Real eState

real estate market: Activity exceeds historical levels, board says | CTV News – CTV News Vancouver

Published

4 years ago

August 5, 2020

VANCOUVER —
Home sales across Metro Vancouver and the Fraser Valley reached levels far above what’s typically seen in July, according to data released Wednesday morning by two professional associations of realtors who monitor and analyze market trends.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in July 2020 totalled 3,128, a 28 per cent increase from the previous month, and a 22.3 per cent increase from July 2019.

“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market through the year,” said REBGV Chair Colette Gerber in a news release.

The Fraser Valley Real Estate Board (FVREB) reported 2,100 residential sales in July 2020, a 22.2 percent increase from the previous month, and up 44 per cent compared to July 2019.

Both boards indicated that low interest rates and limited overall supply in some areas are increasing competition and putting upward pressure on home prices.

In Greater Vancouver, July 2020 sales were 9.4 per cent above the 10-year July sales average.

In the Fraser Valley, sales were 25.5 per cent above the 10-year average for the month, making it the second-highest number of property sales ever recorded in July.

Chris Shields, president of the Fraser Valley Real Estate Board, called it a seller’s market for townhomes and single-family homes.

“For every 100 active detached listings (in North Delta, Cloverdale, Langley, Abbotsford, and Mission),” Shields said in a news release, “40 or more sold in July.”

Shields also said the housing market is “significantly ahead” of what was anticipated, given the pandemic.

In Greater Vancouver, the benchmark price for detached homes is now $1,477,800, up 5 per cent from July 2019, while attached homes climbed 3.7 per cent year-over-year, and apartments 4.2 per cent.

In the Fraser Valley, the benchmark price for a single-family detached home is $1,008,000, up 5.3 per cent year-over-year, with attached home prices climbing 3.3 per cent, and apartments 3.8 per cent.

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Real eState

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

Published

2 weeks ago

October 24, 2024

Anne Joseph

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.

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Real eState

Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

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.

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B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

3 weeks ago

October 17, 2024

Anne Joseph

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.

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