Robert Clancy; Market Update November 20, 2015
As the board releases new reports for January on Canada’s top 3 real estate markets Toronto and Vancouver both grow in sales volumes and housing prices while Calgary market starts to fall.
Home sales rise in Canada for sixth straight month in July !
A recent study does by Statistics Canada reports that Canadians are becoming more wealthy, but why you ask? It has a lot to do with the homes they own. The study also found that the average net income of Canadian families was at $243,800.00 in 2012. This was 44.5% higher than the average net income in 2005 and a whopping 80% increase than 1999. We do have to take into account inflation, but that is still a positive increase. Based on the survey though, the largest asset most Canadian families owned was their property, particularly their principal residence. Average value for their principal residence came in around $300,000.00 in 2012, this was an increase of 83.2% from 1999 and a 46.6% increase from 2005. Keeping in mind that these are just median values, it is important statistics in understanding Canadians are today’s assets and real estate. Giving the idea that real estate could be your safest investment yet.
The national home price rose by 0.9% after the month of June for Canada. This is a good sign that the market is still going strong and increasing as it goes along. This data was collected by public land registries all over Canada. Based on the continual rise of home prices, do you think your home has increased in equity over the years? Contact Robert Clancy today to explore all your mortgage/finance options!
It is no lie that the existing home sales in May skyrocketed, but is it just a reflection of the crazy housing market, or could it be more? The possibility is a reflection of the brutal winter we all faced this year in Canada. Right now, the Calgary market is on fire! Some economists are commenting and saying that about 15 condominium units in the city that are already built, were the only ones currently on the market.