Canada’s housing market begins to apply the brakes

October 26, 2013

The housing market is already decelerating, making a discussion about overheated home prices premature at this point, says the association which represents realtors.

“While the momentum for sales activity began improving a few months ago, it may be losing steam after having just climbed back in line with an average of the past 10 years, said Gregory Klump, chief economist with the Ottawa-based Canadian Real Estate Association, which represents about 100 boards across the country.

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CREA: Canadian Home Sales Edge Higher in September

October 26, 2013

Existing home sales in Canada crept higher in September, rising by 0.8% from August, and prices continued to rise, according to data from the Canadian Real Estate Association.  Sales activity was 18.2% above levels in September 2012, on a non-seasonally adjusted basis, CREA said.

The Multiple Listing Home Price Index, which is weighted to compensate for fluctuations in the composition of sales, rose 3.1% year-over-year in September, it said.

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RBC – Housing Affordability Declines, But Canadians Keep Buying Nonetheless

October 26, 2013

The quarterly increase was not spectacular — 0.3 points to 42.7 per cent on a detached bungalow and 0.4 points to 48.4 per cent on a standard two-storey home. The index on a condo was unchanged at 27.9 per cent.

As with past samplings, Vancouver and Toronto continue to stand out as the least affordable cities. During the second quarter, Vancouver’s affordability reading rose 2.2 points to 82.1 on a detached bungalow, while Toronto’s edged up half a point to 54.5.

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Canadian real estate to slip as supply grows, demand wanes

October 26, 2013

TORONTO – Rising interest rates and slowing job growth will temper Canadian home sales this year and into 2014, while a new supply of condos coming onto the market over the next two years will depress prices in that segment, Scotiabank says.

“Canadian housing activity remains buoyant, though the underlying fundamentals for continued gains are becoming less favourable,” according to the bank’s Global Real Estate Trends report, published Wednesday.

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CREA-Vancouver Real Estate Boosts National Housing Number

October 26, 2013

OTTAWA – Homes were selling at a brisk pace in Vancouver and Toronto last month, while the national average price continued to rise, suggesting Canada’s real estate industry has returned to “average levels” after a decline that began last summer.

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2013 September Great Vancouver Stats

October 25, 2013

Home buyer and seller activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region’s 10-year averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 per cent decline compared to the 2,514 sales in August 2013.

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Canadian Home Price Home Bounces Back, But Interes Rate Test Lies Ahead

June 28, 2013

Recovering home sales and stable prices are causing some analysts to declare that the housing market will avoid a hard landing. But the market has yet to face its biggest tests – higher mortgage rates and the completion of many planned condo units, largely in Toronto, that are currently just space in the sky.

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