Total home sales drop in August, but Chilliwack real estate prices remain high – Agassiz Harrison Observer - Agassiz Harrison Observer | Canada News Media
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Total home sales drop in August, but Chilliwack real estate prices remain high – Agassiz Harrison Observer – Agassiz Harrison Observer

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Chilliwack has just seen one of the best Augusts of all time for local real estate, according to the latest numbers from the Chilliwack and District Real Estate Board (CADREB).

A total of 186 units sold last month, down 32 from the 218 that sold a year ago. Normally, a 13.1 per cent drop would be concerning, but when you’re coming from record-setting levels, it’s not so bad.

“Home sales might have been down from last year’s exceptional record but still came in just two sales shy of tying for the third best August ever,” said CADREB president Andrew Verschuur.

Home sales were still 13 per cent above the five-year average and 26.7 per cent above the 10-year average for the month of August and Verschuur said low inventory continues to fuel high prices.

While the total number of homes sold was down, prices were up big-time year over year.

RELATED: Chilliwack real estate sales cool off in July, but supply remains low

RELATED: Chilliwack real estate prices continue to rise as supply remains tight

The average value of a single family home last month checked in at $857,999 compared to $676,099 in August, 2020.

The average value of a townhouse was $582,257 compared to $456,956 in August, 2020.

The average value of an apartment was $444,839 compared to $298,020 in August, 2020.

Fifty homes sold for more than $1-million including four that went for over $1.5-million and one that went for over $2-million.

The dollar value of all home sales in August 2021 was $245.7 million, a new record for the month.

“New listings declined by substantially more than sales, which means that overall supply levels are still heading downward to new record lows,” Verschuur observed. “With fewer properties on the market to choose from than ever before, it’s no surprise that market tightness is keeping price gains for single family homes north of 30 per cent year-over-year and above 25 per cent for townhomes and apartments.”

Low inventory will continue to be the story in September.

The 535 units on the market at the end of August represent a sharp decrease of 48.5 per cent from the end of August 2020. Active listings haven’t been this low in the month of August in more than three decades.


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eric.welsh@theprogress.com

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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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