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Real estate market tightest in two decades – Medicine Hat News

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By COLLIN GALLANT on February 17, 2024.

021724- Real estate listing in Medicine hat are at their lowest level since 2002, according to the Alberta Real Estate Association. — News Photo Collin Gallant

cgallant@medicinehatnews.com@CollinGallant

Real estate listings in Medicine Hat have fallen to their lowest level in 22 years, a continuation of a sellers market despite a lack of sellers, according to the incoming head of the Medicine Hat Real Estate Board.

Board president Greg Keen told the News on Friday that “there were certainly a limited number of houses available for sale.”

“Statistically, we’re 44 per cent below the long-term trend for the number of properties listed for sale on the market right now,” said Keen, a Realtor with River Street Real Estate in the city, citing figures from the Alberta Real Estate Association’s January report.

“That’s substantially low, and actually the lowest it’s been since 2002.”

“That’s 2023 and we’ve started the same in 2024.”

Medicine Hat area figures for the year ending Dec. 31, show there were 164 homes in the area on the market at that time – about half the number registered at end of years from 2015 to 2019.

Even during the early pandemic, figures were above 200 listings, but the effect of the drop hasn’t lined up exactly with less activity.

That means the demand to buy a homes has remained higher relative to the willingness to list a house for sale.

Observers have long stated the local market was hampered by low inventory, but also higher interest rates.

That touches both those taking on a first-time mortgage as well as those potential sellers who would face reopening rates on a subsequent property.

With current rates twice to triple those locked in several years ago, there is little incentive to open them up unless a home owner has to, said Keen.

That might not change until later this year when interest rates could level out or begin to drop depending on general inflation outlook at the Bank of Canada, said Keen.

But, the current landscape could be beneficial to owners with difficult to sell properties, he said.

“We’re still facing supply issues, and obviously that makes it a sellers market, and difficult for buyers not having much to choose from,” said Keen.

“The good news in that is if you’ve got a home that’s tougher to sell, now’s the time to put it on the market.”

Over 12 months last year, 1,014 detached home sales were down 8 per cent compared to 2022, while the number of listings during the year fell by the same measure, 8 per cent fewer at 1,375.

That helped push average closing price up 4 per cent, to $366,600.

Higher numbers of semi-detached, row and apartment sales were also coupled with higher prices and the average residential unit price climbed 2 per cent to $330,900.

After one traditionally slow month into 2024, the trend seems to be continuing.

In January, 43 detached home sales were about one-fifth less than the same month last year, but average price was one-tenth more.

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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.

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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.

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