Wednesday, March 28, 2018
The Canadian Real Estate Association (CREA)
Real Estate Market
The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 120,000 real estate Brokers/agents and salespeople working through more than 90 real estate Boards and Associations.
In the middle of March this year they released their quarterly forecasts for home sales activity via the MLS® in 2018 and to 2019.
Although the housing market remains strong in many parts of Canada, they tend fo face headwinds due to the new government policies, eg. new mortgage rules, fears of the national bank raising interest rates.
As a result the national forecast for sales and average price has been lowered. Sales activity is projected to go down by 7.1% (479,400 units) in 2018, and national average price is projected to go down by 2.3% ($498,100) from 2017.
In 2019 they are predicting that national sales activity is going to have a modest rebound by 3.56% (496,500 units). And the national price is forecasted to rebound by 3.1% ($513,300).
For full details please visit https://www.crea.ca/housing-market-stats/quarterly-forecasts/
Wednesday, October 18, 2017
Real Estate Market
The REALTORS® Association of Hamilton-Burlington (RAHB) released its September market statistics. RAHB reported 403 new Burlington area listings were processed through the RAHB Multiple Listing Service® (MLS®) System in September, which is 9.8 per cent higher than September last year.
"The trend to higher numbers of listings and fewer sales through the month has continued," said RAHB CEO George O'Neill. "This month’s listings were actually the highest we've seen for the month of September. Our sales to new listings ratio is down to the 42 per cent range, which is a big change from the 80 per cent-plus it was earlier this year and the 64 per cent range from last September."
Seasonally adjusted* sales of residential properties were 18.9 per cent lower than the same month last year, with the average sale price up 9 per cent for the month.
The median price of freehold properties increased by 5 per cent over the same month last year while the median price for condominium properties increased by 6.8 per cent compared to the same period.
The average price of freehold properties showed an increase of 3 per cent compared to September of last year; the average sale price in the condominium market increased by 8.8 per cent compared to the same period.
“Listings are up, sales are down, properties are on the market for a longer period, yet the price drop many were expecting has not occurred – the median and average residential sale prices for the month are still up compared to last September,” noted O’Neill.
Average sale price is based on the total dollar volume of all Burlington area properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Please feel free to contact us for specific information about your area or property.
Friday, September 29, 2017
Real Estate Market
Sales of homes priced over $1 million were up year-over-year in Victoria, Calgary, the Greater Toronto Area (GTA) and Oakville while the luxury market in Vancouver cooled during the first seven months of 2017.
In the GTA, luxury condo sales continued to increase significantly, growing 85 per cent year-over-year between January and July in 2017. In large part, this can be attributed to overall price appreciation in the market over the course of the last year, resulting in more condos meeting the higher dollar threshold, combined with condo inventory levels failing to keep pace with demand. The price appreciation across the market was a strong motivating factor for many baby boomers to sell their homes and use the equity to downsize to luxury condo units.
The 15 per cent non-resident speculation tax included in the plan slowed demand from overseas buyers in the GTA overall, but did not significantly curb activity in the region’s luxury market. During the first seven months of 2017, demand for luxury properties in the GTA remained strong, with sales rising by 30 per cent year-over-year.
In the upper-end of the GTA's luxury market, demand for single-family detached homes over $3 million saw the largest increase in activity, with sales rising by 55 per cent year-over-year. The Toronto suburb of Oakville also continued to see tremendous growth, with sales for properties between $2.5 and $3 million increasing by 112 per cent year-over-year. Oakville's proximity to Toronto and strong local schools are a main attraction for buyers looking to enter the market.
Click here to download the full official RE/MAX report "2017 Spotlight on Luxury".