January in Real Estate 

January came and went and I can’t wait to start gardening already. Here is a brief summary that I pulled from Real Estate Boards across the country. They are direct quotes from reports that are available to the public. 

Campbell River

“The new year brought a small inventory bump, but demand is still far outpacing supply in the Vancouver Island Real Estate Board (VIREB) area.

In its recent Market Intelligence Report, the British Columbia Real Estate Association (BCREA) states that with markets so out-of-balance, it will take a substantial decline in demand to return active listings to a healthy state. Further, the Bank of Canada is signalling that it will begin raising its policy rate or “tightening” monetary policy this year in response to elevated Canadian inflation.

Historically, the Bank of Canada’s tightening has led to falling home sales and flattening home prices. BCREA’s model simulations show that the most likely outcome of this round of Bank of Canada tightening will be home sales falling to near their historical averages and for home price growth too moderate. However, any tightening is unlikely to result in significant price decreases because of severely low supply.”

Benchmark Price for a detached home in Campbell River in December reached: $682,800.

Benchmark Price for an apartment: $334,900.

Benchmark Price for a Townhouse: $515,100.

Quadra Island
Quadra Island in January had 2 new listings, 1 sold (pending) and 1 expired.

If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca

Cortes Island

January on Cortes Island had 2 new listings.

If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca

Calgary

“Thanks to persistently strong sales, inventory levels in the city eased to 2,620 units, the lowest levels seen since 2006. This caused the months of supply to remain exceptionally low for this time of year at 1.3 months.”

The benchmark price of detached homes in the city of Calgary hit $559,800; semi-detached: $439,900; row home: $305,600; apartments $251,200.

Vancouver

“The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver*.

“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said.” 

The benchmark price for a detached home is $1,953,000. This represents a 22.7 per cent increase from January 2021.

The benchmark price of an apartment home is $775,700. This represents a 14 per cent increase from January 2021.

The benchmark price of an attached home is $1,029,500. This represents a 24.3 per cent increase from January 2021. 

Toronto

“Demand for ownership housing remained very strong from a historic perspective in January 2022. At the same time, listings remained in short supply, resulting in tight market conditions and very strong year-over-year price growth.”

The average price for a detached home in area (416) is $1,886,413.

The average price of a semi-detached home (416) is 1,471,535.

The average price of a townhouse (416) is $1,080,284.

The average price of a condo (416) is $760,643 as reported by the Toronto Regional Real Estate Board (TREBB). 

This year started off with the same issues as last. Not enough inventory across the country. Very strong seller’s markets all across Canada. 

I have been trying very hard not getting too political in my real estate column but what’s happening in my beloved country of Canada is very alarming and concerning. It’s hard to decipher what is the truth anymore. All I know is that we are more divided than ever. It’s hurting families and communities.

Mainstream media have done a very poor job at covering what is really going on, but my biggest concern is how our politicians have decided to respond. Invoking the Emergency Measures Act on a small peaceful fridge group seems like something that would be done in a country that doesn’t believe in a democratic system. I urge you to read more about it, but from several opposing sources. Think for yourself, don’t just repeat what they tell us.  This is important for the future of Canada. How can we invoke kindness, unity and compassion, instead of hate?

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

Radon (Rn) 101 – Understanding it within the Canadian Housing Context

Recently as part of Professional Development Course I took an interesting course and I would like to share with the readers of the Discovery Islander what I learned.

The course was put together by “Evict Radon” which is a volunteer-led Canadian non-profit organization dedicated to solving Canada’s large and allegedly worsening radon-gas exposure problem.

Why should you care about this?

Exposure to Radon may cause serious health issues including lung cancer.

The reason why it’s relevant to Real Estate is that Radon is a health concern and could be seen as a “latent defects” in a real estate transaction. Latent defects are hidden, unknown defects that are not generally discoverable by a prospective purchaser or a reasonable inspection.

In all of my years in the industry I have never seen a deal fall apart due to Radon reading. In fact, I have never even seen a Radon reading disclosed in the Property Disclosure Statement but I suspect that this trend of “healthy homes” will continue to push new ways of red tape. In my opinion, if it’s actually based on science and not on special interest groups and it will make us healthier than I think it’s worth looking into.

What is Radon?

“Radon is a tasteless, odourless and invisible radioactive gas that results from decaying uranium, and is a leading cause of lung cancer.

Radon filters up from the ground and into the air. It can enter buildings through openings where the buildings contact the ground. In the outdoors, radon is diluted to low levels. Inside buildings, however, radon can build up too harmful, concentrated levels. Breathing increased levels of radon increases a person’s chance of developing lung cancer. In fact, Radon is linked to 16% of lung cancer deaths. It is the leading cause of lung cancer in non-smokers, and the second leading cause of lung cancer after smoking.”

Who is at risk?
Everyone is at risk for radon inhalation, and any building that has contact with the ground has the potential to have high radon levels, including houses, apartments, schools, daycares, warehouses and commercial spaces.”

“Evict radon” is asking for participation with their research by testing your home and sending it back to them.

Participation in this research based study can help in better understanding what type of property produces a high or low radon environment and why. It will help in identifying who in society are the most at risk and also help in determining meaningful changes to policy and building codes in the future.

I am naturally sceptical when someone says “this is for your own health” because it usually means it will cost me something. However, I am open minded and passionate about learning so I purchased the test to see what it says about my home. The test cost me $53.99 plus shipping and taxes, total of $78.71.

The way to conduct the test is to place the little plastic device (the radon test) in the lowest level in your home that you spend about 4 or more hours a day. This could be your basement or the main floor. Do not place the radon test in well ventilated spaces such as kitchen, bathroom or areas with open windows or excessive airflow. Do not place them on the floor. The purpose of these tests is to give the research group a more accurate measurement of air quality. Typically, a location on the bedside table is a great place for the test. The test needs to stay in the same location for minimum of 90 days or longer.

If you would like to participate in this study go to the websites provided below. Both of the websites provide abundance of information about Radon, about the test and also mitigation process.

I think it’s a great resource for those of you that are curious or just health conscious. 

The website https://c-nrpp.ca/testing-for-radon/

The website to purchase the home test is here: https://evictradon.org/about/

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca