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Real estate boom continues for Langley in January – Aldergrove Star – Aldergrove Star

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Langley saw big increases in sales in every category of housing in January, as the unusual year for real estate lasted right through Christmas.

Last month, statistics from the Fraser Valley Real Estate Board (FVREB) showed that houses, townhouses, and condos all sold well above the levels they saw in January of 2020.

Langley saw 69 single family homes sell, up 40.8 per cent from the 49 that sold a year earlier.

There were 100 sales of townhouses, up 112.8 per cent from 47 in the same month last year, and 99 condos changed hands, up 115.2 per cent from the 46 sales a year before.

Prices were also generally on the rise for all categories of homes in Langley.

The benchmark price of a single family home in Langley was $1,163,100, up 16.8 per cent from the same month a year ago.

Townhouses rose 6.8 per cent to $593,200, while condos were $406,100, up 5.1 er cent.

The surprising rise in prices and strong sales began in the middle of the pandemic. After a few months of near-shutdown around late March and April, sales picked up and stayed historically high right through the winter.

“Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes,” said Chris Shields, president of the FVREB. “People are asking us to find them more space.”

A lack of supply is the main challenge, Shields said.

More housing did come up for sale during the winter, he noted.

In Langley, active listings for single-family homes were down compared to last year. There were 136 single family homes for sale in January, compared to 215 a year earlier.

However, there were 154 townhouses on the market compared to 125 a year ago, and 298 condos listed for sale, up from 278.

In addition, construction has been booming through the entire pandemic, as it was never shut down in B.C.

Mayor Jack Froese noted that building permits and development permits have been filed with the Township at a high level.

There are currently hundreds of units of condos and townhouses under construction in the Township. Many of the condo projects started before the pandemic, and are slated for occupancy sometime next year.

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Calgary recruits commercial real estate expertise to revive new arena – Sportsnet.ca

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CALGARY — The city of Calgary has recruited citizens from the commercial real-estate sector to help get a new event centre and home for the Calgary Flames back on track.

When an agreement between the city and Calgary Sports and Entertainment Corporation, which owns the Flames, collapsed late last year, city council voted in January to get a third party involved.

John Fisher, Guy Huntingford and Phil Swift are tasked with determining whether the Flames still want to build an arena with the city, or if the city will have to look for other potential partners to build an event centre.

Fisher is executive vice-president of CBRE, Huntingford is director of strategic initiatives with NAIOP Calgary, and Swift is executive chairman of the Ayrshire Group investment firm.

“This team brings considerable expertise from the commercial real-estate industry including experience in larger development,” the city’s planning and development manager Stuart Dalgleish said Wednesday in an event centre committee meeting.

“The third party has spent considerable time understanding the items and interests behind the terminated agreement and the current landscape. These items have become clarified.

“Based on a meeting with both the city and CSEC, the next step is for the third party to make recommendations on a possible path forward.”

Dalgleish said there is no definitive commitment or timeline for a new agreement.

The city and the Flames agreed on an arena deal over two years ago with the initial estimate of $550 million split between the two.

Shovels were scheduled to hit the ground in 2022 for a 19,000-seat arena and concert venue replacing the Saddledome, which has been the home of the Flames for 39 years.

The cost estimate for the project rose to $634 million, however.

Since the two sides agreed to an amended deal last July, the city added an additional $19 million in roadwork and climate mitigation to the project, and wanted the Flames to pay for $10 million of that.

CSEC president John Bean said in December that the Flames were withdrawing from the agreement because of an accumulation of issues and increased financial risk.

“While CSEC was prepared to move forward in the face of escalating construction costs, and assume the unknown future construction cost risk, CSEC was not prepared to fund the infrastructure and climate costs that were introduced by the city following our July agreement … and are not included in the current cost estimate of $634 million,” Bean said then.

So the Flames remain in the Saddledome, which is the second-oldest NHL arena behind New York’s Madison Square Garden.

CSEC also owns the Western Hockey League’s Hitmen, Canadian Football League’s Stampeders and National Lacrosse League’s Roughnecks.

The Flames recently announced they will move their American Hockey League affiliate from Stockton, Calif., to Calgary for the 2022-23 season.

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No trend detected in latest real estate data – Whitehorse Star

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For the first time in approximately a year, the average price of a house in Whitehorse has declined.

By Tim Giilck on May 25, 2022

For the first time in approximately a year, the average price of a house in Whitehorse has declined.

The real estate market has been on fire in recent months, with steadily-increasing prices.

In the last report from the Yukon Board of Statistics covering the last three months of 2021, the average house price in the city was $647,000. That represented an increase of $48,600, or 8.1 per cent from the fourth quarter of 2020.

The bureau released its latest report on Tuesday. It shows the average sale price of a single-detached house in Whitehorse was $637,300, lower than the end of 2021 but a rise of $46,700, or 7.9 per cent, from the first quarter of 2021.

In the first quarter of 2022, the total value of real estate transactions in Yukon was $81.4 million, with $70.8 million in Whitehorse and $10.6 million for the rest of Yukon.

It’s a decline of nearly $10,000 from the end-of-year report the bureau issued in March.

The average condo sale price in Whitehorse was $419,900, a decrease of $60,100, or 12.5 per cent, from the first quarter of 2021.

However, Marc Perrault, the president of the Yukon Real Estate Association, cautions people not to read too much into those numbers if they’re thinking the bubble has burst on the property market in the territory.

The first quarter of any year is usually the slowest for real estate sales, he told the Star today.

Coupled with concerns about inflation, Perrault said, he thought that was likely the reason for the dip in market values.

Perrault said he would have to see the trend continue for a year before he would become concerned about it.

The only thing that would change his mind would be other major signals of an economic slowdown, and that’s unlikely in the Yukon.

The market and economy here are very stable, he suggested, because it’s a government-based system which prevents most wild swings and
adjustments.

People are still immigrating into the territory to take advantage of its robust economy and growing public service, as well as other opportunities, Perrault said.

He doesn’t see that changing anytime soon.

“Demand is still greater than supply,” he noted.

The only category to show record-breaking growth was the mobile-home market. It hit a record high of $467,300.

A total of 54 single-detached houses were sold during the first quarter, an increase of 19 compared to the first quarter of 2021.

There were 49 condo sales, an increase of 27 compared to the first quarter of 2021.

The average condo price was $419,900, a decrease of $60,100, or 12.5 per cent, compared to the first quarter of 2021 ($479,900).

Four mobile homes were sold at an average price of $467,300.

Seven duplexes changed hands at an average price of $471,600.

Seven commercial properties were sold at a value totalling $6.9 million

In Whitehorse, a total of 130 real estate transactions was recorded in the first quarter of 2022, a rise of 46 compared to the first quarter of 2021. Over the previous five years, the first quarter average number of sales was 100.

Thirty homes sold in Whistle Bend during the period, with a total value of $18.5 million. It was the busiest neighbourhood in the city.

Copper Ridge saw eight properties sell at a total value of $5.3 million.

Porter Creek was the next-highest, with seven properties selling for $4.4 million.

The report showed that, excluding country residential properties, which typically sell for much higher prices than other single-detached houses, the average price in Whitehorse was $626,200 in the first quarter of 2022.

That compared to $632,100 in the fourth quarter of 2021 and $580,500 in the first quarter of 2021.

In Whitehorse, the median price of single-detached houses in the first quarter of 2022 was $620,500. That means the prices of half the houses sold were above this figure and the remaining half, below.

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B.C. Real Estate: Five homes for sale under $200000 – Vancouver Sun

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Trail, Port Hardy, Richmond and Tumbler Ridge among communities with homes in this price range

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According to a report released by a U.S.-based property management software company, around 10 per cent of all active home listings in Canada right now are priced at less than $200,000.

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There are no listings for less than $200,000 in the Lower Mainland (except in Richmond).

Here are five residential properties in B.C. that are for sale at less than $200,000.


Richmond 106/7240 Lindsay Road

The living room of a Richmond apartment priced at $199,000.
The living room of a Richmond apartment priced at $199,000. Photo by zealty.ca

This 630 square foot apartment is almost 50 years old and has a monthly maintenance fee of $460.

It is on the ground level and a key reason that it is priced at $199,000 is because it is built on leased land. The lease is prepaid until 2087.


Sonora Island Lot 30 Owen Bay

Sonora Island
Sonora Island Photo by Zealty.ca

This 1.26 acre lot comes with a small older cabin that is livable and is priced at $129,000. It has solar and wind power. There is a dock a ten-minute walk away.

Sonara Island is one of the Discovery Islands where Johnstone Strait joins the Georgia Strait.

The closest large community is Campbell River on Vancouver Island. Sonora Island is not serviced by B.C. Ferries.

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Port Hardy 7/7077 Highland Drive

An apartment in Port Hardy that is listed at $169,000.
An apartment in Port Hardy that is listed at $169,000. Photo by Zealty.ca

There are four apartments in different locations within Port Hardy on the top end of Vancouver that are priced at less than $200,000.

This one has two bedrooms and has been updated with new laminate floors and is south facing. It is priced at $169,000.

As a base for ferries to Prince Rupert, Port Hardy sees a lot of tourists in the summer.


Trail 2075 Topping Street

The view from a home in Trail, B.C., that is priced at $199,000.
The view from a home in Trail, B.C., that is priced at $199,000. Photo by Zealty.ca

Trail, the site of Teck Resources zinc and lead smelting and refining complex, was a decade ago a place you could buy a home for $50,000.

It’s now a place where you can get a detached home for less than $200,000. Despite the smelter that looms over the city, Trail is close to excellent skiing and recreation.

This 1,300 square-foot home has views of the Columbia River with a serviceable kitchen and even has a new washer-dryer. It is priced at $199,000.

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Tumbler Ridge 103 Ash Crescent

This home in Tumbler Ridge is for sale at $183,000 and has been on the market for two years.
This home in Tumbler Ridge is for sale at $183,000 and has been on the market for two years. Photo by Zealty.ca

Tumbler Ridge in the Peace River region was built from scratch in the early 1980s to create a community for coal mining companies in the area.

As a result, it’s a lovely town that’s well laid out and has great amenities. It is, however, beholden to coal demand, that has led to a slump in real estate prices.

With an asking price of $183,000, this 2,100 square foot home is on a large corner lot. It has three bedrooms and comes with a new furnace. It has been on the market for over two years.


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