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Are they Up or are they Down? Canadian Home Prices in the News:
The Canadian Real Estate Association released their September sales figures this week and half the media headlines announced a slight increase in sales while others reported a 20% decline in sales. So are sales up or are they down? CREA's seasonally adjusted (a statistical method for removing the seasonal component of a time series) sales increased 3% in September. But when we compare sales in September 2010 against the same month in the previous year, sales were down 20%.
Home sales rise slightly in September (Globe and Mail)
Home sales in September rose 3 per cent from a month earlier, while prices slipped back to year-ago levels.
Canada September Housing Resales Rise 3 Percent, Real Estate Group Says (Bloomberg)
Seasonally adjusted unit sales rose to 33,913 homes from 32,933 units in August, the group said. Sales in September were 20 percent below year-ago levels and the average price for a home was little changed at C$331,089 ($329,180), the group said.
September home sales drop 20% compared with 2009 (Toronto Star)
One thing that's keeping pricing from dropping further is that new listings remain 15 per cent below the peak reached in April, as some vendors have decided to take their homes off the market.
September home sales down: CREA (CBC)
April was the busiest month for home sales this year, and activity in September was 15 per cent below that level. It's expected annual comparisons will pale for the next several months because of the inflated levels seen at the end of 2009.
New Home Prices Up in August
Canadian new house prices up in August (Toronto Star)
The monthly Statistics Canada new home price index rose by 0.1 per cent, after declining by the same amount in July, according to figures released Wednesday.
New home prices still climbing (Financial Post)
"The bulk of the change in new home prices is reflective of what is happening to construction costs not what is happening to supply and demand in the real estate market," says Mr. Alexander, suggesting it may not play out for the entire housing market.
Canada August New Home Price Index Unexpectedly Rose 0.1%, Led by Hamilton (Bloomberg)
The 0.1 percent advance reversed an identical loss in July, and was led by a 0.9 percent rise for Hamilton, Ontario, Statistics Canada said today from Ottawa. From a year earlier, new home prices increased 2.9 percent in August.
New home prices edge higher (CBC).
Statistics Canada said new home prices were unchanged in 10 of 21 metropolitan markets.
Interest Rates
Economists want BoC to keep raising interest rates (CTV)
The central bank does not acknowledge the advice of the think-tank's council of economists, but panel chairman William Robson says the recommendations have a good track record in predicting the bank's policy direction.
Banks move to cut fixed mortgage rates (CBC)
Up until six months ago, fixed rates were popular, Tzaferis said, and banks pushed people into them, hoping to lock in the profits to be had in the spread between what they paid to borrow and what they earned to lend.
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
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Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
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