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Posted by on Nov 13, 2015 in Uncategorized | 0 comments

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Policy Advisor

Posted by on Nov 11, 2015 in Uncategorized | 0 comments

Policy Advisor The Policy Advisor would provide analytical and technical expertise and research on various files and to supplement the work of the government relations department.  The Policy Advisor would conduct research and work with multiple partners on new files to benefit the real estate industry and to better service the growing list of current issues. The Policy Advisor is responsible to conduct effective lobbying by deepening relationships with government through partnership and...

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Canadian home sales ease in September

Posted by on Oct 14, 2015 in Uncategorized | 0 comments

Thu, 10/15/2015 – 09:00 Ottawa, ON, October 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity eased in September 2015 from the month before. Ottawa, ON, October 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity eased in September 2015 from the month before. Highlights: National home sales declined by 2.1% from August to September. Actual (not seasonally adjusted) activity edged up 0.7% compared to September 2014. The number of newly listed homes retreated 2.1% from August to September. The Canadian housing market remains balanced overall. The MLS® Home Price Index (HPI) rose 6.9% year-over-year in September. The national average sale price rose 6.1% on a year-over-year basis in September; excluding Greater Vancouver and Greater Toronto, it increased by 2.9%. The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations fell by 2.1 per cent in September 2015 compared to August. Sales were down in more than half of all local markets in September, led by declines in Greater Vancouver, Calgary and the Greater Toronto Area (GTA). “Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario,” said CREA President Pauline Aunger. “That said, sales strength varies considerably among markets and price segments across Canada. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.” “Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” said Gregory Klump, CREA’s Chief Economist. “The GTA and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly.” Actual (not seasonally adjusted) activity in September 2015 eclipsed activity one year ago by 0.7 per cent. Sales in September 2015 reached the second-highest on record for the month, standing just 0.3 per cent (130 transactions) below the record set in September 2009. Actual (not seasonally adjusted) sales were up from year-ago levels in a little over half of all local markets, led by the Lower Mainland region of British Columbia. Calgary posted the largest year-over-year decline in activity compared to the record set last year. In line with sales activity, the number of newly listed homes also declined by 2.1 per cent in September compared to August led by the Lower Mainland, Victoria, the GTA, Hamilton-Burlington and Montreal. The national sales-to-new listings ratio was 56.8 per cent in September. With sales and new listings having posted monthly declines of equal magnitude in September, the sales-to-new listings ratio held steady compared to August. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in half of local housing markets in September. Of the remainder,...

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Canadian home sales little changed in August

Posted by on Sep 14, 2015 in Uncategorized | 0 comments

Tue, 09/15/2015 – 09:00 Ottawa, ON, September 15, 2015 – According to statistics1 released today by The Canadian Real Estate Association (CREA), national home sales activity posted a small month-over-month increase in August 2015. Ottawa, ON, September 15, 2015 –According to statistics1 released today by The Canadian Real Estate Association (CREA), national home sales activity posted a small month-over-month increase in August 2015. Highlights: National home sales edged up by 0.3% from July to August. Actual (not seasonally adjusted) activity stood 4.0% above August 2014 levels. The number of newly listed homes rose 0.5% from July to August. The Canadian housing market remains balanced overall. The MLS® Home Price Index (HPI) rose 6.43% year-over-year in August. The national average sale price rose 8.7% on a year-over-year basis in August; excluding Greater Vancouver and Greater Toronto, it increased by 4.2%. The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged up 0.3 per cent in August 2015 compared to July and remains near levels that have changed little since reaching a five-year high in May. (Chart A) Sales were little changed on a month-over-month basis among all local markets in August, with an even split between markets posting increases and those with declines. “August marked the fourth month in a row for strong and stable national sales activity,” said CREA President Pauline Aunger. “While home prices increased in British Columbia and in the Greater Toronto Area, they have been holding fairly steady in many other parts of the country for some time now. All real estate is local and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.” “Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction,” said Gregory Klump, CREA’s Chief Economist. “August also provided early evidence that modest price growth is re-emerging in some markets in Quebec and New Brunswick. The continuation of low interest rates is supporting home sales and price trends, and is likely to keep doing so for some time.” Actual (not seasonally adjusted) activity in August 2015 was up four per cent from the same month last year. It was the third highest August sales figure on record after 2005 and 2007, and stood 6.6 per cent above the 10-year average for August. Actual (not seasonally adjusted) sales were up from year-ago levels in a little over 60 per cent of all local markets, led by the Lower Mainland region of British Columbia and the Greater Toronto Area (GTA). Sales in Calgary continued to post the largest year-over-year declines after having run near record levels there last year. The number of newly listed homes edged up by 0.5 per cent in August compared to July, led by gains in Edmonton and the GTA. The national sales-to-new listings ratio was 56.7 per cent in August, down slightly from 56.9 per cent in July. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in a little under half of local housing markets in August. More than one-third of...

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CREA Updates Resale Housing Forecast

Posted by on Sep 14, 2015 in Uncategorized | 0 comments

Tue, 09/15/2015 – 08:58 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 Canadian real estate Boards and Associations for 2015 and 2016. 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 Canadian real estate Boards and Associations for 2015 and 2016. Since CREA’s forecast published in June, the outlook for oil and other natural resource commodities has deteriorated. As a result, the economic and employment backdrop has dimmed for provinces whose prospects rely on their production. But, the continuation of low interest rates and supportive demographics has resulted in stronger than expected home sales activity in British Columbia and Ontario. These two provinces account for approximately 60 per cent of Canadian housing activity, so stronger than expected trends in these provinces have contributed to an upward revision to CREA’s forecast for national sales activity and average prices. The national average price has run higher than expected since CREA’s last forecast, in part reflecting a jump in the proportion of higher priced home sales this spring and early summer in B.C.’s Lower Mainland, in and around the Greater Toronto Area (GTA) and Calgary. This trend now appears to be receding, causing the national average price to follow suit. However, recent trends in the MLS® Home Price Index (MLS® HPI) – which is not affected by changes in the mix of sales activity the way that average price is –  suggest that prices are still accelerating across much of B.C., in and around the GTA and Montreal. B.C. continues to see some of the strongest economic growth in the country, coupled with strong demographics. Home sales there have been drawing down inventories and boosting prices across the province. In Alberta, home sales have gone from setting records in 2014 to running at or below their 10-year average, as uncertainty surrounding the outlook for oil prices and employment continues to sideline potential homebuyers. In Ontario, the ongoing shortage of single family homes for sale in and around the GTA continues to drive very strong price gains. Record levels of activity in the province would likely be higher were it not for a shortage of low-rise homes coming onto the market. In Saskatchewan, Manitoba, Quebec, and most of Eastern Canada, supply remains elevated. Home prices outside of B.C. and Ontario are forecast to keep pace with or lag inflation, as elevated supplies are drawn down by sales and return to better balance. The forecast for national sales in 2015 has been revised slightly higher, reflecting stronger than anticipated activity in B.C. and Ontario. National sales are now projected to rise by 3.3 per cent to 495,800 units in 2015, marking the second strongest year on record for home sales in Canada. Across the country, British Columbia is projected to post the largest annual increase in activity in 2015 (+18.1 per cent). Alberta, Saskatchewan, and Nova Scotia are expected to post the largest annual sales declines (-21.6 per cent, -12.0 per cent, and -12.1 per cent respectively). Activity in Manitoba is forecast to rise by 2.2 per cent this year. Home sales in Ontario are...

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Bank of Canada keeps rates on hold

Posted by on Sep 10, 2015 in Uncategorized | 0 comments

Thu, 09/10/2015 – 12:47 The Bank of Canada announced on September 9th, 2015 that it was keeping its trend-setting target overnight lending rate at 0.5 per cent. The Bank of Canada announced on September 9th, 2015 that it was keeping its trend-setting target overnight lending rate at 0.5 per cent. Little has changed since the Bank’s previous announcement and revised economic forecast published in July. Its September announcement serves as a placeholder as the Bank awaits more economic data prior to the release in October of its Monetary Policy Report which will be published two days after the federal election. Previously, the Bank said it expected most of economic damage from the oil price shock would be “front loaded”, with the hit to economic growth being sharp but contained mostly in the first half of the year. However, in its September announcement, the Bank said that the adjustments stemming for the oil shock “are complex and are expected to take considerable time”. This suggests that the Bank may soon revise its economic forecast in October to reflect how ongoing weakness in the oil patch may continue to offset strength in other sectors of the economy and lead to weaker than currently projected economic growth over the second half of the year. At this point, the Bank is unlikely to be concerned with the need to fight inflation by raising interest rates. Headline inflation continues to trend near the bottom of the Bank’s target range between 1 and 3 per cent, mostly because of oil prices. Core inflation is hovering near two per cent. Underlying inflation is likely somewhere slightly below two per cent. The Bank’s September announcement was shorter than usual and acknowledged increased uncertainty while highlighting both upside and downside risks to growth. The Bank now has until October to gauge how it thinks the economy will evolve over the rest of this year. In the meantime, interest rates will remain very supportive for household spending and the housing market. As of September 9th, 2015, the advertised five-year lending rate stood at 4.64 per cent, unchanged from the previous Bank rate announcement on July 15th, and down 0.15 percentage points from one year ago. The next interest rate announcement will be on October 21st, 2015, and will be accompanied by an update to the Monetary Policy report. (CREA...

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Liberal Party of Canada promises to ‘modernize’ the Home Buyer’s Plan

Posted by on Sep 9, 2015 in Uncategorized | 0 comments

Wed, 09/09/2015 – 15:42 The Canadian Real Estate Association (CREA) welcomes Leader of the Liberal Party of Canada Justin Trudeau’s campaign promise to modernize the Home Buyer’s Plan (HBP), if elected, by enabling Canadians impacted by significant life changes to access the program and use money from their Registered Retirement Savings Plan (RRSPs) to buy a house without tax penalty. The Canadian Real Estate Association (CREA) welcomes Leader of the Liberal Party of Canada Justin Trudeau’s campaign promise to modernize the Home Buyer’s Plan (HBP), if elected, by enabling Canadians impacted by significant life changes to access the program and use money from their Registered Retirement Savings Plan (RRSPs) to buy a house without tax penalty. The HBP is a REALTOR®-driven initiative, introduced by the government as a short-term stimulus measure in 1992 and made a permanent program in 1994. Since its inception, over 2.8 million Canadian have used the HBP to help make home ownership more affordable. The program allows Canadians to borrow, on a repayable basis, from their own Registered Retirement Savings Plans (RRSPs) to purchase a home. Expanding the HBP to help Canadians maintain homeownership after a significant life change, such as job relocation, the death of a spouse, marital breakdown, or a decision to accommodate an elderly family member, has been a REALTOR® Action Issue since 2011. Home purchases involving the HBP generate spin-off spending and create jobs. In 2015, home purchases involving the use of the HBP are projected to result in over $2.8 billion in spin-off spending and more than 19,900 jobs. For more information on the Liberal Party of Canada’s announcement, please review the Affordable Housing for Canadians backgrounder on the party’s website. For more information on CREA’s proposal on this topic, please review our Support Canadian Workers Through Job Relocation infographic on REALTOR...

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Canadian home sales edge lower but remain strong in July

Posted by on Aug 13, 2015 in Uncategorized | 0 comments

Fri, 08/14/2015 – 09:00 Ottawa, ON, August 14, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged slightly lower on a month-over-month basis in July 2015. Highlights: •       National home sales edged back by 0.4% from June to July. •       Actual (not seasonally adjusted) activity stood 3.4% above July 2014 levels. •       The number of newly listed homes edged up 0.2 per cent from June to July. •       The Canadian housing market remains balanced overall. •       The MLS® Home Price Index (HPI) rose 5.9% year-over-year in July. •       The national average sale price rose 8.9% on a year-over-year basis in July; excluding Greater Vancouver and Greater Toronto, it increased by 4.1%. The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.4 per cent in July 2015 compared to June. While this marks the second consecutive monthly decline in activity, sales activity in May, June and July reached their highest monthly levels in more than five years.  July sales were down from the previous month in about half of all local markets, led by declines in Hamilton-Burlington and in the Durham Region of the greater Toronto Area (GTA). The monthly decline in sales for these two markets represents a pullback from record levels in June and likely reflects an insufficient supply of listings. By contrast, sales in Newfoundland and Labrador were up most on a month-over-month basis, marking a rebound from a quiet month of June for the province. “National sales activity remains solid, fuelled by strength in British Columbia and the Greater Toronto Area, where listings are in short supply or trending that way,” said CREA President Pauline Aunger. “That said, markets elsewhere across Canada are largely well balanced and in some cases have an ample supply of listings. As always, all real estate is local and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.” “It’s fair to say that the strength of national sales is still a story about two cities, but it’s equally about how trends there are spreading out in their respective provinces,” said Gregory Klump, CREA’s Chief Economist. “Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60 per cent of national housing activity. As a result, the national picture reflects how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.’s Lower Mainland. These remain the only places in Canada where home prices are growing strongly.” Actual (not seasonally adjusted) activity in July 2015 came in 3.4 per cent ahead of the same month last year, and marked the second highest July sales figure on record after 2009. Activity stood 12.6 per cent above the 10-year average for July. Actual (not seasonally adjusted) sales were up from year-ago levels in just over half of all local markets, led by the Lower Mainland region of British Columbia and the GTA. While Calgary continued to post the largest year-over-year declines in sales compared to last year’s record levels, activity there is nonetheless running roughly in line with...

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CREA Welcomes Proposal to Restore Strength of Home Buyers’ Plan

Posted by on Aug 12, 2015 in Uncategorized | 0 comments

Wed, 08/12/2015 – 13:00 Ottawa, ON, August 12, 2015 – The Canadian Real Estate Association (CREA), on behalf of its 110,00 REALTOR® members across the country, welcomes today’s announcement by Prime Minister Stephen Harper to increase the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000. Ottawa, ON, August 12, 2015 – The Canadian Real Estate Association (CREA), on behalf of its 110,000 REALTOR® members across the country, welcomes today’s announcement by Prime Minister Stephen Harper to increase the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000. “The Home Buyers’ Plan has helped so many Canadian families realize their dream of home ownership,” said CREA President Pauline Aunger. “Today’s commitment to increase the withdrawal limit of the HBP will ensure that the dream stays within reach for today’s young people.” The HBP was championed by REALTORS®, and introduced by government in 1992. Since its inception, over 2.8 million Canadian have used the HBP to help make home ownership more affordable. The program allows Canadians to borrow, on a repayable basis, from their own Registered Retirement Savings Plans (RRSPs) to purchase a home. The HBP is a unique program in that it provides first time home buyers a means to build home equity and save for retirement at the same time. However, the purchasing power of the HBP has been eroded by inflation. “Maintaining the value of the HBP by increasing withdrawal limits is critical. In my own real estate business I have seen so many hard working families and first-time home buyers use this program to build a more secure financial future for themselves,” Aunger stated. “By reducing or avoiding mortgage default insurance fees and building home equity sooner, Canadians can put their own money to work for them.” Home purchases involving the HBP generate spin-off spending and create jobs. In 2015, home purchases involving the use of the HBP are projected to result in over $2.8 billion in spin-off spending and more than 19,900 jobs. – 30...

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Bank of Canada cuts rate

Posted by on Jul 16, 2015 in Uncategorized | 0 comments

Thu, 07/16/2015 – 13:30 The Bank of Canada announced on July 15th, 2015 that it was lowering its trend-setting target overnight lending rate from 0.75 per cent to 0.50 per cent. The move follows another cut of the same size in January. The Bank of Canada announced on July 15th, 2015 that it was lowering its trend-setting target overnight lending rate from 0.75 per cent to 0.50 per cent. The move follows another cut of the same size in January. The Bank indicated that it expects the Canadian economy shrank modestly in the first half of the year but has begun to rebound and will gain steam. While its decision to lower interest rates is aimed at supporting business investment and exports, revisions to the Bank’s economic forecast also indicate that lower interest rates will also boost consumer spending and housing activity. The Bank of Canada also pared back its inflation outlook due to a number of factors which are unlikely to reverse themselves in the near future. That means short-term interest rates are almost certain to remain on hold this year and over 2016. Recall that when the Bank of Canada previously cut interest rates by a quarter of a percentage point in January, Canada’s largest private banks lowered their lending rates by less than that. The same will likely hold true this time around. Accordingly, the Bank of Canada’s most recent interest rate cut is unlikely to cause consumer borrowing and mortgage lending to catch fire, especially given the currently high level of household debt. The bottom line has shifted from “lower for longer” to “even lower for even longer”. All other things being equal, this is even more supportive for the housing market. As of July 15th, 2015, the advertised five-year lending rate stood at 4.64 per cent, unchanged from the previous Bank rate announcement on May 27th, and down 0.15 percentage points from one year ago. The next interest rate announcement will be on September 9th, 2015 and the next update to the Bank of Canada’s economic forecast will be on October 21st 2015. (CREA...

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