Real eState

Trend to work from home cited as real estate takes off in Cochrane, Airdrie – Calgary Herald

Published

3 years ago

July 14, 2021

Harry Miller

Author of the article:

Bill Kaufmann

Publishing date:

Jul 13, 2021 • 1 hour ago • 3 minute read • 5 Comments

Cooper’s Crossing in Airdrie. The city north of Calgary has seen a spike in home sales. Photo by Postmedia File

Norma and Alan Kehoe said leaving the beauty and friendships of Cape Breton wasn’t easy.

But living near grandchildren in Cochrane was a strong enough pull to make the move west and purchase a home in the Fireside area of the town just west of Calgary.

“We love Cochrane. We love the closeness to the mountains and to the city without having to be in it,” said Alan Kehoe.

“(Cochrane is) an older community but it’s growing quickly.”

The couple, who take possession of their 1,430-square-foot house next month, are among the home buyers driving a real estate boom in towns and cities surrounding Calgary.

According to new data from the Calgary Real Estate Board (CREB), the 725 home sales in the first six months of the year in Cochrane nearly equal the record 754 purchases in the entire record year of 2014.

Much the same can be said for Airdrie to the north of Calgary, where the annual average number of home sales — 1,300 — has already been exceeded.

The benchmark price for a single detached home in Airdrie was $432,700 in June, 15 per cent higher than the previous year.

But the average price of a detached home in Airdrie so far this year is $411,011, well below the $500,183 in Calgary, according to CREB.

“My record sales in previous years were surpassed by May this year,” said Natalie Bethiaume of CIR Realty, who specializes in Airdrie.

Lower lot prices are a draw for buyers, she said, in the city that’s nearly doubled in size since 2009 to a population of more than 70,000.

“None of us saw this market coming. When COVID-19 really became a concern, all the predictions were this market was going to tank, but the opposite happened,” said Berthiaume.

The COVID-inspired trend to work from home has made places such as Airdrie more attractive, she said.

Echoing that is Cochrane CIR realtor Kendra Watt, whose town’s population has grown by 30 per cent in the past five years to more than 34,000.

“Working from home gives people the flexibility to live farther from the city centre . . . We’ve seen a significant increase in people moving from Calgary since the pandemic,” said Watt.

“And your money goes further here than Calgary — it always has.”

Over the past six months, prices in Cochrane were four per cent higher than they were in same time frame in 2020, says CREB.

Even so, it remains attractive to people from much costlier locales in the area such as Canmore, said Watt, where the benchmark price of more than $1.15 million has shot up by 17 per cent since last year.

“We’re seeing quite a few Canmore people coming out,” she said.

It’s a demand that’s seen Watt and her associates “run off our feet — it’s certainly been at least double the production of 2020.”

But that means the market has been playing catch-up from the first months of the pandemic, said Watt, when sales slowed.

But now, that late-pandemic surge has meant more expensive building materials and a less predictable time frame for construction, said Watt.

“So, instead, people come to the resale market, which is something we haven’t seen before,” she said.

That’s also meant more cash purchases as buyers seek to stake a more solid claim in a competitive sellers’ market, added Watt.

Both Berthiaume and Watt say at least 10 per cent of their more recent buyers also hail from out of province.

“That’s more so than previously. People are retiring to spend their summers here and are cashing out in expensive places like Vancouver and southern Ontario,” said Berthiaume.

“They don’t even blink at our prices. They see the value here.”

But the surging demand for life outside the city limits has taken its toll on affordability, says CREB.

Okotoks south of Calgary has seen its benchmark price for single family homes climb to $508,200 last month, an increase of nearly 14 per cent from the year before and seven per cent since the start of 2021, they say.

“Record sales and low inventory have caused the months of supply to remain just above one month,” states the latest CREB report.

“The low level of inventory relative to sales has persisted in this market since the third quarter of last year, causing steady gains in prices, especially for detached homes.”

Okotoks’ population has grown by eight per cent in the past five years, to 31,569 in 2020.

BKaufmann@postmedia.com

Twitter: @BillKaufmannjrn

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Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

1 week ago

November 6, 2024

Anne Joseph

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.

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Real eState

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

Published

3 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

4 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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