Real eState

Saskatchewan real estate sales down 12% in 2022

Published

2 years ago

January 6, 2023

Saskatchewan real estate sales dipped 12 per cent in 2022 year-over-year, but remained above the long-term average.

There were 15,334 recorded sales in 2022, according to the Saskatchewan Realtors Association. That mark remains 15 per cent above long-term averages.

Listings were also down in 2022, experiencing a seven per cent decline from 2021.

Inventory concerns slowed through the back half of the year, but supply still dipped year-over-year and was well below long-term averages. Inventory levels were 11 per cent below 2021 levels, and 25 per cent below 10-year averages.

The realtors association said the decline in supply was driven by properties priced below $500,000, which created tight conditions in the lower-priced parts of the market.

“Without question, higher lending rates are contributing to the pullback in sales. We saw the Bank of Canada raise interest rates seven times in 2022,” Chris Guérette, the CEO of the Saskatchewan Realtors Association, said.

“When paired with declining inventory levels, particularly in homes priced below $500,000, we do see that having an impact on sales.”

Benchmark prices in the province were more than four per cent higher in 2022 than the previous year.

“With prospective buyers having to qualify at higher rates, our biggest concern heading into the new year is the lack of supply in homes priced below $500,000,” Guérette said.

REGINA REAL ESTATE

Sales also declined in the city of Regina, but at a slower rate than the province overall. Year-over-year, sales were down three per cent.

The realtors association said the decline was driven by pullbacks in the detached sector, with sales in other categories improving.

While down year-over-year, the 3,609 sales reported in 2022 were still over 23 per cent higher than long-term trends and well above pre-pandemic activity, according to the realtors association.

New listings and inventory also declined in 2022. Supply increased towards the end of the year, which took some pressure off prices particularly in the fourth quarter of the year. Year-over-year, the benchmark price increased by more than three per cent in the city.

Source link

Real eState

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

Published

2 weeks 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.

Source link

Real eState

Here are some facts about British Columbia’s housing market

Published

3 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.

Source link

Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

3 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.

Source link