CDN Real Estate Prices at a Glance

Posted by Canadian Housing Price Charts

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Average SFD prices drop after oil spikes:

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City Charts HERE

VANCOUVER average single family detached prices in August 2013 ticked up 0.3% M/M but remain 13.3% ($141,100) below their peak set last April 2012 (Vancouver Chart). Vancouver combined residential sales although up 52.6% from last year’s drubbing are down 14.6% M/M (Scorecard) as we head into leaky condo season. Average strata units continue to trade at 3Q 2007 prices and as with SFDs, strata townhouse and condo sales dropped 8% and 16% M/M. Prime location inventory remains static (see the Bubble Deflator)

If you are thinking of buying a Vancouver Condo as an Investment, see my Vancouver Condo Yield Case Study and now that you have the August data, where do you think Vancouver SFD prices will be one year hence? VOTE HERE.
CALGARY average detached house prices in August 2013 met with more resistance and ticked down another 1.5% (Calgary Chart) and down 2% from the June peak (Plunge-O-Meter). Strata unit prices split with Townhouse prices up 1.3% M/M and condo prices down 1.4% M/M. Combined residential sales slumped 3.2% M/M and inventory levels remain deeply red (Scorecard) as migrant workers and flood victims compete for housing. Alberta remains a different country with respect to record high earnings and immigration.

The sentiment in Calgary is the least bearish (33% bears to bulls) of the 3 markets polled with only 22% of the survey thinking Calgary SFD prices will be 20% lower in 12 months. What do you think? VOTE HERE.

EDMONTON average detached house prices in August 2013 ticked up 1.5% M/M (Canada Chart) and townhouse and condo prices also increased 1.5% and 2.1% M/M but the joy was all happening on mostly double digit drops in M/M sales (Scorecard). Bidding has yet to break the May 2007 peak SFD price (Plunge-O-Meter) which remains like Calgary 2% below the high.
TORONTO average detached house prices for the GTA in August 2013 dropped another 1.4% M/M and are 6.1% ($41,266) below the trifecta breakout highs set in May (Toronto Chart). Combined residential sales are off 11.4% M/M with average SFD sales leading the way down 12% M/M. The gap between Vancouver and Toronto housing prices (Vancouver vs Toronto) widened to 45% more expensive in Vancouver. The GTA may have appeal to the HNWI as a “safe” haven but the media does not rate Toronto as investment grade.

Polled sentiment here continues to suggest that prices will be down another 20% in 12 months. What do you think? VOTE HERE.
OTTAWA average detached house prices are not available, instead the chart on this site reflects Ottawa’s average combined residential prices. OREB’s report is sparse and opaque and the CMHC, records for Ottawa inventory remain one month lagging. In August 2013 Ottawa combined residential prices dropped 3.1% M/M (Scorecard) and remain 6.2% below the peak price set in April (Plunge-O-Meter).

MONTREAL median (not average) detached house prices in August 2013 ticked back up 0.7% M/M to the June 2013 record price peak (Canada Chart). SFD prices are range bound held in by negative sales dropping 13.2% M/M and down 0.4% Y/Y. The joy came in with condo sales up 5.5% M/M and up 8.9% Y/Y and condo prices rose 1.8% M/M and 3.3% Y/Y (Scorecard). In the 2011 Census, Montreal added 6.4% more dwelling units while only adding 5.2% more people. There is no shortage of housing, but there is a shortage of earnings; the Province of Quebec ranks 6th in Canada’s 10 provinces for earnings and printed an unemployment rate of 7.7% in May (0.4% above Ontario’s).