US – March 2013 Multifamily Permit Stats

April 16, 2013

For the U.S., March 2013 Multifamily Permitting Approaching Long Term Average  

The U.S. Census Bureau posted its March national residential permitting numbers on April 16. Privately-owned housing units authorized by building permit in March, measured on a seasonally adjusted annual rate (SAAR), were 902,000. This was a decrease of 3.9% from the revised February rate of 939,000, but was 17.3% above the March 2012 estimate of 769,000.

During March 2013, annual multifamily (MF) permits increased by 24.7% at the national level from the comparable period a year ago. With the March 2013 MF permit number at 283,000 units, annual MF permitting has now been above 200,000 for 17 consecutive months. The anticipation of moderating but still healthy apartment market fundamentals over the next two years and stable long-term demographics and economic outlook is stimulating developers and investors to start new projects. Even with the first waves of permits during this upward cycle being turned into completions this year, completions will still remain slightly below the long-term historical average for the U.S. and most metropolitan statistical areas (MSAs). By 2014, most MSAs will see their inventory growth pass the historical average. However, there are some MSAs like Charleston; Raleigh; Washington, DC; Baltimore; Austin; Nashville; Philadelphia; and Seattle, where new supply will outpace the historical average rate this year.   (March 2013 permitting numbers by metropolitan area will be released on April 24, 2013.)

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US – Home Price Up in 90 Percent of U.S. Cities

April 16, 2013

A dwindling supply of lower-priced homes and foreclosures continued to fuel the upward trend in home prices, an industry report showed Monday, with property values posting the strongest year-over-year increase in seven years. 

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2013 Feb – Greater Vancouver Real Estate Market

April 15, 2013

REW.ca chart of Real Estate Board of Greater Vancouver sales data 2011-Feb2013

MLS® home sales in the region were the second-lowest total for February in 12 years, and 30.9 per cent below the 10-year average. Compared to last February, home sales were down 29.4 per cent.

Detached houses were the least favoured. House sales were down 36.1 per cent from February 2012, while apartments declined 25.5 per cent and townhouses, 21.5 per cent. All housing types saw higher sales in February than January, with townhouse sales increasing the most, but sales always increase as we head into spring.


Vancouver – 2013 March home remains below historical averages

April 15, 2013

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

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Calgary Housing Sales Volume Best in Canada, Regina Led Price Growth

April 15, 2013

CALGARY — While Canadian home sales dipped in January, particularly in major centres like Toronto and Vancouver, Calgary’s housing market remained strong and posted the best year-over-year growth in the country for MLS transactions.

The average sale price in Calgary rose by 9.5 per cent to $418,938 while in Canada it was up 2.0 per cent to $354,754.

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Toronto Home Prices Still Show Some Spring in March

April 15, 2013

Real-estate activity slowed in the Toronto area in March, but home prices continued to climb, defying — at least for now — views that this hot housing market is flaming out.

Average selling prices rose 3.8%, to 519,879 Canadian dollars ($512,700), in March from a year earlier, the Toronto Real Estate Board said in a report Wednesday. Average home prices for the first quarter, meanwhile, climbed 3.2% year-over-year.

Sales activity dropped 17% in March from the year earlier

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2013 Clouds gather over Canadian housing market

April 15, 2013

The flicker of optimism that sparked in Canada’s housing market when January sales outpaced December’s has died out, erased by a notable drop in February.

Last month’s declines were significant enough to prompt the Canadian Real Estate Association (CREA) to cut its sales outlook for 2013 for the third time since last summer.

The number of homes that changed hands across the country over the Multiple Listing Service (MLS) in February came in 15.8-per-cent lower than a year ago, and 2.1-per-cent lower than January.

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