“The Canadian housing market remains a bright spot against a backdrop of mixed headline news about the global economy,” said Gary Morse, CREA President. “Low mortgage rates continue to draw buyers to the housing market, while recently tightened mortgage regulations are working as intended. That said, housing market trends often diverge from national trends due to local factors, so buyers and sellers should talk to a local REALTOR® to understand housing market trends at play where they live.”
The number of newly listed homes nationally was little changed from each of the previous two months. New listings were up from the previous month in a number of major markets including Toronto, Montreal, Ottawa, Oakville and Vancouver, offset by fewer new listings in other markets including Edmonton and the Fraser Valley.
The monthly rise in sales resulted in a tighter national housing market that remains firmly planted in balanced territory. Based on a sales-to-new listings ratio of between 40-60%, nearly two-thirds of all local markets in Canada were in balanced market territory in September, with an even split of buyer’s and seller’s markets among the remainder.
Ontario – Pace of home sales remains brisk in October
Toronto, November 3, 2011 – The greater Toronto area REALTORS® reported 7,642 home sales in October 2011. This represented an increase of 17.5% compared to the 6,504 transactions reported in October 2010.
While the Condo market reported 5,770 condominium apartment transactions in the third quarter of 2011, representing a 24% increase over the same period in 2010. The average selling price increased by almost 9% to $333,352.
The annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board (TREB) President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”
The average selling price through the Toronto MLS® in October was $478,137, up 8% compared to October 2010.
“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”
Ottawa, November 3, 2011 – Members of the Ottawa Real Estate Board sold 1,062 residential properties in October through the Board’s Multiple Listing Service® system compared with 1,038 in October 2010, an increase of 2.3%. The five-year average for October sales is 1,071.
Of those sales, 253 were in the condominium property class, while 809 were in the residential property class.
“Condos were the main driver of resale home sales in October, with condo sales up 14.5% from the same month in 2010, whereas residential property sales numbers were near-identical to last year’s,” said Board President Joanne Tibbles. “We’ve been hearing a lot about the rising popularity of condos in Ottawa and these numbers certainly support that, but it’s just one piece of our steady resale market, with sales very near the five-year average for October. Also, listing inventory and days on market are both up slightly as we move towards the end of the year,” she added.
The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $337,797, an increase of 2% over October 2010. The average sale price for a condominium-class property was $259,316, a decrease of 1.5% over October 2010. The average sale price of a residential-class property was $362,341, an increase of 3.7% over October 2010.
British Columbia – Greater Vancouver at lower end of balanced housing market
Vancouver, November 2, 2011 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1.0% decrease compared to the 2,337 sales in October 2010 and a 3.2% increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
With a sales-to-active property listings ratio of 15%, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3% increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23% decrease compared to the 5,680 new listings reported in September 2011.
The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3% higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5% to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3%.
Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5% decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3% compared to the previous month.
Sales of apartment properties reached 958 in October, a 2.6% decrease compared to the 984 sales in October 2010, and a decrease of 40.4% compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2% from October 2010 to $402,702, but decreased 0.7% compared to the previous month.
Attached property sales in October totalled 382, a 1.3% increase compared to the 377 sales in October 2010, and a 37.4% decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5% between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.
Alberta – Calgary’s housing market set to outpace 2010
Calgary, November 1, 2011 – According to figures released today by Calgary Real Estate Board (CREB®), Calgary residential sales totalled 16,184 after the first 10 months of the year, an increase of 8.0% over last year.
Over 61% of Calgary’s established communities saw increased sales levels compared to last year. Garrison Woods, Collingwood and Mahogany saw the largest sales increase at 170% combined; nearly half of all Calgary communities recorded price increases, with Shaganappi, Chinook Park and Downtown leading the way with a combined average price increase of 55%.
“A boost in full time jobs throughout the year is gradually translating into improved sales in the real estate sector,” says Sano Stante, president of CREB®. “Consumers are taking advantage of price stability and a healthy variety of selection. While these gains are moderate, we are set to outpace 2010 sales.”
Single family home sales totalled 988 for the month of October 2011, an 11% increase over October 2010, but continue to remain well below historical levels. Year-to-date sales totalled 11,503, a 10% increase over last year.
October listings have edged upwards over last year’s levels, increasing by nearly 2.0%, but year-to-date there are 6.0% less listings than levels recorded last year. “Consumers are feeling more confident about the local real estate market,” adds Stante.
The average price of single family homes for the month of October 2011 was $455,399, while the median price was $395,000, an increase of 2.0% compared to last year. This is primarily due to the rise in the number of luxury homes sales. Despite the monthly price increase, however, year-to-date figures remained stable at levels comparable to the previous year.
Condominium sales for the first 10 months of the year totalled 4,681, a 3.0% rise over the same period last year. Inventory levels remained at 1,935 units, resulting in months of supply pushing above five months. “The condominium market has significantly tightened compared to last year, however, moving into winter, we expect to see a rise in months of supply,” Stante says.
Condominium year-to-date average and median prices in 2011 were $288,736 and $262,500, respectively, a slight decline over the first 10 months of 2010. The decline is mostly due to increased sales in units priced under $200,000.
“Overall, the resale housing market continues to show signs of improvement and, with no near term change in interest rates, we can expect the market will continue to see moderate and stable growth throughout the rest of the year,” Stante concludes.