Real eState

Real estate sales fall amid more choices on market

Published

4 months ago

July 3, 2024

Real estate sales slipped in June as buyers took their time to view more inventory on the market, according to the Victoria Real Estate Board.

A total of 661 properties sold through the Multiple Listing Service last month, 6.2% fewer than the 705 properties sold in the same month a year ago and a 13.4% decline from May 2024, the latest data from the board shows.

Sales of condominiums were down 16.5% from June 2023 with 202 units sold last month. However, sales of single-family homes were up by 6.2% from a year ago, with 342 sold.

Victoria Real Estate Board chair Laurie Lidstone said activity in June was in line with normal seasonal trends.

“Most buyers last month would have experienced a market with more choice and more time to make decisions, and some sellers may have experienced longer than expected timelines to find their buyer,” said Lidstone.

She added that Greater Victoria is made up of many smaller markets with unique conditions, “so there are still areas and price points where we see intense competition.”

Listings of homes for sale are on the rise, with 3,460 on the real estate board’s MLS system at the end of June. That’s up 3.7 % from May and up 47.7% from the 2,342 active listings on the market at the end of June 2023.

Prices for single-family homes were lower.

The MLS Home Price Index benchmark value for a single-family home in the Victoria core last month was $1,295,500 — down 1.4% from the same period a year ago when the benchmark was $1,314,000, and down from May’s $1,309,700.

Condo prices increased slightly — the benchmark value in the core area last month was $567,900, up by 0.1% from the June 2023 value of $567,300, and down from the May value of $569,500.

“We can see by the flat numbers in sales and prices compared to last year that this is not going to be a tumultuous year for the real estate market,” said Lidstone. “I think this is good news, as the more stable the market is, the more it supports both buyers and sellers.”

Lidstone said if seasonal norms continue, the summer months will be slower and quieter than spring, as consumer priorities shift to vacations and outdoor pursuits, but activity will increase again as fall nears.

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Real eState

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

Published

5 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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