials in the global supply chain all contributed to the massive increases.
In Canada, the Bank of Canada often followed suit. In October the cost of borrowing to purchase a home was determined by the national rate which sat at 1.75 percent. By December 2022, it was 4.25 per cent.
In Renfrew County, home sales were eight percent below the five-year average and six percent above the 10-year average for the month of December. On an annual basis home sales totalled 1,652 units over the course of 2022. This was a significant decrease of 25.9 percent from the same period in 2021.
The average price of homes sold in December 2022 was $402,804, down sharply by 10.1 per cent from December 2021.
The more comprehensive annual average price was $465,948, an increase of 14.2 per cent from all of 2021.
The dollar value of all home sales in December 2022 was $33.4 million, a big reduction of 28.9% from the same month in 2021.
The number of new listings increased by 8.2 per cent (five listings) from December 2021. There were 66 new residential listings in December 2022.
New listings were 9.1 per cent below the five-year average and 21.7 per cent below the 10-year average for the month of December.
Active residential listings numbered 226 units on the market at the end of December, more than double the levels from a year earlier, surging 113.2 per cent from the end of December 2021.
Active listings were 20.3 per cent below the five-year average and 55.5 per cent below the 10-year average for the month of December.
Months of inventory numbered 2.7 at the end of December 2022, up from the one month recorded at the end of December 2021 and below the long-run average of 7.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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.
