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Canadian Housing: "There have clearly been corrections in progress"

posted by The Mortgage Associates    |   March 12, 2015 15:12

Canadian housing:  "There have clearly been corrections in progress"

Article by Michael Babad, The Globe and Mail, March 12, 2015

"Canadian house prices may be up for the second month in a row, but a key report warns that “there have clearly been corrections” in some markets.

The Teranet-National Bank house price index rose in February by 0.1 per cent from January, but prices were actually up in just three of the 11 markets tracked in the report released Thursday.

Prices rose 1.5 per cent in Vancouver, 0.5 per cent in Victoria and 0.3 per cent in Hamilton. And that’s where it ends.

The index showed losses of 0.1 per cent in Toronto and Quebec City, 0.3 per cent in Calgary and Montreal, 0.6 per cent in Halifax, 0.8 per cent in Edmonton, 1 per cent in Winnipeg and 2.1 per cent in the Ottawa regions.

“In some markets there have clearly been corrections in progress,” said senior economist Marc Pinsonneault of National Bank."

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Saskatoon fourth-most affordable in West

posted by The Mortgage Associates    |   January 19, 2015 09:43

Saskatoon fourth-most affordable in West

Article by Bruce Johnstone, Leader-Post, with Files from the StarPhoenix, January 9, 2015

"Saskatoon is the fourthmost affordable major city in Western Canada when it comes to buying a house, despite about a 50 per cent increase in prices over the last six years.

According to statistics on the Saskatoon Region Association of Realtors website, the average selling price for a home in Saskatoon in 2001 was $127,600.

The average price rose steadily until 2007 when it spiked to $232,600 and to $287,700 in 2008. After a slight pullback in 2009 (to $279,700), the price has continued upwards to an average of $356,500 in 2014.

According to a recent Toronto Star story, Saskatoon has the fourth-most affordable housing in Western Canada. Saskatonians would need to earn just over $74,546 a year to afford to buy an average house priced at about $350,000."

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Saskatoon housing starts up in 2014

posted by The Mortgage Associates    |   January 12, 2015 08:48

Saskatoon housing starts up in 2014

Article by Thomas Piller, Global News, January 12, 2015

"SASKATOON – There was an increase in new housing starts in Saskatoon and area during 2014. According to preliminary numbers released by Canada Mortgage and Housing Corporation (CMHC), 3,531 were units started last year compared to 2,980 units in 2013.

The increase was led by multi-family construction, with 1,954 starts reported in 2014 for the Saskatoon census metropolitan area (CMA) compared to 1,322 the previous year. Single-detached starts were down slightly year-over-year at 1,577 compared to 1,658 in 2013."

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Saskatoon property owners receive tax assessments

posted by The Mortgage Associates    |   January 6, 2015 09:06

Saskatoon property owners receive tax assessments

Article by Thomas Piller, Global News, January 5, 2015

"SASKATOON – Property assessment notices are being mailed out by the City of Saskatoon. How much property and business owners pay in property taxes this year depends on the assessed value of their premise.

Saskatoon uses a valuation approach to assess properties based on such factors as location, traffic patterns and views to determine values.
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The average single residential home in Saskatoon now has an assessment value of $325,000. Property taxes went up 5.34 per cent in 2015 with the new city budget, meaning those owners will pay an extra $83.31 this year."

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Apartment vacancies, rent up in Saskatoon

posted by The Mortgage Associates    |   December 17, 2014 09:02

Apartment vacancies, rent up in Saskatoon

Article by David Giles, Global News, December 16, 2014

"SASKATOON – The number of apartment vacancies in Saskatoon is up from the previous year. So too is the price of rent.

In its Fall Rental Market Survey, Canada Mortgage and Housing Corporation (CMHC) says the vacancy rate in October was 3.4 per cent, up 0.7 percentage points from a year ago. One reason, says the agency, is more units on the market.

“Additions to the purpose-built rental apartment universe via new construction and the movement of renter households into homeownership contributed to the higher vacancy rate this fall,” said Goodson Mwale, senior market analyst for Saskatchewan."

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Saskatoon home sales surpass $2 billion

posted by The Mortgage Associates    |   December 4, 2014 09:00

Saskatoon home sales surpass $2 billion

Article by Scott Larson, The StarPhoenix, December 2, 2014

"MLS home sales in Saskatoon and area have surpassed the $2 billion mark for the first time.

“We had expectation that we would reach this milestone by year’s end, but it was a pleasant surprise to see it at the end of November,” said Jason Yochim, CEO with the Saskatoon Region Association of Realtors.

“We are $200 million ahead of the same point last year,” he said. “That’s essentially 200 $1 million homes selling. That’s a pretty big deal.”

There will likely also be a record number of sales as 5,859 MLS homes have been sold so far this year with a month to go."

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Housing market 'modestly' overvalued, CMHC says

posted by The Mortgage Associates    |   December 2, 2014 09:17

Housing market 'modestly' overvalued, CMHC says

Article by Richard Blackwell, The Globe and Mail, November 24, 2014

"House prices in parts of Canada may appear to be increasingly out of reach for many Canadians, but lofty prices aren’t about to sink any time soon.

In fact, Canada’s homes are only “modestly” overvalued on average, Canada Mortgage and Housing Corp. says in an analysis, and there is no evidence that any dramatic reversal is in the cards."

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Large number of new homes for sale drives down prices

posted by The Mortgage Associates    |   November 28, 2014 14:45

All the single ladies ... are driving Canada's condo market

posted by The Mortgage Associates    |   November 21, 2014 08:51

All the single ladies ... are driving Canada's condo market

Article by Bertrand Marotte, The Globe and Mail, November 20, 2014

"The one-person household is the fastest-growing category in Canada’s housing market as the population ages and more people opt to live alone.

One-person “households are expected to show the fastest pace of growth to 2036, making it the single biggest type of household by the 2020s,” according to Canada Mortgage and Housing Corp. statistics for 2013.

And home ownership by one-person households is also on the rise as seniors become wealthier and young people delaying marriage flock to budget-priced, one-bedroom condominiums.

Women are overrepresented in the singles condo market, according to CMHC."

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Homeowners have plenty of choice in Saskatoon

posted by The Mortgage Associates    |   November 7, 2014 08:36

Homeowners have plenty of choice in city

Article by the StarPhoenix, November 6, 2014

"There are more than 1,500 homes currently for sale in Saskatoon and area, up 15 per cent from the same period last year."

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