The housing market may be recovering, but is experiencing an undersupply of homes for sale in southern Ontario and elsewhere in Canada.
That's according to the latest house price survey by Royal LePage. It says with the recession retreating, home prices are stabilizing and unit sales are increasingly driven by improved affordability.
Royal LePage says the average price of a two storey home in Canada is up just 0.1 per cent from a year ago at $409,335.
Average bungalow values grew 0.06 per cent year-over-year to $341,146, while the price of an average condo increased 0.09 per cent to $243,748.
Royal LePage says a shortage in housing supply is leading to bidding wars in several cities, including Toronto, Montreal, St. John's, N.L.; St. John, N.B. Moncton, Edmonton, Calgary, North and West Vancouver, and Victoria.
While the Atlantic provinces saw a strong recovery in home prices, western provinces have been slower to recover from significant price corrections in 2008, particularly in British Columbia and Alberta.
Ontario and Quebec saw home prices stabilize or gain slightly year-over-year with much of the recovery occurring in a strong third quarter.
Thursday, October 8, 2009
Thursday, September 24, 2009
Fabulous Winnipeg Condo
Unique Loft style condo in Lindenview Complex.
Open concept main floor with upgrades galore. Hardwoods, stainless steel appliances, designer paint and finishes.
The complete upper level is Principal suite.
It features a unique den off the sleeping area. The walk in closet is huge and even has a window. The ensuite is a full 4 piece with a seperate shower and tub.
There is additional space in the lower level should you choose to develop.
This is an end unit with its own private green space.
Two parking spaces, low overhead. Tons to love about this unit.
Feature Sheet
Open concept main floor with upgrades galore. Hardwoods, stainless steel appliances, designer paint and finishes.
The complete upper level is Principal suite.
It features a unique den off the sleeping area. The walk in closet is huge and even has a window. The ensuite is a full 4 piece with a seperate shower and tub.
There is additional space in the lower level should you choose to develop.
This is an end unit with its own private green space.
Two parking spaces, low overhead. Tons to love about this unit.
Feature Sheet
Housing Market bounces back Across the country
Canada's housing market has weathered the recession relatively well and now seems poised for “significant growth” in the final quarter of this year.
“While there may still be some challenges down the road, the worst is definitely behind us in the housing industry,” Elton Ash, executive vice-president of the firm's Western Canada region said in releasing a report on Canadian home sales and prices.
“The bounce-back that began in early spring has made this recession one of the shortest on record for real estate,” the firm said in its report. “Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now under way”.
Here are some highlights from the report:
Vancouver leads the recovery
Sales are 14 per cent ahead of last year's figures for the January to August period at 23,158 units, with a lot of the activity generated by first-time buyers who were previously priced out of the market.
“Average price – while off 2008's record high – is battling back at $574,061, down a nominal 5 per cent from the previous year.”
Victoria sales were up 7.4 per cent to 5,266 units in the January to August period, with the average price of $466,611 down 5 per cent from the comparable period a year earlier.
Alberta markets crawl back
In Calgary, while concerns about the oil and gas industry still weigh on the market, unit sales are almost on par with 2008 levels.
Year-to-date prices, at $380,489, are 7.5 per cent off last year's pace.
In Edmonton, the market began showing signs of recovery by February. Year-to-date, the number of homes sold is up 6 per cent to 13,691. This year's average price of $319,939 is 5 per cent below last year's prices.
Saskatchewan and Manitoba: Home prices up
In Regina, sales have increased by 5 per cent year over year and average prices are up 6.4 per cent to $244,088.
In Winnipeg, the number of sales has declined, but average prices are up 3.5 per cent year-to-date to $207,006.
Strong sales in Ontario
“Despite dire forecasts for a long and drawn out recession, housing sales have soared in the Greater Toronto area in recent months, with more than 58,000 properties changing hands between January and August 2009. Average Toronto prices are up 0.3 per cent to $385,978.
In Ottawa, unit sales are up 2.5 per cent and the year-to-date average price of $301,684 is up 3.3 per cent from the comparable period in 2008.
Atlantic provinces: Sales and prices up
“Activity has exploded with the success of the oil sector,” driving average prices in St. John's., Nfld. up 18 per cent year-to-date to $203,584, Re/Max said.
In Halifax-Dartmouth, average prices are up 3.5 per cent to $239,633.
“While there may still be some challenges down the road, the worst is definitely behind us in the housing industry,” Elton Ash, executive vice-president of the firm's Western Canada region said in releasing a report on Canadian home sales and prices.
“The bounce-back that began in early spring has made this recession one of the shortest on record for real estate,” the firm said in its report. “Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now under way”.
Here are some highlights from the report:
Vancouver leads the recovery
Sales are 14 per cent ahead of last year's figures for the January to August period at 23,158 units, with a lot of the activity generated by first-time buyers who were previously priced out of the market.
“Average price – while off 2008's record high – is battling back at $574,061, down a nominal 5 per cent from the previous year.”
Victoria sales were up 7.4 per cent to 5,266 units in the January to August period, with the average price of $466,611 down 5 per cent from the comparable period a year earlier.
Alberta markets crawl back
In Calgary, while concerns about the oil and gas industry still weigh on the market, unit sales are almost on par with 2008 levels.
Year-to-date prices, at $380,489, are 7.5 per cent off last year's pace.
In Edmonton, the market began showing signs of recovery by February. Year-to-date, the number of homes sold is up 6 per cent to 13,691. This year's average price of $319,939 is 5 per cent below last year's prices.
Saskatchewan and Manitoba: Home prices up
In Regina, sales have increased by 5 per cent year over year and average prices are up 6.4 per cent to $244,088.
In Winnipeg, the number of sales has declined, but average prices are up 3.5 per cent year-to-date to $207,006.
Strong sales in Ontario
“Despite dire forecasts for a long and drawn out recession, housing sales have soared in the Greater Toronto area in recent months, with more than 58,000 properties changing hands between January and August 2009. Average Toronto prices are up 0.3 per cent to $385,978.
In Ottawa, unit sales are up 2.5 per cent and the year-to-date average price of $301,684 is up 3.3 per cent from the comparable period in 2008.
Atlantic provinces: Sales and prices up
“Activity has exploded with the success of the oil sector,” driving average prices in St. John's., Nfld. up 18 per cent year-to-date to $203,584, Re/Max said.
In Halifax-Dartmouth, average prices are up 3.5 per cent to $239,633.
Wednesday, January 7, 2009
Its all good news!
Winnipeg’s resale-homes market rebounded in December, with sales returning to more normal levels after two consecutive months of sharp declines.
A total of 504 properties sold last month through the Winnipeg REALTORS Association’s Multiple Listing Service (MLS), according to new figures released today.
While that was a three per cent reduction from December 2007’s record-setting total of 522 unit sales, it still compares favourably with other Decembers and was a huge improvement over November’s 25 per cent drop and October’s 18 per cent decline.
And despite fewer properties being sold, last month was still the second best December on record for dollar volume of sales. The association said last month’s tally of $91.8 million was second only to December 2006’s $94.7 million.
The strong finish enabled the WRA to establish another new annual record for dollar volume of sales in a single year, at $2.4 billion.
That was a nine-per-cent improvement from 2007’s total of $2.23 billion. It also marked the second consecutive year that sales eclipsed the $2-billion mark, and the seventh consecutive year that they surpassed the $1-billion level.
In terms of unit sales, the slowdown in sales activity in the fourth quarter prevented the association from topping 2007’s record-setting total of 13,079 properties. A total of 12,630 properties changed hands in 2008, which was a three per cent decline from 2007’s total.
A total of 504 properties sold last month through the Winnipeg REALTORS Association’s Multiple Listing Service (MLS), according to new figures released today.
While that was a three per cent reduction from December 2007’s record-setting total of 522 unit sales, it still compares favourably with other Decembers and was a huge improvement over November’s 25 per cent drop and October’s 18 per cent decline.
And despite fewer properties being sold, last month was still the second best December on record for dollar volume of sales. The association said last month’s tally of $91.8 million was second only to December 2006’s $94.7 million.
The strong finish enabled the WRA to establish another new annual record for dollar volume of sales in a single year, at $2.4 billion.
That was a nine-per-cent improvement from 2007’s total of $2.23 billion. It also marked the second consecutive year that sales eclipsed the $2-billion mark, and the seventh consecutive year that they surpassed the $1-billion level.
In terms of unit sales, the slowdown in sales activity in the fourth quarter prevented the association from topping 2007’s record-setting total of 13,079 properties. A total of 12,630 properties changed hands in 2008, which was a three per cent decline from 2007’s total.
Tuesday, January 6, 2009
Winnipeg to buck national decline in home prices
Winnipeg’s resilient resale-homes market is expected to buck a national trend with a modest increase in average selling prices this year, according to the latest house prices forecast from Royal LePage Real Estate Services.The real estate firm predicts Winnipeg’s average selling price will climb by four per cent to $204,900 from a projected $197,000 in 2008. Canada’s average selling price, on the other hand, is expected to fall by three per cent to $295,000 from a projected $304,000.Royal Lepage also predicts Winnipeg will see one of the smallest declines in unit sales among the country’s nine major cities. It says sales here are expected to fall by one per cent to 11,780 homes from 11,900 in 2008.That compares to a projected national decline of 3.5 per cent (416,000 compared to 431,000).“Looking ahead, the economic future looks bright for Winnipeg,” says John Froese, a broker with Royal LePage Prime Real Estate in Winnipeg.“As employment rates and population figures increase, consumer confidence is expected to rebound from where it was in the last quarter of 2008,” Froese added. “In turn, Winnipeg’s real estate market is anticipated to spring upwards as well
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