 鲜花( 0)  鸡蛋( 0)
|
Canada's housing market both vigorous and stable
# M7 u% `2 R4 G8 u
# v& e* L& Q7 H/ Q3 a( V5 Y% W- Country's market poised to show growth throughout 2006 -/ A& q6 ]: V- R* {( t# W
$ e) s' P9 ~; w* j5 B# a( h( O+ W
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
; \: N# Z8 e5 K+ D Texhibited moderate price increases and stable unit sales during the third
: i, J4 m. M6 z! j( K4 y7 dquarter. Wide regional variances continued to be the dominant characteristic, D! B' W+ z$ G2 O, D* t, {% i
in the market, exemplified by frenzied levels of activity and double digit: W8 }8 p3 e: q: j9 j- j2 X
price gains observed in the energy and commodity rich Western provinces, and
/ c% p: F& [1 g: ~+ t9 t# ?more reasonable sales volumes and moderate price appreciation in Ontario,
) s1 j0 Y+ o' y7 o$ k) @* Q0 h7 LQuebec and Atlantic Canada, according to a report released today by Royal
+ r! A+ {9 e* B6 ULePage Real Estate Services.
7 K$ O( K6 P3 D- _9 ?7 v y4 ]* r- I1 I C) @: o
Nationally, market trends established through the first three quarters3 a& l0 P. `7 V! Y9 `
are forecast to continue for the remainder of the year. Robust economic6 t5 Z1 W( C. A% C3 G
conditions, low unemployment rates, modestly growing salaries and wages, and% h4 ?3 B8 q1 C. F, \
sound consumer confidence contributed to the overall strength of the" @) s4 h- Y/ G
residential real estate sector.
! x1 S% U* j0 J6 |* B" C
& x) A$ Z1 e p! O& X Of the housing types surveyed, the highest average price appreciation+ C$ }2 z/ n# V( e0 U
occurred in detached bungalows, which rose to $300,365 (+16.3%)- d5 f v: e- m6 o) K3 `
year-over-year, followed by standard condominiums, which rose to $211,562
, C2 O- [3 f. m$ l/ q(+14.2%), and standard two-storey properties, which increased to $365,380
: L2 L) o% F$ D3 V& j" O9 t(+13.2%).8 J! B' j, r! V7 }: M7 s
+ C8 n% s" F0 y7 o6 D- w7 k! G v' K
"Canada's sturdy housing market continued to demonstrate steady growth: s W$ a+ H3 o$ V2 F& Y
during the third quarter. For all but the west, we have moved on from the8 i, Y4 \) T3 W& }3 C+ n: U& u
frenzied expansion that characterized the first half of this decade, and are
% q2 M6 R, D& M/ z! wpoised to show continued growth at a more moderate pace," said Phil Soper, q y E# K8 A( \' }% O
president and chief executive officer, Royal LePage Real Estate Services.! R! K8 Z% |! C
"Gone is the sellers' market that we have lived with for some years. We& J# E! v5 ~7 V0 W
welcome the more reliable conditions that are characteristic of a healthy
2 E9 o( ~" }# Q$ Mbalanced market."9 i3 z5 ?' p9 S
, v& `8 \, d1 \ D1 B Despite the double-digit rise in average national house prices,
2 E' G5 \9 z/ q0 k7 ?, ^) Uconsiderable regional variances were exhibited again this quarter. The shift
8 ]4 c9 r8 D. Mto balanced market conditions, which began in late 2005, has continued8 F- X# x. ^3 l: t# L1 S" j
throughout most of the Central and Eastern regions of the country. In the core
' m# Z; V+ n; V$ f+ ?energy producing western provinces, the combination of very high in-migration,
" t2 H& t& h+ k' B( @* l9 @" G' Fmanageable affordability, and a shortage of inventory has driven record9 ?+ |' u* G3 A- G) i( a' P z ^
breaking price appreciations.) G) g6 i( {# q5 z# C2 s
; N7 a- ~) v. s7 d Echoing the second quarter and supported by Alberta's rapidly expanding
1 k. ]1 M. r5 p( s: X3 \3 Jeconomy, Calgary and Edmonton led the charge of Canadian cities with the0 S0 t, W: |# X$ o8 w
largest house price appreciation in all housing types surveyed.$ `0 g+ p4 }3 ?" d& E, C- G5 g
X! Y/ }$ ]5 e R. Y$ M9 J
In Ottawa and Toronto, growth remained steady, supported by solid" a9 n9 s' W3 A! R
economic fundamentals, an increase in available inventory and strong consumer
- w2 e {2 P+ ]: F, dconfidence. While the pace of price appreciation in Ontario leveled off1 ~5 N+ f5 E3 q' E$ g6 l7 v& Q4 g
slightly, the province's real estate market remains poised for modest growth.
?; b' N \5 d1 @/ @ ]. rIn Atlantic Canada, new housing and condominium construction offered buyers
" E- k; i, k" I' m1 F4 `& Dgreater selection at more competitive prices, resulting in a slower rate of- d1 Q6 Y9 s6 B. K5 S
price appreciation when compared with 2005.8 t! a: K. N/ e, H+ c" J
7 M6 {! l9 e# {; u1 C5 W5 R While the pace of growth in Canada has slowed, the domestic housing9 p7 h% Z1 y. N8 E* i1 \- H6 U) h
market is expected to outperform the American market. The economic and7 j- _9 c# P$ _7 X1 p+ t
financial fundamentals driving the residential real estate sector in Canada( ~) ]" S3 ~% H( V2 ]
are markedly different than those found in the United States.
4 p- Q/ }" v$ V1 H. r: H" J0 \! y
Added Soper: "Canada's housing market is likely to outperform the
2 J2 g `7 C7 Y& J3 ^5 ^! N0 [0 UAmerican market through 2007. A number of factors are working in Canada's
: s" r- F i' F) qfavour, including healthy personal and governmental debt levels, the. Y9 D9 f. U! m1 C& X
relatively modest rise in interest rates in our country, and general
& r4 f7 o+ W% t" K& R! maffordability in our major cities. In addition, Americans are now seeing the
Z# r6 {- l, i! kdownside of a tax system that encourages maximum homeowner leverage, and
% K1 O+ M) ^. f2 h5 t0 naggressive financial products such as zero- and negative-amortization. J$ r( m5 t5 x
mortgages that work only in a high price growth environment."
6 Q% o. V. p% v! P
$ B% w) X- y. [0 i* x5 @ <<
$ X# r* z3 P& W* L' p. A) q5 \- n+ {/ e REGIONAL SUMMARIES
/ Q+ B! O P) c >>: s( x3 Z: C2 E' H( ^, _
/ t/ _* K; |2 a Balanced conditions continued to characterize the housing market in
r, h P1 j B) N6 H( jHalifax, as significantly higher inventory levels helped to moderate the rate; C" y$ ]% L/ C @4 @# k' N( ~2 `3 g
of price appreciation. Buyers were increasingly choosy, taking more time0 e2 E6 {; u/ j, _2 i' [
looking for newer, low-maintenance properties that were not in need of7 b6 t: @' M& h8 Z2 W' V
renovations.$ @2 I8 B' D" l. M! F( y6 ]
+ {0 f1 g( e- M/ A
The housing market in Moncton remained healthy and strong as a slight. [- x7 T- a% i* r! x4 s
increase in inventory helped to moderate the rate of price appreciation
$ w4 {8 m% W, j, c/ c( i9 {5 ?/ Pcompared to the same period in 2005. Activity was brisk throughout August and$ g, k2 C( t/ b6 ]7 p
September and is expected to remain this way through the fourth quarter.
3 d4 F( x( F" K& Z4 X s; q
' v; a! k8 p F* m The housing market in Saint John underwent its traditional summer
' N5 `4 x3 U' R6 K; \slowdown in the third quarter, with activity picking up towards the end of the; F6 C' z9 `8 ?% B) \. o6 }% ?& f
quarter. The local economy continued to thrive, as construction on a new l+ e0 t5 D$ k& N+ Q
600,000 square-foot shopping area has begun, bringing several new box stores5 g5 e ^! X/ ]! @ G N2 U& q( p
to the area. Buyers have begun seeking less expensive fixtures for their homes
) S/ `' k( c9 N9 Wand are instead opting for more affordable housing options.0 @4 e+ m1 j; c, L$ j+ I( F
' `; d- Q9 ^. i6 t9 ^
In Charlottetown, the housing market started to move towards balanced
2 @" _8 Y" F' `4 o. Y0 J, F- U- z0 Dconditions, as some sellers had to begin to lower the asking prices on their5 }$ _/ I3 l @6 D
homes to make them more competitive. Activity from out-of-town and US buyers
5 L- M3 ]; |; w+ z/ M- K Iwas down slightly compared to 2005, likely attributable to the strong Canadian
9 l- C0 \! I. J4 qdollar. Inventory levels began to creep up in the third quarter, providing% L+ Z, t6 @) P: `
buyers with more options when looking for a home.1 D% d' s7 c/ O0 m2 s; X+ `
0 M( Z. F& y3 |8 A$ P' J6 P
Activity in St. John's slowed slightly in the third quarter, particularly
* n: V/ P7 u/ R8 Uamong higher-priced properties, where there was a slight over-supply of homes" h% B* @$ I J8 d3 `- O) p! S
priced over $200,000. Listing periods have increased when compared with 2005,
) n0 E& s2 F' l" M; ]as some of the pent-up demand that had characterized the market over the last; V/ ]) }6 R7 D+ L% J8 W2 g- Q
few years has been satisfied, resulting in more normal, balanced conditions.
- W4 a9 O* f3 N! j4 ?! V, W4 S* [3 b
Montreal's housing market recorded modest increases in average house
x) s1 h1 }" U, Gprices, due to a slight seasonal slowdown in the third quarter as inventory7 ?3 A4 z, E+ S; U
levels rose. Part of this can be attributed to the fact that many renting2 P1 k# f \8 b! `% ?
first-time buyers were motivated to close on the purchase of a home by July 1,
2 m8 A+ B; D5 W; f9 x3 Vwhen rental leases expire in Quebec. Once this date has passed some of the7 J/ R$ g3 k R
pressure is taken off the market, allowing buyers to visit more homes before
2 [# V9 w. w' N# m: c0 Mmaking a purchase.
! u; W1 R3 P4 z( A
0 f, [ H4 ?. y G Ottawa held its position as one of the country's most stable housing
+ L# H, y$ U* N2 Z5 c7 P9 kmarkets in the third quarter, reinforced by a vibrant local economy and strong' U# T+ Y# _ c9 ]# p; l' |
confidence, resulting in modest increases in average house prices. The city
8 t# L; D4 Q5 w; [0 bcentre remained a bright spot in Ottawa, with homes in this area attracting5 [9 j0 R+ e2 ]+ W; b. {9 v
attention due to their convenient location and proximity to downtown
) Z# Z6 J0 g; U7 r8 Y. d* gamenities.6 g& O7 l' K+ |( u
0 Z' Q2 A. Y: o9 n4 ?+ A3 P! T3 e The housing market in Toronto sustained healthy activity levels) X- H/ u4 F. P) ?$ E
throughout the third quarter, as a strong economy helped to maintain demand2 F" Y7 n" [* U
across the city, causing average house prices to rise moderately. Toronto has! E& O* R/ A/ w+ t E Q) P
continued to experience modest growth in average house prices, and has been
+ L: a9 X2 I' O) C+ o3 xdriven primarily by purchasers who are buying homes as their principle
# Z. q; v% t4 a* oresidence, rather than for investment.9 h* A% A, D0 R/ i7 [
& H# G- A( u A, k5 D9 v: S The vibrant Winnipeg housing market continued to show its strength as
+ @ ^3 R4 k, V* chouse prices rose during the third quarter. The booming local economy resulted
$ w0 M9 c/ x1 n, P) win a historically low unemployment rate, helping to bolster consumer' L. s8 w$ J# V7 P/ e( N6 k6 W
confidence and Winnipeg's ranking as the city with the lowest capitalization
% x/ } e2 k9 f; V( o2 X" ~% zrate among the country's larger cities - helped to encourage buyers to enter
2 w3 h* F, U7 v% othe market.5 D/ _! z* X' w& x* x2 l$ c
$ z+ q$ z* u( S In Regina, the market experienced a slight seasonal slowdown through) c1 m& r' P3 I, S1 z; j( ^
July, as there were fewer purchasers in the market due to summer vacations. In$ E; L: w _; e0 f! U/ u& A% a
August, activity resumed to the busy pace previously seen in the spring% I' w3 b" K8 H
months, as the influx of purchasers made it more difficult to find a home due% l R3 o3 m7 }4 D; C5 Z
to the shortage of available inventory.' h! m# w; w9 g$ }4 F
) _2 I9 f/ r5 W/ \3 H% O; [6 Z; M
Activity in Saskatoon remained brisk as the market maintained its7 ~# L" j5 y; y: d: b
momentum from the busy spring sales period. The economy in Saskatoon remains+ ^# ]$ F" `. @- I( P
vibrant, as employment opportunities are abundant with many businesses; K- B! y; V9 V! A+ @8 x
struggling to make hires and having to recruit outside the province.. m. O# P3 Z) {6 J
0 n7 C& p/ T* f3 j
Calgary's housing market recorded blazing average house price increases/ x; r7 D4 G& S- ?
in the third quarter, in all surveyed categories. The burgeoning economy, low
+ g3 j6 y) s% q; x/ T. p& E* [' Uunemployment rates and low inventory levels remained the leading factors that( F w' Z$ E; ?
pressured Calgary's house prices upwards. However, regardless of the soaring+ A4 [6 `; u8 I4 O/ A2 W ?
prices that characterized the market - even during the typically slower summer
! C0 K3 P. Z: c: S" Lseason - it is expected that activity will become slightly more balanced, as
3 i/ L/ f" E# T* B. K' p6 Ebuyers are becoming more reluctant to participate in the frenetic activity.0 Z Y9 q; \6 C% K
4 J6 G8 o. t7 t* p% C& D
Edmonton's booming local economy continued to thrive in the third quarter, P9 M }0 f, j9 O6 Z
as activity in the oil sands north of the city continued to flourish. Edmonton
; _) [3 _. P5 d8 Fremained the hub of activity for those coming to work in the oil industry,
# U8 }6 z, S/ A$ h* dmaintaining tight inventory levels across the city, resulting in prices
[/ V. e" h, h9 \! Zincreasing at record levels. However, as inventory levels continued to improve; H6 h1 p' t7 N
in the third quarter the rate of price appreciation should moderate slightly
7 J4 @% D+ j& L% U8 |towards the end of 2006.
( t+ t m2 v% q' G' `" w- L7 u/ a+ N p7 I c& _
While Vancouver has seen a slight reprieve from the severe shortage of
S, v( l. d7 i# p/ cinventory that had previously characterized the market, supply is still unable# u+ E/ q2 A) `8 r8 m. `0 _
to meet demand, driving house prices upwards. Vancouver has a very diverse; s& {( T! \$ y& d
group of active buyers - from first-time home buyers to baby-boomers to
; S6 ~! s% x2 Y' n( h$ Bforeign investors - all of whom fuel the demand for houses, placing added
0 e8 s; T7 h; @% r& dpressure on tight inventory levels.
6 o& j7 r( Q9 s4 f/ H
, L8 q% V% Y* R+ M Victoria's market is vibrant and supported by strong economic2 I" v" N. W, A2 H! e( D3 \
fundamentals, fuelled by a booming tech sector and a migration of young people
$ f" N, u1 k |" j0 g$ h% T# sinto the city that has continued to support the area's house price increases;4 ~, V( N* u8 K) |
while increased inventory levels have afforded buyers more time when searching
+ v1 C0 ]. H" h0 O- `for a home, helping to normalize the market's pace.
& K* E& \% S# t- J5 P- S& I' U; m' T/ |, I. F# J& `
<<
: i. \7 M, G0 @: d Survey of Canadian Average House Prices in the Third Quarter 2006
6 {" ? |$ ~: t3 V( j$ C5 r: T! ]. A8 M, |5 t$ ]/ n, p
-------------------------------------------------------------------------" P( d4 f9 X2 `2 h. d. ^! o
Detached Bungalows Standard Two Storey
, a' V/ F0 S$ E _8 D -------------------------------------------------------------------------. K+ s: W" i5 F, x* Z' R: s4 P
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
0 W7 |3 E \) i W! `6 [ Market Average Average % Change Average Average/ o$ G! n5 g' [" L+ o( e- p+ w& O
-------------------------------------------------------------------------2 B8 y0 R8 ^; O7 y0 r3 ~
Halifax 186,333 173,333 7.5% 198,667 199,000
! V% m& A- U7 p' ~- A$ g4 I+ f6 d -------------------------------------------------------------------------9 b* L, `$ v& p1 r6 J! [; J
Charlottetown 145,000 141,000 2.8% 175,000 170,000- d: t3 Z) X% T& N' @% _ m: d
-------------------------------------------------------------------------
( D* e: s/ k# H! n2 ~8 C- J6 v Moncton 135,000 127,000 6.3% 129,000 123,000( ]5 B6 p' p) Y0 E6 G8 ]# P: n0 f
-------------------------------------------------------------------------
3 _ S* ~5 P: I& z+ y, B C' W Saint John 141,200 142,900 -1.2% - -
* t5 \( @2 m7 T5 P -------------------------------------------------------------------------
) u8 n& ?& e4 W7 `* g( f: k7 r7 C St. John's 143,667 142,667 0.7% 200,667 202,333% q/ b+ k0 x( E( W1 V3 d2 a
-------------------------------------------------------------------------! V" q! D2 X7 K" H( \; M' H
Atlantic 150,240 145,380 3.3% 175,833 173,583& m6 i' T! k' x _* A$ C* o5 u
-------------------------------------------------------------------------! k3 C. p* M; J* g: U2 y. K: H7 V+ [
Montreal 213,691 203,500 5.0% 321,141 316,185' R1 G, h1 V: D. Y5 g6 r
-------------------------------------------------------------------------
; t0 C: T# a$ _- W7 [ Ottawa 290,083 278,417 4.2% 285,667 273,250
3 ~$ i! E- e7 x& h( @ -------------------------------------------------------------------------
2 U1 _3 |0 J& N1 D3 w% [! R* r Toronto 373,368 355,882 4.9% 481,523 474,766; Y: l7 c: L; l5 W1 H0 p8 F( X" d! A
-------------------------------------------------------------------------7 S7 H7 t- q" C, V+ l) E
Winnipeg 181,579 159,860 13.6% 202,337 180,707
6 O1 \% s( v: Z& C -------------------------------------------------------------------------
# v+ w5 ~8 l0 J) ? Saskatchewan 170,667 156,083 9.3% 182,600 166,500
' c7 A1 Y+ a! l" i( ~, e& x -------------------------------------------------------------------------& k8 I' N5 h& y! D
Calgary 395,067 252,411 56.5% 405,778 264,389# R- {5 m; f! a0 s* Z
-------------------------------------------------------------------------, P2 ]5 N$ w( D1 }& s/ {* t
Edmonton 286,857 194,857 47.2% 316,429 206,714
* h$ m3 _* S, I! E/ ]/ q' S/ Y -------------------------------------------------------------------------( S8 {$ L" I' ^/ k
Vancouver 704,250 601,000 17.2% 794,000 697,500
( }) B4 x, [3 l; g/ W' r -------------------------------------------------------------------------+ P& ]1 V) Z- x# E y# N
Victoria 375,000 348,000 7.8% 403,000 391,0009 ?9 G; ^3 c$ m" m3 ^3 {# h
-------------------------------------------------------------------------- C& b! v8 h2 X: V0 n
National 300,365 258,202 16.3% 365,380 322,860
0 r6 ?; n. Y: d6 u4 R7 x, [ -------------------------------------------------------------------------3 P. g3 J( }6 d5 U* D( F- {
. N8 A9 _" A$ @" l. h7 q -------------------------------------------------------------
- y% I+ A: n8 }4 o7 e Standard Condominium
. W" ~; H4 P0 Q7 H& {7 _ -------------------------------------------------------------* d! D% U4 N2 k! |1 Y- Q
2-Storey 2006 Q3 2005 Q3 Condo1 c+ @$ T$ A5 `4 M" l4 ^5 |
Market % Change Average Average % Change
1 U+ @, w6 n9 B* Q0 G -------------------------------------------------------------
4 N( w- g2 y- w1 L& E) w. [ Halifax -0.2% 142,000 103,000 37.9%+ [7 p0 j$ s, \/ U
-------------------------------------------------------------6 U6 d: Y$ j4 I8 j: T
Charlottetown 2.9% 98,000 98,000 0.0%
" ?, {# s* ^+ [) B% n -------------------------------------------------------------
: o% j9 P0 S# Z, S* Z* y9 R Moncton 4.9% - - N/A
9 y) {* w( v3 J" o- R5 ^ _ -------------------------------------------------------------
2 H# m& u" k; @. I I2 X" [1 J; h Saint John N/A - - N/A
+ t' ]* o3 e+ z2 s x7 F -------------------------------------------------------------# S. j+ @6 Z4 U
St. John's -0.8% 146,333 145,667 0.5%5 ~+ K' P$ S5 v
------------------------------------------------------------- B* A' p1 r' g8 ~2 T" R1 i/ I& f; g4 U
Atlantic 1.3% 128,778 115,556 11.4%( g1 C" u3 a* b/ |8 r
-------------------------------------------------------------
2 U+ ?/ I% b+ f5 n# ? Montreal 1.6% 193,190 188,016 2.8%" B2 v5 k8 D+ k* o
-------------------------------------------------------------
8 } p" A1 p# K; s5 N. N Ottawa 4.5% 181,083 172,250 5.1%
: O9 m& F* H& O( S" ?% F7 a3 G -------------------------------------------------------------
' V& j3 A0 T( T& Z Toronto 1.4% 252,088 242,918 3.8%+ Z2 O$ x8 |, M6 s# Q
-------------------------------------------------------------
0 u, g S3 c6 U# s2 q Winnipeg 12.0% 105,648 96,008 10.0%
2 n! b1 t: h) |6 H$ F -------------------------------------------------------------
- D, i0 ?4 u$ T Saskatchewan 9.7% 106,250 101,000 5.2%% \- Y* z: L, T% v) O
-------------------------------------------------------------+ J# f& i/ Q0 f/ K3 ]/ u
Calgary 53.5% 245,844 153,867 59.8%
% { M% m$ X8 e1 B -------------------------------------------------------------' L+ A% r/ _; v; H
Edmonton 53.1% 200,433 131,500 52.4% ~ c& q5 K$ [+ F. E( U
-------------------------------------------------------------; F. B3 B1 X6 g
Vancouver 13.8% 366,250 323,250 13.3%: y. Z. F; L$ \$ K
-------------------------------------------------------------! J, {: c# k8 U
Victoria 3.1% 229,000 220,000 4.1%8 V0 V* m: m# t. e/ f
-------------------------------------------------------------
. {: n% a/ \6 O ` National 13.2% 211,562 185,296 14.2%
6 P+ _4 a3 r* Z# U$ ~ -------------------------------------------------------------. n% s. k# i0 C9 @ b# I
>>
- a, U. `: t0 `% }$ J( h7 ^) I; a
Average house prices are based on an average of all sub-markets examined
5 l9 l8 n' n( Y( m2 r. din the area, except for the smaller markets of Charlottetown, Moncton, Saint* P! C* e+ F3 \2 d! W: z6 `5 Q3 V
John and Victoria.
' R1 ~8 u: t( d0 ]& p- u2 U0 m4 k9 }% f
The Royal LePage Survey of Canadian House Prices is the largest, most
7 T" h/ p o/ U2 \% ncomprehensive study of its kind in Canada, with information on seven types of2 P, t, p1 K+ L! z
housing in over 250 neighbourhoods from coast to coast. This release
0 h* R# D9 A; H( Mreferences an abbreviated version of the survey, which highlights house price
6 H4 P: O: Q0 S8 g6 ptrends for the three most common types of housing in Canada in 80 communities- Y7 m9 G- O9 ?1 o5 d
across the country. A complete database of past and present surveys is% {1 I9 U7 z: F9 ]: z
available on the Royal LePage Web site at www.royallepage.ca, and current
& R2 x" P, q5 q4 Tfigures will be updated following the end of the third quarter. A printable
& Z0 d {8 d% l7 t$ }) aversion of the third quarter 2006 survey will be available online on- l, m/ c3 M6 m/ `
November 15, 2006.
; x1 a% w9 I! t. N1 a) L1 A Housing values in the Royal LePage Survey are Royal LePage opinions of
9 L" }* w9 @0 V) ^% L! Vfair market value in each location, based on local data and market knowledge
! Q. P8 ^; _% t2 ]! [provided by Royal LePage residential real estate experts. Historical data is
5 U7 a4 y! k4 |+ Bavailable for some areas back to the early 1970s. |
|