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 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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Saskatoon posts strong house price increases in second quarter

July 24, 2012

Saskatoon standard two-storey homes posted the largest gain of 7.3 per cent, selling for a second quarter average of $379,500, over the same quarter in 2011.  Detached bungalows saw a 6.0 percent increase over the same quarter last year, selling for an average of $351,125. Standard condominiums sold for an average price of $255,667, a 5.6 per cent year-over-year increase.

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Vancouver’s real estate swoon deepens

May 29, 2012

People walking away from deposits on houses, convinced prices will fall further.  Vancouver’s once-overheated housing market has cooled sharply, with the average price falling nearly 10 per cent in April from a year ago to $735,315, according to figures released Tuesday by the Canadian Real Estate Association. That was the largest drop since the recession and it marked the fourth decline in the past five months.

In a market once famous for being overheated, Mr. Arora said he hasn’t seen a bidding war in months. “It’s totally a buyers’ market. Buyers are determining the price,” he said. “And sellers are surprisingly accepting it. They are taking it.”

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