Daily Market Update

by REP17 Feb 2015
Avison Young adds Peregrin to growing profile 
Avison Young, the world’s fastest-growing commercial real estate services firm, has expanded its business-line coverage in Calgary, Edmonton and throughout Western Canada with the acquisition of Calgary-based Peregrin. The acquisition adds approximately 1 million square feet of property under management to Avison Young’s global portfolio and adds 12 employees to its Calgary staff. 

Calgary MLS Sales to plunge by 50 per cent: TD
According to a report from TD Economics, Calgary MLS home sales are forecast to plunge by nearly 50 per cent this year compared to a year ago amid a climate of declining oil prices and an uncertain economy. The report said the “oil-driven” housing market in Calgary has “already experienced a sudden and abrupt turn and cited, “Prices appear to be on track to fall by as much as 10 per cent in Calgary. A significant softening in job markets will set the stage for a second major housing correction in Calgary” since 2008.

Condo market stable as prices fall in Montreal 
After years of condo boom times with rising prices and more and more construction, developers appear to be scaling back — and prices have dropped. The National Bank’s House Price Index for condos shows a four per cent drop in the six months ended January for the Montreal region.
Nevertheless, National Bank senior economist Marc Pinsonneault is not calling for a collapse, and like economists at Desjardins Economic Studies and the Canada Housing and Mortgage Corporation, sees flat prices or negligible gains in the next two years. That fits with the Quebec Federation of Real Estate Boards assessment: a surplus of inventory in the resale market, high supply of new condos and less robust demand means the median price will stay flat and “the market will not become rebalanced in 2015."

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