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Canadian Real Estate Digest
A quick look at real estate markets across Canada:
Vancouver
The number of residential properties sold in Greater Vancouver dropped 42.9 per cent in September 2008 to 1,585 compared to the same month last year, while new listings rose 29 per cent to 6,142.
Home prices also declined 1.6 per cent in September to $726,331 compared to the same month last year and about 5.8 per cent since May 2008.
Vancouver realtor Shelly Smee said you can see how the market has changed in Vancouver by reading the real estate advertisements.
"It's no longer 'hurry' and 'won't last' and the ad volumes have dropped off too," said Smee. "I think it's healthier for our marketplace."
Calgary
The average price of a single family house in Calgary in September was $444,048, a decrease of 5.7 per cent from a year ago. Condos are going for an average of $287,426, 10.6 per cent lower than September 2007.
Listings for single-family homes were down 15.3 per cent, while condo listings were down 9.8 per cent. Sales were up 8.3 per cent for single-family homes from last year, but sales for condos were down 3.7 per cent.
"You're seeing builders slow down, you're seeing a lot of condominiums downtown sitting on the market a lot longer," said Calgary realtor Thomas Keeper
Toronto
Resale homes prices in the Greater Toronto area fell for the first in more than a decade in September, down three per cent to $368,549. The City of Toronto saw prices fall six per cent to $393,647, compared to a year ago.
Sales in the GTA fell six per cent to 6,424 homes changing hands in September compared to last year, compared to a drop of three per cent, to 6,622, in Toronto alone.
Homes also sat on the market longer, for 36 days compared to 31 days a year ago.
The Toronto Real Estate board blames the economy, as well as a new land transfer tax in the city, for the falloff in sales.
Dianne Usher of Royal LePage said buyers are also more cautious. "There's more of a balance in the market," she said
Montreal
Sales in the Montreal area increased 13 per cent in September to 3,060, bucking the national trend. Property prices also five per cent to $230,000 for a single-family home.
"The market is still solid in Montreal. We are a little bit outperforming the rest of the country," said Michel Beausejour, CEO for the Greater Montreal Real Estate Board.
He expects 2008 will end with a three-per-cent drop in the number of transactions but prices will increase four to five per cent.
Communities north of Montreal such as Mirabel are expected to thrive because of new job-creating projects including Bombardier's plans to assemble its new CSeries aircraft.
October 10, 2008 in Canadian Real Estate Market | Permalink
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Comments
The housing market continues to cool in the US as well. We have found both New Home Builders and Realtors have reduced expectations and costs. One of the biggest cuts so far have been in marketing budgets. New Home Builders especially have turned to alternative marketing campaigns. One builder we have been working with just rolled out a new tool for homeowners(http://www.myestridgehome.com) to help them spread their message by word of mouth. Far more affordable than old style advertising.
Even though all the news recently has been bad, we all need to keep our heads up. If you can keep your cost down you will survive.
Posted by: Rob Wagoner | Oct 13, 2008 3:43:20 PM
Property Intelligence, whose operations principally consist of Focus Information, is a leading provider of commercial real estate information services in the United Kingdom.
SmtEquity - mortgages,realestate,finance,cost,mortgage
Posted by: inline business | Oct 13, 2008 3:32:10 AM
Bank of Canada has printing money like crazy…
From Nov/07/2007 when 100 CAD= 110 $US
Today Oct/09/2008 ——115 CAD=100 $US
So Lonnie lost 28% of it’s value? Why?
Oil price is same as Nov/2007,and Gold and Silver
went up…. Any excuse why CAD is too low?
It's coming from money suppley.
Is US economy in better shape than Canadian?
BoC decreased interest rates 2.5% and now prime rate is 4.25%.
Soon will see even 1% and prime rate 2.75%.
CMHC has pumping $25-billion to buy mortgages from Canada’s banks.
And this scenario is the best for RE Market.
With very low interest rate,strong employment growth in Toronto Area and population
growth every year 100,000 from new immigrants in GTA,so now is the best opportunity to buy property! ALSO when you see the prices from Builders in Toronto Area than Resale Market is too cheap.
I can’t see any negative price correction of houses in Halton and Peel. Just opposite only higher prices from last year!
The Detach House In Oakville and Burlington is up
over 120K- 140K from last year.
RE Market in Halton for 2008 has the best gain EVER.
Forever!….
Harper: Bank deal is asset swap, not bailout!
http://www.theglobeandmail.com/servlet/story/RTGAM.20081010.wharper1010/BNStory/Business
FROM STATISTICS CANADA
Following a small gain in August/08, employment increased by 107,000 in September/08.The best gain of employement EVER.
Strong employment growth in Toronto!
Employment in Ontario rose by 52,000 in September, bringing growth so far in 2008 to 1.6%.
http://www.statcan.ca/Daily/English/081010/d081010a.htm
Canadian Housing Starts (SEP/08) 217.6K
Posted by: | Oct 11, 2008 12:33:56 AM
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