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2 Sep, 2014
Real Estate News

Source: Globe & Mail
A rally in British Columbia’s housing market is expected to extend through 2014 as the provincial economy gathers steam.Sales on the Multiple Listing Service are on pace to reach 71,700 units in 2013, up 6 per cent from last year’s sluggish showing, says the B.C. Real Estate Association.With consumers concerned about the prospect of higher interest rates over the next year, many British Columbians are locking in mortgage preapprovals and shopping for homes, said Cameron Muir, the association’s chief economist. MORE >

Real Estate News

Source: CRE Magazine
House prices and sales will remain stable through 2012, according to the latest forecast by the Canada Mortgage and Housing Corporation (CMHC). In its fourth quarter outlook, CMHC predicts the average price will increase 1.2% from $363,900 in 2011 to $368,200 in 2012. Sales will rise from 450,100 units in 2011 to 458,500 in 2012, up 1.9%. Housing starts, however, will drop 2.2% from 191,000 in 2011 to 186,750 in 2012, according to the CMHC outlook.Global economic concerns have resulted in growing fears about how that might impact Canada’s market, but CMHC Deputy Chief Economist Mathieu Laberge said the country’s real estate market will remain strong.“Despite continued uncertainty in the global economy, Canada’s economic fundamentals remain positive, particularly with respect to interest rates, employment and immigration,” said Laberge. “These factors will continue to support Canada’s housing sector in 2012.”In Vancouver and Abbotsford, where average-price growth has topped any other Canadian city, the average will gain 3.2% in 2012, on top of 5.3% gains forecasted for this year.  MORE >

Real Estate News

Source: Globe and Mail
The Canadian Real Estate Association has gone back to the drawing board again, saying the number of multimillion-dollar Vancouver deals have “surged unexpectedly” as it raised its forecast for the year. The national trade association said the average national resale price will gain four per cent by the end of the year because of high prices in Vancouver. In its last forecast – made in early February – CREA said the price would advance 1.3 per cent. MORE >

Real Estate News

Source: Journal of Commerce
In Alberta, the price of oil is the economic sign of the times. In Saskatchewan, it’s a mix of key agricultural and mining commodity prices. In Ontario, manufacturing and financial services dominate. These indicators provide a snapshot of their economies and signposts of the health of what is driving provincial economies. A recent report by the Independent Contractors and Businesses Association (ICBA) of B.C. shows something different drives B.C. – immigration. Though forestry, mining, and tourism remain important, it’s the in-flow of individuals and families from the rest of Canada and from other countries that’s at the heart of our economy. MORE >

Real Estate News

Source: Vancouver Sun
VANCOUVER -- Home sales in Metro Vancouver and the Fraser Valley improved modestly in November over the previous four months, representing a relatively stable market, according to two real estate surveys released Thursday."Housing sales numbers were fairly typical for a November and indicate a fairly balanced market,” Jake Moldowan, president of the Real Estate Board of Greater Vancouver, said in a statement. “Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,.”According to the REBGV survey, November sales totalled 2,509, a 7.4-per-cent increase compared to October 2010 and an 18.6-per-cent decline from the the 3,083 sales in November 2009. MORE >

Real Estate News

Source: The Montreal Gazette
It's hard to find signs of bubble behaviour or of a financial squeeze on homeowners. Few Canadian homeowners are speculating on housing and most have a fat equity cushion in their properties. Better yet, most could afford monthly payments of at least $300 above their current ones, according to a new survey. This information is courtesy of an outfit that represents many of Canada's mortgage brokers and insurers, the Canadian Association of Accredited Mortgage Professionals, which has just published a wealth of housing-market intelligence in its annual report. MORE >

Real Estate News

Source: Vancouver Sun
British Columbia's residential housing construction continued to rebound in September with another boost in new-home starts just as starts continued to slow on a nationwide basis, Canada Mortgage and Housing Corp. reported Friday.Builders started work on 2,305 new homes in B.C. in September, bringing the province's total starts to 17,791 for the first nine months of 2010, a 91-per-cent increase from the same period of 2009.However, September's starts, extrapolated over 12 months, raised the pace of construction to 26,500 units on what economists call the seasonally adjusted annual rate.“A pick up in the pace of multiple-unit starts was behind the upward trend,” Carol Frketich, Canada Mortgage and Housing's B.C. regional economist said in a news release.“The rate of single-detached starts remained relatively stable, while the rate of multiple-unit starts rose to 18,200 [on a seasonally adjusted annual rate] in September from 11,700 in July.” MORE >

Real Estate News

Source: REIN Canada
National Independent Real Estate Research Company Releases for the First Time the Best Canadian Cities for Real Estate Investment. The research analyzes current and future prospects for real estate investment opportunities and names the best 11 cities; cities that will outperform the rest in the coming decade. "Despite today's continuing market turmoil, our research indicates that there are more buying opportunities now than in the last few years, meaning more investment options and better yields," said report lead author Don R. Campbell, REIN President and author of the best-selling books Real Estate Investing in Canada and 97 Tips for Real Estate Investing.   "With today's mixed market signals it is critical that investors and home-buyers complete that extra level of due diligence. Now we get back to market reality where economic fundamentals, not speculation, will once again play the key role in whether a property increases or drops in value. The years of skyrocketing prices are finally over; however, over the long term the economic fundamentals of these key cities will help their property values dramatically outperform oth... MORE >

Real Estate News

Source: The Globe and Mail
We’re starting to see stories about a softening real estate market in Canada. Listings are up, sales are down, and even the always bullish industry executives are predicting lower prices in the coming year.It reminded me of a quote I saw recently: “Real estate is the drunk driver on the economic highway.” This statement, attributed to Tom Barrack, the CEO of real estate investor Colony Capital, speaks to the fact that residential real estate can be volatile. Yet that same volatility highlights why it can be fertile ground for a disciplined, patient investor. There are a number of reasons for this.First off, it’s cyclical in the best way – the cycles are generally long while memories are always short. The most recent trend, up or down, is assumed to be sustainable. For an investor willing to take a longer view, this is a good thing.Second, real estate is a topic that produces lots of “armchair” experts. Despite a lack of rigorous analysis, views are strongly held and overconfidence is rampant. Again, this is good for someone who is less entrenched and has a broader perspective.The third reason is that buying decisions are often steeped in emotion (“It’s perfect. I ... MORE >

Real Estate News

Source: Canadian Press
Canada's residential real estate market is expected to remain unusually strong through the first half of this year after a strong finish to 2009, according to a survey published Thursday by Royal LePage.The Royal LePage analysis is consistent with other recent reports on the state of the Canadian real estate market, which has rebounded over the past 12 months after sales dried up in late 2008 and hit a multi-year low in January 2009.The Canadian market's sudden plunge was sparked by a credit crunch that originated in the U.S. housing and lending industries - eventually spreading globally, causing a worldwide recession in the late summer and early fall of 2009.However, the Canadian real estate market has been much quicker to recover than its American counterpart, in part because of a more stable banking industry, historically low interest rates and improving consumer confidence.Royal LePage executive Phil Soper says Canada's real estate market enters 2010 with "considerable momentum from an unusually strong finish to the previous year."The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity to new highs, he said in a statement.Ro... MORE >

Real Estate News

Source: The Vancouver Sun
Housing starts were up in most parts of the country outside the Atlantic provinces in December, according to a report released Monday by the Conference Board of Canada.The report on metropolitan housing starts report showed a year-over-year increase in 17 of the 27 areas studied.Some of the biggest jumps were in London, Ont., where starts went from 826 in December 2008 to 3,259 in 2009; Saskatoon, which went from 916 to 2,285; Edmonton, where starts took a year-over-year leap from 4,990 to 12,539; and Victoria, where work began on 1,666 houses in December, 2009, compared to 486 in the same month in 2008.The short-term expectation for Ottawa's housing market changed to positive from a negative ranking in November — joining 11 other cities, from Halifax to Abbotsford, where both short-term and long-term prospects for housing starts look good. Short-term expectations are based on residential permits data, while long-term outlooks are based on demographic requirements.The board notes that short-term prospects are less positive in Sudbury, Ont., Toronto, Hamilton, Ont., Winnipeg and Vancouver, while Quebec, Montreal, Trois-Rivieres, Que., Sherbrooke, Que., and Ottawa-Gatineau are expe... MORE >

Real Estate News

Source: Business in Vancouver
Despite claims to the contrary, real estate prices for Olympic host cities don't experience a boom and bust cycle, according to a study by the University of British Columbia's Sauder School of Business.The UBC study is the first to use real estate variables to test an Olympic Games' economic impact on host cities. Researchers analyzed housing prices and construction employment of local real estate markets in the U.S., Canada and Australia for the period from when a host city wins the Games to six years after the Olympics.Tsur Somerville, lead author of the report said, "We do not find support for the argument of host city backers that the Olympics delivers positive economic benefits, nor of the arguments made by opponents that there is some post-Olympic bust."The study examined the real estate prices for the host cities of Atlanta, L.A., Sydney, Australia, Calgary, Salt Lake City and Vancouver and found no statistically significant increase in the real estate prices of host cities that differed from the price increases of comparably similar cities that did not host an Olympic Games.The most significant real estate-related impact is the increase in construction jobs. The study found... MORE >

Real Estate News

Source: Vancouver Sun
The mortgage-rate fuelled bounce-back of British Columbia real estate in 2009 has probably used up most of the market’s growth for 2010 and 2011, according to a new estimate from the B.C. Real Estate Association.Association chief economist Cameron Muir is forecasting provincewide sales in 2010 to increase only three per cent above a hot 2009’s results to 90,100 sales in 2010, then slip back three per cent to 87,500 units in 2011.The provincial average price, Muir is forecasting, will advance five per cent to $490,900 in 2010 then eke out just one-per-cent growth to $494,800 in 2011.Muir characterized his forecast as 2009 ending with a “gold-medal finish, [which] will give way to a silver-medal performance in 2010.”“Affordability is the biggest factor over the longer term,” Muir added in an interview, “because home prices in markets such as Victoria and Vancouver are trending on record levels, and mortgage rates are likely to edge higher at the end of this year and through 2011.”“That’s going to increase the carrying cost of housing, and by extension, overall housing demand.”Home carrying costs, the monthly mortgage payment, taxes and other fees saw a dramatic ... MORE >

Real Estate News

Source: The Vancouver Sun
Metro Vancouver’s real estate market warmed up considerably at the end of 2009, but likely won’t overheat as 2010 progresses, new data released Friday by the Conference Board of Canada suggests.While Metro Vancouver home sales in December tracked a pace that was nearly three times higher than sales last January, board senior economist Robin Wiebe said new listings also rose keeping the overall market in balance.“Though [the market] is closing on the top of the balanced range, buyers are provided with a reasonable choice as the go out searching for homes,” Wiebe said in an interview.However, Wiebe added that “it wouldn’t take much to tip [the market] over into seller’s territory.”That is one factor that has the Conference Board putting Metro Vancouver on the list of cities it expects will see property prices rise between five and just under seven per cent along with Victoria, the Fraser Valley, Calgary, Regina, Ottawa and Halifax.Edmonton, Saskatoon and Montreal are among the cities that the Conference Board expects will see price increases over seven per cent, with Winnipeg Toronto and Hamilton among cities that should see price increases between three and five per ... MORE >

Real Estate News

Source: SafeStore
Brits thinking of putting their belongings into storage and buying property abroad may wish to consider investing in a home in Canada.This is the opinion of Paul Collins, editor at BuyAssociation, who said that the country has weathered the global recession reasonably well, in comparison to other places."Recently we have seen – partly due to the global recession – people are buying more for lifestyle reasons and Canada offers great potential in lifestyle property buying," he commented.Mr Collins noted that Canada has a great deal to offer British people, adding that there are a huge range of activities on offer there, as well as attractions to enjoy.Figures published earlier this month by the Canadian Real Estate Association revealed that residential sales activity in the country was up by 72 per cent in December 2009, compared to the same period in 2008, with the average home being priced at $337,410 (£198,567). MORE >

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