MARKETWATCH CANADA PROPERTY
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1 This periodic communication from Cartus is intended to keep you informed about the current property market trends and conditions in Canada. The Canadian real estate market is stable. The market is expected to be balanced, favoring neither buyers nor sellers in 212 and 213. The country s real estate market benefits from Canada s strong regulatory system. Mortgage rates remain low. The following are key points, insights, and data on the Canadian real estate market, courtesy of Coldwell Banker Canada. Resale Market to Remain Stable The Canada Mortgage and Housing Corporation (CMHC), the nation s federal housing authority, recently released its first quarter edition of the Housing Market Outlook for Canada. According to the CMHC annual forecast, Canadians can look forward to two more years of a stable real estate market. Here are some highlights of the CMHC forecast for 212 and 213: sales are expected to remain stable in Canada in 212, with more than 457, homes trading hands this year. Sales are expected to rise slightly in 213, to surpass 468, resale units sold. Canada s national housing market is forecast to remain in balanced territory, being neither a buyers nor a sellers market, throughout 212 and 213. The average MLS price for 211 was just above $363,. This year, a moderate increase is expected, edging up to a $368,9 price-point average in 212. Further price growth is expected to raise the average to $379, in 213. Canada s economy has performed relatively well during the recent global economic slowdown and our resale housing market remains stable and healthy, says John Geha, president of Coldwell Banker Canada Operations ULC. Market Summary The average home price is expected to rise slightly in 212 and 213 Sales are projected to increase marginally Canada s banking system has been rated the most sound in the world by the World Economic Forum The Bank of Canada has held interest rates at near-record lows A wave of skilled foreign immigrants looking for housing is expected Interest Rates Canada has a national banking system that is diversified, wellmanaged, and well capitalized with a strong regulatory system in place. The World Economic Forum has ranked Canada s banking system as the most sound in the world, four years in a row. Canada s strong financial system remains the envy of the world, confirms Geha. This benefits all Canadians, and lends further support to a strong and healthy housing market. In its scheduled rate announcement on March 8, 212, the Bank of Canada held interest rates at near-record lows, citing a slightly improved outlook for the Canadian economy. Canada s bank rate has held at near historic lows for every consecutive announcement since September 21. According to CMHC, mortgage rates, particularly short-term and variable, are also expected to remain at near-historic lows, staying flat for most of 212; then starting to increase moderately either late in 212 or early in 213. Currently, mortgage rates from Canada s major lending institutions for closed mortgages are about 5 ¼% for a 5-year mortgage, and 3 ½% for a 2-year term. CARTUS MARKET WATCH: / APRIL 212 PAGE 1 OF 5
2 Although the new budget held no new stimulus directed to the housing industry or to individual home buyers and sellers, legislation was introduced to fast-track immigration applications for skilled foreign workers to help to clear a backlog of 3, immigration applications. The expected result will be an influx of well-funded immigrants who are looking for housing in Canada, particularly in the key urban markets of the Greater Vancouver and the Greater Toronto areas. Today s attractive mortgage rates have kept the dream of home ownership within reach for many Canadians, says Geha. Mortgage financing is readily available to qualified buyers. Economic Overview Canada s federal budget for 212 was tabled on March 29; it featured reduced government spending, but no new taxes. Deficit reduction is ahead of schedule. In less than two years, the federal deficit has already been cut in half. The new 212 budget calls for the deficit to be eliminated over three years and a surplus to be posted by Canada s economic outlook is improving, with moderate growth expected. Canada s Global Appeal Canada is becoming a truly international market, a hot prospect on the global stage. Many international buyers, particularly Asian buyers, are looking to Canada, says Geha. Our stable economy, house prices that seem like a bargain on an international scale, and Canada s reputation as an immigration-friendly country all add to our global appeal. I recently met with Coldwell Banker franchisees from around the world, and discussions with Brazil, France, China, and Latin American countries inevitably turned back to Canada. The eyes of the world are on us. Our stable economy, house prices that seem like a bargain on an international scale, and Canada s reputation as an immigration-friendly country all add to our global appeal. John Geha President Coldwell Banker Canada Operations ULC CARTUS MARKET WATCH: / APRIL 212 PAGE 2 OF 5
3 National Real Estate Charts Residential Resales 5, 4, 3, 2, 1, (F) 213(F) Source: Canadian Real Estate Association, QFREB by Centris, FCIQ par Centris *Does not include Territories. 25, 2, 1, 5, (F) 213(F) Source: Canadian Mortgage and Housing Corporation *Does not include Territories. Average Residential Resale Price $4, $35, $3, $25, $2, $15, $1, $5, (F) 213(F) Source: Canadian Real Estate Association, QFREB by Centris, FCIQ par Centris CARTUS MARKET WATCH: / APRIL 212 PAGE 3 OF 5
4 Local Market Indicators Calgary 211 9,292 22,466 $42,851 $1, (F) 1,3 23, $49, $1, (F) 1,7 23,7 $42, $1,175 Charlottetown $199,58 $ (F) $25, $ (F) 4 5 $28, $79 Halifax 211 2,954 5,939 $259,6 $ (F) 2,67 6,25 $275, $ (F) 2,51 6,35 $285, $98 Montreal ,719 4,43 $314,38 $ (F) 19,4 41,7 $322, $ (F) 18, 42,5 $329, $74 Ottawa 211 5,794 14,551 $344,791 $1, (F) 5,7 14, $354, $1, (F) 5,95 14,25 $361,5 $1,152 Regina 211 1,694 3,899 $277,473 $ (F) 1,775 4, $289, $ (F) 1,775 4,1 $299, $985 CARTUS MARKET WATCH: / APRIL 212 PAGE 4 OF 5
5 Saint John ,572 $17,354 $ (F) 36 1,525 $176,5 $ (F) 32 1,5 $18, $695 St. John s 211 1,923 3,647 $268,68 $ (F) 1,75 3,5 $275, $ (F) 1,6 3,3 $28, $85 Toronto ,745 91,76 $466,352 $1, (F) 37,1 88,5 $478,7 $1, (F) 36,4 9,5 $487,7 $1,217 Vancouver ,867 32,936 $779,73 $1, (F) 18,5 34, $768, $1, (F) 19,2 36,5 $87, $1,325 sales and prices for Vancouver refer only to the Real Estate Board of Vancouver (REBGV) area which does not include Surrey, Langley, White Rock, and North Delta. Winnipeg 211 3,331 12,297 $241,48 $ (F) 3,45 12,55 $25, $ (F) 3,5 12,8 $258, $95 (F) Forecast by Canadian Mortgage and Housing Corporation Sources: CMHC, Canadian Real Estate Association, QFREB by Centris, FCIQ par Centris, Local Real Estate Boards, Statistics Canada. trustedguidance@cartus.com CARTUS MARKET WATCH: / APRIL 212 PAGE 5 OF 5
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