Home sales increase in half of major areas
Halifax saw a decline in home sales in March according to the Conference Board of Canada, but it was one of just four major markets that turned negative in the month. Half of the 28 markets surveyed saw growth in the month of at least 5 per cent. Regina, Hamilton and Trois-Rivieres were the only other areas to show falling sales.
Oil prices will have a direct impact on housing warns industry group
The number of residential real estate construction jobs in Alberta will drop over the next 18 months and the impact on housing will be felt. A new report by BuildForce Canada and the Canadian Home Builders Association says that the weakened oil industry will mean lower investment in homes including renovations. It says that even when recovery comes it will not be fast enough to cover losses. Oil prices are not the only issue though; labour migration means that many skilled home builders have left the province while many more have retired.
It’s not just homes that are marketed with a ‘lifestyle’
For residential property the quality of life is a key factor and buyers will often be persuaded by the lifestyle that a home promises. The same is becoming more important for offices. A report from Colliers says that in Calgary high-profile suburban properties are tempting new occupants with the lure of a great lifestyle; proximity to quality residential neighbourhoods, retail outlets, health services and restaurants. It’s perhaps not surprising given the amount of time we spend in our workplaces and with a new wave of companies that allow a flexible approach to working it’s not all about the 9 to 5. As retaining the best employees becomes a tougher job for businesses this shift towards making sure the office is in a vibrant neighbourhood is becoming more vital.