Archive for the 'Average House Price in Canada' Category

In the final quarter of 2018, Canadian housing affordability worsened for a 14th consecutive quarter, found economic research from the National Bank Housing Affordability Monitor.

Using data from the Teranet-National Bank House Price Index, National Bank Deputy Chief Economist Matthieu Arseneau and Economist Kyle Dahms released a quarterly report on January 24, 2019 analyzing the final three months of 2018.

And they found that house prices are getting less affordable in many markets.

The Housing Affordability Monitor featured a representative home for each of the 10 metropolitan markets in the House Price Index, including the representative price for the condo market and for the non-condo market, and the average household income needed for each.

Here’s what they found for October, November, December of 2018:

1. Toronto Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $902,916

Household annual income needed to afford the representative home: $165,755

Condo

Price of the representative condo in the metropolitan market: $536,082

Household annual income needed to afford the representative condo: $98,413

2. Montreal Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $369,234

Household annual income needed to afford the representative home: $67,783

Condo

Price of the representative condo in the metropolitan market: $276,889

Household annual income needed to afford the representative condo: $50,831

3. Vancouver Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $1,318,768

Household annual income needed to afford the representative home: $242,096

Condo

Price of the representative condo in the metropolitan market: $638,842

Household annual income needed to afford the representative condo: $117,277

4. Calgary Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $494,689

Household annual income needed to afford the representative home: $90,814

Condo

Price of the representative condo in the metropolitan market: $266,107

Household annual income needed to afford the representative condo: $48,851

5. Edmonton Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $422,508

Household annual income needed to afford the representative home: $77,563

Condo

Price of the representative condo in the metropolitan market: $231,117

Household annual income needed to afford the representative condo: $42,428

6. Ottawa-Gatineau Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $428,595

Household annual income needed to afford the representative home: $78,680

Condo

Price of the representative condo in the metropolitan market: $261,454

Household annual income needed to afford the representative condo: $47,997

7. Quebec City Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $286,491

Household annual income needed to afford the representative home: $52,593

Condo

Price of the representative condo in the metropolitan market: $211,768

Household annual income needed to afford the representative condo: $38,876

8. Winnipeg Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $321,259

Household annual income needed to afford the representative home: 58,976

Condo

Price of the representative condo in the metropolitan market: $223,614

Household annual income needed to afford the representative condo: $41,050

9. Hamilton Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $598,274

Household annual income needed to afford the representative home: $109,829

Condo

Price of the representative condo in the metropolitan market: $445,629

Household annual income needed to afford the representative condo: $81,807

10. Victoria Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $850,469

Household annual income needed to afford the representative home: $156,127

Condo

Price of the representative condo in the metropolitan market: $485,937

Household annual income needed to afford the representative condo: $89,207

In some markets, the quarterly report found that the gap between condo and non-condo affordability is shrinking. The worst deteriorations in affordability in Q4 were in Victoria, Toronto, and Vancouver. The only markets showing an improvement were Calgary and Edmonton. Countrywide, affordability worsened.

View the full 2018 Q4 report from the National Bank here: https://housepriceindex.ca/wp-content/uploads/2019/02/NBFM-Housing-Affordability-Monitor-Q4_2018-Eng.pdf.

No matter what direction Canadian housing affordability heads, GeoWarehouse has tools that make you the property expert. Uncover real estate trends and opportunities before they hit the market.

Become a subscriber today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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NOVEMBER 15, 2018

Home price index down in October in all component markets except Montreal

In October the Teranet–National Bank National Composite House Price IndexTM was down 0.4% from the previous month.[1] An October decline is not the norm – this was only the fourth in 20 years of index history. It was also the first index decline in eight months. The most striking aspect of the retreat is its diffusion. For the first time since December 2014, the component indexes for 10 of the 11 metropolitan markets surveyed were down on the month – Victoria (−0.1%), Toronto (−0.2%), Winnipeg (−0.2%), Calgary (−0.3%), Ottawa-Gatineau (−0.4%), Hamilton (−0.5%), Edmonton (−0.7%), Vancouver (−0.8%), Quebec City (−1.0%) and Halifax (−1.0%). The exception was Montreal, whose seventh consecutive monthly gain (+0.2%) was consistent with its seller’s-market conditions. For Calgary it was the 10th month without a rise in the last 13 months, hardly surprising considering the worsening of market conditions over the period. For Vancouver it was the third consecutive month without a rise.

Teranet-National Bank National Composite House Price Index™

In October the composite index was up 2.8% from a year earlier, a larger 12-month rise than in August and September because a year earlier the index fell abruptly in those two months. October 12-month rises were well above the countrywide average in Victoria (5.2%) and Vancouver (4.6%) thanks to gains earlier this year and in Montreal (5.0%) and Ottawa-Gatineau (5.0%) thanks to gains in the last six months. Indexes were also up from a year earlier in Winnipeg (3.4%), Hamilton (2.8%), Halifax (2.4%) and Toronto (1.9%). Indexes were down from a year earlier in Edmonton (−0.5%), Quebec City (−0.6%) and Calgary (−1.4%).

Besides the Toronto and Hamilton indexes included in the composite index, indexes exist for sevenother urban areas of the Golden Horseshoe. In October, all of these were down from the previous month. Two of them, Barrie and Oshawa, were, like Toronto and Hamilton, below their peaks of Q3 2017. Indexes not included in the composite index also exist for seven markets outside the Golden Horseshoe, five of them in Ontario and two in B.C. In October. Three of these were down from the previous month. The 12-month rise of these indexes varied widely, from -0.1% in Thunder Bay to 11.4% in Windsor.

Of the 25 metropolitan-market indexes, only five did not decrease in October, the smallest diffusion of gains since December 2012.

For the full report including historical data, please visit www.housepriceindex.ca.

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November 6, 2018

Real estate sales professionals, do you serve the condo market in your sales territory? If not, you should consider starting. If you already do, read on for tips to help you sell even more.

In many cities, the condo market is a sweet spot because it is the cheapest entry point into the housing market. For example, in Toronto or Vancouver you can still buy property for $500,000 in the condo market — handy for new homeowners who would be priced out of larger homes.

Whether you are selling in the Toronto condo market, the Vancouver condo market, or another area, there’s a lot of room for opportunity — especially if you use a real estate tool like GeoWarehouse.

In the past, when real estate agents would search for a condo address, it would be difficult to source the unit or suite. Now, however, they filter by floor, parking, or even by storage level in GeoWarehouse to get the unit data they seek.

With these search functionalities, the possibilities expand. Now you can use GeoWarehouse to get the same property report information on the condo market that you would on other dwelling types.

For instance, you could:

  • See all condo units in a building.
  • Search by level if the suite number or address is missing.
  • Look up related Property Identification Numbers (PINs) for condos to find the property report, including plans and surveys, valuation information, and sales history.
  • Access the full legal description for every condo unit.
  • Find out if the condo owner has additional assets, such as parking or storage lockers.
  • Look up common name information.
  • Search for condominium corporation information.
  • Find the date of condominium declaration.

The GeoWarehouse data team has been hard at work updating the addresses for close to a million condo properties in the past year. Can you think of how you could use this information?

Access your condo market data today to use in your real estate marketing and property searches. It’s all part of your GeoWarehouse subscription.

Not a subscriber? Contact us today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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October 10, 2017

The average house price in Canada in 2017 has taken an interesting journey over the course of the year. Over the past several years of unchanging, low interest rates, skyrocketing average home prices by city, and new government real estate regulations, it’s almost impossible to find anyone who agrees on what may happen next now that rates have finally risen and regulations have had time to take effect.

The Teranet-National Bank House Price Index™ derives its data directly from property records of public land registries – the most accurate source for land data. It covers 11 major Canadian cities – Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa, Montréal, Québec and Halifax.

The Teranet–National Bank House Price Index™ is an independent representation of the rate of change of Canadian single-family home prices. The estimate the Index provides is based on tracking observed or registered home prices over time using data collected from public land registries.

This data comes directly following the first Bank of Canada decision to significantly raise rates for the first time in nearly seven years. Years of low borrowing costs is seen by many to be the reason for Canada’s ongoing housing boom. What will the impacts of September’s interest rate increase be?

While there is some evidence showing sales may have dropped since then, as the HPI August report points to prices experiencing a dip, experts are not unified in their predictions. How have all the recent changes and the rate increase impacted housing prices in your recent transactions? Join the conversation @GeoWarehouse.

The average house price in Canada is reflected in the historical data of the Teranet-National Bank House Price Index™, available at www.housepriceindex.ca.

SOURCE

https://betterdwelling.com/heres-how-real-estate-prices-across-canada-stack-up/#_

 

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