On this episode of REAL TIME, we’re joined by George Mumford, AKA the “Performance Whisperer.” George is a pioneer in sports psychology and performance coaching, and is globally renowned for his liberating perspectives on mindfulness and flow.
Throughout his career, he’s worked with an all-star roster of clients including Michael Jordan and Kobe Bryant, and now, he’s bringing his expertise to REAL TIME to help REALTORS® elevate their game in business and life.
So, you’re starting to build a name for yourself as a REALTOR®, but how do you propel your already solid foundation to new heights of success?
Continuing our Working REALTOR® series, this episode shares tips, strategies, and lessons learned to help you continue building a successful real estate career, at any phase.
Hear from three REALTORS® from across the country: Ruth Alexander from Calgary, Alberta, Nene Akintan from Oakville, Ontario, and Steve Saretsky from Vancouver, British Columbia.
Highlights:
• National home sales edged back by 0.4% from June to July.
• Actual (not seasonally adjusted) activity stood 3.4% above July 2014 levels.
• The number of newly listed homes edged up 0.2 per cent from June to July.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 5.9% year-over-year in July.
• The national average sale price rose 8.9% on a year-over-year basis in July; excluding Greater Vancouver and Greater Toronto, it increased by 4.1%.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.4 per cent in July 2015 compared to June. While this marks the second consecutive monthly decline in activity, sales activity in May, June and July reached their highest monthly levels in more than five years.
July sales were down from the previous month in about half of all local markets, led by declines in Hamilton-Burlington and in the Durham Region of the greater Toronto Area (GTA). The monthly decline in sales for these two markets represents a pullback from record levels in June and likely reflects an insufficient supply of listings. By contrast, sales in Newfoundland and Labrador were up most on a month-over-month basis, marking a rebound from a quiet month of June for the province.
“National sales activity remains solid, fuelled by strength in British Columbia and the Greater Toronto Area, where listings are in short supply or trending that way,” said CREA President Pauline Aunger. “That said, markets elsewhere across Canada are largely well balanced and in some cases have an ample supply of listings. As always, all real estate is local and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”
“It’s fair to say that the strength of national sales is still a story about two cities, but it’s equally about how trends there are spreading out in their respective provinces,” said Gregory Klump, CREA’s Chief Economist. “Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60 per cent of national housing activity. As a result, the national picture reflects how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.’s Lower Mainland. These remain the only places in Canada where home prices are growing strongly.”
Actual (not seasonally adjusted) activity in July 2015 came in 3.4 per cent ahead of the same month last year, and marked the second highest July sales figure on record after 2009. Activity stood 12.6 per cent above the 10-year average for July.
Actual (not seasonally adjusted) sales were up from year-ago levels in just over half of all local markets, led by the Lower Mainland region of British Columbia and the GTA. While Calgary continued to post the largest year-over-year declines in sales compared to last year’s record levels, activity there is nonetheless running roughly in line with five and 10-year averages for sales during the month of July.
The number of newly listed homes was little changed (+0.2 per cent) in July compared to June, marking the fourth consecutive month in which new listings have held steady. New supply was up in a little more than half of all local markets, led by rebounds in Calgary and Edmonton which offset a small step down in the GTA.
The national sales-to-new listings ratio was 56.8 per cent in July, down slightly from 57.1 per cent in June. The measure has closely tracked the trend for sales this year as new supply has remained stable.
A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets, respectively.
The ratio was within this range in about half of local housing markets in July. About one-third of all local markets breached the 60 per cent threshold in July, comprised mostly of markets in British Columbia together with those in and around the Greater Toronto Area.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
There were 5.6 months of inventory on a national basis at the end of July 2015, unchanged from the previous two months and a three-year low for the measure. The national balance between supply and demand has tightened since the beginning of the year as rising sales have drawn down on overall supply.
The Aggregate Composite MLS® HPI rose by 5.90 per cent on a year-over-year basis in July, accelerating from the 5.43 per cent year-over-year gain in June. Gains over the past year and a half had been holding steady within a range of about five and five and a half per cent.
Year-over-year price growth picked up in July for all Benchmark home types tracked by the index. Two-storey single family homes continued to post the biggest year-over-year price gains (+8.16 per cent), with comparatively more modest increases for one-storey single family homes
(+4.88 per cent), townhouse/row units (+4.49 per cent) and apartment units (+2.96 per cent).
Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+11.23 per cent) and Greater Toronto (+9.39 per cent) continue to post by far the biggest year-over-year price increases. By comparison, year-over-year price growth in the Fraser Valley accelerated to about six per cent, while Victoria and Vancouver Island prices continued to log year-over-year gains of about four per cent in July.
Price gains in Calgary continued to slow, with a year-over-year increase of just 0.14 per cent in July. This was the smallest gain in nearly four years, with July’s reading down about 0.7% from the peak reached in November 2014 and up by about an equal percentage compared to the recent low point reached in April 2015. Prices continued running roughly even with year-ago levels in Saskatoon.
Elsewhere, home prices were up from July 2014 levels by just under two per cent in Greater Montreal and by just under one per cent in Ottawa. By comparison, prices fell by about three and a half per cent in Regina and by about one and a half per cent in Greater Moncton.
The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.
The actual (not seasonally adjusted) national average price for homes sold in July 2015 was $437,699, up 8.9 per cent on a year-over-year basis.
The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $341,438 and the year-over-year gain is reduced to 4.1 per cent.
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
Highlights:
The number of home sales processed through the MLS® Systems of Canadian real estate
Boards and Associations rose 3.1 per cent in May 2015 compared to April. This marks the fourth consecutive month-over-month increase and raises national activity to its highest level in more than five years. (Chart A)
May sales were up from the previous month in about 60 per cent of all local markets, led by increases in the Greater Toronto Area, Calgary, Edmonton, Ottawa and Montreal.
“CMHC announced in April that effective June 1 it was hiking mortgage default insurance premiums for homebuyers with less than a 10% down payment, so some buyers may have jumped off the fence and purchased in May to beat the increase,” said CREA President Pauline Aunger. “It’s one of the factors that could have affected sales last month. That said, all real estate is local, with trends that reflect a combination of local and national factors. REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”
“Sales in and around the Greater Toronto area played a starring role in the monthly increase in May sales,” said Gregory Klump, CREA’s Chief Economist. “At the same time, the rebound in sales over the past few months in Calgary and Edmonton suggests that heightened uncertainty among some home buyers in these housing markets may be easing.”
Actual (not seasonally adjusted) activity in May 2015 stood 2.7 per cent above levels reported for the same month last year and 5.7 per cent above the 10 year average for the month.
Sales were up on a year-over-year basis in about half of all local markets, led by activity in the Lower Mainland of British Columbia, Greater Toronto and Montreal.
The number of newly listed homes was virtually unchanged (-0.2 per cent) in May compared to April. This reflects an even split between housing markets where new listings rose and where they fell, with little monthly change for new listings in most of Canada’s largest and most active urban markets.
The national sales-to-new listings ratio was 57.6 per cent in May, up from a low of 50.4 per cent in January when it reached its most balanced point since March 2013. The ratio has risen steadily along with sales so far this year as new supply has remained little changed.
A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in about half of local housing markets in May. About a third of local markets were above the 60 per cent threshold in May, comprised mostly of markets in and around the Greater Toronto Area and markets in British Columbia.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
The national balance between supply and demand has tightened since the beginning of the year, when buyers had more negotiating power than they had in nearly two years. There were 5.6 months of inventory on a national basis at the end of May 2015, its lowest reading in three years.
The Aggregate Composite MLS® HPI rose by 5.17 per cent on a year-over-year basis in May, up slightly from the 4.97 per cent year-over-year gain logged in April. Gains have generally held to the range from five to five and a half per cent since the beginning of 2014. (Chart B)
Year-over-year price growth accelerated in May in all Benchmark home categories tracked by the index with the exception of one-storey single family homes.
Two-storey single family homes continue to post the biggest year-over-year price gains (+7.18 per cent), with more modest increases for one-storey single family homes (+4.11 per cent), townhouse/row units (+4.09 per cent) and apartment units (+2.91 per cent).
Year-over-year price growth varied among housing markets tracked by the index. Greater
Vancouver (+9.41 per cent) and Greater Toronto (+8.90 per cent) continued to post by far the biggest year-over-year price increases. By comparison, Fraser Valley, Victoria, and Vancouver Island prices all recorded year-over-year gains of about four per cent in May.
Price gains in Calgary continued to slow, with a year-over-year increase of just 1.21 per cent in May. This was the smallest gain in more than three years and the eleventh consecutive monthly slowdown in year-over-year price growth.
Elsewhere, prices held steady on a year-over-year basis in Saskatoon and Ottawa, rose slightly in Greater Montreal and fell by about three per cent in Regina and Greater Moncton.
The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.
The actual (not seasonally adjusted) national average price for homes sold in May 2015 was $450,886, up 8.1 per cent on a year-over-year basis.
The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $344,988 and the year-over-year gain is reduced to 2.4 per cent.
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
Highlights:
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose by 4.1 per cent in March 2015 compared to February.
March sales were up from the previous month in nearly two-thirds of all local markets, led by Greater Vancouver, Fraser Valley, Calgary and Edmonton. Despite the monthly rebound, Calgary and Edmonton sales came in below the 10 year average for the month of March.
“Low mortgage interest rates are good news for affordability as we head into the spring home buying season,” said CREA President Pauline Aunger. “This spring should see buyers coming off the sidelines in places where winter was anything but mild. Like the weather, all real estate is local and nobody knows your real estate market better than REALTORS®, who remain your best source for information about sales and listings where you currently live or might like to in the future.”
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“Greater Vancouver and the GTA are really the only two hot spots for home sales and prices in Canada,” said Gregory Klump, CREA’s Chief Economist. “Price gains in these two markets are being fuelled by a shortage of single family homes for sale in the face of strong demand. Meanwhile, supply and demand for homes is well balanced among the vast majority of housing markets elsewhere across Canada.”
Year-over-year price gains for single family homes in Greater Vancouver and Greater Toronto have exceeded those in other housing markets tracked by the MLS® HPI throughout the first quarter of 2015 (Chart A).
Actual (not seasonally adjusted) activity in March stood 9.5 per cent above levels reported in March 2014 and slightly above the 10 year average for the month. March sales failed to lift activity recorded during the first quarter above its 10 year average. First quarter sales were below their 10 year average in most local housing markets.
The number of newly listed homes rose 1.8 per cent in March compared to February. The rebound in Greater Toronto more than offset the continuing pullback of new supply in Calgary, where it had climbed sharply toward the end of last year but now stands at a multi-year low.
The national sales-to-new listings ratio was 53.9 per cent in March, up from 52.7 per cent in February and 50.4 per cent in January.
A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in about 60 per cent of all local housing markets in March.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
There were 6.1 months of inventory on a national basis at the end of February 2015, down from 6.3 months in February and 6.5 months in January. While both the sales-to-new listings ratio and months of inventory measures have tightened at the national level in the past few months, they remain firmly entrenched in balanced market territory. Moreover, both measures of housing market balance indicate that upward pressure on selling prices is subsiding in an increasing number of local markets.
The Aggregate Composite MLS® HPI rose by 4.95 per cent on a year-over-year basis in March. This marks the first year-over-year increase of less than 5% since last May and its smallest gain since January 2014 (Chart B).
Year-over-year price growth decelerated in March for apartment units, while accelerating slightly for other Aggregate Benchmark housing types tracked by the index.
Single family home sales continue to post the biggest year-over-year price gains (+5.83 per cent), led by two-storey single family homes (+6.66 per cent). By comparison, the rise in selling prices was more modest for townhouse/row units (+4.55 per cent), one-storey single family homes (+4.41 per cent) and apartment units (+2.36 per cent).
Price gains varied among housing markets tracked by the index. Greater Toronto (+7.85 per cent) and Greater Vancouver (+7.19 per cent) posted the biggest year-over-year increases. This was followed by Calgary at 4.13 per cent, which was a markedly smaller gain compared to those posted last year and the smallest since August 2012.
In other markets tracked by the index, prices were up compared to year-ago levels by between two-and-a-half and three per cent in Fraser Valley, Victoria, and Vancouver Island, while remaining little changed in Saskatoon, Ottawa, and Greater Moncton. Prices also ticked up by half of one per cent in Greater Montreal, while falling four per cent in Regina (Table 1).
The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.
The actual (not seasonally adjusted) national average price for homes sold in March 2015 was $439,144, up 9.4 per cent on a year-over-year basis.
The national average home price is being increasingly skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $332,711 and the year-over-year gain shrinks to just 2.4 per cent.
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
The further decline in oil prices since CREA’s last forecast has shaken consumer confidence in the Prairies, pushing potential homebuyers to the sidelines and prompting more homeowners to put their home on the market. This has led to a rapid shift in market balance in Alberta, and to a lesser extent, Saskatchewan. Annual sales in these provinces are expected to come in well below elevated levels posted last year, with small declines in average residential prices in 2015.
Additionally, the Canadian dollar has weakened further against the U.S. dollar, mortgage rates have declined and the U.S. economy has strengthened since CREA’s last forecast, which taken together are expected to benefit economic and job growth in other provinces. Accordingly, CREA has upwardly revised its forecast for sales activity for much of the rest of the country.
The balance between supply and demand continues to tighten in British Columbia and Ontario. These are the only two provinces where tight supply relative to demand is expected to result in average price gains that surpass inflation this year.
By contrast, average prices in Quebec and the Atlantic region are expected to remain relatively stable, as sales deplete elevated levels of supply.
On balance, the forecast for national sales has been revised lower, reflecting downward revisions to the outlook for sales in Alberta. National sales are now projected to reach 475,700 units in 2015, representing an annual decline of 1.1 per cent. This would place annual activity slightly above but still broadly in line with its 10-year average (Chart A).
British Columbia is projected to post the largest annual increase in activity in 2015 (+4.9 per cent) followed closely by Nova Scotia (+3.7 per cent), Quebec (+2.5 per cent), New Brunswick (+2.5 per cent), Ontario (+1.9 per cent), and Prince Edward Island (+1.4 per cent). These numbers represent upward revisions to CREA’s previous forecast.
Alberta is expected to post the largest annual decline in sales this year (-19.2 per cent), though the trend for activity is expected to begin recovering from a weak start to the year as consumer confidence recovers. Sales are also forecast to decline on an annual basis in Saskatchewan (-11.2 per cent), and Manitoba (-1.3 per cent).
The national average home price is now forecast to rise by two per cent to $416,200 in 2015. Only British Columbia (+3.4 per cent) and Ontario (+2.5 per cent) are forecast to see gains in excess of the national increase.
Prices are projected to remain largely stable elsewhere, with increases or decreases of around one per cent or less this year. The exception is Alberta, where average price is forecast to fall by 3.4 per cent, reflecting a pullback in sales for luxury properties compared to homes in more affordable price segments.
In 2016, national sales activity is forecast to reach 482,700 units, representing an annual increase of 1.7 per cent. Much of the annual increase reflects an anticipated recovery for sales activity in Alberta and Saskatchewan in line with expected economic improvement in those provinces.
Strengthening economic prospects are expected to result in improving sales activity in other provinces where sales have struggled, keeping prices more affordable amid ample supply. Meanwhile, anticipated mortgage rate increases are expected to keep activity in check in markets where homes are already less affordable and prices have continued rising.
The national average price is forecast to rise by a further 1.9 per cent to $424,100 in 2016. Given an ongoing shortage of supply for single family homes in and around the Greater Toronto Area, price growth in 2016 is forecast to be strongest in Ontario (+2.5 per cent) and Alberta (+2.4 per cent).
Gains of around two per cent are forecast for British Columbia and Manitoba, and around one per cent for Saskatchewan and Quebec. Average home price in the Atlantic region is forecast to hold steady in 2016.
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About The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 109,000 real estate Brokers/agents and salespeople working through some 90 real estate Boards and Associations.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
Ottawa, ON, December 15, 2014 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was unchanged on a month-over-month basis in November 2014.
Highlights:
The number of home sales processed through the MLS® Systems of Canadian real estate
Boards and Associations was unchanged in November 2014 compared to October. As a result, activity remains much improved compared to the quiet start to the year.
November sales strengthened in half of all local housing markets, with monthly increases in Montreal, Edmonton, Winnipeg, Hamilton-Burlington, Barrie, and Windsor-Essex tempered by a monthly decline in the Greater Toronto Area.
“The Canadian housing market remains a story about how sales and prices are still running strong in some areas while others are seeing subdued levels of activity with slower price gains or modest price declines,” said CREA President Beth Crosbie. “All real estate is local and your REALTOR® remains your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”
“The effect of lower oil prices on Canada’s housing markets is something of a wildcard at the moment,” said Gregory Klump, CREA’s Chief Economist. “It’s not clear how far oil prices may drop or for how long they’ll stay down. How that plays out may affect the outlook for interest rates, job growth, consumer confidence, and sentiment about making major purchases.”
Actual (not seasonally adjusted) activity in November stood 2.7 per cent above levels reported in the same month last year. November sales were up from year-ago levels in about half all local markets, led by Greater Vancouver and the Fraser Valley, Calgary, and Greater Toronto.
Actual (not seasonally adjusted) sales activity for the year-to-date in November was five per cent above levels in the first 11 months of 2013. It was also slightly above (+2.4 per cent) the 10-year average for year-to-date sales.
The number of newly listed homes edged down 0.4 per cent in November compared to October. Led by Greater Toronto, new supply was down in just over half of all local markets.
The national sales-to-new listings ratio was 56 per cent in November. While this is marginally tighter compared to the previous three months in which it averaged 55.7 per cent, the broader trend for the ratio indicates that it has remained balanced and largely stable for the past four months.
A sales-to-new listings ratio between 40 and 60 per cent is usually consistent with a balanced housing market, with readings above and below this range indicating sellers’ and buyers’ markets respectively.
The ratio was within this range in almost 60 per cent of all local markets in November. About 60 per cent of the remaining markets posted ratios above this range, almost all of which are located in British Columbia, Alberta and Southern Ontario.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
There were 5.8 months of inventory nationally at the end of November 2014. As with the sales-to-new listings ratio, the number of months of inventory has been stable for the past four months and remains well within balanced market territory.
The Aggregate Composite MLS® HPI rose by 5.19 per cent on a year-over-year basis in November. Price gains have held steady between five and five-and-a-half per cent since the beginning of the year.
Year-over-year price growth decelerated among all property types tracked by the index in November compared to October.
Two-storey single family homes continue to post the biggest year-over-year price gains (+6.79 per cent), followed closely by townhouse/row units (+5.63 per cent). Price growth was comparatively more modest for one-storey single family homes (+4.20 per cent) and apartment units (+3.18 per cent).
Price growth varied among housing markets tracked by the index. As in recent months,
Calgary (+8.53 per cent), Greater Toronto (+7.73 per cent), and Greater Vancouver
(+5.69 per cent) continue to post the biggest year-over-year increases. By contrast, prices in Regina declined by 3.36 per cent.
In other markets from West to East, prices were up between 1.6 and 2.8 per cent on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, by less than one per cent in Saskatoon and Ottawa, flat in Greater Montreal, and down by less than one per cent in Greater Moncton (Table 1).
The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.
The actual (not seasonally adjusted) national average price for homes sold in November 2014 was $413,649, up 5.7 per cent from the same month last year.
The national average home price continues to be raised considerably by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $331,743 and the year-over-year increase shrinks to five per cent.
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
Ottawa, ON, November 17, 2014 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged higher on a month-over-month basis in October 2014.
Canadian home sales edge higher in October
Highlights:
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations edged up 0.7 per cent in October 2014 compared to September.
This marks the sixth consecutive month of stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009.
“Low interest rates continued to support sales in some of Canada’s more active and expensive urban housing markets and factored into the monthly increase for national sales,” said CREA President Beth Crosbie. “Even so, sales did not increase in many local markets in Canada, which shows that national and local housing market trends can be very different. All real estate is local and your REALTOR® is your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”
“While the strength of national sales activity is far from being a Canada-wide phenomenon, it extends beyond Vancouver, Calgary and Toronto,” said Gregory Klump, CREA’s Chief Economist. “Sales in a number of B.C. markets have started to recover from weaker demand over the past couple of years. They have also been improving across much of Alberta, where interprovincial migration and international immigration are reaching new heights.”
Actual (not seasonally adjusted) activity in October stood seven per cent above levels reported in the same month last year. October sales were up from year-ago levels in about 70 per cent of all local markets, led by Greater Vancouver and the Fraser Valley, Victoria, Calgary, and Greater Toronto. Combined sales in these five markets account for almost 40 per cent of national sales activity, and nearly 60 per cent of the year-over-year increase in national sales this month.
Actual (not seasonally adjusted) sales activity for the year-to-date in October was 5.2 per cent above levels in the first 10 months of 2013 and slightly above (+2.5 per cent) the 10-year average for the same period.
The number of newly listed homes rose 0.8 per cent in October compared to September. While new supply was down in just over half of all local markets, outsized gains in Greater Vancouver, Calgary, Edmonton, and Greater Toronto boosted the national figure.
The national sales-to-new listings ratio was 55.7 per cent in October. With sales and new listings having once again moved in tandem, the sales-to-new listings ratio held steady for the third consecutive month.
A sales-to-new listings ratio between 40 and 60 per cent is usually consistent with a balanced housing market, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in just over half of all local markets in October. About 70 per cent of the remaining markets posted ratios above this range, almost all of which are located in British Columbia, Alberta and Southern Ontario.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
There were 5.8 months of inventory nationally at the end of October 2014. It has held to a narrow range between 5.8 and 6.0 months since May of this year. As with the sales-to-new listings ratio, the number of months of inventory remains well within balanced market territory while pointing to a national market that has become tighter since the beginning of the year, when sales got off to a slow start.
The Aggregate Composite MLS® HPI rose by 5.51 per cent on a year-over-year basis in October. Price gains have held steady between five and five-and-a-half per cent since the beginning of the year.
Year-over-year price growth accelerated for two-storey single family homes, townhouse/row units, and apartment units in October. By contrast, price momentum slowed further for one-storey single family homes.
Two-storey single family homes continue to post the biggest year-over-year price gains (+6.94 per cent), followed closely by townhouse/row units (+5.83 per cent) and one-storey single family homes (+4.75 per cent). Price growth for apartment units remains comparatively more modest (+3.51 per cent).
Price growth varied among housing markets tracked by the index. As in recent months, Calgary (+9.47 per cent), Greater Toronto (+8.30 per cent), and Greater Vancouver (+6.03 per cent) continued to post the biggest gains.
Prices were up between one and 2.5 per cent on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, flat in Saskatoon, Ottawa, Greater Montreal, and Greater Moncton, and down 3.4 per cent in Regina.
The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.
The actual (not seasonally adjusted) national average price for homes sold in October 2014 was $419,699, up 7.1 per cent from the same month last year.
The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $330,596 and the year-over-year increase shrinks to 5.4 per cent.
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 111,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
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