Is increasing housing supply hindering Metro Vancouver affordability?

Is increasing housing supply hindering Metro Vancouver affordability?
Halifax home prices rise
The Royal LePage House Price Survey results released on Thursday showed home prices across the Halifax region were up in the third quarter of 2017.

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Halifax home prices rise

According to the Royal LePage Peak Millennial Survey released in August 2017, members of the largest cohort of the millennial demographic, or “peak millennials,” are concerned about high home values in Canada’s largest urban markets and job uncertainty in other regions. Eighty-seven per cent of Canadians aged 25 to 30 believe homeownership is a good investment, yet only 57 per cent believe they will be able to afford a house within the next half decade. Consequently, though 61 per cent of peak millennial purchasers would prefer to buy a detached home, only 36 per cent believe that they will realistically be able to find a property within the market segment. This has led many of these young people to look for property in the more affordable condominium category.Markets Video Shows TV Market Call Newsletters ARTIFICIAL INTELLIGENCE NAFTA Negotiations BNN Advisor Investing Personal Finance Marijuana News Real Estate Market Call Tonight Real Estate News Video Home Prices REITs House Money Article News Video Home Prices REITs House Money More

House prices up 28% year over year: Royal LePage report

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The data also shows that the region may have been moving toward a more balanced market by the end of the quarter, Church said.

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“Halifax is in a balanced market,” Matt Honsberger, managing associate broker, Royal LePage Atlantic, said in a news release.The median selling price of two-storey houses there grew 7.2 per cent over the quarter to $740,214. That’s an increase of 19.2 per cent from the equivalent period in 2016.

Survey says home prices are way up in Halifax

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Price of Metro Vancouver condos surge, detached homes drop: survey
Price of Metro Vancouver condos surge, detached homes drop: survey

‘We did it the way we intended to’: Morneau weathers tax storm of his own makingThe report, released Thursday, revealed prices in the Greater Toronto Area, Greater Vancouver, and Greater Montreal Area, Calgary, and Ottawa all rose at rates between 1.5 and 3.5 per cent on a quarter-over-quarter basis.

The aggregate price of a home in Halifax increased 5.5 per cent year-over-year in the third quarter of 2017, rising to $320,405, according to the Royal LePage House Price Survey released Thursday.
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There were more higher-end condo sales in the third quarter of last year, according to the Royal LePage release, resulting in a decrease in condominium prices in the same quarter this year.

The report says nationally, the median price of a condo increased 15 per cent in one year, to about $414,000.Tim Hortons Is Selling Buffalo Sauce Lattes –

“As a result, many homeowners … have decided to find their next residence prior to listing their home, as they are wary of finding an adequate upgrade.”

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“It’s giving buyers a bit more breathing room,” said Ferrante. “They can at least put conditions on an offer.”

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Halifax home prices rise
Halifax home prices rise

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“Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation’s housing markets,” said Royal LePage CEO Phil Soper.

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“We are seeing more and more people move to the Kitchener, Waterloo and Cambridge region who have workplace flexibility and only commute to Toronto a few days a week,” Church said in a press release.”Marginally higher borrowing costs should dampen domestic demand somewhat, and with less currency-adjusted purchasing power, foreign buyer activity is off peak levels and will likely stay that way in the near-term,” added Soper.Miller said he expects inventory to trend downward, moving Saskatoon into a more balanced housing market.The most dramatic shift was in the condominium market, where the average price dropped down to $234,263 by 7.8 per cent compared to last year.

Cameron Muir, the association’s chief economist, said B.C. home sales rose nearly five per cent from August on a seasonally adjusted basis.It shows that the aggregate sale price of a home in the region – a weighted average that takes into account different types of housing being sold – hit $483,133 in the third quarter of 2017. That number is 28 per cent higher than the figure from the third quarter of 2016.He estimates the overall effect was that 30% to 40% of potential first-time homebuyers were taken out of the market, and many of those left could only afford a condo.He says condo prices in Metro Vancouver are up 17.6% year-over-year, with the average condo price now approximately $620,000.

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House prices up 28% year over year: Royal LePage report
House prices up 28% year over year: Royal LePage report

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Your account has been deactivated.Top Stories Hamilton house prices rise more than twice the national rate in latest Q3 survey News 05:51 PM by Steve Buist Hamilton Spectator So, about that whole cooling market for house prices thing … yeah, not so much, according to the latest numbers released from Royal Lepage’s third-quarter survey.

In turn, these actions have caused the GTA to rebound to a more balanced market, experiencing a correction much quicker than Greater Vancouver.  

Alberta’s economy continues to rebound from its recession, and drilling activity has come back from last year’s levels. The price of West Texas Intermediate oil has averaged over $49 USD per barrel this year, and the Alberta government is forecasting a price of $55 USD per barrel in its 2017-18 budget. Over the past year, Alberta has added 13,000 jobs, and full-time employment has grown by 31,500. When looking to the housing market, many regions in the province have benefited from this recovery, with the aggregate price of a home in Calgary and Edmonton rising 5.0 per cent and 4.0 per cent year-over-year to $479,211 and $389,330, respectively.However, since $1,532,849 is still a massive amount to pay for a family home, it seems most of us are turning to the condo market.

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The aggregate price is the weighted average of the median values of all housing types.

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For the first time in six years, Royal LePage says the national housing market has stepped back from overheated territory and is now enjoying a “Goldilocks moment,” where the market is both not too hot and not too cold.

The report added that the Calgary market seems to be improving after the drop in oil prices a few years ago.

Royal LePage’s House Price Survey released on Thursday said the price of a two-storey house in Regina fell by 2.3 per cent in the last year down to $395,817.

Royal LePage “People might just take the opportunity to get into a little bit bigger house if they are moving from a condo or a townhouse and starting a family. They might actually have a chance to do that now.”
During the third quarter of 2017, home prices in the GTA and Greater Vancouver, along with Greater Montreal, Calgary and Ottawa all increased at rates between 1.5 and 3.5 per cent on a quarter-over-quarter basis, representing a more balanced Canadian housing market.
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New mother who lost limbs to flesh-eating disease sues Halifax hospitalOttawa maintained its stable momentum last quarter as prices increased by 7.9 per cent year-over-year to $441,453.

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