The lastest report from Teranet-National Bank will give some further fodder for discussion as to the bubbliness of Canadian real estate and whether it is nationwide or in isolated pockets.
Canadian home prices in February were up 9.9% from a year earlier according to the index. Last April, the composite index hit bottom and is now up 11.7% since then. However, this gain is strongly influenced by Toronto, up 16.2% from April 2009, and Vancouver, up 14.1% from May 2009.
By way of comparison, Calgary is up only 2.2% year-over-year and is the only CMA to not have passed their previous high – still 10% down from its August 2007 peak. For the second consecutive month Calgary registered a decrease in prices, this time down 0.4%.
Source: www.housepriceindex.ca
Source: www.housepriceindex.ca
Active SFH listings in Calgary passed the 5,000 mark today. The peak was back in May 2008 with 7099.
In the past week there have been 957 new listings with 479 sales.
22.6% of the SFH’s on the market are unoccupied (vacant/new construction). This is down slightly from March month-end when the percentage was 24.3%
By way of comparison, active Metro-Calgary Condo listings are 37% unoccupied. Again, down slightly from last month when it was just over 38%.