 鲜花( 0)  鸡蛋( 0)
|
Canada's housing market both vigorous and stable
9 T( | R7 b9 T; s1 h' a( D
3 ` d$ G5 o- o/ E2 P2 t- P! e- Country's market poised to show growth throughout 2006 -$ n: h$ d; Y4 K, W
1 k. m' u: A- w6 I! ? V$ _% W TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market8 E8 O$ H* a c' q. W' L
exhibited moderate price increases and stable unit sales during the third
, {" O- O* [0 u5 X% A1 Qquarter. Wide regional variances continued to be the dominant characteristic
- p$ E& W: N9 T, L( xin the market, exemplified by frenzied levels of activity and double digit+ v9 [2 B: X1 g! e8 J$ K, @
price gains observed in the energy and commodity rich Western provinces, and
1 k- }" y6 I6 J3 i; `1 ^$ {more reasonable sales volumes and moderate price appreciation in Ontario,
" [1 ~ n3 k3 Q f4 ^, f% zQuebec and Atlantic Canada, according to a report released today by Royal
* C& s' c% B$ @% f# a0 p |LePage Real Estate Services.
. N. l* `% e. [* A" Y' e
3 l! F# I: i4 `+ Z1 T" l Nationally, market trends established through the first three quarters6 ?6 R% O. n" Z3 v. t% {+ Y! Q& y) }
are forecast to continue for the remainder of the year. Robust economic
+ s# h' T* k: t3 sconditions, low unemployment rates, modestly growing salaries and wages, and% m- z+ X$ c8 A3 f
sound consumer confidence contributed to the overall strength of the
/ _ V8 j; O$ f, a, ^residential real estate sector.4 ~% i% r0 n l! C
- H5 C4 X4 b4 s N3 T. L( P Of the housing types surveyed, the highest average price appreciation4 E* C. |7 n# `
occurred in detached bungalows, which rose to $300,365 (+16.3%)( Z9 Z1 {6 n% ~1 w1 I
year-over-year, followed by standard condominiums, which rose to $211,562
2 o# f( ]- h* {+ U(+14.2%), and standard two-storey properties, which increased to $365,380
2 B5 |7 s) x% y0 @( Y. s) A(+13.2%).5 M x8 Y' c' W& U
: K) u/ V5 j1 Q( C0 G' k$ J "Canada's sturdy housing market continued to demonstrate steady growth
/ \8 `1 Y8 _$ ^) F4 j3 D2 r5 R5 vduring the third quarter. For all but the west, we have moved on from the2 Y% n) u* S/ s: X, ^' m
frenzied expansion that characterized the first half of this decade, and are
) x# ~" M. k, g0 Gpoised to show continued growth at a more moderate pace," said Phil Soper,
2 {8 T/ n: r% ?" d- F9 U: j6 N6 d' ~president and chief executive officer, Royal LePage Real Estate Services.
$ ^3 ~+ y+ x* @! k1 l& S: V"Gone is the sellers' market that we have lived with for some years. We
+ S8 B ~& r; I/ x3 ?% kwelcome the more reliable conditions that are characteristic of a healthy, n! W# c4 J2 f9 h& r; c9 u
balanced market."
8 `9 H& {9 o7 \- p& I0 `5 U& \8 I) r% Y6 w z2 b+ N! x
Despite the double-digit rise in average national house prices,0 J4 c* U5 t' ^
considerable regional variances were exhibited again this quarter. The shift: o7 E7 \! h0 _5 f8 F+ z9 |
to balanced market conditions, which began in late 2005, has continued
' J3 d2 ^' p7 f( u3 [# lthroughout most of the Central and Eastern regions of the country. In the core
& g! r7 T) J: R; r' [energy producing western provinces, the combination of very high in-migration,0 m2 R+ O/ F/ L5 O! H# b7 g9 Q9 m8 A9 c
manageable affordability, and a shortage of inventory has driven record
/ K& D" N1 D' z E2 M) I% Abreaking price appreciations., M7 H7 ]! I* X U' Z0 L7 V
$ j; C4 M: e; K
Echoing the second quarter and supported by Alberta's rapidly expanding
; n8 f" m( {$ \: h5 aeconomy, Calgary and Edmonton led the charge of Canadian cities with the) _0 d5 H1 Q7 ~% p
largest house price appreciation in all housing types surveyed. D0 G( U" ~/ H$ x
+ W7 h) e5 J# z( `. x In Ottawa and Toronto, growth remained steady, supported by solid
* a, ~1 _- a4 W% O! P5 Eeconomic fundamentals, an increase in available inventory and strong consumer
3 _, E8 Q$ A' Nconfidence. While the pace of price appreciation in Ontario leveled off
! t9 h& I; x5 ^, `" Pslightly, the province's real estate market remains poised for modest growth.4 w- y9 e, k; R3 [$ x$ p9 j6 m
In Atlantic Canada, new housing and condominium construction offered buyers
; Y3 d$ {/ Q" Tgreater selection at more competitive prices, resulting in a slower rate of3 Y, l$ S7 h8 g, x7 K" A5 S
price appreciation when compared with 2005.
+ F. @, K1 E# H- j
% l; J* |0 v* t While the pace of growth in Canada has slowed, the domestic housing8 _# Q- v! N$ d! r' o
market is expected to outperform the American market. The economic and! Y! M+ o; T0 q" s3 F, k; l" g+ V7 h
financial fundamentals driving the residential real estate sector in Canada
) i+ I9 }/ r7 `$ L8 Oare markedly different than those found in the United States.; ?/ P( O+ g* e' [6 r7 o
. y" b6 d9 Z1 a Added Soper: "Canada's housing market is likely to outperform the
2 Y" j* F' u- ]" q% MAmerican market through 2007. A number of factors are working in Canada's' _1 M: W2 Z/ r: Y7 G
favour, including healthy personal and governmental debt levels, the. j/ b% M% c! A8 _& @6 A" Q
relatively modest rise in interest rates in our country, and general
& l% b# V. b" _1 d! a7 |affordability in our major cities. In addition, Americans are now seeing the8 |* V9 s' {$ U9 _3 Y
downside of a tax system that encourages maximum homeowner leverage, and
9 `9 h1 ]+ D' H( x5 Daggressive financial products such as zero- and negative-amortization
& J% G- U/ n6 P! n* q& ]mortgages that work only in a high price growth environment."6 `4 s) e* C: B4 p' ` A
2 a: H1 ~+ s& {4 _8 q
<<
* B3 O F* U) Y REGIONAL SUMMARIES, r6 p$ F# N g& b4 f% d1 |, L
>>- t! ?9 ?# h) x. K2 t
9 d; e4 A2 w% r
Balanced conditions continued to characterize the housing market in
, p, v6 p% h5 w8 DHalifax, as significantly higher inventory levels helped to moderate the rate# F8 m# _: E2 k$ A5 P V
of price appreciation. Buyers were increasingly choosy, taking more time; B2 j; i6 E5 A2 O S
looking for newer, low-maintenance properties that were not in need of5 q# w* i1 x) b& S" d$ X7 ^$ V$ B
renovations., f" ^* P9 K( t/ Z! Q" R: j! q7 a9 f; U
, l1 f ], [9 H7 m: y' H1 U The housing market in Moncton remained healthy and strong as a slight( G: g/ ~. Z! q% P$ D& h
increase in inventory helped to moderate the rate of price appreciation
0 U4 L. g# u2 J) [compared to the same period in 2005. Activity was brisk throughout August and
) k, u& k! n3 kSeptember and is expected to remain this way through the fourth quarter.7 Q' Z! G' \4 i. @! w
, i5 @9 |# Y. P8 r5 q" y The housing market in Saint John underwent its traditional summer7 K1 j% W7 a6 r9 G
slowdown in the third quarter, with activity picking up towards the end of the
4 q9 U/ u& H6 }: gquarter. The local economy continued to thrive, as construction on a new
$ a Y- P* n" F& s5 Y600,000 square-foot shopping area has begun, bringing several new box stores
' o( ~* w' A" Dto the area. Buyers have begun seeking less expensive fixtures for their homes( y0 v' h% v) D/ f; }+ M
and are instead opting for more affordable housing options.$ x( U. ~& c s) T. ?; s
9 ^; a( ?- ^( H c In Charlottetown, the housing market started to move towards balanced
5 s. e& q1 W# C, _conditions, as some sellers had to begin to lower the asking prices on their7 u& X% S" P& w/ \3 f, U% a
homes to make them more competitive. Activity from out-of-town and US buyers, l7 {/ s7 S+ `4 x
was down slightly compared to 2005, likely attributable to the strong Canadian0 d* M( w3 t$ V
dollar. Inventory levels began to creep up in the third quarter, providing
/ U9 X' l1 j" k3 |# \. _' nbuyers with more options when looking for a home.
x; t# R3 c; p0 v6 ~
: o1 r5 j/ Q7 _7 E) x Activity in St. John's slowed slightly in the third quarter, particularly
) o9 E4 u# K8 P2 N& l: damong higher-priced properties, where there was a slight over-supply of homes
/ H5 _% s, a. \% A9 r. V* Opriced over $200,000. Listing periods have increased when compared with 2005,
3 a$ j U. b' F0 m5 \as some of the pent-up demand that had characterized the market over the last
/ e9 |: }7 T! s8 o$ F0 c$ Y! bfew years has been satisfied, resulting in more normal, balanced conditions.8 H' H4 E$ m% A2 K
7 `# N& ?) K Q3 o" A, `) i
Montreal's housing market recorded modest increases in average house2 a+ T3 j7 K5 e4 k+ K
prices, due to a slight seasonal slowdown in the third quarter as inventory
- a- H- K) w1 H5 w1 K0 U/ m- {levels rose. Part of this can be attributed to the fact that many renting
8 R! }0 _0 O) m G3 b* B. v' [first-time buyers were motivated to close on the purchase of a home by July 1,
! C: a m# I2 E2 y! ~! Y, j7 fwhen rental leases expire in Quebec. Once this date has passed some of the
) _0 ?2 p+ j7 [7 Upressure is taken off the market, allowing buyers to visit more homes before
3 S, e) v( ]& F, K! {) Xmaking a purchase.( u' c& H5 H) W9 E2 U0 d
3 ^, {- e$ d" c* D# A Ottawa held its position as one of the country's most stable housing+ L I1 j! ]4 _4 G
markets in the third quarter, reinforced by a vibrant local economy and strong1 k. L2 m; |- E5 Z
confidence, resulting in modest increases in average house prices. The city
6 D8 i' V9 ?( Hcentre remained a bright spot in Ottawa, with homes in this area attracting. E8 k: V% d" L0 j7 M
attention due to their convenient location and proximity to downtown
2 o4 y9 l" F6 T- z% w% a5 s$ hamenities.
. @: P; _+ z6 D! ?) G; ]; ~' P# M
The housing market in Toronto sustained healthy activity levels
4 a4 _, v7 D/ E* N: d0 T4 K9 pthroughout the third quarter, as a strong economy helped to maintain demand2 W3 K, ]9 W4 c9 k
across the city, causing average house prices to rise moderately. Toronto has
6 B6 r' B' z) S, k/ f: O, f' \: ~: ycontinued to experience modest growth in average house prices, and has been
0 B1 {6 v# t, gdriven primarily by purchasers who are buying homes as their principle9 M# h0 m" P& s0 X6 \
residence, rather than for investment.
6 C, c! T; | W8 E" x9 x+ p5 G$ I8 d
The vibrant Winnipeg housing market continued to show its strength as
$ z% R7 N+ M9 k: x# B- f8 Z) Nhouse prices rose during the third quarter. The booming local economy resulted7 h& R4 H- u6 g
in a historically low unemployment rate, helping to bolster consumer
$ [3 k R3 e3 F5 jconfidence and Winnipeg's ranking as the city with the lowest capitalization$ y5 Z7 _$ A0 g6 \8 X
rate among the country's larger cities - helped to encourage buyers to enter
p8 A8 s# [: \! U2 t5 Cthe market.
f" e' G6 N4 a3 f7 {: M
2 n, k: B2 O/ ]. X In Regina, the market experienced a slight seasonal slowdown through
, [; H1 f. Y9 L" a* M6 B6 DJuly, as there were fewer purchasers in the market due to summer vacations. In
# U/ z0 K. K4 }$ @) Z4 JAugust, activity resumed to the busy pace previously seen in the spring% s& q+ u- [5 W, T1 X l/ Z4 Y
months, as the influx of purchasers made it more difficult to find a home due
* y7 N+ Q$ W* z; t0 {to the shortage of available inventory.
* [$ U0 l' e# d0 s& c. A) u. ]6 q$ h# q) z$ _# J
Activity in Saskatoon remained brisk as the market maintained its
/ u. M6 u, _! S% `: omomentum from the busy spring sales period. The economy in Saskatoon remains1 E- F3 Y! Q# h% D; W' H _
vibrant, as employment opportunities are abundant with many businesses
; p. o7 {3 d, U+ d) j e: ^5 e+ hstruggling to make hires and having to recruit outside the province./ n! M# c% x- j- O& c( X% K
& ~0 i; g7 N( l! i: u. l8 `$ T Calgary's housing market recorded blazing average house price increases3 W/ r- R4 b. k4 @0 ?5 h# u7 }
in the third quarter, in all surveyed categories. The burgeoning economy, low! G* Z: [1 n3 Y( ?
unemployment rates and low inventory levels remained the leading factors that' O. b6 t2 F4 w- l" G" L) |
pressured Calgary's house prices upwards. However, regardless of the soaring1 ]$ o }7 C* S- F& t
prices that characterized the market - even during the typically slower summer' t: Z4 L) l) s x! M) y$ F
season - it is expected that activity will become slightly more balanced, as
$ K* P4 E- H: l$ y; O @) fbuyers are becoming more reluctant to participate in the frenetic activity.
6 T h4 D5 _% o8 j. E" p8 {: O4 m" o! g: y# r4 X
Edmonton's booming local economy continued to thrive in the third quarter/ _% u& j0 U. f4 d, T6 O
as activity in the oil sands north of the city continued to flourish. Edmonton7 q2 ^3 M, w+ i, p* s7 D/ E
remained the hub of activity for those coming to work in the oil industry,: L v4 J1 `, K; i& w; |- I' g
maintaining tight inventory levels across the city, resulting in prices
* h+ d% l+ W3 R% Sincreasing at record levels. However, as inventory levels continued to improve
9 S7 f* o" z8 a8 u. h0 tin the third quarter the rate of price appreciation should moderate slightly
! J' v7 e/ Y5 @towards the end of 2006. ) Q6 X( G+ {* i) j: L) Y
) b3 S0 @) b0 j$ ?. Z* B1 DWhile Vancouver has seen a slight reprieve from the severe shortage of
; Y/ F" |8 d! y$ v w8 jinventory that had previously characterized the market, supply is still unable
) t t3 Q, L! N% z; Ito meet demand, driving house prices upwards. Vancouver has a very diverse( k! w8 _# y* v4 N+ B
group of active buyers - from first-time home buyers to baby-boomers to5 d4 _* Q& e: ~+ V4 p: x
foreign investors - all of whom fuel the demand for houses, placing added0 D* s+ v" y) a
pressure on tight inventory levels." P0 ?3 } L, X: T3 U
% K& B, v/ Z- n+ K2 X Victoria's market is vibrant and supported by strong economic
2 N' U% |/ y) tfundamentals, fuelled by a booming tech sector and a migration of young people7 w9 J/ q) z9 G$ R! B/ f( i
into the city that has continued to support the area's house price increases;2 B, x- t1 F2 e) G$ H7 m6 |9 P
while increased inventory levels have afforded buyers more time when searching
) U9 O3 z6 y/ H" Rfor a home, helping to normalize the market's pace.
$ n7 i3 D" z3 ^0 }3 @4 ]* s( _9 ^8 K! B8 y6 m
<<4 ~7 p# t. f- }, ^) q2 \# x, i
Survey of Canadian Average House Prices in the Third Quarter 2006# G+ o- u8 b; d3 Q6 f( X7 q8 p
' f4 j! E& D# Z6 p2 a2 ` -------------------------------------------------------------------------
& ~7 x3 n* o. w+ R' X Detached Bungalows Standard Two Storey
/ ^2 D/ T' w* K4 ] -------------------------------------------------------------------------
6 W& v9 Z/ x, r2 y5 ~ 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
# [) q- N# v* {$ G7 ?7 m+ Y. U' z6 h p Market Average Average % Change Average Average
, i4 d8 |1 X) g -------------------------------------------------------------------------+ y [1 G$ m5 k, G+ ]- Z7 Y
Halifax 186,333 173,333 7.5% 198,667 199,000
: \# K$ z2 B3 W -------------------------------------------------------------------------
/ H! C6 V) U/ v3 ^: g& N Charlottetown 145,000 141,000 2.8% 175,000 170,0009 p6 V& x- h* m$ u) D
-------------------------------------------------------------------------' m7 ?# \6 q3 n, w0 U: a
Moncton 135,000 127,000 6.3% 129,000 123,000
4 D8 z7 D2 R( n/ z( Z -------------------------------------------------------------------------
$ O6 J% U! m, i% e Saint John 141,200 142,900 -1.2% - -
M0 J' K( ~( M7 X) S) s5 P0 P -------------------------------------------------------------------------
) s1 T! I$ [3 [3 ]0 e1 c4 D St. John's 143,667 142,667 0.7% 200,667 202,333& p& R; ~6 z8 Q. ]9 m* L* r7 ^
-------------------------------------------------------------------------
7 Q6 s3 } R( ~2 ?6 D Atlantic 150,240 145,380 3.3% 175,833 173,583
- g. R5 y9 e8 f5 m& o3 e" O6 c -------------------------------------------------------------------------$ [7 {0 n8 o2 a7 g7 ^
Montreal 213,691 203,500 5.0% 321,141 316,185
, q7 @* f- Y- _2 J' V -------------------------------------------------------------------------+ T9 c4 `+ f6 \
Ottawa 290,083 278,417 4.2% 285,667 273,250
( X2 K0 j/ T' W% k, g9 ^ -------------------------------------------------------------------------: W. j4 O* O! r% b
Toronto 373,368 355,882 4.9% 481,523 474,766/ d. H/ U! S% |
-------------------------------------------------------------------------
5 u! X8 y1 C8 s8 g& b: \ Winnipeg 181,579 159,860 13.6% 202,337 180,7075 d8 X* n& d- j
-------------------------------------------------------------------------0 k+ i4 {( K \) C# ~
Saskatchewan 170,667 156,083 9.3% 182,600 166,5008 G- x# v( h( D; V0 i$ X- z1 t, w
-------------------------------------------------------------------------% s: s/ w5 ?9 n. k. b! _" L# ^
Calgary 395,067 252,411 56.5% 405,778 264,389
- b8 y- c7 ^' M+ M -------------------------------------------------------------------------6 w7 C S, r6 N6 b! q
Edmonton 286,857 194,857 47.2% 316,429 206,714' T) {( @/ A+ o2 \& t5 h% K* q8 V
-------------------------------------------------------------------------/ r6 J) N: b8 K2 q# d
Vancouver 704,250 601,000 17.2% 794,000 697,500# O$ X1 \& p) |& D0 Y/ m) F
-------------------------------------------------------------------------0 T! W8 F7 a/ k1 p1 t! m
Victoria 375,000 348,000 7.8% 403,000 391,000
6 ?0 s0 R4 }" }+ j -------------------------------------------------------------------------6 O6 Y7 a" |8 C# ?4 V! t
National 300,365 258,202 16.3% 365,380 322,860
7 a/ i& Z- m. U# \% U& k -------------------------------------------------------------------------8 l/ |9 I5 o9 N; P
- L) T1 |$ ]* n |7 s -------------------------------------------------------------
/ [9 g+ J. s5 y0 N Standard Condominium
( G' l. ~" A2 ^- f' v1 C0 S0 b -------------------------------------------------------------* @) x# h( ?- Q1 g3 w
2-Storey 2006 Q3 2005 Q3 Condo U+ T7 i K! {
Market % Change Average Average % Change
& B" `, N4 T5 I# R+ d- ~ -------------------------------------------------------------
' r/ f9 s" D8 W( l. J" ~9 t Halifax -0.2% 142,000 103,000 37.9%7 a* M( W% ]3 w* p) x; M7 i9 ]" z
-------------------------------------------------------------
. ^, b; L, k- I# r" g Charlottetown 2.9% 98,000 98,000 0.0%$ O- s; a$ Q* \; U2 b
-------------------------------------------------------------
4 s! q* p# ]5 L% ]+ T3 @9 Y. P Moncton 4.9% - - N/A2 R% ^+ X, ?( Z& |& T9 O2 X
-------------------------------------------------------------. |% B0 ]' i- w% `
Saint John N/A - - N/A
5 Y+ J9 U- t8 p: h -------------------------------------------------------------% M$ t% ]! H# k
St. John's -0.8% 146,333 145,667 0.5%' H F* f1 Q4 o& F: u& R( _/ j
-------------------------------------------------------------
0 U2 L$ k6 h; l Atlantic 1.3% 128,778 115,556 11.4%
9 x/ S7 k& @: y: {/ d -------------------------------------------------------------
7 Q$ H$ N8 O5 C! |; s Montreal 1.6% 193,190 188,016 2.8%0 I W! i2 u# }9 N
-------------------------------------------------------------8 {0 a! p1 _! f+ U6 N, d g
Ottawa 4.5% 181,083 172,250 5.1%
# {& |& b4 }' a8 ~" _ -------------------------------------------------------------
$ u& j7 q4 z+ ~0 M/ i7 d! u" w4 a Toronto 1.4% 252,088 242,918 3.8%& i, O% D6 z/ q
-------------------------------------------------------------
, \+ E ~3 v' p, H8 E! m Winnipeg 12.0% 105,648 96,008 10.0%
- l1 y( [7 x" o ------------------------------------------------------------- @- x% b; b, G! V
Saskatchewan 9.7% 106,250 101,000 5.2%+ N' z \9 K& u
-------------------------------------------------------------
6 v8 N* }0 b! ]& `8 Q ^7 V Calgary 53.5% 245,844 153,867 59.8%
5 B3 V9 J. B4 x* @- i! [ -------------------------------------------------------------- i0 S5 ~1 J# R: D/ C
Edmonton 53.1% 200,433 131,500 52.4%
2 m0 r" _6 _8 z* w# E: F, t -------------------------------------------------------------
7 Q9 Y; G7 i! v9 A N1 F Vancouver 13.8% 366,250 323,250 13.3%
4 X: P: E2 B- I- m+ ` -------------------------------------------------------------& D$ Q( T; `% v- P; ?
Victoria 3.1% 229,000 220,000 4.1% F; f3 K7 k$ E c
-------------------------------------------------------------5 V! C' F' C; _: O0 h
National 13.2% 211,562 185,296 14.2%
3 w2 o) v! a- v) A -------------------------------------------------------------
& o/ A7 s7 M* W. X% w: O+ u >>
* G q \# ~' R$ @: I+ H9 m: c
& N, w$ T5 N1 v( w Average house prices are based on an average of all sub-markets examined
% L; |; R3 d3 j4 y9 C1 V4 J! Ain the area, except for the smaller markets of Charlottetown, Moncton, Saint* i6 Z/ K; {+ I' s) t" c2 n
John and Victoria.
2 D# Y. g: c5 n1 `: }# X8 f1 z' o
, n8 I# A# a0 O/ e" [# j The Royal LePage Survey of Canadian House Prices is the largest, most5 J$ \& N7 i4 l- Z- L7 T& Z
comprehensive study of its kind in Canada, with information on seven types of- }" }# J7 F5 d/ D2 k7 \# {$ ^
housing in over 250 neighbourhoods from coast to coast. This release
6 y( B* v% O0 |$ E. P) Hreferences an abbreviated version of the survey, which highlights house price7 ?1 ?2 B+ V0 D3 ?8 o C8 z% @
trends for the three most common types of housing in Canada in 80 communities6 `$ q$ G( S2 N- O/ C x
across the country. A complete database of past and present surveys is
+ e0 F" p9 t1 x5 `' G+ b) Iavailable on the Royal LePage Web site at www.royallepage.ca, and current
: j- S- c1 J9 f/ ]figures will be updated following the end of the third quarter. A printable
8 h) [) p! Z; l/ `" \version of the third quarter 2006 survey will be available online on
+ D1 ^6 M& K! Y' i/ G# ]7 V( uNovember 15, 2006.5 z( z) `/ Z2 A( U
Housing values in the Royal LePage Survey are Royal LePage opinions of
: E7 i: M6 |+ q& Pfair market value in each location, based on local data and market knowledge
# G2 b. y1 S* |: x+ H0 P7 t$ S* \8 iprovided by Royal LePage residential real estate experts. Historical data is7 U) z6 \$ U/ o9 @0 u( S! j& E
available for some areas back to the early 1970s. |
|