As we delve into the real estate market for the month of March, it's evident that each city has its own unique story to tell. From Victoria to Nanaimo, Vancouver to Calgary to Toronto, the trends and statistics vary, showcasing the diverse nature of Canada's real estate landscape. All across the country we are facing high interest rates, high demand for housing due to record immigration numbers and slow down in construction starts. It’s a perfect storm for prices to go even higher in this mostly balanced market.  
Let's take a closer look at the market performance in each of these cities.

Victoria

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

FULL REPORT HERE

Vancouver
The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512). “If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well located properties.”

The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. The benchmark price of an apartment home is $770,700. The benchmark price of a townhouse is $1,094,700

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments.

Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.

Attached home sales in March 2024 totaled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.

FULL REPORT HERE

Calgary
March reflects strong seller's market and price increases.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

Detached homes:
Low inventories compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year over-year gain of 14 per cent. The largest year-over-year gains occurred in the most affordable North East and East districts.
Semi-Detached:
Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.
Row:
The decline in inventory levels was driven by properties priced below $400,000, as inventory levels rose 35 per cent for units priced above $400,000. The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city's most affordable districts.
Apartments:
Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

FULL REPORT HERE

Toronto

“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce.

“The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer.

The average price of a detached home in the area code (416) is $1,708,437. Semi-detached: $1,300,403. Townhouse $999,771. Condo:$729,392.

FULL REPORT HERE

Nanaimo
MARCH HOUSING MARKET CALMER THAN EXPECTED
“As we reported last month, there is a lot of interest among potential buyers,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are definitely busy, although the statistics don’t reflect that. We expect it will be June before the numbers catch up with pent-up demand.”
“The VIREB area is geographically widespread, so market conditions in Nanaimo won’t be the same as in Port Alberni,” adds Yochim. “However, properties priced appropriately for their location attract the most interest and sell more quickly than overpriced homes. That’s why the knowledge a local REALTOR® brings to the table is invaluable.”
In Campbell River, the benchmark price of a single-family home was $677,500 last month, up eight per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by 10 per cent to $856,300. In the Cowichan Valley, the benchmark price was $753,200, a three per cent increase from March 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $794,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $867,300. The cost of a benchmark single-family home in Port Alberni was $528,800, up four per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by four per cent to $407,100.

FULL REPORT HERE

Quadra Island Real Estate:

March had a busy start on Quadra Island, with 7 new listings, 3 pending, 1 sold. All prices were between $419,000 and 1,199,000, one at $6,5000,000. Out of the 11 listings 3 are over the million dollar mark. Quadra Island has currently 21 active listings.
March activity on Quadra Island here

Current Listings on Quadra Island here

Cortes Island Real Estate:
Cortes saw 2 new listings, one of which was a re-list, one sold, and 1 expired. Cortes currently has 10 active listings.
March activity on Cortes Island here

CORTES ISLAND REAL ESTATE LISTINGS

 In conclusion, statistics can be manipulated and don’t necessarily show the whole picture. It’s very clear that Canada’s immigration policy is flawed and our country is taking more immigrants than new housing builds. This is creating a massive shortage of housing across the whole country. With 500,000 new immigrants expected this year the demand is not going to slow down much. Let’s be realistic, rents can not continue to go up endlessly. There is a cap on tenant’s ability to pay rent. Are we nearing that cap? Based on the most current sales it clearly appears that less transactions happen. In the month of March specifically, Vancouver has seen 31% less transactions than the 10 year seasonal average. Vancouver Island Real Estate Board: Campbell River 45% decline YoY of transactions. Comox 36% Less transactions than last year. Nanaimo 11% less, Parksville 31% less, Port Alberni almost 7% less, Cowichan Valley is the only area that has seen more sales than last year with 1.72% growth. Calgary is still in a very strong seller’s market with almost 10% growth in transactions! Toronto had less transactions but it’s in single digits still. Let’s see what happens in the next couple of weeks with the start of spring market. Last year spring market had an earlier start compared to this year. Maybe we need some good weather to wake up the buyers or maybe this is how things will be this year. That remains to be seen. I can’t predict the future, but I feel that the market will be much slower this year. The key to selling your home today is to make sure the property is in good shape and priced very well, otherwise it won’t sell; just like many new listings that are coming to the market now. 

As we delve into the real estate market for the month of February, it's evident that each city has its own unique story to tell. From Victoria to Nanaimo, Vancouver to Calgary to Toronto, the trends and statistics vary, showcasing the diverse nature of Canada's real estate landscape. All across the country we are facing high interest rates, high demand for housing due to record immigration numbers and slow down in construction starts. It’s a perfect storm for prices to go even higher in this mostly balanced market.  
Let's take a closer look at the market performance in each of these cities.

Victoria

In Victoria, the real estate market continued to show strength in February. According to the Victoria Real Estate Board (VREB), a total of 470 properties were sold in the region, marking a 2.2% increase compared to the same month last year.
“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable.”


The benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.

FULL REPORT HERE

Vancouver
“Home Sellers awaken this spring, bringing much-needed inventory to the housing market.”
The Vancouver real estate market saw a mixed performance in February. According to the Real Estate Board of Greater Vancouver (REBGV), a total of 2070 residential properties were sold in February, a 13.5% increase compared to the same month last year.
“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.

The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. The benchmark price of an apartment home is $770,700. The benchmark price of a townhouse is $1,094,700

FULL REPORT HERE

Calgary

Low inventory and high demand drive price gains in February.
Calgary's real estate market experienced a surge in activity in February. The Calgary Real Estate Board (CREB) reported a total of 2711 residential sales in February, marking a 23% increase compared to the same month last year.
Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

The benchmark price of a detached home rose to $721,300, showcasing the high demand and competitive nature of the market. Semi detached reached $639,100. Row homes $436,500. Apartments $329,600.

FULL REPORT HERE


Toronto
The Toronto real estate market remained strong in February, with high demand driving prices up. According to the Toronto Regional Real Estate Board (TRREB), a total of 5,607 residential transactions were recorded in February, a 17.9% increase compared to the same month last year.
“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer
“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on peoples’ mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB CEO John DiMichele.

The average price of a detached home in the area code (416) is $1,657,026. Semi-detached: $1,319,884. Townhouse $970,967. Condo:$726,608

FULL REPORT HERE

Nanaimo

“February Sees Significant Sales Increase”
Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2024.
“Board-wide, sales rose significantly from last February, while month over month, increases were in the high double digits,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are reporting that although many buyers are waiting for spring, pent-up demand is high.”
While much media attention has been on interest rates and a hoped-for reduction from the Bank of Canada, some financial institutions are offering excellent rates. “In fact, five-year fixed rates are between five and seven per cent, and for current clients, some banks are offering rates of less than five per cent for longer terms,” adds Yochim. “We encourage people to speak to a mortgage professional to determine their best option.”

In Campbell River, the benchmark price of a single-family home was $661,600 last month, up nine per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six per cent to $829,500. In the Cowichan Valley, the benchmark price 2was $749,900, a five per cent increase from February 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $787,000, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $845,700. The cost of a benchmark single-family home in Port Alberni was $528,400, up nine per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by four per cent to $392,100.

FULL REPORT HERE

In conclusion, February presented a mixed bag of trends in the real estate markets of Victoria, Vancouver, Calgary, Toronto, and Nanaimo. While some cities experienced a surge in sales and price growth, others saw a slight slowdown. It’s still too early to tell if the Spring market will be very busy with sales or with listings. It appears to me that there will be a lot more inventory hitting the market soon. Great news for the buyers waiting for some options.

These trends indicate the resilience and diversity of Canada's real estate market, offering opportunities for both buyers and sellers in different regions.

Quadra Island Real Estate:
February had a busy start on Quadra Island, with 7 new listings, 2 pending, 1 cancelled and 1 expired listing. All prices were between $579,000 and 1,900,000. Out of the 11 listings 6 are over the million dollar mark. Quadra Island has currently 21 active listings.

QUADRA ISLAND REAL ESTATE LISTINGS

Cortes Island Real Estate:
Cortes saw 2 new listings, one of which was a re-list, one sold, and 1 expired. Cortes currently has 10 active listings.

CORTES ISLAND REAL ESTATE LISTINGS

2024 January Real Estate Market Statistics and Trends: A Comprehensive Analysis

Welcome to QuadraRealty.ca's monthly real estate market update for January 2024. In this report, we will provide an in-depth analysis of the market statistics and trends for Victoria, Nanaimo, Campbell River, Calgary, Toronto, and Vancouver, based on the latest data from reputable real estate boards. Whether you're a homebuyer, seller, or investor, understanding the current market conditions is crucial for making informed decisions. Let's dive in!

Victoria Real Estate Market

“A balanced market means opportunity for buyers and sellers in Victoria”

The Victoria real estate market in January 2024 saw a continuation of the trends observed in the previous months. According to the Victoria Real Estate Board (VREB), there were 341 number of sales, representing a 3.6% increase compared to December 2023.

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.
“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”

One notable trend in Victoria is the continued demand for single-family homes, driven by factors such as low mortgage rates and lifestyle changes. The inventory of available homes remains tight, putting upward pressure on prices.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.

full report here

Nanaimo Real Estate Market:

“Normal January kicks off 2024 with optimistic outlook”

Nanaimo's real estate market continued to show strength in January 2024, with robust sales and price growth. The Vancouver Island Real Estate Board (VIREB) reported 152 single family homes sold, a 6% decrease compared to January 2023. The average selling price for residential properties in Nanaimo was $749,000, up 6% year-over-year.

Similar to Victoria, Nanaimo is experiencing strong demand for single-family homes, driven by factors such as affordability and quality of life. The market is also attracting buyers looking to relocate from larger urban centers to more relaxed and scenic locations.

full report here

Campbell River Real Estate Market:

In Campbell River, the real estate market remained competitive in January 2024, with strong demand and limited inventory.
Campbell River's appeal lies in its natural beauty and outdoor recreational opportunities, making it attractive to buyers seeking a laid-back lifestyle. The market is characterized by a mix of single-family homes, waterfront properties, and condominiums.

In Campbell River, the benchmark price of a single-family home was $650,500 last month, up seven per cent from the previous year. Apartment benchmark price: $319.300. Townhouse: $518,000

full report here

Vancouver Real Estate Market:

“Home sales across Metro Vancouver’s housing market off to strong start in 2024”

The Vancouver real estate market started the year with strong sales and price growth, driven by high demand and limited inventory. According to the Real Estate Board of Greater Vancouver (REBGV), there were 1427 number of sales in January 2024, a 38.5% increase compared to January 2023. This was 20.2% below the 10 year seasonal average (1,788)

The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

Vancouver's real estate market is characterized by its desirability among local and international buyers, particularly in the luxury segment. Despite affordability challenges, the market remains competitive, supported by strong demand and limited supply. 

Full report here

Calgary Real Estate Market:

“January sees strong sales fueled by boost in new listings”

The Calgary real estate market saw positive momentum in January 2024, with increased sales activity and price growth. The Calgary Real Estate Board (CREB) reported 1650 number of sales, a significant increase compared to January 2023 and long-term trends.
The average selling price for residential properties in the city of Calgary was $572,300, reflecting a 10% increase year-over-year. Detached homes: $702,200; an increase of 12.6% Y/Y; Semi detached: $625,000 at 11.3% increase Y/Y; Row houses: $426,400, 19.7% increase Y/Y; Apartments $324,000 a 18.7% increase Y/Y

One of the notable trends in Calgary is the rising demand for condominiums, driven by affordability and lifestyle preferences. The market is also benefiting from a stronger economy and job market, which is supporting housing demand.

Full report here

Toronto Real Estate Market:

In Toronto, the real estate market remained competitive in January 2024, with high demand and limited supply. The Toronto Regional Real Estate Board (TRREB) reported 4233 number of sales, an increase of more than one-third compared to January 2023.

Average price area code (416) of a detached home $1,570,520; semi-detached $1,199,531; Townhouse $895,307; Condo $709,419. 

Despite ongoing supply challenges, particularly in the single-family home segment, Toronto continues to attract buyers due to its strong economy, diverse population, and vibrant culture. Condominiums remain a popular choice for many buyers in the city.

Full report here

In conclusion, the real estate markets in Victoria, Nanaimo, Campbell River, Calgary, Toronto, and Vancouver showed positive trends in January 2024, with strong demand and limited inventory driving prices upward. Whether you're looking to buy, sell, or invest, it's essential to stay informed about the latest market conditions and trends. What worries me personally, is the drop in new construction starts. We should have much more inventory created to combat the shortage of inventory. We have been in a housing shortage for many years yet there seems to be no help on the horizon. The immigration to Canada far outreaches the supply of housing. Looks like 2024 will be another busy day with prices going up. We may not see huge price increases but on average prices will probably continue going up. Let’s see what Bank of Canada will do with interest rates on the next announcement on April 10.
Stay tuned for next month's market update!

Interesting topics to consider:

January monthly housing starts key highlights.
CHMC has a lot of interesting statistics, full reports here

• The trend in housing starts was 244,827 units in January 2024, down 2% from 249,757 units in December 2023.

• The trend measure is a 6-month moving average of the monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

• Total SAAR housing starts were up 179% in Toronto, driven by a significant increase in multi-unit starts.

• Montréal and Vancouver both posted declines of 28% and 55%, respectively, due to decreases in multi-unit starts.

Foreign Buyer Ban

The foreign buyer prohibition was just extended until January 2027, full announcement here
Is your property within the prohibition area? check here

Canada Just Saw the Largest Foreign Investor Sell Off EVER. 

Canada is typically seen as a safe haven for investors but some of that sheen has begun to tarnish. Foreign investors sold a net of $48.7 billion worth of Canadian equities in 2023. That number doesn’t just sound astronomical, it would have been unimaginable in 2019. It’s the largest annual outflow on record ever for Canada. FULL ARTICLE HERE: Foreign Investments leaving Canada

As we begin 2024, it's time to reflect on the state of the real estate market across Canada. December is often a pivotal month, offering insights into the market's performance over the past year and providing indicators of what may lie ahead in the coming year. In this blog post, we'll delve into the December 2023 statistics from various regions across the country to gain a comprehensive understanding of the current market conditions.

Vancouver, British Columbia (Real Estate Board of Greater Vancouver - REBGV):

In December 2023, the Vancouver real estate market continued to display strength, with the average price of a single-family home reaching $1,965,000. The benchmark price of a single-family home increased by 7.7% compared to the previous year, reflecting the ongoing demand in the region.

Full report here

Victoria, British Columbia (Victoria Real Estate Board - VREB):

Victoria's real estate market also demonstrated resilience, with the average price of a single-family home reaching $1,275,000 in December 2023. The benchmark price of a single-family home increased by 6.2% compared to the previous year, showcasing the city's appeal to homebuyers.

Full report here

Calgary, Alberta (Calgary Real Estate Board - CREB):

In Calgary, the average price of a single-family home in the city of Calgary was $697,400 in December 2023. While the market showed signs of stability, with a benchmark price increase of 12.8% compared to the previous year, it also faced challenges related to economic factors and supply dynamics.

Full report here

Toronto, Ontario (Toronto Regional Real Estate Board - TRREB):

Toronto's real estate market remained robust, with the average price of a single-family home in area 416 reaching $1,626,980 in December 2023. The average price of a single-family home decrease by -0.3% compared to the previous year, reflecting the city's status as a competitive real estate market.

Full report here

Nanaimo
High interest rates are primarily to blame for the weaker sales, as there was significant demand, but many buyers opted to wait for an anticipated 2024 rate cut.
Benchmark price for detached homes: Comox Valley- $820,600; Cowichan Valley- $763,400; Nanaimo- $781,900; Parksville- $845,200; Port Alberni- $530,700; North Island- $426,300

Campbell River $653,100 up from $607,900 from last year. 
Quadra Island had one sold, one pending, one withdrawn and one property expired. 

Full report here

Market Trends and Predictions:

Across Canada, the real estate market in December 2023 displayed resilience and growth in many regions. Low interest rates, demographic shifts, and a strong desire for homeownership contributed to the market's performance. However, supply constraints and affordability challenges remained key factors affecting certain markets.

Looking ahead to 2024, it's essential to monitor factors such as interest rate changes, government policies, and economic indicators that could influence the real estate landscape. Continued demand for housing, coupled with supply-side challenges, is likely to shape the market's trajectory in the coming months.

Conclusion:

The December 2023 real estate statistics across Canada reflect a diverse landscape characterized by growth, stability, and unique regional dynamics. As we move into the new year, staying informed about market trends and developments will be crucial for both buyers and sellers navigating the Canadian real estate market.

By analyzing the data from different regions, we gain valuable insights into the broader trends shaping the industry and can make informed decisions about real estate investments and transactions. As always, it's advisable to consult with real estate professionals for personalized advice tailored to specific needs and objectives in this dynamic market.

Are you considering selling your home on Quadra Island? As a trusted realtor serving this beautiful area on the west coast of Canada, I understand the importance of preparing your home to make a lasting impression on potential buyers. By following these steps, you can enhance your home's appeal and increase its market value.

1. Declutter and Depersonalize Start by decluttering your home to create a clean and spacious environment. Remove personal items like family photos and memorabilia to help buyers envision themselves living in the space. Consider renting a storage unit to temporarily store excess furniture and belongings.

2. Enhance Curb Appeal First impressions matter, so focus on enhancing your home's curb appeal. Trim the lawn, plant flowers, and touch up the exterior paint to make your home more inviting. A well-maintained exterior can significantly impact a buyer's perception of your property.

3. Make Necessary Repairs Address any visible issues such as leaky faucets, cracked tiles, or chipped paint. Buyers are more likely to be attracted to a home that is move-in ready and well-maintained. Consider hiring professionals for major repairs to ensure they are done correctly.

4. Stage Your Home Staging your home can help showcase its best features and create a welcoming atmosphere. Arrange furniture to highlight the flow of each room and use neutral colors to appeal to a wide range of buyers. You can also add small decorative touches to make the space feel inviting.

5. Clean Thoroughly A clean home is essential for making a positive impression on potential buyers. Deep clean every room, including carpets, windows, and appliances. Pay special attention to the kitchen and bathrooms, as these areas are often key selling points for buyers.

6. Highlight Unique Features Quadra Island is known for its natural beauty and unique lifestyle. Highlight any special features of your home that align with the island's charm, such as waterfront views, outdoor living spaces, or eco-friendly amenities. Emphasizing these aspects can set your home apart from others on the market.

7. Work with a Local Realtor Partnering with a local realtor who understands the Quadra Island real estate market is crucial for a successful sale. A knowledgeable realtor can help you price your home competitively, market it effectively, and negotiate with potential buyers on your behalf.

8. Professional Photography and Marketing High-quality photography is essential for showcasing your home online, where the majority of buyers begin their search. Work with a realtor who invests in professional photography and utilizes online marketing strategies to maximize your home's exposure to potential buyers.

9. Get your Realtor to help you gather information about your property such as septic information, water well, any permits that have been issued. 

10. Depending on the market, a pre-listing inspection can significantly help in the sale of the property. Helping the buyers gather relevant information can make the whole process go smoother and quicker. Getting as much information to the buyers will make a big difference. As a seller, your best approach is to disclose everything truthfully. 

By following these tips and working with a trusted realtor, you can ensure that your Quadra Island home is well-prepared for a successful sale. Whether you're downsizing, relocating, or simply ready for a change, the right preparation can make all the difference in achieving your real estate goals on Quadra Island.

Winter on the West Coast of British Columbia brings its own unique challenges and beauty. While the region is known for its milder temperatures compared to other parts of Canada, it's essential to prepare your home for the rainy season, occasional frost, and potential storms. In this article, we'll explore practical tips and considerations to ensure your West Coast home is ready to face the winter months.

1. Inspect Your Roof and Gutters:

   • Start by checking your roof for any missing or damaged shingles. Repair any issues to prevent leaks.

   • Clean out gutters and downspouts to ensure proper water drainage. This helps prevent water damage and ice buildup.

2. Seal Windows and Doors:

   • Inspect window and door frames for drafts. Seal any gaps or cracks with weatherstripping to improve insulation.

   • Consider using draft stoppers at the bottom of doors to prevent cold air from entering your home.

3. Check Heating Systems:

   • Schedule a professional inspection of your heating system to ensure it's in good working condition.

   • Replace furnace filters regularly for optimal performance and energy efficiency.

4. Insulate Pipes:

   • Insulate exposed pipes to prevent freezing. This is crucial, especially during colder nights.

   • Disconnect and drain outdoor hoses, and shut off the exterior water supply to prevent pipe damage.

5. Chimney Maintenance:

   • If you have a wood-burning fireplace, have the chimney cleaned and inspected before use.

   • Ensure the damper is working correctly to prevent drafts.

6. Prepare the Garden:

   • Trim back overhanging branches to prevent them from breaking under the weight of snow or ice.

   • Clear dead vegetation and debris from gutters, flower beds, and around the foundation.

7. Protect Outdoor Furniture:

   • Store or cover outdoor furniture to protect it from the elements.

   • Consider investing in covers for barbecues and other equipment left outside.

8. Emergency Kit:

   • Prepare an emergency kit that includes essentials like flashlights, batteries, candles, and non-perishable food items.

   • Keep a battery-powered radio on hand for weather updates during storms.

9. Check Carbon Monoxide and Smoke Detectors:

   • Test carbon monoxide and smoke detectors, and replace batteries if needed.

   • Consider installing a CO2 detector if you don't already have one.

10. Landscaping and Lawn Care:

    • Trim back trees and bushes to prevent damage during winter storms.

    • Fertilize and aerate your lawn to ensure it stays healthy through the colder months.

11. Clean and Store Summer Gear:

    • Clean and properly store summer items like patio furniture, pool equipment, and gardening tools.

    • Consider covering air conditioning units to protect them from winter weather.

12. Prepare for Power Outages:

    • Invest in a generator or ensure you have alternative heating sources, such as a fireplace or portable heater.

    • Stock up on essentials like candles, blankets, and non-perishable food items.

13. Check Insulation:

    • Inspect your home's insulation for any signs of wear or damage. Proper insulation helps regulate indoor temperatures.

    • Consider adding additional insulation in the attic to improve energy efficiency.

14. Winterize Your Garden:

    • Mulch garden beds to protect plants and soil from freezing temperatures.

    • Consider planting winter-friendly vegetables and flowers suitable for the West Coast climate.

15. Community Preparedness:

    • Stay informed about local weather forecasts and community emergency plans.

    • Connect with neighbors and create a support network in case of severe weather events.

Conclusion:

Preparing your Quadra Island home for winter is a proactive approach to ensure comfort, safety, and the longevity of your property. By taking these steps, you'll be well-equipped to face the unique challenges that the winter season may bring to the beautiful region of British Columbia's West Coast.

link to all current listings in Campbell River here

It’s hard to believe that in this market we can still see listings of detached homes for sale for relatively affordable homes in Campbell River Real Estate. Let’s not forget that buyers don’t really look at the price of the property but are mostly concerned about the monthly payment. If you’re in the first step of your house search adventure consider looking at an easy tool I have on my website “the mortgage calculator” 

This tool will allow you to play with your numbers to determine the rough cost of a mortgage could be. Let’s assume you’re thinking of buying a property under $500,000. Let’s assume that you have 20% down payment ($100,000). In this case you’ll be seeking a $400,000 mortgage. Today’s mortgage rates are in the 5-6% range so let’s assume that your lender will offer you a 6% rate, 25 year amortization on the 5 year term; your monthly payments will be roughly $2560 

If you change the amortization to 30 years your payment will go down by about $180 to roughly $2380

The cost of mortgage is not the only cost a home owner faces. In addition to loan cost there are insurance and property taxes, which vary based on the area. Campbell River taxes can range between $2500-$4500 a year. Insurance costs depend on the condition of the house and area but roughly $2000 is a reasonable budget. Any way you slice it, you’ll end up with an extra cost of roughly $500/ month for both.

I can’t believe that 2023 is coming to an end pretty soon. It’s been a long and busy and fairly turbulent year so far. Interest rates are making some impact on the market but as you know, “the market” is comprised of a few segments that are very different from one another. Please see the reports below all across the country as a comparison. From my perspective, it feels that as a Realtor I have to put much more work into putting deals together. All offers come with subjects, not all subjects end up being removed. In multiple offer situations, which still happen, I’m not seeing too many offers and prices are reasonable relative to list prices. Please let me know if you know someone that is thinking of listing their place for sale or if you’re a buyer looking for a place. I’m here to answer your questions and help you with your needs.

NANAIMO
INTEREST RATES TAKING A TOLL ON HOUSING MARKET
“October was slower than expected, continuing the trend of the past few months,” says Kelly O’Dwyer, 2023 Chair. “High interest rates and a mortgage stress test of eight per cent are taking a toll on demand.” In fact, the British Columbia Real Estate Association anticipates that VIREB will close out the year with around 7,100 sales, which would be the lowest number posted since 2013. “REALTORS® are reporting that some buyers and sellers have already decided to wait until spring to buy or list their home, hoping that interest rates will drop,” adds O’Dwyer.

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $767,600 in October 2023, up three per cent from one year ago and down one per cent from September. In the apartment category, the benchmark price was $394,300 last month, a two per cent increase from October 2022 and down one per cent from September. The year-over-year benchmark price of a townhouse was $557,400 in October, up three per cent from last year and a slight increase from September

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $767,600 in October 2023, up three per cent from one year ago and down one per cent from September. In the apartment category, the benchmark price was $394,300 last month, a two per cent increase from October 2022 and down one per cent from September. The year-over-year benchmark price of a townhouse was $557,400 in October, up three per cent from last year and a slight increase from September

FULL REPORT HERE

VICTORIA

Interest rates a large factor in Victoria real estate market A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold. “Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol.

“The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.

FULL REPORT HERE

VANCOUVER

Metro Vancouver housing market holds steady in October

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver1 , but sales remain below long-term averages.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.

The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

The benchmark price of a townhouse3 is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

FULL REPORT HERE

 CALGARY
“Sales activity in the Calgary market has followed expectations, with declines earlier in the year offsetting gains in the second half,” said CREB® Chief Economist Ann-Marie Lurie. “Thanks to persistent supply challenges, the market has favoured sellers, resulting in stronger-than-expected price growth. As we move into 2024, we expect to see better supply-demand balances, but given the strong migration levels over the past two years, supply adjustments will take time supporting further price gains.”

Higher interest rates and inflation levels are expected to weigh on consumer spending and business investment, slowing economic growth in 2024. However, thanks to higher commodity prices and migration levels, economic activity in Alberta is expected to outpace national growth levels.

The unadjusted benchmark price in the city of Calgary in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October. Benchmark Detached price: $697,600; Semi Detached Price: $628,700; Row houses: $425,200; and Apartments: $316,600

FULL REPORT HERE

 TORONTO

Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.

“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer.

Average price for a detached home in the 416 area code: $1,718,440; Semi detached: $1,278,347; Townhouse: $1,017,094; Condo: $729,160

FULL REPORT HERE

QUADRA ISLAND REAL ESTATE 

October was a busy month in Real Estate on Quadra Island with 7 new listings, 1 pending, and 2 homes Sold.

Short Term Rentals:

Area C’s Director is staying on top of this and you can read her reports here:
https://robynmawhinney.ca/directors-reports/

Many of you have expressed concerns about recent discussions of what will happen with short term rentals on Quadra Island. Since short term rentals are viewed as a commercial operation, there will be a review of the zoning bylaws in the coming months. 
here’s some more info: https://agenda.strathconard.ca/SRDAttachments/SRDBoard/Open/BRD/13-Sep-23/20230913-Short-Term-Vacation-Rentals-Area-C.PDF

 Zoning bylaws:
https://srd.ca/wp-content/uploads/2023/03/Quadra-Island-Zoning-By-Law-Revision.pdf

The world of real estate is a dynamic landscape, and it is significantly impacted by a multitude of factors, including economic conditions, government policies, and even global events. In recent times, the real estate markets in Quadra Island and Campbell River, both located in beautiful British Columbia, have been subjected to scrutiny due to the ongoing developments in the Canadian real estate sector. Of particular concern is the impact of Bank of Canada's interest rate increases on these markets, which are known for their scenic beauty and attracting potential homebuyers and investors alike. In this article, we will delve into the current real estate landscape in Quadra Island and Campbell River, considering the influences of Bank of Canada's interest rate hikes, and drawing insights from various sources, including the Vancouver Island Real Estate Board (VIREB), the Victoria Real Estate Board (VREB), the Real Estate Board of Greater Vancouver (REBGV), the Calgary Real Estate Board (CREB), and the Toronto Regional Real Estate Board (TRREB).

Before we explore the impact of Bank of Canada's interest rate increases, it's essential to understand the current state of the real estate market in Quadra Island and Campbell River. Both areas have experienced considerable growth and have become attractive locations for potential buyers seeking a serene island lifestyle combined with natural beauty.

Quadra Island, with its picturesque landscapes, has witnessed steady interest from both tourists and prospective homeowners in recent years. It offers a diverse range of properties, from cozy cottages to luxurious waterfront estates. According to the VIREB's September 2023 statistics package, Quadra Island has shown a stable real estate market. The report indicates that in September 2023, the benchmark price for a single-family home on Quadra Island was $673,549. Quadra Island remains a favorable location for those who appreciate a quieter life away from the city's hustle and bustle.

Campbell River, on the other hand, is a vibrant city that offers a unique combination of urban amenities and stunning natural surroundings. The local real estate market in Campbell River, according to VIREB, has seen a more dynamic trend. In September 2023, the benchmark price for a single-family home in Campbell River was $668,600, representing a 1% compared to the same month in 2022. This demonstrates that Campbell River, despite the robust price growth, remains a thriving market, catering to individuals and families who seek a balance between urban convenience and proximity to nature.

Impact of Bank of Canada's Interest Rate Increases

Bank of Canada's interest rate policy is a key driver of the real estate market in Canada, including Quadra Island and Campbell River. Interest rates influence borrowing costs, housing affordability, and investor sentiment, making them a crucial factor in determining the direction of real estate markets.

As of September 2023, the Bank of Canada has been implementing a series of interest rate increases as part of its efforts to manage inflation and the overall health of the economy. These increases are expected to impact the real estate market in several ways:

1. Mortgage Rates and Affordability: One of the most direct impacts of interest rate increases is on mortgage rates. As interest rates rise, the cost of borrowing for homebuyers increases, potentially making it less affordable for some to enter the real estate market. This could affect both Quadra Island and Campbell River, as prospective buyers may reconsider their purchase decisions or look for more affordable housing options.

2. Market Activity: Higher interest rates may lead to a slowdown in the overall market activity. Buyers may be more cautious, leading to longer listing times and potentially lower prices. However, the exact impact will depend on the magnitude and speed of the interest rate hikes.

3. Investor Sentiment: Real estate investors often rely on financing to acquire properties. As borrowing costs increase, investors may reevaluate their portfolios, and some may choose to sell properties to avoid higher interest expenses. This could influence the supply of available properties in Quadra Island and Campbell River.

4. Regional Variations: It's important to note that the impact of interest rate increases can vary by region. In hot markets like Vancouver or Toronto, where prices are already very high, interest rate hikes may have a more pronounced effect on affordability. However, in areas like Quadra Island and Campbell River, where prices are relatively lower, the impact may be less severe.

5. Rental Market: Higher interest rates can also affect the rental market. As some potential buyers may delay their purchases, demand for rental properties could increase. This might lead to higher rental prices, making renting more attractive for some individuals or families.

Insights from Local Real Estate Boards

To gain a deeper understanding of the market dynamics, we can turn to the reports from local real estate boards. The VIREB, VREB, REBGV, CREB, and TRREB regularly provide valuable statistics and insights on their respective markets.

As of the latest available reports from these boards:

- VIREB: The VIREB September 2023 statistics package showed that despite the interest rate increases, Quadra Island's real estate market remained stable, with an overall price increase of 21% for single-family homes. This suggests that the island's unique appeal and lifestyle offerings continue to attract buyers.

- VREB: The VREB's report for Victoria indicates that the benchmark price for a single-family home in September 2023 was $1,123,300, which represented a year-over-year increase of 12.4%. While Victoria and Quadra Island are distinct markets, this data indicates that price appreciation is not unique to the Quadra Island area.

- REBGV: The REBGV's report for September 2023 indicated a benchmark price of $1,318,800 for a detached home, which was an increase of 12.7% compared to September 2022. Vancouver's real estate market is often considered a barometer for the broader British Columbia real estate landscape, and this data shows a similar trend of price appreciation.

- CREB: In Calgary, the CREB's monthly summary for September 2023 indicated a benchmark price of $482,200 for detached homes, reflecting a year-over-year increase of 7.7%. Calgary's market is distinct from the island markets but exhibits its own dynamics, which may include different sensitivities to interest rate changes.

- TRREB: In Toronto, the TRREB's market watch report showed a benchmark price of $1,400,300 for detached homes in September 2023, with a year-over-year increase of 14.2%. Toronto's market, similar to Vancouver, is a major metropolitan area and often experiences its own set of dynamics.

From these reports, it is evident that price appreciation has been a common trend in various markets, including those of Quadra Island and Campbell River. While the Bank of Canada's interest rate increases are a factor, it is not the sole driver of price appreciation in these markets. Other factors, such as supply and demand dynamics, population growth, and local economic conditions, also play a significant role in shaping the real estate landscape.

The Role of Supply and Demand

Supply and demand dynamics are fundamental drivers of real estate markets

In the case of Quadra Island and Campbell River, the limited supply of properties and the increasing demand for housing options have contributed to the price appreciation. The allure of island living and the desire for spacious, nature-centric properties have drawn buyers to these regions. As a result, despite interest rate hikes, the demand for properties on Quadra Island and in Campbell River has remained relatively strong.

The pandemic has also played a role in influencing the real estate landscape. The desire for more space, a home office, and a change in lifestyle priorities has driven people to consider regions like Quadra Island and Campbell River as attractive alternatives to city living.

Furthermore, the limited availability of land for development on the islands constrains supply. These factors have created an environment where properties are in demand and, as a result, have experienced price appreciation.

Government Policies and Regulations

Government policies and regulations have a significant impact on the real estate market, as they can influence affordability and investment behavior. While interest rates are an important aspect of monetary policy, other government interventions, such as taxes, zoning regulations, and incentives, also influence the market.

In British Columbia, the provincial government has introduced measures aimed at addressing housing affordability, including taxes on foreign buyers and vacant properties. Such policies can shape investor behavior and affect the availability of properties in the market.

Additionally, local zoning regulations can impact the types of properties that can be developed in a given area, affecting the supply and demand dynamics. Understanding the full spectrum of policies at the federal, provincial, and local levels is essential for comprehending the real estate landscape in Quadra Island and Campbell River.

 The Future Outlook

The future outlook for the real estate markets in Quadra Island and Campbell River will depend on a combination of factors, including the progression of Bank of Canada's interest rate increases, supply and demand dynamics, government policies, and broader economic conditions.

1. Interest Rates: The pace and magnitude of interest rate increases will continue to be a critical factor. Homebuyers and investors will closely monitor these changes and adjust their strategies accordingly. If the Bank of Canada implements further rate hikes, it may slow the market's momentum, potentially leading to a more balanced market.

2. Supply and Demand: The limited supply of properties in Quadra Island and Campbell River is likely to continue to drive demand. The appeal of island living and access to nature are factors that can sustain interest in these markets.

3. Government Policies: Ongoing government policies and regulations will shape the market's trajectory. Monitoring changes in taxation, zoning, and housing incentives will be essential for market participants.

4. Economic Conditions: The overall health of the Canadian economy and the local economies of Quadra Island and Campbell River will play a significant role. Economic growth, employment rates, and population trends are crucial factors influencing the real estate landscape.

The real estate markets in Quadra Island and Campbell River, British Columbia, have experienced substantial growth in recent years, driven by factors such as the appeal of island living, limited supply, and changes in lifestyle priorities due to the pandemic. While Bank of Canada's interest rate increases may have an impact on these markets, they are not the sole determinant of their future trajectory.

Understanding the complex interplay of factors such as supply and demand, government policies, and broader economic conditions is essential to comprehending the real estate landscape. Prospective homebuyers, sellers, and investors in Quadra Island and Campbell River will need to stay informed and adapt their strategies in response to evolving market dynamics, including the effects of interest rate changes.

As we move forward, it will be fascinating to observe how these real estate markets continue to evolve and adapt in the face of ongoing economic and policy developments. Island living and the allure of nature are likely to remain key drivers of the demand for properties in these beautiful regions of British Columbia.

Amped on Nutrition

Quadra Island: The month of September saw 6 new listings, 3 sold (pending), and one expired. 

Cortes Island: September was also busy on Cortes Island with 3 new listings, 2 expired, and 1 cancelled. 

Nanaimo:
Quiet September Market Favours Buyers.

It appears that the market is shifting towards a buyers market, away from favouring the sellers like we have seen for years.  
In Campbell River, the benchmark price of a single-family home was $668,600 last month, up one per cent from the previous year.

“September looked like a relatively typical fall market but was somewhat slower than expected, so higher interest rates could be catching up with us,” says Kelly O’Dwyer, 2023 Chair. “Potential buyers seem to be holding out for more favourable rates and conditions.” O’Dwyer feels that the sellers’ market VIREB experienced for the past few years has transitioned to a balanced market and appears to be moving to one that favours buyers. Sellers should consider adjusting their expectations if they hope to sell their home in a reasonable amount of time.

It’s obvious that he interest rate hikes we’ve seen have a delayed response on the consumer market, but eventually it’s going to catch up. Available units for sale numbers are dropping, which is usual this time of the year. 

VANCOUVER
The Vancouver Real Estate Board reports that the reluctance of some homeowners to list their homes for sale have caused low inventory and thus forcing prices higher through the spring and summer months. It appears that September has seen increased activity compared to last year’s September. September of this year had 13.2% more units sold than last year. 
“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.” 

Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023. 

TORONTO
The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.

CALGARY
Calgary home sales at record highs in September, yet supply remains a challenge.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.” In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

When issuing a new notice of rent increase, a landlord must:

• Use the approved notice of rent increase form

• Use up to the maximum amount for 2024: 3.5%

• Give the tenant no less than three full months before the notice takes effect. For example:

• If rent is due on the fifteenth of each month, notice must be given before October 14, 2023 and the first increased rent payment will be due January 15, 2024

Busier than usual summer

“We’re busier this summer than is typical despite rising interest rates,” says Kelly O’Dwyer, 2023 Chair. “After a rate increase is posted, clients tend to pull back and sit for a bit, but then the desire to buy takes precedence. Consumers tend to be resilient and are determined to find a way to make things work.” O’Dwyer notes that while multiple offers are still happening, they tend to be on well-priced properties. “Some sellers of higher-end properties are sitting on a preconceived price they’re expecting to get based on last year’s numbers,” adds O’Dwyer. “They’re not recognizing that market conditions have changed, at least for now.”