Real estate inventory in Hope and area reaches record-level low in December – Agassiz Harrison Observer - Agassiz Harrison Observer | Canada News Media
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Real estate inventory in Hope and area reaches record-level low in December – Agassiz Harrison Observer – Agassiz Harrison Observer

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All year long we heard about how record-low inventory was helping to fuel the local real estate market.

Less supply combined with high demand equals skyrocketing prices, which were reflected in the BC Assessment numbers released this week.

But how low has inventory been compared to past years?

The Chilliwack and District Real Estate Board (CADREB) put out its numbers for December, 2021, showing just 236 end-of-month (EOM) listings on the market at month’s end. In CADREB stats dating back to 2007, that is by far a new low, eclipsing the record of 352 that was set one month before.

“Continued demand outweighs supply by a long shot,” said the Chilliwack and District Real Estate Board (CADREB) President Andrew Verschuur.

December is often a low-inventory month, with people worrying more about Christmas and less about selling and buying homes.

RELATED: Average price of single-family home in Hope and area tops $1M

RELATED: Fraser Valley Real Estate Board shatters all time sales record in 2021

But 236 still stands out.

In December of 2020 there were 446 EOM listings. In December of 2019 there were 696 and in December of 2018 there were 987. December of 2017 was the lowest prior to this year with 607.

“Low supply is an annual event in Hope this time of year,” said Rob Pellegrino with Hope’s RE/MAX Nyda Realty. “People usually contact realtors after assessments are out to get their opinions of market value, and this is usually in conjunction with evaluating your current home needs over the holidays with your family. The bad weather and ongoing pandemic being further factors of consideration.”

“In my 17 years I’ve never seen inventory this low, or even close to this low,” added Kyle Hislop with Chilliwack’s Wheeler-Cheam Royal LePage. “Easily explains why prices continue to go up.”

If past years are a guide, inventory will only creep up slightly in January and continue building to a peak around May/June/July.

But the 2021 peak of 707 EOM listings in May would been among the lowest in just about any other year, so there’s work to be done before talk of record-low inventory ceases.

Curiously though, CADREB stats show ‘new listings’ above the five and 10 year averages, which sounds zany with how few listings there are. But basically, what goes on the market isn’t sticking around long enough to become an old listing. Of the 236 EOM listings for December, a very high portion are new.


@ProgressSports
eric.welsh@hopestandard.com

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

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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.

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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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