Daily Market Update

by REP03 Feb 2015
CREB: Decline a prelude to minor correction in Calgary 
Calgary’s once-booming resale housing market has taken a turn in the opposite direction, according to an article in the Calgary Herald and numbers from the Calgary Real Estate Board. In January, MLS year-over-year sales were down for a second consecutive month — down 38.9 per cent. It was the lowest level of January sales since 2009 when there were 768 transactions for the month. 

“I think the January numbers are a prelude to at least a minor correction in Calgary’s housing market this year,” said Sal Guatieri, senior economist with BMO Capital Markets. “We anticipate a significant number of job losses in the province…. As a consequence, and not just because of layoffs, many fewer people will be migrating to Alberta this year from other countries and other provinces in Canada. That’s been a significant support for Alberta and Calgary’s housing market.”

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London sees best January for sales in eight years
The year got off a to a good start for realtors in London, Ont., as the city saw its best January sales period in eight years there and in the St. Thomas area. The London St. Thomas Association of Realtors (LSTAR) says 475 homes were sold in January, a boost from the 382 sold in January 2014. It is also the ninth straight month sales have surpassed the same month the previous year, a sign the market is rebounding from the 2008 recession. 

Canadian pension funds continue push for U.S commercial property
And according to an article in the National Post, the loonie has done little to reduce the appetite of Canadian commercial investors for U.S. property. Early returns show US$2.75-billion was already scooped up south of the border in the first two weeks of January, according to a survey provided to the Financial Post. The quick start to 2015 comes off a hot 2014, in which Canadians dominated the U.S. investment scene, easily doubling the country’s closest foreign rival, Norway, according to real estate research company CBRE. 

Realtor to client: Rent your home, pay off mortgage, build wealth
Building a rental unit in the basement just made sense for the Vancouver-based senior analyst of the Real Estate Investment Network and author of Real Estate Investing in Canada. In an article in the Globe and Mail, Don Campbell talks about buying a home you know you're going to rent, having to renovate and turn into a rental property to get financially ahead. More and more realtors are encountering clients like this. “History shows us that real estate is a good investment vehicle,” Joe Bolahood, a real estate agent with Coldwell Banker R.M.R. Real Estate in Oshawa, Ont “If you can have your home paid off and you have that extra income suite, you can generate a pretty respectable income for your retirement.

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