‘This year is the record’: Okanagan real estate sales hit new high in 2020 – Global News

Published

4 years ago

January 8, 2021

Real estate sales in the Okanagan Valley hit an all-time high in 2020.

Despite a slowdown when the COVID-19 pandemic first hit, residential sales picked up again and surpassed previous years.

“We expected the opposite, just like everybody else,” Interior Real Estate Association president Kim Heizmann said.

“We had no idea that this pandemic would create this kind of a perfect storm in real estate.”

According to the Interior Real Estate Association, the previous biggest year for the region stretching from Revelstoke to Peachland was 2016, which saw $4.7 billion in sales.

However, 2020 had reached that number by October and went on to surpass the annual record by $1.2 billion.

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The final tally for 2020 was $5.9 billion in sales, Heizmann said.

“This valley is becoming a big draw. It’s a large magnet that is pulling so many people from other areas,” realtor John Deak said.

Deak believes COVID has changed people’s spending habits, helping them save for down payments.

Low interest rates are also fueling the market, he added.

“I’m seeing first-time buyers who are local. I’m seeing people who were renting in the Lower Mainland finally able to purchase a home and able to do it here in the Okanagan,” Deak said.

“I’m seeing see Calgary retirees purchase their dream home.”

In the South Okanagan, the average sales price for single family homes surged 37 per cent, according to the real estate board’s statistics.

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“Whenever we see any kind of double digit price increases, month over or year over year in any kind of stats, those are big numbers,” Heizmann said.

However, Deak noted that despite the big demand, there is still little supply.

“Inventory is frightful,” he said. “Typically, in the spring is when you see an increase in inventory, but you’ll also see an increase in buyers, so it’s a double-edged sword.”

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Real estate experts in the Okanagan believe COVID-19 is pushing home sales up as people re-examine the kinds of homes they want to live in

Real estate experts in the Okanagan believe COVID-19 is pushing home sales up as people re-examine the kinds of homes they want to live in – Nov 4, 2020

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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.

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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.

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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.

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