New construction boom ahead?
Office construction has been a boon to the Canadian market, offering up new opportunities to realtors, and according to a new report from Colliers International, the Canadian office construction sector continues to outperform its U.S. counterparts. Colliers International notes that while the Canadian office market is doing well, U.S. development continues to rise. Read the full story.
Revised immigration numbers
A new report from the CIBC reads that immigration number in Canada have been underestimated by around 100,000 as new Canadians continue to play a greater role in supporting the housing market. This is good news for realtors looking for additional clients as immigrants continue to play a key role in demand for new housing in places such as Toronto, Calgary and Vancouver. New immigrants make up 70% of the increase in Canada’s population and as half are aged 25-44, they represent the country’s economic engine with the highest employment levels and the most likelihood of starting families, the report says. Read the full story.
Canada goes big in U.S. real estate
Canada Real Estate Brokerage Avison Young Inc. has expanded its U.S. reach in a deal with a Miami-based commercial real estate brokerage and property management firm Abood Wood-Fay Real Estate Group LCC. The deal will yield 20 million sq.ft of Florida real estate. The move adds to Avison Young’s profile of properties in the Sunshine State. The acquisition marks the continuation of Canadian investment in Florida, which shows no signs of slowing down. Read the full story.
Affordability improves for some Canadians
The latest Housing Trends and Affordability report from RBC suggests that home ownership became more affordable across Canada in the third quarter of 2014. Thanks to rising household incomes, low and steady interest rates and cheaper utility costs led to the results we’re seeing in Q3, according to RBC Economics research. What’s more, the report notes that resales across Canada increased for the eighth time in the past nine months and sit at the highest levels since early 2010. “A trend that jumped out in the latest data was a further broad improvement in affordability of condos where a strong majority of markets across Canada saw the measure for the segment fall,” said Wright. “Condos no doubt continue to be the more affordable ownership option in every market.” Read the full story.
Eastern Canada regains sales momentum
Atlantic Canada has emerged from a 10-year low in Q3 with home resales increasing by 9.2 per cent – the strongest quarterly advance since the first quarter of 2007. Hefty gains were registered in several key markets, including Moncton, Saint John, Fredericton and Halifax. RBC says that affordability measures for the region stand below long-term averages for all housing categories. “RBC’s measure for bungalows eased further by 0.3 percentage points to 30.0 per cent; measures for two-storey homes and condo apartments edged slightly higher by 0.1 percentage points to 34.9 per cent and 0.2 percentage points to 24.9 per cent, respectively.” Read the full story.