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Jane Kinsella
The Real Estate Company Ltd.
11, 5080 12A St. SE, Calgary, Alberta
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Canada needs another 4.5 million homes warns study


A  new study says that we will need another 4.5 million homes over the next three decades. The report from Urban Futures points to population growth and increasing life expectancy and shows a marked departure from the predictions that had historically been reported. The generation that followed the baby boomers was smaller in number, leading to forecasts that there would be a meltdown in the housing market as the boomers vacated their homes. However growing families and strong immigration has changed that. Urban Futures says there have been 2.2 million extra occupied homes since 2000, or around 185,000 per year on average and with a large number of seniors living longer and being able to stay in their homes for longer, this figure is edging higher. The study predicts that 82 per cent of those in homes today will still be alive in 2033 and 73 per cent by 2041. With net migration around 1 million it’s easy to see how the figures stack up..




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Friday, December 12, 2014 - Real Estate

No crash on the horizon, according to major source


by Justin da Rosa | 12 Dec 2014

Another day, another opinion about a potential housing crash is voiced; this time, however, it’s optimistic and the source is influential.

Governor of the Bank of Canada, Stephen Poloz, told reporters in New York Thursday that the BoC does not believe the type of drastic rise in mortgage rates or unemployment that would contribute to a housing crash will materialize, according to the Globe and Mail.

“The risk comes when some catalyst sets off the vulnerability,” Poloz said. “In this case it would be, let’s say, a rise in unemployment, a significant one, where it makes people have difficulty paying for their mortgage, or a rapid rise in mortgage rates, neither of which we’re expecting.”

His comments come on the heels of a central bank report that estimates housing in Canada is overvalued by 10-30 per cent. However, the report also pointed to the shortcomings of the methodology used to arrive at the estimation.

“There are 43 major house price cycles in this sample, which allows the estimation method to obtain more precise estimates of the model’s parameters. However, like other models, it suffers from a number of shortcomings ,” the bank’s Financial System Review states. “For instance, house price fluctuations in each country are determined solely by changes in demand conditions (i.e ., real, per capita disposable income and a long-term government bond yield) . The supply side is not explicitly modelled . Constant cross-country differences are captured by country-specific intercept terms, but differences that vary over time are not included.”

posted in News at Fri, 12 Dec 2014 20:12:11 +0000

Friday, September 5, 2014 - Calgary Condos

Value drives Calgary Condo Resale market The condo apartment and townhome resale market in Calgary hit a new high for sales in August. Combined sales for the two segments set a record for the month as 790 units changed hands in August, says the Calgary Real Estate Board. This marks a 16 per cent upswing from a year earlier, when there were 679 sales. ?The record pace of August sales in the condominium sector is related to the relative affordability of this product, combined with a tight rental ... Full Article...

posted in News at Fri, 05 Sep 2014 18:48:30 +0000

Saturday, August 30, 2014 - Real Estate

Home resales to be most active in the West  First posted: Saturday, August 30, 2014 02:00 AM MDT [Home sales]RBC Economics predicts home resales to grow vigorously in the Western provinces, where the economy and population growth is strong, while remaining flat in the rest of the country. Change text size for the storyPrint this story Report an error Western Canada will continue to have the most active housing markets in Canada through the balance of the year and into 2015, although some ...

posted in News at Sat, 30 Aug 2014 20:18:44 +0000

Wednesday, March 5, 2014 - Hot Real Estate Market

CALGARY - Prospective Canadian homebuyers are more willing to enter into a bidding war this year for properties they want to purchase, says a new report released Wednesday by BMO. And Calgary?s hot housing market is proving to be a good example of that as nearly 20 per cent of MLS residential sales in the city in February were for above list price. The BMO Home Buying Report said 34 per cent of Canadians are willing to enter a bidding war when it?s time to buy a home, an increase of six points, ... Full Article...

posted in News at Wed, 05 Mar 2014 15:47:48 +0000

Monday, January 6, 2014 - Calgary Real estate

Calgary MLS listings significantly down from last year  Pushing prices upwards CALGARY - The single-family home inventory of 1,515 MLS listings is the lowest level to begin a year since 2006 and it?s the second fewest active listings in a decade to begin a year, says a Calgary realtor. According to research by Mike Fotiou, associate broker with First Place Realty, there were 2,236 active listings in the city?s overall real estate market to begin the month of January, down 17.9 per cent from a ... Full Article...

posted in News at Mon, 06 Jan 2014 18:13:00 +0000

Sunday, January 5, 2014 - Calgary Urban real Estate

2014 likely to mark year of urbanism Welcome to 2014, it?s going to be an interesting year for the Calgary new home building and land development industries. Not in the way 2013 was interesting, which was akin to watching a stock car race, waiting for the next pile-up to happen. The interest this year will focus on the coming changes to how and where Calgary will grow in the future, with a greater focus on increasing the population in established neighbourhoods and at what cost. The trend to ... Full Article...

posted in News at Sun, 05 Jan 2014 20:29:07 +0000

Saturday, January 4, 2014 - Real Estate Vancouver/Calgary

Barbara Yaffe: Vancouver real estate market steady, but lacks Prairie cities' sizzle  Buyers increasingly want to live in ?mixed-use products,? featuring office, retail and residential in one convenient location. Many homes on the east side of Vancouver are now selling for more than $1 million, which probably explains why Vancouverites have been seeing so many construction cranes hard at work, building more affordable, urbanized and densified communities characterized by tall, multi-purpose ... Full Article...

posted in News at Sat, 04 Jan 2014 18:01:15 +0000

Wednesday, December 18, 2013 - Real Estate

Housing market defies expectations with latest CREA figures Add to ...

The Globe and Mail

Published Monday, Dec. 16 2013, 9:16 AM EST

Last updated Tuesday, Dec. 17 2013, 12:14 PM EST

Canada’s housing market is on track to close out 2013 on a stronger note than last year, defying the expectations of economists just a few months ago.

The picture is mixed across the country, and sales are certainly not on a runaway train. But their strength contrasts starkly with the plethora of lacklustre forecasts that were made earlier this year, after sales fell as a result of Finance Minister Jim Flaherty’s decision to tighten mortgage insurance rules in July, 2012.

More Related to this Story

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Hot housing sector has cooled to a simmer

Rebound continues in Canada’s housing market

[Real estate signs sit outside a condominium building on Lake Shore Blvd. West in Toronto.]
Real estate signs sit outside a condominium building on Lake Shore Blvd. West in Toronto. For The Globe and Mail

Market View

Video: Market View: Home prices still climbing – but for how long?

[Higher home prices in 2014 will incentivize home owners to sell- and start to boost inventories and home resales, a move away from the investor driven market of 2013. Bobbi Rebell reports.]
Higher home prices in 2014 will incentivize home owners to sell- and start to boost inventories and home resales, a move away from the investor driven market of 2013. Bobbi Rebell reports. Reuters


Video: Big shift for U.S. housing market in 2014

[A for sale sign outside townhouses in the Fairview neighbourhood of Vancouver on Monday, March 4, 2013.]
A for sale sign outside townhouses in the Fairview neighbourhood of Vancouver on Monday, March 4, 2013. For The Globe and Mail

Market View

Video: Market View: Is Canada in a housing bubble? Analysts can't agree

[Vancouver's real estate scene; Fairview slopes townhouses under construction (foreground) and high rise condo towers in the city's Yaletown district, May 3, 2013.]
Vancouver's real estate scene; Fairview slopes townhouses under construction (foreground) and high rise condo towers in the city's Yaletown district, May 3, 2013. The Canadian Press


Video: Market View: Canada's housing market poised for stable 2014

The degree to which prices are surpassing expectations is even higher. That’s a development that could be worrying to policy makers in Ottawa, amid international debate about how overvalued Canadian house prices are and whether a bubble has formed.

The Canadian Real Estate Association said on Monday that it now expects the average price of houses sold over the Multiple Listing Service to have risen by 5.2 per cent this year, to $382,200. Heading into 2013, CREA had been expecting the average price to rise just 0.3 per cent; it became even more pessimistic in March when it revised its forecast and called for a 0.2-per-cent decline, to $362,600.

CREA’s prediction for the number of houses that will change hands this year is now 458,200, which would be a 0.8-per-cent increase from 2012. In contrast, at the outset of 2013, CREA was expecting sales to fall 2 per cent, and by March it was expecting sales to fall by 2.9 per cent.

CREA noted that rising mortgage rates appear to have bolstered sales this fall by prompting buyers to move more quickly than they otherwise would have. The increase in average prices is being skewed to a degree by the strong rebounds in pricier markets such as Toronto and Vancouver.

But CREA, which represents real estate agents in Canada and tracks sales via the MLS system, is calling for sales to grow by 3.7 per cent in 2014, while it expects average prices to rise by 2.3 per cent.

“While we would not describe the housing market as the ‘comeback kid’ just yet, the market is certainly showing us its reluctance to fade to the background,” said Toronto-Dominion Bank economist Sonya Gulati.

She expects that higher mortgage rates will eat into affordability and prevent the market from taking off over the next few years. That would put a damper on economic growth but would be good news for worrisome household debt levels and house prices. Deutsche Bank economists in New York released a report last week saying they believe that Canadian house prices are 60 per cent too high, and that “Canada is in trouble.”

The ratio of household credit-market debt to disposable income climbed to 163.7 per cent in the third quarter, Statistics Canada reported last week. “Household leverage continues to rise despite mortgage rates increasing roughly 40 to 60 basis points since the spring,” National Bank analysts said in a research note on Monday.

At the same time, rising house prices led to a 1.8-per-cent increase, or $20-billion, in the value of real estate assets last quarter, Royal Bank economists noted.

Bank of Canada Governor Stephen Poloz said last Thursday that he expects imbalances in household borrowing and residential investment to stabilize and then gradually unwind in coming years, leading to a soft landing in the housing market. But he also noted that “there is a risk that household imbalances could keep building and set the stage for a sharp correction down the road.”

Resales rose 5.9 per cent in November on a year-over-year basis, with the monthly showing coming in slightly above the 10-year average, CREA said. The average sales price was 9.8 per cent higher, which Ms. Gulati noted is “far above the pace of household income growth.”

The MLS Home Price Index, which seeks to account for changes in the types or locations of houses that are selling to create a more apples-to-apples comparison, rose by 4.1 per cent.

That was the fastest rate of price growth in 16 months, according to Bank of Montreal economist Robert Kavcic. Last week, Teranet and National Bank released their house price index, which showed that prices rose 3.4 per cent in November from a year earlier, compared with a 3.1-per-cent gain in October. On a month-to-month basis, the index declined 0.1 per cent from October to November.

Canadian home sales by city, dollar volume (in millions)

Area Nov. 2012 Nov. 2013 Percent change
Calgary 757.9 967.2
Fraser Valley 371.3 478.4
Halifax-Dartmouth 96.6 91.8
Kitchener-Waterloo 157.1 151.6
Montreal CMA 867.1 847.5
Ottawa 328.5 323.9
Regina 70.5 79.4
Saksatoon 114.6 130.1
Sherbrooke CMA 27.3 21.7
Sudbury 41.7 35.2
Toronto 2,811.5 3,444
Vancouver 1,182.3 1,852.1
Windsor-Essed 61.4 64.2

Residential home sales, Canada (seasonally adjusted)


 More Related to this Story

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Capital Investors spend record amount on real estate outside Canada

Cement, forestry industries at odds over proposed changes to building code

posted in News at Wed, 18 Dec 2013 17:49:41 +0000

Monday, December 2, 2013 - Real Estate

Calgary house prices continue to climb in November  Low inventory and increased sales push prices upward CALGARY - A low inventory of active listings combined with increased sales has once again pushed Calgary home prices higher. Unofficial preliminary data from the Calgary Real Estate Board indicates MLS sales in November rose by 18.74 per cent year-over-year to 1,730 transactions with the average sale price increasing by 5.56 per cent to $458,052 and the median price climbing by 8.50 per cent ... Full Article...

posted in News at Mon, 02 Dec 2013 18:30:24 +0000

Friday, April 12, 2013 - Alberta Real Estate

What happened to the expected Alberta real estate boom? Market influencers tempering demand CALGARY ? Several ?market influencers? have kept the reins on the expected Alberta real estate boom, says a new report on the housing market.The report, by Don Campbell, senior analyst and founding partner of the Real Estate Investment Network, said debate is raging about why the market isn?t booming like it did in 2006 and 2007 when the job market and population in the province were growing at the same ... Full Article...

posted in News at Fri, 12 Apr 2013 19:49:30 +0000

Friday, April 12, 2013 - Markets

New house prices advance 0.2 per cent in February Add to ...OTTAWA ? The Canadian Press                       Published Thursday, Apr. 11 2013, 9:01 AM EDTStatistics Canada says its new housing price index rose 0.2 per cent in February, following a 0.1-per-cent increase in January.The agency says Calgary was the top contributor to the advance, up 1 per cent from January ? the biggest month-to-month increase in that region since May 2007.It says increases in material and labour costs were the ... Full Article...

posted in News at Fri, 12 Apr 2013 19:17:54 +0000

Thursday, January 3, 2013 - Real Estate

Calgary?s real estate market has been very active this year.  CALGARY ? Rising population numbers drove Calgary housing sales higher and brought average prices within a hair of the record set in 2007, according to the Calgary Real Estate Board.On Wednesday it announced that 15 per cent more residential real estate sales were completed in the city of Calgary in 2012 than in 2011 and that average prices were up five per cent.?Calgary?s housing market has finally started to recover,? said ...

posted in News at Thu, 03 Jan 2013 19:15:30 +0000

Thursday, November 1, 2012 - Calgary Housing Market

Calgary housing market does not show signs of slowingYear-over-year sales growth remains in double digit territory The monthly statistics package is available here.Calgary, Nov. 1, 2012 ? City of Calgary sales activity marked a 23-per-cent increase over levels recorded in October 2011.  The continued improvement in sales has pushed year-to-date sales activity to nearly 16-per-cent above levels recorded in 2011. ?Relative to national trends, we continue to move in the opposite direction, ...

posted in News at Thu, 01 Nov 2012 22:08:19 +0000

Tuesday, August 16, 2011 - Calgary Real Estate

CALGARY ? MLS sales and average prices are forecast to increase in Alberta this year and next year, according to the Canadian Real Estate Association. In a new forecast released Tuesday, CREA said sales in the province will increase by 7.3 per cent this year over last year to 53,350 units and rise by another 6.8 per cent in 2012 to 57,000 sales. The year-over-year percentage hikes are the highest in Canada in each of the next two years. The association also predicts the average sale price in ... Full Article...

posted in News at Tue, 16 Aug 2011 19:21:22 +0000

Wednesday, August 3, 2011 - Real Estate News CREB

Calgary HOUSING MARKET ON THE ROAD TO RECOVERy Market improvements driven by clients looking for value      Calgary, August 2, 2011 ? According to figures released today by CREB® (Calgary Real Estate Board), residential sales continue to trend towards recovery.  After the first seven months of the year, single family and condominium sales totaled 11,798, a 5 per cent increase over the previous year.  While the improvements signal market recovery, overall sales levels remain 17 per cent below ... Full Article...

posted in News at Wed, 03 Aug 2011 18:08:55 +0000

Wednesday, August 18, 2010 - Calgary Resale Market Tumbles

It was a sinking feeling from coast to coast in July, as home sales dropped by nearly a third across the entire country. But whereas realtors were likely not impressed to see sales plunge, homebuyers won?t have to fear price spikes any time soon, observers say. That?s especially true in Calgary, a city that had one of Canada?s most overheated real estate markets prior to the financial meltdown in late 2008. Now, it?s seeing one of the sharpest year-over-year pullbacks in sales, shows data ...

posted in News at Wed, 18 Aug 2010 17:28:29 +0000

Wednesday, June 16, 2010 - Calgary Real Estate Sales

    Calgary's residential MLS sales plummet in May: CREA   18.7% drop almost four times the national average   By Mario Toneguzzi, Calgary Herald June 16, 2010 8:02 AM Comments (7)     Story Photos ( 1 )     Residential MLS sales in Calgary plunged at a rate more than four times greater than the national average in May, according to statistics released today by the Canadian Real Estate Association. Photograph by: ., . CALGARY - Residential MLS sales in Calgary plunged at a rate more ... Full Article...

posted in News at Wed, 16 Jun 2010 18:11:12 +0000

Wednesday, May 26, 2010 - Homes more affordable, but deemed overpriced

Alberta was the only province in Canada to see an improvement in housing affordability in the first quarter of this year, bucking the national trend. But 17.4 per cent of homes in the province are still overpriced -- the second-highest rate in the country behind B.C.'s 20.7 per cent. Those are the findings of two national real estate reports released Tuesday. The RBC Housing Affordability report indicates houses are more affordable in Alberta today than they were in the previous quarter. Diane ... Full Article...

posted in News at Wed, 26 May 2010 16:57:35 +0000

Wednesday, May 26, 2010 -

posted in News at Wed, 26 May 2010 16:34:52 +0000

Monday, May 17, 2010 - Resale Housing Markets in Calgary Lag

CALGARY - Residential MLS sales and price growth in Calgary and in Alberta lagged behind the national averages in April as the housing market showed initial signs of cooling, according to a report released today by the Canadian Real Estate Assocation.   CREA said there were 2,382 MLS sales in Calgary last month which was up 7.4 per cent from a year ago. The average sale price was $395,847 for a 6.4 per cent hike from April 2009.   In Alberta, CREA said sales increased by 5.9 per cent to 5,544 ... Full Article...

posted in News at Mon, 17 May 2010 17:01:54 +0000

Friday, May 14, 2010 - BMO Fraud

         RECA Continues To Be Proactive Against Mortgage Fraud          Additional Information Due to the recent Bank of Montreal (BMO) Mortgage Fraud case, RECA is issuing this formal position statement to all Industry Members. Formal Position Statement The Real Estate Council of Alberta (RECA) sets and enforces standards of conduct for industry members in the real estate brokerage, mortgage brokerage and real estate appraisal industry. RECA supports BMO?s legal action and the ...

posted in News at Fri, 14 May 2010 17:56:51 +0000

Thursday, April 8, 2010 - Calgary house prices increasing

  ROYAL LEPAGE REAL ESTATE SERVICES RSS   Share   Printer friendly   Subscribe to Portfolio e-mail Calgary house prices increasing - Improving economic conditions and low interest rates create balanced market for the beginning of 2010 -   CALGARY, April 8 /CNW/ - Calgary's real estate market continues to recover as 2010 begins, according to the latest Royal LePage House Price Survey. The survey, released today, showed encouraging price appreciation across all housing types surveyed ... Full Article...

posted in News at Thu, 08 Apr 2010 16:06:32 +0000

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