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The Royal LePage House Price Survey was released today, with third quarter results showing that Canadian house prices are appreciating just slightly below the long-term annual norm of five per cent per year.
“Most Canadian housing markets cooled in the third quarter. In fact, the year is unfolding much as we predicted, with the unusually active first half of 2010 giving way to slower markets in the later part of the year. Helped by very low rates in a competitive mortgage financing market, the third quarter was slightly stronger than anticipated, on new demand fuelled by improved affordability in many regions,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. Looking ahead, it is very unlikely that the period from now to year-end can keep pace with the activity levels posted in the overheated market of the final quarter of 2009.”
Average price of a Canadian detached bungalow in the three-month period ending in September was $324,531, up 4.6 per cent from a year earlier, for a two-storey home was $360,329, up 4.4 per cent, while the average price of a condominium was $226,481, up 3.9 per cent.
Housing markets in Alberta stabilized in the third quarter as inventory rose and year-over-year prices flattened. Detached bungalows in Calgary rose 2.7 per cent while standard condominiums and two-storey homes decreased by 1 and 1.1 per cent, respectively. In Edmonton, standard two-storey homes were up 3.4 per cent to $338,571, while standard condominiums were down 3.6 per cent year-over-year to $204,167.
About the Royal LePage House Price Survey
The Royal LePage House Price Survey contains information on seven types of housing in over 250 neighbourhoods from all over Canada. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country.
More information:
Royal LePage Q3 2010 House Price Survey – Data Chart (.PDF)
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New home prices keep climbing
A new report from Statistics Canada showing that new home prices are up 2.9% from a year ago, is seen as positive news for the industry. The report follows news from last month that sales of existing homes climbed in August for the first time in four months.
Although many analysts had predicted new home prices to decline by about 0.1 per cent in August, instead rices rose 0.1 per cent during the month, after having declined 0.1 per cent in July.
However, Craig Alexander, chief economist with TD Bank Financial Group, was cautious about interpreting the latest results as a turnaround for a resale housing sector:
“The bulk of the change in new home prices is reflective of what is happening to construction costs not what is happening to supply and demand in the real estate market,” says Mr. Alexander, suggesting it may not play out for the entire housing market.
He did see the trend on new home prices does look good. “It’s is consistent with the view that the Canadian economy has picked up,” says Mr. Alexander. “Overall the housing market is showing signs of stabilizing.”
Don Lawby, chief executive of Century 21, seems to agree. “It’s just pretty stable. Inventory levels are slowing down but it won’t drive prices because the consumer today that is buying is looking around and is pretty conservative in the offers they are going to make.”
Read more:
http://www.financialpost.com/news/home+prices+still+climbing/3665841/story.html
Housing Starts in Edmonton rise in August
According to the latest “Housing Now” report for September, published by CMHC, total housing starts in the Edmonton Census Metropolitan Area (CMA) amounted to 690 units in August, up from 558 units in August 2009.
This represents the 14th consecutive month of year-over-year gains in new home construction. Year-to-date August, there have been a total of 7,018 housing starts in the Edmonton CMA, up from 2,921 units at this time last year.
There were 519 single-detached units started in August, an increase of 38 per cent from the 375 units started a year earlier. The higher number of housing starts this year has lifted supply levels back to the level experienced in 2008.
Single-detached completions reached 592 units in August, more than twofold the 258 units completed this time last year. Absorptions increased by 51 per cent year-over-year in August to 539 units, falling short of completions by 53 units. This resulted in an uptick in the month end inventory of unabsorbed singles, including show homes, to 436 units.
While 13 per cent below August 2009 levels, the inventory is now at the highest level since last November but is still considered low by historic standards.
Multi-family housing starts, which consist of semi-detached units, rows, and apartments, totaled 171 units in August, down almost seven per cent from the 183 units started in
August 2009. An absence of apartment condominium starts contributed to the lower activity in August. Multiple units under construction stood at 4,869 in August, down by just over three per cent from this time last year. Through two-thirds of this year, multi-family starts across the region have amounted to 2,700 units, up 134 per cent from the 1,156 units started in the corresponding period last year.
Multiple unit completions totaled 361 units in August compared with 1,346 units during the same month last year. Absorptions also dropped substantially year-over-year to 358 units. With absorptions coming close to completions, inventory levels were largely unchanged on a month-over-month basis. Compared with this time last year, inventories were up by 4.3 per cent to 1,019 units. At 605 units, condominium apartments represent the largest component of the completed and unabsorbed multiple units across the region. These numbers have remained largely unchanged since the beginning of 2010.
More Information:
http://www.cmhc-schl.gc.ca/