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Real estate: Average home prices in major Canadian cities – CTV News

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The latest data from the Canadian Real Estate Association (CREA) shows that average home prices in Canada took a slight dip in April compared to one month ago. The organization reported that the average price of all residential property types in Canada was $796,068 in March before dropping to $746,146 in April, with price levels not seasonally adjusted.

Despite this, Canadians still spent more on home purchases in April 2022 than they did in April 2021, with major markets across the country seeing notable increases in average home prices year-over-over.

Some regions, such as St. John’s, N.L., reported a moderate growth in the cost of a home; MLS benchmark prices compiled by the CREA showed that the price of a typical home in the city was about $268,000 in April 2021 before rising to $296,200 exactly one year later. Meanwhile, the average price of a home in the Greater Toronto Area, for example, came in at $1.35 million in April 2022, up from about $1.03 million just one year prior.

MLS home price index benchmark prices represent the value of a typical home in different Canadian neighbourhoods. Figures take into account different types of residential housing, and are not seasonally adjusted.

CTVNews.ca has gathered a number of properties that are listed at what is considered the average price of a home in their respective regions. With properties in cities ranging from Kelowna to Moncton, these listings represent the price of a typical home in major Canadian markets.

GREATER VANCOUVER

(Paul Albrighton, Re/Max Crest Realty)

Type: Apartment

Price: $1,375,000

Year Built: 2006

Property Size: 94.48 sq. m

Lot Size: N/A

This unique loft is located in Vancouver’s Yaletown neighbourhood, and includes two levels under 17-foot ceilings. Exposed concrete walls and floor-to-ceiling windows give this apartment unit its flair, with a design inspired by the high-end condominiums in New York’s Tribeca neighbourhood. The property also features a modern, European-style kitchen with marble countertops and backsplash, as well as upgraded grey oak floors throughout.

INTERIOR B.C.

(Prime Light Real Estate / Dean Witala, Re/Max Kelowna Stone Sisters)

Type: House

Price: $799,900

Year Built: 2003

Property Size: 182.55 sq. m

Lot Size: under 0.4 hectares

With four bedrooms and two bathrooms, this single-storey home in west Kelowna has an open concept living area, complete with richly-coloured hardwood flooring and vaulted ceilings. The lower level is ideal for entertaining, with a multi-purpose recreation room, while the backyard deck offers views of the mountains nearby. The property is just a short walk away from schools and several hiking trails.

CALGARY

(ListSimple / Sarah Johnston, CIR Realty)

Type: Apartment

Price: $525,000

Year Built: 1911

Property Size: 93.37 sq. m

Lot Size: N/A

Two exposed brick walls give this top-floor loft in downtown Calgary its industrial style. Contrasting the textured brick walls are sanded wood floors, found throughout most of the unit’s 93 square metres. The kitchen includes stainless steel appliances and an island countertop made of stone, while the bedroom has a walk-in closet and provides easy access to a four-piece ensuite bathroom.

SASKATOON

A home listed on the market in Saskatoon. (Quiksell Real Estate Photography / Megan Dyck, Re/Max Saskatoon)

Type: House

Price: $349,000

Year Built: 1959

Property Size: 104.42 sq. m

Located in the Saskatoon neighbourhood of Sutherland, this 104-square-metre bungalow features a mid-century modern design, and its open-concept layout allows the kitchen area to flow into the living and dining rooms on the main floor. The lower level includes a bedroom, living room, and newly-renovated bathroom. In the backyard is a berry garden complete with goji berries, Saskatoon berries, and raspberries.

WINNIPEG

(Janina Nicole Photography / Jennifer Pinder, Ethos Realty Inc.)

Type: Apartment

Price: $354,900

Year Built: 1912

Property Size: 93.55 sq. m

Lot Size: N/A

This two-bedroom, one-bathroom apartment mixes old-world charm with modern design, combining century-old wood beams and exposed brick with updated finishes. The unit, found in Winnipeg’s Exchange District, also has its own private rooftop patio overlooking the downtown skyline. Building amenities include a fitness facility and party room, while restaurants, public transportation, and the Waterfront are all located nearby.

GREATER TORONTO

(360Xposure / Tammy Degiorgio, Re/Max Regal Homes)

Type: Apartment

Price: $1,347,500

Year Built: 2000

Property Size: 130 to 149 sq. m

Lot Size: N/A

This apartment in Toronto’s Candy Factory Lofts features an open-concept living space with 12-foot ceilings held up by Douglas fir posts. Natural light seeps in through the large, arched window to help brighten the exposed brick walls. Located in the city’s Queen West neighbourhood, the unit is within walking distance of Trinity Bellwoods Park, as well as a number of shops and restaurants.

OTTAWA

(Next Door Photos / Marnie Bennett and Greg Blok, Bennett Property Shop Realty)

Type: House

Price: $724,922

Year Built: 2016

Property Size: 75 sq. m

Lot Size: 117.65 sq. m

Built in 2016, this three-storey Ottawa home comes with light hardwood floors throughout. On the main floor are a combined kitchen and living area, as well as a bathroom, while the top floor includes two spacious bedrooms, a bathroom and laundry area. The property also has its own private balcony, with the ability to install a barbecue, making it especially easy to entertain friends and family.

MONTREAL

(Simon Ravary / Marie-France Caouette, Re/Max Action)

Type: Apartment

Price: $595,000

Year Built: 2014

Property Size: 73.7 sq. m

Lot Size: N/A

Found in south Montreal, this condominium unit features two bathrooms and two bedrooms across 74 square metres of space. The crisp white walls contrast the rich wood flooring in this concrete building. Amenities include a swimming pool, gym and terrace with a panoramic view of downdown Montreal, and the unit is situated within walking distance of the city core.

GREATER MONCTON

(Mohammad Abrar Sharif / Amreet Sidhu, Exit Realty Associates)

Type: House

Price: $349,900

Year Built: 1961

Property Size: 173.01 sq. m

Lot Size: under 0.2 hectares

Located in the west end of Moncton, this 173-square-foot home with four levels is situated on a large corner lot. With an open layout on the main floor, the spacious living room flows directly into the kitchen. On the second floor are three bedrooms and a bathroom, while the basement level features a family room, kitchenette, and another bathroom. In the backyard is a deck, great for entertaining friends and family.

HALIFAX-DARTMOUTH

(Ludmila O Photogaphy / Joyce Clarke, Re/Max Nova)

Type: House

Price: $524,900

Year Built: 2019

Property Size: 141.21 sq. m

Lot Size: under 0.2 hectares

Only a few years old, this rancher-style home in the Dartmouth community of Nova Scotia has two bedrooms and two bathrooms. Both bathrooms have full enclosure tubs with lights, as well as custom vanities and granite countertops. On the main floor, the kitchen features a walk-in pantry, granite countertops, and an open-concept layout, connecting to the living room area, which also leads to a private outdoor backyard.

PRINCE EDWARD ISLAND

(Odyssey Virtual, Michael Thompson / Jeff Ellsworth, Red-Isle Realty Inc.)

Type: House

Price: $339,000

Year Built: mid-1980s

Property Size: 97.55 sq. m

Lot Size: 0.61 hectares

This home in Alberton, P.E.I. sits on a 0.61-hectare lot. Built in the mid-1980s, the two-storey property has since had a number of renovations done, most recently receiving a new vinyl and cedar exterior. The stairway and bannister, however, are original, and lead to a second level with an office area, a master bedroom with a walk-in closet, two additional bedrooms and a bathroom.

ST. JOHN’S

(Tyler Oxford Photography / Scott Graham, Royal LePage Atlantic Homestead)

Type: House

Price: $299,900

Year Built: 2001

Property Size: 159 sq. m

Lot Size: under 0.2 hectares

Not far from the Memorial University of Newfoundland, shopping centres or the highway, this fully developed bungalow in St. John’s is complete with three bedrooms and two bathrooms. The lower level of this 159-square-metre home also includes a recreation room. The yard is entirely fenced off and landscaped, while a backyard shed offers additional storage space.

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Quebec moving day could see record number of tenants without somewhere to live

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MONTREAL — A Quebec housing advocacy group says it’s worried there will be a record number of households left without somewhere to live on the province’s July 1 moving day.

“On the eve of July 1, in Quebec, we count 750 renter households that have not found housing,” said Véronique Laflamme, a spokeswoman for the Front d’action populaire en réaménagement urbain, in an interview.

That estimate is based on requests for aid received by municipal housing offices in the province, Laflamme said, and could change if families find housing in the meantime.

The number is much higher than the 420 renter households who were without housing at the same time last year, she said.

She said the number of households that called a housing assistance service this year also rose to 3,500, up from 2,000 the year before.

In Montreal on Friday, 107 households were being helped by city staff and had “still not found a permanent solution,” the city’s communication department said in an email. Among those “some have been able to negotiate a short-term lease extension, while others will be able to be housed by relatives.”

The city said it is able to temporarily house everyone in need.

According to Laflamme, “these numbers are the tip of the iceberg of the housing crisis” in Quebec. She said more families are living in substandard housing, housing that is too small for their needs or housing that is too expensive.

According to the most recent annual report by the Canada Mortgage and Housing Corporation, published last February, around 30 municipalities in Quebec have vacancy rates below one per cent.

In the Montreal region, the vacancy rate is higher, at 3 per cent.

On Wednesday, Quebec announced it will increase a financial assistance program for low-income households starting Oct. 1.

The government also said it would spend $2 million as part of “Operation July 1” to help people find housing, and to provide temporary housing and furniture storage for people who can’t find somewhere to live.

“There is absolutely no reason for people to sleep in the street tonight if those people call the emergency teams of our housing offices,” Municipal Affairs and Housing Minister Andrée Laforest said in an email, adding that the government has set aside a record amount of money to provide “immediate assistance for tenants in need.”

However, Laflamme said the government isn’t getting to the root of the problem. Her group would like to see the Quebec government take action against real estate speculation and evictions that take advantage of grey areas in the province’s housing laws.

According to the province’s housing department, more than 8,000 “social and affordable” housing units have been built, or are under construction, since 2018.

The City of Montreal said it’s waiting for Quebec and Ottawa to reach a funding agreement that will allow it to build or renovate 6,000 social housing units.

While the start date of residential leases has not been fixed by the Quebec government since the 1970s, the far majority start July 1. The practice began with a 1750 law that established May 1 as the start date of residential leases – a move by the government of what was then New France to protect tenant farmers from being evicted over the winter.

This report by The Canadian Press was first published July 1, 2022.

 

Clara Descurninges, The Canadian Press

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The ins and outs of real estate – Toronto Sun

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Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.

Article content

For new homes buyers, specifically, three questions they should ask include:

– Is there an assignment?

– Are there development fees?

– Is it a reputable builder?

When it comes to selling, Padjan suggests the following:

– Get the right prices;
– Manage expectations of the market; and,
– Consider multiple offers or offers anytime.

Finally, the top three tips for investors include:

– Go physically see the property just in case something doesn’t jive.

– It is perfectly okay to do an inspection for mould, asbestos and other potential hazards.

– Investors should be aware of hidden fees such as maintenance bills.

When asked, why are you so proficient in this industry, Padjan states:, “I am honest, and have a very supportive, international brokerage and I always build relationships with other agents.”

For general real estate inquires, reach out to marianne.padjan@exprealty.com,

For more information, reach Nicole at Nicole@prospect2win.com or subscribe to her YouTube channel at www.youtube.com/NicoleAttias. 

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Canada’s fastest-growing region flexes real estate muscle – Business in Vancouver

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The 74-acre Greata Ranch and Butler lands near Summerland are listed for sale as one of the largest waterfront development parcels in the Okanagan | Photo: Colliers International

Kelowna, and with it the Central Okanagan, has the fastest-growing population in Canada, posting a 14 per cent increase from 2021 to 2026, according to Statistics Canada.

With 224,000 people, the city of Kelowna has twice the population of Nanaimo, Kamloops or Prince George as the second-largest B.C. city outside of the Lower Mainland.

The broader Thompson-Okanagan region is currently growing at about 1.6 per cent per year, hitting 620,000 in 2021 and adding roughly 10,000 new residents annually.

Judging by real estate development being launched this spring the regional population will continue to accelerate, providing the current residential downturn proves shallow and brief. It is housing, after all, that is driving the real estate market across the Okanagan, but residential sales have slowed recently.

In May, total Okanagan home sales were down 28.5 per cent from a year earlier, though the average price increased nearly 10 per cent, year-over-year to $785,600, according to the B.C. Real Estate Association (BCREA).

The BCREA is now forecasting that Okanagan home sales will drop 19 per cent this year, from 2021, and fall a further 14.8 per cent in 2023, with home prices eking out just 1.3 per cent increase that year compared to 2022.

May sales across the Okanagan slid down only 1.2 per cent compared to April, noted Lyndi Cruickshank, president of the Association of Interior Realtors, which she said reflects the market’s stability.

The mantra in the Okanagan real estate community is that a lack of supply has helped to stifle sales and keep prices rising. This year should test that theory, if all the current projects proceed.

One of the largest is Greata Ranch, a 46-acre lakefront parcel near Summerland between Kelowna and Penticton along Highway 97. On the development radar for more than a decade, the property has now been extended with the addition of 28 adjacent waterfront acres, the Butler family lands.

The entire 74 acres is now being marketed as a single parcel for mixed-use with a residential emphasis, according to Stephen Webber, associate vice-president of Colliers International.

The price will be decided by bids submitted by potential buyers on the vendor’s “form of offer.”

The City of Kelowna voted unanimously on May 31 to approve a 425-home development at the Tower Ranch area in east Kelowna. Also in Kelowna, a 1,000-home development was approved in late May that includes 16 buildings, up to 17 storeys high, on Lakeshore Road. North Kelowna is the focus of major mixed-use development plans on two former industrial sites, including 40 acres of lakefront that was once a sawmill.

In downtown Kelowna, the University of British Columbia Okanagan (UCBO) is pushing to build a 46-storey residential and administration tower. Nearby, the 26-storey Savant condo tower is now pre-selling at an average of $1,000 per square foot, according to Shane Styles, president of Epic Real Estate Solutions of Kelowna.

Styles, who was born and raised in the Okanagan, estimates that investors account for 60 per cent to 70 per cent of new condominiums buyers.

There are user investors, like parents buying an apartment for their children to use while attending UBCO or using it themselves as a vacation home and renting it out seasonally; and what he calls “pure investors” who count on rental income and appreciation.

The May benchmark price for condominiums in the Okanagan increased 31 per cent to $342,500, compared to a year earlier. The rental vacancy rate in Kelowna is 0.6 per cent, the lowest level in Canada.

At least a score of new developments are planned in West Kelowna, including the next phases of Kind Development’s Lakeview Village, where 120 homes in the first two phases sold out and a retail village is already complete.

In Penticton, the largest residential development in years was granted regulatory approval in May for a 219-unit market-housing project on a 6.6-acre site. The development is now awaiting provincial highways approval and a bylaw amendment. An even larger Penticton development, for nearly 700 new homes in the North Witse Block area received approval to proceed to public hearings on June 20.

On Shuswap Lake, the Old Town Bay development has been refreshed for 2022, with a trio of developments, including a 32-lot single-detached subdivision, new strata units, a hotel and a large recreational vehicle park where lots will be sold as strata.

A market to watch, according to Styles, is Vernon and the North Okanagan, which he sees hosting the next wave of real estate investment.

Styles believes the entire Okanagan economy will be booming this summer, the first in two years with no pandemic restrictions.

“It will be nuts,” Styles predicts, which could also prove an accurate forecast for the entire Thompson-Okanagan real estate market.

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