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Canada's housing market both vigorous and stable ! \& B7 K) L6 B) _' ]2 K0 O: c
; M Z; ?% L0 z( J/ p h: u* d
- Country's market poised to show growth throughout 2006 -
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TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market" t7 s2 a' T7 E) r3 \/ W
exhibited moderate price increases and stable unit sales during the third4 a/ \' \. C2 k( r
quarter. Wide regional variances continued to be the dominant characteristic/ g- _$ @8 C: Z- D* [# D" C# A! x9 ]- C
in the market, exemplified by frenzied levels of activity and double digit% q. a/ M* k+ ?2 o' t- u
price gains observed in the energy and commodity rich Western provinces, and( {8 p5 C: f$ U1 s% S
more reasonable sales volumes and moderate price appreciation in Ontario,+ @" T3 y' I# }: j" m3 [
Quebec and Atlantic Canada, according to a report released today by Royal. h2 d+ h: ^) U5 z
LePage Real Estate Services., o; `5 n- a# a
( K# O* \$ y( Z7 P) R8 } Nationally, market trends established through the first three quarters
2 V. \* H+ _; T3 s+ k( [3 ]' _are forecast to continue for the remainder of the year. Robust economic
1 }9 o" W N; p4 |& @conditions, low unemployment rates, modestly growing salaries and wages, and
7 V) W0 _' i- R: x( u6 Hsound consumer confidence contributed to the overall strength of the
# J1 l4 R9 Q. C+ q( e! Zresidential real estate sector.: f: M) y% I, \+ i3 s% d1 d* Q% d
, B! W, { r ?" A0 Y Of the housing types surveyed, the highest average price appreciation
( c, y! C- }& j- ioccurred in detached bungalows, which rose to $300,365 (+16.3%)
8 n9 o* ~0 F# M9 R9 kyear-over-year, followed by standard condominiums, which rose to $211,562
8 E+ O0 W% S. O' @6 o(+14.2%), and standard two-storey properties, which increased to $365,380" J Q: ]5 H) v6 j7 L
(+13.2%).
. K n4 ?; p" q% ~) E- X* p8 i' L$ |( n2 t; h: ]
"Canada's sturdy housing market continued to demonstrate steady growth, V& C3 m4 x) I: D4 p/ k
during the third quarter. For all but the west, we have moved on from the
& z! A" F3 N& Z' ?frenzied expansion that characterized the first half of this decade, and are
5 L. M( _# G$ M0 Kpoised to show continued growth at a more moderate pace," said Phil Soper,4 `7 s. _) @7 m- Z
president and chief executive officer, Royal LePage Real Estate Services.
2 z7 k8 a- T; f3 `6 L& L8 m; X"Gone is the sellers' market that we have lived with for some years. We
2 Q& Z8 n: x% n3 O. `% V5 M% Kwelcome the more reliable conditions that are characteristic of a healthy' ]6 K- R+ V3 D) Q4 ]$ c0 z
balanced market."
2 M) x1 v# M7 s' o. `; ~( S8 i% u1 u
Despite the double-digit rise in average national house prices,' e1 J: n1 V* k' R# R
considerable regional variances were exhibited again this quarter. The shift
& Z, [7 A; c: f: c) t6 Xto balanced market conditions, which began in late 2005, has continued
( v% C# b1 k, I1 c* {throughout most of the Central and Eastern regions of the country. In the core
4 d, L6 e* j6 J- P% j- Henergy producing western provinces, the combination of very high in-migration,# M5 K) m v3 N# ~
manageable affordability, and a shortage of inventory has driven record
3 H( R# d, T2 ^8 J2 Ebreaking price appreciations.; H/ i) ~* \2 |( g* U7 ~" R
8 D$ o0 |. v) f, X4 i
Echoing the second quarter and supported by Alberta's rapidly expanding
) ^' I6 U' Z5 b1 teconomy, Calgary and Edmonton led the charge of Canadian cities with the8 ]* s, V$ {4 z3 r; O
largest house price appreciation in all housing types surveyed.3 |8 G" l/ e" _5 N5 b& t5 e
b% b$ `: ~1 ]& n
In Ottawa and Toronto, growth remained steady, supported by solid( `8 |' c# U+ Q! v9 d9 r
economic fundamentals, an increase in available inventory and strong consumer: |% D! w3 x/ `7 a2 U* X! g
confidence. While the pace of price appreciation in Ontario leveled off
8 }! \, L8 T7 M* g' D! Q* J# Sslightly, the province's real estate market remains poised for modest growth.
1 ~# D6 r/ M7 s/ w8 nIn Atlantic Canada, new housing and condominium construction offered buyers
A( V8 h+ S' G5 [greater selection at more competitive prices, resulting in a slower rate of1 m1 C& u+ ?% O- O3 i. }4 A- ]4 J1 A$ R
price appreciation when compared with 2005.
& x, A# U1 o5 l, z+ V7 I1 G u+ S8 @; L. u
While the pace of growth in Canada has slowed, the domestic housing, x4 w' G' x! E2 N
market is expected to outperform the American market. The economic and1 y0 ^% B# Z4 g. Z
financial fundamentals driving the residential real estate sector in Canada4 t! D w! Y7 g( Y4 _
are markedly different than those found in the United States.. m" q' w! V: Y1 a4 k3 q R0 z
Y3 {; l9 w/ B0 S% H/ R6 v
Added Soper: "Canada's housing market is likely to outperform the& s0 ?' a! Q, W: o; e
American market through 2007. A number of factors are working in Canada's
9 V# _1 O7 _2 O* C o# N6 o' t! Jfavour, including healthy personal and governmental debt levels, the, T+ f+ g3 m2 _: y; K7 r7 n/ k% m
relatively modest rise in interest rates in our country, and general
( h, R: p, A. e2 ^( I! ~% g. uaffordability in our major cities. In addition, Americans are now seeing the$ O! a* J3 }- {, }; N
downside of a tax system that encourages maximum homeowner leverage, and; R7 z" q6 L& X8 d
aggressive financial products such as zero- and negative-amortization4 J5 h c4 \. o4 b$ B1 Z' |5 H+ q
mortgages that work only in a high price growth environment."
& u4 w" W. r2 U K8 e+ S6 `1 k' [6 I( X k: c/ `7 x
<<
/ u0 |& Y) e2 J% m REGIONAL SUMMARIES: n3 T1 t5 e" l4 q
>>. B1 n* H1 _( x5 l+ L8 w) N
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Balanced conditions continued to characterize the housing market in
! D- k" A$ a! o3 E! rHalifax, as significantly higher inventory levels helped to moderate the rate
5 N! E7 s+ `9 |% A3 iof price appreciation. Buyers were increasingly choosy, taking more time1 T% h- q# T8 G; f; ]8 x ?
looking for newer, low-maintenance properties that were not in need of
" O$ Z3 y8 U. l6 `; Jrenovations.
! H; ], O) N! m' Q$ W' y2 g6 d8 K
( R, q. r( L& Z6 k The housing market in Moncton remained healthy and strong as a slight
0 @0 {) W) H$ h$ {& Cincrease in inventory helped to moderate the rate of price appreciation; j+ Z0 Z+ y% O( a* P
compared to the same period in 2005. Activity was brisk throughout August and& ^3 o9 ~% Y s) b$ |) C
September and is expected to remain this way through the fourth quarter.0 k2 z* f6 S- [, M
4 A# f( `, L( K
The housing market in Saint John underwent its traditional summer% s: u0 F( L& C2 s( B: Y
slowdown in the third quarter, with activity picking up towards the end of the; [3 k I) E: \" r3 e1 t- }
quarter. The local economy continued to thrive, as construction on a new
; F* w) _" `( B( m, Q600,000 square-foot shopping area has begun, bringing several new box stores
% x5 _3 Z- m( ~; ^ q+ m% @to the area. Buyers have begun seeking less expensive fixtures for their homes6 O# ]( ?! L& ^5 d9 ~
and are instead opting for more affordable housing options.
- m0 E. k* C* [( a6 d$ v+ c" S+ w9 l; H& I$ y
In Charlottetown, the housing market started to move towards balanced
2 G+ n+ |' @8 @conditions, as some sellers had to begin to lower the asking prices on their
* ?# c, ~4 N0 P, Ghomes to make them more competitive. Activity from out-of-town and US buyers% \: z6 ?' o7 z. h/ o8 |
was down slightly compared to 2005, likely attributable to the strong Canadian
6 P5 V. y5 Q7 e4 @0 s& k) ~dollar. Inventory levels began to creep up in the third quarter, providing' n4 v' n6 G- w" E( Y
buyers with more options when looking for a home.
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Activity in St. John's slowed slightly in the third quarter, particularly
1 N9 W. F/ ]; w- namong higher-priced properties, where there was a slight over-supply of homes
- z3 I* }9 c! T6 P5 E# n2 cpriced over $200,000. Listing periods have increased when compared with 2005,) E; V6 G3 ~+ ~
as some of the pent-up demand that had characterized the market over the last
& T5 M4 v9 q) p F& S( ?) ofew years has been satisfied, resulting in more normal, balanced conditions.
a8 u. y( s7 ~1 k# H
/ [% ?' t7 t4 a' u: Y Montreal's housing market recorded modest increases in average house. ?/ d7 c% n$ h% H0 p
prices, due to a slight seasonal slowdown in the third quarter as inventory
; E6 c( v2 b2 z. d1 d; tlevels rose. Part of this can be attributed to the fact that many renting
# z! q w7 y* c' Y$ e# P' \first-time buyers were motivated to close on the purchase of a home by July 1,3 e- S. ^, m3 R9 b* y# e
when rental leases expire in Quebec. Once this date has passed some of the% G" p/ n9 ?5 `* H0 ~. l+ g
pressure is taken off the market, allowing buyers to visit more homes before, u2 l. P* n5 Z$ J
making a purchase.: ~5 q6 A' N: O0 q) r
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Ottawa held its position as one of the country's most stable housing
4 T& x# e% L5 C6 c6 Bmarkets in the third quarter, reinforced by a vibrant local economy and strong; B) }2 H% k# V6 z2 c
confidence, resulting in modest increases in average house prices. The city
' u% R, k4 F/ w/ u7 ocentre remained a bright spot in Ottawa, with homes in this area attracting( F! U3 T9 d: o# D+ J: f1 V
attention due to their convenient location and proximity to downtown
! \. r$ h e" m- _+ } j xamenities.
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The housing market in Toronto sustained healthy activity levels
F* C! V1 ]2 F8 s7 k# @( ethroughout the third quarter, as a strong economy helped to maintain demand( u- V, W8 J' B2 ~5 l
across the city, causing average house prices to rise moderately. Toronto has
$ l2 d. y& @, o* [- |, G& u4 k" E4 B8 U: rcontinued to experience modest growth in average house prices, and has been/ D; E7 I! G0 y5 S% X1 G
driven primarily by purchasers who are buying homes as their principle
; e( f7 W1 t4 R, tresidence, rather than for investment./ \1 A( h' F; Z/ ~
5 c* S% n. O( E5 V
The vibrant Winnipeg housing market continued to show its strength as8 y- H H! g4 I5 Y2 N# E/ A
house prices rose during the third quarter. The booming local economy resulted# M8 P1 N- K$ a/ E! r
in a historically low unemployment rate, helping to bolster consumer# \+ K4 }# ]1 Y* ]. S) U6 d* l9 W+ G
confidence and Winnipeg's ranking as the city with the lowest capitalization
' D6 O0 Z2 n1 _; H) P; prate among the country's larger cities - helped to encourage buyers to enter$ s7 W' n# F5 f
the market.% c3 e. U. m5 J' C
% v3 X3 |! Q5 Z% x/ P
In Regina, the market experienced a slight seasonal slowdown through% m r4 s- {3 c* g. \
July, as there were fewer purchasers in the market due to summer vacations. In0 X1 S9 Z: W1 z7 V1 c+ M) h
August, activity resumed to the busy pace previously seen in the spring/ D' Y& e* `2 _
months, as the influx of purchasers made it more difficult to find a home due
2 J4 }! w4 Q0 \3 `' |5 fto the shortage of available inventory.( K% x$ v8 ?1 \/ X0 \
( t, b9 R" A6 v
Activity in Saskatoon remained brisk as the market maintained its
0 l8 c" b" r: gmomentum from the busy spring sales period. The economy in Saskatoon remains7 \7 V0 n& E/ k [& L- }0 F Q
vibrant, as employment opportunities are abundant with many businesses0 a# s- v. p% F/ N* a
struggling to make hires and having to recruit outside the province.- j# z& B, N% P2 f- n
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Calgary's housing market recorded blazing average house price increases
5 e5 T% i4 {/ V4 F* n% ^: g: L0 Uin the third quarter, in all surveyed categories. The burgeoning economy, low& |8 E' u" X: _2 Z! l$ s
unemployment rates and low inventory levels remained the leading factors that3 b! k4 Z! e8 g1 b& ]0 Y5 j/ `
pressured Calgary's house prices upwards. However, regardless of the soaring
4 P0 p: @6 \2 N3 P$ l0 ~! tprices that characterized the market - even during the typically slower summer
- [6 S8 n3 `" Oseason - it is expected that activity will become slightly more balanced, as, z5 U. b- u- V& p8 d
buyers are becoming more reluctant to participate in the frenetic activity.2 b; Z C( h9 y' y
& W N4 f$ M% ~/ y1 Y, u" ~ Edmonton's booming local economy continued to thrive in the third quarter
/ Q [7 K: d S oas activity in the oil sands north of the city continued to flourish. Edmonton9 _: g" G$ A* ^+ N1 C
remained the hub of activity for those coming to work in the oil industry,
! M% y0 r$ H4 H: y0 }/ I5 zmaintaining tight inventory levels across the city, resulting in prices' Z9 \5 F# z2 `' {! C4 Q
increasing at record levels. However, as inventory levels continued to improve _' K3 ~3 ]3 j. `# _; [4 C
in the third quarter the rate of price appreciation should moderate slightly
: Y; r& U, H0 L# Ctowards the end of 2006.
5 w4 ~1 ?/ y6 Q7 B) Z5 M
2 W) M+ e0 e# m+ ^7 l0 `0 lWhile Vancouver has seen a slight reprieve from the severe shortage of
* e0 H" \- t: S0 K @) ~- O2 e0 Xinventory that had previously characterized the market, supply is still unable
" X5 ]( a! m4 X. e4 ?' F4 T% Gto meet demand, driving house prices upwards. Vancouver has a very diverse
1 k* D; M6 v: O9 f" A1 j; d' O9 [) _group of active buyers - from first-time home buyers to baby-boomers to
, z& \2 P# T0 lforeign investors - all of whom fuel the demand for houses, placing added9 s/ |. `/ | F; Q6 E3 z
pressure on tight inventory levels.
+ |, h! Y8 y+ B( \3 i9 X' r. M. K) C0 r- ]0 ]
Victoria's market is vibrant and supported by strong economic
8 S. W; I% ]: N% |# Ffundamentals, fuelled by a booming tech sector and a migration of young people0 u- v8 Y. R5 I1 L
into the city that has continued to support the area's house price increases;
' c' i2 v8 A, L* \6 a9 X1 J$ I/ ]while increased inventory levels have afforded buyers more time when searching
z0 [, E" i& F' e4 \3 [for a home, helping to normalize the market's pace.
$ k6 J' n; ^% b8 @/ c
8 V- ^2 u- t6 Y$ @% N4 G <<" u' P: m( B/ T, Z
Survey of Canadian Average House Prices in the Third Quarter 2006
4 n, M( d) d0 R: x4 O" g, P3 m6 p
' ^ \) i% T! T" X -------------------------------------------------------------------------8 v6 b- Y2 O0 }: Q/ y' W- \" ^
Detached Bungalows Standard Two Storey) A# j/ s6 w B. e' o8 a
-------------------------------------------------------------------------
$ b% b, H0 |- A8 ^7 a! c 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3* h, f! f$ x6 r1 O* [
Market Average Average % Change Average Average
& J. `$ }* i" \( ?1 ]$ L -------------------------------------------------------------------------. c/ g& F' Q' O ]
Halifax 186,333 173,333 7.5% 198,667 199,000
* R- I3 R* F! ^; A/ q -------------------------------------------------------------------------
2 R9 l$ _+ U2 e9 N! k! e Charlottetown 145,000 141,000 2.8% 175,000 170,000" G+ W/ i4 z5 c# b8 Y
-------------------------------------------------------------------------. T. ~; U4 I+ Y
Moncton 135,000 127,000 6.3% 129,000 123,000
& R j. V9 a; w% o& M0 R -------------------------------------------------------------------------
+ ]3 ^# \, n; k7 @ u+ ]* T, G Saint John 141,200 142,900 -1.2% - -
0 H% j8 H. M p) _2 Y -------------------------------------------------------------------------: _; V0 b) d; O! A' ~4 L3 L
St. John's 143,667 142,667 0.7% 200,667 202,333; @2 F8 y* {. b% U
-------------------------------------------------------------------------
: u& J8 r! Y5 C* S7 O! b+ C/ X Atlantic 150,240 145,380 3.3% 175,833 173,583
/ q3 A3 c+ \1 |. O. Z3 ^ i -------------------------------------------------------------------------# S1 [" m2 _# E0 R
Montreal 213,691 203,500 5.0% 321,141 316,185
/ P" y8 v/ ]1 |3 p% Q/ C* d7 J -------------------------------------------------------------------------1 v; M/ S8 o7 d6 [
Ottawa 290,083 278,417 4.2% 285,667 273,250
# N, O) p4 b. g: Y -------------------------------------------------------------------------/ ?# K$ Z; a7 Y" \! P& Y
Toronto 373,368 355,882 4.9% 481,523 474,766
& ? n+ L* W0 B' g' B! u) t -------------------------------------------------------------------------, U4 M6 ~! X" @- k7 B5 i, i# V
Winnipeg 181,579 159,860 13.6% 202,337 180,707# w2 v7 m4 }) y
-------------------------------------------------------------------------
& F5 [2 W$ n, I& k7 t Saskatchewan 170,667 156,083 9.3% 182,600 166,500 B( ]8 U Q1 ^9 P# b* S, D& F& J$ U
-------------------------------------------------------------------------# T$ y/ S& U$ I
Calgary 395,067 252,411 56.5% 405,778 264,389
+ b% r) k8 n2 i4 C( \' F. U -------------------------------------------------------------------------( J0 k" p3 P' @
Edmonton 286,857 194,857 47.2% 316,429 206,714
" e r% E+ N6 y) A) @5 w -------------------------------------------------------------------------/ T( W' W" }' l( p( f
Vancouver 704,250 601,000 17.2% 794,000 697,500
5 k; u# _* g2 Z' y/ K& a- ` -------------------------------------------------------------------------
2 j) T5 d# r3 P6 D3 j" r8 c8 i Victoria 375,000 348,000 7.8% 403,000 391,000
% w5 f% y7 {. P' h( \5 \ -------------------------------------------------------------------------, w) z! c- F/ s4 q: Q5 M2 {: O
National 300,365 258,202 16.3% 365,380 322,860" C, U2 l9 ^! J8 x) x$ P) B
-------------------------------------------------------------------------; n6 L# r* G5 q Y+ U
* ?! d/ r( y4 J
-------------------------------------------------------------
' E# t# r. j- c& K1 q6 a Standard Condominium
4 \! n% K% q, H2 @4 N$ p2 S0 p -------------------------------------------------------------
8 ?1 n) s8 P! }; c2 \/ Y+ i 2-Storey 2006 Q3 2005 Q3 Condo/ {$ {# N: s& P7 f5 K9 L
Market % Change Average Average % Change* z" Z2 L& {+ r6 }$ Y9 b
-------------------------------------------------------------
1 a5 p/ f' f+ J: } Halifax -0.2% 142,000 103,000 37.9%6 s4 ]) h4 D% B! e8 P4 t% ]
-------------------------------------------------------------
& j# R# c1 W# d& p1 ?, s Charlottetown 2.9% 98,000 98,000 0.0%
5 N# ?2 E5 R% x# I! e. J* _ -------------------------------------------------------------% F5 i' s' v Y( P7 ?& s
Moncton 4.9% - - N/A4 S. T7 K. z; B( C& j9 T9 S/ P
-------------------------------------------------------------+ ?: c+ O2 X2 U$ I g! n" {2 s
Saint John N/A - - N/A; M; S7 D9 l$ w) d1 n! P/ i( H. S1 i
-------------------------------------------------------------7 ?1 h' o) i4 g0 A) E4 G* J$ R
St. John's -0.8% 146,333 145,667 0.5%
, \. u0 m9 b: ] -------------------------------------------------------------0 j2 \$ y5 G$ u: ]- _ |. a
Atlantic 1.3% 128,778 115,556 11.4%
6 P+ ]9 J8 Q+ d- _4 [/ g1 _- ~ -------------------------------------------------------------: Z l, C8 @2 W) P
Montreal 1.6% 193,190 188,016 2.8%: Z, Y) H" Z1 S& w& t; ?7 a3 |
-------------------------------------------------------------) ]; |: u: H* }5 F6 z( W
Ottawa 4.5% 181,083 172,250 5.1% F' A' n; \1 N" j3 x9 T
-------------------------------------------------------------
% @3 i1 y& A d2 E( p Toronto 1.4% 252,088 242,918 3.8%1 _$ q, q: R) E: f# z2 `8 r/ @8 V9 C
-------------------------------------------------------------
. Z0 [/ D4 P6 x8 H+ }& Y7 x Winnipeg 12.0% 105,648 96,008 10.0%
. {' ?% ^3 D) D2 b! D( y7 r -------------------------------------------------------------
5 s& _; i6 e# U( Q; z+ g7 f Saskatchewan 9.7% 106,250 101,000 5.2%
- ~. M6 S; k) [ b4 b; d -------------------------------------------------------------
& W$ j- L" R$ q, } Calgary 53.5% 245,844 153,867 59.8%
5 w) s3 K# w- W9 f0 _7 T -------------------------------------------------------------
}7 O0 q! U9 y* l Edmonton 53.1% 200,433 131,500 52.4%
( o' P$ k/ j8 q: y# d -------------------------------------------------------------# H3 b! h, F' @% C/ K* a: [
Vancouver 13.8% 366,250 323,250 13.3%4 K8 b# s2 t0 Q7 e8 q
-------------------------------------------------------------3 F& ~ |- v! a7 Z
Victoria 3.1% 229,000 220,000 4.1%
6 j+ I) }! ]& v2 b. G* J2 J3 `& }7 P, S -------------------------------------------------------------
% s- N4 R, |" G9 r( ?8 t# u# Q+ F/ P3 c National 13.2% 211,562 185,296 14.2%
" c* ^! ^, |1 @4 t+ u& Y; [: K -------------------------------------------------------------/ v# w) z, [# h# K0 X3 @; h9 A2 y- t
>>1 {/ a+ T1 R( `5 w/ K
9 Y) L7 e! j& O" I0 c# F' S
Average house prices are based on an average of all sub-markets examined5 r- B+ p. d7 f; i! e% A+ Z
in the area, except for the smaller markets of Charlottetown, Moncton, Saint# n- [& S n" G7 m
John and Victoria.' P' Z% y' J0 _) J3 b
! a: j: ~( B: S The Royal LePage Survey of Canadian House Prices is the largest, most
: A9 ^3 m0 N, }; t K' Qcomprehensive study of its kind in Canada, with information on seven types of8 d1 Z$ E ? L8 }8 }0 K& C" M. e
housing in over 250 neighbourhoods from coast to coast. This release$ s4 p: p1 q7 j/ q# h1 a5 w: T
references an abbreviated version of the survey, which highlights house price1 ]; ^% Q7 c+ H' {; X" @
trends for the three most common types of housing in Canada in 80 communities$ _( Z; z% M. A0 C& j1 j
across the country. A complete database of past and present surveys is1 a$ y: X4 C1 j7 [/ j7 t! L
available on the Royal LePage Web site at www.royallepage.ca, and current% h( `' o$ [5 O3 C
figures will be updated following the end of the third quarter. A printable7 z1 R" l! R" V' y& ]. P) a3 h) \/ a
version of the third quarter 2006 survey will be available online on
4 _8 m& k3 ?" R* `& zNovember 15, 2006.. k* A& W8 w% W: g- f
Housing values in the Royal LePage Survey are Royal LePage opinions of
) @( Z, h( _" t& H' H* h! mfair market value in each location, based on local data and market knowledge
! b; z8 }+ e" Y! z7 Fprovided by Royal LePage residential real estate experts. Historical data is/ b. w' h3 W: I* ~
available for some areas back to the early 1970s. |
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