Daily Market Update

by REP01 Dec 2014
Real estate more affordable in October
According to a report from the Canadian Real Estate Association, the average price of a home in October topped off at $419,699, however the latest report from RBC indicates that home ownership is slightly more affordable than it was last quarter. Sadly, or not, the RBC report considers markets outside of Toronto and Vancouver. The Huffington Post complied on list of properties realtors, investors and homebuyers may be looking for; read the full story here.
Vancouver home prices post greatest gains
If you’re looking to sell a home in Vancouver, it may be wise for your clients to know they’ll need at least a $1 million to close the deal. According to data from the Canadian Real Estate Association, Greater Vancouver was among Canadian cities to post the biggest gains in home prices year over year, up 6.03 per cent for the month of October. The average price for a home in the city is $819,336, according to the October statistics. Read the full story here.
Alberta market still growing, despite slip in oil prices
A recent slip in oil prices hasn’t stopped Alberta’s housing market from being on the country’s most affordable, good news for realtors and investors looking to enter the Western market. With rising incomes, a population boom and a strong energy-backed economy, resales in Alberta increased by 0.9 per cent. The report reveals the cost of an average detached bungalow in Alberta to be $405,700, a standard two-storey home slightly more at $410,200, and a condo at $242,800. Read the full story here.
Canadian spending up, even in real estate
Good news from Statistics Canada. According to a market report, gains have been made at the offices of real estate agents and brokers, citing a positive outlook as homebuyers and investors continue to snap up Canadian properties. Household consumption was up 0.7 per cent in the third quarter and although it was slower than the second quarter (1.1 per cent), household spending has propelled Canada’s GDP by 0.7 per cent. Read the full story.
Seniors increasingly choose suburbs over cities
A study from Concordia University has found that seniors in Canada’s six largest cities are moving to the suburbs at a faster rate than all other age groups. The study highlights that seniors are moving outside of the city to snatch suburban properties or condos to be at a slower pace but the report also discusses the dangers of this. "In the suburbs, if you lose your licence you may not be able to access the services you need. The challenge is to provide services to people in spread out areas — to people who haven't got access to automobiles." Read the full story here.

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