 鲜花( 0)  鸡蛋( 0)
|
Canada's housing market both vigorous and stable
, R; d7 c4 _# n4 Z9 h
6 A/ q& m8 `0 h9 t3 m- Country's market poised to show growth throughout 2006 -
8 e8 e2 C5 a" a5 }3 u7 V
9 x* q+ |' Z6 w TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
3 B6 K! \5 C) v% lexhibited moderate price increases and stable unit sales during the third1 m1 f' ^/ {, h7 e- E2 Y
quarter. Wide regional variances continued to be the dominant characteristic+ R1 F/ [6 X3 d4 r
in the market, exemplified by frenzied levels of activity and double digit u" Z0 }& G6 o1 Z8 v, C
price gains observed in the energy and commodity rich Western provinces, and) l# g( X! N1 Z3 U; r7 s
more reasonable sales volumes and moderate price appreciation in Ontario,+ N, j o( ?" h- [
Quebec and Atlantic Canada, according to a report released today by Royal$ \" j9 v. d* w) ?7 A$ Y
LePage Real Estate Services.$ n5 ?3 ]2 [( S$ {. N/ O Q
# a- X) `6 G" e6 B! b/ b, y1 h3 l Nationally, market trends established through the first three quarters
" F2 F2 J$ b4 s" }" O4 v1 c: W* z" Uare forecast to continue for the remainder of the year. Robust economic
* o; r" ^* P2 F5 K; G6 Tconditions, low unemployment rates, modestly growing salaries and wages, and6 v, [" C0 }0 ?. G& _% Z% a
sound consumer confidence contributed to the overall strength of the
# u6 Q% b: ?4 i1 G# R! }' uresidential real estate sector.; v$ Q$ ~; a$ L& e) I
N: u+ J) d2 W$ t/ E6 w
Of the housing types surveyed, the highest average price appreciation! J: O" ], r/ R% Z( b1 }' S
occurred in detached bungalows, which rose to $300,365 (+16.3%)* B2 I) g) o0 R |& W. v
year-over-year, followed by standard condominiums, which rose to $211,562
& Z& I- Y$ t: E+ ^(+14.2%), and standard two-storey properties, which increased to $365,380% R4 K/ A# h( G" `4 e2 L
(+13.2%).
1 s0 [9 S& {! W1 g: V: d, J) d" o# P1 e
% b* O5 N+ Z; G& a9 C: K "Canada's sturdy housing market continued to demonstrate steady growth
1 C: i4 ]5 x3 X$ J9 E7 s& f+ ?during the third quarter. For all but the west, we have moved on from the
. i8 ]4 H- S: M; ^5 @9 k/ Xfrenzied expansion that characterized the first half of this decade, and are) e" |. R1 A/ D' o, l
poised to show continued growth at a more moderate pace," said Phil Soper,% c7 e* q) v5 Z
president and chief executive officer, Royal LePage Real Estate Services.
$ y# E A+ C, n- ` E( U2 W"Gone is the sellers' market that we have lived with for some years. We) J. P4 j) r1 Z! K% r. r: G4 Q0 `
welcome the more reliable conditions that are characteristic of a healthy6 ~ C: h4 a* Z+ N0 e8 b% l
balanced market."3 F/ T5 J9 O- L
) O, N0 }( d9 g: j8 i5 Q" e
Despite the double-digit rise in average national house prices,6 e @0 U/ T% m' Y( M
considerable regional variances were exhibited again this quarter. The shift
' Z1 p; W. j4 ]: L7 R+ lto balanced market conditions, which began in late 2005, has continued: a/ q0 d! g4 a; a2 ]& I3 w
throughout most of the Central and Eastern regions of the country. In the core% R$ _6 O# T0 q
energy producing western provinces, the combination of very high in-migration,
* Q7 ]: M; s5 fmanageable affordability, and a shortage of inventory has driven record) Q5 {. Z! B" ^
breaking price appreciations.1 u# N" z- a0 E% u( D& W6 S
* v4 o! N" A* J& v
Echoing the second quarter and supported by Alberta's rapidly expanding
. \- }3 l8 e( Seconomy, Calgary and Edmonton led the charge of Canadian cities with the! o! O- Q. z$ s# }2 P1 ?4 z
largest house price appreciation in all housing types surveyed., Q% G3 s7 A0 _/ t4 c: S0 J' e$ `. o
3 j5 k9 O' |; ^
In Ottawa and Toronto, growth remained steady, supported by solid
" x, ^% l' p/ l; [1 Feconomic fundamentals, an increase in available inventory and strong consumer
8 T& N' x) T4 n( E4 P' aconfidence. While the pace of price appreciation in Ontario leveled off
0 r4 T9 ]1 W( Zslightly, the province's real estate market remains poised for modest growth.
6 q1 T$ y! ^' q) F5 N2 LIn Atlantic Canada, new housing and condominium construction offered buyers
! H# }+ ?4 Y% p! }$ pgreater selection at more competitive prices, resulting in a slower rate of+ x0 f4 D; G. Y! S" `* j3 r: N
price appreciation when compared with 2005.; i, Y3 i8 o5 S/ z; A6 d {
3 }0 |. X* i7 F* t$ \/ e
While the pace of growth in Canada has slowed, the domestic housing
9 o5 W5 G, m- k% J/ T$ T: Emarket is expected to outperform the American market. The economic and4 a4 ?" {' `& w1 z# ~$ ?
financial fundamentals driving the residential real estate sector in Canada
( K' @" d0 f, J3 o% t' Lare markedly different than those found in the United States.. G& q7 N2 g0 }: U3 m% `) ?9 u
2 \7 R# p: {- X3 Z8 z
Added Soper: "Canada's housing market is likely to outperform the
" z8 k5 H6 |3 ]$ YAmerican market through 2007. A number of factors are working in Canada's
* s$ H; w O2 T% ~. ~4 U7 Vfavour, including healthy personal and governmental debt levels, the4 t+ J) D4 ~/ Q' p) p
relatively modest rise in interest rates in our country, and general
' } H1 @4 ?) U5 F7 [affordability in our major cities. In addition, Americans are now seeing the
! v& y; `0 Q- P3 T( [$ xdownside of a tax system that encourages maximum homeowner leverage, and6 x/ Y) u( ?; Q# |6 Z3 \9 d
aggressive financial products such as zero- and negative-amortization1 ?2 W8 E, G8 S( s9 c! c. o6 D, |7 G
mortgages that work only in a high price growth environment."
7 S7 G' ^$ F' O: y& \2 L3 j+ M4 b8 r6 N5 E
<<
7 F1 F1 Q- U! f2 u REGIONAL SUMMARIES; @5 E: F9 d5 d2 j: ]
>>9 R; a( |6 U0 J0 B! S4 j9 Z
) Z6 M8 a- R+ J$ f+ g' q) m Balanced conditions continued to characterize the housing market in
7 N% w7 y7 }1 C+ N- n4 |Halifax, as significantly higher inventory levels helped to moderate the rate
6 [ `, R$ ` X7 z6 Aof price appreciation. Buyers were increasingly choosy, taking more time3 j' o+ x, [5 f) f
looking for newer, low-maintenance properties that were not in need of
1 P0 }2 O& ]' urenovations.- u- M3 t# ], @3 O, N- w% H
8 U7 e+ N& q7 m7 `3 ~2 m* x. H+ F The housing market in Moncton remained healthy and strong as a slight
+ y' f' o, v) S6 jincrease in inventory helped to moderate the rate of price appreciation
) F# E* r7 d: q0 z# q, C6 z# ^, lcompared to the same period in 2005. Activity was brisk throughout August and' }+ o9 L/ i! b' C; w6 e
September and is expected to remain this way through the fourth quarter.
! u. s' f+ M( }7 v
4 P; _4 h7 Z% L" a7 o The housing market in Saint John underwent its traditional summer K; }2 j0 n) K% B: m2 ?# I
slowdown in the third quarter, with activity picking up towards the end of the7 O9 s) O c9 ^2 n, X
quarter. The local economy continued to thrive, as construction on a new/ `7 D& s! p# Z8 U! @
600,000 square-foot shopping area has begun, bringing several new box stores! T. x' R2 }& }2 G1 g
to the area. Buyers have begun seeking less expensive fixtures for their homes; \ ~3 c$ E1 u% v2 l8 i- S( \9 D h
and are instead opting for more affordable housing options.
0 }2 o! T5 h3 e3 M3 F6 U
3 ]4 B# A" g. R8 I In Charlottetown, the housing market started to move towards balanced) |$ b4 v0 K0 A2 Q
conditions, as some sellers had to begin to lower the asking prices on their+ [4 O6 B* o' `! M
homes to make them more competitive. Activity from out-of-town and US buyers3 J. \( O8 k. W* G) Q! w r5 ]8 L" K
was down slightly compared to 2005, likely attributable to the strong Canadian
# U( Q" ]" y5 j* gdollar. Inventory levels began to creep up in the third quarter, providing
- L) ]2 h5 Y3 Z$ Kbuyers with more options when looking for a home.
1 r+ J. S0 M% f" w4 B1 \
- Q* X1 Q7 p7 C- f' _; b% t Activity in St. John's slowed slightly in the third quarter, particularly
: R% f7 Z- s& A" C. a" l( gamong higher-priced properties, where there was a slight over-supply of homes" U5 _2 Q# u! X0 f% h# }! H* q% s
priced over $200,000. Listing periods have increased when compared with 2005,
5 X) c+ ~; \, G4 j, Xas some of the pent-up demand that had characterized the market over the last2 d! M' f' M/ k2 N, R; [- e3 s
few years has been satisfied, resulting in more normal, balanced conditions.
' \8 ^- i& D4 E3 \; C
9 { a# a& K& ]; V z Montreal's housing market recorded modest increases in average house
+ y B" }3 e# u6 pprices, due to a slight seasonal slowdown in the third quarter as inventory
2 p( A# t4 S- M: @/ e, K9 jlevels rose. Part of this can be attributed to the fact that many renting
( O. X) U) Q$ o, A6 j6 Vfirst-time buyers were motivated to close on the purchase of a home by July 1,
) N5 U1 M; x, i5 p, d/ D7 @when rental leases expire in Quebec. Once this date has passed some of the; w4 f% ] l! a+ q3 x/ i* l
pressure is taken off the market, allowing buyers to visit more homes before
' i( o1 T1 v+ E* Q E' imaking a purchase./ W9 G3 f) G3 U& U
2 g* q9 z# ?$ [ W4 s# B Ottawa held its position as one of the country's most stable housing
1 }/ |. V& Z- ?- A* ]markets in the third quarter, reinforced by a vibrant local economy and strong4 O2 U2 y/ H7 b. M- {( D" r9 g
confidence, resulting in modest increases in average house prices. The city
+ ]. W; l5 K q! mcentre remained a bright spot in Ottawa, with homes in this area attracting
4 e' H* ?1 D9 N+ `4 i2 s" @attention due to their convenient location and proximity to downtown) I+ \# W. N5 H) x
amenities.# N: a& K, t5 _
1 d" y- v C1 `# T The housing market in Toronto sustained healthy activity levels
8 y+ X; J) H$ sthroughout the third quarter, as a strong economy helped to maintain demand
/ ]1 \1 ^( {1 m; Yacross the city, causing average house prices to rise moderately. Toronto has0 [9 @, F) \; P0 W; P
continued to experience modest growth in average house prices, and has been
! k3 \; |$ y0 P! P9 Jdriven primarily by purchasers who are buying homes as their principle
+ I. b) b5 U$ k# l @# Z& [5 Wresidence, rather than for investment." d8 M/ {& m% [9 N: ~* N' p) R
$ D1 r! G9 A T
The vibrant Winnipeg housing market continued to show its strength as% S+ N) C) F N
house prices rose during the third quarter. The booming local economy resulted7 W5 T: ]. S" |
in a historically low unemployment rate, helping to bolster consumer1 ^( c: L' I6 T! t x: U: k
confidence and Winnipeg's ranking as the city with the lowest capitalization
( A! u" ~9 O/ brate among the country's larger cities - helped to encourage buyers to enter% C3 A2 S1 Q# S+ p; d z; p" j& F
the market.
; f& F/ ]6 d% t( ~. X4 @% T9 u8 B M2 |3 S+ L
In Regina, the market experienced a slight seasonal slowdown through
% A. k9 E. f9 IJuly, as there were fewer purchasers in the market due to summer vacations. In9 {8 f3 j: q9 h! h3 c
August, activity resumed to the busy pace previously seen in the spring
9 q9 s( ?2 y* o2 ]7 Dmonths, as the influx of purchasers made it more difficult to find a home due. U+ t# W" D+ x
to the shortage of available inventory.3 c" C# {# z6 \9 R) ]& p5 u" W2 m
+ e$ A0 c2 f1 _! i$ H4 e* g4 D Activity in Saskatoon remained brisk as the market maintained its
7 x8 l5 D* `4 p( S% M @momentum from the busy spring sales period. The economy in Saskatoon remains
0 H0 E" A `. J! m0 Mvibrant, as employment opportunities are abundant with many businesses( w. b, `$ t, ^) H6 R+ {: K
struggling to make hires and having to recruit outside the province.
; ~6 K. z4 h+ f, R9 e& h& s/ z
' w5 e2 p2 V5 @ Calgary's housing market recorded blazing average house price increases
' m1 g! E# o& k, Q" p0 Ein the third quarter, in all surveyed categories. The burgeoning economy, low
) \# l9 \/ }% k2 p& {& Ounemployment rates and low inventory levels remained the leading factors that
8 J0 O# K `7 t: R$ g8 ypressured Calgary's house prices upwards. However, regardless of the soaring
7 H! B! J) T4 R1 |prices that characterized the market - even during the typically slower summer
' [6 M+ M# w( g' `- M8 Iseason - it is expected that activity will become slightly more balanced, as
- c3 m: J% ^. d2 x# jbuyers are becoming more reluctant to participate in the frenetic activity.
7 M3 s9 A) O8 [/ @; m* [! S, X8 a& I: `9 h( f; Q
Edmonton's booming local economy continued to thrive in the third quarter
* @, f/ t# J5 N6 pas activity in the oil sands north of the city continued to flourish. Edmonton
7 m# \0 x6 L8 M! T6 \remained the hub of activity for those coming to work in the oil industry,. f) L6 U* V% m' i) P; [' [+ Z
maintaining tight inventory levels across the city, resulting in prices, [" V0 [+ v2 E2 o5 i' C7 f
increasing at record levels. However, as inventory levels continued to improve
9 b! W$ `0 G! [4 l5 N2 `1 rin the third quarter the rate of price appreciation should moderate slightly
7 f# x$ L, j! b8 _" u2 Ptowards the end of 2006. 0 c& ?8 T: {" e# l* ^/ v
& Q7 k' W4 T( I: L: z7 r: a/ hWhile Vancouver has seen a slight reprieve from the severe shortage of/ X0 u( F; ?& X* b* d5 X
inventory that had previously characterized the market, supply is still unable
0 @1 ?- q& z) }. V! Qto meet demand, driving house prices upwards. Vancouver has a very diverse s3 p$ p$ N! o- r' {0 M
group of active buyers - from first-time home buyers to baby-boomers to
2 j/ D* I, D% E* h. |/ n' D, O3 `foreign investors - all of whom fuel the demand for houses, placing added" s+ E1 w6 f3 D! S; ?! O+ x* E
pressure on tight inventory levels.
# b$ O% _0 e2 O' Y- E7 a4 Y) n6 E8 o
, J! s( m# _/ `4 e, g" K Victoria's market is vibrant and supported by strong economic: ^; ?2 t5 z8 Y2 {
fundamentals, fuelled by a booming tech sector and a migration of young people
/ y9 c# x' R3 I# S) D1 U, C! S# {into the city that has continued to support the area's house price increases;
$ d3 k( _: \4 h1 L2 `+ i. Owhile increased inventory levels have afforded buyers more time when searching+ |' g% C9 f( s7 r
for a home, helping to normalize the market's pace.
( s( {* e9 D1 v; b) J. _' N) i0 [5 S( s! v+ `- j0 Z
<<: K' x/ d( e5 Z, f$ c. B4 h8 u
Survey of Canadian Average House Prices in the Third Quarter 2006
& M7 o" J. Q, P& P7 T/ D4 ]. q: n) M" e0 n
-------------------------------------------------------------------------
/ }, S5 V; o/ V( [; c: L Detached Bungalows Standard Two Storey
- ^: d! J8 L9 K+ r -------------------------------------------------------------------------
2 Y( x0 ]; s0 O4 d+ m* L 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
c% r$ H' H- |; @0 O% {' g Market Average Average % Change Average Average
6 `8 @, }: c, v+ Y, u' T1 h -------------------------------------------------------------------------
# j5 K$ [% z, W8 H6 R8 E Halifax 186,333 173,333 7.5% 198,667 199,000
) X/ `+ `% O7 R6 q6 ?1 g( } -------------------------------------------------------------------------
0 j7 S& a$ h2 E Charlottetown 145,000 141,000 2.8% 175,000 170,000
7 q. y" k) X7 ~- V: L5 a -------------------------------------------------------------------------
! _% h0 @$ d! S% c Moncton 135,000 127,000 6.3% 129,000 123,000& K6 v0 p4 D+ ^$ E# B% z: x
-------------------------------------------------------------------------
! Y- `6 I- u! q Saint John 141,200 142,900 -1.2% - -
/ p. [# c9 k7 W: g% o' k- t4 y# ^. E -------------------------------------------------------------------------* c- q7 k2 f% g1 s4 |
St. John's 143,667 142,667 0.7% 200,667 202,333
& A9 d8 e$ p/ @# t# x7 k8 Z' v -------------------------------------------------------------------------
% s" p7 A W3 f Atlantic 150,240 145,380 3.3% 175,833 173,5839 B, L- a g' R( O
-------------------------------------------------------------------------+ w8 c, S) S w0 ]# i. h3 H
Montreal 213,691 203,500 5.0% 321,141 316,185; ~- q* M9 C; x2 o: h* Y" j
-------------------------------------------------------------------------7 e8 y, J8 K0 u& L# h6 I! e
Ottawa 290,083 278,417 4.2% 285,667 273,250
' ^" G* [ \0 Q) P" S0 f -------------------------------------------------------------------------7 y! r- K# C! U4 a, H
Toronto 373,368 355,882 4.9% 481,523 474,766
+ @# }5 w# T2 @) e -------------------------------------------------------------------------9 w, J' ]4 Y% c6 Z
Winnipeg 181,579 159,860 13.6% 202,337 180,7072 q3 y3 S! k% D4 z* `8 [& T% ?
-------------------------------------------------------------------------
/ d/ U+ f: \# n1 b2 q( i z1 W1 [7 Q; f Saskatchewan 170,667 156,083 9.3% 182,600 166,5003 C) B' S5 z0 [
-------------------------------------------------------------------------; C2 J- M# u; y' n4 D" r8 l
Calgary 395,067 252,411 56.5% 405,778 264,389
( ~7 P. o/ f7 O8 d% u -------------------------------------------------------------------------
6 O0 [0 G: F. g% Y/ B! |) z Edmonton 286,857 194,857 47.2% 316,429 206,714% k7 Q; K" p) @ q* G1 @) m
-------------------------------------------------------------------------, L$ H* O0 q7 { y L. Y
Vancouver 704,250 601,000 17.2% 794,000 697,500% X8 C h' Y" q: c
-------------------------------------------------------------------------
: s) m, m' C% W2 o$ u" Q Victoria 375,000 348,000 7.8% 403,000 391,000
$ M3 R/ F O% f% B! m* |, I -------------------------------------------------------------------------7 m1 Z! S+ k# s/ J' n) F+ Z
National 300,365 258,202 16.3% 365,380 322,860 a( \( U& s% R5 L4 w U
-------------------------------------------------------------------------$ H& Q, f, j$ B# T3 h% h
4 s/ Q' y, @2 I) \
-------------------------------------------------------------
# t& [# `0 w1 q! O) l7 i Standard Condominium
4 z/ E# h8 a* G9 \ -------------------------------------------------------------# P( d0 B" i/ u) T& C
2-Storey 2006 Q3 2005 Q3 Condo
# K4 ^" ]1 c7 Y' i" g Market % Change Average Average % Change
( \1 X d) y0 @ -------------------------------------------------------------
, d: X4 L+ g" l- s& { Halifax -0.2% 142,000 103,000 37.9%
; O+ ^3 y1 P( {( E -------------------------------------------------------------
0 a* ?3 H7 q) c6 a4 N7 ] Charlottetown 2.9% 98,000 98,000 0.0%! S j* H3 ^/ r
-------------------------------------------------------------
7 I( Y2 F1 p F/ A" Q: Y' T1 v) { Moncton 4.9% - - N/A
5 |: V) a, W% F( Q/ F5 I- e -------------------------------------------------------------
+ | Q# `9 I% `+ G1 Y( Y& W Saint John N/A - - N/A. u, m6 w y: @
-------------------------------------------------------------
6 m# |8 |1 g* @3 m% n St. John's -0.8% 146,333 145,667 0.5%' j4 C h2 D6 u# B- [
-------------------------------------------------------------7 u8 f: H3 q7 i/ _
Atlantic 1.3% 128,778 115,556 11.4%
& F' d& X" s; g/ Y -------------------------------------------------------------9 A+ d n3 R! P& n
Montreal 1.6% 193,190 188,016 2.8%
- z" s U9 K q. p -------------------------------------------------------------
7 X4 y1 q+ _, z4 ]8 W8 F7 L Ottawa 4.5% 181,083 172,250 5.1%
8 M1 k3 n( Z0 H( k9 T -------------------------------------------------------------
) n4 M3 p" y$ c; B9 } Toronto 1.4% 252,088 242,918 3.8%
+ |/ v+ J+ R# l! u% e+ P7 R -------------------------------------------------------------; J0 L1 [" d$ E! _; w
Winnipeg 12.0% 105,648 96,008 10.0%
0 J! F9 Q9 A$ v3 P5 D. y! l( F -------------------------------------------------------------
+ s+ n7 W! x. e+ X$ ` Saskatchewan 9.7% 106,250 101,000 5.2%/ ]" z( M+ g$ R$ F* m, ^# W( B1 q8 {
-------------------------------------------------------------" a3 }2 @0 M& o
Calgary 53.5% 245,844 153,867 59.8%
! R- n1 V H: N% i -------------------------------------------------------------
, i' s! n% e5 o Edmonton 53.1% 200,433 131,500 52.4%
7 D7 f0 P8 t7 D. k" s -------------------------------------------------------------& V6 u0 K& e. y
Vancouver 13.8% 366,250 323,250 13.3%* q1 H* f {5 u2 `/ N2 k5 {
-------------------------------------------------------------/ D- w1 h. s" z" b
Victoria 3.1% 229,000 220,000 4.1%3 i# b6 `9 f# v8 `6 ^, y
-------------------------------------------------------------1 m. @/ |6 x0 P: x
National 13.2% 211,562 185,296 14.2%( S6 `/ J# p) T7 @. X' ^' \
-------------------------------------------------------------; a7 s' P4 S5 V# P7 K
>>
- _" _6 T; n. E' C/ g% x; h. A5 S) k1 R& t# N2 G
Average house prices are based on an average of all sub-markets examined+ b5 t$ J" z# B
in the area, except for the smaller markets of Charlottetown, Moncton, Saint d7 ~( L4 `, e: ?6 r+ F* q V. x
John and Victoria.
/ t: u1 f! X R) |& N+ Y5 v6 g: ~3 ]# |9 M/ m1 p5 m% M
The Royal LePage Survey of Canadian House Prices is the largest, most* I9 R9 z% g0 w/ x5 |9 @
comprehensive study of its kind in Canada, with information on seven types of* T5 u) A/ G4 ]
housing in over 250 neighbourhoods from coast to coast. This release0 m8 _/ [# q5 P# C
references an abbreviated version of the survey, which highlights house price
! b# g0 t3 A4 V2 ttrends for the three most common types of housing in Canada in 80 communities
/ \$ S; I7 c- Gacross the country. A complete database of past and present surveys is4 v4 D- K, f4 f6 ?* d5 v4 q$ D
available on the Royal LePage Web site at www.royallepage.ca, and current
' z% @0 d) }% P/ \9 K; i4 Hfigures will be updated following the end of the third quarter. A printable
) ]# K8 F O- [2 Eversion of the third quarter 2006 survey will be available online on2 p5 f2 n: e0 i9 ]/ z4 G6 K& ?
November 15, 2006.
7 G/ b c* v: t; F( O Housing values in the Royal LePage Survey are Royal LePage opinions of- }& f- a' q" B1 x. l( ]
fair market value in each location, based on local data and market knowledge/ u6 D( l) a G
provided by Royal LePage residential real estate experts. Historical data is
; O! a3 Z) _' `4 B. Savailable for some areas back to the early 1970s. |
|