November 10, 2010 -- The slides from the recent 'Market According to Mercer' presentation series are now available. Jason Mercer's presentation covered all aspects of the GTA housing market (resale, new and rental housing markets) and provided a forward looking view through 2012.
Internationalforecasttrends From Najwest (2)Jake Steinman
The document provides updates and forecasts for the North American inbound travel market. It summarizes receptive trends, forecasts for top source markets through 2015, and lists upcoming industry events and funding opportunities, including possible recipients of Travel Promotion Act funding. Growth is forecasted for most top source markets in 2011, with particularly high growth expected from Brazil, South Korea, and China through 2015.
Vancouver real estate january 2012 stats package rebgvMatt Collinge
In January 2012, home sales in Greater Vancouver decreased compared to December 2011 and January 2011, while new listings increased significantly compared to the previous year. The benchmark home price for all residential properties in Greater Vancouver was $660,600, up 5.7% from January 2011 but down 0.1% from December 2011. A new MLS Home Price Index was also launched to track home price trends across major Canadian markets.
- The stock market has risen 17% year-to-date but may be overextended in the short-term given lackluster business fundamentals and economic growth.
- After a potential short-term pullback, stocks could see 20-30% upside over the next year, supported by low interest rates and high liquidity.
- However, the author cautions that weak revenue growth, upcoming fiscal tightening, and downward revisions to earnings estimates could trigger a market correction from current levels.
The document discusses the state of the housing market in California. It notes that while prices rose quickly in 2013, driven by low inventory and investors, the market may be reaching a tipping point. Rising mortgage rates have slowed buyer demand and impacted affordability. However, inventory levels are starting to increase, and investors are playing a smaller role. While interest rates caused pause, the recovery is expected to continue as buyers adjust to new market conditions. The recovery is moving toward a more sustainable pace led by traditional buyers and sellers.
January 2018 Florida Real Estate Statistics Matias Escobar
- Closed home sales in Florida decreased 1.3% in January 2018 compared to January 2017, while the statewide median home sale price increased 9.1% to $240,000.
- The number of cash sales decreased 4.7% year-over-year, and cash sales represented 30.4% of all closed sales, down 3.5% from a year ago.
- The average home sale price in Florida rose 12.3% to $334,350 compared to January 2017.
The document provides an economic outlook and analysis for various regions including globally, the US, Canada, and Ontario. It summarizes recent economic growth trends, risks, currency movements, housing, labor, and other indicators. Growth is expected to remain modest globally and many regions face challenges from slowing emerging markets, currency appreciation, weak commodity prices, and lack of pent-up consumer demand. [END SUMMARY]
Each city has a multifaceted tax code with many moving parts, and San Diego is no exception. This chart books aims to help readers understand San Diego’s overall economy and tax system from a broad perspective.
Commerce Real Estate Solutions 3rd Qtr 2010 Industrial ReportJessica Parrish
Vacancy rates in the Las Vegas industrial market rose to 15.1% in the third quarter of 2010, up from 15.0% the previous quarter. Average asking lease rates remained steady at $0.60 per square foot. With developers halting new projects, there were no new construction completions during the quarter and only a small amount of space remains under construction. The outlook continues to be cautious as the market remains impacted by weak economic conditions and high unemployment.
Internationalforecasttrends From Najwest (2)Jake Steinman
The document provides updates and forecasts for the North American inbound travel market. It summarizes receptive trends, forecasts for top source markets through 2015, and lists upcoming industry events and funding opportunities, including possible recipients of Travel Promotion Act funding. Growth is forecasted for most top source markets in 2011, with particularly high growth expected from Brazil, South Korea, and China through 2015.
Vancouver real estate january 2012 stats package rebgvMatt Collinge
In January 2012, home sales in Greater Vancouver decreased compared to December 2011 and January 2011, while new listings increased significantly compared to the previous year. The benchmark home price for all residential properties in Greater Vancouver was $660,600, up 5.7% from January 2011 but down 0.1% from December 2011. A new MLS Home Price Index was also launched to track home price trends across major Canadian markets.
- The stock market has risen 17% year-to-date but may be overextended in the short-term given lackluster business fundamentals and economic growth.
- After a potential short-term pullback, stocks could see 20-30% upside over the next year, supported by low interest rates and high liquidity.
- However, the author cautions that weak revenue growth, upcoming fiscal tightening, and downward revisions to earnings estimates could trigger a market correction from current levels.
The document discusses the state of the housing market in California. It notes that while prices rose quickly in 2013, driven by low inventory and investors, the market may be reaching a tipping point. Rising mortgage rates have slowed buyer demand and impacted affordability. However, inventory levels are starting to increase, and investors are playing a smaller role. While interest rates caused pause, the recovery is expected to continue as buyers adjust to new market conditions. The recovery is moving toward a more sustainable pace led by traditional buyers and sellers.
January 2018 Florida Real Estate Statistics Matias Escobar
- Closed home sales in Florida decreased 1.3% in January 2018 compared to January 2017, while the statewide median home sale price increased 9.1% to $240,000.
- The number of cash sales decreased 4.7% year-over-year, and cash sales represented 30.4% of all closed sales, down 3.5% from a year ago.
- The average home sale price in Florida rose 12.3% to $334,350 compared to January 2017.
The document provides an economic outlook and analysis for various regions including globally, the US, Canada, and Ontario. It summarizes recent economic growth trends, risks, currency movements, housing, labor, and other indicators. Growth is expected to remain modest globally and many regions face challenges from slowing emerging markets, currency appreciation, weak commodity prices, and lack of pent-up consumer demand. [END SUMMARY]
Each city has a multifaceted tax code with many moving parts, and San Diego is no exception. This chart books aims to help readers understand San Diego’s overall economy and tax system from a broad perspective.
Commerce Real Estate Solutions 3rd Qtr 2010 Industrial ReportJessica Parrish
Vacancy rates in the Las Vegas industrial market rose to 15.1% in the third quarter of 2010, up from 15.0% the previous quarter. Average asking lease rates remained steady at $0.60 per square foot. With developers halting new projects, there were no new construction completions during the quarter and only a small amount of space remains under construction. The outlook continues to be cautious as the market remains impacted by weak economic conditions and high unemployment.
Residential Economic Issues & Trends Forum 2013Nar Res
This document summarizes Lawrence Yun's presentation at the 2013 NAR Annual Conference on the housing market and economic outlook. Yun discusses recent trends in existing home sales, median home prices, household income, housing affordability, mortgage rates, refinances, all-cash buyers, housing inventory levels, and forecasts that:
1) Home prices will continue rising 15% cumulatively over the next 3 years, though the rate of growth depends on increases in housing starts.
2) Inflation will rise to 4-6% by 2015, higher than the Fed's 2% target rate.
3) Mortgage rates will rise to 5% in the next year, further impacting affordability.
The document discusses the housing market recovery and policy issues affecting homeowners. It summarizes comments from an economist predicting a multi-year housing recovery driven by job growth and pent-up demand. It also discusses a proposed bill (SB 30) that would provide tax relief for homeowners undergoing short sales, but notes the bill is linked to another potentially increasing taxes. The document advocates for the two bills to receive separate votes based on their individual merits.
Canada's national housing market appears steady with modestly cooling sales and price increases, though conditions vary significantly locally. Vancouver home sales have tumbled 40% since February due to severe unaffordability and new taxes, and prices may face further declines. Meanwhile, the Toronto area continues setting sales records and accelerating price gains due to strong demand and tight supply. Calgary sales are stabilizing at lower levels with modest price declines as ample supply offsets better affordability.
The stock market continued rising last week driven by optimism over a Greek bailout and better economic data. However, higher gas prices and tensions in the Middle East could impact consumer spending. In China, slowing housing prices following measures to boost lending have raised concerns. Surveys found Americans view $150,000 in annual income or $1 million in net worth as amounts needed to feel "rich", which has policy implications.
Energy Industry Report: Energy Perspectives - January 2015Duff & Phelps
This edition of Energy Perspectives provides a recap of industry activity in 2014. Despite fairly consistent falling crude oil prices over the past six months, the industry experienced a record number of oilfield (OFS) M&A transactions for the fourth year in a row, achieving 329 announced transactions in 2014. For more detail on recent OFS trends, public comps and deal activity, read the report.
The updated economic outlook by Deloitte
Access Economics predicts a softer economic
environment, resulting in downward revisions in
our forecasts for 2011 for both occupancy and
room rates. We also present a first look at our
projections for year-end 2012.
The housing market in Canada continues its relatively balanced trajectory with home sales stable and prices rising moderately. Economic growth forecasts were revised upwards and interest rates are expected to rise gradually. Overall the market is expected to remain balanced in the near future with opportunities for both home buyers and sellers.
The literature on external default has stressed the existence of the so-called debt-intolerance puzzle: developing nations tend to default at debt-to-GDP ratios well bellow those of developed countries. The underestimation or plain omission of domestic debt may account for a fraction of that puzzle. We calculate fiscal revenues coming from financial repression using different methodologies for the case of Venezuela, and look at their correspondence with comprehensive measures of capital flight. In particular, we add to the standard measure of capital flight the over-invoicing of imports, rife in periods of exchange controls. We find that financial repression accounts for public revenues similar to those of OECD economies, in spite of the latter having much higher domestic debt-to-GDP ratios. We also find that financial repression and capital flight is significantly higher in years of exchange controls and interest rate caps. We interpret this as significant evidence suggesting a link between domestic disequilibrium and a weakening of the net foreign asset position via capital flight.
The document provides an annual report on the real estate market. It summarizes sales volumes and median home prices for several cities in Southwest California for 2010. Several key points are made:
- Home sales increased over 30% year-over-year in 4 cities and over 25% in the other two cities compared to 2009 levels. Total sales revenue also increased.
- Median home prices remained largely stable compared to 2009 and 2008 levels, suggesting the market may have stabilized after declines in prior years.
- Strong first half sales volumes helped annual numbers despite slowing in the second half of the year. The outlook for 2011 is uncertain depending on broader economic and jobs trends.
On November 10, 2011, the chapter hosted Dr. Dick Stevie, Chief Economist for Duke Energy, and Dr. George Vredeveld, Alpaugh Professor of Economics at the University of Cincinnati and founder and Director of its Economics Center.
The document provides a summary and outlook of the 2014 commercial real estate market from a presentation given by KC Conway, Chief Economist at Colliers International. Some key points from the presentation include:
- GDP growth slowed to under 2% in the first half of 2014 due to inventory build up in late 2013, but was expected to rebound above 2% in the second half.
- Employment numbers needed closer monitoring due to factors like labor participation rates and long-term unemployment.
- Banks were expected to continue slowing commercial real estate loan growth due to stress tests showing a potential 35% decline in property values.
- Interest rates were forecasted to remain volatile within a range of 2-4%.
-
North Lakes appeared as one of the most searched suburbs by overseas home buyers of QLD properties such as coming from New Zealand, US, & the UK, according to realestate.com.au report.
Twelve-month data from July 2017 reveal that overseas property searches in Queensland have New Zealand as the top property hunters. Brisbane City emerged as the most searched suburb with 13,951 searches followed by Broadbeach with 9,898.
REA Group said that overseas home buyers would often check Brisbane properties first then widen their search to nearby suburbs. Such is the case of one overseas buyer who found their dream home in Aspley which he said is a place with great weather and affordable properties.
The top ten most searched suburbs are Brisbane City, Surfers Paradise, Noosa Heads, Broadbeach, Mooloolaba, Burleigh Heads, Southport, North Lakes, Caloundra, and Hope Island. Whilst UK and USA follow New Zealand, where most overseas property searchers originate. The REA Group said that European, American, and Canadian buyers are mostly drawn to Queensland’s beach and lifestyle destinations. Brisbane properties are what they would often check first, primarily because they are seeing better value for their money in Brisbane.
Rounding up the ten countries accounting for the most number of searches of the Queensland properties are Hong Kong, Philippines, Canada, Singapore, China, Japan, and South Africa.
According to the Australian Property Market Report for October from realestate.com.au, Brisbane continues to hold up well, despite tough financial conditions. Buyer demand, and rental demand and pricing are all in the green. Offshore buyer demand has seen a big increase which they attribute to the education sector and relative housing affordability.
The report says that Brisbane is gaining the confidence of the market with its better economic outlook and because of that, premium suburbs are benefiting with the subsequent rise in demand. Inner-north’s Grange and the outer south-east suburb of Chandler appeared as the top two in demand suburbs, according to the report.
Among Brisbane metro regions, East enjoys the most increase in demand year-on-year with 9.1%, followed by Brisbane Inner-city (8.2%) and North (5.0%). South and West saw declines in demand, however, year-on-year with -6.1% and -1.6% respectively.
The price growth is seen to continue over the next 12 months as Queensland economic growth will continue to propel the market.
Silicon Valley Bank 2015 State of the Wine Industry ReportSilicon Valley Bank
This document provides predictions and analysis for the wine industry in 2015. It begins by reviewing predictions made in the 2014 report, noting some that were accurate and some that were not.
The document then provides the following predictions for 2015:
1) The U.S. economy is strengthening, which will increase wine demand. Factors like lower oil prices and improving employment will benefit consumers. GDP growth is expected to reach 3%.
2) Another large harvest is expected in 2014, leading to excess supply in some areas. However, fine wine producers may find extra inventory beneficial by the end of 2015.
3) Fine wine sales are predicted to have breakout growth of 14-18% in 2015,
Devaluations may have an impact on multinational stock prices depending on the size of the particular country and whether they are anticipated or not. In an efficient market, predictable devaluations on small countries should not impact stock prices of large multinational companies. We analyze cummulative abnormal returns (CAR) to five devaluations in Venezuela within the context of stiff exchange controls. Our event study covers a period of five years and uses daily stock prices for up to 122 multinationals with Venezuelan subsidiaries. We find evidence of significant negative impacts on stock prices on various devaluations, reaching up to -1.75% over the event window. We interpret these results as evidence of market myopia, as they are driven by retained earnings on financial statements being converted into dollars at highly overvalued official rates, in spite of subsidiaries not having access to dollars at these prices for years prior to the devaluations.
Capital Markets Industry Insights - Q1 2016Duff & Phelps
Prospective middle-market issuers are being greeted with robust demand from both traditional private credit investors and crossover public market participants. While monetary policy concerns weighed heavily on market participants for much of the first quarter, the Fed’s more dovish posture of recent weeks has triggered an increase in risk appetite across the credit markets.
This document provides a summary of the top 10 real estate markets in the United States for investment based on forecasts for price appreciation and future job growth. It lists McAllen, Texas as the top market, followed by Las Vegas, Nevada and Colorado Springs, Colorado. For each market it provides data on population, housing prices, unemployment rates, job growth forecasts, median sales prices, and 3-year and 5-year home appreciation forecasts. The document is from Norada Real Estate Investments and is analyzing housing market conditions and investment opportunities.
The overall outlook for 2017 Canadian M&A activity remains moderately positive, despite the decrease in the number of Canadian companies sold in 2016. Corporate balance sheets are flush with cash, with corporations actively looking for quality investments. Interest rates remain low, and oil prices are showing signs of improvement. Private Equity firms also have large cash holdings and often see Canadian firms as good "bolt-on" opportunities. Read the report for more detail on trends, public market performance and deal activity.
This document discusses recent housing market trends in Southwest California. It notes that in May, home sales increased 14% from the previous month while median home prices rose 4%. Inventory remains low across most cities in the region, at 2 months or less of supply. The fast pace of home sales compared to new listings coming on the market has led to absorption rates over 100% in many cities, making it difficult to build up inventory. Distressed property sales continue to decline as a percentage of the total market.
Annie Williams Real Estate Report - November 2019Jon Weaver
Sales prices for condos/townhomes set a new high for the second month in a row. The median sales price for condos/townhomes was up 12.8% year-over-year. It was up 3.8% from September. The average sales price for attached homes gained 10.6% year-over-year. It was up 2.7% from September.
The document summarizes housing market trends in Toronto from January 2011. It includes six charts showing trends over previous years for MLS sales, new listings, sales to new listings ratio, average home price, and affordability. The charts indicate that 2011 trends were consistent with seasonal patterns from previous years for these housing market indicators.
The document summarizes the current state of the Canadian and Toronto real estate markets. It finds that while economic growth has slowed, job growth continues in Toronto. Interest rates have risen but are expected to increase at a slower pace than previously anticipated. Housing sales have declined from record highs but are forecasted to rebound. Condo apartment sales and prices closely follow overall market trends, with increased listings presenting a potential risk to future price appreciation. Affordability remains sound, keeping the average home price justified despite higher interest rates.
Residential Economic Issues & Trends Forum 2013Nar Res
This document summarizes Lawrence Yun's presentation at the 2013 NAR Annual Conference on the housing market and economic outlook. Yun discusses recent trends in existing home sales, median home prices, household income, housing affordability, mortgage rates, refinances, all-cash buyers, housing inventory levels, and forecasts that:
1) Home prices will continue rising 15% cumulatively over the next 3 years, though the rate of growth depends on increases in housing starts.
2) Inflation will rise to 4-6% by 2015, higher than the Fed's 2% target rate.
3) Mortgage rates will rise to 5% in the next year, further impacting affordability.
The document discusses the housing market recovery and policy issues affecting homeowners. It summarizes comments from an economist predicting a multi-year housing recovery driven by job growth and pent-up demand. It also discusses a proposed bill (SB 30) that would provide tax relief for homeowners undergoing short sales, but notes the bill is linked to another potentially increasing taxes. The document advocates for the two bills to receive separate votes based on their individual merits.
Canada's national housing market appears steady with modestly cooling sales and price increases, though conditions vary significantly locally. Vancouver home sales have tumbled 40% since February due to severe unaffordability and new taxes, and prices may face further declines. Meanwhile, the Toronto area continues setting sales records and accelerating price gains due to strong demand and tight supply. Calgary sales are stabilizing at lower levels with modest price declines as ample supply offsets better affordability.
The stock market continued rising last week driven by optimism over a Greek bailout and better economic data. However, higher gas prices and tensions in the Middle East could impact consumer spending. In China, slowing housing prices following measures to boost lending have raised concerns. Surveys found Americans view $150,000 in annual income or $1 million in net worth as amounts needed to feel "rich", which has policy implications.
Energy Industry Report: Energy Perspectives - January 2015Duff & Phelps
This edition of Energy Perspectives provides a recap of industry activity in 2014. Despite fairly consistent falling crude oil prices over the past six months, the industry experienced a record number of oilfield (OFS) M&A transactions for the fourth year in a row, achieving 329 announced transactions in 2014. For more detail on recent OFS trends, public comps and deal activity, read the report.
The updated economic outlook by Deloitte
Access Economics predicts a softer economic
environment, resulting in downward revisions in
our forecasts for 2011 for both occupancy and
room rates. We also present a first look at our
projections for year-end 2012.
The housing market in Canada continues its relatively balanced trajectory with home sales stable and prices rising moderately. Economic growth forecasts were revised upwards and interest rates are expected to rise gradually. Overall the market is expected to remain balanced in the near future with opportunities for both home buyers and sellers.
The literature on external default has stressed the existence of the so-called debt-intolerance puzzle: developing nations tend to default at debt-to-GDP ratios well bellow those of developed countries. The underestimation or plain omission of domestic debt may account for a fraction of that puzzle. We calculate fiscal revenues coming from financial repression using different methodologies for the case of Venezuela, and look at their correspondence with comprehensive measures of capital flight. In particular, we add to the standard measure of capital flight the over-invoicing of imports, rife in periods of exchange controls. We find that financial repression accounts for public revenues similar to those of OECD economies, in spite of the latter having much higher domestic debt-to-GDP ratios. We also find that financial repression and capital flight is significantly higher in years of exchange controls and interest rate caps. We interpret this as significant evidence suggesting a link between domestic disequilibrium and a weakening of the net foreign asset position via capital flight.
The document provides an annual report on the real estate market. It summarizes sales volumes and median home prices for several cities in Southwest California for 2010. Several key points are made:
- Home sales increased over 30% year-over-year in 4 cities and over 25% in the other two cities compared to 2009 levels. Total sales revenue also increased.
- Median home prices remained largely stable compared to 2009 and 2008 levels, suggesting the market may have stabilized after declines in prior years.
- Strong first half sales volumes helped annual numbers despite slowing in the second half of the year. The outlook for 2011 is uncertain depending on broader economic and jobs trends.
On November 10, 2011, the chapter hosted Dr. Dick Stevie, Chief Economist for Duke Energy, and Dr. George Vredeveld, Alpaugh Professor of Economics at the University of Cincinnati and founder and Director of its Economics Center.
The document provides a summary and outlook of the 2014 commercial real estate market from a presentation given by KC Conway, Chief Economist at Colliers International. Some key points from the presentation include:
- GDP growth slowed to under 2% in the first half of 2014 due to inventory build up in late 2013, but was expected to rebound above 2% in the second half.
- Employment numbers needed closer monitoring due to factors like labor participation rates and long-term unemployment.
- Banks were expected to continue slowing commercial real estate loan growth due to stress tests showing a potential 35% decline in property values.
- Interest rates were forecasted to remain volatile within a range of 2-4%.
-
North Lakes appeared as one of the most searched suburbs by overseas home buyers of QLD properties such as coming from New Zealand, US, & the UK, according to realestate.com.au report.
Twelve-month data from July 2017 reveal that overseas property searches in Queensland have New Zealand as the top property hunters. Brisbane City emerged as the most searched suburb with 13,951 searches followed by Broadbeach with 9,898.
REA Group said that overseas home buyers would often check Brisbane properties first then widen their search to nearby suburbs. Such is the case of one overseas buyer who found their dream home in Aspley which he said is a place with great weather and affordable properties.
The top ten most searched suburbs are Brisbane City, Surfers Paradise, Noosa Heads, Broadbeach, Mooloolaba, Burleigh Heads, Southport, North Lakes, Caloundra, and Hope Island. Whilst UK and USA follow New Zealand, where most overseas property searchers originate. The REA Group said that European, American, and Canadian buyers are mostly drawn to Queensland’s beach and lifestyle destinations. Brisbane properties are what they would often check first, primarily because they are seeing better value for their money in Brisbane.
Rounding up the ten countries accounting for the most number of searches of the Queensland properties are Hong Kong, Philippines, Canada, Singapore, China, Japan, and South Africa.
According to the Australian Property Market Report for October from realestate.com.au, Brisbane continues to hold up well, despite tough financial conditions. Buyer demand, and rental demand and pricing are all in the green. Offshore buyer demand has seen a big increase which they attribute to the education sector and relative housing affordability.
The report says that Brisbane is gaining the confidence of the market with its better economic outlook and because of that, premium suburbs are benefiting with the subsequent rise in demand. Inner-north’s Grange and the outer south-east suburb of Chandler appeared as the top two in demand suburbs, according to the report.
Among Brisbane metro regions, East enjoys the most increase in demand year-on-year with 9.1%, followed by Brisbane Inner-city (8.2%) and North (5.0%). South and West saw declines in demand, however, year-on-year with -6.1% and -1.6% respectively.
The price growth is seen to continue over the next 12 months as Queensland economic growth will continue to propel the market.
Silicon Valley Bank 2015 State of the Wine Industry ReportSilicon Valley Bank
This document provides predictions and analysis for the wine industry in 2015. It begins by reviewing predictions made in the 2014 report, noting some that were accurate and some that were not.
The document then provides the following predictions for 2015:
1) The U.S. economy is strengthening, which will increase wine demand. Factors like lower oil prices and improving employment will benefit consumers. GDP growth is expected to reach 3%.
2) Another large harvest is expected in 2014, leading to excess supply in some areas. However, fine wine producers may find extra inventory beneficial by the end of 2015.
3) Fine wine sales are predicted to have breakout growth of 14-18% in 2015,
Devaluations may have an impact on multinational stock prices depending on the size of the particular country and whether they are anticipated or not. In an efficient market, predictable devaluations on small countries should not impact stock prices of large multinational companies. We analyze cummulative abnormal returns (CAR) to five devaluations in Venezuela within the context of stiff exchange controls. Our event study covers a period of five years and uses daily stock prices for up to 122 multinationals with Venezuelan subsidiaries. We find evidence of significant negative impacts on stock prices on various devaluations, reaching up to -1.75% over the event window. We interpret these results as evidence of market myopia, as they are driven by retained earnings on financial statements being converted into dollars at highly overvalued official rates, in spite of subsidiaries not having access to dollars at these prices for years prior to the devaluations.
Capital Markets Industry Insights - Q1 2016Duff & Phelps
Prospective middle-market issuers are being greeted with robust demand from both traditional private credit investors and crossover public market participants. While monetary policy concerns weighed heavily on market participants for much of the first quarter, the Fed’s more dovish posture of recent weeks has triggered an increase in risk appetite across the credit markets.
This document provides a summary of the top 10 real estate markets in the United States for investment based on forecasts for price appreciation and future job growth. It lists McAllen, Texas as the top market, followed by Las Vegas, Nevada and Colorado Springs, Colorado. For each market it provides data on population, housing prices, unemployment rates, job growth forecasts, median sales prices, and 3-year and 5-year home appreciation forecasts. The document is from Norada Real Estate Investments and is analyzing housing market conditions and investment opportunities.
The overall outlook for 2017 Canadian M&A activity remains moderately positive, despite the decrease in the number of Canadian companies sold in 2016. Corporate balance sheets are flush with cash, with corporations actively looking for quality investments. Interest rates remain low, and oil prices are showing signs of improvement. Private Equity firms also have large cash holdings and often see Canadian firms as good "bolt-on" opportunities. Read the report for more detail on trends, public market performance and deal activity.
This document discusses recent housing market trends in Southwest California. It notes that in May, home sales increased 14% from the previous month while median home prices rose 4%. Inventory remains low across most cities in the region, at 2 months or less of supply. The fast pace of home sales compared to new listings coming on the market has led to absorption rates over 100% in many cities, making it difficult to build up inventory. Distressed property sales continue to decline as a percentage of the total market.
Annie Williams Real Estate Report - November 2019Jon Weaver
Sales prices for condos/townhomes set a new high for the second month in a row. The median sales price for condos/townhomes was up 12.8% year-over-year. It was up 3.8% from September. The average sales price for attached homes gained 10.6% year-over-year. It was up 2.7% from September.
The document summarizes housing market trends in Toronto from January 2011. It includes six charts showing trends over previous years for MLS sales, new listings, sales to new listings ratio, average home price, and affordability. The charts indicate that 2011 trends were consistent with seasonal patterns from previous years for these housing market indicators.
The document summarizes the current state of the Canadian and Toronto real estate markets. It finds that while economic growth has slowed, job growth continues in Toronto. Interest rates have risen but are expected to increase at a slower pace than previously anticipated. Housing sales have declined from record highs but are forecasted to rebound. Condo apartment sales and prices closely follow overall market trends, with increased listings presenting a potential risk to future price appreciation. Affordability remains sound, keeping the average home price justified despite higher interest rates.
The document outlines methods for determining the percentage of completion of construction or renovation of residential housing in Ontario and British Columbia for purposes of transitional rebates and tax adjustments related to the implementation of the Harmonized Sales Tax (HST) on July 1, 2010. It provides definitions and an overview of the provincial transitional rebates available when housing construction or renovation was at least 10% complete as of July 1, 2010. It also describes how to determine the percentage of completion, noting it can only be calculated if work began before July 1, 2010, and that for new construction it begins when site excavation starts.
The document lists the names of several famous actresses from Hollywood's Golden Age, including Gene Tierney, Ava Gardner, Rita Hayworth, Hedy Lamarr, Veronica Lake, Jane Fonda, Grace Kelly, Katherine Hepburn, Barbara Stanwick, Joan Bennett, Liz Taylor, Marilyn Monroe, Sara Montiel, Eleanor Parker, Audrey Hepburn, and Louise Brooks.
1. Jason Mercer from TREB presented on housing market trends and affordability. He discussed measures like price-to-income ratios and debt service ratios over time.
2. Mercer also analyzed interest rates, household incomes, and the impact of rates and incomes on housing affordability going forward.
3. The presentation concluded with a discussion of the economic outlook, including slower GDP growth, unemployment, and inflation targets that will influence monetary policy decisions around interest rates.
Sales of existing homes in the Greater Toronto Area were down 13% in November 2010 compared to November 2009. New listings were also down 13% annually. The average selling price increased 5% to $438,030. A household earning the average income can afford the average priced home in the GTA based on mortgage payments. The housing market has tightened since the summer but healthy market conditions continue to support a moderate increase in average home prices over the next year.
This document is a Buyer Representation Agreement between a real estate brokerage and a buyer. It gives the brokerage exclusive authority to represent the buyer in purchasing a property for a set period of time. The agreement outlines the brokerage's responsibilities to assist the buyer, defines the commission structure, and clarifies that the brokerage is not responsible for the condition of any properties. It also allows the brokerage to use the buyer's personal information to help facilitate the transaction.
This document provides financing details for a condo unit located at 3025 Finch Ave. W., #1008 in Toronto that is listed for sale at $229,000. It outlines the annual property taxes and monthly condo fees. It then shows financing options and costs for down payments of 20%, 15%, and 5% of the purchase price. For each option it lists the down payment amount, monthly mortgage payment, CMHC/GE insurance premium if applicable, and estimated total monthly carrying costs including taxes and condo fees. Finally, it provides estimates for the total land transfer tax and legal fees required for closing the sale.
RBC Monthly Housing Report - November 2022.pdfVickyAulakh1
RBC Monthly Housing Report - November 2022. Canada’s housing market may be entering the latter stages of its cyclical downturn. The pace of decline is now slowing—there was even a tiny monthly increase in home resales nationwide in October—marking a notable shift from the deep fall in activity that took place over the spring and summer. Property values are still clearly coming down at this stage but last month’s drop was the smallest since May. While we continue to think an inflection point is some ways off, it does suggest most of the price correction is likely behind us—at least for Canada as a whole. Our view is that rising interest rates and the loss of affordability will keep market activity quiet into early-2023 and prices will bottom around spring. Home resales rose a slight 1.3% m/m in October across Canada to 424,600 units (seasonally adjusted and annualized). This potentially signals market activity is nearing a bottom after sliding 36% over the previous seven months. Among the small majority of local markets recording a monthly increase were Victoria (+19.7%), Vancouver (+6.5%), Edmonton (+3.3%), Saskatoon (+6.3%), Winnipeg (+2.2%), Hamilton (+1.7%), Saint John (+2.7%) and Halifax (+9.2%). Sales in Toronto and Calgary were essentially flat in the month (edging up just 0.2% in both cases), and fell further in Ottawa (-2.9%), Montreal (-2.4%) and Quebec City (-1.6%). The number of existing homes changing hands remained below—and often far below—year ago levels in virtually every market.
Home resales in Canada
Line chart with 226 data points.
Thousand units, seasonally adjusted and annualized
Source: Canadian Real Estate Association, RBC Economics
View as data table, Home resales in Canada
The chart has 1 X axis displaying Time. Data ranges from 2004-01-01 00:00:00 to 2022-10-01 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 198.4 to 768.1.
This document provides an economic and housing market forecast for 2016. It summarizes key economic indicators such as GDP growth, unemployment rates, and consumer confidence. Housing market indicators like home sales, prices, and inventory are also analyzed at national, state, and regional levels. The forecast expects moderate economic and job growth in the US and California in 2016, with housing demand remaining strong but supply continuing to lag behind household formation and need, constraining affordability.
This monthly real estate report provides an overview of economic indicators and housing market trends in Canada. While Canada has officially emerged from recession, recovery will be gradual and unemployment remains a concern. The housing market is rebounding with home sales and prices rising significantly year-over-year, but new listings are still below last year's levels. Mortgage rates remain low, benefiting homeowners.
The document summarizes recent positive economic trends and events in Canada including rising home sales, home prices, and consumer confidence. Mortgage rates remain low while help wanted ads and salaries are expected to rise in 2010. Exports increased in November moving Canada to a trade surplus. The Bank of Canada expects growth forecasts to occur as predicted and will hold interest rates steady.
The document provides an overview of the positive economic signs in Canada over the past year, including increased consumer spending and confidence, an expected boost from the upcoming Olympics, and signs of a strengthening housing market such as record home sales and rising prices. It also summarizes recent mortgage rates, exports, job postings data and expectations for a thaw in salary freezes in 2010, indicating further economic recovery. Local real estate conditions may vary so buyers and sellers are advised to consult their Keller Williams agent for specific market insights.
Canadian retail sales rose 0.5% in August 2010, led by a 2.1% increase in gasoline station sales. Six of eleven retail sub-sectors saw gains while used car dealers and furniture stores declined 0.5% and 0.4% respectively. Alberta had the largest provincial increase of 1.5% while Ontario rose 0.3% following two months of flat sales. Retail sales have trended up in Canada and Ontario since 2009 but remain subject to monthly volatility, with the housing sector slowdown dampening some retail categories.
Presentation by Christine M. Todd, CEO of NVAR, at the 5th Annual Appraisal Summit on June 16, 2010. This event took place at the NVAR Herndon Service Center
Laneway housing has revolutionized cities like Vancouver and it’s here, now in Toronto. If you’re not familiar with laneway housing, the concept allows the use of the many laneways, which are typically used to access garages and other spaces, and allows for housing development along the laneway. Laneway housing is important to Toronto as it allows for both gentle densification and meets the requirements of the Official Plan.
Savvy developers and seasoned investors are already starting to take advantage of laneway opportunities. Learn how to invest strategically and plan for this massive change to the Toronto housing landscape!
We have an expert in the industry, Daniel Hall, coming to teach us all the critical elements of laneway housing. During this meetup we’ll answer questions like:
- How do I avoid development fees - I heard the can cost upwards of $30k?
- How can I avoid going to the Committee of Adjustments, adding months to my planning process?
- What’s the fastest way to build a laneway house? Are there spec builds out there?
- How can I identify a potential laneway property? What are the zoning rules?
- I heard that you need to be near a fire hydrant, is that true?
- What’s the best way to get services like water, sewage, and electricity to my laneway house?
- What are the parking requirements for a laneway suite?
You don't want to miss this opportunity to learn about laneway housing in Toronto!
BC Real Estate Association: GVHBA Trends 2010 presentationGVHBA
This is a copy of Cameron Muir, chief economist, BC Real Estate Association, presentation at GVHBA's Trends 2010 seminar on December 8, 2009. Please note all information shared in this presentation is the property of BCREA and usage of the information requires crediting BCREA as the information source.
This Month In Real Estate February Canada 20090203WalterWeinreich
The document summarizes the Canadian real estate market in February 2009. It notes that while home prices declined 11% nationally, prices increased in 7 of 12 provinces. Mortgage rates fell significantly from 2008 levels to around 5.79% in January 2009. Housing affordability also improved across Canada. The economy entered a recession but unemployment remained below historical averages. The government unveiled a $40 billion stimulus package focused on infrastructure, tax relief and restoring credit market liquidity.
Weichert, Princeton January Market Recap & ForecastWeichert Realtors
Want your Phd in Princeton area real estate? Have a look at some of the most detailed data on the Mercer, Middlesex and Somerset County real estate markets. Whether you are buying or selling this will give you insight into both.
The document summarizes recent events in the Canadian real estate market. It discusses how home sales and prices increased over the last year due to low interest rates and an improving economy. It also mentions that a legal challenge was filed against the Canadian Real Estate Association regarding access to the MLS system. The document provides cleaning tips for going green and maintaining a clean home.
The document summarizes key real estate market trends in Canada from December 2009. Home sales increased 72% year-over-year in December, while the average home price rose 19% to $337,410 nationally. Inventory levels also increased from the previous year, but remained low overall indicating a strong seller's market. Mortgage rates remained low at 5.49% for a 5-year fixed rate, supporting buyer demand. The document also discusses recent economic events and provides tips for home buyers in competitive bidding situations.
The Robb Fleischer’s Real Estate Report – Local Market Trends San Francisco includes monthly updates regarding mortgage rates, market statistics, sales momentum, pricing momentum, trends at a glance, foreclosure statistics and more.
This document provides a quarterly review of capital markets and the economy for the period ending December 31, 2009. It includes summaries of key economic indicators such as GDP, employment, consumer confidence, and inflation. It also reviews the performance of major asset classes and indexes. Expert commentary is provided on the economic outlook and investment strategy.
In our annual Toronto event, held at the Four Seasons Toronto, we presented Strategic Decisions for an Uncertain Future:
John Nicola, Chairman & CEO addresses several issues facing high net worth families:
• How will the Liberals’ tax changes affect financial planning for Canadians?
• How will inflated prices impact future returns?
• Are there best practices for navigating the current environment?
Rob Edel, Chief Investment Officer provides an investment roadmap for 2018:
• After a record-breaking period for the S&P 500, what signs might indicate an economic downturn?
• What current events could most affect the economy and investment strategy?
• What should one make of bitcoin, marijuana stocks, electric vehicles, and other hot topics for the upcoming year?
This townhouse located at 3025 Finch Ave W in Toronto features two bedrooms plus a den, enclosed patio, and convenient local amenities. The 885 square foot unit has two bathrooms, laminate flooring, an open concept living and dining area, and all appliances included. Listed at $229,000, it is in move-in condition and offers underground parking.
This document provides a list of proposed communities in Toronto with 3-digit numerical codes and names. It includes an alphabetical listing of the communities and explanations of the community reference codes. The communities range from West Humber-Clairville (0010) to South Parkdale (0480).
- Sales of single family homes in the Greater Toronto Area were down 14% in February 2011 compared to February 2010, though the average selling price increased over 5%.
- The median home price in February 2011 was $379,000, up 3.5% from February 2010.
- Market conditions remain tight with competition between buyers continuing to drive price growth, though sales activity is lower than the record set in February 2010.
This document is a real estate listing for 82 Massey Street with a listing price of $689,000. The property is located at the corner of Queen West and Strachan. The listing agent is Harish Maraj of Bosley Real Estate Ltd.
This document provides information about a property located at 295 Davenport Rd., #201 in Toronto, Ontario with an asking price of $1,099,000. It includes details about annual property taxes, monthly condo fees, and financing options with 20%, 15%, or 5% down payments. For each down payment option, it lists the down payment amount, monthly payments for the first mortgage, CMHC/GE insurance premium where applicable, and estimated total monthly carrying costs including property tax and condo fees. It also provides estimates for the total land transfer tax and legal fees required for closing the sale. The document is presented by Harish Maraj, a sales representative with Bosley Real Estate Ltd., and provides contact information for Joe
38 Niagara Street Suite 508 Feature SheetHarish Maraj
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Existing home sales in the Greater Toronto area totaled 86,170 in 2010, down 1% from 2009, with the average price rising 9% to $431,463. While the market started very strong, conditions softened in the summer due to new lending rules and the HST, before strengthening again as affordability concerns eased. The median price in December 2010 was $355,000, up from $349,000 in December 2009, and annual price growth is expected to remain around 5% in 2011.
To install the REALTOR.ca iPhone app, users first open the App Store on their iPhone or iTunes on their desktop. They then search for "REALTOR.ca" and select the REALTOR.ca app, tapping the "Free" icon to begin downloading the app.
Rental transactions and average rents for apartments and townhomes increased across most of the Greater Toronto Area from May to August 2010 compared to the same period in 2009, though rent growth was more subdued in central Toronto where an increase in rental listings occurred. The number of one-bedroom and two-bedroom apartment rentals as well as average rents rose in the west, east, and north regions but were up only slightly or declined in central Toronto due to more properties available to rent. Rental activity and rents for townhomes also increased across the GTA except for a small decline in average rents for three-bedroom townhouses in the
The Greater Toronto REALTORS® are using social media and newspaper columns to educate homebuyers about the Harmonized Sales Tax (HST) and clarify misconceptions. They aim to convey that the purchase price of a resale home is exempt from the HST, as resale housing was never subject to the previous Provincial Sales Tax or Goods and Services Tax. Newly constructed homes are subject to the HST, but the provincial government provides a partial rebate on the tax. The Toronto Real Estate Board plans to continue informing buyers about the tax exemption for resale homes.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
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AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
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One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
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AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing Turkey
'Market According to Mercer'
1. The Market According to Mercer
Presented By: Jason Mercer, TREB Senior Manager of Market Analysis
October/November 2010
2. 1. Group Discussion
2. Assessing Measures of Affordability
3. Forecasting Affordability, Price and Sales in the Resale
Market
• Household Income
• Interest Rates
4. New Home Market
• New Home Sales
• Housing Starts
5. Rental Market
Presentation Outline
3. October/November 2010
Is the current real price level cause for concern?
$0
$100,000
$200,000
$300,000
$400,000
$500,000
Source: Toronto Real Estate Board
AverageGTA Selling Price
Real Average Price
Average Price
The issue is not the level of
real price now, but rather how
high it was two decades ago.
4. October/November 2010
Does comparing price to income tell us anything?
0
100,000
200,000
300,000
400,000
500,000 1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010YTD
Sources: Toronto Real Estate Board; Statistics Canada
Average Income and MLS Selling Price
Average Household Income (Toronto CMA)
5. October/November 2010
Does comparing price to income tell us anything?
0
100,000
200,000
300,000
400,000
500,000 1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010YTD
Sources: Toronto Real Estate Board; Statistics Canada
Average Income and MLS Selling Price
Average Toronto MLS Selling Price
Average Household Income (Toronto CMA)
6. October/November 2010
Does comparing price to income tell us anything?
2.50
3.00
3.50
4.00
4.50
5.00
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010YTD
Sources: Toronto Real Estate Board; Statistics Canada
Average MLS® Price to Average Household Income Ratio
7. October/November 2010
Most home buyers use a mortgage and pay over the long term
0%
10%
20%
30%
40%
50%
Less than 5% 5% to 19% 20% or More None/Don't Know
FrequencyofResponses
Down Payment Size
Down Payment Size for GTA HouseholdsIntending on
Purchasing a Home in 2010
9. October/November 2010
Interest payments are less of a burden today
3
4
5
6
7
1990.1
1991.1
1992.1
1993.1
1994.1
1995.1
1996.1
1997.1
1998.1
1999.1
2000.1
2001.1
2002.1
2003.1
2004.1
2005.1
2006.1
2007.1
2008.1
2009.1
2010.1
Source: Statistics Canada
Canadian Debt Service Ratio
(% of Disposable Income Dedicated to Mortgage Interest)
10. October/November 2010
The share of income dedicated to mortgage payments has been flat
25%
30%
35%
40%
45%
50%
55%
Source: Toronto Real Estate Board Data and Calculation; Statistics Canada
TREB Affordability Indicator
Share of Average Household Income Used for Mortgage Principal and Interest,
Property Taxes and Utilities on the Averaged Priced GTA Resale Home
Assumptions: 20 per cent down payment on the average priced home,
average five-year fixed mortgage rate, 25 year amortization period and the
average household income in the GTA
Lenders have a rule of thumb that
says no more than 32 per cent of a
household’s gross income should be
dedicated to mortgage principal and
interest, property taxes and utilities.
11. October/November 2010
The share of income dedicated to mortgage payments has been flat
Assumptions: 20 per cent down payment on the average priced home,
average five-year fixed mortgage rate, 25 year amortization period and the
average household income in the GTA
Let’s imagine that the average selling price always had to correct
to make sure that the mortgage payment, property tax and
utility costs never accounted for more than 32 per cent of the
average household income in the GTA.
Essentially, this would provide us with a JUSTIFIED PRICE – i.e.
justified by the accepted lending rule of thumb (max 32% GDS).
12. October/November 2010
Justified Average MLS® Selling Price Assuming 32 Per Cent GDS
50,000
150,000
250,000
350,000
450,000
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010YTD
Source: Toronto Real Estate Board
Averagevs. Justified Selling Price in GTA
Justified Average Selling Price based
on 32 per cent GDS
Actual Average Price
Shaded areas represent periods when, based on the
32% GDS rule of thumb, a mortgage on the average
priced home was not affordable
13. 1. Group Discussion
2. Assessing Measures of Affordability
3. Forecasting Affordability, Price and Sales in the Resale
Market
• Household Income
• Interest Rates
4. New Home Market
• New Home Sales
• Housing Starts
5. Rental Market
Presentation Outline
14. October/November 2010
The Canadian economy continues to grow, albeit more slowly
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
Source: Statistics Canada
Canadian Real GDP, Quarterly
Annualized Quarter-Over-QuarterPerCent Change
15. October/November 2010
Some sectors have driven recovery in Canada more than others
Source: Bank of Canada, Remarks by Tiff Macklem, Senior Deputy Governor of the Bank of Canada:
"Reflections on Monetary Policy After the Great Recession“ Click here for pdf
16. October/November 2010
Housing sector not driving growth any longer
90
100
110
120
130
140
150
160
Source: Statistics Canada
Indexof Leading Indicators: Housing Component
17. October/November 2010
There are a lot of positive economic spin-offs from housing transactions
http://www.crea.ca/public/news_stats/pdfs/clayton2009.pdf
18. October/November 2010
Business and Exports Need to Account for Greater Share of Growth
Source: Bank of Canada, Remarks by Tiff Macklem, Senior Deputy Governor of the Bank of Canada:
"Reflections on Monetary Policy After the Great Recession“ Click here for pdf
20. October/November 2010
Canadian businesses planning to invest in machinery and equipment
Source: Bank of Canada Business Outlook Survey, Autumn 2010. Click here for pdf
21. October/November 2010
Canadian businesses expect the lending climate to remain positive
Source: Bank of Canada Business Outlook Survey, Autumn 2010. Click here for pdf
22. October/November 2010
High value of the Canadian dollar a risk for export sector
$0.60
$0.70
$0.80
$0.90
$1.00
$1.10
Source: Bank of Canada
Canadian Dollar/USDollarExchangeRate
23. October/November 2010
Value of Canadian dollar driven by Can-US interest rate differential
0
1
2
3
4
5
6
Source: Bank of Canada
BoC Overnight Ratevs. US Federal Funds Rate (%)
Bank of Canada Target
for theOvernight
Lending Rate
US Federal Funds Rate
Canadian policy rate about
75 bps higher
24. October/November 2010
Commodity prices also driving the value of the Canadian dollar
0
200
400
600
800
1,000
Source: Statistics Canada
Energy Price Index $USD (1972=100)
Energy prices have
recovered
25. October/November 2010
Low US consumer confidence are a risk to Canadian exports
Source: Bank of Canada, Monetary Policy Report, October 2010
http://www.bankofcanada.ca/en/mpr/pdf/2010/mproct10.pdf
26. October/November 2010
Low US consumer confidence are a risk to Canadian exports
0%
2%
4%
6%
8%
10%
12%
1991Q1
1992Q1
1993Q1
1994Q1
1995Q1
1996Q1
1997Q1
1998Q1
1999Q1
2000Q1
2001Q1
2002Q1
2003Q1
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
Source: US Federal Reserve Board; Canadian Bankers Association
Residential MortgageDelinquency Rates
Canada and United States
United States
Canada
27. October/November 2010
Low US consumer confidence are a risk to Canadian exports
100
125
150
175
200
225
Source: Standard&Poors
S&P/Case-Schiller US HousePrice Index
(20 City Composite) Not too much in the way of
recovery in US home prices.
28. October/November 2010
Slower GDP Growth Moving Forward
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
Source: Statistics Canada; Bank of Canada Forecast (October 20, 2010)
Canadian Real GDP, Quarterly
Annualized Quarter-Over-QuarterPerCent Change
29. October/November 2010
The unemployment rate will not decline to “normal” for 2+ years
0%
2%
4%
6%
8%
10%
12%
14%
Jan-88
Jan-89
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11(F)
Jan-12(F)
Source: Statistics Canada (Historic); TREB (Forecast)
GTA Unemployment Rate
Average since January 1988
30. October/November 2010
Income Growth Rate Will Be Below Average Through 2012
-1%
5%
4%
2%
1%
1%
3%
4%
3%
2%
4%
1%
1%
1.5%
2%
-2%
-1%
0%
1%
2%
3%
4%
5%
Source: Statistics Canada (Historic); TREB (Forecast)
Annual Growth Rate for Average Weekly Earnings
31. October/November 2010
Income Growth Rate Will Be Below Average Through 2012
$99,149
$100,636
$102,649
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
Source: Statistics Canada; TREB Forecast
GTA Household Income
32. 1. Group Discussion
2. Assessing Measures of Affordability
3. Forecasting Affordability, Price and Sales in the Resale
Market
• Household Income
• Interest Rates
4. New Home Market
• New Home Sales
• Housing Starts
5. Rental Market
Presentation Outline
33. October/November 2010
Key Interest Rates
0%
2%
4%
6%
8%
Source: Bank of Canada
Key Interest/MortgageRates Average 5-Year Fixed Mortgage Rate
Prime Rate
Target for Overnight Lending Rate
34. October/November 2010
The Bank of Canada explicitly targets inflation (began in early 1990s)
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Source: Bank of Canada
ConsumerPrice Index (Yr./Yr. % Change)
CPI:AllItems CPI:BoC Core
BoC Inflation
Target Bands
35. October/November 2010
BoC Has Been Successful in Targeting Inflation
-2%
-1%
0%
1%
2%
3%
4%
Source: Statistics Canada
Canadian ConsumerPrice Index (CPI)
Year-Over-Year Per Cent Change
CPI Annual Per Cent Change
Core CPI (Bank ofCanada) Annual Per Cent Change
BoC Inflation
Target Bands
36. October/November 2010
Interest rates will increase more slowly than originally expected
2
3
4
5
6
7
8
9
Source: Bank of Canada; TREB Forecast
Canadian Primeand 5-Year Fixed MortgageRate(%)
Five Year Fixed
Mortgage Rate
Prime Rate
38. October/November 2010
Average selling price will have room to grow, but at a much slower pace
$0
$100,000
$200,000
$300,000
$400,000
$500,000
Source: Toronto Real Estate Board
AverageGTASelling Price
3% average growth rate
in 2011 and 2012 vs.
over 8% in 2010
39. October/November 2010
25%
30%
35%
40%
45%
50%
55%
Source: Toronto Real Estate Board Data and Calculation; Statistics Canada
TREB Affordability Indicator
Share of Average Household Income Used for Mortgage Principal and Interest,
PropertyTaxes and Utilities on the Averaged Priced GTA Resale Home
Affordability Indicator Edging Up to 32% GDS in 2011/2012
40. October/November 2010
MLS® sales should track population growth in 2011 and 2012
20,000
40,000
60,000
80,000
100,000
120,000 1987Q1
1988Q1
1989Q1
1990Q1
1991Q1
1992Q1
1993Q1
1994Q1
1995Q1
1996Q1
1997Q1
1998Q1
1999Q1
2000Q1
2001Q1
2002Q1
2003Q1
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1
2012Q1
Source: Toronto Real Estate Board
GTA Sales Trend (Annualized Rate)
Sales trend based
on population
41. October/November 2010
New listings will grow, but at a moderate pace
80,000
100,000
120,000
140,000
160,000
180,000 1987Q1
1988Q1
1989Q1
1990Q1
1991Q1
1992Q1
1993Q1
1994Q1
1995Q1
1996Q1
1997Q1
1998Q1
1999Q1
2000Q1
2001Q1
2002Q1
2003Q1
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1
2012Q1
Source: Toronto Real Estate Board
GTA New Listings Trend (Annualized Rate)
42. October/November 2010
Market will remain balanced, but tight enough to promote price growth
-10%
-5%
0%
5%
10%
15%
20%
20%
30%
40%
50%
60%
70%
80%
AverageAnnualPriceGrowth
Sales-to-NewListingsRatio
Source: Toronto Real Estate Board
GTA Sales-to-New Listings Ratio vs. Price Growth
Sales-to-New Listings Ratio Left Scale)
43. October/November 2010
Market will remain balanced, but tight enough to promote price growth
-10%
-5%
0%
5%
10%
15%
20%
20%
30%
40%
50%
60%
70%
80%
AverageAnnualPriceGrowth
Sales-to-NewListingsRatio
Source: Toronto Real Estate Board
GTA Sales-to-New Listings Ratio vs. Price Growth
Sales-to-New Listings Ratio Left Scale)
Annual Price Growth (Right Scale)
44. 1. Group Discussion
2. Assessing Measures of Affordability
3. Forecasting Affordability, Price and Sales in the Resale
Market
• Household Income
• Interest Rates
4. New Home Market
• New Home Sales
• Housing Starts
5. Rental Market
Presentation Outline
50. October/November 2010
Many low-rise builders are cooperating with TREB members…
27%
21%
51%
Share of Low-Rise Builders Cooperating
with TREB Members
Yes
Call First
No
Source: RealNet Canada Inc.
51. October/November 2010
…high-rise builders are co-operating as well
71%
25%
4%
Share of High-Rise Builders Cooperating
with TREB Members
Yes
Call First
No
Source: RealNet Canada Inc.
53. 1. Group Discussion
2. Assessing Measures of Affordability
3. Forecasting Affordability, Price and Sales in the Resale
Market
• Household Income
• Interest Rates
4. New Home Market
• New Home Sales
• Housing Starts
5. Rental Market
Presentation Outline
55. October/November 2010
The number of condo apartments under construction near historic highs
0
10,000
20,000
30,000
40,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
YTD
Source: CMHC
Number of CondominiumApartments Under
Construction in the Toronto CMA
56. October/November 2010
What happens when these condo apartments are completed?
0
5,000
10,000
15,000
20,000
25,000
30,000
Source: Toronto Real Estate Board; CMHC
Condominium Apartment Completions and
MLS® Active Listings (Annualized Trend)
Completions Active Listings
Regardless of the number of condo apartments under construction, 15,000
completions per year appears to be the upper threshold.
57. October/November 2010
What happens when these condo apartments are completed?
-10%
-5%
0%
5%
10%
15%
20%
25%
0%
10%
20%
30%
40%
50%
60%
70%
AnnualMedianPriceGrowth
Sales-to-ActiveListingsratio
Source: Toronto Real Estate Board
Condominium Apartment Sales-to-Active Listings Ratio and
Median Price Growth (All Areas)
Annual Median Price Change (Right Scale)
Sales-to-Active Listings Ratio (Left Scale)
58. 1. Group Discussion
2. Assessing Measures of Affordability
3. Forecasting Affordability, Price and Sales in the Resale
Market
• Household Income
• Interest Rates
4. New Home Market
• New Home Sales
• Housing Starts
5. Rental Market
Presentation Outline
60. October/November 2010
Rental Condo Vacancies Much Lower Compared to Purpose-Built Rental
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Halton Peel Toronto York Durham
Source: CMHC
Rental Vacancy Rates:
Purpose-Built vs. CondominiumApartments
61. October/November 2010
Rental Transactions Up More than Listings – The Market is Tighter
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
ActiveListings Rental Transactions
Source: TREB
TREB Rental Listings and Transactions
May-Aug.2009 vs. 2010
2009 2010
+13%
+21%
62. October/November 2010
Average One and Two Bedroom Rents Up More Than Inflation
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Bachelor 1-Bdrm 2-Bdrm 3-Bdrm+
Source: TREB
Annual AverageRent Increases
May-Aug 2009 vs. 2010
63. October/November 2010
Summary Points
• The pace of economic recovery has slowed (not stalled). The
Bank of Canada has more flexibility with the direction of interest
rates. The market consensus is for fewer rate hikes than
originally expected through the end of 2012.
• The average price level, on its own, does not tell much about
where price will go. Historically the best determinant of price
growth or decline has been affordability. Right now affordability
remains in check, thus the current average selling price is
justified. Price growth will be slower in 2011 and 2012.
• MLS® sales will move closer to the long-term trend over the next
two years and will more often than not hover in the 80,000 to
90,000 range on a seasonally adjusted and annualized basis.