Daily Market Update

by REP02 Mar 2015
Now's the time to sell in Calgary: BMO
In the first month of 2015, 2,642 properties sold in the province, a decline of nearly 30 per cent from 2014’s numbers. The median price also declined in the province, falling 1.6 per cent. Canada saw a decline in sales of two per cent, while prices increased 3.1 per cent. As you can see, it’s obvious that the province is dragging down an otherwise robust market.In markets more exposed to oil, the carnage was even worse. Prices fell 7.3 per cent in Fort McMurray, 8.5 per cent in Grande Prairie, and more than 14 per cent in Lloydminister, all cities that are well known as oil towns. Listings have also surged in the province to 19,429 listings in January. That’s an increase of 20 per cent, and it represents almost eight months worth of sales. That’s the highest that number has been since 2011 and according to BNN.ca, the time has come to sell with home prices expected to dip by as much as 20 per cent. Sherry Cooper, the former chief economist at BMO, now at Dominion Lending Centres, says sellers in Calgary’s real estate market will be in for a rude awakening if they sit on the bench. 

Toronto condo market healthy in January
Builders were putting the finishing touches on nearly 10,400 new condo units in January, eight times more than the monthly average over the past decade, Bank of Montreal senior economist Sal Guatieri said in a recent report.The vast majority of the new condo units have already been sold. Still, the influx of new units has helped push the number of unabsorbed condos – those that have been built but not sold – to a 21-year high. It is a dramatic rise for a city whose condo market has been at the centre of concerns among federal regulators and international organizations such as Deutsche Bank about rising levels of household debt in Canada. According to the Globe and Mail, much of the new supply is the echo of a building boom that began in early 2012, when developers started construction in more than 37,000 new condo units in the city, well above the long-term average of 25,000 units a year. But the January condo boom also reflects the fact that banks and other lenders are returning to the market, now convinced the city’s condo sector isn’t poised for collapse.

Zoocasa shutting down real estate service
Zoocasa, the online real estate brokerage owned by Rogers Communications Inc., has become the latest to bow to renewed pressure to stop publishing highly coveted data on home sales. The web-based brokerage, which acts as a referral service for roughly 500 agents across the country, announced on Friday that as of March 4 it will stop sending out a popular daily e-mail detailing the price of recently sold homes. 

The Toronto Real Estate Board sent a letter to all members this month warning that those who violate strict rules on sharing sales data could lose access to the Multiple Listings Service, the lifeblood of most realtors. The letter also prompted Bosley Real Estate to strip data on sales from a mobile app it offers to prospective home buyers.The warning by the real estate board is the latest development in a battle that has been raging for years over how much data real estate brokers can make public, particularly online. Read more here

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