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Canada's real estate scene is showing no sign of
the weakness sweeping through the U.S. market, as sales and prices
continue to rise.
The flip in the Canada-U.S. currency advantage
is encouraging some American owners of B.C. real estate to take
an exchange-rate gain by selling their properties, realtors are
beginning to notice.
Who knew that the loonie would come to the aid of Scottsdale's
tepid real-estate market?
The loonie refers to the Canadian dollar, which is giving our neighbors to the
north increased buying power.
Oilsands development in northern Alberta has
sparked house price growth in the province this year,
particularly in Fort McMurray where the average sale price of
a single-family home is now more than $600,000.
Despite being overstocked with available homes, Calgary's resale
housing industry is inching towards being more normal, says a national
industry report.
The Fraser Valley's real estate market moved
closer to balance in October with the number of houses for sale
hitting a seven-year high.
Climate change could affect the design and
location of new real-estate developments -- and substantially
alter prices in B.C., says a new report from the David Suzuki
Foundation.
In their search for rest, relaxation and
romance, homeowners are increasingly asking for larger
bedrooms, with luxurious ensuite bathrooms and walk-in
closets.
Homebuyers across greater Toronto went on a
buying frenzy last month, setting a record for housing sales in
the month of October, according to figures released yesterday.
With a muscular loonie and a B.C. housing market that shows no
sign of slowing down, especially in Vancouver, logic suggests foreign
investors might find the real estate market here a little chilly.
A lot of factors will affect the prices of
homes, and identifying them is a first step in making an
informed decision, says Douglas Gray, author of 101
Streetsmart Condo Buying Tips for Canadians.
Luxury home sales across the country have been
"unprecedented" over the first seven months of this year,
according to one of country's largest real estate firms.
Re/Max says it studied luxury home sales in 16
markets in Canada and found sales activity rising anywhere from
13% to 521%. The strong market for luxury property mimmicks what
is going on in the overall resale market which is on pace for a
record year, according to the Canadian Real Estate Association.
There may never be a better time to consider becoming a snowbird.
If you yearn for Palm Springs when the snow starts to blow, or beachfront property across the border from Vancouver or just somewhere warm to go when the kids move out, now may be your best opportunity to grab hold of the dream.
HOT LOONIE HELPS MAKE U. S. SUNBELT AFFORDABLE(Toronto Star)
Sure, a shopping trip to Buffalo might net you a deal or two now that the loonie has soared to parity with the U.S. dollar, but after a prolonged slump in the U.S. real estate market, the hottest stateside bargains for Canadians might be retirement and vacation properties in Florida and Arizona.
NEW WRINKLES PUT DREAM HOME WITHIN REACH(Toronto Star)
While spiralling real estate prices in the GTA make buying that dream home a more costly venture than ever before, financial institutions are keeping buyers in the market with ever-longer mortgage terms and smaller down payments.
NO RECESSION FOR CANADA(Windsor Star)
The high level of confidence in the health of the Canadian economy was reflected by the domestic real estate industry, which upped its forecast for another record year for home sales.
THE CONSTRUCTION BOOM CONTINUES(Globe and Mail)
Investment in non-residential construction rose again in the third quarter, marking four straight years of growth in the sector, Statistics Canada says.
Construction of major office building in Alberta, Quebec and Ontario helped push investment up 4.9 per cent from the previous quarter, to $10.4-billion.
ALBERTA REAL ESTATE SALES BALLOON(Saskatoon StarPhoenix)
Residential real estate sales in Alberta so far this year have ballooned to nearly $18 billion in total dollar volume, a jump of almost 36 per cent compared to a year ago, according to the latest data by the Canadian Real Estate Association.
RED HOT HOUSING BOOM CONTINUES(Regina Leader-Post)
Yet another monthly record for residential real estate sales in Regina and area was shattered in August, according to information released Wednesday.
While August prices have rolled back to April levels, they're still up 27.3 per cent from the previous August.
LEDUC PROPERTY VALUES DOUBLE NEAR AIRPORT(Edmonton Journal)
Property values near Edmonton International Airport have doubled since Leduc County started planning a new industrial area.
The county has hired consultants to prepare an area structure plan for 4,000 hectares of agricultural land north and west of the airport.
You have to reach way down into your pocket to even begin to afford a luxury home in Vancouver. The city boasts Canada's highest starting point for luxury homes at $2 million, according to a Re/Max survey released yesterday.
The real estate company is predicting the investment market in Canada to have 30 per cent more activity this year than last despite subprime fears. The first half of 2007 has already produced stellar results. (Vancouver)
According to Canada Mortgage and Housing Corp.'s latest forecast, average local MLS prices for all of 2007 will undoubtedly show healthy gains, even if second-half prices are basically flat.
The Ottawa housing market continued to show strength in the final month of summer with 1,316 sales or existing units in August, up nearly six per cent from the same month last year.
Americans are quite envious of our housing market as they suffer through the subprime mortgage meltdown. I'm often asked if the same thing could happen here and I'm happy to say the answer is `no,' at least according to Peter Vukanovich, president of Genworth Financial Canada, which, next to CMHC is the largest mortgage insurer in Canada.
What's been lost in the exchanges on the potential irrelevancy of title insurance in this province and are the most important aspects of the Law Society of B.C.'s task force's report: That real-estate lawyers play a vital role in mortgage transactions and consumers are in need of education on the issue.
It used to be hard to find anyone in Saskatoon who would speak ill of this tranquil city on the south Saskatchewan River. It might not have been as well-heeled as other centres, but it was a pretty place, a city of bridges, somewhere you could afford to buy a house, you knew your neighbours, and could drive clear across town in 10 minutes.
Residential real estate sales in Alberta so far this year have ballooned to nearly $18 billion in total dollar volume, a jump of almost 36 per cent compared to a year ago, according to the latest data by the Canadian Real Estate Association.
Housing starts rose 5.1 per cent in August after two months of declines, spurred by a rebound in condo construction in the Atlantic region, British Columbia and the Prairies, though residential activity is seen cooling.
A strong Canadian dollar and falling U.S. home prices may add up to a short window of opportunity for Canadians to scoop up recreational properties in border states or the sun belt.
As hot as Canada's real estate market has been, it's been heating up even faster in communitiesthat are participating in the commodities boom. And with oil cracking $80 (U.S.) a barrel, wheat hitting a nine-year high and gold soaring above $720 an ounce to its highest level in decades, the boom is gathering speed.
A surprising uptick in U.S. new home sales last month brought some relief to markets weary from the subprime mortgage crisis.
Housing prices across the country are now rising faster than they have in more than two years with no end in sight to the buying frenzy, as consumers scramble to buy out of concern they will be priced out of the market.
PANIC SELLING AND PANIC BUYING (Financial Post)
CANADIAN INVESTORS STILL LIKE REAL ESTATE (Calgary Herald)
CB Richard Ellis is still predicting a record year for Canadian real estate transactions by dollar value, but said there is a view in the market that the subprime default issue impacting the U.S. residential market could spread.
ADVANTAGE SHIFTS TO REAL ESTATE BUYERS (Edmonton Journal)
Flattening prices and a record inventory of unsold homes are giving new power to buyers in Edmonton's changing housing market.
DESPITE near-crippling debt loads, Manitoba consumers continued to keep cash registers ringing in June, according to figures released Tuesday by Statistics Canada.
HOT HOUSING (Regina Leader-Post)
Higher mortgage rates helped push Canada's consumer price index up 0.1 per cent in July from June, holding the year-over-year rate steady at 2.2 per cent and taking some of the heat off the Bank of Canada as it ponders its rate decision next month.
Another month and another new record for the average price of a single-family house in Greater Victoria.
33340 KNIGHT AVE., MISSION, BC
Four-bedroom, three-bath, 2,690-sq.-ft. home featuring a spiral staircase, vaulted ceilings and a sunken tub.
Bought: March 2001, $137,500 Listed: June 22, $389,900 Sold: July 27, $385,000 | 
