Daily Market Update

by REP08 Dec 2014

RESAAS achieve record-level growth on user platform
RESAAS Services Inc. has reached a milestone as 300,000 verified real estate professional users are now using their platform. This rate of growth secures RESAAS as the largest and fastest growing professional real estate network, reaching the 300,000 user mark just 18 months after its commercial launch, according to a Marketwire release. Read the full story here

North Okanagan see growth as hotspot
Overall sales for November improved 10.1 per cent to 120 units compared to 109 units sold last year at this time in North Okanagan B.C. There were 57 single-family home sales in the North Okanagan in November, a 26.7 per cent increase from 45 units in November 2013.The 191 new listings taken for November were up 9.1 per cent from the 2013 level of 175. Read the full story here.

Winnipeg a buyer's market
With 4,000 listings up for sale, Winnipeg has become a buyer’s market, according to WinnipegREALTORS. The group says MLS listings at the end of November are up 20 per cent from 2013 – 1,500 more homes up for sale than usual over the past 10 years. In November, houses sat on the market for 34 days, while condos saw 46 days on the market. Squire said elsewhere in Canada listings can sit on the market for more than 50 days. Read the full story.

Condo sales jump 19% in Calgary, listings up 22%
Business continues to pick up in Calgary. New listings in November outpaced sales, resulting in a 22% increase in active listings but, even with the gain, listings remain below long-term averages, according to CREB president Bill Kirk. He added that Year-to-date sales in November recorded double-digit gains in all property types, with the strongest increase coming in the condominium sector, including apartments and townhomes, with a combined growth of more than 19%, putting both housing types at record levels. Read the full story here.

Consumer debt levels could affect realtors
According to Fitch Ratings, high and “unsustainable” levels of consumer debt, along with regional pockets where housing looks overvalued, are weighing on the outlook for Canada’s banks in the coming year, according to Fitch Ratings. Despite this outlook, Fitch noted that government guarantees on the majority of Canadian mortgages insulate bank balance sheets. However, with consumer loan and earnings growth expected to slow, the banks are turning to business lines including capital markets and wealth management that tend to be more volatile. Read the full story here.

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