CONSUMER CONFIDENCE AND REAL ESTATE MARKET PERFORMANCE GO HAND-IN-HAND

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "CONSUMER CONFIDENCE AND REAL ESTATE MARKET PERFORMANCE GO HAND-IN-HAND"

Transcription

1 CONSUMER CONFIDENCE AND REAL ESTATE MARKET PERFORMANCE GO HAND-IN-HAND The job market, mortgage interest rates and the migration balance are often considered to be the main determinants of real estate market performance. However, economists and market analysts also often use consumer confidence, particularly its sub-index relating to real estate, to support their arguments about a market s performance. One can question whether consumer confidence is a determinant of real estate market performance or whether it is simply influenced by the same factors. Whatever the case may be, these two variables appear closely related. What is consumer confidence? Consumer confidence is a reflection of consumers perceptions about current and future economic conditions. There are a few confidence indexes in Canada that aim to measure these perceptions using a monthly survey among households from different provinces across the country. The QFREB chooses to follow the Conference Board of Canada s Index of Consumer Confidence, which uses a survey that is composed of four questions regarding households views about the labour market and its outlook, their personal finances and their feelings about making a major purchase. This last aspect is particularly relevant for forecasting the evolution of the real estate market, as households are asked to answer the following question: In your opinion, is now a good time for an average person to make a major purchase, such as a home or a car?. We are interested in the proportion of consumers who answered yes to this question. Here is an overview of the results of the consumer confidence survey across Canada for From coast to coast: a divide between East and West The first two questions in the survey seek to measure the financial situation of families in relation to what it was six months earlier and what it will be in six months from now. Québec is in the middle of the pack in terms of the proportion of respondents who say their financial situation has improved: the Atlantic provinces and Ontario show a bit more optimism while the Western provinces have the lowest proportions.

2 Question 1: Considering everything, would you say that your family is better or worse off financially than six months ago? (Proportion that answered better, average for 2017) 18.4% 18.3% 18.5% 16.0% 15.4% 17.7% Question 2: Considering everything, do you think that your family will be better off, the same or worse off financially six months from now? (Proportion that answered better off, average for 2017) 22.6% 26.4% 23.2% 19.6% 21.5% 22.0% Quebecers, however, were the most optimistic about their future financial situation. It is in Québec that the largest number of respondents, proportionately, believe that their financial situation will improve in the next six months. It is interesting to note, on the one hand, that the level of optimism measured by these two questions has increased significantly in Québec since reaching a low point in 2014 and, on the other hand, that Québec is the only province to have experienced continuous growth in terms of the proportion of positive responses to these two questions. More specifically, the proportion of Québec respondents who thought their financial situation had improved in 2014 was only 10.3 per cent, but the proportion who believed that their situation would improve was 19.3 per cent, for respective increases of 8 and 7.1 points in three years. It is in Québec that the largest number of respondents, proportionately, believe that their financial situation will improve in the next six months. Question 3: How do you feel the job situation and overall employment will be in this community six months from now? (Proportion that answered better, average for 2017) 11.2% 12.4% 12.2% 10.5% 19.7% 12.7% The third question relates to the job market. Québec s results are similar to those of most other provinces, with the exception of Alberta who is expecting its job market to recover from the consequences of the drop in oil prices that began in early In fact, Québec has shown a steady increase in this regard over the period from 2014 to As a sign that this measure of confidence reflects reality, the Québec job market, which had a difficult year in 2014, is now back on its feet, and has registered steady monthly increases in job numbers since February The Québec job market, which had a difficult year in 2014, is now back on its feet, and has registered steady monthly increases in job numbers since February Source: Labour Force Survey, Statistics Canada. Year over year variations (one month compared to the same month of the previous year) 2

3 Quebecers, the most confident about real estate Question 4: Do you think that right now is a good or bad time for the average person to make a major outlay for items such as a home, car or other major item? (Proportion that answered yes ) 28.0% 39.4% 28.5% 25.8% 25.3% 24.7% Finally, the most relevant question for real estate analysts shows that Québec had the highest percentage of respondents who believe that conditions are favourable for making a major purchase, such as a property. In fact, Quebecers have been the most optimistic in this regard since the beginning of Indeed, the year 2015 was marked by a sudden and considerable increase in consumer confidence towards real estate: the average proportion reached 35.9 per cent, compared to 26.9 per cent in The upward trend continued in 2017, and the proportion of optimistic Quebecers reached or exceeded the 40 per cent threshold four times since the start of the year. Outside of Québec, we see that the provinces that experienced significant increases in residential sales in 2017 are those that also saw an increase in the proportion of consumers who have confidence in the real estate market, such as Alberta and the Atlantic provinces. In contrast, the Prairie provinces and Ontario saw their sales decline, as did their level of confidence. Québec had the highest percentage of respondents who believe that conditions are favourable for making a major purchase, such as a property. The proportion of optimistic Quebecers reached or exceeded the 40 per cent threshold four times since the start of the year. Proportion of confident consumers Change in confidence 2017* vs 2016 Change in residential sales 2017* vs 2016* Atlantic provinces 28.0% +3.2 pp +1.6% Québec 39.4% +2.6 pp +5% Ontario 28.5% -1.2 pp -10% Saskatchewan and 25.8% -0.8 pp -1.5% Alberta 25.3% +7.5 pp +8.8% British Columbia 24.7% +1.4 pp -13% *From January to September only Sources: Conference Board of Canada and CREA 3

4 Overview of Québec consumer confidence in the real estate market over the past ten years Links between the sub-index of consumer confidence and the real estate market can certainly be traced by looking at the evolution of the proportion of Quebecers who said that it was a good time to buy a property. Over a span of ten years, four periods with different trends can be seen on the graph below, each reflected in the evolution of residential sales and prices in Québec. Proportion of Québec consumers who believe the time is right to make a major purchase Source: QFREB by the Centris system Period 1: The financial crisis The year 2007 was a record year for the real estate market in Québec, with a number of transactions that has still not been matched. The momentum of 2007 was halted during the recession that occurred in 2008 and The graph above shows that confidence had deteriorated significantly in 2008 during the financial crisis, when the recession was taking place in Canada and the subprime crisis was raging in the United States. At the same time, Québec s real estate market saw a sharp decline in sales. Period 2: After the financial crisis By the spring of 2009, confidence had recovered. The financial crisis had lowered mortgage interest rates and the Bank of Canada said it would keep its key interest rate at its low of 0.25 per cent until July A greater proportion of Quebecers believed it was a good time to make a major purchase. The Québec real estate market was also performing well, with strong sales gains and property price increases. Optimism was maintained at relatively high levels until the government started calming the situation by introducing its first mortgage tightening measure. 4

5 Period 3. Mortgage tightening measures and a soft landing A series of measures aimed at restricting mortgage credit were introduced by the federal government in April 2010, March 2011, April 2011 and July 2012, which seemed to have cooled many Québec consumers. As a result of these changes to mortgage financing, the proportion of respondents who felt that it was a good time to buy a home was maintained at levels below 30 per cent on average, and had repercussions until the end of The province s real estate market was not particularly convincing either, with decreases in sales and, at best, stability in prices. Period 4. Recovery Since the start of 2015, the consumer confidence level has been higher than the average of the last ten years, and there has also been an upward trend in the confidence level. More recently, the proportion of Quebecers who believe the time is right to make a major purchase, such as a home, has exceeded 40 per cent nine times in the last 17 months, an unprecedented proportion that has not been seen since the summer of At the same time, on the residential real estate market, sales and prices have returned to growth in Québec: sales increased by 5 per cent in both 2015 and 2016, and have posted the same increase since the start of Weighted average price growth in Québec has also strengthened over the past two years, with increases of 3 per cent in 2016 and 4 per cent from January to September A positive correlation between sales and confidence As we can see in the box above, the real estate market and the confidence sub-index appear to be linked. The following graph illustrates the evolution of the number of Centris sales and consumer confidence in real estate in Québec since Proportion of Québec consumers who believe the time is right to make a major purchase and seasonally adjusted residential sales Sources: QFREB by the Centris system and Conference Board of Canada 5

6 While this graph may suggest a correlation between the two variables, caution must be used, as the correlation in this case is rather weak. In fact, the correlation between seasonally adjusted Centris sales and the confidence sub-index is 0.46 over the period examined, which is considered to be a moderate correlation. This correlation does not change when confidence and sales lagged by one month, and it decreases if the periods move further apart. It is therefore not wrong to conclude that sales and the proportion of Quebecers who feel it is a good time to buy a property follow the same trends, and do so at the same time. October 2017 The correlation between seasonally adjusted Centris sales and the confidence sub-index is 0.46 over the period examined, which is considered to be a moderate correlation. Another reason for exercising caution is that a correlation even a very strong correlation does not necessarily indicate a cause-and-effect relationship: in other words, an increase in Québec consumer confidence does not necessarily lead to an increase in residential sales in Québec. Various other factors may be behind the synchronized movement of confidence and sales. For example, an increase in the employment level may lead to an increase in both confidence and residential sales. In fact, the evolution of Centris sales is moderately correlated (0.43) with the survey s third question, which focuses on the job market outlook. Similarly, a softening of mortgage credit or a drop in mortgage rates could boost consumer confidence and also lead to an increase in residential sales. Weak link between prices and confidence In terms of prices, the graph showing the evolution of confidence in the real estate market and the change in the weighted average price of properties suggests a certain positive, albeit uneven, correlation over the period examined: for a given level of confidence, price growth was much stronger at the start of the period than at the end. Proportion of Québec consumers who believe the time is right to make a major purchase and change in the weighted average price Sources: QFREB by the Centris system and Conference Board of Canada 6

7 The correlation of the variables shown in the graph is rather weak, at 0.18 when the periods are the same and at 0.24 when the confidence variable is advanced by two months, which is still a weak correlation. This means that the confidence sub-index and price growth do not move together, or at least very little. It is normal for consumer confidence to be reflected more significantly in property sales, as its impact is probably limited to the demand for properties, whereas price fluctuations are the result of the dynamic between property supply and demand. This means that the confidence sub-index and price growth do not move together, or at least very little. Conclusion: when real estate goes well, confidence goes well and vice versa Consumer confidence, and more specifically the sub-index related to the real estate market, is an interesting variable to watch as it seems closely linked to the real estate market. Consumer confidence evolves in the same way as the real estate market, but it is not a leading indicator. The possibility of causality, which can be unidirectional or bidirectional, should not be ruled out. Would consumer confidence stimulate an increase in sales or is it the good performance of the real estate market that inspires a sense of confidence in real estate among respondents? While its correlation with the evolution of Centris sales is only moderate, and a causal link cannot be concluded, consumer confidence remains a variable on which economists and analysts will continue to rely to qualify the performance of the real estate market. In any case, they will not be wrong in saying that the real estate market is doing well (or poorly) and that, in addition, a large proportion of consumers believe (or not) that the time is right to make a major purchase. Consumer confidence will therefore confirm that good real estate market performance is no accident when the confidence level is doing well. This publication is produced by the Market Analysis Department of the QFREB. Paul Cardinal Manager Camille Laberge Economist Antoine Abdulnour Grondin Market Analyst Contact us at 2017 Québec Federation of Real Estate Boards. All rights reserved. 7

CREA Updates Resale Housing Forecast Ottawa, ON, September 15, 2015

CREA Updates Resale Housing Forecast Ottawa, ON, September 15, 2015 CREA Updates Resale Housing Ottawa, ON, September 15, 2015 The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS ) Systems of

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report October 21 1 Housing Bulletin Monthly Report Housing Starts show Slight improvement in September CANADA Housing Starts 2, 15, 1, 5, Sep 8 Oct 8 Nov 8 Dec 8 Preliminary Housing Starts in Alberta and Canada

More information

CREA Updates and Extends Resale Housing Market Forecast Ottawa, ON, March 15, 2017

CREA Updates and Extends Resale Housing Market Forecast Ottawa, ON, March 15, 2017 CREA Updates and Extends Resale Housing Market Ottawa, ON, March 15, 2017 The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS

More information

Planning and Development Department Building and Development Permit Summary Report

Planning and Development Department Building and Development Permit Summary Report Planning and Development Department 21 Building and Development Permit Summary Report February 22, 21 2 21 Building and Development Permit Summary Table of Contents Introduction... 3 Building Permits...

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report December 21 1 Housing Bulletin Monthly Report Alberta Housing Starts Fall in November 21 Canada Housing Starts 25 2 15 1 5 8 NOV 8 DEC 8 Preliminary Housing Starts in Alberta* and Canada* November 28 to

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report February 21 1 Housing Bulletin Monthly Report Housing Starts 25, 2, 15, 1, 5, Alberta Housing Starts up 5 per cent from 29 From February 29 to 21, preliminary housing starts increased 82.7 per cent across

More information

Economic Spotlight September 1, 2009

Economic Spotlight September 1, 2009 Economic Spotlight September 1, 29 Update on Alberta s Housing Market Summary Alberta s housing market is beginning to show signs of recovery. Housing starts have rebounded from March lows and activity

More information

HOUSING MARKET OUTLOOK Calgary CMA

HOUSING MARKET OUTLOOK Calgary CMA H o u s i n g M a r k e t I n f o r m a t i o n HOUSING MARKET OUTLOOK Calgary CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2011 NEW HOME MARKET Total housing

More information

Housing Market Outlook Trois-Rivières CMA

Housing Market Outlook Trois-Rivières CMA H o u s i n g M a r k e t I n f o r m a t i o n Housing Market Outlook C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2011 Activity to remain strong in 2011 and

More information

News Release. Canadian home sales moderate further in January Ottawa, ON, February 14, The Canadian Real Estate Association

News Release. Canadian home sales moderate further in January Ottawa, ON, February 14, The Canadian Real Estate Association Canadian home sales moderate further in January Ottawa, ON, February 14, 2014 According to statistics 1 released today by The Canadian Real Estate Association (CREA), national home sales activity posted

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales activity softens further in November Ottawa, ON, December 17, 2018 Statistics 1 released today by the Canadian Real Estate Association

More information

14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST

14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 14 September 2015 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157

More information

News Release. Canadian home sales ease back in September Ottawa, ON, October 15, The Canadian Real Estate Association

News Release. Canadian home sales ease back in September Ottawa, ON, October 15, The Canadian Real Estate Association The Canadian Real Estate Association News Release Canadian home sales ease back in September Ottawa, ON, October 15, 2014 According to statistics 1 released today by The Canadian Real Estate Association

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales fall further in February Ottawa, ON, March 15, 2018 Statistics 1 released today by The Canadian Real Estate Association (CREA) show

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report January 21 1 Housing Bulletin Monthly Report Most new homes built in second half of 29 25, 2, 15, 1, 5, Dec 7 Jan 8 Feb 8 mar 8 apr 8 Alberta s 29 housing starts increased 72.8 per cent over 28, suggesting

More information

Economy. Denmark Market Report Q Weak economic growth. Annual real GDP growth

Economy. Denmark Market Report Q Weak economic growth. Annual real GDP growth Denmark Market Report Q 1 Economy Weak economic growth In 13, the economic growth in Denmark ended with a modest growth of. % after a weak fourth quarter with a decrease in the activity. So Denmark is

More information

6 April 2018 KEY POINTS

6 April 2018 KEY POINTS 6 April 2018 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THULANI LUVUNO: STATISTICIAN 087-730 2254 thulani.luvuno@fnb.co.za

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report August 21 Housing Bulletin Monthly Report 1 C a n a da s P r e li m i n a ry H o u s i n g S ta r t s s l i p i n J u ly Preliminary Housing St arts in Albert a* and Canada* July 28 to July 21 25, Canada

More information

News Release. Canadian home sales slip further in January Ottawa, ON, February 17, The Canadian Real Estate Association

News Release. Canadian home sales slip further in January Ottawa, ON, February 17, The Canadian Real Estate Association Canadian home sales slip further in January Ottawa, ON, February 17, 2015 According to statistics 1 released today by The Canadian Real Estate Association (CREA), national home sales activity was down

More information

Housing Price Forecasts. Illinois and Chicago PMSA, June 2012

Housing Price Forecasts. Illinois and Chicago PMSA, June 2012 Housing Price Forecasts Illinois and Chicago PMSA, June 2012 Presented To Illinois Association of REALTORS From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales rebound in January Ottawa, ON, February 16, 2016 According to statistics 1 released today by The Canadian Real Estate Association (CREA),

More information

1 February FNB House Price Index - Real and Nominal Growth

1 February FNB House Price Index - Real and Nominal Growth 1 February 2017 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157

More information

News Release. Canadian home sales little changed in November Ottawa, ON, December 16, The Canadian Real Estate Association

News Release. Canadian home sales little changed in November Ottawa, ON, December 16, The Canadian Real Estate Association The Canadian Real Estate Association News Release Canadian home sales little d in November Ottawa, ON, December 16, 2013 According to statistics 1 released today by The Canadian Real Estate Association

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales drop again in June Ottawa, ON, July 17, 2017 According to statistics 1 released today by The Canadian Real Estate Association (CREA),

More information

HOUSING MARKET OUTLOOK

HOUSING MARKET OUTLOOK HOUSING MARKET INFORMATION HOUSING MARKET OUTLOOK Saskatchewan C A N A D A M O R T G A G E A N D H O U S I N G C O R P O R A T I O N Date Released: Fall 2018 1 Figure 1 Saskatchewan, Starts (000s) 12 Forecast

More information

ECONOMIC COMMENTARY. Housing Recovery: How Far Have We Come? Daniel Hartley and Kyle Fee

ECONOMIC COMMENTARY. Housing Recovery: How Far Have We Come? Daniel Hartley and Kyle Fee ECONOMIC COMMENTARY Number 13-11 October, 13 Housing Recovery: How Far Have We Come? Daniel Hartley and Kyle Fee Four years into the economic recovery, housing markets have fi nally started to improve.

More information

2008 Mid-Year CAAR Market Report Real Estate Market is as Hot as ANWR

2008 Mid-Year CAAR Market Report Real Estate Market is as Hot as ANWR 2008 Mid-Year CAAR Market Report Real Estate Market is as Hot as ANWR By Dave Phillips, CEO Charlottesville Area Association of REALTORS Just about everything in life is relative to your perspective. Based

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales improve slightly in March Ottawa, ON, April 13, 2018 Statistics 1 released today by The Canadian Real Estate Association (CREA) show

More information

Housing Bulletin Monthly Report

Housing Bulletin Monthly Report February 211 1 Housing Bulletin Monthly Report Alberta s preliminary housing starts declined in January 211 Canada Housing Starts 25, 2, 15, 1, 5, DEC 8 JAN 9 Preliminary Housing Starts in Alberta* and

More information

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015 ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales post solid gain in November Ottawa, ON, December 14, 2017 According to statistics 1 released today by The Canadian Real Estate Association

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales edge down from December to January Ottawa, ON, February 15, 2017 According to statistics 1 released today by The Canadian Real Estate

More information

HOUSING MARKET OUTLOOK St. John s CMA

HOUSING MARKET OUTLOOK St. John s CMA Housing Market Information HOUSING MARKET OUTLOOK St. John s CMA Date Released: Fall 2015 Highlights Residential sales and construction to remain flat due to low commodity price environment Less new home

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales fall further in July Ottawa, ON, August 15, 2017 According to statistics 1 released today by The Canadian Real Estate Association (CREA),

More information

Performance of the Private Rental Market in Northern Ireland

Performance of the Private Rental Market in Northern Ireland Summary Research Report July - December Performance of the Private Rental Market in Northern Ireland Research Report July - December 1 Northern Ireland Rental Index: Issue No. 8 Disclaimer This report

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales activity eases in October Ottawa, ON, November 15, 2018 Statistics 1 released today by the Canadian Real Estate Association (CREA)

More information

Housing Price Forecasts. Illinois and Chicago PMSA, May 2018

Housing Price Forecasts. Illinois and Chicago PMSA, May 2018 Housing Price Forecasts Illinois and Chicago PMSA, May 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

REAL ESTATE MARKET OVERVIEW 1 st Half of 2015

REAL ESTATE MARKET OVERVIEW 1 st Half of 2015 REAL ESTATE MARKET OVERVIEW 1 st Half of 2015 With Comparisons to the 2 nd Half of 2014 September 4, 2015 Prepared for: First Bank of Wyoming Prepared by: Ken Markert, AICP MMI Planning 2319 Davidson Ave.

More information

Coachella Valley Median Detached Home Price May May 2018

Coachella Valley Median Detached Home Price May May 2018 Median Price $450,000 $400,000 Coachella Valley Median Detached Home Price May 2002 - $389,000 $412,000 $350,000 $300,000 $250,000 $200,000 $150,000 CV Detached Median Price 4 % Growth Curve Summary The

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales activity strengthens in July Ottawa, ON, August 15, 2018 Statistics 1 released today by The Canadian Real Estate Association (CREA)

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales drop in January Ottawa, ON, February 15, 2018 Statistics 1 released today by The Canadian Real Estate Association (CREA) show national

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales fall in April Ottawa, ON, May 15, 2018 Statistics 1 released today by The Canadian Real Estate Association (CREA) show national home

More information

News Release. Canadian home sales fall back in October Ottawa, ON, November 15, The Canadian Real Estate Association

News Release. Canadian home sales fall back in October Ottawa, ON, November 15, The Canadian Real Estate Association The Canadian Real Estate Association News Release Canadian home sales fall back in October Ottawa, ON, November 15, 2013 According to statistics 1 released today by The Canadian Real Estate Association

More information

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018 Housing Price Forecasts Illinois and Chicago PMSA, January 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

Steady as She Goes Texas Apartment Markets Recovering

Steady as She Goes Texas Apartment Markets Recovering Steady as She Goes Texas Apartment Markets Recovering Ali Anari and Harold D. Hunt September 5, 1 Publication A new Real Estate Center study finds apartment markets in,, and San Antonio are in the final

More information

ARLA Members Survey of the Private Rented Sector

ARLA Members Survey of the Private Rented Sector Prepared for The Association of Residential Letting Agents & the ARLA Group of Buy to Let Mortgage Lenders ARLA Members Survey of the Private Rented Sector Fourth Quarter 2010 Prepared by: O M Carey Jones

More information

ARLA Survey of Residential Investment Landlords

ARLA Survey of Residential Investment Landlords Prepared for The Association of Residential Letting Agents & the ARLA Group of Buy to Let Mortgage Lenders ARLA Survey of Residential Investment Landlords March 2010 Prepared by O M Carey Jones 5 Henshaw

More information

News Release. Canadian home sales edge up in February Ottawa, ON, March 13, The Canadian Real Estate Association

News Release. Canadian home sales edge up in February Ottawa, ON, March 13, The Canadian Real Estate Association The Canadian Real Estate Association News Release Canadian home sales edge up in February Ottawa, ON, March 13, 2015 According to statistics 1 released today by The Canadian Real Estate Association (CREA),

More information

Housing Price Forecasts. Illinois and Chicago PMSA, October 2014

Housing Price Forecasts. Illinois and Chicago PMSA, October 2014 Housing Price Forecasts Illinois and Chicago PMSA, October 2014 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public

More information

ARLA Members Survey of the Private Rented Sector

ARLA Members Survey of the Private Rented Sector Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Second Quarter 2014 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW June, 2014

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales surge in December Ottawa, ON, January 15, 2018 Statistics 1 released today by The Canadian Real Estate Association (CREA), show national

More information

LANDLORDS CAUTIOUS AHEAD OF TAX CHANGES

LANDLORDS CAUTIOUS AHEAD OF TAX CHANGES FEBRUARY 2017 Q4 2016 LANDLORDS CAUTIOUS AHEAD OF TAX CHANGES Despite turbulence in the Private Rented Sector (PRS) dating back to the Government s 2015 Summer Budget, Paragon Mortgages latest PRS Trends

More information

Hamilton CMA apartment vacancy rate rises in 2002

Hamilton CMA apartment vacancy rate rises in 2002 HamiltonCMA Canada Mortgage and Housing Corporation apartment vacancy rate rises in 2002 In 2002, the private apartment vacancy rate in the Hamilton Census Metropolitan (CMA) rose to 1.6 percent from 1.3

More information

Rental Housing Strategy Study # 1

Rental Housing Strategy Study # 1 Rental Housing Strategy Study # 1 Submitted to: City of Vancouver by: Will Dunning Inc November 2009 Table of Contents Table of Contents... 1 Part 1 Summary and Conclusions... 2 Introduction... 2 Housing

More information

COMPARATIVE STUDY ON THE DYNAMICS OF REAL ESTATE MARKET PRICE OF APARTMENTS IN TÂRGU MUREŞ

COMPARATIVE STUDY ON THE DYNAMICS OF REAL ESTATE MARKET PRICE OF APARTMENTS IN TÂRGU MUREŞ COMPARATVE STUDY ON THE DYNAMCS OF REAL ESTATE MARKET PRCE OF APARTMENTS N TÂRGU MUREŞ Emil Nuţiu Petru Maior University of Targu Mures, Romania emil.nutiu@engineering.upm.ro ABSTRACT The study presents

More information

Housing Market Outlook St. Catharines-Niagara CMA

Housing Market Outlook St. Catharines-Niagara CMA H o u s i n g M a r k e t I n f o r m a t i o n Housing Market Outlook St. Catharines-Niagara CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2014 Highlights

More information

RP Data - Nine Rewards Consumer housing market sentiment survey Released: Wednesday 26 February, 2014

RP Data - Nine Rewards Consumer housing market sentiment survey Released: Wednesday 26 February, 2014 National Media Release RP Data - Nine Rewards Consumer housing market sentiment survey Released: Wednesday 26 February, 2014 Survey reveals - Australian s confident about housing market conditions The

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales edge up in September Ottawa, ON, October 14, 2016 According to statistics 1 released today by The Canadian Real Estate Association

More information

canadian housing at a glance

canadian housing at a glance Canadian Housing Observer IMMIGR ATION IS STRONGLY LINKED TO POPULATION GROWTH POPULATION GROWTH IS A MAJOR DRIVER OF HOUSEHOLD GROWTH Natural increase and net migration (thousands) Average yearly growth

More information

Charlottesville Housing Market Report Year-End (Published by the Charlottesville Area Association of REALTORS )

Charlottesville Housing Market Report Year-End (Published by the Charlottesville Area Association of REALTORS ) Charlottesville Housing Market Report - 2009 Year-End (Published by the Charlottesville Area Association of REALTORS ) This Quarterly Market Report is produced by the Charlottesville Area Association of

More information

THE EFFECT OF PROXIMITY TO PUBLIC TRANSIT ON PROPERTY VALUES

THE EFFECT OF PROXIMITY TO PUBLIC TRANSIT ON PROPERTY VALUES THE EFFECT OF PROXIMITY TO PUBLIC TRANSIT ON PROPERTY VALUES Public transit networks are essential to the functioning of a city. When purchasing a property, some buyers will try to get as close as possible

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales push higher in February Ottawa, ON, March 15, 2016 According to statistics 1 released today by The Canadian Real Estate Association

More information

Housing and Economy Market Trends

Housing and Economy Market Trends Housing and Economy Market Trends Mainstreet Organization Prices of single-family, detached homes in suburban Chicago increased 12.1 percent in May 2014 compared with the same period a year ago. Overall,

More information

Housing Market Outlook Barrie CMA

Housing Market Outlook Barrie CMA H o u s i n g M a r k e t I n f o r m a t i o n Housing Market Outlook Barrie CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2014 Highlights Starts up in

More information

Housing Price Forecasts. Illinois and Chicago PMSA, March 2017

Housing Price Forecasts. Illinois and Chicago PMSA, March 2017 Housing Price Forecasts Illinois and Chicago PMSA, March 2017 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

THE REAL ESTATE BOARD OF NEW YORK REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016

THE REAL ESTATE BOARD OF NEW YORK REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016 THE REAL ESTATE BOARD OF NEW YORK REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016 EXECUTIVE SUMMARY REAL ESTATE BROKER CONFIDENCE INDEX THIRD QUARTER 2016 The Real Estate Board of New York s (REBNY)

More information

Coachella Valley Median Detached Home Price Mar Mar 2018

Coachella Valley Median Detached Home Price Mar Mar 2018 Median Price $450,000 Coachella Valley Median Detached Home Price Mar 2002 - Mar 2018 $392,000 $400,000 $366,285 $350,000 $300,000 $250,000 $200,000 $150,000 Media Detached Price 4% Growth Curve Summary

More information

Hamilton s Housing Market and Economy

Hamilton s Housing Market and Economy Hamilton s Housing Market and Economy Growth Indicator Report November 2016 hamilton.govt.nz Contents 3. 4. 5. 6. 7. 7. 8. 9. 10. 11. Introduction New Residential Building Consents New Residential Sections

More information

Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability

Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability September 3, 14 The bad news is that household formation and homeownership among young adults

More information

ental Market report Vacancy Rate Up Slightly Vacancy Rate Edges Higher in 2004 Charlottetown CA CHARLOTTETOWN Canada Mortgage and Housing Corporation

ental Market report Vacancy Rate Up Slightly Vacancy Rate Edges Higher in 2004 Charlottetown CA CHARLOTTETOWN Canada Mortgage and Housing Corporation 4.8% r ental Market report Vacancy Rate Up Slightly CHARLOTTETOWN Canada Mortgage and Housing Corporation Volume 6 Edition 1 October 2004 www.cmhc.ca Vacancy Rate Edges Higher in 2004 The vacancy rate

More information

FNB-TPN RESIDENTIAL YIELDS REVIEW

FNB-TPN RESIDENTIAL YIELDS REVIEW FNB-TPN RESIDENTIAL YIELDS REVIEW 17 November 2015 John Loos, Household and Property Sector Strategist Tel: (087) 328 0151 Cell:083-453 8096 E-mail: john.loos@fnb.co.za Website: http://blog.fnb.co.za/category/economics/

More information

DATA FOR MAY Published June 23, Sales are up +11.3% month-over-month. The year-over-year comparison shows an increase of +11.1%.

DATA FOR MAY Published June 23, Sales are up +11.3% month-over-month. The year-over-year comparison shows an increase of +11.1%. Permission is granted only to ARMLS Subscribers for reproduction with attribution on to ARMLS COPYRIGHT 2017. For questions regarding this publication contact Brand@ARMLS.com. DATA FOR MAY 2017 - Published

More information

HOUSING TRENDS AND AFFORDABILITY

HOUSING TRENDS AND AFFORDABILITY HOUSING TRENDS AND AFFORDABILITY August 12 RBC Housing Affordability Measures - Canada 86 88 9 92 94 96 98 2 4 6 8 1 12 RBC Affordability Measure - bungalow of household income taken up by ownership costs

More information

The Uneven Housing Recovery

The Uneven Housing Recovery AP PHOTO/BETH J. HARPAZ The Uneven Housing Recovery Michela Zonta and Sarah Edelman November 2015 W W W.AMERICANPROGRESS.ORG Introduction and summary The Great Recession, which began with the collapse

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales at five-year low in May Ottawa, ON, June 15, 2018 Statistics 1 released today by The Canadian Real Estate Association (CREA) show national

More information

Brisbane CBD Office Market: the 1990s Vs Now

Brisbane CBD Office Market: the 1990s Vs Now September 2013 Brisbane CBD Office Market: the 1990s Vs Now Key Points Figure 1: Brisbane CBD Sub-lease Vacancy % of Total Stock 3.0 2.5 2.0 1.5 1.0 1993 2002 2009 2013 Total market vacancy in Q2/2013

More information

DETACHED MULTI-UNIT APPROVALS

DETACHED MULTI-UNIT APPROVALS HIA New Home Sales DETACHED MULTI-UNIT APPROVALS SALES MULTI-UNIT DETACHED A monthly update on the sales of new homes December 217 TAX BURDEN TAKES TOLL ON New Home Sales during 217 Sales still post modest

More information

Our Housing Market Turns the Corner

Our Housing Market Turns the Corner Our Housing Market Turns the Corner OUR HOUSING MARKET TURNS THE CORNER After a very difficult half decade characterized by falling sales and prices, a surge in foreclosures and many underwater homeowners,

More information

RESIDENTIAL MARKET ANALYSIS

RESIDENTIAL MARKET ANALYSIS RESIDENTIAL MARKET ANALYSIS CLANCY TERRY RMLS Student Fellow Master of Real Estate Development Candidate Oregon and national housing markets both demonstrated shifting trends in the first quarter of 2015

More information

HOUSING MARKET OUTLOOK St. John s CMA

HOUSING MARKET OUTLOOK St. John s CMA H o u s i n g M a r k e t I n f o r m a t i o n HOUSING MARKET OUTLOOK St. John s CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2014 Highlights New home

More information

2013 Arizona Housing Market Mid-Year Report

2013 Arizona Housing Market Mid-Year Report 2013 Arizona Housing Market Mid-Year Report This mid-year market report outlines the latest trends in Arizona real estate. The housing market hit bottom in mid to late 2011, and has been in recovery mode

More information

Visit our Publications and Open Data Catalogue to find our complete inventory of our freely available information products.

Visit our Publications and Open Data Catalogue to find our complete inventory of our freely available information products. Welcome to Mississauga Data This report and other related documents can be found at www.mississauga.ca/data. Mississauga Data is the official City of Mississauga website that contains urban planning related

More information

Housing Market Update

Housing Market Update Housing Market Update March 2017 New Hampshire s Housing Market and Challenges Market Overview Dean J. Christon Executive Director, New Hampshire Housing Finance Authority New Hampshire s current housing

More information

Spring Market trends

Spring Market trends 2016 Spring Market trends Report NATIONAL SUMMARY Vancouver and Toronto continued to see significant price appreciation in the first quarter of the year. Greater Vancouver s average residential sale price

More information

Housing Price Forecasts. Illinois and Chicago PMSA, December 2015

Housing Price Forecasts. Illinois and Chicago PMSA, December 2015 Housing Price Forecasts Illinois and Chicago PMSA, December 2015 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public

More information

The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release The Canadian Real Estate Association News Release Canadian home sales activity edges lower in September Ottawa, ON, October 15, 2018 Statistics 1 released today by The Canadian Real Estate Association

More information

Housing Price Forecasts. Illinois and Chicago PMSA, March 2016

Housing Price Forecasts. Illinois and Chicago PMSA, March 2016 Housing Price Forecasts Illinois and Chicago PMSA, March 2016 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs

More information

FACT INDEX Q INDEX SCORE Q

FACT INDEX Q INDEX SCORE Q The Financial Adviser Confidence Tracking () Index has been tracking financial adviser sentiment since 1995 based on the number of mortgages introduced to borrowers over the previous quarter. This figure

More information

San Francisco Housing Market Update

San Francisco Housing Market Update San Francisco Housing Market Update California Economic and Housing Market Outlook The national economy maintained a healthy growth rate in the first quarter of 2005 and appeared to be settling in for

More information

2018 Annual General Meeting

2018 Annual General Meeting 2018 Annual General Meeting 2 SPENCER ENRIGHT Director and Chairman of the Board of Directors 3 PHILIP SOPER President and Chief Executive Officer 4 GLEN MCMILLAN Chief Financial Officer 5 BOARD OF DIRECTORS

More information

Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis

Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis Real Estate Physical Market Cycle Analysis of Five Property Types in 54 Metropolitan Statistical Areas (MSAs). Income-producing real

More information

ANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 1st quarter 2013 By Lisa A. Sturtevant, PhD George Mason University Center for Regional Analysis

ANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 1st quarter 2013 By Lisa A. Sturtevant, PhD George Mason University Center for Regional Analysis ANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 1st quarter By Lisa A. Sturtevant, PhD George Mason University Center for Regional Analysis Economic Overview Key economic factors in the first quarter

More information

R esearch Highlights LIFE LEASE HOUSING IN CANADA: A PRELIMINARY EXPLORATION OF SOME CONSUMER PROTECTION ISSUES. Findings. Introduction.

R esearch Highlights LIFE LEASE HOUSING IN CANADA: A PRELIMINARY EXPLORATION OF SOME CONSUMER PROTECTION ISSUES. Findings. Introduction. R esearch Highlights August 2003 Socio-economic Series 03-013 LIFE LEASE HOUSING IN CANADA: A PRELIMINARY EXPLORATION OF SOME CONSUMER PROTECTION ISSUES Introduction This study, completed under the CMHC

More information

2012 Profile of Home Buyers and Sellers New Jersey Report

2012 Profile of Home Buyers and Sellers New Jersey Report Prepared for: New Jersey Association of REALTORS Prepared by: Research Division December 2012 Table of Contents Introduction... 2 Highlights... 4 Conclusion... 7 Report Prepared by: Jessica Lautz 202-383-1155

More information

Housing as an Investment Greater Toronto Area

Housing as an Investment Greater Toronto Area Housing as an Investment Greater Toronto Area Completed by: Will Dunning Inc. For: Trinity Diversified North America Limited February 2009 Housing as an Investment Greater Toronto Area Overview We are

More information

The Corcoran Report 4Q16 MANHATTAN

The Corcoran Report 4Q16 MANHATTAN The Corcoran Report 4Q16 MANHATTAN Contents Fourth Quarter 2016 4/7 12/23 3 Overview 8 9 10 Market Wide 11 Luxury 24 2 Sales / Days on Market 3 Inventory / Months of Supply 4 5 Market Share Resale Co-ops

More information

Residential September 2010

Residential September 2010 Residential September 2010 Karl L. Guntermann Fred E. Taylor Professor of Real Estate Adam Nowak Research Associate For the first time since March, house prices turned down slightly in August (-2 percent)

More information

2013 Fredericton Housing Outlook Seminar Canada Mortgage and Housing Corporation

2013 Fredericton Housing Outlook Seminar Canada Mortgage and Housing Corporation 2013 Fredericton Housing Outlook Seminar Canada Mortgage and Housing Corporation CLAUDE GAUTREAU, Senior Market Analyst, CMHC Housing market intelligence you can count on 2012 Highlights Fredericton CA

More information

Coachella Valley Median Detached Home Price April April 2017

Coachella Valley Median Detached Home Price April April 2017 The Desert Housing Report Median Price $450,000 $400,000 Coachella Valley Median Detached Home Price April 2002 - $349,000 $389,000 $350,000 $300,000 $250,000 $200,000 $150,000 CV Detached Median Price

More information

DATA FOR JANUARY Published Feburary 16, Sales are down -14.0% month-over-month. The year-over-year comparison is up +2.5%.

DATA FOR JANUARY Published Feburary 16, Sales are down -14.0% month-over-month. The year-over-year comparison is up +2.5%. Permission is granted only to ARMLS Subscribers for reproduction with attribution on to ARMLS COPYRIGHT 2018. For questions regarding this publication contact Brand@ARMLS.com. DATA FOR JANUARY 2018 - Published

More information