Coutesy off Canada Realty News
As expected, the Bank of Canada announced yesterday that it is not changing the benchmark rate. The announcement noted that with “inflation expected to be well below target for some time, the downside risks to inflation remain important.”
This is great news if you’ve got a variable-rate mortgage; the prime rate stays at 3% and it’s unlikely we’ll see any increases in the near future.
The next rate-setting day is April 16. Eight times a year, the Bank of Canada sets the rate that governs each lender’s prime rate. Variable-rate mortgages and lines of credit move in conjunction with the prime lending rate. Fixed rates on the other hand are based on the bond market.
Statistics wise, the Canadian real estate resale market remains stable in February.
Ontario - Resale market remains stable in February
Toronto, March 5, 2014 -- Toronto Real Estate Board (TREB) President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1% compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.
Toronto, March 5, 2014 -- Toronto Real Estate Board (TREB) President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1% compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.
“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month. The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.
“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.
The average selling price for February 2014 sales was up by 8.6% to $553,193, compared to the average of $509,396 reported for February 2013. The Multiple Listing Service® (MLS®) Home Price Index (HPI) Composite Benchmark was up by 7.3% year-over-year.
“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Ottawa, March 5, 2014 -- Members of the Ottawa Real Estate Board sold 870 residential properties in February through the Board’s MLS® system, compared with 903 in February 2013, a decrease of 3.7%.
“February sales are down slightly year-over-year, despite the less than favourable weather, and possible distraction of the Olympics,” says President-Elect of the Ottawa Real Estate Board, David Oikle. "Typical of a burgeoning spring market, Ottawa’s resales gained momentum in February. Looking at this month’s sales, in comparison to last month’s sales, the market has picked up as we approach the busiest time of the year – 282 more homes were sold in February, over January.”
February’s sales included 197 in the condominium property class, and 673 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $353,407, an increase of 2.0% over February 2013. The average sale price for a condominium-class property was $257,752, a decrease of 2.3% over February 2013. The average sale price of a residential-class property was $381,407, an increase of 2.1% over February 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
“The hottest segments of our market in February are sales between $175,000 to $225,000 and $275,000 to $400,000. This could be indicative of first-time homebuyers being active buyers,” explains Oikle. “With an increased inventory of listings going into March, we could see this momentum transfer to other market segments as first-time sellers re-enter the market as buyers and help contribute to continued market stability."
The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
“February sales are down slightly year-over-year, despite the less than favourable weather, and possible distraction of the Olympics,” says President-Elect of the Ottawa Real Estate Board, David Oikle. "Typical of a burgeoning spring market, Ottawa’s resales gained momentum in February. Looking at this month’s sales, in comparison to last month’s sales, the market has picked up as we approach the busiest time of the year – 282 more homes were sold in February, over January.”
February’s sales included 197 in the condominium property class, and 673 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $353,407, an increase of 2.0% over February 2013. The average sale price for a condominium-class property was $257,752, a decrease of 2.3% over February 2013. The average sale price of a residential-class property was $381,407, an increase of 2.1% over February 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
“The hottest segments of our market in February are sales between $175,000 to $225,000 and $275,000 to $400,000. This could be indicative of first-time homebuyers being active buyers,” explains Oikle. “With an increased inventory of listings going into March, we could see this momentum transfer to other market segments as first-time sellers re-enter the market as buyers and help contribute to continued market stability."
The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
British Columbia – Home sales and listings continue to follow historical averages
Greater Vancouver, March 4, 2014 -- In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the MLS® in February 2014. This represents a 40.8% increase compared to the 1,797 sales recorded in February 2013, and a 43.8% increase compared to the 1,760 sales in January 2014.
Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures.
The sales-to-active-listings ratio currently sits at 18.9% in Greater Vancouver, a 4.9% increase from last month.
“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president. “We typically see home buyers become more active in and around the spring months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8% decline compared to the 4,833 new listings reported in February 2013 and a 12.1% decline from the 5,345 new listings in January. Last month’s new listing count was 0.5% below the region’s 10-year new listing average for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the MLS® in February 2014. This represents a 40.8% increase compared to the 1,797 sales recorded in February 2013, and a 43.8% increase compared to the 1,760 sales in January 2014.
Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures.
The sales-to-active-listings ratio currently sits at 18.9% in Greater Vancouver, a 4.9% increase from last month.
“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president. “We typically see home buyers become more active in and around the spring months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8% decline compared to the 4,833 new listings reported in February 2013 and a 12.1% decline from the 5,345 new listings in January. Last month’s new listing count was 0.5% below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,412, a 9.3% decline compared to February 2013 and a 6.4% increase compared to January 2014.
“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2% increase compared to February 2013.
Sales of detached properties in February 2014 reached 1,032, an increase of 46.6% from the 704 detached sales recorded in February 2013, and a 6.3% decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5% from February 2013 to $932,900.
Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8% compared to the 760 sales in February 2013, and a 1.2% increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6% from February 2013 to $373,300.
Attached property sales in February 2014 totalled 466, an increase of 39.9% compared to the 333 sales in February 2013, and a 9.9% increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6% between February 2013 and 2014 to $458,300.
“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2% increase compared to February 2013.
Sales of detached properties in February 2014 reached 1,032, an increase of 46.6% from the 704 detached sales recorded in February 2013, and a 6.3% decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5% from February 2013 to $932,900.
Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8% compared to the 760 sales in February 2013, and a 1.2% increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6% from February 2013 to $373,300.
Attached property sales in February 2014 totalled 466, an increase of 39.9% compared to the 333 sales in February 2013, and a 9.9% increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6% between February 2013 and 2014 to $458,300.
Alberta – Housing sales pick up in February
Edmonton, March 4, 2014 -- The REALTORS® Association of Edmonton reports that the housing market in the Edmonton CMA1 remains active. Residential listing activity on the Edmonton MLS® was up 7.3% as compared to January and sales increased by 24.4%. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 2.9% in a month.
The average condo price was up just 1.6% from January to $238,854 with the median sale price at $224,750. Single family detached homes showed stronger gains rising 2.7%, (which could be contributed to the eight properties that sold for over one million dollars in February compared to 3 in February 2013) at an average price of $425,782 in February ($416,344 in January). Duplex and rowhouse prices were also up month-over-month at $335,625 on average with the median sale price at $338,250. The all-residential average price was $359,973 (up 5.3% from February 2013) and the median sale price was $338,250.
The average condo price was up just 1.6% from January to $238,854 with the median sale price at $224,750. Single family detached homes showed stronger gains rising 2.7%, (which could be contributed to the eight properties that sold for over one million dollars in February compared to 3 in February 2013) at an average price of $425,782 in February ($416,344 in January). Duplex and rowhouse prices were also up month-over-month at $335,625 on average with the median sale price at $338,250. The all-residential average price was $359,973 (up 5.3% from February 2013) and the median sale price was $338,250.
“February turned out to be a busy month for REALTORS®,” said President Greg Steele. “Spring arrives officially this month and sales activity will continue to increase as they do every spring. The inventory of available homes has increased in all price categories and we expect numerous informed sellers to come onto the market in the face of continuing strong prices.”
The pattern of sales in various price ranges has changed this year. “Confidence in the strength of our local economy and a shortage of attractive properties at the lower end of the price range are both moving consumers to consider higher priced properties if their budgets allow,” said Steele.
At the end of February, there were 3,906 residential properties listed in the MLS® System which reflects a 10.4% increase from last month. The days-on-market was 54 as compared to 57 at this time last year. With home sales of 1,122 reported and 1,955 homes listed in February, the sales-to-listing ratio was 57%, up 2% from a year ago. Total Board sales for February were valued at $462,504,482.
http://www.canadarealtynews.com/
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http://www.canadarealtynews.com/
Please Note: Anonymous comments will not be published, please provide your name on all comments
the long mortgage rates are expected to increase a bit this year and same is the case for short term rates. anyways thanks for sharing the update.
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