Daily Market Update

by Jordan Maxwell06 Apr 2015
Study: Houses could costs $4-million in Vancouver by 2030
According to an article in the Globe and Mail, the average price of new and existing detached houses sold in Vancouver has topped $1.9-million and a bold projection by the Vancouver City Savings Credit Union calls for the average detached price within Vancouver’s city limits to skyrocket to $4.4-million in 2030, "if pricing trends of recent years continue." A decade ago, housing experts would have been incredulous at what has transpired, according to the Union's study. The average price for new and existing detached properties sold within the city of Vancouver reached $1,914,069 last year, up 173 per cent from $701,094 in 2005, according to data released by Vancity to The Globe and Mail. Read more here

Target, Future Shop closings to impact Winnipeg retail market? 
A rash of store closings is expected to push Winnipeg's overall retail vacancy rate to its highest level in more than a dozen years, but local industry officials say there's no cause for alarm, according to an article in the Winnipeg Free Press.  The Johnson Report -- a twice-a-year report on vacant rates in office, retail, industrial and investment properties in Winnipeg -- says the closure of four big-box Target stores and two Future Shop outlets will likely push Winnipeg's overall retail vacancy rate above five per cent for the first time since 2002. However, experts are expressing calm, saying that the vacancy rate will fall below the five per cent prediction, which is a healthy sign for Winnipeg retail. Three local retail leasing specialists -- Sandy Shindleman and John Pearson of Shindico Realty Inc., and Derrick Chartier of CBRE Ltd., also maintained the Winnipeg market is well positioned to weather the upheaval taking place within the Canadian retail sector. Since last fall, Target Canada, Sears Canada, Sony Corp., Mexx Canada, Smart Set, Jacob and Future Shop have all announced they're either closing or scaling back their bricks-and-mortar operations.

"Sure, the vacancy rate will bump up... but we will survive," Shindleman said in an interview. "We've survived a lot worse."

Edmonton sales down but prices go up
Edmonton’s slower growth-train is what’s seeing the city through a slump in the provincial real-estate market, according to an article on 630ched.com. Geneva Tetreault, with the Realtors Association of Edmonton, says that a tight rental market has led to more home purchases. “It helps the real estate market in that it attracts people that maybe aren’t in a place where they can buy right off the bat.” Sales numbers in March were down 6.5 per cent but the average sale price is up. The market vertical with the steepest growth in sales value was dupexes and rowhouses with a 6.9 per cent increase last year and an average selling price of just over $350,000. Tetreault added the hottest price point is single family homes ranging from $375,000 to $450,000.

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