This post will cover a wide range of topics, so hang on. :)
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Teranet-National Bank House Price Index: September 2009
The Canadian index showed another increase month-over-month at 1.3% and while the year-over-year mark is still in negative territory the margin has been shrinking in the past few months:
Canadian home prices in September were down 1.8% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the tenth consecutive 12-month decline, but the 12-month decline has been diminishing steadily since it peaked at 6.9% in May.
Calgary house prices also increased 1.1% from the previous month. This is down 5.4% from September 2008.
Source: www.housepriceindex.ca
Source: www.housepriceindex.ca
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Mortgages in Arrears
Residential mortgages in arrears for Alberta crept up to 0.67% in September, compared to 0.65% in August. In September of last year, that number was at 0.34%.
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In Canada overall, the % of mortgages in arrears held steady from the previous month at 0.43%
The data compiled by the CBA includes data from BMO, CIBC, HSBC Bank Canada, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Canada Trust. Mortgages in arrears means 3 months or more.
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RBC Affordability Index
The string of significant improvements in housing affordability in Canada finally came to an end in the third quarter. RBC’s affordability measures rose at the national level for the first time in six quarters for all housing types, but are still down markedly from a year ago.
The recovery in Calgary’s housing market has traction, but momentum remains relatively restrained. The pace of resale activity has even moderated a little in recent months after surging from the 14-year low reached late last year and early this year. The significant re-balancing of market conditions since the trough earlier this year – with stronger resales depleting the previous glut in properties offered for sale – has, nonetheless, succeeded in stabilizing prices and even setting a modest firming trend.Reasonable affordability levels are now prevailing following the substantial improvement since late-2007, which is a key factor supporting demand. However, persisting tough economic conditions in Calgary – with the unemployment rate hovering around a 13-year high since mid-summer – is casting a shadow. In the third quarter, the RBC affordability measures for Calgary rose between 0.3 and 2.0 percentage points, generally representing the first increases in almost two years.
Source: RBC
- New polygon tool allows you to draw on map to define your search area
- Compare View – view properties side by side to easily compare features
- Neighborhood demographics – age, income, etc.
- Mobile beta version of REALTOR.CA launching on Friday
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