Think housing prices in Pelham might abate just a smidgin in 2022? Think again.
The number of homes on the market may be down from last year, but the prices are up. Way up.
A house recently offered for sale in Fonthill, listed below $900,000, sold for $1.2 million.
Multiple Listing Service (MLS) data indicates that 16 homes were sold in Pelham in January 2021 at an average price of $844,000. In January of 2022, 13 sold at an average price of $1.074 million, a jump of 27 percent.
Across Niagara, house sales were down ten percent this January compared to January last year, but the average selling price skyrocketed by 33 percent to $749,000.
Niagara Association of Realtors (NAR) president Doug Rempel, of Bosley Real Estate in Niagara on the Lake, represents NAR’s 1400 members. He laughs when he reads pronouncements from media pundits who suggest that a housing bubble is about to burst.
“Nothing could be farther from reality,” said Rempel. “2021 surpassed our expectations, and there are solid indications that we should be optimistic and confident about sales in 2022.”
Interest rates on mortgages, one of the best influencers of real estate sales, are projected to stay historically low, even if they rise slightly in the second and third quarters of 2022. The supply of homes on the market may continue to wane, but Niagara remains an attractive retirement option for buyers from the GTA and other parts of the province where housing is more expensive. And with low supply and high demand, Rempel thinks that prices will continue their upward trend, reaching possibly a ten percent increase from 2021. The pandemic caused some homeowners to delay stepping into the market, but as winter fades, many realtors expect to see growth in supply, he said.
“I think that we’re going to see much more multi-generational living in the future,” said Rempel. “It’s nothing new, because historically that was the pioneer experience, and practised by many new arrivals to the country. Baby Boomers, who traditionally have downsized as they age, are choosing to renovate the homes, making room for either family members or caregivers. Millennials are starting families and preferring home ownership over rentals, and are competing for a much reduced pool of properties.”
Millennials are starting families and preferring home ownership over rentals, and are competing for a much reduced pool of properties
Housing affordability has been at crisis levels for the past couple years, prompting Ontario Premier Doug Ford to appoint a task force to deal with the issue. A boost in the supply of homes is part of the solution, and the government has proclaimed that it is committed to building 1.5 million new homes over the next ten years.
Another potential panacea is to relax certain municipal zoning rules in urban neighbourhoods, which currently ban anything but single-family homes. Though this approach helps municipalities reach provincial density targets, it prompts pushback from many residents who feel that the move would negatively affect the character of their residential area.
Last fall, Prime Minister and Liberal Leader Justin Trudeau, in full election mode, said that his party would ban blind-bidding on home sales, a practise that some believe drives up prices. The Canadian Real Estate Association (CREA) immediately fired back at the proposal, arguing that a ban would infringe on the rights of sellers, and that housing prices are driven fundamentally by supply and demand.
Pelham has the second highest overall housing prices in the region, topped only by Niagara-on-the-Lake. It comes as no surprise to Rempel, who sees Pelham as a very desirable community.
“I remember many years ago, friends who worked in customer services in the aviation industry said that a whole group of Air Canada pilots and support staff had discovered Fonthill, and had established something of a new-resident beachhead,” said Rempel. “My wife and I came to visit, and really enjoyed the ambiance.”
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.
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.
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.
