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Canada real estate: BMO Economics sees rising home prices as current listings good for only two months – The Georgia Straight

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BMO Economics says demand for housing in Canada is “piping hot”.

The bank released a report Tuesday (February 16) describing sales across the country as one marked by “hot hot heat”.

As Robert Kavcic, a senior economist and director of economics with BMO, put it: “The Canadian housing market is fully boiling.”

According to Kavcic, new listings fell 13.3 percent in January across the country.

This “lifted the national sales-to-new listings ratio to an unheard of 91%”.

“Think of that another way: Across Canada, almost all new listings are getting absorbed within a month,” Kavcic wrote.

“And the standing inventory of homes available for sale would be all gone in less than two months,” the BMO economist continued.

According to Kavcic, this “metric typically runs around 60% nationally”.

“Against that backdrop, it doesn’t take much imagination to see prices rising,” the economist wrote.

Kavcic noted that prices are in fact currently on the rise “at an accelerating rate, and across almost all of the country”.

In January, the national home price index 13.5 percent year over year, which was the “fastest clip since mid-2017 (when policymakers were actively trying to calm markets in Toronto and Vancouver)”.

“Unless there’s a sudden release of listings (unlikely, especially for detached homes, with mobility down), or a sudden break in demand, we’ll repeat again that prices are going higher still,” Kavcic wrote.

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Canadian Real Estate May Get Cooling Measures As Early As This Month: Scotiabank – Better Dwelling

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One of Canada’s big banks expects cooling measures for real estate soon. Derek Holt, Scotiabank’s Head of Capital Markets Economics, sees the Spring Budget including cooling measures for real estate. In a note penned to investors, the economist highlights how policy has been overly loose. He feels the next budget likely includes measures to cool the market, which can come as early as the end of the month.

Canadian Home Sales Are Unusually Strong For A Pandemic

Canadian home sales are extremely strong. Not just for a recessionary environment, but in general – they’re better than they were in Canada’s best economy. Holt points to Toronto home sales reported earlier this week. Sales were up 15.9% for the previous month, when  seasonally adjusted (SA). This follows a 3.1% monthly increase in January, which followed a 21% monthly increase in December. He also notes these increases are accompanied by fast rising home prices.

Greater Vancouver also reported an equally hot market just a day before Toronto. National sales data will be released later this month, and is likely to show similar trends across Canada. This is occuring in the winter, which Holt emphasized multiple times. He further adds, “Apparently, there are a lot of masochists out there who are not fussed one bit about moving in -20’C or colder weather and heavy snow!”

Canadian Home Permits Increased Over 7% 

Canadian new home permits are also a point watching, according to Holt. He highlights house permits increased 7.3% m/m in January. This breaks down as 15.1% m/m for singles, and 4.1% m/m for multiples. This doesn’t just highlight a rapidly expanding market, but “reinforces the move to the ‘burbs” narrative, he stated. 

“If Canadians are taking out permits and buying resales at such a pace during the winter, what does that say when the key Spring housing market and vaccines arrive?” Holt wrote. Adding, “Policy is arguably overly easy and macro prudential changes may be afoot in a Spring budget.”

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These are the cheapest real estate listings in Calgary right now | Urbanized – Daily Hive

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Good news for YYC house-hunters – you don’t have to break the bank to purchase your own home.

In this month’s roundup of Zoocasa’s cheapest real estate listings in Calgary, affordable properties can be found throughout the city for under $300,000.

A lower budget doesn’t mean you have to compromise your standards, as most of these properties offer updated kitchens and bathrooms, recently replaced flooring, and state-of-the-art appliances.

If you’re in the market for a new home, take a peek at these Calgary real estate listings.

5. $299,992: 6420 26th Avenue NE

Courtesy of Zoocasa

Listing details: 

  • Three bedrooms
  • One bathroom
  • 826 sq ft

This Pineridge home is close to schools, playgrounds, and shopping, making it a convenient location for anyone. The property offers a detached garage and a fully-fenced yard.

4. $274,900: 21 Copperstone Villas SE

Courtesy of Zoocasa

Listing details: 

  • Four bedrooms
  • Two bathroom
  • 1,132 sq ft

Located in Copperfield, this townhome features a fully developed basement, spacious tiled front entryway, and upgraded appliances in the kitchen. This is an end-unit property boasting tons of natural light and electric fireplaces.

3. $225,000: 14625 Shawnee Hill SW

Courtesy of Zoocasa

Listing details: 

  • Two bedrooms
  • Two bathrooms
  • 1,174 sq ft

This bungalow-style condo is located in The Highbury building in Evergreen Estates-Shawnee Slopes. The unit was recently updated and has stainless steel appliances, a spacious master bedroom, a walk-through closet, and luxury vinyl plank flooring throughout. Condo fees include everything except electricity.

2. $219,900: 3 – 812 McNeill Road NE

cheapest real estate Calgary

Courtesy of Zoocasa

Listing details: 

  • Two bedrooms
  • One bathroom
  • 441 sq ft

In this Mayland Heights bi-level home, house-hunters will find large windows, a dining area with a cozy built-in bench, and a spacious balcony with downtown and mountain views. The unit has been freshly painted and boasts new laminate floors.

1. $179,000: 32 – 3800 Fonda Way SE

cheapest real estate Calgary

Courtesy of Zoocasa

Listing details: 

  • Three bedrooms
  • One bathroom
  • 1,099 sq ft

Live in this new Fonda condo, featuring a renovated kitchen with stainless steel appliances, a main floor office, and laminate-engineered hardwood flooring throughout. The upper level is home to a spacious master bedroom and recently renovated four-piece bathroom.

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Real estate company says demand for housing in Niagara will continue to grow – NiagaraFallsReview.ca

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A Hamilton-based real estate company says Niagara’s economy as well as its real estate market are poised for continued growth.

After placing a renovated 12-unit apartment on Drummond Road on the market, Crescendo Equity secured a total sale of $2.9 million. That translates to $247,000 per unit, compared to a previous benchmark of $176,000 for units in the area.

The company predicts demand for housing in Niagara will continue to grow through 2021.

”Market conditions are being strengthened by interprovincial migration, as home buyers and renters from the Greater Toronto Area, Peel and Halton regions look to Niagara for more space and better affordability,” said Mathew Moxness, Crescendo Equity’s founder.

The Drummond Road property is part of the company’s larger strategy to take older, underperforming stock and reposition properties for maximum occupancy and potential.

“With growing demand for multi-family housing throughout Ontario, repositioning aging and underperforming assets will help to supply the segment and provide housing for those who need it,” Moxness said.

The company, which offers opportunities to private and group investors, purchased a shuttered retirement home in Niagara Falls last year, and plans to convert the property into apartments.

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