October 23, 2007
Real Estate Market Stays Strong in Q3 2007
Did you know that the Royal LePage House Price Survey showed continued overall strength for Canada’s housing market in the 3rd quarter? High consumer confidence, strong employment and stable interest rates were cited as factors supporting demand. Royal LePage CEO Phil Soper elaborated, “Much like the Canadian dollar, the Canadian housing market is charting its own course, quite independent from the United States and its currency and housing climate.” Recent reports also cite growing home ownership rates. Soper explained, “With the cost of borrowing money remaining relatively low, the availability of longer mortgage amortization periods, and the fact that Canada’s population continues to grow, it is no surprise that more and more people are entering the real estate market.”
August 8, 2007
Canada’s Real Estate Market Stays Strong
Did you know that Canada’s resale housing market finished the second quarter on strong footing?
Commenting on the release of the Royal LePage second quarter report, CEO Phil Soper said, “The momentum from the year’s extraordinary start spilled into the second quarter, compounding typically busy spring market activity and stimulating solid price appreciation in almost all regions of the country. These conditions will certainly be an impetus characterizing Canada’s real estate market through to year’s end.”
Looking ahead to the end of the year, the Ontario housing market is expected to continue to enjoy strong, yet slightly slower activity, accompanied by modest rates of price appreciation. Royal LePage forecasts the national average house price to rise by 9.5% for the year, passing the $300,000 mark for the first time.
July 1, 2007
A Positive Forecast for Canadian Real Estate in 2007
Did you know that national homes sales are expected to reach new heights in 2007? The Canadian Real Estate Association recently revised its 2007 forecast to predict a 3.6% increase in unit home sales. “Resale housing activity in the first quarter was far stronger than anybody had anticipated,” says CREA Chief Economist Gregory Klump. The national residential average price is forecast to rise over the next 2 years, while markets become more balanced. CREA President Ann Bosley adds, “Residential real estate markets across Canada remain healthy and active, and it is important to note that negative factor weighing on U.S. home sales are largely absent in Canada.”
June 13, 2007
Recreational Property Report 2007
Did you know that the number of Canadians committed to owning their own getaway retreat has increased since last summer? According to the 2007 Royal LePage Recreational Property Report, demand for recreational properties continues to exceed supply, causing cottage prices to rise about 13%. Of those planning to buy, 49% would move into a smaller house in the city, rent their cottage out part-time, or even take a second job in order to afford their cottage. People choose cottage life to enjoy the outdoors (31%), escape from the hustle of city life (30%) and spend quality time with friends and family (29%). Recreational property trends affect NOTL because our market is a popular choice for those seeking second homes and recreational retreats.
May 11, 2007
Niagara Region 2006 Housing Starts
Did you know that according to Canada Mortgage and Housing Corporation, total new housing starts in the Niagara region are just about even (-1%) for 2006 vs 2005? Analyst David Lan says, “Relatively low home carrying costs and positive in-migration continue to fuel demand for home ownership.” In Niagara-on-the-Lake, there have been 99 new home starts in 2006 so far, compared to 164 in the same period last year. About 2/3 are single detached homes and 1/3 are multiple homes. Downward pressure on new home starts can come from factors such as a shortage of available land and the existing inventory of resale and new homes for sale. (September 16, 2006)
May 11, 2007
Q3 2006 Real Estate Market Performance
Did you know that Canada’s housing market exhibited moderate price increases and stable unit sales during the third quarter of 2006?
In his Q3 report, Royal LePage’s CEO Alan Soper said, “Canada’s sturdy housing market continued to demonstrate steady growth during the third quarter. For all but the west, we have moved on from the frenzied expansion that characterized the first half of this decade, and are poised to show continued growth at a more moderate pace.”
While the pace of price appreciation in Ontario levelled off slightly in Q3, the province’s real estate market remains poised for modest growth.
Added Soper, “Canada’s housing market is likely to outperform the American market through 2007. A number of factors are working in Canada’s favour, including healthy personal and governmental debt levels, the relatively modest rise in interest rates in our country, and general affordability in our major cities.” (November 4, 2006)
May 11, 2007
2007 Real Estate Market Forecast
Did you know that Canada’s housing market is poised for continued, moderate growth in 2007? The Royal LePage 2007 Market Survey Forecast predicts average house prices to rise by 6.5%. This healthy and stable market is built on a solid economic foundation, characterized by low unemployment, higher incomes, strong consumer confidence and moderate interest rates. Phil Soper, President of Royal LePage Real Estate Services says, “Looking ahead to 2007, our plucky housing market should soldier on, with prices rising comfortably, as key economic fundamentals underpin consumer confidence.” (February 17, 2007)
May 11, 2007
Q1 2007 Real Estate Market Results
Did you know that home prices for the first 3 months of 2007 rose almost 12% from a year ago? Phil Soper, CEO of Royal LePage said, “The strength of last year’s housing market has carried into the first quarter of 2007, creating a robust market, chock-full of activity with house prices rising in all major cities.” Low interest rates and strong consumer demand are cited as key drivers, and it is predicted that the momentum will be maintained through the busy spring market. If you have been thinking about listing your home, this may be the perfect time! (April 14, 2007)
