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Vancouver Real Estate Board Cancels open houses for real estate listings

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Realtors are being strongly discouraged to hold any open houses in light of the COVID-19 pandemic and social distancing requirements, the Real Estate Board of Greater Vancouver (REBGV) announced March 19.

The board said that it was making “this explicit recommendation today with the support of real estate brokerages, and after an assessment of the latest information and commentary from public health and other government authorities.”

REBGV said that, earlier in the week, it had also “removed the rule requiring that properties listed on MLS be made available for showings.”

Ashley Smith, REBGV president said, “Realtors want to do their part to help prevent the spread of illness in our communities and to meet the housing needs of residents in a responsible way. We’ve heard from some in the community who are unhappy that their Realtors are not holding Open Houses. To those people, we ask for your understanding given the public health crisis we all face today.”

The board said that “anyone looking to buy or sell a home in today’s environment is encouraged to discuss COVID-19 preparedness with their Realtor” and offered some key tips for buyers and sellers. These include:

• If you recently travelled abroad and/or are unwell, do not view a property, and stay home.

• If you’re a seller, talk with your Realtor about alternative approaches to open houses, such as virtual showings and other technology-based solutions.

• If you’re a buyer, only visit a property when others are not present, sanitize your hands before and after a showing, and avoid touching doorknobs and other surfaces in the property.

The REBGV is also offering other tips for buyer and sellers at www.rebgv.org.

Construction must go on

Announced the same day was approval to B.C. construction companies to continue site operations, as the ban on gatherings of more than 50 people does not apply to construction sites, according to the Urban Development Institute.

The UDI said in a March 19 statement that “a senior provincial government official has contacted UDI president and CEO Anne McMullin to assure our industry and membership the 50-person limit does NOT apply to construction sites. The provincial government official confirmed that all sites can and should remain operating… Sites must continue to conform to Worksafe BC practices and current COVID-19 prevention protocols. That means additional handwashing stations should be made available, that workers should maintain their social distance of 1-2 metres from one another and during any on-site meetings.”

The UDI statement added, “In addition, the Provincial Health Officer Dr. Bonnie Henry said during the March 17 news conference… that ‘Construction work outside is not as much of a risk that we are concerned about… but anyone who’s sick should not be going to work.’”

The Homebuilders Association of Vancouver (HAVAN) also sent out a statement March 19 offering advice to construction employers on site safety during the pandemic.

The dedicated web page, www.havan.ca/covid-19-resources, also has links to various government resources that are helping small businesses during this time, plus a link to a COVID-19 self-assessment tool.

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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.

The Canadian Press. All rights reserved.

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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.

The Canadian Press. All rights reserved.

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