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Canada's housing market both vigorous and stable ( j/ o( u1 K- o
: K/ L$ B& @& }- I7 b2 e, h
- Country's market poised to show growth throughout 2006 -& {3 B# \4 L5 E5 ^
" `) O& v6 G- c& U
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market, D9 v! ~2 s4 _! ^) a [* w
exhibited moderate price increases and stable unit sales during the third
4 N0 I7 x! X0 h" K* W* C+ e5 A- squarter. Wide regional variances continued to be the dominant characteristic! T- N) ~) {* a/ z) E) d! D- R
in the market, exemplified by frenzied levels of activity and double digit
: E7 h2 Z. q9 X3 k0 D( Yprice gains observed in the energy and commodity rich Western provinces, and
0 w" @; q: }1 X" y0 @more reasonable sales volumes and moderate price appreciation in Ontario,' K3 \+ x: P+ C& _0 n6 v7 W
Quebec and Atlantic Canada, according to a report released today by Royal, I8 \. s3 q6 ]& K4 u2 y2 }
LePage Real Estate Services.
5 y; G2 a7 F. T0 y
a, s a- p! B2 h7 I9 `/ B. b% ~ Nationally, market trends established through the first three quarters8 p0 y* u9 y W `% U6 @, V
are forecast to continue for the remainder of the year. Robust economic
: R' }1 I5 C" k* i5 S! iconditions, low unemployment rates, modestly growing salaries and wages, and
1 g& `% s8 E. a1 K- q% L8 _sound consumer confidence contributed to the overall strength of the! E* \$ {/ L3 y
residential real estate sector.
5 |- A/ E0 [" S2 c. K; N7 R& G7 U. t( o9 h3 m
Of the housing types surveyed, the highest average price appreciation
/ f6 E3 C* @6 |& G5 T b6 k( loccurred in detached bungalows, which rose to $300,365 (+16.3%)# x* ^" a$ _% G
year-over-year, followed by standard condominiums, which rose to $211,562/ j# ]! i' V5 x$ f% Y% T
(+14.2%), and standard two-storey properties, which increased to $365,380
- }. \+ l4 z% p% N0 u2 G, {1 G" ^(+13.2%). I: k# f j; m4 Z+ X$ W2 M- ]
5 F! ~9 A! l' ?* ]% k
"Canada's sturdy housing market continued to demonstrate steady growth: P4 G9 |& c+ D5 i/ J& a
during the third quarter. For all but the west, we have moved on from the0 j A* Z4 Q) p$ j# F) {' t/ L+ E
frenzied expansion that characterized the first half of this decade, and are
" N; R. ?$ u6 {# |( r6 jpoised to show continued growth at a more moderate pace," said Phil Soper,4 e2 e0 j7 l, j
president and chief executive officer, Royal LePage Real Estate Services.
7 M- L$ w* W L* o"Gone is the sellers' market that we have lived with for some years. We
" O* H$ p b x! l( d: I z1 xwelcome the more reliable conditions that are characteristic of a healthy
. }( _/ T f9 E; ^% k" B) N6 rbalanced market."7 ?! u9 z; `7 o1 |( g; Q/ h/ c
& f: R$ K( U' ^2 ]% n* } Despite the double-digit rise in average national house prices,4 Q; w/ y$ V+ v0 B! Z
considerable regional variances were exhibited again this quarter. The shift7 V+ O, z) `5 t1 Y5 H
to balanced market conditions, which began in late 2005, has continued6 ^; ^/ I, ?: @2 J
throughout most of the Central and Eastern regions of the country. In the core8 r8 U& `% U+ p, X$ X3 [ R) T
energy producing western provinces, the combination of very high in-migration,
* J. `/ w1 P( V0 K' Zmanageable affordability, and a shortage of inventory has driven record' \- P" J! \. n( X1 e
breaking price appreciations.
" D* A, e0 o5 K' I- a
. _2 N# j4 u2 q8 B& q- Y Echoing the second quarter and supported by Alberta's rapidly expanding
; i/ a5 f( c) v/ H' w' t! R! weconomy, Calgary and Edmonton led the charge of Canadian cities with the. R# n3 O" Q- Q7 H$ F/ }. l
largest house price appreciation in all housing types surveyed.5 C8 j6 q; e; T& m% e4 ^
, U0 r/ x W! T& A
In Ottawa and Toronto, growth remained steady, supported by solid8 }0 R% m L5 t
economic fundamentals, an increase in available inventory and strong consumer) V: N0 e$ c0 U2 t d5 i( [3 V
confidence. While the pace of price appreciation in Ontario leveled off; S0 @1 U( Q# u$ R2 T) V
slightly, the province's real estate market remains poised for modest growth.
3 N p) I2 J# _' q$ b# U7 DIn Atlantic Canada, new housing and condominium construction offered buyers
5 w, I& u" W+ b( o: W1 P6 Q9 fgreater selection at more competitive prices, resulting in a slower rate of
0 i3 {7 J" _, @ Nprice appreciation when compared with 2005.; W5 k+ _% N" }' ^. U" v
/ ~' z8 e0 E6 L
While the pace of growth in Canada has slowed, the domestic housing
2 G% @6 @% D( T) `' `market is expected to outperform the American market. The economic and0 q: L% }5 q) d
financial fundamentals driving the residential real estate sector in Canada, L9 [5 y0 H, a& L$ U1 T
are markedly different than those found in the United States.
2 K/ }; f* w: U+ _5 c7 q
5 M6 F" u, F% J9 v4 m Added Soper: "Canada's housing market is likely to outperform the
+ ~7 D/ F) L& ^: b% h h7 q5 k( SAmerican market through 2007. A number of factors are working in Canada's
. H% N9 u- H' r) [" Kfavour, including healthy personal and governmental debt levels, the# S1 Q, o1 W9 q( s
relatively modest rise in interest rates in our country, and general. p" B" O: F5 N W
affordability in our major cities. In addition, Americans are now seeing the
5 {' c! @1 ?$ O! L4 U& S: H3 ?downside of a tax system that encourages maximum homeowner leverage, and+ N( u7 n8 h% c# P1 @! a. n
aggressive financial products such as zero- and negative-amortization" I) y- s/ M% t# u9 A' z- B
mortgages that work only in a high price growth environment."
. J7 E3 ?! U, X M
) k4 u0 h* E* N3 M/ y& b/ m z* x <<$ y4 ?) y) q# A9 h. S
REGIONAL SUMMARIES
7 X3 O1 c/ q4 ~9 @+ c* S+ ` >>$ P+ Y. Q: [; T' }; q; B, Z4 {
- ?: K" m8 a# y/ } [ Balanced conditions continued to characterize the housing market in; p0 S. @' S( ^/ I
Halifax, as significantly higher inventory levels helped to moderate the rate) x) x2 W E a
of price appreciation. Buyers were increasingly choosy, taking more time- P9 ` ?: L% `- c
looking for newer, low-maintenance properties that were not in need of
; V& v) l) S$ urenovations.! L( F+ w- `9 M! ?: i" ]5 v
) a. Y2 Z4 t( F7 V The housing market in Moncton remained healthy and strong as a slight5 d0 O; u5 T: C* T
increase in inventory helped to moderate the rate of price appreciation
" L9 O4 W" [- J3 hcompared to the same period in 2005. Activity was brisk throughout August and2 o4 C& q; M3 m1 A4 Q+ e# P( k9 K' `
September and is expected to remain this way through the fourth quarter.
) b! \2 z! u7 D' n
# s6 p' W% }) _ e1 y, \' z( F* a The housing market in Saint John underwent its traditional summer. T( x& Y0 X! D& I" y9 {
slowdown in the third quarter, with activity picking up towards the end of the
- `5 ~. d5 R1 Mquarter. The local economy continued to thrive, as construction on a new
+ n; N* N2 Z: R7 [0 c j7 `600,000 square-foot shopping area has begun, bringing several new box stores
& p m! I3 d# ~+ Nto the area. Buyers have begun seeking less expensive fixtures for their homes3 C+ a7 d* y3 Z4 B
and are instead opting for more affordable housing options.% S& B3 L8 l6 C2 ?7 K
+ L: @" R9 d" ?" G2 v$ z( D
In Charlottetown, the housing market started to move towards balanced
2 ? w$ O j$ K9 @6 b" [0 x" Rconditions, as some sellers had to begin to lower the asking prices on their: q, t6 J3 O4 n
homes to make them more competitive. Activity from out-of-town and US buyers
' r8 L) ^# G- s+ T; ywas down slightly compared to 2005, likely attributable to the strong Canadian
3 z' {0 n% z8 V9 ~5 W z+ Gdollar. Inventory levels began to creep up in the third quarter, providing9 r8 F+ h7 P) }" g/ O
buyers with more options when looking for a home.1 x1 s* A+ ]/ V$ @
5 c, x2 Q7 F- z/ U, \! D w
Activity in St. John's slowed slightly in the third quarter, particularly" G2 F; @5 n* R0 V8 R' Y
among higher-priced properties, where there was a slight over-supply of homes2 D7 U8 Y1 k( s6 a9 p
priced over $200,000. Listing periods have increased when compared with 2005,/ \! q' }: O1 }4 w7 \- ]1 Y- B
as some of the pent-up demand that had characterized the market over the last
! f4 w' E. f3 v& bfew years has been satisfied, resulting in more normal, balanced conditions.
B6 R7 k; X" B# r9 X3 S* \
2 I' t# `# r4 K! x+ C3 G+ r Montreal's housing market recorded modest increases in average house
) s/ o. \* C( V" {prices, due to a slight seasonal slowdown in the third quarter as inventory
4 R3 i- n8 c4 E8 f W4 |levels rose. Part of this can be attributed to the fact that many renting
) L* n! N& `3 lfirst-time buyers were motivated to close on the purchase of a home by July 1,
# W+ ^( {& s7 ]) Nwhen rental leases expire in Quebec. Once this date has passed some of the
- ?4 D& r" e; T$ `8 J! ~( ~pressure is taken off the market, allowing buyers to visit more homes before
/ j: ]* T L/ |, `5 b/ Nmaking a purchase.+ |% M* z! [$ r. l% |
7 X6 V7 D/ N% T: o' Q* n
Ottawa held its position as one of the country's most stable housing
7 E. p7 \3 X2 y! qmarkets in the third quarter, reinforced by a vibrant local economy and strong8 R, A/ {% M9 T) ?. R
confidence, resulting in modest increases in average house prices. The city
0 h. d; Z. ^* o) @- C6 W# {centre remained a bright spot in Ottawa, with homes in this area attracting
m! b. p. {: W6 {* {5 _& f, wattention due to their convenient location and proximity to downtown
$ @: p; A8 \: O+ samenities.$ ]+ M7 k) a" Z ]: d& P
/ C" p% x% k2 y, z* a The housing market in Toronto sustained healthy activity levels
" D( B7 i1 [: _; ^, C. a1 ithroughout the third quarter, as a strong economy helped to maintain demand
: e. A: `/ p% U$ O* ^- [4 K/ N0 Sacross the city, causing average house prices to rise moderately. Toronto has6 ]4 I5 {7 H* Z2 f. p& i. V$ Q
continued to experience modest growth in average house prices, and has been4 @ H9 B+ r; {9 O/ X
driven primarily by purchasers who are buying homes as their principle
: u$ q1 N* u" R4 ?7 \, W3 uresidence, rather than for investment.- i. E# }/ y8 a1 j2 ~1 a" N# y: S3 Q
" t# B5 O1 W; Y4 \$ u! ]' j) g
The vibrant Winnipeg housing market continued to show its strength as
5 k& x4 h: d4 u! o. Shouse prices rose during the third quarter. The booming local economy resulted5 ~) W, C/ @& p) ?2 h# P
in a historically low unemployment rate, helping to bolster consumer
9 T0 q1 Q2 t4 v# V S0 Z" h! Wconfidence and Winnipeg's ranking as the city with the lowest capitalization
- C1 k1 d! v8 \9 b2 ~rate among the country's larger cities - helped to encourage buyers to enter
4 ^3 `2 c' W: C* _5 Othe market.
% t) d. P% L' j- o$ w/ \4 B9 S
; @1 u) v3 x' B! z6 t In Regina, the market experienced a slight seasonal slowdown through
" x0 i' N' e$ u, x7 pJuly, as there were fewer purchasers in the market due to summer vacations. In1 X7 ^. \1 c' a; h
August, activity resumed to the busy pace previously seen in the spring* T2 E# L0 f- f+ O- N" k
months, as the influx of purchasers made it more difficult to find a home due
. r3 o9 \6 T. _ p# L. lto the shortage of available inventory.. a0 s, B% }3 e: e
1 N% w# w9 E# s: F( d0 [, ]+ h1 O% J
Activity in Saskatoon remained brisk as the market maintained its( d6 S- @# ?0 x
momentum from the busy spring sales period. The economy in Saskatoon remains& G: E3 I8 S, c8 N- n, x3 d0 r
vibrant, as employment opportunities are abundant with many businesses
: L8 F& e1 W5 K2 x. M) Q' Istruggling to make hires and having to recruit outside the province.; J7 H$ j- ?( p* p6 O7 o* B$ ^
, ^+ u/ y( j0 T' a# S" P2 \& Y
Calgary's housing market recorded blazing average house price increases( X# t5 Z, o) Q0 b1 E' W+ [
in the third quarter, in all surveyed categories. The burgeoning economy, low2 T9 \2 D, ]: T/ d
unemployment rates and low inventory levels remained the leading factors that
# t& N+ v0 M3 g- @" }" vpressured Calgary's house prices upwards. However, regardless of the soaring3 l) I& t$ h: q: I* r) T
prices that characterized the market - even during the typically slower summer
7 g; J* D3 H. vseason - it is expected that activity will become slightly more balanced, as
. ~& }! W+ Q+ A3 J' bbuyers are becoming more reluctant to participate in the frenetic activity., W0 ~& p! @2 S( X3 G: Q
2 H) T2 a3 N3 ?( s
Edmonton's booming local economy continued to thrive in the third quarter! R! B+ o. p5 }1 f& |4 }: I/ ]
as activity in the oil sands north of the city continued to flourish. Edmonton0 ?0 \; W% {* x
remained the hub of activity for those coming to work in the oil industry,
- t, Z3 k3 G9 X* }maintaining tight inventory levels across the city, resulting in prices
/ i/ I2 }# X. @increasing at record levels. However, as inventory levels continued to improve; p2 ^8 W/ ^, c6 f- y% I6 |, z
in the third quarter the rate of price appreciation should moderate slightly. b& L$ o/ }9 a* b( X
towards the end of 2006.
0 `. V- t! k6 O
9 l6 V, @ e6 {& K/ TWhile Vancouver has seen a slight reprieve from the severe shortage of
5 b7 l% K9 D) @- [inventory that had previously characterized the market, supply is still unable% [; B7 Z* K5 f3 K7 C; g. C0 Y: b' X
to meet demand, driving house prices upwards. Vancouver has a very diverse
& G& v3 d0 O4 e. S. u+ A/ \* ugroup of active buyers - from first-time home buyers to baby-boomers to
" j H: @, B3 \6 S2 }$ ?$ Sforeign investors - all of whom fuel the demand for houses, placing added
6 ?$ z; `4 m; t- O. Dpressure on tight inventory levels.
. L% }. A. D2 ^- i: @' v$ r
% a1 g+ d) x1 h( h' e0 C- r Victoria's market is vibrant and supported by strong economic; F+ D/ q' D" w- u& A% u0 E
fundamentals, fuelled by a booming tech sector and a migration of young people
- O: L. w( _/ f3 U finto the city that has continued to support the area's house price increases;/ N! t9 Y: T j) w8 [! ^ y
while increased inventory levels have afforded buyers more time when searching
1 l) h1 q* [9 d. @' v$ N) sfor a home, helping to normalize the market's pace.
, R# }* d- M& E7 l5 x6 ^
8 O3 H: O+ [' W4 h <<
4 i4 C$ ]% V" W1 I$ U0 \% [ Survey of Canadian Average House Prices in the Third Quarter 2006
" u3 `) _1 k$ Z) ~- n0 N. |
2 g* n) n b1 B0 L -------------------------------------------------------------------------# a, \/ ]' y9 z" {. O0 S }
Detached Bungalows Standard Two Storey
, p" u8 W) L1 K, G& X" X -------------------------------------------------------------------------' ]1 q u9 S$ K+ @
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
# i) s9 p, h4 q! e Market Average Average % Change Average Average
; ?5 D/ Y! R" ?& e% V. P: J1 { -------------------------------------------------------------------------
% n: x5 M, E- O1 h$ y; p8 i2 Y Halifax 186,333 173,333 7.5% 198,667 199,000
" O6 u% @. o: z0 y* v -------------------------------------------------------------------------
9 `& S# X, c5 n& o Charlottetown 145,000 141,000 2.8% 175,000 170,000
% t( Q. Y9 [3 \2 C; C -------------------------------------------------------------------------3 @* p# t; U8 _
Moncton 135,000 127,000 6.3% 129,000 123,000
* Z: J/ O" @# C. Q -------------------------------------------------------------------------: Z. \* c/ x g3 ~9 S' u6 u; D
Saint John 141,200 142,900 -1.2% - -. w2 g0 G* N. X3 X
-------------------------------------------------------------------------
, @; ?5 [" P9 [' `# G St. John's 143,667 142,667 0.7% 200,667 202,333
8 x6 L/ L3 m( q( B -------------------------------------------------------------------------! ?7 f, o) ^, X; T' F) m
Atlantic 150,240 145,380 3.3% 175,833 173,583
) M2 ~- G7 E$ J. J& ~, p$ z; F -------------------------------------------------------------------------
0 c4 a- ?4 {$ h Montreal 213,691 203,500 5.0% 321,141 316,185
0 N& s* A$ {1 Q5 Y -------------------------------------------------------------------------% _) ^- v- |9 E4 }3 v, o& v
Ottawa 290,083 278,417 4.2% 285,667 273,250$ G( E/ I6 S, F8 W* ~, l; @
-------------------------------------------------------------------------
7 ~! z7 i; s3 r$ k6 s8 p Toronto 373,368 355,882 4.9% 481,523 474,766
# Y% b _8 {( a v" L" W Y -------------------------------------------------------------------------
+ ^ c. d- W! e6 ~6 C _ Winnipeg 181,579 159,860 13.6% 202,337 180,707: C0 U( k1 s! G0 Q3 g; R; j
-------------------------------------------------------------------------
) E: @: P a1 Q2 L$ @ n' m" T Saskatchewan 170,667 156,083 9.3% 182,600 166,5006 q1 a) G, _ R- X: `
-------------------------------------------------------------------------8 I; s! p8 z2 _& P. c9 @$ C
Calgary 395,067 252,411 56.5% 405,778 264,389, k0 p6 f. U7 i
-------------------------------------------------------------------------
4 n; }$ W3 {/ O) S Edmonton 286,857 194,857 47.2% 316,429 206,7142 h' M" q1 k! u* ~' Q) G; _
------------------------------------------------------------------------- v/ {! T3 F" t2 B" V) o) C
Vancouver 704,250 601,000 17.2% 794,000 697,500
3 f! V) @+ }1 b0 V: i -------------------------------------------------------------------------
, ~. X& _! N) A: q. I Victoria 375,000 348,000 7.8% 403,000 391,000
- e. r6 j6 \8 o1 I6 A -------------------------------------------------------------------------: s# [4 h3 x) w. p1 l
National 300,365 258,202 16.3% 365,380 322,860
, g; \/ Z& R2 M5 N* P2 L9 |& X -------------------------------------------------------------------------
?9 W; j: G) J ]- `% D4 Q N! W- D8 Q# P. T& B. R
-------------------------------------------------------------
, v; ~1 b& W' H0 F; J/ E Standard Condominium/ J% l. x3 i' ] y
-------------------------------------------------------------
% C4 E: S( S! F% {; U 2-Storey 2006 Q3 2005 Q3 Condo
) H/ w1 h4 b" s- ^/ x! t Market % Change Average Average % Change
2 C7 v( u0 I3 }, K/ M -------------------------------------------------------------
" c4 S, b/ w% \ Halifax -0.2% 142,000 103,000 37.9%) R: z, T6 L2 I; m# E$ p
-------------------------------------------------------------1 ?0 n6 v! L% o$ A4 J
Charlottetown 2.9% 98,000 98,000 0.0%: U7 {* [$ }! S7 L! ~2 o; S
-------------------------------------------------------------
6 D: u( e0 V% Z- l3 U; a Moncton 4.9% - - N/A
2 }: ^9 k o$ W. G! J& K! T -------------------------------------------------------------
8 p) r: G+ R. i Saint John N/A - - N/A
0 \' |5 X' e* b- T2 O -------------------------------------------------------------
3 {) x+ D. n B9 N8 m! R# y: n+ e St. John's -0.8% 146,333 145,667 0.5%
0 _- d3 B3 k- V, n0 y2 o1 K1 _ -------------------------------------------------------------% A; f9 |$ Y" J2 d5 p0 |
Atlantic 1.3% 128,778 115,556 11.4%3 f1 _6 s9 ^* e* h8 C
-------------------------------------------------------------0 e6 A7 S8 X7 f; c2 w
Montreal 1.6% 193,190 188,016 2.8%0 z. X4 }& q- e* ^
-------------------------------------------------------------) P/ z a6 B+ Q
Ottawa 4.5% 181,083 172,250 5.1% K9 K0 o( V5 v+ W4 N
-------------------------------------------------------------
! c3 [" |! Z) ]+ r# _ Toronto 1.4% 252,088 242,918 3.8%
( c" W+ ]& o, n& l' s0 k -------------------------------------------------------------
. m" t* N, n) N, c: M3 n Winnipeg 12.0% 105,648 96,008 10.0%" h* A5 U0 N. D0 ~9 K* \, Q
-------------------------------------------------------------
4 T7 @! U. z6 b( _% D2 l Saskatchewan 9.7% 106,250 101,000 5.2%7 H2 E% M4 I+ d' j3 f1 E
-------------------------------------------------------------
8 ~4 |* k; T6 \# L! M: @" c Calgary 53.5% 245,844 153,867 59.8%
8 f! y, G+ ?, a/ b+ J9 q0 L -------------------------------------------------------------
2 i3 U) |8 u3 A+ R9 e* { Edmonton 53.1% 200,433 131,500 52.4%
$ C9 ]9 z- R4 Q5 E4 M" D. J -------------------------------------------------------------- Y$ i# c6 _/ i: s r1 |
Vancouver 13.8% 366,250 323,250 13.3%
3 Z# h7 z, c- i8 n/ D W1 s -------------------------------------------------------------5 F7 }8 l0 b/ ^1 s0 q& Y8 b- M9 s' E
Victoria 3.1% 229,000 220,000 4.1%* `/ Q V' @! H. P6 s! X
-------------------------------------------------------------
, F4 X8 K: @- D' C# H National 13.2% 211,562 185,296 14.2%8 G2 Z; a, V' ^: s$ D+ u
-------------------------------------------------------------
6 l8 Z" o: [ `0 W, ]' `$ ~' X+ { >>
$ u2 z! N& x7 Z' W6 W- A
, l2 s* @) Y8 v+ k Average house prices are based on an average of all sub-markets examined
) e E" I/ t! Y' R% }, Pin the area, except for the smaller markets of Charlottetown, Moncton, Saint- n5 X9 _ K7 x' o0 K4 a- y
John and Victoria.
' D2 Y4 I6 T* E3 F
9 v7 ^1 W" }& ]% }: }( U9 q$ X The Royal LePage Survey of Canadian House Prices is the largest, most
7 C% y2 b' {2 G# k) Y% Ncomprehensive study of its kind in Canada, with information on seven types of
% D' H9 \& T& Ghousing in over 250 neighbourhoods from coast to coast. This release
/ I* J* J; B, Areferences an abbreviated version of the survey, which highlights house price+ }' K$ d3 a6 U3 c7 \0 J. d
trends for the three most common types of housing in Canada in 80 communities' h( g5 a% P! o7 B; S! {
across the country. A complete database of past and present surveys is
5 N. C$ h4 [+ @" O( O; oavailable on the Royal LePage Web site at www.royallepage.ca, and current
+ k9 F. W( Z* g& Sfigures will be updated following the end of the third quarter. A printable4 M9 f; y( E) d( j0 f0 c
version of the third quarter 2006 survey will be available online on
) e0 V+ N/ P" o! ?0 G( uNovember 15, 2006.
+ a3 o S2 c2 ~( Q- W6 G/ S Housing values in the Royal LePage Survey are Royal LePage opinions of# g: |) w; j2 b$ b* o1 I
fair market value in each location, based on local data and market knowledge, B7 S; P% `) y6 i( k
provided by Royal LePage residential real estate experts. Historical data is
# m& a5 o9 X& q& m! ?. K" oavailable for some areas back to the early 1970s. |
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