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Surge of interest in rural real estate driven by young Toronto professionals working from home – Post City

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Rural real estate sales have increased in Ontario’s countryside as city-dwellers look to escape dense cities during the COVID-19 pandemic.

“It’s probably the busiest it’s been in our firm’s memory, and we go back 50 years,” said John Dunlap, the broker of records for Moffat Dunlap Real Estate, which deals in the King Township, Caledon and the Mono Township — all north of Toronto.

Dunlap said that sales were slow during February, March and April when the quarantine was in full effect, but since then they are up over 50 per cent from where they were last year.

“It’s people living in the city,” Dunlap said. “Maybe you’ve always had a dream of moving to the country, and now they certainly seem to be acting more on that.”

He said everyone from young professionals to retirees is looking to the country, either to start a new life there with their family or to create a “family legacy property.”

And the pandemic seems to be driving real estate trends to get out of the city that had already existed before COVID-19.

Dunlap mentioned that working from home is now more accepted, which allows a younger demographic to feel more comfortable moving to the country full-time, with Toronto only approximately an hour drive away if need be.

“The pandemic is driving interest in people having more space around them,” he said. “So the countryside gets them more of that … We’re busier because of the pandemic.”

Dunlap’s clients have even said they are more comfortable shopping in rural areas compared to the denser city.

The country’s space is not the only thing drawing homebuyers, but its affordability as well.

“You can get a better deal out there,” Royal LePage Orangeville Sales Representative Brenda Koley said. “You can get a bigger house here for the same price as a smaller house in the city.”

For example, the average price for a detached home in Orangeville is around $650,000, according to Koley, and goes down about $100,000 when you go out a little further to Shelbourne, to the mid $500,000s — making for significantly lower prices than in Toronto where the average price of a detached home has long been more than $1 million.

Popular areas include Caledon, the Township of Mono and Mulmur Township, Koley said, because of their seclusion and varied landscapes. However, they are also pricier, and Koley said just as good properties can be found for less money in some overlooked areas with a little digging.

Debbie Simon is one homeowner who decided to make the move to a smaller community, going from Oakville to Keswick, north of Newmarket.

Simon is moving to spend more time with her sister, who currently lives there, but said her decision was also driven by finances.

“I still owe money on my house,” she said. “Once I quit working, I just have my government pension, so that’s a problem.”

Simon said she is not nervous about the move given that Keswick is commuting distance from Toronto and it has many similarities to her current residence of Oakville, only on a smaller scale.

Koley said that many of her clients choose small towns over rural real estate areas if moving to the country to have similar amenities as a city, and avoid more maintenance country homes can come with.

If moving to the country, she warns that some may have a hard time adjusting because it may “sound better than it actually is.”

“You can’t just hop in the car and drive two minutes to get milk or bread,” she said. “If you’re in the country, sometimes you have to drive 20-30 minutes to get something that you need to pick up. Some people find that taxing after they start doing it.”

Dunlap also mentioned less availability of fibre optic internet, which has caused some frustration for his clients.

If you can deal with the inconveniences, though, a world of beauty awaits you.

Since the COVID-19 pandemic, there has also been renewed interest in cottage country real estate. In addition, the local Toronto market is also experiencing price growth, although sales volumes remain down.

Orangeville and its surroundings are within the Niagara Escarpment ridge, giving the area a wide variety of landscapes to enjoy — from “high up astonishing views” to rivers, ponds and lakes, to flat farmland where you can see “for miles and miles.”

“It’s really varied and you don’t have to drive,” Koley said. “You can go 10 minutes in one direction and get one attribute and go 10 minutes in another direction and get a totally different one.”

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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.

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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.

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