December 16, 2014
Canada’s Purpose-Built Rental Vacancy Rate Increases
In the privately initiated purpose-built rental market, the average rental apartment vacancy rate in Canada’s 35 larger centres1 increased slightly, to 2.8 per cent in October 2014, from 2.7 per cent in October 2013, according to the fall Rental Market Survey2 released today by Canada Mortgage and Housing Corporation (CMHC).
“Between October 2013 and October 2014, the supply of purpose built rental housing units rose by 2.7 per cent. Overall, this increase in supply outpaced the rise in occupied units, slightly pushing up the national vacancy rate,” said Bob...
December 15, 2014
Canadian home sales hold steady in November
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was unchanged on a monthover- month basis in November 2014.
National home sales were unchanged from October to November.
Actual (not seasonally adjusted) activity stood 2.7% above November 2013 levels.
The number of newly listed homes edged down 0.4% from October to November.
The Canadian housing market remains balanced.
The MLS® Home Price Index (HPI) rose 5.2% year-over-year in November.
The national average sale price rose 5.7% on a year-over-year basis in November....
December 14, 2014
CREA Updates Resale Housing Forecast
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2014 and 2015.
With mortgage rates remaining at historic lows since the summer, activity has remained stronger for longer than previously expected and has yet to show clear signs of fading.
As a result, the forecast for annual sales in 2014 and 2015 has been upwardly revised. Almost all of the upward revision to national activity in both years stems from the current strength...
December 12, 2014
Housing Market Ends Year in Balanced Conditions
The British Columbia Real Estate Association (BCREA) reports that a total of 5,972 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4
billion, an increase of 12.1 per cent compared to a year ago. The average MLS®residential price in the province rose to $574,694, up 3.1 per cent from the same month last year.
“BC home sales were robust in November,” said Cameron Muir, BCREA Chief Economist. “Improving economic conditions, strong consumer...
December 8, 2014
November 2014 Housing Starts in Canada
The trend measure of housing starts in Canada was 195,792 units in November compared to 195,796 in October, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.
“The trend essentially held steady for a third consecutive month in November,” said Bob Dugan, CMHC’s Chief Economist. “This is in line with our expectations for 2014, of a stable national picture with new home building concentrated in multiple starts, ...
December 4, 2014
Bank of Canada sees stronger economy, oil prices a double-edged sword
The Bank of Canada announced on December 3rd, 2014 that it was holding its trend-setting overnight lending rate at 1 per cent.
Economic conditions around the world have changed rapidly in recent months. The Bank’s December 3rd announcement took a decidedly “on the one hand, on the other hand” approach in addressing how recent developments have altered not only the outlook for inflation and the economy, but also the risks to that outlook.
While it considers the potential upside and downside risks to be balanced, the Bank sees them as having intensified.
- Risks to the Canadian economy:...
December 3, 2014
Bank of Canada maintains overnight rate target at 1 per cent
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
Inflation has risen by more than expected. The increase in inflation over the past year is largely due to the temporary effects of a lower Canadian dollar and some sector-specific factors, notably telecommunications and meat prices. Underlying inflation has edged up but remains below 2 per cent.
The U.S. economy has clearly strengthened, particularly business investment, which has benefitted Canada’s...
December 2, 2014
Metro Vancouver home sales remain strong
Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4 per cent increase compared to the 2,321 sales in November 2013, and a 17.7 per cent decline compared to the 3,057 sales in October 2014.
Last month’s sales were 6.9 per cent above the 10-year sales average for November.