The monthly statistics for the month of October just came out and I’d like to share some quotes from them with my favourite Discovery Islander readers.
I understand some people don’t like how these reports are written, based on feedback I have received, because it’s dry facts and numbers. I think there’s some room for that kind of information here because numbers typically don’t lie. Quite honestly I’m a little bored of them myself because we are being told for years now that inventory is historically low and the supply needs to come up. It seems like this is an issue all across the country, not just in our province.
Here are some quotes from the reports published by the real estate boards:
Campbell River
The predominant theme running through the housing market in the Vancouver Island Real Estate Board (VIREB) area is one of “different month, same issues.”
Buyers continue to face frustrating hurdles caused by historically low inventory, with little relief in sight. Active listings of single-family homes were 46 per cent lower last month than in October 2020 and dropped by 18 per cent from September- as per VIREB Report.
In Campbell River, the benchmark price of a single-family home hit $663,000 in October, up by 29 per cent from the previous year.
Quadra Island
Quadra Island saw 1 listing sold (pending completion) and 2 new listings.
If you would like more details including “sold prices” go to my website and sign up for free to the members only area that will provide that information www.quadrarealty.ca
Cortes Island
Cortes Island also saw only 1 listing sold (pending completion) in October.
If you would like more details including “sold prices” go to my website and sign up for free to the members only area that will provide that information www.quadrarealty.ca
Calgary
Calgary Real Estate Board recorded 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.
“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® chief economist Ann-Marie Lurie.
Thanks to gains in most districts, detached home sales improved by 17 per cent compared to last year. The strongest sales growth this month occurred in the North East and East districts, which are the most affordable districts in the city.
In October, the detached price reached $540,900, up nearly one per cent compared with last month and over 10 per cent higher than levels reported last October.
The semi-detached benchmark price rose to $427,800 this month, nearly nine per cent higher than last year’s levels.
Vancouver
Home sale activity in Metro Vancouver* remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years. “Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region,” Keith Stewart, REBGV economist said.
The benchmark price for a detached home is $ $1,850,500. This represents a 20.5 per cent increase from October 2020.
The benchmark price of an apartment home is $746,400. This represents a 9.5 per cent increase from October 2020.
The benchmark price of an attached home is $975,000. This represents an 18.5 per cent increase from October 2020.
Toronto
Home sales in the Greater Toronto Area (GTA) reached the second-highest level on record for the month of October. However, the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately one-third compared to October 2020. Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.
The average price for a detached home in area (416) is $1,784,979.
The average price of a semi-detached home (416) is $1,322,229.
The average price of a townhouse (416) is $1,025,257.
The average price of a condo (416) is $739,647, as reported by the Toronto Regional Real Estate Board (TREBB)
Are you thinking of selling your home? Call me for a free home evaluation.
Roman Krzaczek REALTOR ®
Home number: 250-285-2141