Vancouver real estate: downtown condo sales rise, suggesting U-turn from pandemic flight to suburbia - The Georgia Straight | Canada News Media
Connect with us

Real eState

Vancouver real estate: downtown condo sales rise, suggesting U-turn from pandemic flight to suburbia – The Georgia Straight

Published

 on


Buyers appear to be coming back to Downtown Vancouver.

While many are still willing to drive out to the suburbs in search of homes, purchasers seem to be enamoured again by the charms of downtown living.

In February 2021, a total of 105 mostly condo properties sold in the area designated as Downtown Vancouver West, which is the urban core.

The area does not include Coal Harbour, Yaletown, and the West End.

The 105 sales last month represent the biggest volume for the past one year.

The COVID-19 pandemic crashed the market for condos in Downtown Vancouver to its lowest point in April 2020, when sales fell to 29 units.

Based on figures by the Real Estate Board of Greater Vancouver (REBGV) and real-estate information site Zealty.ca, downtown sales slowly crept up reaching a high of 82 units by December 2020.

Per Zealty’s tracking, the 105 sales in February 2021 mark a 52.2 percent increase from January 2021.

Moreover, 29 out of the 105 sales, or 27.6 percent, sold either at full or above asking prices.

This ratio represents a 314.3 percent improvement over the rate recorded in January 2021.

Prices remain competitive in Downtown Vancouver West.

The median price for mostly condo properties stood at $699,000 in February 2021, down 0.1 percent from the previous month.

At its lowest point last year in April, the median price was $680,000.

On a per square foot basis, the price in February 2021 was $1,247, up from $1,030 in April 2020.

Earlier in March this year, the Straight reported about an anticipated revival of Downtown Vancouver with the arrival of vaccines and the resumption of travel and tourism.

Top executives of McNeill Lalonde & Associates, a real-estate marketing organization, talked about the subject in an interview over at a Vancouver podcast.

MLA cofounder Cameron McNeill noted that the downtown market may see price increases between 10 to 20 percent in the next 18 months.

McNeill and his business partner Ryan Lalonde both noted that Downtown Vancouver is a “very special” place.

The pandemic has driven many buyers outside the downtown core to find bigger homes and outside spaces.

Also in March this year, the Straight reported about a projection by Dexter Realty about condos and other strata properties.

The Vancouver company believes that these properties are going to be the next star of the housing market, and not just in Vancouver but across the Lower Mainland region as well.

It noted in a report that buyers are “pivoting to condos”.

Purchasers are “looking towards the easing of pandemic regulations”.

This, in turn, “will bring vibrancy back to downtowns and foreign students back to Metro Vancouver campuses”.

“Affordability is part of the equation,” Dexter Realty’s Kevin Skipworth wrote in the report.

In February 2021, the price of a typical condo in markets served by the REBGV stood at $697,500.

Compare this to the benchmark price of a townhouse at $839,800, and detached home, $1,621,200.

The appetite for condos outside Vancouver seems to be growing as well.

David Hutchinson with Sutton Group West Coast Realty told the Straight about a Port Coquitlam condo that was listed on March 16, 2021.

Unit 220, a one-bedroom unit at the River Rock Landing condo development at 2368 Marpole Avenue, was priced at $399,900.

Hutchinson’s client and 17 other buyers placed bids.

The condo sold for $492,000, or $92,100 over asking. His client, who is a first-time buyer, lost.

“I asked the realtor how many offers he was anticipating so we could gauge some kind of pricing strategy,” Hutchinson related.

“We were in the top three, and made it to the top two in back-up offer position, but the other offer removed their conditions,” he continued.

“Naturally, the buyer is discouraged, as are the other 16 buyers who lost out probably are too,” Hutchinson noted.

His client, who came to view the property with her mother, asked if she should “take a break for a little while”, which is a “natural reaction after such an emotionally draining experience”.

“Being a buyer isn’t easy in this market,” Hutchinson said.

More

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

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

Published

 on

 

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.

Source link

Continue Reading

Real eState

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

Published

 on

 

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.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

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.

Source link

Continue Reading

Trending

Exit mobile version