 鲜花( 0)  鸡蛋( 0)
|
Canada's housing market both vigorous and stable $ J/ U, T8 Q0 e) }& @
5 c) P. V: Z- |- N, r7 _; U9 X1 v
- Country's market poised to show growth throughout 2006 -& T5 {& u7 T. R/ t3 C
2 P5 v) t* G' z TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
6 w8 [4 ?4 J' J C$ Aexhibited moderate price increases and stable unit sales during the third
0 g- x1 j: @. \3 t. i" Uquarter. Wide regional variances continued to be the dominant characteristic# t0 A! @8 V& `4 ~
in the market, exemplified by frenzied levels of activity and double digit
. K+ R. Q# O H4 R3 rprice gains observed in the energy and commodity rich Western provinces, and
/ J$ I# \& V+ |8 ]( gmore reasonable sales volumes and moderate price appreciation in Ontario,7 a6 h9 u- L7 D1 c8 o
Quebec and Atlantic Canada, according to a report released today by Royal. b- [$ z9 J' `7 `; N; p
LePage Real Estate Services.) Z/ f% N( L" r/ A
6 G7 q/ h: m% W' l* K+ p Nationally, market trends established through the first three quarters
( f& i* |6 n/ |4 ~are forecast to continue for the remainder of the year. Robust economic7 d8 E* ^2 L- i9 [8 Y" U9 N _! _, q
conditions, low unemployment rates, modestly growing salaries and wages, and$ U/ K, V. D" g, U) r8 g- ~
sound consumer confidence contributed to the overall strength of the t+ Z. _+ _; j+ I" }1 H
residential real estate sector.
1 l9 W: j! _8 q/ w
* A5 g! c" Z: K) f/ g7 J& m" ?! W Of the housing types surveyed, the highest average price appreciation
{" v8 X# h5 U5 h. b9 Boccurred in detached bungalows, which rose to $300,365 (+16.3%)0 D) Z2 ]2 e- ?' ~+ `
year-over-year, followed by standard condominiums, which rose to $211,5626 m4 L+ ^ D8 F- F, I2 Q
(+14.2%), and standard two-storey properties, which increased to $365,380
9 H! a0 U) [- g9 `& m(+13.2%).5 j3 Q5 E/ G$ W, R" X
4 o1 e4 F0 r2 o: U8 J "Canada's sturdy housing market continued to demonstrate steady growth( U" b; I. D$ X& d" G6 b4 G
during the third quarter. For all but the west, we have moved on from the! m/ |( L7 `# }6 K* Z% `9 a b7 a' c# O
frenzied expansion that characterized the first half of this decade, and are, N' _7 k" K& P; I; g
poised to show continued growth at a more moderate pace," said Phil Soper,: C! `* V8 ^8 q1 d9 ]
president and chief executive officer, Royal LePage Real Estate Services.$ W! m8 L5 a5 A- G) p
"Gone is the sellers' market that we have lived with for some years. We
; L- n3 |: Z6 Zwelcome the more reliable conditions that are characteristic of a healthy
$ [" |9 V3 G# s% r$ Ybalanced market."/ `1 W' J' o/ |- ^) }6 J) t
& B c( t4 o' M3 d. B Despite the double-digit rise in average national house prices,8 `3 |# N+ ^, D. R7 o( _
considerable regional variances were exhibited again this quarter. The shift
7 i8 d8 V n& [0 D+ B/ `to balanced market conditions, which began in late 2005, has continued" N7 ~4 h+ ?; K8 w' z3 b- `8 Z
throughout most of the Central and Eastern regions of the country. In the core
/ q& D$ o' }$ Y2 jenergy producing western provinces, the combination of very high in-migration,
# M8 U5 t i/ ] z" kmanageable affordability, and a shortage of inventory has driven record" w$ m0 z! Y+ U9 |5 k
breaking price appreciations.: r# u0 @8 P& G/ D
* X) F. T' a5 |( e: g' p* z. B- S
Echoing the second quarter and supported by Alberta's rapidly expanding
9 x. z: U7 q) P9 Z, c* ?economy, Calgary and Edmonton led the charge of Canadian cities with the
& @6 U( W, _2 F( Olargest house price appreciation in all housing types surveyed.2 O7 D% E1 u2 @+ k: A/ O5 K; o( a
- A+ n3 I+ z) P, I# m- \ In Ottawa and Toronto, growth remained steady, supported by solid
3 P4 O. A: x/ q: z5 jeconomic fundamentals, an increase in available inventory and strong consumer2 ]' A7 ?. o) ]
confidence. While the pace of price appreciation in Ontario leveled off
p! F/ r3 L! X- M4 [7 Islightly, the province's real estate market remains poised for modest growth.
( {: Q D: _. z+ h% U9 d7 dIn Atlantic Canada, new housing and condominium construction offered buyers4 b$ m0 R1 ?( \
greater selection at more competitive prices, resulting in a slower rate of
0 X7 T& w% s1 i6 u/ x" Zprice appreciation when compared with 2005.
- a/ p- H% K8 g" _+ T% A5 w0 b n
% |7 S* E+ f7 X3 w8 ~) A While the pace of growth in Canada has slowed, the domestic housing# \" w Z! | l) F# T/ f
market is expected to outperform the American market. The economic and3 V5 G* ]) w. L0 L$ S0 n8 n+ Q0 B
financial fundamentals driving the residential real estate sector in Canada: j+ j1 N; a7 j4 z% N3 C
are markedly different than those found in the United States.
& m0 z) U [- J# a/ H: E
% K1 ]3 ?% j* o+ l Added Soper: "Canada's housing market is likely to outperform the
& A7 q, B' ^! y+ ]American market through 2007. A number of factors are working in Canada's3 P. x8 l' d- i, b5 p# s
favour, including healthy personal and governmental debt levels, the% H# |0 _( _" @! @. h
relatively modest rise in interest rates in our country, and general
7 k9 d2 e* h% U8 Q: u6 @affordability in our major cities. In addition, Americans are now seeing the
; p: n) p6 e: y# E0 D Pdownside of a tax system that encourages maximum homeowner leverage, and
, u! t; q2 M$ d' k" J$ b' ]+ N# |aggressive financial products such as zero- and negative-amortization) h5 H8 C! j+ W$ }& G1 Y
mortgages that work only in a high price growth environment."
* F5 _; k+ c5 \5 B! N/ z4 V# E. Q
^6 E6 X m. G# m6 r! ]+ W <<" a, l! m: Z! O: b$ h( s# U- S
REGIONAL SUMMARIES- \- W6 y: h" L
>>8 n: i4 P' |( Y+ V- T
) J0 `9 _- H% ~, T Balanced conditions continued to characterize the housing market in% g3 ]- d& z( i& v" i: ?. s$ ?
Halifax, as significantly higher inventory levels helped to moderate the rate
1 Y$ b# _$ {# h" Zof price appreciation. Buyers were increasingly choosy, taking more time: m3 v% j% F! E `* n6 i% ~$ h
looking for newer, low-maintenance properties that were not in need of3 z( S# u9 _/ B G4 f
renovations.
, a/ }; t" z3 \( b' V1 K' b0 X+ B6 n1 S
The housing market in Moncton remained healthy and strong as a slight
7 c+ a- X0 M4 s+ ]/ f# xincrease in inventory helped to moderate the rate of price appreciation' c, T! |2 K' J+ C
compared to the same period in 2005. Activity was brisk throughout August and
* a: T+ `5 C; W& O4 F+ M; tSeptember and is expected to remain this way through the fourth quarter.
R' u1 v& ?6 z, h8 ?3 y- H7 V6 s" f& E
The housing market in Saint John underwent its traditional summer
8 W( O6 v3 E8 H1 Zslowdown in the third quarter, with activity picking up towards the end of the
8 G+ X u/ x! ~# vquarter. The local economy continued to thrive, as construction on a new: u Q# U( n4 y. n
600,000 square-foot shopping area has begun, bringing several new box stores
. P4 ?6 v4 [9 H" ito the area. Buyers have begun seeking less expensive fixtures for their homes
% o3 F- q2 p- E R0 O/ ]" N8 q) fand are instead opting for more affordable housing options.' E) C; X" ]5 S- n f4 ~
0 s1 L- Q4 P6 g% C$ c In Charlottetown, the housing market started to move towards balanced5 N! P' k- B2 t( c6 K/ U5 t
conditions, as some sellers had to begin to lower the asking prices on their* ?5 n* V b1 d& ^9 b* x
homes to make them more competitive. Activity from out-of-town and US buyers
$ i2 _1 {% \& I" r2 Owas down slightly compared to 2005, likely attributable to the strong Canadian
0 E3 Z' Z' h, m/ Y; zdollar. Inventory levels began to creep up in the third quarter, providing7 ^4 ~ L- {# D
buyers with more options when looking for a home., I% J, w7 n* |$ x6 o( Z( g7 l ]
' f! d- K n; G; ~! Y, L
Activity in St. John's slowed slightly in the third quarter, particularly: ~, @2 H- s/ ~ [
among higher-priced properties, where there was a slight over-supply of homes7 V9 P4 T) W9 S9 V' O* D) f
priced over $200,000. Listing periods have increased when compared with 2005,
, p; M7 c% i; j2 Uas some of the pent-up demand that had characterized the market over the last
$ J5 K8 i7 {4 i/ ~! b$ Ffew years has been satisfied, resulting in more normal, balanced conditions.
9 @! l5 ?$ ?2 z! _& ]% n7 n% j0 @& f' |! @1 b
Montreal's housing market recorded modest increases in average house: Y+ S; ^9 H' y3 I' ?
prices, due to a slight seasonal slowdown in the third quarter as inventory3 q' j# G: Z8 X" Q4 q) H0 c
levels rose. Part of this can be attributed to the fact that many renting9 o# r. R6 _1 X) v
first-time buyers were motivated to close on the purchase of a home by July 1,( ]& \4 D6 j: O" i- K% U, a
when rental leases expire in Quebec. Once this date has passed some of the
* p& ?% l1 E9 K/ bpressure is taken off the market, allowing buyers to visit more homes before
3 H2 [% p3 j1 N' W5 D$ m/ {9 Y0 Lmaking a purchase.
0 u5 J) j: T3 c- x1 [# B8 A
1 s5 t$ Y B+ V! ]. G Ottawa held its position as one of the country's most stable housing
) N; U3 v* x' V& `' h Xmarkets in the third quarter, reinforced by a vibrant local economy and strong" I- g8 T/ q) [: {9 x
confidence, resulting in modest increases in average house prices. The city0 Z E3 ~8 ]$ _. i A3 ^2 s/ x
centre remained a bright spot in Ottawa, with homes in this area attracting9 n' S+ {: O" J6 u
attention due to their convenient location and proximity to downtown3 l/ e* S! D+ g
amenities.$ |* n& N8 n1 r- @: [ m$ U K E
% r1 A/ u6 ^' v1 I: z+ I' z: g
The housing market in Toronto sustained healthy activity levels: |. s k, C& e! g7 ^& V4 h
throughout the third quarter, as a strong economy helped to maintain demand ]* E. ~% m$ z" ]5 Q. Z
across the city, causing average house prices to rise moderately. Toronto has+ Q/ K: _2 Z* b+ Q. ~3 P
continued to experience modest growth in average house prices, and has been0 j; q: M3 B- v
driven primarily by purchasers who are buying homes as their principle+ D' d/ u, h! I: N8 c( m
residence, rather than for investment.+ W- y( p6 Y7 z( o7 h; {: f
# B* f5 A6 N& l The vibrant Winnipeg housing market continued to show its strength as
, j/ x2 H# u, V5 `; G/ L3 x4 Zhouse prices rose during the third quarter. The booming local economy resulted
8 w' I) U3 i9 R5 o. hin a historically low unemployment rate, helping to bolster consumer1 z, V% Y; Q) i- r/ X
confidence and Winnipeg's ranking as the city with the lowest capitalization% W. K2 d, R& V: j
rate among the country's larger cities - helped to encourage buyers to enter
: Y7 @8 j1 r a; u7 Dthe market.
7 L3 f( y5 u# b; a n) ?
# T1 I+ d/ ?4 h# r In Regina, the market experienced a slight seasonal slowdown through6 H: L4 J1 v! c# ~$ E7 J; n3 G
July, as there were fewer purchasers in the market due to summer vacations. In4 H3 G$ m$ h$ e, y/ `, l
August, activity resumed to the busy pace previously seen in the spring
2 z; W; B; s4 W9 D$ W, Tmonths, as the influx of purchasers made it more difficult to find a home due8 [" H/ n ^+ Y* X
to the shortage of available inventory.
0 \; }) L9 P, ]- y3 x+ `- t2 [8 X' \, ^, o- {; V) P$ L2 I
Activity in Saskatoon remained brisk as the market maintained its
8 X4 E2 w6 X! y2 m4 \momentum from the busy spring sales period. The economy in Saskatoon remains) [9 O/ S/ G4 d$ j4 l
vibrant, as employment opportunities are abundant with many businesses; y3 B# O1 ?: z0 C8 [ ]) m3 Q
struggling to make hires and having to recruit outside the province.
$ \; B5 `1 C3 H$ e# q
( l h L3 @( f& W* j Calgary's housing market recorded blazing average house price increases
3 A8 ]1 D) W4 w: |in the third quarter, in all surveyed categories. The burgeoning economy, low7 _4 I& Z5 N2 I* Z
unemployment rates and low inventory levels remained the leading factors that
: A2 s* z+ l+ K0 h' Kpressured Calgary's house prices upwards. However, regardless of the soaring2 e: Q% N! D, m! ~3 Q
prices that characterized the market - even during the typically slower summer5 }7 N N! H( h7 L) I
season - it is expected that activity will become slightly more balanced, as. y: j. B. a- o# _2 r: @
buyers are becoming more reluctant to participate in the frenetic activity.7 S' C- N5 I0 `0 B" P5 ~9 V
0 W) v6 I# N- \/ Z& }' N
Edmonton's booming local economy continued to thrive in the third quarter
; u5 ~" Z* c+ j4 D3 H4 xas activity in the oil sands north of the city continued to flourish. Edmonton
# m- }1 {2 M* `- M( M" @& oremained the hub of activity for those coming to work in the oil industry,6 I( F. [+ q( ~: X1 i, c% B( Y
maintaining tight inventory levels across the city, resulting in prices
1 w0 f5 R( B, n: \$ jincreasing at record levels. However, as inventory levels continued to improve
9 Z( L0 [' g( hin the third quarter the rate of price appreciation should moderate slightly9 j7 [8 v7 M( `# ~/ w* G- s
towards the end of 2006.
& m2 \0 u* r3 [+ `9 v, b3 F7 [3 n! u$ Z6 Y) U$ r; n# v
While Vancouver has seen a slight reprieve from the severe shortage of2 X( ^7 s3 c9 |* q0 O
inventory that had previously characterized the market, supply is still unable, g. k/ V Y: x6 r
to meet demand, driving house prices upwards. Vancouver has a very diverse
& p+ z0 a9 @+ ]2 X# X% L6 agroup of active buyers - from first-time home buyers to baby-boomers to" ?6 N8 c6 T5 j# T: F5 u
foreign investors - all of whom fuel the demand for houses, placing added0 p3 @! o2 p8 Y, Y
pressure on tight inventory levels.
1 V! d! p, L7 e4 `" b
: }4 `3 }6 J7 A3 D( u' L/ D Victoria's market is vibrant and supported by strong economic
% o* {/ Q8 A" ~% n" p( o0 @ yfundamentals, fuelled by a booming tech sector and a migration of young people
& L* M3 ~1 [! ninto the city that has continued to support the area's house price increases;. e' i( w$ @& m! ?; N+ L
while increased inventory levels have afforded buyers more time when searching2 N1 V, t% J6 j3 g) X2 A: e
for a home, helping to normalize the market's pace./ M2 }9 M* r1 W3 t/ p/ `
" ?# ?. y7 B) a: U3 _; {6 \1 b
<<
! @! B0 s; s* g2 ~% V Survey of Canadian Average House Prices in the Third Quarter 2006
! |3 J# K! h5 l' M" _! F" F+ o: h, i& ~4 H: S) B0 N
-------------------------------------------------------------------------
; p$ t6 r2 J8 ?* N# u$ f! J/ j Detached Bungalows Standard Two Storey
X/ j- e8 h ^: l2 Q8 C -------------------------------------------------------------------------
& z! Q f Z0 c8 c 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
7 b( }/ A0 e4 @' i3 f Market Average Average % Change Average Average/ a: ^/ D) B: o
-------------------------------------------------------------------------
& Y6 t) e7 w! V) J! q; @) D Halifax 186,333 173,333 7.5% 198,667 199,000# m5 J& r7 x# t- x6 m& e
------------------------------------------------------------------------- m/ D6 r( t9 `
Charlottetown 145,000 141,000 2.8% 175,000 170,000
4 m- I$ V2 X1 E" R! T: V/ v -------------------------------------------------------------------------
D! g4 o: R( A9 d Moncton 135,000 127,000 6.3% 129,000 123,000 Q2 B9 X& `# d9 z- k, @1 ^/ E
-------------------------------------------------------------------------
& ^0 G! v E% w5 ]* t1 I Saint John 141,200 142,900 -1.2% - -5 g) j5 e7 O0 Z
-------------------------------------------------------------------------0 ]; D P* [* H& ]0 x
St. John's 143,667 142,667 0.7% 200,667 202,333
9 P; a8 k6 U/ W/ ?# A -------------------------------------------------------------------------7 l/ [5 o0 E; j, t( ?! P Q0 I
Atlantic 150,240 145,380 3.3% 175,833 173,583
' J( ~4 O6 r$ h' P4 H -------------------------------------------------------------------------
: \, W6 X- t3 p) }( M- [% d$ m" x J4 [ Montreal 213,691 203,500 5.0% 321,141 316,185
( I# q4 q0 q& N7 j1 Z -------------------------------------------------------------------------
4 m! X% t* W |; W( V4 u0 a Ottawa 290,083 278,417 4.2% 285,667 273,250
7 u' d( X4 U4 ]3 z7 F; ] -------------------------------------------------------------------------# w3 L' a( D, i4 L
Toronto 373,368 355,882 4.9% 481,523 474,766- e7 I! ~3 r( ^$ F6 u
-------------------------------------------------------------------------) y. W# P, w9 [4 d- S
Winnipeg 181,579 159,860 13.6% 202,337 180,707, w3 y4 z7 j% { U
-------------------------------------------------------------------------6 z' e, j8 w( N2 s. E
Saskatchewan 170,667 156,083 9.3% 182,600 166,500* i: g5 D" I1 E
-------------------------------------------------------------------------/ K9 }' _) S* v Y- O+ g4 w" o
Calgary 395,067 252,411 56.5% 405,778 264,389& N6 [# [& \6 O4 U% N# K
-------------------------------------------------------------------------' ~+ G, ^5 G% M' S6 K/ _
Edmonton 286,857 194,857 47.2% 316,429 206,7143 }& \2 B, F/ V" J" Q4 T
-------------------------------------------------------------------------& r3 Y/ w* L$ Y9 A2 y5 _
Vancouver 704,250 601,000 17.2% 794,000 697,500
$ Y2 L9 l& g5 v -------------------------------------------------------------------------" a. \# f4 p3 M: h
Victoria 375,000 348,000 7.8% 403,000 391,000
* I* {! r! K' d+ d+ b; o -------------------------------------------------------------------------
/ |1 h) a% p! E National 300,365 258,202 16.3% 365,380 322,860
9 ?6 k" B, p# p: Y2 Y -------------------------------------------------------------------------1 Y% t4 C( b4 J+ H, a- ?
9 \$ M1 Y2 u: X+ F -------------------------------------------------------------( Z* c) G4 C+ p! g$ `7 P8 }
Standard Condominium2 h" _7 ^) }6 p0 h# a& d
-------------------------------------------------------------
& [- `& l5 q9 S6 c 2-Storey 2006 Q3 2005 Q3 Condo
4 ]! l8 H) ?0 p- i7 k Market % Change Average Average % Change
7 _' }9 P8 B( R7 ~0 o -------------------------------------------------------------
7 ?- e1 F/ R, m! n }* S Halifax -0.2% 142,000 103,000 37.9%
. u# X( }5 D0 O$ ^/ B -------------------------------------------------------------
( N# f5 d) d3 n7 g% B5 K$ F# C Charlottetown 2.9% 98,000 98,000 0.0% I3 n: W3 R3 _+ J- g
-------------------------------------------------------------
; E, \) A n# \ Moncton 4.9% - - N/A3 ^- I" c1 B5 y+ ?
-------------------------------------------------------------
) W, g/ v* ^7 R Saint John N/A - - N/A
! O! V) ] C0 i) @. L) K -------------------------------------------------------------! S! A/ z& @7 H; l. Q6 X8 V% e
St. John's -0.8% 146,333 145,667 0.5%' I$ e+ u, X6 B5 h+ {$ F
-------------------------------------------------------------$ l3 ^+ K; w6 q. P7 W3 o
Atlantic 1.3% 128,778 115,556 11.4%
& \- Y0 N( L2 V1 r; L -------------------------------------------------------------. m4 l! v2 S( q" [% e. V8 i
Montreal 1.6% 193,190 188,016 2.8%! M/ ~. ~6 K% J8 f4 C$ ~
-------------------------------------------------------------
* U+ v6 h) e0 ]; D, ]- x Ottawa 4.5% 181,083 172,250 5.1% g1 B0 w7 D3 Z# C
-------------------------------------------------------------
- R+ E. N5 Z$ G9 x0 F Toronto 1.4% 252,088 242,918 3.8%5 g- l" l+ c8 E& `8 c2 F
-------------------------------------------------------------6 J7 F! e* O+ E, i# l
Winnipeg 12.0% 105,648 96,008 10.0%
% S! H$ P* O0 @* u3 h! Z -------------------------------------------------------------1 q7 K) x/ X6 M1 N
Saskatchewan 9.7% 106,250 101,000 5.2%
# f1 J3 k' z8 V -------------------------------------------------------------" Q; Z% T/ Q) }2 o# o4 q
Calgary 53.5% 245,844 153,867 59.8%
# {/ l& r! D& y+ ] -------------------------------------------------------------" ?) A2 |. j- L `; S6 K& U9 A
Edmonton 53.1% 200,433 131,500 52.4%
$ i0 u: n2 [' |* v -------------------------------------------------------------
$ E/ d: H6 y1 a0 \3 V; _; W Vancouver 13.8% 366,250 323,250 13.3%. F/ _+ Q1 T5 s7 E
-------------------------------------------------------------0 \) \# W: ~$ y7 [
Victoria 3.1% 229,000 220,000 4.1%
5 y7 |. _/ ]6 ]. }* i8 Q! b -------------------------------------------------------------. @! t3 M. {/ R( e
National 13.2% 211,562 185,296 14.2%
4 H0 ], V R* G a' `# V -------------------------------------------------------------: ^5 V; {; T4 C5 p
>>1 m% v% Z) M% c+ q" \
% w1 ^. F* V. B5 j
Average house prices are based on an average of all sub-markets examined2 @/ G; [4 O) [0 t. x: z
in the area, except for the smaller markets of Charlottetown, Moncton, Saint. D5 e5 z' L- o
John and Victoria.
# v7 U# ^& [; y# |6 R- X& y R5 [6 b/ _
The Royal LePage Survey of Canadian House Prices is the largest, most
/ D) t8 A* ]( Y! Xcomprehensive study of its kind in Canada, with information on seven types of
( ^$ n0 E3 ]$ hhousing in over 250 neighbourhoods from coast to coast. This release) [& @1 b1 Z. g( E- O
references an abbreviated version of the survey, which highlights house price
# W U, B2 s5 qtrends for the three most common types of housing in Canada in 80 communities; B4 K Y& X( ]# s# e* I
across the country. A complete database of past and present surveys is
I4 T& x5 e- Y9 B' I( t5 bavailable on the Royal LePage Web site at www.royallepage.ca, and current5 u+ z" [9 {' O0 C' \0 S9 U' C
figures will be updated following the end of the third quarter. A printable
& l# ?; h& a7 Bversion of the third quarter 2006 survey will be available online on0 \; @7 y* N! y1 P' x4 I
November 15, 2006. y) _- l6 q# B' a5 Q
Housing values in the Royal LePage Survey are Royal LePage opinions of" O/ |) _/ c$ f. x% r: I
fair market value in each location, based on local data and market knowledge
3 T+ j5 j' V5 F5 {provided by Royal LePage residential real estate experts. Historical data is
# S v) C2 }6 W3 Gavailable for some areas back to the early 1970s. |
|