The first market statistics of the year were published late therefore I’m including them in this article instead of the last one. I can’t believe we are mid way through January already!
I’m assuming by now you have all received your BC Assessment and you’re excited at the fact that your home is worth more than 30% and in some cases even 50% more! Your property taxes will not go up by 50%, don’t worry. They will certainly go up though.
Campbell River
According to the British Columbia Real Estate Association, the supply situation is especially critical in markets outside the Lower Mainland, with one of the worst being Vancouver Island. Even if sales were to return to long-run average levels, total listings would need to nearly double to achieve a balanced market, and the road to doubling those listings lies in building more homes.
“Expanding inventory is the key to affordability, and it requires a coordinated effort from all levels of government and adequate incentives for municipalities to take action,” says Mackay. “The public also has a role to play by being more open to gentle densification in some areas.”
Benchmark Price for a detached home in Campbell River in December reached: $689,000.
Benchmark Price for an apartment: $335,000.
Benchmark Price for a Townhouse: $505,300.
Average sale price in 2021, in Campbell River was $692,906 compared to $537,494 in 2020.
Quadra Island
Quadra Island saw a very busy December with 3 listings sold (pending), 2 sold, 1 cancelled and 1 expired.
Overall in 2021 Quadra Island had 42 listings in total that sold, 5 were cancelled, and 3 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
Cortes Island also had a relatively busy year with 14 listings sold, 2 cancelled, and 4 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
Calgary
“2021 Record year for home sales”. Thanks to exceptionally high sales in December, 2021 was a record year for home sales. Calgary sales reached 27,686 units this year, nearly 72 per cent higher than last year and over 44 per cent higher than the 10-year average. “Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months. However, as is the case in many other cities, the supply has not kept pace with the demand causing strong price growth,” said CREB® Chief Economist Ann-Marie Lurie.
The benchmark price of detached homes in the city of Calgary hit $547,300; semi-detached: $432,400; row home: $300,100; apartments $252,000.
Vancouver
Metro Vancouver home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.
“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Keith Stewart, REBGV economist said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7 per cent, followed by Pitt Meadows (29.8 per cent) and Whistler (27.8 per cent).
The benchmark price for a detached home is $1,910,200. This represents a 22 per cent increase from December 2020.
The benchmark price of an apartment home is $761,800. This represents a 12.8 per cent increase from December 2020.
The benchmark price of an attached home is $1,004,900. This represents a 22 per cent increase from December 2020.
Toronto
In December, GTA REALTORS® reported 6,031 sales – a strong result historically, but still down by more than 1,000 transactions (-15.7 per cent) compared to the record of 7,154 set in December 2020. Over the same period, new listings were down by 11.9 per cent to 5,174. The MLS® Home Price Index Composite benchmark was up by 31.1 per cent year-over-year in December. The average selling price was up by 24.2 per cent annually to $1,157,849.
The average price for a detached home in area (416) is $1,698,178.
The average price of a semi-detached home (416) is 1,342,429.
The average price of a townhouse (416) is $997,208.
The average price of a condo (416) is $730,792 as reported by the Toronto Regional Real Estate Board (TREBB).
Prediction for 2022- more of the same. Looks like the biggest problem we currently have is a huge demand for housing but supply of new housing is just not meeting the demand. Being a buyer in this market is very hard, especially if you don't have a $1million dollars for a downpayment.
In my opinion, the most important drivers of housing crisis are the artificial low interest rates and very high numbers of newcomers to Canada. According to Sean Fraser (Minister of Immigration), Canada welcomed 401,000 new immigrants in 2021.This is the most newcomers in a year in Canadian history since 1913. Federal government is planning to bring 411,000 immigrants in 2022. Just to be very clear- I'm not blaming immigrants for this crisis. This is just a bad policy by the feds.
Are you thinking of selling your home? Call me for a free home evaluation.
Roman Krzaczek REALTOR ®
Home number: 250-285-2141
