Time to pack your bags.
Buying a house in Ontario may seem like a dream, but some areas are a bit more affordable than others.
According to a new report by RE/MAX, the housing market will remain strong this fall, driven by young buyers and a low supply of houses.
This means “Canadian housing market prices are anticipated to increase by 5% in the remaining months of 2021, according to RE/MAX brokers and agents.”
So while some areas may be cheaper than others, the market is still rising, which means you may need to save a little extra to afford your dream home.
Here are the least expensive areas to buy a single-detached home in Ontario according to the average prices from January to August 2021:
There was an “explosion” of sales.
Last year has proven to be the busiest on record for Canada’s west coast housing markets, as the Fraser Valley Real Estate Board reports the highest level of sales in its 100-year history.
A total of 27,692 homes traded hands in 2021, up 39% from 2020, and 16.5% higher than the previous record of 23,974 in 2016. Like other major markets across the country, the boom in buyer activity was driven by the impact of the COVID-19 pandemic, historically low mortgage rates, and the flexibility to move further away from urban centres.
Buyers also came to the Fraser Valley in hopes of stretching their real estate budgets as the region is considered comparably more affordable than neighbouring Metro Vancouver.
“No one could have predicted how the pandemic would impact the real estate market. Our region’s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we’ve never seen,” stated FVREB President Larry Anderson.
He adds that while the market enjoyed the second-highest influx of new listings on record in 2021, with 35,629 homes coming to market – a year over year increase of 12.4% – it wasn’t enough to offer relief from steep sellers-friendly conditions.
“Whether helping sellers list or helping buyers complete a sale, our Board averaged over 5,200 transactions every month. And even though our volume of new listings was also high, it just couldn’t keep up with the demand,” he stated.
Condos were the most in-demand home type by far, largely due to their relative affordability. Sales up 68.9% in 2021 from year-ago levels, more than double the 31.8% and 33.7% rates of growth in the detached and townhome segments, respectively.
“With the rapid escalation of prices in 2021, many buyers made decisions based on economic factors, resulting in an explosion of condo sales in our region,” stated Anderson.
The year also came to a close with the second-busiest December on record, with a total of 1,808 sales, 13.3% shy from the all-time high set at the end of 2020. However, it’s clear the region is starting to feel a supply crunch, as only 1,278 homes were newly listed over the course of the month – down 15% from last year – and total active inventory is sitting 60% below the 10-year average.
Given the flood of buyer demand and scant supply, price growth has been on a tear over the past year, with the average price for all property types clocking in at $1,142,946, a whopping 26.1% increase from December 2020, and up 3.8% from November.
That’s driven interest in the most affordable end of the market; condos were the only home type to post a year-over-year increase in sales numbers with 544 transactions, up 19% from December 2020. The average price for a unit clocked in at $549,821, up 30.3%, but still cheaper than the average detached single-family home in the region by more than a million bucks. A total of 635 houses sold at an average price of $1,674,255 (up 37.1% year over year), though lagging 2020 numbers by -27%.
Townhouse sales, meanwhile, fell 17.4% annually, with 414 sales, while prices soared 40.3% to an average of $863,387.
And, pandemic uncertainty aside, the stage looks set for another banner year for sales in 2022, as the Canadian Real Estate Association has forecasted the second-best year on record, with 610,700 sales nationwide.
The post 2021 the Hottest in 100-Year History for Fraser Valley Home Sales appeared first on STOREYS.
It is “a nuisance and a hazard.” 🏠
House prices in B.C. just got even more incredible, with this rundown shack being valued at $1,457,000.
The home is covered by shrubbery and is on a relatively small piece of land. Yet, somehow it is still super expensive.
It’s actually in such bad condition that the City of Port Coquitlam ordered the owner to demolish it in June 2021. The report from the council meeting said that it is “a nuisance and a hazard as it creates an unsafe condition and is a danger to public health and safety.”
The house, located at 2224 Mary Hill Rd., looks to require a little bit of tender loving care.
Google Street View
According to BC Assessment’s website though, it has some kind of value — over a million dollars to be exact.
The website’s 2022 assessment of the home estimated the value as of July 1, 2021. It said that the land is worth $1,447,000 and the building is only worth $10,000. This is a big jump from the previous year’s value when the building was worth $4,900.
Google Street View
Although the building itself isn’t that expensive, it’s still a shockingly high price for a home that looks completely unlivable. The land holds the majority of the value, but at 7760 square feet — and not very well maintained, it seems like it still doesn’t seem worth it.
Google Street View
The website also said that the house was built in 1953, has three bedrooms, and one bathroom.
With rising house prices in Canada and in B.C., this might just be a new reality.
Just enter your address to find out! 🏠
B.C. is one of the most expensive places to buy a house in Canada, and you can now easily find out exactly how much yours is worth.
As housing prices rise, your home might actually be worth even more than you thought it was. On the B.C. Assessment Authority website, you can see what your home was valued at as of July 1, 2021.
In 2022, house prices in Canada are expected to rise even more than they have already, but this website can give you a good idea of what your house would sell for now.
According to WOWA, the average selling price for a B.C. house in November 2021 was a steep $992,844. In Vancouver, the benchmark price that same month was a daunting $1,211,200.
For B.C., this means there was an increase of 21.9% from November 2020.
So, if you’re now wondering how much your home has increased in price, go to the BC Assessment website and type in your address.
Once you enter your address, it will show you the total value of your home as of July 1, 2021. It breaks this down further to show you the amount the buildings on the property are worth as well as the value of the land.
It also shows you the value of your home from the previous year, so you can calculate how much it increased.
There’s also other information about the house that may be available on the website — like the year it was built, the number of bedrooms and bathrooms, the floor area and land size, and the sales history in the past three years.
It’s pretty interesting to check out, and it could be super helpful if you’re thinking about moving anytime soon.
This article’s cover image was used for illustrative purposes only.
If you’re looking for affordability then this is the spot to be.
This month, RE/MAX released a report that revealed the cheapest Ontario city to buy a home in 2022 and unsurprisingly Toronto didn’t make the cut.
The data showed that Thunder Bay remains something of a haven for new homeowners, with its average residential sale price hitting $300,685.73 for 2022, offering affordability in an otherwise daunting real estate market.
In case you’re having trouble believing it, here are six houses for sale in the city right now that are worth the price tag.
Elsie Tommasini | RE/MAX
Address: 2206 Moodie St. E., Thunder Bay, ON
Description: A cozy four-bedroom home that offers plenty of backyard space for gatherings with family.
Address: 312 Catherine St., Thunder Bay, ON
Description: A stunning home that has more than enough million-dollar features for half the price.
Address: 1433 Hamilton Ave., Thunder Bay, ON
Description: A newly renovated home that offers first-time buyers a chance to invest in modern living at an affordable price.
Address: 18 Stokes St., Thunder Bay, ON
Description: A rustic-looking home on a quiet street that comes complete with a relaxing sunroom.
Address: 491 Egan St., Thunder Bay, ON
Description: A quaint home that offers a surprising amount of interior space as well as an oversized backyard.
Address: 516 Wentworth Cres., Thunder Bay, ON
Description: A functional and affordable home that could use a little sprucing up in some areas, but nothing major.