House price hotbed: Cost of a detached home in Waterloo Region rising faster than in almost all other major Canadian markets - TheRecord.com | Canada News Media
WATERLOO REGION — Prices for detached homes in Waterloo Region are rising faster than in almost all other major Canadian markets, a new Royal LePage survey finds.
The median price of a detached home in Kitchener and Waterloo rose 32.6 per cent in the fourth quarter last year to $926,000, compared to the same period a year earlier. In Cambridge, that median price rose even more, climbing by 34.4 per cent to $927,600.
That placed the two Waterloo Region markets in the top five in terms of price growth for detached properties, out of 62 of the largest Canadian markets surveyed.
Brampton saw an increase of 34.3 per cent, while Greater Victoria saw detached prices grow by 34.8 per cent. Topping the list was Kingston, with a year-over-year increase of 44.3 per cent. Nationally, the median price for detached homes rose by 21.1 per cent, to $811,900.
“Home prices continue to see significant upward momentum after a strong fourth quarter. I’ve never seen inventory this low,” broker Mike Milovick of Kitchener’s Royal LePage Grand Valley Realty said in a release. “We are starting 2022 with fewer listings than 2021.”
The Cambridge condo market saw strong price appreciation, rising 26.3 per cent year-over-year in the fourth quarter to a median price of $595,900. Price growth for condos in Kitchener and Waterloo was much more subdued, rising 6.6 per cent year-over-year to a median price of $430,800.
The aggregate price — calculated using a weighted average of the median prices of all property types, including resale and new homes — climbed 27.9 per cent year-over-year in the fourth quarter in Cambridge to $823,800, and 22.7 per cent in Kitchener and Waterloo to $787,400.
Nationally, the aggregate price rose 17.1 per cent, to $779,000.
While low inventory and high demand continue to drive price growth regionwide, Milovick said the areas around Wilfrid Laurier University and the University of Waterloo, especially, have very few properties for sale or rent.
“There is a need for housing supply across the region within all price ranges and housing types,” he said.
“There is an expectation that the anticipated rise in interest rates could dampen demand but interest rates don’t build houses. People need somewhere to live and new supply is the only solution to provide relief to homebuyers.”
The report found that 87 per cent of markets surveyed saw double-digit aggregate price increases in the fourth quarter, compared to the same period in 2020.
That trend shows no signs of easing as we head into 2022.
Last month, Royal LePage predicted the aggregate price of a home in Canada will rise 10.5 per cent year-over-year by the end of this year, with the median price for detached homes climbing 11 per cent and condos increasing eight per cent.
CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.
It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.
The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.
Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.
TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.
The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 7, 2024.
BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.
The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.
On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.
“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.
“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”
Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.
BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.
The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.
BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.
It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.
The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”
Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.
This report by The Canadian Press was first published Nov. 7, 2024.
TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.
The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.
Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.
On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.
In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.
It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.
This report by The Canadian Press was first published Nov. 7, 2024.
