November in Real Estate
I can’t believe that it’s already December! A good reminder was the dump of snow we had last night, power outages and cancellation of schools; wow what a day! I almost missed the deadline for submitting this article but I’m very grateful that the hard working people at BC Hydro brought back the power just in time.
It’s statistics time, just like every month, this time for the month of November.
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Active listings in the Vancouver Island Real Estate Board (VIREB) area continue to drop, with demand far outpacing supply. Inventory has hit consecutive historical lows for several months running.
According to the British Columbia Real Estate Association, the supply situation is especially critical in markets outside the Lower Mainland. One of the worst inventory situations is on Vancouver Island. Even if sales were to return to long-run average levels, total listings would need to nearly double to achieve a balanced market, and the road to doubling those listings lies in building more homes.
In Campbell River, the benchmark price of a single-family home hit $683,500 in November, up by 30 per cent from the previous year. Townhouse: $485,900.
Quadra Island saw a busy November with 3 new listings, 3 sold (pending) and one expired.
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members only area that will provide that information www.quadrarealty.ca
Cortes Island saw only 1 new listing in November, a beautiful almost 10 acre property.
If you would like more details including “sold prices” go to my website and sign up for free to members only area that will provide that information www.quadrarealty.ca
Driven by growth in demand for all property types, there were 2,110 sales in November, just shy of the record for the month set in 2005. “Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.”
In November, the detached price reached $542,600 up over 10.6 per cent higher than levels reported last October.
The semi-detached benchmark price rose to $429,800 this month, 8.7% Y/Y.
Row Price: $299,100, Apartment $251,700.
As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market.
“The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said.
The benchmark price for a detached home is $1,870,000. This represents a 20.8 per cent increase from November 2020.
The benchmark price of an apartment home is $752,800. This represents an 11.4 per cent increase from November 2020.
The benchmark price of an attached home is $990,300. This represents a 20.2 per cent increase from November 2020.
Home sales reached a new record for the month of November and the average selling price also reached a new all-time high. New listings were down substantially compared to last year for all market segments – further highlighting the inherent supply issue across all home types in the Greater Toronto Area (GTA).
“Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future. The GTA remains the primary destination for new immigrants, and is at the centre of the Canadian economy”, said TRREB President Kevin Crigger.
The average price for a detached home in area (416) is $1,807,983.
The average price of a semi-detached home (416) is 1,431,988.
The average price of a townhouse (416) is $981,759.
The average price of a condo (416) is $745,951, 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