| MTD | February | |
| 2012 | 2011 | |
| Net Unconditional Sales: | 311 | 488 |
| New Listings: | 818 | 1,276 |
| Active Listings: | 3,676 | 3,714 |
View Tony's video report for the week here
Provincial changes in HST
Showing posts with label interest rate. Show all posts
Showing posts with label interest rate. Show all posts
Monday, 20 February 2012
2012 Real Estate stats month to date Feb 20
View Tony's video report for the week here
Provincial changes in HST
Monday, 13 February 2012
CMHC predicts little change in Canadian housing market in 2012 and 2013
OTTAWA - Canada Mortgage and Housing Corp. is predicting the Canadian housing market will remain fairly stable this year and next, with little change from 2011 in prices, new home construction and sales of existing homes.
The national housing agency said Monday in its first-quarter 2012 report that the foreseen stability stems from an economy that appears set to expand at only a moderate pace over the next two years. The Bank of Canada's key overnight rate — which affects mortgages tied to prime rates — will likely remain low until mid-2013, which should also act to keep activity on an even keel.
"With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011," CMHC deputy economist Mathieu Laberge said in a statement.
Low mortgage rates and high demand have driven housing prices sharply higher in large urban centres such as Toronto and Vancouver, leading many experts to warn that a housing bubble could burst when rates finally do rise.
Despite those warnings and alarms from top government officials that Canadians are taking on too much debt overall, the housing market has seen little change over the past few years, with price growth slowing but not retreating in most areas.
The CMHC says it expects the average house price in Canada to hit $368,900 for 2012, with a projected range between $330,000 and $410,000, according to data from the Canadian Real Estate Association's MLS service.
For 2013, that number rises to $379,000, with a range between $335,000 and $430,000.
"The moderate increases in the average MLS price are consistent with the balanced market conditions that occurred in 2011, and that are expected to continue in 2012 and 2013," CMHC said.
Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, while existing home sales are expected at about 457,300 units in 2012 and moving a little higher to 468,200 units in 2013.
The CMHC predicted that housing starts will be in the range of 164,000 to 212,700 units in 2012, and between 168,900 to 219,300 units in 2013. Existing home sales are expected in a range from 406,000 to 504,500 units in 2012, rising to 417,600 to 517,400 units in 2013.
Western Canada is expected to see strong growth in new housing starts, with Alberta leading the way with a 13.2 per cent increase. However, the agency said it expects housing starts in Saskatchewan to contract by about 2.7 per cent in 2013.
In Eastern Canada, all provinces are expected to see a contraction in housing starts for 2012, with "modest growth" returning to Quebec and Ontario in 2013.
The agency noted that the fate of an economic recovery in the United States, Canada's largest single trading partner, could have an immediate affect on Canada's housing industry —
"Some upsides include the potential that the U.S. could recover more quickly than anticipated, which would be positive for U.S. employment and economic growth," CMHC said.
"In turn, this could boost employment growth in Canada and thus lead to a stronger than expected housing market."
Conversely, if the U.S. recovery hits a snag and emerging economies see their growth slow while Europe suffers a slowdown, that could lead to slower employment growth in Canada and place a chilling effect on the demand for housing.
The national housing agency said Monday in its first-quarter 2012 report that the foreseen stability stems from an economy that appears set to expand at only a moderate pace over the next two years. The Bank of Canada's key overnight rate — which affects mortgages tied to prime rates — will likely remain low until mid-2013, which should also act to keep activity on an even keel.
"With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011," CMHC deputy economist Mathieu Laberge said in a statement.
Low mortgage rates and high demand have driven housing prices sharply higher in large urban centres such as Toronto and Vancouver, leading many experts to warn that a housing bubble could burst when rates finally do rise.
Despite those warnings and alarms from top government officials that Canadians are taking on too much debt overall, the housing market has seen little change over the past few years, with price growth slowing but not retreating in most areas.
The CMHC says it expects the average house price in Canada to hit $368,900 for 2012, with a projected range between $330,000 and $410,000, according to data from the Canadian Real Estate Association's MLS service.
For 2013, that number rises to $379,000, with a range between $335,000 and $430,000.
"The moderate increases in the average MLS price are consistent with the balanced market conditions that occurred in 2011, and that are expected to continue in 2012 and 2013," CMHC said.
Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, while existing home sales are expected at about 457,300 units in 2012 and moving a little higher to 468,200 units in 2013.
The CMHC predicted that housing starts will be in the range of 164,000 to 212,700 units in 2012, and between 168,900 to 219,300 units in 2013. Existing home sales are expected in a range from 406,000 to 504,500 units in 2012, rising to 417,600 to 517,400 units in 2013.
Western Canada is expected to see strong growth in new housing starts, with Alberta leading the way with a 13.2 per cent increase. However, the agency said it expects housing starts in Saskatchewan to contract by about 2.7 per cent in 2013.
In Eastern Canada, all provinces are expected to see a contraction in housing starts for 2012, with "modest growth" returning to Quebec and Ontario in 2013.
The agency noted that the fate of an economic recovery in the United States, Canada's largest single trading partner, could have an immediate affect on Canada's housing industry —
"Some upsides include the potential that the U.S. could recover more quickly than anticipated, which would be positive for U.S. employment and economic growth," CMHC said.
"In turn, this could boost employment growth in Canada and thus lead to a stronger than expected housing market."
Conversely, if the U.S. recovery hits a snag and emerging economies see their growth slow while Europe suffers a slowdown, that could lead to slower employment growth in Canada and place a chilling effect on the demand for housing.
Monday, 30 January 2012
January Month to Date sales stats
Monday, January 30, 2012 8:00am
See Tony's video report here
www.tonyjoe.ca
tony@tonyjoe.ca
| MTD | January | |
| 2012 | 2011 | |
| Net Unconditional Sales: | 328 | 339 |
| New Listings: | 978 | 1,187 |
| Active Listings: | 3,551 | 3,283 |
See Tony's video report here
www.tonyjoe.ca
tony@tonyjoe.ca
Monday, 23 January 2012
January sales stats month to date- January 23, 2012
View Tony's weekly video here
I was surprised to see these stats, considering the snow surprise the region encountered last week. As you are likely aware, our little town shuts down at the slightest sign of white flakes with schools closed and businesses on hiatus.
That being said, remember that sales take 7-14 days to be confirmed so many of the week's sales will have originated just before the snow. As a result, we may see a softer coming week however the market is not dead! Even during the week of snow, our phones were busy with people wanting to buy or sell Real Estate.
Stay tuned for next week's stats!
Tony
tony@tonyjoe.ca
http://www.tonyjoe.ca/
| MTD | January | |
| 2012 | 2011 | |
| Net Unconditional Sales: | 240 | 339 |
| New Listings: | 717 | 1,187 |
| Active Listings: | 3,456 | 3,283 |
I was surprised to see these stats, considering the snow surprise the region encountered last week. As you are likely aware, our little town shuts down at the slightest sign of white flakes with schools closed and businesses on hiatus.
That being said, remember that sales take 7-14 days to be confirmed so many of the week's sales will have originated just before the snow. As a result, we may see a softer coming week however the market is not dead! Even during the week of snow, our phones were busy with people wanting to buy or sell Real Estate.
Stay tuned for next week's stats!
Tony
tony@tonyjoe.ca
http://www.tonyjoe.ca/
Sunday, 22 January 2012
2.99% interest rate. How much lower can it get?
http://www.vancouversun.com/business/lock+Pondering+merits+rate+financing/6025780/story.html
In 1991, my very first clients secured an excellent rate of 13.5%. Over the years, I've heard economists, consumers and financial experts say "it can't get any lower" when rates dropped past 7%, 6%, 5% and even the 4% in the not to distant past.
There are some who believe that high inventory, low rates and uncertain global economy will translate to plummeting prices but Victoria market fundamentals have always proven those to be incorrect assumptions.
I'll never forget a gentleman I met about 10 years ago: he wanted to sell his house because he felt Victoria prices would drop 50% in the next 6 months. Another agent sold his house and he ended up in the rental market only to watch prices DOUBLE in the 5 year span of 2002-2007. He effectively removed himself from an upward moving market and had to repurchase at a drastically higher price. I would call that a massive error- the economists and opinons he believed in betrayed him!
Last night I had a chat with Ken Strattford, www.businessvictoria.net who mentioned an article last week written by an economist in Florida who was quoted saying Victoria Real Estate prices will drop 60-70% in the next 12 months. What????? I'm not sure where he's getting this idea: we have the lowest vacancy rate in Canada, strong annual net migration of 3500 or so persons, and have a diverse economy including Government, Tourism, Military, Universities, Lifestyle (weather) and a growing Technology sector.
I need to find this Floridian economist and invite him to a game of blackjack. I may be totally unskilled at gambling but with a guestimate like his I'd stand to make some money!
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