Monday, November 28, 2011

U.S. new home sales increase by 1.3% in October

According to the Economics Department of RBC, sales of new single-family homes in the U.S. increased by 1.3% to a seasonally-adjusted annualized rate of 307K in October, from September’s pace of 303K (initially reported as 313K.) Market expectations going into the report were for a pace of 313K, which would have represented a flat reading based on the initially reported pace for September. October’s increase in the pace of home sales follows a 3.4% increase last month, and represents the fastest pace of sales since May. Increased sales activity combined with an unchanged number of new homes available for sale to push months’ supply of unsold home down to 6.3 from the 6.4 seen in September (initially reported as 6.2.)

Monday, November 7, 2011

Record dollars invested into the Canadian Housing industry

Billions spent in new construction, renovation, and infill over the past decade have contributed to a serious upswing in the calibre of Canada's housing stock, propping up residential average price in the country's major centres.
Since 2000, the value of a Canadian home has doubled, rising from $163,951 to $339,030 in 2010. Nowhere has the upswing been better captured than in both the value of residential building permits issued nationally between 2000 and 2010 - at $340 billion - and the estimated $450 billion spent in renovation. The impact of these two forces alone has fuelled the Canadian residential real estate market - as well as the construction industry - for more than 10 years.
As a result, investment in Canada's housing stock is at an all-time high in the 16 Canadian residential real estate markets examined in the RE/MAX Housing Evolution Report. Higher quality housing translated into extraordinary price appreciation across the country - with 62 per cent (10 markets) experiencing increases in excess of 100 per cent since 2000.

Wednesday, November 2, 2011

Market stays the course!

The London St. Thomas Association of Realtors reported that Overall home sales in October 2011 were up 3% over the previous year. “The condo market was a little soft this month,” says Jack Lane, President of the London and St. Thomas Association of REALTORS®. “However, the more significant statistic to look at is the Year to Date figure, which shows condos down less than one percent from last year. In fact, total sales Year to Date are down a very marginal 0.6% from last year, so the bottom line is this: real estate in our jurisdiction is absolutely staying the course . . . and that’s good news when you consider the fact that our Year to Date sales at the end of January 2011 were down 9.3%.”

Listings were up 1.3% in October, at month-end the Association’s inventory of listings stood at 3,678, up 7.7% over last year at this time, and, the average price for a home (including condo sales) in the Association’s jurisdiction stands at $232,714, up 1% from the previous month and 4% up from January 2011. “What these stats tell us is that the market is both a balanced one – good for Buyers and Sellers,” Lane explains, “and one that offers buyers a great deal of choice, both in terms of price and style of home. Given interest rates that continue historically low and our area’s great affordability compared to other centres, it’s a good time for renters to consider a move into homeownership.”