Real eState

What's up with B.C. real estate? Sales are down but prices are dramatically up – CTV News Vancouver

Published

3 years ago

August 12, 2021

It’s a bit of a paradox in B.C.’s real estate market right now. Sales have fallen year-over-year in July but prices are substantially up. What’s going on?

The answer is quite simple really. There are many buyers chasing very few listings, especially in outlying areas that saw a surge in demand last year as people sought more affordable areas to live and work from home.

“And those markets were already pretty undersupplied and that surge of demand meant that the already low level of supply absolutely plummeted and now we have a real supply drought, especially in small markets,” said Brendon Ogmundson, B.C. Real Estate Association chief economist.

The B.C. Real Estate Association reports that overall provincial sales in July were down 7.2 per cent over the same time last year while the average price on all home types increased 17.1 per cent.

The biggest price increases occurred in places like Chilliwack (26.5 per cent), Kamloops (25.5 per cent), and Kootenay (21.8 per cent) and Fraser Valley (17.5 per cent). The price rose while the total number of sales fell.

The total active residential real estate listings province-wide were down 32.2 per cent year-over-year in July and continue to fall on a monthly seasonally adjusted basis.

The good properties sell quickly, sometimes with multiple offers, while the lower quality listings are harder to sell.

The average residential price in B.C. in July was $891,687 and the economic forecast is for prices to continue to rise. Greater Vancouver had an average residential price in July of $1,153,804, an increase over last year of 10.4 per cent.

Ogmundson expects B.C.’s economy to grow six per cent this year and four per cent next year. A robust economy combined with low mortgage rates and low housing inventory will likely push residential real estate prices even higher.

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Real eState

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

Published

2 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

3 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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Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

3 weeks ago

October 17, 2024

Anne Joseph

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.

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