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Real estate sales, prices rise across Vancouver Island

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The pandemic isn’t slowing down Vancouver Island’s real estate market.

The Vancouver Island Real Estate Board recorded 1,101 sales last month, which marks a 39 per cent increase from August 2019.

All told, 547 single-family detached properties (excluding acreage and waterfront) sold in August, a year-over-year increase of 35 per cent.

Meanwhile, sales of condo apartments rose by 43 per cent year over year while row/townhouse sales increased by 19 per cent.

“Our housing market rebounded from the COVID-19 downturn far more quickly than expected,” says VIREB president Kevin Reid. “Pent-up demand, low interest rates, and persistent supply shortages are fueling the recovery.”

Reid added that the economic impacts of COVID-19 hasn’t affected people who are already in a position to buy real estate.

“A lot of people who are purchasing real estate are bringing significant amounts of equity or money to their deal, and the mortgage rates are very, very good right now, and it’s a good time to acquire a mortgage and purchase property,” he added.

Supply and demand are definitely having an effect on the market, Reid explained: “We still have a shortage of quality homes in the $400,000 to $600,000 range.”

According to Reid, the hotspots along the east coast of Vancouver Island include Nanaimo, Cowichan Valley, Parksville, Qualicum, the Comox Valley, and Campbell River.

“We’re seeing very healthy volumes of sales in all those areas,” he said.

Reid says its affordability and natural beauty make Vancouver Island “the most desirable place to live in Canada.”

He added that the island’s smaller communities are becoming more desirable for buyers looking to move out of larger cities.

“People need homes. A lot of family life is centred around the home, having a safe place to be, (and) the pandemic has highlighted safety and distance, so people are liking their single-family homes with a nice yard, close to some nice places to recreate where they are not in a very dense population, so we are seeing some migration out of major population centres, like cities, for example, moving to smaller communities.”

Reid acknowledges there is still uncertainty around the Canadian economy and U.S. election, but he is optimistic, a sentiment echoed by the British Columbia Real Estate Association.

“The outlook for the B.C. housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”

BCREA expects unit sales on Vancouver Island to hit 8,300 in 2021, a 15 per cent increase over the 7,200 sales projected this year.

Prices are also inching out in most regions.

The benchmark price of a single-family home hit $533,300 in August, an increase of three per cent from the previous year but two per cent lower than in July. (Benchmark pricing tracks the value of a typical home in the reported area.)

The year-over-year benchmark price of an apartment rose by five per cent, hitting $312,000 but down marginally from July. The benchmark price of a townhouse rose by four per cent year over year, climbing to $432,300 and up by one per cent from July.

For the Malahat and area, the benchmark price of a single-family home last month was $610,200, a seven per cent increase from August 2019.

In Campbell River, the benchmark price hit $455,600, up two per cent over last year.

In the Comox Valley, the benchmark price reached $537,300, up by three per cent from one year ago.

Duncan reported a benchmark price of $480,200, an increase of one per cent from August 2019.

Nanaimo’s benchmark price rose by three per cent to $575,100, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $608,300.

The cost of a benchmark single-family home in Port Alberni reached $329,100, a four per cent increase from one year ago. For the North Island, the benchmark price was $221,000, an 11 per cent increase over last year.

Source: – My Cowichan Valley Now

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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.

The Canadian Press. All rights reserved.

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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.

The Canadian Press. All rights reserved.

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