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Archive for December, 2014

House Price Index Shows Declines In 8 Of 11 Cities

Saturday, December 13th, 2014

The Huffington Post Canada | By Daniel Tencer
Posted: 12/12/2014 10:27 am EST

Only one major Canadian metro area avoided falling or stagnant house prices in Teranet’s latest house price index.

Overall house prices fell 0.3 per cent in November from October, but thanks to strong price growth earlier this year, they were still up 5.2 per cent from a year ago.

Eight of the 11 cities measured in Teranet’s index saw house prices fall. Halifax and Vancouver were flat on the month, while Edmonton was the only city to see prices grow (up 1.1 per cent).
“Prices fell 1.6 per cent in Halifax, 1.5 per cent in Quebec City, one per cent in Montreal, 0.7 per cent in Winnipeg, 0.6 per cent in Ottawa-Gatineau, 0.3 per cent in Toronto and Victoria and 0.2 per cent in Calgary,” Teranet said in a statement.

It was the first time this year that house prices fell in Canada.

“While home prices in Canada’s 11 major cities may have edged down slightly in November, they still remain quite elevated, hovering near record highs,” TD Bank economist Dina Ignjatovic wrote in a client note.

“Going forward, solid momentum in the job market over the past few months, combined with an ultra-low interest rate environment should continue to support the housing market in the near term. However, as interest rates creep up in the latter half of next year and into 2016, affordability will erode, resulting in a moderation in home price growth.”

Capital Economics, which has been bearish on Canada’s housing market, predicting a 25-per-cent decline in prices, noted that prices are still up compared to a year earlier, and those price hikes have been much stronger than wage growth.

“Accordingly, this only adds to our concern about a housing bubble and a potentially severe market correction down the road,” economist David Madani wrote.

Madani predicted western Canada’s housing markets would soon be under pressure thanks to falling oil prices.

“It will only be a matter of months before housing activity and prices begin to fall significantly in Calgary,” he wrote.

But Madani expects overall house prices to continue growing, at least for the time being.

 

 

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

 

Edmonton housing boom to continue into 2015 despite oil skid

Saturday, December 13th, 2014

CBC News Posted: Dec 11, 2014 11:45 AM MT

 

Edmonton realtors expect the city’s bullish housing market to continue into 2015 despite dropping oil prices.

Low unemployment and a strong economy will push the values of homes up by four per cent with the average residential price climbing from $374,000 in 2014 to $389,000 in 2015.

With oil selling close to $60 US per barrel many expect the oil industry to slow down, but realtors say that won’t have a large impact on the housing market.

“We’ve got away from being solely dependent on oil in the Edmonton market, with $5 1/2 billion in infrastructure.construction projects going along in the downtown core alone,” said Greg Steele, president of the Realtors Association of Edmonton.

“That’ll be sustained for the next three to five years.”

Steele said the Edmonton market is far from saturated, despite the rapid growth in downtown condos and single family homes on the city’s outskirts.

“Right now we’re taking everything,” he said. “We’re like a sponge. Everything being built is being sold.”

While homes priced below $400,000 make up 65 per cent of the market, luxury home sales have been growing for the past three years.

Realtors reported a 29 per cent increase in sales over $1 million in 2014 compared to last year.

 

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

December 2014 Real Estate Newsletter

Thursday, December 4th, 2014

12 Dec jpeg

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. Trademarks used under license from CREA.
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