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Real estate optimism blows past pre-virus levels in Canada – BNN

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Canadians are the most confident in more than three years that real estate prices will continue to rise, according to weekly telephone polling, a positive signal for the recovery.

About half of respondents, or 49.2 per cent, see home prices climbing over the next six months, the highest share since May 2017. That helped lift the Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, to 55.1 last week, levels last seen in early March.

It’s been nine months since Canada first shut down its economy to contain the spread of COVID-19, leading to a record plunge in consumer confidence. The index began to recover over the summer but a second wave of virus cases put the brakes on that.

However, the vaccine rollout that began this month in Canada is stirring hopes that the pandemic’s end is near even as case counts continue to rise. Two of the largest provinces, Ontario and Quebec, have tightened restrictions to try to control the spread.

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Record-low interest rates and strong demand for more spacious accommodation are pushing Canadian home prices and sales to record highs this year. Prime Minister Justin Trudeau’s government has pledged to keep the fiscal taps open to support the recovery, and the income support measures have left households flush with cash.

“Consumer confidence in Canada continues to gain strength with news on vaccines,” Nik Nanos, chief data scientist at Nanos Research, said in the report. “Forward perceptions on both the strength of the economy and the value of residential real estate gained a full five percentage points in the past four weeks of tracking.”

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security, the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 responses.

Key Highlights

  • Real estate optimism continued to climb, with only 12.7 per cent of respondents saying they believe home prices in their neighborhood will decrease in the next six months, the lowest share since early March
  • Views on the economic outlook also improved. Some 23.7 per cent of consumers expect the country’s economy to be stronger in the next six months, the largest share since June and up from 18.1 per cent at the end of November
  • Views on personal finances were largely unchanged last week with 14.9 per cent of Canadians saying they were better off compared with a year earlier, and 25.7 per cent saying they were worse off
  • Measures of job security fell on the week but were still higher on the month
  • Sentiment rose in every province except Quebec, which is experiencing some of the strictest containment measures to lower virus cases

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Fitch Rates Xinyuan Real Estate's Proposed USD Senior Notes 'B-' – Fitch Ratings

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Fitch Rates Xinyuan Real Estate’s Proposed USD Senior Notes ‘B-‘  Fitch Ratings



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Home sales hit record in 2020 despite pandemic – CP24 Toronto's Breaking News

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OTTAWA — The Canadian Real Estate Association says home sales in December hit an all-time record for the month to end what was also a record year.

It says December sales were up 47.2 per cent compared with December 2019, the largest year-over-year gain in monthly sales in 11 years.

Sales for the month were also up 7.2 per cent compared with November.

For 2020 as a whole, CREA says some 551,392 homes were sold, up 12.6 per cent from 2019, and a new annual record.

The actual national average home price was a record $607,280 in December, up 17.1 per cent from the final month of 2019.

CREA says excluding Greater Vancouver and the Greater Toronto Area, two of the most active and expensive markets, lowers the national average price by almost $130,000.

This report by The Canadian Press was first published Jan. 15, 2021.

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Who knew a health crisis would spur on a Vancouver real estate boom? – News 1130

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VANCOUVER (NEWS 1130) – Prices are up, and buyers are bidding. As the option of remote work continues, the demand for property is also continuing to rise.

One of the country’s leading brokerages says there is a real estate boom in Vancouver, and while low interest rates and pent-up demand are factors, the pandemic has helped fuel it.

Royal LePage CEO Phil Soper says the aggregate price of a Greater Vancouver home last quarter rose more than seven per cent to a little over $1.1 million.

RELATED ARTICLE: Vancouver office vacancy rates spike amid COVID-19, but well below national average

New data from Royal LePage finds more than half of Canada’s largest real estate markets have seen double-digit price growth over the last few months.

The brokerage says multiple offers have again become common and almost every detached home is attracting competitive bids.

Soper says 2020 was the strangest year of his career and that the term “recovery” is an understatement. He adds that, looking at fourth quarter results, he can state without hyperbole that the health crisis has triggered a real estate boom.

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