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Madison Pacific Properties Inc T.MPC.C


Primary Symbol: T.MPC Alternate Symbol(s):  MDPCF

Madison Pacific Properties Inc. is a Canada-based real estate company, which owns, develops, and operates office, industrial, commercial, and multi-family rental properties located in British Columbia, Alberta, and Ontario. The Company also has investments in joint ventures that develop residential properties. The Company’s investment portfolio comprises around 54 properties with approximately 1.9 million rentable square feet (sq. ft) of industrial and commercial space and a 50% interest in two- multi-family rental properties with a total of 94 units. It offers a range of property management services for its portfolio of investment properties, which include tenant services and relationships, building operations, lease administration, property accounting and reporting and project management services. Its development properties include a 50% interest in the Silverdale Hills Limited Partnership which owns approximately 1,400 acres of development lands in Mission, British Columbia.


TSX:MPC - Post by User

Post by undervalueon Sep 28, 2021 11:39am
123 Views
Post# 33930662

Fraser Valley housing.

Fraser Valley housing.




Fraser Valley posts highest home sale, price increases

Valley home sales are up 80 per cent and prices 25 per cent higher this year compared to 2020 – but active listings have plunged to 30-year lows
Surrey-Townhome
For every 100 Fraser Valley townhouses listed in August 94 of them sold, according to the Fraser Valley Real Estate Board. | Mike Stewart.ca

The Fraser Valley is posting the highest home sales and price increases in urban British Columbia this year, but Valley real estate agents warn that a shortage of listings threatens the market.

For the first eight months of 2021, home sales through the multiple listing service in the Fraser Valley increased 83.7 per cent, reports the B.C. Real Estate Association (BCREA), while the average composite home price increased 25.7 per cent from the same period in 2020.

Total sales as of August in the Valley had reached 19,311 homes, BCREA said, while the average composite home price increased to $991,151.

This compares to Greater Vancouver, which has tallied a 79.3 per cent home sales increase compared to the first eight months of 2020, to 31,910 transactions. Greater Vancouver average home prices are now up 12.6 per cent from last year, to a composite price of $1.04 million, according to BCREA data.

 

But both the BCREA and the Fraser Valley Real Estate Board (FVREB) say a severe shortage of listings is hampering sales and driving prices higher.

“Home sales around the province have essentially returned to normal after a record- setting spring,” said BCREA Chief Economist Brendon Ogmundson. “However, we continue to see a drought in the total supply of listings as well as downward trend in new listings activity.”

Active listings of homes for sale in the Fraser Valley have plunged 46.8 per cent as of August, compared to the same period last year. As of August there were just 3,386 listings for all types of homes, compared to more than 6,100 in August 2020.

“Home buyers are facing one of the worst supply shortages in Fraser Valley history,” said Larry Anderson, president of the FVREB. “Our housing stock is at levels last seen in the early 80s.”

Anderson said the townhouse sector is particularly undersupplied.

“For every 100 townhouses on the market in August, Fraser Valley realtors sold 94,” he said.

The shortage has led to spiralling prices for Fraser Valley townhouses, which were up 23.7 per cent in August, year-over-year, to $697,000, Anderson added.

For all of B.C., a total 9,507 residential unit sales were recorded in August 2021, a decrease of 7.1 per cent over August 2020. The average residential price in was $901,712, a 17.2 per cent increase from August 2020.

B.C.’s total sales dollar volume in August was $8.6 billion, up 8.9 per cent when compared with August 2020, the BCREA reports.

 


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