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TOP STORIES 2021: Record-setting year for real estate prices – Chilliwack Progress – Chilliwack Progress

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A record-setting year for real estate in the eastern Fraser Valley saw home prices rise sharply in the area.

Each month, statistics from the Chilliwack and District Real Estate Board (CADREB) painted the picture of a red-hot market.

In January of 2021, the price of a single family home in the CADREB region, which stretches from Yarrow to Lytton, sold for $762,066. By the end of November it had risen to $994,230, representing an increase of 30.5 per cent.

The average price of an apartment sold jumped 17.5 per cent, from $557,974 to $655,590.

The average price of a townhouse skyrocketed from $266,146 to $387,449 representing a 45.6 per cent increase.

The average price of all residential properties hit $794,605 in November, up 25.6 per cent from $632,495 in January.

A total of 4,594 residential properties were sold through November at a combined value of $3.3 billion. In 2020, 3,515 properties were sold for a combined value of $2 billion.

The meteoric climb in prices was fuelled by high demand and record-low inventory.

There were only 352 listings on the market at the end of November 2021, the lowest end-of-month total CADREB posted in stats dating back to 2007. Comparatively, there were 655 listings on the market at the end of November, 2020, and 1,191 available at the end of November, 2019.

“It was an interesting year to say the least,” said Rob Pellegrino with Hope’s Re/Max Nyda Realty.

“We had most homes selling in a week, at or just above list price. The market appreciation was great for sellers if they had a place to go but not good if you were a buyer. It was not a case of not enough supply as it was too much demand.”

Pellegrino also noted that with Hope outside the government-imposed speculation tax zone, the local market was flooded with investors and speculators.

“Without getting too political, it was an unfair playing field when pitted against genuine move-up, downsizing and first time homebuyers,” he said.

READ MORE: Chilliwack Real Estate 2021


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Welcome to Real Estate Friday! – theberkshireedge.com

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Here’s what we have for you this week in The Edge Real Estate section:

  • Property of the Week – Janet Kain of TKG Real Estate offers the opportunity to live in a stunning home, lovingly cared for and perfectly located for year-round enjoyment of the Berkshires.
  • Transformations – Designer Jennifer Owen and her clients imagined a calming space to relax while listening to the Boston Symphony Orchestra Live from Tanglewood on the radio!
  • Weekly real estate transactions for Berkshire County, Northern Litchfield County and, now, Columbia County
  • Market Perspective – Updated this week: The 2021 year-end real estate report from the Berkshire Board of REALTORS. What does it tell us?
  • The Self-Taught Gardener – How does Joan Didion’s approach to life and to her art inform our Self-Taught Gardener on how to garden?
  • Gardener’s Checklist – The holidays are over and the winter doldrums have set in. What’s a gardener to do to lift his spirits in these dark days?

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Vancouver real estate: Luxury sales way up in 2021 | CTV News – CTV News Vancouver

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Sellers of luxury real estate did well last year, data on the Vancouver market suggests. Sales of properties with price tags higher than $4 million were up a whopping 171 per cent year-over-year.

Data released by Sotheby’s International Realty earlier this week included that 410 such properties were sold in the area in 2021. That total includes condos, attached homes and single-family homes.

It’s a trend that wasn’t limited to Vancouver, too.

Records fell in most of Canada’s major metropolitan luxury markets, something Sotheby’s attributes to buyers’ “urgent, pandemic-influenced demand for housing mobility,” as well as strengthened confidence in Canada’s post-pandemic economic recovery.

As in non-luxury markets, demand quickly outpaced supply. Prices went up, inventory “eroded,” and markets reached historic highs, Sotheby’s report explains simply.

“Canada’s real estate market was redefined in 2021,” Sotheby’s said.

The luxury market benefitted from a change in priorities – with more people working from home, buyers were less concerned about their commutes, and more concerned about space and security.

Low interest rates and record savings also didn’t hurt, and Sotheby’s noted seeing underlying anxiety from buyers concerned about investments made elsewhere, like on the stock market.

In Vancouver, that translated to the increase mentioned above for all luxury properties.

Sales jumped even more from 2020 to 2021 when looking at the ultra-luxury listings. Twenty-four properties priced over $10 million were sold last year, up 218 per cent from just 11 sold the year before.

The report does not address the buyers of homes at this price range, so it’s unclear whether they were purchased by residents already living locally, and whether they were purchased by people intending to live there full time.

A report released last week from the Bank of Canada suggested a significant share of newer homes, at least, were purchased by repeat buyers and investors.

Of course it’s unlikely many first-time buyers are looking at luxury real estate, but the report found that as home sales grew and prices skyrocketed – a trend realtor groups often tied to local buyers looking for more space during the pandemic – it was purchases by investors that grew the most. 

The Bank of Canada study looked only at mortgage data, however, so it does not capture homes bought with cash or by corporations.

Looking at lower-priced (relatively) homes, Sotheby’s said broadening the scope to include all properties sold for prices higher than $1 million still shows an increase in 2021, compared to 2020. But sales were up 145 per cent, compared to in the higher-priced categories.

Sotheby’s said 5,794 homes in this category were sold last year.

The category that saw the steepest growth was specifically single-family homes priced higher than $10 million. Those sales were up 240 per cent, compared to the previous year’s.

Other markets saw steep growth when it came to the sale of luxury real estate last year, including in Toronto where sales of properties over $4 million was up 224 per cent from in 2020, and ultra-luxury property sales were up 238 per cent.

Calgary saw the greatest growth in sales over $1 million, which were up 222 per cent, and in Montreal, real estate listed at over $4 million was up 178 per cent from 2020. 

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Canadian Real Estate Prices Will Have A Hard Time With Higher Mortgage Rates: BMO – Better Dwelling

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Canadian Real Estate Prices Will Have A Hard Time With Higher Mortgage Rates: BMO  Better Dwelling



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