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Homeowners watched their properties soar in value over the past year, while new home buyers struggled to find anything in their price range.
As 2021 was coming to an end, real estate professionals saw the year’s sales statistics setting new high marks in the Lower Mainland.
The BC Real Estate Association reported provincial MLS home sales reached a new annual record in November. With still one month to go in 2021 sales have already surpassed the previous annual record of 112,425 units set in 2016.
With all the activity, prices have shot up in Maple Ridge, Pitt Meadows and across the region.
“We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale,” said Keith Stewart, economist with the Real Estate Board of Greater Vancouver (REBGV).
“With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.”
There is no end in sight, according to the Royal LePage 2022 Market Survey Forecast. It sees house prices across Greater Vancouver rising 12 per cent next year, from $1.69 million to $1.89 million, and apartments rising eight per cent from $710,000 to $767,000.
“We’ve been experiencing a chronic shortage of housing supply for over a year, and inventory levels are steadily decreasing. This continues to be a main driver of price appreciation in Vancouver and the greater region,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty.
He said inventory would have to double in order for the region to return to a balanced market, as demand continues to outpace supply.
Throughout the year, realtors consistently told The News they were seeing situations listed homes selling within days of hitting the market, with multiple offers above asking, and buyers asking for no subjects on their their sales.
The REBGV board reports the median selling price of 118 houses that sold in Maple Ridge and Pitt Meadows during November was more than $1.3 million. That’s up from $960,000 during the same month in 2020. The change in one year is 34 per cent in Maple Ridge, and 32.3 per cent in Pitt Meadows.
The Maple Ridge-Pitt Meadows market remains comparatively affordable for all residential property types. The benchmark price of a townhouse in the Lower Mainland is $892,000, compared with $780,000 for 55 Maple Ridge-Pitt Meadows units sold in November. And the benchmark for a Lower Mainland apartment is $755,000, compared with $529,000 for Maple Ridge-Pitt Meadows, based on 54 units sold locally.
But consistently, Maple Ridge looks like an attractive market, where a buyer’s dollar goes further.
“The prices they are seeing here are not what they are used to seeing” said longtime local realtor Gloria Hamilton.
“Maple Ridge is an affordable community compared to Coquitlam, Richmond, Vancouver…”
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Canada’s Real Estate Bubble Is So Big Even The Mother of All Crashes Can’t Fix It – Better Dwelling
Lack of listings pushes Alberta real estate into a sellers' market – Calgary Herald
Amid the success of the real estate market is a sore spot that could drive up prices more than expected, and that’s low inventory in the coming year, according to one national realty firm.
While the pinch of low supply is most acute in larger centres like Toronto and Vancouver, Alberta is also “feeling the inventory pinch,” says Rachel Rehkopf, spokesperson for Zoocasa Realty Inc. in Toronto.
She points to December total sales rising by 27 per cent in Alberta while new listings remained stagnant.
That “pushed the entire province into sellers’ market conditions.”
The province sits at 2.5 months of residential inventory. That essentially means if no new homes came to market over the next two and a half months, and current demand for housing continues, Alberta would have no more homes for sale.
It’s a scenario that’s unlikely to happen, of course, and the overall supply-demand picture is better in Alberta than other parts of the country, she adds.
In Ontario, for example, supply is 0.6 months while the metric is 1.7 months in British Columbia.
Yet Alberta’s supply is significantly lower than last year when it had four months of supply, she says.
Calgary is the tighter of the two large markets in the province with only 1.5 months of supply, while Edmonton actually added new listings in December, growing by about 10 per cent, year over year. Still, sales in Edmonton outpaced new listings, resulting in a 14 per cent decrease in inventory.
Overall, high demand in both cities paired with continuing low supply will likely drive prices higher in the year ahead, she notes.
Welcome to Real Estate Friday! – theberkshireedge.com
Here’s what we have for you this week in The Edge Real Estate section:
- Property of the Week – Janet Kain of TKG Real Estate offers the opportunity to live in a stunning home, lovingly cared for and perfectly located for year-round enjoyment of the Berkshires.
- Transformations – Designer Jennifer Owen and her clients imagined a calming space to relax while listening to the Boston Symphony Orchestra Live from Tanglewood on the radio!
- Weekly real estate transactions for Berkshire County, Northern Litchfield County and, now, Columbia County
- Market Perspective – Updated this week: The 2021 year-end real estate report from the Berkshire Board of REALTORS. What does it tell us?
- The Self-Taught Gardener – How does Joan Didion’s approach to life and to her art inform our Self-Taught Gardener on how to garden?
- Gardener’s Checklist – The holidays are over and the winter doldrums have set in. What’s a gardener to do to lift his spirits in these dark days?
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