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
