Real Estate in November

On the surface of things, it appears that prices of real estate are dropping however when you look deeper into the numbers it’s not conclusive in every sector of the market. Locally in Campbell River area listing prices are dropping visibly, and listings are priced much closer to the appraised values.

Due to higher interest rates over the last few months, buyers have lost a lot of purchasing power.  Today, December 7^th, we saw BoC raise interest rates again by 0.5%

Scotiabank mortgage rates today are 6.14% for a 5 year closed mortgage
TD offers special rates of 5.54% for the same product.
Coast Capital Credit Union offers 5.34% rate. I’m not promoting any bank’s mortgages, just sharing what I see on their websites.

Just to give you a little bit of perspective, a mortgage of $400,000 with regular 25year amortization at 2.75% which was the rate last year, would have been a payment of roughly $1800/ month

Today, the same mortgage amount at 6.14% rate will be a $2600 mortgage payment per month.

Quadra Island. In November we saw very little activity, one new listing, one expired listing and one withdrawn. There were no sold listings. Yes, that’s correct there were no properties sold in a whole month.

Cortes Island- saw 2 new listings, 1 sold (pending), one withdrawn, one cancelled, and one expired.

In Campbell River, the benchmark price of a single-family home hit $679,200 in November, up one per cent from the previous year.

Victoria,"November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021," says Victoria Real Estate Board President Karen Dinnie-Smyth. "With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options."

There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021.

Full report HERE

VANCOUVER, BC – December 2, 2022 – While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022

Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.

The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.

The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.

The benchmark price of an attached unit is $1,027,900. This represents a 2.7 per cent increase from November 2021 and a 1.5 per cent decrease compared to October 2022.

Full report HERE

NANAIMO, BC – Last month, 244 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 30 per cent decrease from one year ago and down by two per cent from October. There were 54 condo apartment sales in November 2022, a decline of 50 per cent year over year and up by 29 per cent from October. In the row/townhouse category, 46 units changed hands in November, down 52 per cent from one year ago and 10 per cent from October.

City of Calgary, December 1, 2022 - Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.

The benchmark price in November slowed to $619,700, down from the high in May of $648,500. While prices have eased over the past several months, they continue to remain nearly 11 per cent higher than levels reported last year.

The benchmark price for Semi Detached reached $562,800, Row homes- $358,700, Apartments- $277,000

Full report HERE

TORONTO, ONTARIO, December 6, 2022 – Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.

Greater Toronto Area (GTA) REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – down 49 per cent compared to November 2021, but remaining at a similar level to October especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.

The MLS® Home Price Index Composite Benchmark was down by 5.5 per cent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 per cent yearover-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.

Full report HERE

Roman Krzaczek REALTOR ®
Home number: 250-285-2141
Quadrarealty.ca proud sponsor of Quadra Island online community www.quadra.life

Junuary is in full swing and it seems like summer is still just a dream for now. Working in the garden in between the cold rain is not as much fun but I hope summer will arrive soon enough.

Real Estate markets across the country have been showing signs of slowdown. I suspect that it will be short lived because even though the higher interest rates will discourage some buyers, the demand is still very strong across the whole country. There simply is not enough houses for sale to meet everyone’s demand.

Campbell River
The Vancouver Island Real Estate Board (VIREB) housing market appears to be shifting amidst lighter demand and increased inventory.

The increased inventory is good news for buyers, giving them more options to choose from and easing the pressure to move too quickly when making an offer. However, the market still favours sellers, and balanced conditions seem to be some distance away. According to the British Columbia Real Estate Association (BCREA), it will take a substantial decline in demand to return active listings on Vancouver Island to a healthy state.

In Campbell River, the benchmark price of a single-family home hit $76,200 in May, up by 29 per cent from the previous year.
Benchmark Price for an apartment: $385,700.
Benchmark Price for a Townhouse: $527,100.

full report HERE

Quadra Island
Quadra Island in May had 3 new listings, 1 sold (pending), 1 sold, 1 expired.
If you would like more details including “sold prices” go to my website, sign up and log in for free to members only area that will provide that information www.quadrarealty.ca
Cortes Island
May on Cortes Island had 3 new listings and 1 sold (pending).
If you would like more details including “sold prices” go to my website, sign up and log in for free to members only area that will provide that information www.quadrarealty.ca

Calgary
“For the second month in a row, sales activity trended down after all-time record high sales in March. “While higher lending rates are weighing on sales activity, the market is still struggling with supply levels and rising prices which could also be contributing to slower sales, especially in the detached market. Nonetheless, if this shift continues, we could begin to see more balanced conditions in the market over the next several months, slowing the pace of price growth in the market.
The benchmark price of detached homes in the city of Calgary hit $648,500;
semi-detached: $584,700;
row home: $363,300;
apartments: $275,300.”

full report HERE

Vancouver
VANCOUVER, BC – June 2, 2022 – After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates.
“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market,” said Daniel John, REBGV Chair. “Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”

 “Upward pressure on home prices has begun to ease in the housing market over the last two months,” John said. “Where home prices go next will depend on housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.”

The benchmark price for a detached home is $2,093,600. This represents a 15 per cent increase from May 2021.
The benchmark price of an apartment home is $779,700. This represents a 15 per cent increase from May 2021.
The benchmark price of an attached home is $1,141,200. This represents a 21.5 per cent increase from May 2021.

Full report HERE

Toronto
TORONTO, ONTARIO, June 3, 2022 – Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis.

“Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,” said TRREB President Kevin Crigger. 

The average price for a detached home in area (416) is $1,914,890.
The average price of a semi-detached home (416) is $1,426,273.
The average price of a townhouse (416) is $1,045,874.
The average price of a condo (416) is $793,124 as reported by the Toronto Regional Real Estate Board (TREBB).

Full report HERE

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

Roman Krzaczek REALTOR ®
Home number: 250-285-2141
Quadrarealty.ca proud sponsor of Quadra Island online community www.quadra.life