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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2013 Q1 – Price Up Most Cities while Vancouver, Victoria, St. John N.B. Price Drop

April 15, 2013

Royal LePage said among 16 major markets in Canada, the country’s largest real estate company found that prices for all three major types of housing increased year-over-year and quarter-over-quarter in 13 markets; meanwhile Vancouver, Victoria, and Saint John, N.B., saw price declines in all housing types.

Royal LePage CEO Phil Soper acknowledges that there are some housing watchers who are anticipating big price declines in the Canadian market. But he says his firm hasn’t seen that happen yet, and doesn’t expect to.

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Canadian house prices edge up in third quarter while the number of home sales fall

October 16, 2012

TORONTO  – The Royal LePage House Price Survey released today showed the average price of a home in Canada increased year-over-year between 1.8 and 4.8 per cent in the third quarter of 2012.

Survey findings indicated that the average standard two-storey home in Canada increased 4 per cent year-over-year rising to $403,747, while detached bungalows rose 4.8 per cent to $366,773. Standard condominiums witnessed an increase of 1.8 per cent to $243,607. Most cities in Canada experienced modest price appreciation in the quarter, but fewer homes were sold compared to the same period in 2011.

 

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Canadian Real Estate Association cuts home sales forecast

October 16, 2012

OTTAWA — The Canadian Real Estate Association cut its 2012 and 2013 outlook for home sales and lowered its national average price forecast as it reported the biggest month-to-month drop in activity in two years.  The association said that tighter regulations on mortgage lending that came into effect in July helped push August homes sales to their largest month-over-month decline since June 2010.

Sales of previously owned Canadian houses and condos have now gone down in five of the past six months.  “While we always caution that housing market trends at the national level can and do run counter to trends in many local markets, the decline in activity in August was definitely the result of much of the country moving in the same direction,” CREA president Wayne Moen said in a statement.

CREA said sales were lower in about two-thirds of all local markets across Canada representing 80 per cent of national activity, with lower monthly sales in almost all large urban centres, Toronto, Montreal, Vancouver, the Fraser Valley, Calgary, Edmonton and Ottawa.

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Canada – Home price gains cooling but still hit record

September 14, 2012

Canadian home prices rose to another record high in July but moderating gains provided more evidence that the real estate market is cooling, according to a national benchmark index.

The Teranet-National Bank home price index showed that overall prices rose by 0.7 per cent last month — cooling from the 1.0 per cent monthly gains seen in each of the previous two months.

The index hit a new high for the third consecutive month.

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BMO – Hamilton Ontario – Strong Job Growth

May 29, 2012

According to a new report from BMO, Hamilton’s job growth is nearly tripling the national average and as businesses expand, the city’s jobless rate is on track to drop to 5.5 per cent by 2016, putting it at prerecession lows.

“Employment growth in Hamilton has accelerated since mid-2011, up a solid 4.2 per cent year over year in the first quarter and outpacing the national average by nearly triple,” noted Mr. Porter. “The city’s jobless rate has fallen to 6 per cent from near 7 per cent last fall, and a high of 9 per cent at the height of the recession.”

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Canada’s property sales up in Feb to March amidst price blip

May 29, 2012

Canada’s property prices declined 0.5% year-on-year in March, resulting to higher home sales during the period, the Canadian Real Estate Association (CREA) said in a report.  A 2.5% jump in home sales between February and March 2012, compared to the actual sales recorded in March 201, which rose by 1.6%.

Activity in March was up from the previous month in two thirds of all local markets, with Toronto, Calgary, and Edmonton contributing most to the national increase. Sales increases in the housing markets of Toronto, Montreal, Calgary, Ottawa, and Quebec had offset declines recorded in Vancouver and the Fraser Valley.

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