VICTORIA —
Despite the ongoing COVID-19 pandemic, the real estate market in Victoria has been booming this summer, according to the Victoria Real Estate Board (VERB).
In July, a total of 979 properties were sold within the Victoria Real Estate Board region. That total represents a whopping 38.7 per cent increase in home sales compared to July 2019, and marks a 21.2 per cent increase from June 2020.
Similarly, June 2020 saw a huge increase in properties sold compared to the month before. In June, 808 properties were sold in the region, which represents a 76.8 per cent increase in home and condo sales compared to May, and a 9.2 per cent increase compared to June 2019.
However, VERB is quick to note that the recent surge in home sales does not indicate a long-term trend, as the local real estate market remains unpredictable amid the COVID-19 pandemic.
While this summer has seen an unseasonably high amount of sales, VERB says the sudden rush in real estate transactions is likely due to pent up demand, as prospective home buyers were less likely to view new properties during the height of the pandemic.
“If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month are on the higher end of our market for a typical July,” said VERB president Sandi-Jo Ayers in a release Tuesday.
“But we are not in a typical season… It is likely that our spring demand moved into summer now that folks are moving around our community more freely,” she said.
Meanwhile, the average cost of a single-family home in Greater Victoria last month was more than $1 million, a milestone that was first broken the month before in June.
In July, the average single-family home sold for $1,033,706 up from $1,014,746 in June. However, the median cost of a home remained below $1 million at $865,000.
According to VERB, a high demand for single family homes in Victoria, combined with a low market supply, have led to competitive conditions for prospective homebuyers.
“A big factor in our market right now is that we continue to see this very long term, very low supply of inventory which puts pressure on our market and prices,” said Ayers.
“Though we had a good number of new listings come to market this month, many of those listings were snapped up by buyers.”
Ayers says that over the past 10 years, the average number of listing available in July was 3,767. This year, however, approximately 1,000 fewer listings were available in Greater Victoria.
“Right now we have a lot of demand for single family homes – without the numbers to meet demand prospective buyers are often entering into multiple offer, competitive situations or are unable to find appropriate properties,” said Ayers.
With the real estate market surging across Greater Victoria, Ayers says that it is uncertain how market trends will unfold this fall due to COVID-19.
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.
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.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
