Real Estate Pricing: Major Canadian Cities March 2013

Posted by Canadian Housing Price Charts

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The chart above shows the average detached housing prices for Vancouver, Calgary, Edmonton, Toronto, Ottawa* and Montréal* In March 2013, Vancouver prices ticked up 0.6% M/M for the second month of support after the precious 9 month long plunge comparable to the 2008-09 rout (Plunge-O-Meter). Toronto SFD prices broke out as did Calgary townhouse prices. On the Momentum Chart Calgary is breaking out while Vancouver is breaking down. The rally going on in Alberta is being stoked by thin supply (Scorecard), fantastic Earnings and low relative unemployment. (*Ottawa are combined residential; *Montreal are median not average).

TSX Real Estate, Gold, Energy, Financial Services Indices and CRB

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The chart above shows the S&P TSX Real Estate, Gold, Energy and Financial Services Indices as well as the Bank of Canada Commodities Index (CCI) all valued in CA$. In March 2013 Gold slumped again while Energy, Financials and TSX Real Estate traded flat. The Bank of Canada Commodities Index spiked up on a slumping CAD/USD pair. The U.S. Dollar rally could be putting a lot of orthodox positions in peril. We should note that the month of March saw the introduction of the new Eurozone template for bank “bail-ins” which in common parlance is your money deposits in a bank are akin to a Bernie Madoff deposit scheme. We should start seeing more volatile capital flight going forward. Deposits being repriced over night could be a feature of this massive global post bubble deflation as debt revulsion sets in. In Japan during their decades long contraction, savings increased as investors repaired their balance sheets.

The Vancouver Bubble Deflator

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In my select study, sellers are pricing high. 96% of these urban listings are still listed over $750,000. Listings available on the prime west side remain at elevated price levels driven by hopeful sellers looking for credulous buyers.