lisa williams

The cost of housing continues to climb in this country but where are the real deals for the fledgling first-time homebuyer? Hint: In future days, steer clear of the Prairies.

The Victoria Times-Colonist tells us the cost of housing in British Columbia’s capital city has doubled in the last decade and that reality is reflected in cities across Canada. Citing the Housing Evolution Report, the Times-Colonist found the average price for all types of housing in the Greater Victoria region climbed by 123 per cent to C$504,561 in 2010 from $225,731 in 2000.

It’s no secret that Toronto is the North American condo king. Maybe T.O. is the new Dubai given the number of high-rise towers being raised. Regardless, the National Post says from 2000 to 2010, the average value of a Canadian home doubled, rising to $339,030 from $163,951. The money involved is huge, with the value of residential building permits issued across Canada in the past decade pegged at $340 billion.

The Post also identified Winnipeg as the future real estate hot spot and it has nil to do with that city landing an NHL franchise in recent months (though you might expect that to be a factor in Canada).

“Winnipeg is seen as having the biggest potential for future growth, as it leads the nation with having the largest stock of older homes. More than half of the city’s owned housing was built before 1970.”

The Montreal Gazette, said Regina leads nationally with.

January 3, 2012

While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December, annual sales for single family homes, townhomes and manufactured homes had increased, while condominium sales decreased by 15% compared to December 2010.

“This may be the result of an increased number of lower priced single-family homes that became available,” says Carol Crabb, President of the Victoria Real Estate Board.

Crabb cites that housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.

“This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August,” says Crabb. “During the last quarter of 2011, it has been virtually unchanged month over month.”

“While we were trending towards a buyers’ market, based on both the prices and number of properties for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced market,” she says.

December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active.