Real eState

Real estate prices continue to rise in Kamloops area – Kamloops This Week

Published

3 years ago

November 14, 2021

The average price of a home in Kamloops was $659,843 in October, up 34 per cent over October 2020.

To date in 2021, the average sale price of a home in Kamloops is 18 per cent higher than it was last year, increasing from an average of $482,951 in 2020 to $574,558 in 2021.

That data comes from the 2,500 sales that have taken place in 2021 to date, which is also an increase over 2020, when there were 1,889 sales made by this time of the year.

Despite the high average price, Kamloops and District Real Estate Association (KADREA) president Chelsea Mann said relative to the rest of the year, October wasn’t a banner month compared to others this year.

“In the simplest terms, high consumer demand continues to drive sales but it’s the supply that’s holding the entire market back. This leads to constant upward pressure on average prices and may begin directing buyers away to more affordable areas in the province,” she said.

Mann added that buyer and seller behaviour is likely still being influenced by post-pandemic effects, but may be further influenced by increasing mortgage rates in the months to come.

“However, no pull-backs are expected and multiple offer scenarios will continue,” she said.

Other areas around Kamloops have grown at an even faster rate, according to data from KADREA.

Logan Lake has seen the biggest year-to-date increase in average prices, up from an average price of $252,971 in 2020 to $377,746 in 2021 — an increase of 49.3 per cent.

Merritt has also seen a year-to-date boom, up 45.7 per cent to $418,426 on average. Meanwhile Barriere is up 38.8 per cent and Chase is up 39.2 per cent.

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Real eState

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

Published

4 days 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

2 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

2 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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