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Canada's housing market both vigorous and stable 6 B+ [6 F& k/ Z4 @
! H* L! {3 b- y4 B% B1 R+ s- Country's market poised to show growth throughout 2006 -
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TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
9 o. Z; I v* l. ?/ R& ]exhibited moderate price increases and stable unit sales during the third2 u+ E. ~: n9 h! j
quarter. Wide regional variances continued to be the dominant characteristic# u; L+ b" o* S$ U' S, O8 v
in the market, exemplified by frenzied levels of activity and double digit b& U8 Z. a# Q% w& B
price gains observed in the energy and commodity rich Western provinces, and
A( F# A! A0 p6 O1 Y. [more reasonable sales volumes and moderate price appreciation in Ontario,; c/ S6 `+ D' L
Quebec and Atlantic Canada, according to a report released today by Royal3 s8 p% R6 |/ X5 U
LePage Real Estate Services.
/ C# C$ w$ M/ {- U* y! I
& ?. z9 D$ O- J y7 R; b `8 k) k4 y Nationally, market trends established through the first three quarters
3 \5 E c4 s/ zare forecast to continue for the remainder of the year. Robust economic+ j$ y. C, j( b
conditions, low unemployment rates, modestly growing salaries and wages, and
7 d- Q+ Q# E, |- G8 fsound consumer confidence contributed to the overall strength of the
' S) W& l7 Q1 j, O4 [) xresidential real estate sector.+ B1 u+ W8 R0 x+ J- l5 y
5 M8 c& @0 K$ Y% Y
Of the housing types surveyed, the highest average price appreciation, c: [6 k- ^5 a1 @0 O8 D9 l3 y
occurred in detached bungalows, which rose to $300,365 (+16.3%)
; Y6 _# C8 c+ B1 Q' W1 Lyear-over-year, followed by standard condominiums, which rose to $211,562
% [7 \9 ?' I r4 T" [# U(+14.2%), and standard two-storey properties, which increased to $365,380
4 b, `: B$ X, k4 B5 V(+13.2%).
$ g2 ~) _1 Y- ^. U' r4 v# Y9 T1 d$ X' G9 s
"Canada's sturdy housing market continued to demonstrate steady growth5 m, V4 e, \3 M$ c5 E' v
during the third quarter. For all but the west, we have moved on from the7 ?! u& ^1 L, r' e4 i0 U
frenzied expansion that characterized the first half of this decade, and are* C. @' P. n+ T0 g
poised to show continued growth at a more moderate pace," said Phil Soper,
( T! R9 \' E. b; T- r; k4 Opresident and chief executive officer, Royal LePage Real Estate Services.) ] _2 ]. a+ X0 V! Z$ w' D- }" V
"Gone is the sellers' market that we have lived with for some years. We6 I( E, Q) S7 N
welcome the more reliable conditions that are characteristic of a healthy& b6 j. _0 ] g1 ]' n
balanced market."
, V" n a8 A7 E* p* K" v: [# z w. s X1 E$ `$ d. E) H
Despite the double-digit rise in average national house prices,
6 f" r5 N2 c' |! k econsiderable regional variances were exhibited again this quarter. The shift% E# F3 V' s! b0 ~. g# l3 u
to balanced market conditions, which began in late 2005, has continued
, M1 h/ X& D7 ?3 Lthroughout most of the Central and Eastern regions of the country. In the core
' v& Z9 _# @ C$ Z3 }; lenergy producing western provinces, the combination of very high in-migration,
# Z5 f( M4 M- P6 L% umanageable affordability, and a shortage of inventory has driven record
& K {6 F6 W; S( d1 u6 U( k6 g( zbreaking price appreciations.
( f, q. E7 G( T) u8 z# V9 J) h) @
Echoing the second quarter and supported by Alberta's rapidly expanding
; r# d' q/ z" }1 \9 n+ R$ K$ Zeconomy, Calgary and Edmonton led the charge of Canadian cities with the
5 d& m: J4 D! u7 olargest house price appreciation in all housing types surveyed.4 c- z% I5 z' l' x
' c8 [" D% s) h& z' A
In Ottawa and Toronto, growth remained steady, supported by solid7 L$ x" }8 n" U: K5 S- }- R
economic fundamentals, an increase in available inventory and strong consumer
& l* B" d3 o. t8 ~confidence. While the pace of price appreciation in Ontario leveled off
1 @% \: S4 x- q" {slightly, the province's real estate market remains poised for modest growth.
, n2 ^4 V6 p- [' n& O& yIn Atlantic Canada, new housing and condominium construction offered buyers9 z/ s- f" j/ b/ q e G% p
greater selection at more competitive prices, resulting in a slower rate of. H, G* I/ f3 q5 ~9 N/ i1 C8 [, J) h
price appreciation when compared with 2005.( ^& z* e+ e8 O" C3 c
! J$ h8 J5 ~, W5 O; K: V, z While the pace of growth in Canada has slowed, the domestic housing M4 _! J3 P3 W- N S) O4 n
market is expected to outperform the American market. The economic and4 t% i' t- g& d( Y6 b# t _
financial fundamentals driving the residential real estate sector in Canada9 o2 }( p4 s4 ^6 U7 j* |
are markedly different than those found in the United States.
" l7 l8 M) { V% A5 U5 Z, B( V u; ]3 F8 C2 p v
Added Soper: "Canada's housing market is likely to outperform the2 a9 U+ f8 X B, p- g
American market through 2007. A number of factors are working in Canada's" e5 l. H0 Y7 B) }5 T; x8 g# ^
favour, including healthy personal and governmental debt levels, the$ f. W. [' p9 J
relatively modest rise in interest rates in our country, and general) v, N: Q; g9 ]/ W5 h9 P
affordability in our major cities. In addition, Americans are now seeing the; h7 f4 ^; b3 G/ v" H- F
downside of a tax system that encourages maximum homeowner leverage, and7 ~/ |# L1 z0 {& F
aggressive financial products such as zero- and negative-amortization* U6 |: N6 Y/ p0 L8 j" H
mortgages that work only in a high price growth environment."6 P' T2 e( e, ?4 W, D
5 m+ I) W% u3 `& s$ x: k
<<
% V& @# D- l4 Z6 q7 Y REGIONAL SUMMARIES
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Balanced conditions continued to characterize the housing market in
$ k7 }$ c2 b- ^- T F/ _Halifax, as significantly higher inventory levels helped to moderate the rate
) d$ X9 `7 w9 h; {1 }. K! @5 Cof price appreciation. Buyers were increasingly choosy, taking more time
( q+ r' R& p+ h" y4 o8 _looking for newer, low-maintenance properties that were not in need of& M& I; K! u8 K
renovations.3 b J8 T/ `4 g+ \1 m4 d: X
* ?# q0 ~( J. T# H' o9 Y The housing market in Moncton remained healthy and strong as a slight
- f1 x/ ^0 s5 Y6 T4 Y+ M5 T1 S. Tincrease in inventory helped to moderate the rate of price appreciation
8 A7 o3 d2 d4 [2 Mcompared to the same period in 2005. Activity was brisk throughout August and
0 n7 J0 u! _) m$ u4 X$ B2 GSeptember and is expected to remain this way through the fourth quarter.. O! n2 b4 e3 a/ X
$ A1 M& f+ \" ?5 q7 \! A
The housing market in Saint John underwent its traditional summer1 O3 I% p1 [7 Y0 w* g. S
slowdown in the third quarter, with activity picking up towards the end of the
. l, P$ C' E! {& I Qquarter. The local economy continued to thrive, as construction on a new
% h" E4 E$ L e600,000 square-foot shopping area has begun, bringing several new box stores; D) z. z% X; V0 O1 o
to the area. Buyers have begun seeking less expensive fixtures for their homes
) I. y( @& t! S$ O. Y3 K' Jand are instead opting for more affordable housing options.
3 F- C6 W9 ^2 i3 C5 `* c9 ?+ I9 w6 Y3 `# [+ K _; k* E
In Charlottetown, the housing market started to move towards balanced
) s; S5 b8 U& {conditions, as some sellers had to begin to lower the asking prices on their, { o/ {( K: @7 B& {" P# }/ P
homes to make them more competitive. Activity from out-of-town and US buyers
. g/ ^) o8 R" s, e, Qwas down slightly compared to 2005, likely attributable to the strong Canadian' u& |! W$ E I* h+ i. I4 Q
dollar. Inventory levels began to creep up in the third quarter, providing
7 x) i7 k7 O+ ^: P: u* Zbuyers with more options when looking for a home.
0 \* _$ A5 _% q/ H3 q3 @# P8 `) S* @, j3 i$ m. c" Y G' r
Activity in St. John's slowed slightly in the third quarter, particularly, o+ n- B7 z/ ~" X- s4 S: n
among higher-priced properties, where there was a slight over-supply of homes
7 H0 K* ]* [) ~6 U! `priced over $200,000. Listing periods have increased when compared with 2005,
/ S' i) j3 B6 z7 ]as some of the pent-up demand that had characterized the market over the last" }) q6 H/ c, @/ }6 ~
few years has been satisfied, resulting in more normal, balanced conditions.
& G7 w/ ]1 u' o/ M& d
5 Q* L* K6 y+ S/ ?: p Montreal's housing market recorded modest increases in average house
% p5 R. F/ f$ G7 Vprices, due to a slight seasonal slowdown in the third quarter as inventory
8 w% O! i9 T$ i: W5 [levels rose. Part of this can be attributed to the fact that many renting' \9 k$ O5 k/ z, y" d: v n% d
first-time buyers were motivated to close on the purchase of a home by July 1,
9 a$ d. v! T4 j" Lwhen rental leases expire in Quebec. Once this date has passed some of the. k) a, P q1 S, H' T) y
pressure is taken off the market, allowing buyers to visit more homes before
8 D, T1 W& U+ H( cmaking a purchase.
G8 L% b8 d/ c+ U8 R9 B4 U7 r0 Z/ T# O
Ottawa held its position as one of the country's most stable housing
% Z4 p l( F$ T. M2 z4 Q- gmarkets in the third quarter, reinforced by a vibrant local economy and strong
# e/ ^! `( [! s ^confidence, resulting in modest increases in average house prices. The city
, c8 w# F, j9 C& Hcentre remained a bright spot in Ottawa, with homes in this area attracting) |9 N+ {! h' h
attention due to their convenient location and proximity to downtown1 h" d& z& t# S8 c& Y2 L
amenities.# I1 l& f- i5 E/ }
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The housing market in Toronto sustained healthy activity levels7 E$ ~- W2 h6 D' n
throughout the third quarter, as a strong economy helped to maintain demand
( v' J3 B. k9 `" x# X& Vacross the city, causing average house prices to rise moderately. Toronto has
6 v k+ |) Q% ]$ u8 u4 o M0 acontinued to experience modest growth in average house prices, and has been5 n1 u/ r: J+ I
driven primarily by purchasers who are buying homes as their principle
: \2 \ }2 v1 aresidence, rather than for investment.9 m0 V4 y9 \- b! Z
* H% B: M% V3 a3 C/ _" h The vibrant Winnipeg housing market continued to show its strength as
: t, J8 [' E: z. i. q6 }house prices rose during the third quarter. The booming local economy resulted+ [1 A' Q: @, `) a! r1 q3 x* h
in a historically low unemployment rate, helping to bolster consumer. e. R ?' Z7 ~" j2 k6 Q
confidence and Winnipeg's ranking as the city with the lowest capitalization Q6 Y B8 R( J3 y( D/ j8 J! ~$ R+ }
rate among the country's larger cities - helped to encourage buyers to enter
6 H. q3 X$ v1 N3 E$ _the market.* z# o5 ^1 c5 k3 `" y% E; Q& y, ]4 v% s
6 k- f1 i k' y
In Regina, the market experienced a slight seasonal slowdown through+ [+ B4 Z# F8 I* Q- s0 r3 c# I: q
July, as there were fewer purchasers in the market due to summer vacations. In
% k. L' W( U+ U' S7 k/ gAugust, activity resumed to the busy pace previously seen in the spring+ ^6 `. A8 l& |, M6 j2 R7 M
months, as the influx of purchasers made it more difficult to find a home due% v6 s& h% e* ]6 N; z6 l
to the shortage of available inventory.
/ G, m9 n/ s2 C( _' b" _# ~, [( V0 w6 b8 N
Activity in Saskatoon remained brisk as the market maintained its. h! l3 m$ h' n! b. Q
momentum from the busy spring sales period. The economy in Saskatoon remains
& R( ~8 w7 p! Y; ]3 E2 Rvibrant, as employment opportunities are abundant with many businesses9 G' b9 U% Y6 i+ |/ g7 a( m' ?
struggling to make hires and having to recruit outside the province.4 L" H3 f7 V |& X' T. t
' M' b* z2 h" I" v Calgary's housing market recorded blazing average house price increases' i* A! \1 {7 d
in the third quarter, in all surveyed categories. The burgeoning economy, low
' P8 y# ^" K8 K6 ?4 Eunemployment rates and low inventory levels remained the leading factors that; W& m4 q! s. y5 ^! W |; d
pressured Calgary's house prices upwards. However, regardless of the soaring/ r/ s1 }: R3 C, C3 E" F
prices that characterized the market - even during the typically slower summer7 x* ~3 l; x5 M$ v
season - it is expected that activity will become slightly more balanced, as
1 b7 B- b/ M5 Zbuyers are becoming more reluctant to participate in the frenetic activity.7 P$ `$ ?. |3 n" ~) L+ O
* e; x4 ^3 h P( e; V
Edmonton's booming local economy continued to thrive in the third quarter
, H6 D7 j7 i0 sas activity in the oil sands north of the city continued to flourish. Edmonton2 R* M& M& m+ D# X+ f8 y
remained the hub of activity for those coming to work in the oil industry,
0 S; t( C, F$ ` g1 ~$ q* N9 rmaintaining tight inventory levels across the city, resulting in prices
8 S, g- f' j1 U1 T% aincreasing at record levels. However, as inventory levels continued to improve
: [0 j0 R# I5 P4 p8 Z gin the third quarter the rate of price appreciation should moderate slightly
; r+ |- a* ?2 [/ D; W% S3 _towards the end of 2006. ) ~( ` i+ |6 E' `4 G4 ~/ X
* S2 \5 c3 s$ O( ^' _: c( AWhile Vancouver has seen a slight reprieve from the severe shortage of4 h! }- O$ e0 f9 @
inventory that had previously characterized the market, supply is still unable
8 B5 Y5 p$ k8 uto meet demand, driving house prices upwards. Vancouver has a very diverse
! F- B, x- q0 t# O& ^0 [' Hgroup of active buyers - from first-time home buyers to baby-boomers to0 T2 C Y+ R+ ?. F. p; z5 e
foreign investors - all of whom fuel the demand for houses, placing added
" u0 ?- h" W8 c7 y: |/ V/ N- _pressure on tight inventory levels.- ?/ R: H5 L- w' v4 n
; A7 ~/ v# [; f/ B1 d Victoria's market is vibrant and supported by strong economic
2 W* {% K# D# Y J8 i P# C5 W* wfundamentals, fuelled by a booming tech sector and a migration of young people
f6 S+ c# m5 ` @8 p2 Linto the city that has continued to support the area's house price increases;
% t; S* n* Q. Awhile increased inventory levels have afforded buyers more time when searching
& S& x9 E2 Z0 o7 }for a home, helping to normalize the market's pace.! _$ U5 v2 |4 U! J
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<<
% M4 Z2 Z: k. ^ Survey of Canadian Average House Prices in the Third Quarter 2006
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-------------------------------------------------------------------------" y' t0 q% j! b' o& y
Detached Bungalows Standard Two Storey. f7 Q7 q/ y8 V, ~& @2 i( i" j
------------------------------------------------------------------------- a) c0 `& U$ c5 Q3 p
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3. a0 o6 q! W" J: Z( j/ S+ r2 Y+ z
Market Average Average % Change Average Average2 K8 Y; o# w5 e0 L0 z
-------------------------------------------------------------------------
- |; A3 ~ G9 [( A f Halifax 186,333 173,333 7.5% 198,667 199,000" F- p+ d( g( y
-------------------------------------------------------------------------$ Z* u3 ] _8 J* J& ]1 H* C
Charlottetown 145,000 141,000 2.8% 175,000 170,000
8 T, B6 H# R3 I9 F$ }& H -------------------------------------------------------------------------0 Y' {7 ?5 H+ X9 r; b \
Moncton 135,000 127,000 6.3% 129,000 123,000
F& |4 y4 g0 m -------------------------------------------------------------------------
' Q6 Q, D. _( } Saint John 141,200 142,900 -1.2% - -1 c2 b% u" V& c& ~5 I& |) g- V1 w
-------------------------------------------------------------------------
( j7 L) L5 G2 D! n" j% v' [$ o St. John's 143,667 142,667 0.7% 200,667 202,3330 W8 v' C& J) }
-------------------------------------------------------------------------* ^4 @/ a+ _3 ], V: G7 M& |
Atlantic 150,240 145,380 3.3% 175,833 173,583& i! J9 g5 x( r: \7 z, C7 ]
-------------------------------------------------------------------------( _0 O/ @- q! }1 B9 |3 W
Montreal 213,691 203,500 5.0% 321,141 316,185
+ C; v: d) ~* j7 ]& t9 H& N -------------------------------------------------------------------------
. u5 I# d) Z" c" U% ~, p u Ottawa 290,083 278,417 4.2% 285,667 273,250
, {5 j/ ]2 U* T# c% d -------------------------------------------------------------------------
0 ^/ R- K2 R; A1 D& O V; _$ F Toronto 373,368 355,882 4.9% 481,523 474,766
1 y. l; `; c" j6 Z ]/ J8 @ -------------------------------------------------------------------------& I+ _; E) \1 M) e9 `
Winnipeg 181,579 159,860 13.6% 202,337 180,707
( Q8 d/ \! \! b) _ -------------------------------------------------------------------------* G* B1 @" y$ J$ d* t" e6 X2 P
Saskatchewan 170,667 156,083 9.3% 182,600 166,500
/ z N) Q: u) Z9 [ -------------------------------------------------------------------------( b6 b! e" D. L* e$ ]# f6 j3 V
Calgary 395,067 252,411 56.5% 405,778 264,389 }. {$ j& C, S& h2 ]5 c2 m( s
-------------------------------------------------------------------------- i; J6 Y. `" _; k E, X4 |9 L
Edmonton 286,857 194,857 47.2% 316,429 206,714
- i+ r& Z V( s% }$ s% l% E -------------------------------------------------------------------------
6 L9 b0 E* Q) t5 _" g5 z, } Vancouver 704,250 601,000 17.2% 794,000 697,500
( ^0 E2 n# G2 c. l% @7 l o% J -------------------------------------------------------------------------
, A. W) B- u+ D' j# Y/ Q Victoria 375,000 348,000 7.8% 403,000 391,000% p8 H( [( i v# D# s
-------------------------------------------------------------------------1 m q( N8 }. \! B/ M8 m" j
National 300,365 258,202 16.3% 365,380 322,860
: B Y6 {7 L! p- A* x x% z -------------------------------------------------------------------------# x, Q8 |6 ?1 k7 r
4 V# y/ \: ?! P# p5 W E5 E -------------------------------------------------------------
5 K2 E% X% O. M* c Standard Condominium1 V2 Y' l4 B* P. w$ A: a
-------------------------------------------------------------
: @1 Z/ R& B: v) O 2-Storey 2006 Q3 2005 Q3 Condo
$ s/ q; L0 u# S ~ k `- v Market % Change Average Average % Change: L, d1 ]3 F' q4 A% W, p) Z; {
-------------------------------------------------------------' ~6 R& j! d0 g( Y \- v6 t
Halifax -0.2% 142,000 103,000 37.9%
4 d( f u w. L' r -------------------------------------------------------------
4 Z+ `4 L+ T% a/ o" e+ E6 b Charlottetown 2.9% 98,000 98,000 0.0%
+ b1 _& \% g) c- y Z7 F -------------------------------------------------------------
o8 V' ~0 A' q) C8 P. @4 j+ _7 h Moncton 4.9% - - N/A
. h$ ]) U$ k* J8 _ m5 T/ k+ G5 G! v' S -------------------------------------------------------------( N. {4 N$ n4 ?8 j/ K" c$ m( s
Saint John N/A - - N/A
7 a0 {) d( j, f3 p" i- v: R -------------------------------------------------------------
; ^) F, r% n' _! Q# W. ~$ ] St. John's -0.8% 146,333 145,667 0.5%
5 \; q7 q% f0 _3 y9 h- g -------------------------------------------------------------/ U' G$ X) f a! F- c% l( R
Atlantic 1.3% 128,778 115,556 11.4%. P. o% q" v" I% Z% W
-------------------------------------------------------------
; L0 f) u. F4 _# J) M4 B Montreal 1.6% 193,190 188,016 2.8%4 J: C F! V& b# C S- E
-------------------------------------------------------------6 X5 c3 h2 N: K5 C
Ottawa 4.5% 181,083 172,250 5.1%" d* D; s" S T
-------------------------------------------------------------
; _% C1 K- I' @/ ~& E, |1 ~ Toronto 1.4% 252,088 242,918 3.8%
, T. G4 `) W# ^+ h' {4 M6 P& r8 g -------------------------------------------------------------3 C( B+ J" [2 h
Winnipeg 12.0% 105,648 96,008 10.0%) p$ ~: }& {6 ]. m' {* ]
-------------------------------------------------------------
2 K5 a5 K+ c1 [3 p: |2 J# Z' r8 M Saskatchewan 9.7% 106,250 101,000 5.2%
! ^! n2 ~' `; E: Z* W2 A -------------------------------------------------------------
! p4 w' J. E0 m0 J- { Calgary 53.5% 245,844 153,867 59.8%2 J) |2 }# w$ `7 E
-------------------------------------------------------------
% [- E7 E( A1 p* q2 j3 r2 b/ [: q Edmonton 53.1% 200,433 131,500 52.4%
8 [' ^! Z1 @! v8 @ -------------------------------------------------------------/ Y$ N% a) C4 G2 l* h! E J! K: D
Vancouver 13.8% 366,250 323,250 13.3%
+ l2 l, ]' y: F$ K -------------------------------------------------------------$ Z0 ^) e- P8 L7 O: S
Victoria 3.1% 229,000 220,000 4.1%
$ ?* O4 F) m# l, I8 M; n -------------------------------------------------------------
& a( k6 h) k4 \9 } U1 P9 _ National 13.2% 211,562 185,296 14.2%
5 O: u# s' A7 |' N J -------------------------------------------------------------
. V) m& E- |. I8 N4 h >>
. t0 @4 k% o+ W5 t! M% p) {, A: T% {5 r% ^/ k
Average house prices are based on an average of all sub-markets examined' \" e3 g9 x1 ?+ k8 U
in the area, except for the smaller markets of Charlottetown, Moncton, Saint7 G% {; F. I1 L
John and Victoria. `6 K* X6 U) t8 z+ F9 \0 r9 Z
6 U. k/ [$ J- K1 K4 i The Royal LePage Survey of Canadian House Prices is the largest, most
( J* [# \. H4 \' `comprehensive study of its kind in Canada, with information on seven types of7 [5 V7 e4 ^9 \- q+ g
housing in over 250 neighbourhoods from coast to coast. This release* D7 m& W$ n* [: I+ c0 f& [
references an abbreviated version of the survey, which highlights house price
& C2 h& [4 d4 w2 Itrends for the three most common types of housing in Canada in 80 communities1 n+ A; X% p: d* z' @& W& b7 V- `
across the country. A complete database of past and present surveys is
+ U, w# S5 {0 ~+ N$ savailable on the Royal LePage Web site at www.royallepage.ca, and current! |9 c1 b M6 A: {. l* I
figures will be updated following the end of the third quarter. A printable
' m" X9 b+ k4 U1 w) n3 ?4 U1 gversion of the third quarter 2006 survey will be available online on
( m! l( f! U6 T) `0 ^4 yNovember 15, 2006.9 ]% q8 U" R6 _* |) s
Housing values in the Royal LePage Survey are Royal LePage opinions of* R) M8 R% K A7 Y$ M V
fair market value in each location, based on local data and market knowledge9 h/ o J; M" d( a( s& r' ^
provided by Royal LePage residential real estate experts. Historical data is
# H/ K7 Q7 K( V, Gavailable for some areas back to the early 1970s. |
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