adplus-dvertising
Connect with us

Real eState

Ottawa's housing market gained momentum in January, here's how much it cost to buy | CTV News – CTV News Ottawa

Published

 on


The Ottawa Real Estate Board (OREB) says the capital’s real estate market thawed in January, but the market is still relatively quiet.

Newly released statistics show 629 homes were sold in January, which is in increase of 16.5 per cent from January 2023. OREB notes that home sales were 10.7 per cent below the five-year average and 3.9 per cent below the 10-year average for the month of January.

“Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” Curtis Fillier, OREB president, said in a statement.

Fillier says realtors are reporting “lots of showing activity,” but it’s not translating into higher sales numbers.

“During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place,” he said. “Sellers would be well-advised to adjust their expectations and thoughtfully consider their pricing and timing strategy.”

Meanwhile, Brandon Reay, OREB’s policy and external relations manager says the city’s “market conditions can fluctuate quickly,” given the limited supply when it comes to the number of available houses.

“Ottawa needs more suitable and affordable homes to address the housing crisis, and we need to increase density to meet population demands. We can’t restore and grow upon the market activity Ottawa saw five and ten years ago without more houses for people to buy. OREB recommends direct solutions for meaningful policy change, including streamlining the process at the Ontario Land Tribunal, eliminating exclusionary zoning, and permitting four units on residential lots,” said Reay.

“To meet the aggressive housing targets, we need to close the labour gap with investments in colleges and trade schools. We don’t need any more reactionary and distracting policy, like the federal government’s extension of the foreign buyers ban.”

Here’s how much it cost to buy in Ottawa:

While property prices vary from one neighbourhood to another, OREB says “the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value.”

In January 2024, the benchmark price for single-family homes was $703,500, which is an increase of 3.7 per cent on a year-over-year basis in January.

The average price for a townhouse/row unit was $462,200 last month, down 2.1 per cent from the year before.

Meanwhile, the average condominium price has grown by 3.7 per cent from last year to reach $418,500.

Here’s some data about inventory and new listings:

From January 2023, the number of new listings saw an increase of 7.3 per cent. In January 2024, there were 1,271 new residential listings. New listings were 17.5 per cent above the five-year average and 0.8 per cent above the 10-year average for the first month of the year.

At the end of January 2024, active residential listings numbered 1,961 units on the market — a gain of 4.5 per cent from the end of January 2023.

Active listings were 57.4 per cent above the five-year average and 16.6 per cent below the 10-year average for the month of January. 

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

 on

 

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

 on

 

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.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

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.

Source link

Continue Reading

Trending