Where Canadian house prices are up or down

The latest data from the Canadian Real Estate Association is now showing about half of the countries markets with rising and half with dropping prices.

Toronto and Vancouver are doing well so far with a year over year increase of 4.9% and 1.8% .

The big winner? That would be St. Catharines with a YOY increase of 16.1%.

The overall average house price grew 3.1 per cent in the year to January, to $401,143. That’s the smallest increase since April, 2013, but it’s largely a story of two still-hot housing markets: Toronto and Vancouver. Strip out those two cities and average house prices are down 0.3 per cent over the past year.

Home sales, meanwhile, are 2 per cent lower than they were a year ago, CREA numbers showed.

Major energy industry centres like Calgary, Edmonton, Saskatoon and Regina saw some of the sharpest declines in housing demand, TD economist Diana Petramala noted.

There is “a widening regional wedge” in Canada’s housing markets, Petramala wrote in a client note, as oil-importing cities’ housing markets benefit from lower oil prices while producer cities struggle.

Read the full article here.

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Whistler or bust?
Guest
Whistler or bust?

let’s not fool ourselves. locals embrace chinese culture and chinese people. and go out of their way to show this. my suggestion is that people take the next step and learn mandarin.

Yes they do because we are an inclusive society. Many of us like to celebrate the traditions of other cultures. It does not degrade us or make us weak.

Why are you trying to create race tension here?

paulb
Member

New Listings 198
Price Changes 44
Sold Listings 145
TI:12547

http://www.paulboenisch.com

nufio
Guest
nufio

wtf is a proD day? is that yet another holiday that the teachers union has negotiated for themselves?

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

>So out of 54,000 total students the VSB is pandering to the 10% whose parents undoubtedly made a lot of noise and perhaps some veiled threats to get this changed – otherwise the school board might be deemed racist if they don’t bow to their demands.

let’s not fool ourselves. locals embrace chinese culture and chinese people. and go out of their way to show this. my suggestion is that people take the next step and learn mandarin.

Best place on meth
Member
Best place on meth
@69 “While many of B.C.’s teachers will have a pro-D day Friday, Vancouver decided to change the date to “give parents and students a chance to celebrate this day, should it be part of their culture,” said VSB spokesman Kurt Heinrich.” Isn’t that wonderful? So out of 54,000 total students the VSB is pandering to the 10% whose parents undoubtedly made a lot of noise and perhaps some veiled threats to get this changed – otherwise the school board might be deemed racist if they don’t bow to their demands. Or maybe there was extra pressure from Gregor now that he’s been promoted to a high position within the communist party thanks to his new girlfriend. So what’s next, changing the date of Remembrance Day in Vancouver only, if it should happen to fall on the same day as Diwali?… Read more »
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Vancouver schools move Pro-D day to accommodate Lunar New Year observances

why have pro-d day on Friday and give families a long weekend when you can have it on REAL new years?

the sinicization process continues.

http://www.leaderpost.com/news/vancouver/Vancouver+schools+move+ProD+accommodate+Lunar+Year/10827416/story.html

Royce McCutcheon
Member
Royce McCutcheon

@67: And the idiocy of participating in the lottery depends on the odds of winning, so my response was wrong in that way too. Do we need to litigate the minutiae of every off the cuff remark?

In general, finding a return such as what that would-be seller would realize isn’t likely in the condo/attached market here at this point. In my opinion, the average person participating in that market and framing their decision to buy as a good investment is buying a lotto ticket. An expensive one.

If you’re able to participate in that market at this point and find value such that you can get a 30% return on real estate within a few years, I take my hat off to you. Most people won’t.

Shut It Down Already
Guest
Shut It Down Already

It’s the purchase price that determines whether they got a good deal, not what they sell it for. Maybe $315k was a steal? How would buying something at less than fair value be anything like playing the lottery?

Royce McCutcheon
Member
Royce McCutcheon

@65: Nope.

But just because someone will win the lottery doesn’t mean it’s not idiotic to buy lottery tickets.

space889
Guest
space889

@Tiger – If that unit gets sold for $410K, would he still be an idiot?

Tiger
Guest
Tiger

Look at this idiot, bought it for 315,000 three year ago trying to sell it for 418,000.

what will be the fair price to buy this unit ?

http://evaluebc.bcassessment.ca/Property.aspx

http://www.rew.ca/properties/V1105602/202-251-east-7th-avenue-vancouver?direction=desc&sort=latest&page=1&property_search=313003138

Simon
Guest
Simon

West Side Realtor,

You forgot to change your handle before responding to yourself in post #60.

space889
Guest
space889
@Bear Vancouverite – Wow those prices are even more expensive than I thought, especially the smaller units. Also a 3br laneway house? Do you mean a coach house in Mount Pleasant area? I thought you couldn’t built 3br laneway house. Relative speaking, I think the Fairmont one @ $6K/month is good value compared to $1K/month for not so good old 1br apartments. To add to your list, one family we know is renting a nice 2000 sq ft house near #2 Rd and Francis in Richmond for $3K/month, while they are building their own house. Official family income? Probably $60K max. Un-official? Maybe $200K/yr+ in cash, with a side business of taking care newborn moms in houses in Van West, Richmond dedicated to expecting/new mothers from China. Yeah, totally crazy….. A family friend of their is living in hotels (and… Read more »
Oracle
Guest
Oracle

@gah

I know many people who own multiple houses. Not rate at all.

Oracle
Guest
Oracle

By the way Oracle, I handily disagree with most of the laughable comments you provide us with.

I could care less. I’m only concerned about hoping for a correction and getting into the SFD market.

If you think $2million dollar houses are going to $1million, then good for you!

LL
Guest
LL

GFY

space889
Guest
space889

@patriotz – Do we have the kind of urbal sprawl that exist in US? No.

Did the supply of SFH on Vancouver Westside increase? No, in fact it is going down.

Do we have more condos? Yes, and increasingly smaller ones for the same price. That in my books is price increase. Maybe we will continue to build enough tiny condos and townhouses to satisfy immigrants demand, but are we increasing the number of 2000+ sq ft SFH on Vancouver Westside? No

So how does your argument about US housing market in any way invalidate my argument that more people have an upward pressure on SFH homes in Vancouver West?

Slagathor
Guest
Slagathor

…I do kind of want a house though, just not a shitty house……

That, even more so than price, severely limits one’s choice in Vancouver.

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

happy real new year everyone!

vangrl
Member
vangrl

#50 Patriotz

That article is so crazy!

Of course they’ll have to make those taxes up somewhere. So let’s focus on how we can help Canadians get into a super inflated market & be “house poor”, so they really can’t afford to do anything but hang out in said house, that should help our economy!

The Property purchase tax is the least worrisome thing about this market.

Westside Realtor
Guest
Westside Realtor

Oil getting pounded.

Hasn’t found its bottom imho

If I’m correct, Alberta will go from fear to outright panic, and this will become a contagion.

SFH sales in my market remain weak, and inventory and moi continue to build. HAM sightings are a rare event.

I say that our local market is softening, starting at the high end and will work it’s way down.

Watch as inventory and moi grow region wide.

A fool and their money are soon parted. Even an Oracle would understand this.

By the way Oracle, I handily disagree with most of the laughable comments you provide us with.

WSR

history
Guest
history

Cancer rules homes, houses and families.
Pluto is currently transiting Capricorn.
What is the meaning of this, Oh forum combatants?

A little stardust for you, from the wee hours on the Pisces coast

patriotz
Member
patriotz
Member

Just to show you that property transfer tax is a whipping boy for all seasons:

Mayor’s land-transfer tax helped sink Toronto real estate market, study says

Amid a sinking Toronto real-estate market, Mayor David Miller’s controversial new land-transfer tax is to blame for a significant chunk of falling sales and house prices, a study released by the C.D. Howe Institute today concludes.

2008: PTT is bad because it increases affordability! 2015: It’s bad because it decreases affordability!

patriotz
Member
Ending B.C.’s property transfer tax is ‘long-term plan,’ Clark says Premier Christy Clark says the property transfer tax is a “drag” on B.C.’s economy she would like to eliminate, even though it’s worth about a billion dollars a year to the provincial government. That sounds like an admission that the BC economy is based on turning over RE. “It is absolutely part of our long-term plan to get rid of it because it is not good for affordability in B.C,” Ms. Clark told a question-and-answer session with the Surrey Board of Trade after a speech on this week’s budget. Translation: “It is not good for profitability of the RE industry”. “It’s one thing we can do to try to increase affordability.” The way you increase affordability is by decreasing prices. By introducing increased taxes on speculative transactions – which include… Read more »