REAL ESTATE: It goes right across the country, our report finds
Province
CREDIT: Jason Payne, the Province ‘Sold’ stickers attest to buyers’ enthusiasm for home ownership in north Burnaby.
Canada‘s current housing market can be described in just one word: hot.
Homes are practically being sold before the for-sale sign even hits the front lawn — and that includes the “insatiable demand” for home ownership across Greater Vancouver, where you’ll find the country’s highest prices.
Record low interest rates have made home ownership increasingly popular, sparking bidding wars and sky-high prices.
So it’s easy to see why the subject of housing prices is just as hot among readers as is the industry.
Everyone wants to know, not only what’s going on in their own cities, but what’s happening on the other side of the country.
In this special package, CanWest News Service gives readers a clear picture of the housing situation across Canada.
– Vancouver — The simple fact that Greater Vancouver will be the only area in Canada this year to see an increase in residential-home construction tells you all you need to know about the strength of the residential market.
The fact that buyers, even at the lower-end of the market, are eagerly lining up and paying full price for new starter homes and their piece of real-estate heaven on the West Coast, underlines the markets confidence.
All this, despite the city’s doubtful reputation of having the most expensive housing in the land.
– Victoria — The average price of a single-family dwelling jumped 53.6 per cent between 2000 and 2004, from $251,398 to $386,045.
And ,while many believe Canada‘s aging baby boomers looking to retire in Victoria are fuelling the market, housing industry experts say that the number of out-of-town buyers have held steady between 25 and 30 per cent over the past five years.
– Calgary — As the city approaches the one-million population mark, it continues to boast of being one of the most affordable major cities in the country in which to live.
With no provincial sales tax, low mortgage rates, a young population (the average Calgarian is 34.8 years of age) and high personal income levels (an average annual income of $39,080 per employee at the end of 2004), the demand for housing is strong at all market levels.
– Winnipeg — New housing starts are at near historic highs in metropolitan Winnipeg, while resale houses continue to sell for higher and higher prices and at a faster clip.
Analysts don’t see the market pressures abating anytime soon.
– Toronto — According to the Toronto Real Estate Board, 3,702 resales were recorded over the first half of March, up 10 per cent over March 2004, which was a record month for Toronto resales.
Prices have also jumped, with a low-rise home in the greater Toronto area averaging $335,967, up nine per cent from the $307,155 recorded at the end of March
– Montreal — For the first time in at least six years, the number of active listings in the Montreal market is on the rise.
In February, there were 31,712 properties on the computerized Multiple Listings Service, compared to 24,024 a year earlier.
– Halifax — After record high prices and sales in Halifax in 2002, the city’s hot real-estate market is slowing down.
© The Vancouver Province 2005
