The economic effects of the coronavirus pandemic may be subsiding, but the virus outbreak has forever changed things in Canada and the rest of the world. The COVID-19 public health crisis ignited a new normal that has impacted consumer behaviour, industrial practices and public policy. For this generation, there is no going back. For some, it will create new opportunities. For others, it might be difficult to adapt to these changing landscapes. Of all the major Canadian sectors, it is real estate was prepared for many of the new trends that dominated society in our coronavirus -conscious world, whether it is leveraging technology or utilizing digital tools. This capacity to quickly pivot and adapt, has helped the GTA housing market and national real estate as a whole, withstand the impact of the pandemic.
Many housing markets across the province experienced temporary setbacks at the height of the pandemic. However, in the months that followed, the GTA housing market is thriving. Among them is Markham, an attractive community that has grown and evolved considerably in recent years. But could Markham withstand the financial pressures of coronavirus – from job loss to inflation – over the next 12 to 18 months?
Markham is Canada’s 16th largest city for a reason. Not only are its housing fundamentals strong, but York Region’s most populous municipality maintains a diverse array of appealing attributes. Let’s take a snapshot of this GTA housing market, to explore the present trends and the future outlook.
GTA Housing Market: Markham Real Estate Snapshot
While most Canadian real estate markets experienced their downturn when the country went into lockdown, Markham experienced a decline earlier on. It was not until February when the Markham housing market showed signs of rebounding. Since prices were already lower than the year-over-year average, at the height of the pandemic, real estate prices here only endured a modest drop.
In the aftermath of COVID-19, the city has been gaining momentum at a surprising rate! In June, the average price was $1,086,502, up from $1,083,884 in May. Home prices surged 22.5% year-over-year.
One of the key drivers of rising prices has been the shrinking housing inventory since August 2019. But this has started to reverse, with supply beginning to grow. In June, there were 790 new listings and more than 400 homes sold. At the onset of the virus outbreak, sales plummeted 50% YoY, but they have since recuperated, rebounding 35% in June.
Rental properties have headed in the opposite direction since the coronavirus. According to the most recent data from May, average rents have fallen at an annualized rate of 7.5% to $2,167. Experts are forecasting that this will change in the coming months as the province continues to reopen and more people return to the workforce. Despite fewer people moving, early indicators do suggest that tenants are beginning to look at listings online and making inquiries into properties.
Overall, industry observers think the biggest threat to Markham’s booming housing market might be rising unemployment. The jobless rate stands at eight per cent, which is slightly higher than the Toronto figure. Although the Bank of Canada (BoC) recently warned that the road to recovery will be “prolonged and bumpy,” the economy is beginning to recover as economies start to do business again.
A Primer on Markham Real Estate
Markham has always been a welcoming place for people looking to escape the hustle bustle of big city living or for newcomers in the country who are looking to plant roots. It is a unique city that blends the old and the new, from picturesque and charming neighbourhoods to modern amenities. Its many cultural centres, restaurants and post-secondary institutions are an indicator of why Markham is one of the most appealing municipalities in for GTA real estate.
Although the trends suggest more people are coming to Markham, the number of housing starts have failed to keep up with the population. This explains why prices are accelerating, faster than the rate of recovery across other municipal markets.
Like its regional neighbours, Markham will greatly benefit from historically low interest rates that will make borrowing cheaper and readily available. Homebuyers who were in the market to purchase a house or a condo will save some money in this environment.
As Realtors continue to adapt to the changing landscape, and buyers and sellers shimmy back into the local market, Markham is primed to continue on this upward trajectory over the next few months of our hot Canadian summer.
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.
