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Canada's housing market both vigorous and stable
6 E, C8 y1 S/ Z# |% w
3 t7 ^. y. R, y5 P- Country's market poised to show growth throughout 2006 -4 ^/ ~! G( ?( M2 t- E% v9 |
, y7 v# k$ t2 y
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
' \8 y4 B( W2 n) V" b6 d1 J) b- w6 M1 wexhibited moderate price increases and stable unit sales during the third
. ^/ d8 Q- D5 d M# Zquarter. Wide regional variances continued to be the dominant characteristic% G* \( U1 G O) F
in the market, exemplified by frenzied levels of activity and double digit
. ]1 l; ]" b1 C* A' ^6 h( _price gains observed in the energy and commodity rich Western provinces, and
1 z! K( e L5 S- \3 f ~5 @more reasonable sales volumes and moderate price appreciation in Ontario,
/ Z3 m; v$ Q) Z- J7 DQuebec and Atlantic Canada, according to a report released today by Royal
! |6 b& P3 p; G* y; BLePage Real Estate Services.7 b5 Y( h5 a: ~0 T+ O( c
0 s7 d& s( Y" T9 v/ L
Nationally, market trends established through the first three quarters
+ a% r& Q3 S& Hare forecast to continue for the remainder of the year. Robust economic
. F1 Z. g5 y7 Zconditions, low unemployment rates, modestly growing salaries and wages, and( o4 S) z) W0 |5 b
sound consumer confidence contributed to the overall strength of the
7 x$ J, y/ G. \$ {$ eresidential real estate sector.
8 R+ O, @% k# O/ \& Q" _! p# @& H4 j8 K5 B# G
Of the housing types surveyed, the highest average price appreciation5 g+ k" s1 |1 w4 S7 p u4 D
occurred in detached bungalows, which rose to $300,365 (+16.3%)
$ G! q5 {7 _. L" P; t, Xyear-over-year, followed by standard condominiums, which rose to $211,562- ?" R. x' d5 a8 o: ^: q2 Y
(+14.2%), and standard two-storey properties, which increased to $365,3807 Y5 q8 s) B1 `- f' P' K
(+13.2%).
: @- } L, v; i2 c; P% u# S4 n# T
# ]! J5 S+ ? D! [1 G "Canada's sturdy housing market continued to demonstrate steady growth
3 V [- f5 G& f% _: e* \during the third quarter. For all but the west, we have moved on from the
( A) x! Q' b- M3 o6 jfrenzied expansion that characterized the first half of this decade, and are% p; W2 c4 W) S/ a9 j6 S3 T# [4 w
poised to show continued growth at a more moderate pace," said Phil Soper,# {- O. T5 x& Q* W; A; U+ d
president and chief executive officer, Royal LePage Real Estate Services.
2 r4 f8 d, |9 K8 o. k* F5 r7 |"Gone is the sellers' market that we have lived with for some years. We/ u3 V9 b% V; s7 a7 V) Y. b* u( X$ r0 C
welcome the more reliable conditions that are characteristic of a healthy
4 j0 D+ `8 C! d3 z) abalanced market."
! |$ ~7 C: A! C; Z! L! o; N( k( U8 o0 L7 N; X$ N
Despite the double-digit rise in average national house prices,8 V8 d' l$ R5 x2 B! z* y' r
considerable regional variances were exhibited again this quarter. The shift! F8 {8 f/ p% U0 Z
to balanced market conditions, which began in late 2005, has continued
; R# G! I: F! \% ]* h0 E. p7 R0 kthroughout most of the Central and Eastern regions of the country. In the core. e9 b3 c M r/ y% s; |
energy producing western provinces, the combination of very high in-migration,
+ W2 _8 O5 Q" ^) C! U4 h- zmanageable affordability, and a shortage of inventory has driven record9 I4 ^ T+ v" R" g9 g5 }
breaking price appreciations.! N' Y- l8 z- p) V9 ?
- T4 [! @( K# B7 Y3 I# ^3 N7 n Echoing the second quarter and supported by Alberta's rapidly expanding6 x- f3 I2 T0 L9 b
economy, Calgary and Edmonton led the charge of Canadian cities with the
0 M" V; b; S0 h$ O1 P0 {# ^largest house price appreciation in all housing types surveyed.
3 R; l2 P# c& H9 ~: k/ A9 ]
) g0 n$ h/ o6 Z7 p- A( e% v In Ottawa and Toronto, growth remained steady, supported by solid
/ y5 b" i0 p/ z& @" A% _5 yeconomic fundamentals, an increase in available inventory and strong consumer
! p2 M6 Q; m1 I7 b; Mconfidence. While the pace of price appreciation in Ontario leveled off& z# j8 `- ~3 M
slightly, the province's real estate market remains poised for modest growth.
! j- _! W9 A# i! {/ ]% O# wIn Atlantic Canada, new housing and condominium construction offered buyers. K7 d2 v# n8 t, H
greater selection at more competitive prices, resulting in a slower rate of
Y+ U$ I( v2 @- ?9 ~ A3 m p% B, Qprice appreciation when compared with 2005.
: |% D1 ~+ {1 m* X7 [: V/ ?# y
While the pace of growth in Canada has slowed, the domestic housing
( _& U1 C9 M! G2 _1 ]# f9 F7 wmarket is expected to outperform the American market. The economic and
/ ?0 @& M/ S4 T. s8 `. x3 ?# pfinancial fundamentals driving the residential real estate sector in Canada2 ]% |5 j, _# D/ Q. o
are markedly different than those found in the United States., K; `" l9 M( x- `0 c
1 _1 N: V( X ^) o( J4 h Added Soper: "Canada's housing market is likely to outperform the
: [% l+ V" B$ Q) j, `American market through 2007. A number of factors are working in Canada's. M* O# s7 d( g, C
favour, including healthy personal and governmental debt levels, the) W; \0 ^) a r3 G. j8 ]% `$ f$ U
relatively modest rise in interest rates in our country, and general
3 ~; |; T' a, Z0 K: {8 z! l" Paffordability in our major cities. In addition, Americans are now seeing the- w" [. t3 ^: j. }
downside of a tax system that encourages maximum homeowner leverage, and
6 e; H& E- y7 ^0 \) k6 S" Yaggressive financial products such as zero- and negative-amortization
% @0 S, C7 M$ O* }! R! o; @" Dmortgages that work only in a high price growth environment."4 v/ e3 q' i$ y F! |
$ D. P' A2 g) y# ?, t3 }0 u1 e
<<* c" E9 `) y& Y
REGIONAL SUMMARIES7 J2 B( K) W* H6 A7 _, Z
>>3 Y6 A* {% T8 I0 i
: P8 K2 ~0 ^% a+ ^- q
Balanced conditions continued to characterize the housing market in) d4 P' K4 [; y9 b. v
Halifax, as significantly higher inventory levels helped to moderate the rate
( `5 J& o' ?1 bof price appreciation. Buyers were increasingly choosy, taking more time
1 I6 I. Z% b4 O2 Flooking for newer, low-maintenance properties that were not in need of- ~$ A2 f. I9 U* `
renovations.- S/ K5 d8 X% z4 T
: e' S- H$ |. D The housing market in Moncton remained healthy and strong as a slight5 F6 u+ K# m" p' u5 }$ {
increase in inventory helped to moderate the rate of price appreciation
8 |8 N7 G6 n* ~, Rcompared to the same period in 2005. Activity was brisk throughout August and; t) L- x1 B/ j% B
September and is expected to remain this way through the fourth quarter.8 u* O; @) f! ~; u
- Q/ Q! `, Q# ]( z The housing market in Saint John underwent its traditional summer
- b" ^" e3 ?5 O Y9 }6 o+ [2 K4 M Cslowdown in the third quarter, with activity picking up towards the end of the
4 s5 v7 S- H3 I. o' Kquarter. The local economy continued to thrive, as construction on a new
5 g2 c6 y& m+ i" A, s& F600,000 square-foot shopping area has begun, bringing several new box stores
7 L9 {" ` F; `% ato the area. Buyers have begun seeking less expensive fixtures for their homes
0 @( P5 x P8 D8 U. ^& Aand are instead opting for more affordable housing options., @% a0 j/ r9 s! U3 Y% Z* n4 u# H
9 }+ {3 {1 t h D( t- t4 Y1 Q In Charlottetown, the housing market started to move towards balanced
# t& @+ N) X- j+ Y+ T3 r& Tconditions, as some sellers had to begin to lower the asking prices on their
5 f V, y7 T) u: W7 A fhomes to make them more competitive. Activity from out-of-town and US buyers
: _* ^2 C9 k' k) l8 k9 q* }was down slightly compared to 2005, likely attributable to the strong Canadian4 u% e( |: y( q& j( L i
dollar. Inventory levels began to creep up in the third quarter, providing% q/ M$ g" o: [3 G7 z
buyers with more options when looking for a home.
9 e' U! A* R3 }/ Z. C5 s A6 O' i1 v5 O+ [: W6 D: C
Activity in St. John's slowed slightly in the third quarter, particularly' y+ }7 |* x# ?0 J. `
among higher-priced properties, where there was a slight over-supply of homes9 I; Q8 R6 l9 q( D* u0 q
priced over $200,000. Listing periods have increased when compared with 2005,, k- \0 v2 {) P
as some of the pent-up demand that had characterized the market over the last
5 T' w1 O/ i; M6 A& kfew years has been satisfied, resulting in more normal, balanced conditions.) [, j" [7 \* N
4 u. u% L' H6 G9 I
Montreal's housing market recorded modest increases in average house; R" }7 M2 w, ^% w n
prices, due to a slight seasonal slowdown in the third quarter as inventory
9 @( s& r5 s+ a g9 O- rlevels rose. Part of this can be attributed to the fact that many renting0 I8 t* A7 L3 R/ |
first-time buyers were motivated to close on the purchase of a home by July 1,
8 i5 m' h. C3 |: s, c+ _& w; @% Qwhen rental leases expire in Quebec. Once this date has passed some of the
& W- ^- y5 j& g" \pressure is taken off the market, allowing buyers to visit more homes before
% W# w2 l1 t* J/ E& wmaking a purchase.) \5 D" a5 d! J3 u% m; Q+ Z' g
0 l% E" g: Z% E5 {) z9 Q
Ottawa held its position as one of the country's most stable housing1 e N; S$ ]0 V& ]
markets in the third quarter, reinforced by a vibrant local economy and strong
5 l5 o6 {, p# cconfidence, resulting in modest increases in average house prices. The city9 q/ |. B* t4 d' k& }9 ` K
centre remained a bright spot in Ottawa, with homes in this area attracting+ {( n2 B. d# K! s0 C
attention due to their convenient location and proximity to downtown* t1 ]2 T: [8 C# y
amenities.
1 K1 C8 H( p9 [ x8 Z4 q* Z3 }0 ^4 {
The housing market in Toronto sustained healthy activity levels: c/ x" F/ p9 s( ^
throughout the third quarter, as a strong economy helped to maintain demand" X( f+ y3 k0 j& u' r% L$ o0 b
across the city, causing average house prices to rise moderately. Toronto has
$ e& }% E3 P" D3 c1 ^0 s6 Icontinued to experience modest growth in average house prices, and has been: n* T/ _6 c6 q4 S
driven primarily by purchasers who are buying homes as their principle) F$ h; f$ e7 L/ s0 W
residence, rather than for investment.
. i+ P/ V# M1 O7 x* O9 Q; ~4 C8 G+ y! f& F a A9 t: W
The vibrant Winnipeg housing market continued to show its strength as
9 ~4 [# p$ F8 R9 \house prices rose during the third quarter. The booming local economy resulted
8 D6 ?& a* o- jin a historically low unemployment rate, helping to bolster consumer
7 Z1 y/ V. a; v1 G$ h3 V0 kconfidence and Winnipeg's ranking as the city with the lowest capitalization
) Z: K' U* F. {& |5 k8 y3 Trate among the country's larger cities - helped to encourage buyers to enter
2 f$ S+ B- N+ x2 q0 Ythe market.( V& n7 i$ x3 y: ]& |3 b( F
: J5 {1 W, r& H$ R" F In Regina, the market experienced a slight seasonal slowdown through" e" r" Y; Z: P0 e
July, as there were fewer purchasers in the market due to summer vacations. In
4 j1 s: M3 f& K4 vAugust, activity resumed to the busy pace previously seen in the spring6 F1 f' g6 z; s2 S4 Z+ H
months, as the influx of purchasers made it more difficult to find a home due% w$ X% K$ Y4 C, F2 d+ K
to the shortage of available inventory.
% k$ V) L5 K! E* f: [$ z: C! S u8 K7 ~
Activity in Saskatoon remained brisk as the market maintained its
+ ]6 z$ W7 r1 Smomentum from the busy spring sales period. The economy in Saskatoon remains( k2 R6 |' }* S9 e
vibrant, as employment opportunities are abundant with many businesses. M" G) r: A0 W) z! ~
struggling to make hires and having to recruit outside the province.7 u7 }, y! [1 t N
. Y& m9 J. G7 [6 H1 O# c# X* q Calgary's housing market recorded blazing average house price increases
+ a: p3 J- X, O- v5 j; t6 kin the third quarter, in all surveyed categories. The burgeoning economy, low
+ z r* Y' ^! s2 U+ j# kunemployment rates and low inventory levels remained the leading factors that$ Q; Z$ C3 Q) F5 |, Q3 Z! d
pressured Calgary's house prices upwards. However, regardless of the soaring8 }7 S4 I6 \9 w7 w; P# r2 T
prices that characterized the market - even during the typically slower summer( n. E: L9 e2 t/ |
season - it is expected that activity will become slightly more balanced, as) i$ b# o G* N2 l& I. ]
buyers are becoming more reluctant to participate in the frenetic activity.
: N. P N7 {7 K3 w
3 [2 G' u- s1 `& d5 J' W4 T# w Edmonton's booming local economy continued to thrive in the third quarter! o8 @8 G1 D2 P# Q' \
as activity in the oil sands north of the city continued to flourish. Edmonton
- Z6 g9 ~( l2 B( j3 Vremained the hub of activity for those coming to work in the oil industry,2 Q' e& w; U5 ?: m6 ^8 B
maintaining tight inventory levels across the city, resulting in prices
. @; r9 v5 Z2 o) i# Aincreasing at record levels. However, as inventory levels continued to improve1 Q! J- G0 {4 \+ b% q1 X8 _
in the third quarter the rate of price appreciation should moderate slightly
, u% J/ `* d. S7 b' L; D% D2 B& T7 Ftowards the end of 2006. 1 H; N# p$ b; D% X. s5 r
$ i, T" {/ W4 i9 Y4 F$ C
While Vancouver has seen a slight reprieve from the severe shortage of
6 J q* I+ r7 j8 Iinventory that had previously characterized the market, supply is still unable# f0 D! S* p' H8 _0 G
to meet demand, driving house prices upwards. Vancouver has a very diverse" i. n9 h Z- u; o$ E
group of active buyers - from first-time home buyers to baby-boomers to! l# T; V$ `! ?8 F
foreign investors - all of whom fuel the demand for houses, placing added
: x* z/ f, `5 Z) tpressure on tight inventory levels.
7 n" T; i8 E2 W! H" z$ `
! m, W+ ]3 \# N- ~ Victoria's market is vibrant and supported by strong economic
5 [- T3 s2 ~8 e. Vfundamentals, fuelled by a booming tech sector and a migration of young people u2 t1 J6 S/ D8 _1 I
into the city that has continued to support the area's house price increases;* F+ k! Z: m8 Z* r) I' R
while increased inventory levels have afforded buyers more time when searching7 |" f6 m; _8 s
for a home, helping to normalize the market's pace.
* a# E0 f2 C( T. V" y' T7 x1 f6 J. v
<<+ F+ U9 l- {$ N7 | J1 f
Survey of Canadian Average House Prices in the Third Quarter 20065 R: p8 _5 q. g
_) D' H z( S3 I
-------------------------------------------------------------------------
* u, [- i, U/ f# J; T: X. | Detached Bungalows Standard Two Storey
4 [0 ~) E6 K/ \0 i( K5 o$ i -------------------------------------------------------------------------- T# J9 o2 O' W; b% h$ s( U3 x
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
4 G8 Q6 g' T) |+ x4 M2 A4 n Market Average Average % Change Average Average
# ^- J' m( ]7 ]* k% A3 p7 h+ Y -------------------------------------------------------------------------7 o. h, }% t$ g( v. b9 T6 g
Halifax 186,333 173,333 7.5% 198,667 199,000* s/ q/ q; \5 }; ] o' c/ H
-------------------------------------------------------------------------
9 c1 w3 U; g+ ?( n Charlottetown 145,000 141,000 2.8% 175,000 170,000
# R6 a+ {( ]3 T. ?6 | -------------------------------------------------------------------------
2 F) n# H% m' L1 r( B- F Moncton 135,000 127,000 6.3% 129,000 123,000
$ a; L$ N4 j2 w" _, R: j8 c$ ^- Q -------------------------------------------------------------------------, O( v! v+ C6 v7 `0 |
Saint John 141,200 142,900 -1.2% - -+ W# x& j. f% m% @, ^9 ~- i: y* N
-------------------------------------------------------------------------
1 |- L8 S$ s& C$ h8 C, k: t. b8 ?; ] St. John's 143,667 142,667 0.7% 200,667 202,3330 Q; C2 V( _6 r8 C% t& l
-------------------------------------------------------------------------
+ |4 y a E# A u, V/ f Atlantic 150,240 145,380 3.3% 175,833 173,583; t, A8 [# ?9 [, s
-------------------------------------------------------------------------
! t9 B! E3 `, m+ H Montreal 213,691 203,500 5.0% 321,141 316,185$ A) A5 v" e/ A" W
-------------------------------------------------------------------------; y% p; ~. D. ?) V- h) C: i
Ottawa 290,083 278,417 4.2% 285,667 273,250% R8 {. D5 f5 a0 b4 w8 c6 c
-------------------------------------------------------------------------
& X! X! g$ ^8 r7 w H0 l, ]6 H. k$ s- ? Toronto 373,368 355,882 4.9% 481,523 474,766* K8 |, b$ | Z$ A8 E
-------------------------------------------------------------------------
& I5 A0 Q0 n" |" H5 o+ B Winnipeg 181,579 159,860 13.6% 202,337 180,707
}7 {+ g3 N, Z( I- ] -------------------------------------------------------------------------" z: I% k; d! g7 o. r
Saskatchewan 170,667 156,083 9.3% 182,600 166,500
5 z) i$ K; {8 A: {3 J -------------------------------------------------------------------------
1 p# L* A6 U' S/ F: {) y Calgary 395,067 252,411 56.5% 405,778 264,389
* [7 Q- s6 U2 P -------------------------------------------------------------------------* a/ i% `" \2 [" n0 b
Edmonton 286,857 194,857 47.2% 316,429 206,714
) }6 N- {' e; F7 [; w# C2 | -------------------------------------------------------------------------
$ S- k5 Q+ M" ?! g8 N" {- o Vancouver 704,250 601,000 17.2% 794,000 697,500
- W9 I- q: [6 N, G4 E -------------------------------------------------------------------------
( K0 `: @# X$ e" Y- W! T Victoria 375,000 348,000 7.8% 403,000 391,0009 `0 B6 s; {) i; h0 ^9 ^( {
-------------------------------------------------------------------------
8 F {" J1 ~4 E National 300,365 258,202 16.3% 365,380 322,860
/ \# [. z3 w1 k8 _ -------------------------------------------------------------------------* J3 C! J3 K: Y/ d5 |1 A
( H+ G/ ~- l& ?1 J2 B' P5 _ -------------------------------------------------------------3 m& s7 ~5 B8 `* O: M( |
Standard Condominium. t1 s! z ~) d. d2 @1 C* m
-------------------------------------------------------------
* d# @. E7 T+ J 2-Storey 2006 Q3 2005 Q3 Condo% Q! R7 Z+ [0 k
Market % Change Average Average % Change
2 a+ R7 ?9 J# R/ X( ? -------------------------------------------------------------
0 q) a- R7 r5 ]% A Halifax -0.2% 142,000 103,000 37.9%2 k8 d" U p, ]+ t- G. Z5 ^7 C( r
-------------------------------------------------------------1 L0 I4 C( E, M: E0 J( `
Charlottetown 2.9% 98,000 98,000 0.0%
7 T, k8 Z5 f0 V# [, j y -------------------------------------------------------------* @4 \! A$ ?7 T( S6 u
Moncton 4.9% - - N/A" E A/ T* W$ C$ f& Y' k) a
-------------------------------------------------------------
0 A- @1 k) M% f9 Q: n$ t Saint John N/A - - N/A
* W5 p8 i, ~6 r -------------------------------------------------------------3 I( d1 |" e+ I! f2 F& y5 `6 ]
St. John's -0.8% 146,333 145,667 0.5%5 O3 b. |. k& i! b1 Y* Y$ t
-------------------------------------------------------------( T" ^ k; u* P9 f& m
Atlantic 1.3% 128,778 115,556 11.4%
1 n( V" D* F) n+ H5 C2 I4 h! L -------------------------------------------------------------1 X- i0 g7 C* s0 w
Montreal 1.6% 193,190 188,016 2.8%
: B2 ]1 p4 H! t# C% v$ f -------------------------------------------------------------
+ ^, e' s7 Z& ^8 w7 B2 X; K$ t# }% L8 e Ottawa 4.5% 181,083 172,250 5.1%
V8 s& J N. U7 S5 q -------------------------------------------------------------
0 `* L3 s' i) \: e# w n2 h" Y Toronto 1.4% 252,088 242,918 3.8%8 k- N9 W$ a, A9 O
-------------------------------------------------------------" X7 S7 e- L5 y& U7 w" z) a
Winnipeg 12.0% 105,648 96,008 10.0%- ~0 Q% \6 b! _
-------------------------------------------------------------" \; P& D" J" O
Saskatchewan 9.7% 106,250 101,000 5.2%8 V- C' |' E- [+ g$ L1 g7 f& o
-------------------------------------------------------------6 r. p( x: [5 ]$ ~; v5 l5 z
Calgary 53.5% 245,844 153,867 59.8%3 l1 [6 U; m' A/ a5 f1 Q
-------------------------------------------------------------' w& Q1 ]! N j. h% t
Edmonton 53.1% 200,433 131,500 52.4%
& J; h+ I: f& A! P; ~1 q -------------------------------------------------------------
+ w1 a; D/ o: j7 K Vancouver 13.8% 366,250 323,250 13.3% v; a3 v7 u3 F" d) ]
-------------------------------------------------------------
; M+ y" ]. R3 \& s' c4 F: X Victoria 3.1% 229,000 220,000 4.1%
5 S; q: |& B4 H -------------------------------------------------------------
# N& u+ w) s o4 m% e( m# [ National 13.2% 211,562 185,296 14.2%
) _+ Q! y l: D0 U -------------------------------------------------------------
. m6 S' j; |2 U >>
. A1 u" ^/ f& P4 q* c1 K# I! V1 h7 k; i! X
Average house prices are based on an average of all sub-markets examined
z# h; [1 p! qin the area, except for the smaller markets of Charlottetown, Moncton, Saint
6 z* u: s- I N1 x" s# Y# aJohn and Victoria.0 a# }* c* \8 V8 k
4 z3 l. j9 W) x! G$ S. X3 C
The Royal LePage Survey of Canadian House Prices is the largest, most. p/ Q- I1 Z+ ~! _: q
comprehensive study of its kind in Canada, with information on seven types of4 g. G. z/ b9 Q" T
housing in over 250 neighbourhoods from coast to coast. This release/ M. m4 b* u* z8 {$ k
references an abbreviated version of the survey, which highlights house price( j" i2 L8 d( A" n
trends for the three most common types of housing in Canada in 80 communities; S* i( G5 n* Y
across the country. A complete database of past and present surveys is
8 U7 U2 ^. e; r* F! {2 ?3 Vavailable on the Royal LePage Web site at www.royallepage.ca, and current) l/ }- V" q% F! n
figures will be updated following the end of the third quarter. A printable5 o/ j8 [# C7 ^/ d6 M
version of the third quarter 2006 survey will be available online on- n7 N* ^7 g4 z1 t( Q
November 15, 2006.
; w; D: C9 n _) z- P! k Housing values in the Royal LePage Survey are Royal LePage opinions of, H# ]$ J. e5 S' f
fair market value in each location, based on local data and market knowledge
9 v! m; }7 F" Vprovided by Royal LePage residential real estate experts. Historical data is
2 B& l1 [5 x5 V6 r% f5 u$ I" xavailable for some areas back to the early 1970s. |
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发表于 2006-9-29 08:09
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