Pent-up demand for housing is growing and it could lead to a ‘bigger than ever’ crisis.
GTA- When the dam breaks: Pent-up demand for housing is growing and it could lead to a ‘bigger than ever’ crisis.
Kitchener Line GO Expansion
Metrolinx’s GO Expansion program is delivering more GO service across the network, including trains every 15 minutes or better on the Kitchener Line.
The addition of passing tracks at strategic locations along the line will allow for more trains and more GO Transit trips – delivering two-way, all-day GO service from Union Station to Kitchener GO Station.
Benefits of the line extension-
• Increased service levels will allow more people to choose transit for more of their trips and meet the needs of this growing Region.
• The investment will reduce journey times between Kitchener and Union Stations from 111 minutes to 98 minutes.
• Walkable access to two-way, all-day rail service for a projected 54,000 residents and 33,000 jobs by 2041.
Calgary real estate sales break record despite late year slowdown
City of Calgary-
Real estate sales in Calgary saw record numbers in 2022
Calgary saw a record 29,672 sales in 2022, outperforming expectations in sales and growth in prices.
“Really different dynamics throughout the year, but whatever we had happen in the second half (of the year) didn’t offset the strong gains we had earlier in the year,” CREB chief economist Ann-Marie Lurie said.
The benchmark house price marketwide increased by 7.8 per cent year-over-year to $518,800.
“We’re in a really interesting, changing market right now. We had a little bit of a slowdown in the second half of the year,” Bev Clark of Knag Real Estate said. “Part of the reason was because we had lower inventory because there was a flurry of people wanting to sell their homes as they saw the market going up and everyone wanted to jump on the bandwagon.”
Calgary-Supply of lower-priced homes remains low for January
City of Calgary Monthly Statistics
Supply of lower-priced homes remains low for January
The level of new listings in January fell to the lowest levels
seen since the late 90s. While new listings fell in nearly every price range, the pace of
decline was higher for lower-priced properties.
At the same time, sales activity did slow compared to the high levels reported last year but
remained consistent with long-term trends. However, there has been a shift in the
composition of sales as detached homes only comprised 47 per cent of all sales.
GO Expansion progresses along the Barrie Line
GO Expansion progresses along the Barrie Line
More stations, more service, more connections
GO Expansion program will see 80% of residents live within two kilometers of rapid transit. By building over 200 kilometers of new track and electrifying 600 kilometers of track across the region, the GO Expansion project will result in over 200 million boarding a year by 2040 across the GO rail network. We’re improving service now and into the future so transit will help York and Simcoe grow.
Building Permits Decline In December As Housing Construction Slows
Building Permits Decline In December As Housing Construction Slows
After a year of consistent interest rate hikes and stubbornly high inflation, housing construction slowed across Canada in December.According to recent data from Statistics Canada (StatCan), the total value of building permits issued in December fell to $10.3B, a monthly decline of 7.3% and down 9.3% from a year prior.
Looking at 2022 as a whole, the total current dollar value of building permits increased 6.8% annually; however, StatCan noted the increase was “largely the result of inflated valuations from persistent material and labour cost increase.” Adjusted on a constant dollar basis, the total value dropped 6.6%.
Bank of Canada Raises Rates, “Conditional Pause” Due To Strong Economy
Bank of Canada Raises Rates, “Conditional Pause” Due To Strong Economy
Canadians are bracing themselves for the impact of higher interest rates. This morning, the Bank of Canada (BoC) announced another hike to the overnight rate. The central bank justified the move by citing a strong economy and excess demand. Even with the strength, they plan to hit pause “conditionally” on any higher moves to assess the impact.
What Canadian Real Estate Correction? Detached Market Surges Up To $52k Higher
Canadian Real Estate Prices Are Still Falling
Let’s start with the aggregate, or national, house price index (HPI) for single-family homes. The benchmark price of a home fell to $748,800 in December, dropping 1.2% (-$9,200). Since peaking in March 2022, the national index has plummeted 18.8% (-$181,400). At this point, it’s a little shy of being a “crash.”
A crash is a technical term for asset prices falling more than 20% from its peak within a 12-month period. At this pace, just one more month like December would be enough to make that happen. Right now, 20 cities have HPIs that would meet this criteria when it comes to single-family homes.
After two years of steady increases, Calgary house prices will stabilize in 2023: CREB
“Our market is not as bad as what people might think it is,” said Ann-Marie Lurie, chief economist for CREB.
Calgary experienced a price correction following the 2014 oil price crash, which is buffering it from the major corrections being seen in other markets, such as Toronto and Vancouver.
New report reveals Canada’s average rent increase hit 11% in 2022
The annual rate of rent inflation in Canada remained in double digits for the eighth consecutive month in December, according to the latest rent report from Rentals.ca and Urbanation.
The average listed rent for all property types increased 12.2 per cent year-over-year to $2,005, an increase of $217 from the December 2021 average of $1,788.
On a month-over-month basis, average rents decreased by one per cent, which Rentals.ca notes is typical this time of year. This is the second straight month the average monthly rent has exceeded $2,000.
Markets with high population growth, low vacancy, and limited new rental construction will likely see the most rent inflation, with Atlantic Canada, Ontario, and British Columbia expected to lead the country in rent growth.