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Canada's housing market both vigorous and stable `$ |% c T5 I: Q& G( W
/ }! j) P+ l* h8 u. e% P
- Country's market poised to show growth throughout 2006 -0 I0 O- C% h; B0 H0 n
5 o! ^* n. g: @" A) a0 ~: E TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market$ X# c/ v# p: _0 x$ P9 j/ V
exhibited moderate price increases and stable unit sales during the third
0 P1 o& }: R9 l- P7 L/ q+ s$ fquarter. Wide regional variances continued to be the dominant characteristic
. _& h* Y! }8 s2 n2 C( vin the market, exemplified by frenzied levels of activity and double digit7 a$ L+ I, X) x7 `: H
price gains observed in the energy and commodity rich Western provinces, and: M0 C; R$ s6 B' j' h0 }
more reasonable sales volumes and moderate price appreciation in Ontario,
! f' n4 D4 C m# `. JQuebec and Atlantic Canada, according to a report released today by Royal
; Z9 L- l# X% G% }9 D+ b/ wLePage Real Estate Services.4 d% m: b$ ~/ K* Z- B1 `" P$ h
: w3 h/ ~! @5 X/ p' o- Z
Nationally, market trends established through the first three quarters8 j: V% ?7 J) r) o' N
are forecast to continue for the remainder of the year. Robust economic
! D. N& H- r R: Y* s- gconditions, low unemployment rates, modestly growing salaries and wages, and7 u% ^8 b* n4 G: t1 H" [' g
sound consumer confidence contributed to the overall strength of the# J% {& X: q2 ]8 n
residential real estate sector.
9 ]4 b; r$ T. H/ o" S9 X$ V% J# k) w# c# K: k1 q
Of the housing types surveyed, the highest average price appreciation
4 v& A5 _2 a" `* H& w4 M; Y# koccurred in detached bungalows, which rose to $300,365 (+16.3%)5 ^% }4 [( H. w) I3 U3 r
year-over-year, followed by standard condominiums, which rose to $211,5621 I8 \9 k% j- }5 l
(+14.2%), and standard two-storey properties, which increased to $365,380
" B( J: y) \4 ?# X" M(+13.2%).8 ]3 g) w4 m8 O3 x% J- e
: r3 U+ S H `9 E* M5 D6 @
"Canada's sturdy housing market continued to demonstrate steady growth& r, K4 L; Z; ^: c3 {% }+ P
during the third quarter. For all but the west, we have moved on from the. W. t. c! S: `' k; M4 |
frenzied expansion that characterized the first half of this decade, and are& D" Y ?( ?/ S2 B; K' _' u
poised to show continued growth at a more moderate pace," said Phil Soper,
6 W3 I$ p! a! l$ b( a& _" Dpresident and chief executive officer, Royal LePage Real Estate Services.
! y2 j+ `2 s2 L. F: C9 z"Gone is the sellers' market that we have lived with for some years. We6 b! O6 _% x; R, q
welcome the more reliable conditions that are characteristic of a healthy! v5 R4 y# C+ s" T
balanced market."
' o$ i3 |2 `/ c: n6 z$ ]$ `/ I4 ?/ J l$ a4 k: S
Despite the double-digit rise in average national house prices,, C. ?: C2 O) Y% {6 W
considerable regional variances were exhibited again this quarter. The shift
, ?( d# U N; F kto balanced market conditions, which began in late 2005, has continued
( n" h6 t/ k6 r! [throughout most of the Central and Eastern regions of the country. In the core7 i8 Z# k4 {% |0 e$ z* G" p
energy producing western provinces, the combination of very high in-migration,0 g. X, G! ^" s0 A2 W! }6 ~
manageable affordability, and a shortage of inventory has driven record
5 `% w" m% \6 Y( S3 qbreaking price appreciations.* R4 p; y' O9 Q
# N5 q: }5 i( \" q' A
Echoing the second quarter and supported by Alberta's rapidly expanding0 Q7 i) I! r4 s
economy, Calgary and Edmonton led the charge of Canadian cities with the
% }$ g) R N% b4 |/ a) T% M3 ilargest house price appreciation in all housing types surveyed.
! }" A! [: v2 l& l K1 J# y: Z3 A4 ?) D" B- P3 H
In Ottawa and Toronto, growth remained steady, supported by solid
: s1 e. t. q6 I& D) x4 P1 leconomic fundamentals, an increase in available inventory and strong consumer, E2 y9 a5 i$ w+ e+ U
confidence. While the pace of price appreciation in Ontario leveled off
3 _7 ^8 _# g+ C, }slightly, the province's real estate market remains poised for modest growth.
# e% u+ @9 r" R$ o" ?& w& QIn Atlantic Canada, new housing and condominium construction offered buyers0 d9 B: c# r0 U3 n: L
greater selection at more competitive prices, resulting in a slower rate of
& m- B- S6 M& j# f0 O; ]% Q5 yprice appreciation when compared with 2005.- q' d& R# M# k, @& c
7 n2 A5 C1 r/ Y6 T
While the pace of growth in Canada has slowed, the domestic housing
2 @: `" [6 {! D# t; z, P; O/ |. umarket is expected to outperform the American market. The economic and5 ^' j& v8 c' {+ a) m+ e% O
financial fundamentals driving the residential real estate sector in Canada
+ S; Y5 ^" d5 ]4 iare markedly different than those found in the United States.% m1 ~1 x4 U3 L6 z4 }0 F
- a' l5 n3 x8 I% \% L Added Soper: "Canada's housing market is likely to outperform the i' \. V4 O8 I7 E
American market through 2007. A number of factors are working in Canada's
/ Y3 s3 h5 s3 ?6 xfavour, including healthy personal and governmental debt levels, the
) q8 I& C; K+ P/ U+ Lrelatively modest rise in interest rates in our country, and general
3 B" u$ Y% }2 [; M( H+ l9 O5 x# faffordability in our major cities. In addition, Americans are now seeing the6 }! J. V3 f# V. x
downside of a tax system that encourages maximum homeowner leverage, and8 ^* H$ ]4 y* E
aggressive financial products such as zero- and negative-amortization
( e0 I& H0 C( xmortgages that work only in a high price growth environment."9 @# |: Q& _+ F
- i1 a: m9 b$ ?( S" e <<
8 d ~, P8 G* K9 \/ X( S7 d- M/ L REGIONAL SUMMARIES
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# e n( {" J8 } o Balanced conditions continued to characterize the housing market in
* M, l: Z- ]4 \6 c2 n7 k# _8 VHalifax, as significantly higher inventory levels helped to moderate the rate# A% c- _9 J0 Z* j; N
of price appreciation. Buyers were increasingly choosy, taking more time
0 n0 W- Z ^( u' ^9 T' P1 \7 T% dlooking for newer, low-maintenance properties that were not in need of) L1 T+ E/ }" ^1 ~) d
renovations.
6 t |* `' t4 W) o S m* y! R* |5 b& X
The housing market in Moncton remained healthy and strong as a slight7 c0 L, F G5 \% Q
increase in inventory helped to moderate the rate of price appreciation' Q7 M9 [) b0 _( [
compared to the same period in 2005. Activity was brisk throughout August and
4 u D- L4 G3 r. C& JSeptember and is expected to remain this way through the fourth quarter.5 o C- @) W5 B7 G0 F: o
$ Z) X$ B9 z0 W. A2 X% F ~7 x The housing market in Saint John underwent its traditional summer; \0 Z1 P& L5 j. F) [. D9 \# V% M# l
slowdown in the third quarter, with activity picking up towards the end of the; w9 n( G/ ]3 O( }; P# L/ O
quarter. The local economy continued to thrive, as construction on a new
, t7 c- y3 k) r8 ~. A600,000 square-foot shopping area has begun, bringing several new box stores
9 r* V4 Y; y& U) P% W9 qto the area. Buyers have begun seeking less expensive fixtures for their homes2 Z {: h! _/ }2 S% v- V
and are instead opting for more affordable housing options.9 _/ ~: c2 h$ o# W# a
6 n3 C' L- n6 \! e$ D& P
In Charlottetown, the housing market started to move towards balanced& X0 Y7 i3 P& Z
conditions, as some sellers had to begin to lower the asking prices on their
L6 R( B0 X. o6 b& T; C: vhomes to make them more competitive. Activity from out-of-town and US buyers
! `6 M2 C* F) s' @# q) k7 A$ Nwas down slightly compared to 2005, likely attributable to the strong Canadian
8 ` n# i* B5 r4 mdollar. Inventory levels began to creep up in the third quarter, providing
3 `) K. N; ]! \2 v0 _/ ubuyers with more options when looking for a home.
& u3 u6 Y' Q% I8 O7 l6 {
0 H$ g- Z' b& q5 F3 R% y Activity in St. John's slowed slightly in the third quarter, particularly
- `+ Q. M6 P1 @among higher-priced properties, where there was a slight over-supply of homes. G. K5 B: S. j
priced over $200,000. Listing periods have increased when compared with 2005,6 U4 f& e# G: h* ^1 Z9 e! _6 A
as some of the pent-up demand that had characterized the market over the last% x- `& w) E' n: E- N3 I4 {" R
few years has been satisfied, resulting in more normal, balanced conditions.1 \6 t% B0 q3 n& ` U- T: M
! P/ r l2 r+ E, ^# J& I
Montreal's housing market recorded modest increases in average house
% U5 L% x' i, T' P- G$ Q. qprices, due to a slight seasonal slowdown in the third quarter as inventory
4 }) Q1 T9 i1 Z" ulevels rose. Part of this can be attributed to the fact that many renting
1 j7 J1 y) x, a& nfirst-time buyers were motivated to close on the purchase of a home by July 1,/ o; x6 _ C- w# B
when rental leases expire in Quebec. Once this date has passed some of the
: G+ _( v5 f+ B* xpressure is taken off the market, allowing buyers to visit more homes before) H; j0 |' D4 }% Q
making a purchase.
$ r y P& O# r! z; ]9 ]2 H% Q t2 X/ V* Z N- y
Ottawa held its position as one of the country's most stable housing# T* i$ C6 I% q+ |; J3 R
markets in the third quarter, reinforced by a vibrant local economy and strong
1 D, |5 l5 L, U! Kconfidence, resulting in modest increases in average house prices. The city/ p% i1 ]+ E0 O8 O8 L
centre remained a bright spot in Ottawa, with homes in this area attracting) x" a! l* i, q2 D7 c5 k& ~
attention due to their convenient location and proximity to downtown3 ?$ w. n- p2 e7 E# o) c# H
amenities.4 T( X9 u+ V: U! d. k
+ j4 `0 ^4 V% t6 W
The housing market in Toronto sustained healthy activity levels
' i q# ~( W/ G3 o+ D0 Ethroughout the third quarter, as a strong economy helped to maintain demand
" B1 T/ Q% d1 L; S" P. q Z6 yacross the city, causing average house prices to rise moderately. Toronto has
: F5 {6 H$ H$ V0 icontinued to experience modest growth in average house prices, and has been
4 G) B9 t" Z2 Gdriven primarily by purchasers who are buying homes as their principle
$ n( G2 q( M( ~4 tresidence, rather than for investment.
+ I3 w. b1 `& F& C8 k) |& y' p/ S4 y2 H7 t8 V; b" d) j" g
The vibrant Winnipeg housing market continued to show its strength as4 d) A! e. x/ A+ [' C! W, t1 T
house prices rose during the third quarter. The booming local economy resulted
* Y( ]" H" }$ j3 Oin a historically low unemployment rate, helping to bolster consumer4 M: _# x( V4 u; M! ?
confidence and Winnipeg's ranking as the city with the lowest capitalization
# M/ T4 G3 _; ]# l0 b7 Jrate among the country's larger cities - helped to encourage buyers to enter6 r/ F( p0 P4 b2 G; R
the market.. i. q7 k O" Z- ]) \ I
8 _ w) m4 N( x In Regina, the market experienced a slight seasonal slowdown through
2 g& W6 d+ k) TJuly, as there were fewer purchasers in the market due to summer vacations. In
( Q! b" R4 C, @: B. r, o3 wAugust, activity resumed to the busy pace previously seen in the spring
+ b) m6 \" [0 b( n1 q& U! rmonths, as the influx of purchasers made it more difficult to find a home due( w8 F5 O% T1 E6 J% L2 l
to the shortage of available inventory.
7 L1 Q+ P4 _) S1 B: k1 [ D7 G6 z) q* @
Activity in Saskatoon remained brisk as the market maintained its1 |8 j4 h+ I$ T( B
momentum from the busy spring sales period. The economy in Saskatoon remains/ J( N1 z0 J8 D1 w0 }4 E0 p
vibrant, as employment opportunities are abundant with many businesses
: W9 z( {. d( ^3 n* wstruggling to make hires and having to recruit outside the province.
9 Q0 u( k% V5 ]5 j+ B5 H B( `" c) d* U+ [' y3 }
Calgary's housing market recorded blazing average house price increases
( T4 {" O5 ~% k* K; x- zin the third quarter, in all surveyed categories. The burgeoning economy, low) \$ F! w' d- c$ p5 `& r# y6 D- l
unemployment rates and low inventory levels remained the leading factors that0 V' t) V0 C% p" K
pressured Calgary's house prices upwards. However, regardless of the soaring
; n8 U" X& s9 h5 x. _0 C; \prices that characterized the market - even during the typically slower summer ]1 P: r* e+ A& e7 P) X; ?* z
season - it is expected that activity will become slightly more balanced, as( V6 K$ s1 i$ F2 }
buyers are becoming more reluctant to participate in the frenetic activity.3 _1 B' N& Z1 `, q' E M4 x$ g
# W+ B$ [: c* t5 @& J
Edmonton's booming local economy continued to thrive in the third quarter8 k4 N" J/ s( l$ A# G4 C
as activity in the oil sands north of the city continued to flourish. Edmonton
( \' e) u8 e9 ^remained the hub of activity for those coming to work in the oil industry,
/ Q) j8 @& |! I* K: E( {maintaining tight inventory levels across the city, resulting in prices, W& [/ D. k* ?, s$ [' T" S; ^* U
increasing at record levels. However, as inventory levels continued to improve
7 k) A5 |2 N& f* U) D9 qin the third quarter the rate of price appreciation should moderate slightly
6 N, z- Z3 ?! stowards the end of 2006.
* I" y( e1 a( K- I9 c# H V ]: X6 h: [/ A
While Vancouver has seen a slight reprieve from the severe shortage of
; ~, y( {: z1 Y5 ]inventory that had previously characterized the market, supply is still unable
& d G, Y$ r0 H9 D4 ^" F( m! o7 y+ sto meet demand, driving house prices upwards. Vancouver has a very diverse
; W6 {" E6 N1 C+ _7 l9 z! [; pgroup of active buyers - from first-time home buyers to baby-boomers to
6 }) ~4 w0 Z9 `9 }6 u+ rforeign investors - all of whom fuel the demand for houses, placing added/ K0 a8 j/ y: W9 I: ?2 b
pressure on tight inventory levels.
6 H9 r {( _3 h) W) m6 |8 U4 g" m# @$ ?& R; Y
Victoria's market is vibrant and supported by strong economic
" i% c) c1 S7 F, W7 `fundamentals, fuelled by a booming tech sector and a migration of young people
! N' l$ q0 L* r+ Z$ [0 jinto the city that has continued to support the area's house price increases;
, b8 N- w. A9 F& j' B+ cwhile increased inventory levels have afforded buyers more time when searching- v5 a! O! d3 j k* d$ Q( L2 A8 I
for a home, helping to normalize the market's pace.
# [* C6 p) J u* N& F- f
5 u1 S# \0 O b A1 i9 r, B <<
: m* n- {5 x: [& [ Survey of Canadian Average House Prices in the Third Quarter 20062 B) o' E' w5 C% M* a; j _, Q
5 r9 c% o% D5 u1 {- F! H! l+ Z5 l
-------------------------------------------------------------------------
: l4 ~, f* f- }* ]0 L1 c Detached Bungalows Standard Two Storey7 |; T+ y% p* h3 [1 ? y" I
-------------------------------------------------------------------------) i# t# J7 w5 x! F. F" j
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3% c+ ?' D. z' E4 w
Market Average Average % Change Average Average
9 i! a/ M# s; F8 {2 k ------------------------------------------------------------------------- ], y( s$ M& H; f" @; A
Halifax 186,333 173,333 7.5% 198,667 199,000) J1 a0 c5 @" R" C2 Y1 e
-------------------------------------------------------------------------1 w- v$ z; i1 r4 [' z! v" S
Charlottetown 145,000 141,000 2.8% 175,000 170,000, g+ T% M6 I6 c/ l8 w+ ^
-------------------------------------------------------------------------0 Q$ J1 L3 r% ^$ U2 M7 z' {
Moncton 135,000 127,000 6.3% 129,000 123,000
9 l" M" D( D, Q0 ?0 q) i# E -------------------------------------------------------------------------" U! F2 F5 q) ~5 o/ N% \
Saint John 141,200 142,900 -1.2% - -6 ]/ s, P& y n; X
-------------------------------------------------------------------------
: j' }' q( W7 c1 q5 M St. John's 143,667 142,667 0.7% 200,667 202,333
" a5 |# D3 z! Y g -------------------------------------------------------------------------) t+ t) G8 b! c% \) I
Atlantic 150,240 145,380 3.3% 175,833 173,583
1 g9 f* D! `% b" z, E; e" e -------------------------------------------------------------------------! d" B2 n6 F" Z1 c
Montreal 213,691 203,500 5.0% 321,141 316,185& M2 g. ~* c! V) f6 B7 U; T
-------------------------------------------------------------------------/ p7 d B+ I' s `, U6 Y9 I
Ottawa 290,083 278,417 4.2% 285,667 273,250
3 b3 I+ w7 W3 }# [& h! h -------------------------------------------------------------------------1 ]) e% K9 o9 Q5 ^) ^: F3 K
Toronto 373,368 355,882 4.9% 481,523 474,766
8 F! {8 T3 N) E# v( {% p. T -------------------------------------------------------------------------6 {; D% i/ O6 o: U
Winnipeg 181,579 159,860 13.6% 202,337 180,707) l: n/ z! g* Y# t5 D! ]
-------------------------------------------------------------------------1 U0 X6 U z7 l2 ^, o5 Q" x
Saskatchewan 170,667 156,083 9.3% 182,600 166,5006 h6 S5 }0 J5 A; ]
-------------------------------------------------------------------------
* D: i$ o0 ^( w& b Calgary 395,067 252,411 56.5% 405,778 264,3895 \: ~( R- a2 {3 [, T1 q9 Y
-------------------------------------------------------------------------
) u1 ~ d+ G( g! Q Edmonton 286,857 194,857 47.2% 316,429 206,714
& O( ], P0 P+ X& V' s( ^. i; D ------------------------------------------------------------------------- ^1 Q- z: R) e+ f' N( z Z$ X/ ~5 Z
Vancouver 704,250 601,000 17.2% 794,000 697,500
4 y+ e+ L5 K1 M) \ -------------------------------------------------------------------------' g% c) p3 z# w& @5 h/ S
Victoria 375,000 348,000 7.8% 403,000 391,000
~$ B; h# d6 c5 O( c -------------------------------------------------------------------------
8 I# f6 @# N4 X1 [$ c( S5 Z National 300,365 258,202 16.3% 365,380 322,860
( c4 y+ _- F3 w1 P- K6 M, b -------------------------------------------------------------------------5 ~( y" \0 |0 @+ A
0 ~- M4 Q& S- D; Y% t8 R -------------------------------------------------------------/ p' X% @9 c. n! l. s
Standard Condominium& U8 J8 w! G# p4 u9 m: F
-------------------------------------------------------------/ A+ z% R) } D8 t
2-Storey 2006 Q3 2005 Q3 Condo
) r ^( O3 g. E Market % Change Average Average % Change
; U4 h2 n7 ~: N -------------------------------------------------------------7 Y9 ~$ P9 `/ q# q
Halifax -0.2% 142,000 103,000 37.9%# x @, O$ o$ W5 I
-------------------------------------------------------------1 l& E) K4 X8 s& g" |' _
Charlottetown 2.9% 98,000 98,000 0.0%
0 S, ^6 f# p$ r; _ ------------------------------------------------------------- d+ z5 h4 n* W! C
Moncton 4.9% - - N/A
7 F% v- i6 D' `1 W& h5 ] -------------------------------------------------------------9 y* R* g/ S$ g! S9 {
Saint John N/A - - N/A+ Q6 R. A1 b2 J. V
-------------------------------------------------------------
1 d5 r- r+ ?# j& i" _ St. John's -0.8% 146,333 145,667 0.5%+ w) G: c4 H9 V7 |( B7 Q
-------------------------------------------------------------
) H1 {- k% c& } Atlantic 1.3% 128,778 115,556 11.4%( ]) u) b2 I7 ?% ?* X: Z' A9 |
-------------------------------------------------------------
! P h/ z( a0 }- ^: Z7 _/ F+ N: S Montreal 1.6% 193,190 188,016 2.8%, ?, u: E$ o; y
-------------------------------------------------------------1 \6 ]7 a6 P2 x! P( u
Ottawa 4.5% 181,083 172,250 5.1%
* f3 ^2 N# @) n, t" z3 O& H -------------------------------------------------------------' t/ T) K5 Y7 u# ^- @) N% `
Toronto 1.4% 252,088 242,918 3.8%
/ u; t+ K: v D! g! Y; b/ P' ?# x -------------------------------------------------------------; O: C) T# j: W, i! I: B; E
Winnipeg 12.0% 105,648 96,008 10.0%
1 X+ T( t# m; K) T -------------------------------------------------------------
( p4 p5 v/ |1 r6 y8 d3 T Saskatchewan 9.7% 106,250 101,000 5.2%0 {# y! a: a, ~0 z1 t. j9 n
-------------------------------------------------------------
0 k" o3 t8 l9 x# O# b. j Calgary 53.5% 245,844 153,867 59.8%* u/ S+ J y, |7 t2 {
-------------------------------------------------------------+ K0 B; u$ |5 }- Q- |+ q# A
Edmonton 53.1% 200,433 131,500 52.4%
. y5 ^& t, v) J' Z, @ -------------------------------------------------------------: p1 r& t1 o$ w( v
Vancouver 13.8% 366,250 323,250 13.3%( ~0 n8 v% l6 Y5 c9 \3 o
-------------------------------------------------------------
. n+ P7 X, ~/ v" S3 m, V8 g* x Victoria 3.1% 229,000 220,000 4.1%
" t5 s# S! c) X -------------------------------------------------------------
2 w* ]- f8 x+ C& M# Y+ m% }* Q3 D National 13.2% 211,562 185,296 14.2%+ t" z0 l# x3 K% v
-------------------------------------------------------------) D$ R& j" [' @3 G
>>4 y) s$ J/ i* W
+ [! |) |" [: h# G6 u+ ] Average house prices are based on an average of all sub-markets examined
6 D j1 A) P% C9 R& l9 A. U$ Q& \in the area, except for the smaller markets of Charlottetown, Moncton, Saint g. W5 l3 @. h, M2 r
John and Victoria.
% h' I+ b$ ^7 B9 _4 p( r& x8 \; Q
The Royal LePage Survey of Canadian House Prices is the largest, most( c8 }8 l" Z$ v0 ]% ^
comprehensive study of its kind in Canada, with information on seven types of
) N, T8 f' J' x$ {housing in over 250 neighbourhoods from coast to coast. This release o0 o. }1 {2 u) U- o* N
references an abbreviated version of the survey, which highlights house price
4 ?5 h. s& [0 m' H* \7 Z- Ctrends for the three most common types of housing in Canada in 80 communities$ c2 R1 u% X* K/ g
across the country. A complete database of past and present surveys is/ j; |0 K! d) V
available on the Royal LePage Web site at www.royallepage.ca, and current! b( o( ?& t) A# g) d- Z. G+ ]4 [! i: w
figures will be updated following the end of the third quarter. A printable4 L, J: o2 n) L; i; B
version of the third quarter 2006 survey will be available online on
& f; m, J8 E% L0 s$ `November 15, 2006.# M% u% |" X+ q' H
Housing values in the Royal LePage Survey are Royal LePage opinions of5 D8 J& F1 _" ]3 ]3 l
fair market value in each location, based on local data and market knowledge2 Q+ k$ ]: n+ U
provided by Royal LePage residential real estate experts. Historical data is( F3 @1 r& y% \0 I
available for some areas back to the early 1970s. |
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发表于 2006-9-29 08:09
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