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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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 home sales slump as prices stay flat

October 17, 2012

CREA – Home sales declined in August even as prices ticked slightly higher.  The 8.9 per cent decline in activity is the largest annual drop since April 2011, CREA said, and was led by declines in major markets such as Vancouver, Toronto, Calgary, Edmonton and Ottawa.  On a monthly basis, sales were down by 5.8 per cent from July’s level, the largest drop in two years.

While the number of sales declined, prices held up. CREA says the average price of a Canadian home sold in August was $350,192, up 0.3 per cent from where it was a year ago.

 (click on Map)

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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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Canadian Home Prices Falling Steadily

August 22, 2012

An economist at BMO Financial Group called it the “Vancouver Manouevre”since price drops in the West Coast city brought down the national average despite 19 of 26 cities experiencing year-over-year increases.  The city’s average sale price dropped more than 12% to $667,462 from $761,763 last year.

Activity was up from the previous month in Kingston, Ont., Chilliwack, B.C., and Calgary, offset by fewer sales in Toronto, Newfoundland and Labrador, and Edmonton. Actual sales across the country were up 3.3% overall from a year ago.

Much of the decline in the national average can be blamed on Vancouver’s volatile market.