Daily Market Update

by Jordan Maxwell02 Apr 2015
Victoria housing market on the rise
The Victoria Real Estate Board released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7 per cent increase compared to the 575 properties sold in the same month last year.  We saw 393 single family homes in the region sell in the month of March. According to an article from MarketWired, the last time we saw numbers this high in March was in 2010 when 414 single family homes sold," Victoria Real Estate Board President Guy Crozier says. "And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year." There were 3,769 active listings for sale on the MLS at the end of March, 6.9 per cent fewer than the 4,050 active listings in March 2014. The MLS Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64 per cent to $569,700.

Calgary home prices slide for second straight month
Oil price jitters are firmly settling into Calgary’s housing market, keeping buyers on the sidelines during what is normally the start of the hottest season in real estate.

Calgary home prices slumped for the second month in a row in March, having slid 0.85 per cent since the start of the year, the Calgary Real Estate board said.The benchmark price was $454,900 in March, down from $458,800 in January. According to the Globe and Mail the modest drop in prices masks a much steeper drop in home sales, which fell nearly 30 per cent compared with a year earlier. “Concerns in the energy sector continue to persist, and employment figures are starting to support those concerns,” the board’s chief economist, Ann-Marie Lurie said in a statement. Job losses in the energy sector have been offset by employment growth elsewhere, although many of those have been lower-paying service jobs, Lurie said. “If this trend continues, it may influence the composition of housing demand.”

Last Target store to close April 12
Target Canada says it will complete inventory liquidation and close the last of its 133 Canadian retail stores to the public on April 12, about a month ahead of the original schedule. According to the Financial Post, in addition to the store closures, the company’s three distribution centres and Mississauga headquarters have also been closed. “We are pleased with the results of the liquidation sales to date and the speed at which we have moved through the wind-down process,” said Target Canada CEO Aaron Alt, who added that liquidator-led fixture sales would continue at some locations. Read more here



Is a Toronto foreign sales tax a good idea?