House prices up across Canada

The 45 basis point reduction in interest rates at the start of the year has done wonders for real estate in Canada.

The average house price is up 7% and Calgary prices have gone up by nearly double the national rate.

With the October numbers by CREA, the average Canadian home has never been worth more than it is now.

In volume terms, the actual number of homes sold rose by the same amount — seven per cent. “This marks the sixth consecutive month of stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009,” CREA said in a release.

October isn’t typically one of the strongest months for home buying, as activity tends to be strongest in the spring and summer.

TD Bank said in a note to clients after the CREA numbers were released that in sales terms, the housing market is hotter than it normally is this time of year.

Of course most of these gains are driven by the three cities: Toronto, Vancouver and Calgary.

Will wonders ever cease or this the economic miracle that keeps on giving?

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patriotz
Member

from previous thread:

“Bob Rennie and those developers are now salivating at the prospect of a Broadway subway line, since I believe they have proposed that it be financed by allowing these developers to build high density developments ”

Subways do not make sense without high density. It’s not about any developer or politician. It’s simply about numbers.

If you are opposed to density, you have to be opposed to subways. Conversely, if you are for subways, you have to be for density.

Both Vision and the NPA supported the Broadway subway while soft-pedaling this reality. Here’s a well-reasoned argument from COPE against a subway (scroll down a bit):

http://www.timlouis.ca/

IMHO Vancouver has been engaging in “Rob Fordism” wrt this issue. You want a subway, you pay for it, in terms of both taxes and increased density.

George
Guest
George
@ Patriotz Opposition to condo towers along Broadway and Vision Vancouver’s hypocrisy has nothing at all to do with Rob Ford. There are lots of dense cities around the world that don’t have towers. Towers do not equal density. Paris is a densely populated city and their last tower was built 40 years ago (for office, not residential, I might add). You can create density without towers. Also, just because you have towers doesn’t mean you have population density. Coal Harbour has a lot of condo towers, but it doesn’t have population density because so many of the units sit vacant. Does Broadway really need additional density anyways to justify rapid transit? No. It’s already dense, it already has enough demand for rapid transit. It’s not like the Millenium Line where we are building something in relatively under-developed area because… Read more »
Westside Realtor
Guest
Westside Realtor

China home prices down in 69 of 70 cities in the measurement.

Spilling over to the westside sfh mkt.

I am getting the distinct sense that $ is starting to be repatriated to shore up debts back home.

The market may get absolutely pounded.

George
Guest
George

BC Liberal mismanagement of this province is starting to become apparent to the rest of the world. Yesterday, the Vancouver Sun told us that negative comments were showing up on international travel websites about poor BC Ferry service. Now the Vancouver Sun is telling us that the BC Cancer Agency is making international headlines for being in disarray. From the Vancouver Sun:

“On Medscape, a popular, New York-based website for health professionals around the world, an article under the headline “The Decline of a Top Cancer Agency” documents the mounting problems at the B.C. organization, including increasing patient waiting times, staff burnout and plummeting morale.”

http://www.vancouversun.com/health/Researchers+Cancer+Agency+complain+about+freeze+staffing+crisis/10389885/story.html

George
Guest
George

The Medscape article entitled “The Decline of a Top Cancer Agency”, viewed by medical professionals around the world discusses the decline of BC’s once top-ranking Cancer Agency. The article points blame at administrative (read BC Liberal political) changes:

“Working conditions were better when the BC Cancer Agency and its managers reported directly the central government in Victoria, not to this provincial authority, according Donald Carlow, MD, a former president of the BC Cancer Agency.

Dr Carlow described the Kafkaesque circumstances that arose when the BC Cancer Agency came under the control of the Provincial Health Services Authority. “Suddenly, the president of the cancer agency reported to an underling of the president of the regional health board who, in turn, reported to a board that reported to the ministry of health.”

http://www.medscape.com/viewarticle/834527

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

>Subways do not make sense without high density

There is sky train to the airport.

Last time I checked no one lives at the airport. Zero density.

I guess you’re wrong again Ottawa pat.

Joe Mainlander
Guest
Joe Mainlander

@#6

Density = population + jobs.

A metro station needs 100-150 jobs + population within an 800m radius to make it economically worthwhile. Calgary uses minimum zoning of 100 jobs+pop for new communities around its’ light rail system.

There are over 23,000 jobs at the airport and surrounding facilities. Plus 17 million passengers a year.

It’s not just about residences.

wha...
Guest
wha...

“There is sky train to the airport.

Last time I checked no one lives at the airport. Zero density.”

The airport is in Richmond. No one lives there?

Joe Mainlander
Guest
Joe Mainlander

@#8 True. Line was built to Richmond, which is planning for 60,000 more people in it’s town centre. YVR line is a spur. A spur to 23k jobs sounds like it was worthwhile economically and traffic-wise.

Plus, the Cambie Corridor plan will allow for an additional 15,000 people around the Canada Line stations in the next few decades..

Mind you, 15k is only half a year of Metro Vancouver growth.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@8

sounds like you haven’t taken the line. it forks off to the airport. there are 3 stops in an area of zero population.

http://buzzer.translink.ca/wp-content/uploads/2008/12/00-canada-line-map.jpg

look, what is your point? obviously it makes sense to have it go to the airport despite the airport having zero population.

it also made sense to have it go to richmond, despite richmond being low density.

it made sense because they made all the buses that used to go to vancouver go to the skytrain, and thus the line achieved it’s 3 year target in 1 year.

all this without density.

now, the area around the line is becoming more dense. but density wasn’t required for the line to meet it’s targets.

density wasn’t required to make the fork to the airport viable.

what was required is demand. yes, demand and density often go hand in hand. but it isn’t necessary.

Wow
Guest
Wow

S&P at record 2050.

13K party today.

Bonds at record highs.

Vancouver housing at record highs.

The world is awash in money.

Most here on this blog will never get it. Sad really.

Joe Mainlander
Guest
Joe Mainlander

@#10
Rapid transit needs density. It is not worthwhile serving a single family area with rapid transit. You just don’t have the population around a station to make it worthwhile. Demand comes from density; density of jobs and/or residents. As I pointed out, you need minimum 100-150 jobs + population per hectare within an 800m radius of rapid transit to make it worthwhile economically. That’s a target of 20k-30k people and/or jobs around each station. This isn’t required right away, but the zoning around each station should allow for that growth. The airport, with it’s 23k jobs is already at that target density.

bobwestsiderealtor
Guest
bobwestsiderealtor

Patriotz just linked to communist Tim Louis to support his specious transit argument. As flawed as Vision is, can you imagine if Vancouver were run by Cope? Our bus drivers would be making $100/hr driving 80 year old buses. Everyone would aspire to be a bus driver but you’d need to take a 4 year course to get licensed, which you’d need to renew every 6 months. There would be a surplus of buses and bus drivers but no where to shop, eat, or work.

Mortgageslave
Guest
Mortgageslave
@WOW – The majority of the world is awash in Debt. It is the NO1 driver of inflated assets. Especially Vancouver. I know this first hand as I work in bank. On another damning note, I couldn’t believe how much food prices have gone up on my visit to Costco yesterday. Cost of everything is up, debt is up, but wages are stagenent. Lots of new cars on the road though. All bought with debt, unless they’re completed idiots and payed cash on something they could have for .9%. Don’t get my wrong, there are lots of people with Money and 7 digit Portfolios but they wouldn’t be dumb enogh to invest in Real Estate. The only people who are doing this know are the Herd chasing previous gains. The same herd that buys Uranium stocks after they’ve had a… Read more »
space889
Guest
space889

@George – Plenty of condo owners take transit, especially those who work in downtown. I don’t know where you get the idea that condo owners all drive and only renters take the subway. The ones I know who drive to work is due a combination of reasons like there is no transit option to their work place (eg. industrial parks), low frequency services, too many connections which means its 1hr+ transit vs 30mins drive. Where there is nice and easy options, most people will take drive, or drive part way and then transit like at Bridgeport.

space889
Guest
space889
@George – As for rentals, patriotz has said in the previous post that we don’t have a rental crisis, what we have is an income inequality crisis. So loss of those old rundown cheap rentals isn’t a problem as long as you increase the poor people’s wages. Cuz there is not rental shortage nor are rent prices too high apparently!? According to Patriotz But that apparently logic don’t extend to high housing prices where higher income/wealther people are outcompeting those can’t make $200K+ household income or born into $10M+ trust funds. I guess this wouldn’t fit his narrative to a housing bubble but no rental shortage where if everyone can just rent instead of buying. Cuz renting a good place in your desired neighborhood at low price is never an issue! Unless you live in Ottawa and your landlords decides… Read more »
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@12

i don’t think you’ve ever been on canada line or have a clue how it works.

you think everyone who works at the airport lives on the line? lmao. no, they drive their cars to the employee lot at templeton station and use the line as a shuttle bus.

almost every bus that went from richmond, taswassen, ladner to vancouver instead now feeds into canada line. that’s how they got the demand.

Joe Mainlander
Guest
Joe Mainlander

@#17 I know how transit works because I work with transportation planners in Vancouver, Calgary, and overseas and learned it from them. You don’t learn things from anecdotes of riding on a metro.

Even in a transit oriented development, with the target densities, you will typically get 30% of residents/workers using the line. But, that compares with 10% for apartment areas next to bus only transit. And single family areas are expensive to service by bus as the riders per hectare gets even lower. Metrotown, achieves about 50% of residents using transit, which is quite a success. So, even with transit, there will be 50% to 70% folks using cars. The bus feeder loops help feed riders into the rapid transit station, but that would not produce the riders needed. Density of jobs+pop around the stations is what is needed.

Son of Ponzi
Guest
Son of Ponzi

#18
So you are responsible for the crap called Skytrain.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

> I know how transit works because I work with transportation planners in Vancouver, Calgary, and overseas and learned it from them. You don’t learn things from anecdotes of riding on a metro.

exactly, you’ve never even been on canada line. no wonder you don’t know anything.

if you had, you’d realize that most people aren’t using it to get to the airport. the trains coming from and going to the airport are almost empty.

people use the line to go downtown. there are a lot of jobs downtown. i’m not sure if you realized that.

Joe Mainlander
Guest
Joe Mainlander

@#19 No. I said I have worked with them, but I don’t do that work. Plus, I’m not that old!!

Grace McCarthy was responsible for that, cause she cut a deal with the makers of Skytrain. Just like Glen Clark did on the Millenium Line. No matter what the experts might say, it’s the politicians that make the final decision.

Joe Mainlander
Guest
Joe Mainlander

@#20 Yes, 200k jobs in downtown and broadway area. So it makes sense to service with transit. I never said it shouldn’t be.

Re: YVR. The line gets average of 9,300 per day. That’s about 40% of its 23,000 employees. Not sure if what % of that ridership is passengers vs employees. Total Canada line is 100k per day. so about 10% of the riders go to/from airport.

http://www2.canada.com/vancouversun/story.html?id=f426ee30-3d0b-4b11-9482-2fcc8ec147c2

So you’re right, most people are not using it to get to the airport, but there are still 9,300 per day. If a Transit Oriented Development needs 20k-30k jobs+pop within 800m, with a 30% ridership target (6,000 riders a day) to make it viable, seems like the airport meets this target.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@22

>to make it viable, seems like the airport meets this target.

and what’s your point?

as i said in post 10: “look, what is your point? obviously it makes sense to have it go to the airport despite the airport having zero population.”

seriously, what’s your point?

Wow
Guest
Wow

@mortgageslave,

The Conservatives won both by elections last night. Regardless of what anyone thinks, they will win the next election (unfortunately). Therefore, expect more of the same policies and more.
The world is awash in money. It’s just half the population are being left behind. To stay with the other half, they are going in debt.

Homeowners and people with big stock positions love the Conservatives. People on this blog mainly hate them. The problem is the have nots who vote Conservative and keep them in power. Stomach churning dumb!

Wow
Guest
Wow
And to add to the transit discussion: It is not about density etc. You have to get out of sheep mode. Rail lines get built to where people who are backing the politicians have land. And not to where it’s needed. Example #1 Do you know why light rail is chosen for Surrey? So it could access JP’s properties. A mall is going up at 157 and 104 Ave and sky train can’t pass through Guildford mall, only light rail. Word is that he will finance it if the transit referendum doesn’t go thru. Funny how the Superstore on 104 and 147 will get no station near it…got to love JP…must only serve my properties and Save Ons. Example #2 Broadway line. The true route it will take is going through false creek railyards to the Olympic Village area and… Read more »
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