House Price Index (HPI) : November 2010

Posted on January 26, 2011 | 4 Comments

Canadian home prices in November were down 0.2% from the previous month, according to the Teranet-National Bank National Composite House Price Index™ released today. Year-over-year, Canadian prices were up 4.9%.

In Calgary, prices dropped for the 4th consecutive month. Between October and November, prices were down 0.7%. Prices were also down 1.5% from the previous year – the only city surveyed to be down on an annual basis.

(click to enlarge)

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A quick update on the market:

In the January 1-21 post, I said that in order for SFH sales to be up YoY, “we’ll see if it matches the month-end spike” in pending sales – and it certainly has:

(click to enlarge)

Month-to-date, sales are up 6% from the same time period last year.

Condo sales have been much weaker. Pending sales have been trending below 2010′s levels for the entire month:

(click to enlarge)

Sales MTD are down 25% from last year.

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Time Frames

Are you the patient type?  If you’re counting on Garth Turner’s forecasts coming to fruition, I hope you are.   Speaking of how the US market is still tumbling, in today’s post he asks:

“Could that happen here between, say, late 2011 and 2016?“

2016.

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4 Responses to House Price Index (HPI) : November 2010

  1. Mike Fotiou | January 27, 2011 at 9:41 am |

    Around the Web

    Some thought it would end up replacing the MLS® when it was launched, but Google announced yesterday that it will no longer support real estate listings uploaded to its classifed listings site, effective February 10, 2011.

    Do you think they’re acquiring a real estate portal, or just pulling out entirely because the marketplace is already to crowded with sites like Trulia, Zillow, MLS, etc?

  2. Jason | January 27, 2011 at 10:38 pm |

    Thanks for the heads up regarding google

  3. Mike Fotiou | January 28, 2011 at 10:11 am |

    Interesting news to wrap up the week:

    Canadian Mortgage Trends (Source)

    The coming deadline will cause thousands of people to hasten their mortgage plans. Thus far, we’ve heard multiple lenders reporting above-normal mortgage volumes. These elevated volumes will likely continue for the next seven weeks, culminating in an especially busy stretch from March 14-17.

    Alberta Wages Up (Source)

    Alberta weekly wage up 0.7% from previous month, up 5.6% year-over-year

    Migration at 20 year high (source)

    Alberta, B.C. and Saskatchewan have seen the strongest net inflow of people of all provinces for the past three years and that will not change in the short term, the TD report forecasts

    StatsCan revision: Not all jobs lost during recession recovered after all (source)

    The economy is still 30,000 jobs shy of where it was when the country plunged into recession in the fall of 2008, according to updated population estimates from the 2006 census.

    The revised numbers don’t alter the overall view of the employment situation, Scotia Capital said in a research note.

    “Spend more time thinking about weekend plans than these revisions,” said economists Derek Holt and Gorica Djeric. “They change little of relevance to us.”

    I found that quote oddly funny for some reason :P

    Potential Buyers Sit on Sidelines (Source)

    As a potential first-time homebuyer, Kelly Steward has kept a close eye on Calgary’s residential real estate market for the past six months. “But a lot of things also just seem overpriced on the market still. I’ve been watching it. This month looks like there have been less sales. Hopefully that will help my position a little bit,” says Steward, as sales remain sluggish in the real estate market in Calgary at the beginning of the new year.

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    On the last Friday of January 2010 (Jan 29th) there were 78 single family homes that sold. Currently, SFH sales MTD (January 1-27) have been 651 compared to 618 last year.

    There have also been 244 Condo sales MTD, compared to 315 during the same time period last year.

  4. Mike Fotiou | January 31, 2011 at 10:20 am |

    The Competition Bureau doesn’t really understand that the provincial regulators trump whatever the Competition Bureau comes out with. It’s fine for the Competition Bureau to say what they want to say, but in the end it’s the provincial legislation that dictates how agency relationships and common law are to be dealt with in the courts and the judicial system

    -Re/Max of Western Canada

    In Conversation with Elton Esh on REM

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