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With The Realty Market Cooling, Is Now The Time To Buy A Home?

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For a couple of years, Canada’s property market was on a steep upward spiral. House prices skyrocketed, until they had far surpassed pre-pandemic highs. Then interest rates started to rise, and buying a home became more expensive than ever.

However, the rise of interest rates meant that the high prices could not last for long. Since May, Canada’s realty market has been cooling quickly. While we have not seen a crash, prices are significantly down from their peaks.

With this in mind, you may be thinking about buying a home in the near future. Is this a good idea or should you wait for prices to drop even further? What about the expense of actually decorating your new home?

 

Are prices still going down?

Prices have not stopped declining since May. They have declined every month including October 2022. However, that does not mean there are no signs that the decline will end. On the contrary, the pace of the decline in October was the lowest since the downturn began.

There is never any surefire way to predict the housing market. Experts get it wrong fairly often. But indications do still mean something. The fact that the decline is slowing is a strong sign that we are reaching the end and that prices will start to rise again.

In light of this, you may think that now is the best time to buy a home, rather than waiting for prices to rise. But furniture prices will also play a part in your decision, as will the available mortgage rates.

 

Is furniture expensive?

Inflation has hit everyone pretty hard. Industries that rely on construction and manufacturing have had it harder than others. Supply chain delays, along with the cost of gas, have led to soaring expenses. As such, prices have been going up throughout 2022.

However, as we approach the end of the year, many companies have managed to turn this around and are offering lower prices to ease the stress on customers. Canadian furniture companies, such as Bouclair, are offering lower rates on items than have been available for a long time.

If you’re looking to furnish a new home, you won’t have to worry about high prices. In tandem, lower housing costs and the low price of furniture may have you considering buying a home. However, interest rates may make you think again.

 

How do interest rates impact the cost of housing?

Unless you’re buying a home in cash, your mortgage payments are going to be determined based on the mortgage rates you get. The higher the benchmark interest rates in the country, the higher the mortgage rates. At present, interest rates are particularly high as the country tries to deal with inflation.

This is a major reason for the prices of homes dropping. The simple reality is that it can be more expensive to buy a cheap home now than it was to buy a more expensive home a year ago.

Canada’s property prices are low, as is the cost of furnishing a home. But this doesn’t mean it’s a good time to buy a home. On the contrary, the price you pay will be significantly linked to the mortgage rates you secure.

Real eState

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.

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

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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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