LETTER: House price figures misleading
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Hey there, time traveller!
This article was published 20/12/2023 (743 days ago), so information in it may no longer be current.
I am writing to address inaccuracies in the statistics presented in the Dec. 11 article titled “Study ranks Brandon third ‘most desirable’ home hot spot in Canada in 2023” and the subsequent editorial on Dec. 12 titled “A housing crisis disguised as a boom.”
The source of the information, KelownaHomes.ca, analyzed data from the Canada Real Estate Association to identify the top 10 most desirable areas in Canada, with Brandon ranking third. The focus was on the year-on-year difference in average house prices from September 2022 to September 2023.
The incorrect statistic stated that Brandon saw a 24.5 per cent increase in house prices during this time frame, equating to a $76,254.54 yearly increase. This figure is misleading, as Kelowna Homes seemingly assumed our board only comprises Brandon and not the neighbouring towns and communities. The stats they shared accurately represent our entire board’s residential sales, including single-family homes, single-family other, and residential other.
Our data from Brandon Area Realtors EO Jen Anning reveals that the city of Brandon’s single-family residential home average price year-to-date (YTD) in September 2022 was $311,243, and in September 2023, it was $311,462, showing a difference of only $219, not 24.5 per cent as mentioned.
During the interview, I was not aware of the statistics that would be presented from KelownaHomes.ca when making my comments.
Despite not having a large year-over-year gain in property values, Brandon has experienced steady population growth, routine appreciation in residential prices, and boasts strong industry employers, excellent educational opportunities and diverse entertainment options.
Surrounded by provincial parks, lakes and a national park, Brandon is an ideal location for families, serving as the primary hub for trade and commerce in the Westman region. I strongly believe that Brandon is a great place to live and raise a family.
I appreciate Matt Goerzen and Abiola Odutola for their efforts in the clarification, understanding the sequence of unfortunate circumstances leading to the incorrect numbers. Brandon Area Realtors is available to provide accurate stats for future articles upon request.
ZACH MUNN
Current president of Brandon Area Realtors
Realtor with Royal LePage