Calgary realtor says condo prices continue to tumble, demand for detached homes on the rise

CALGARY —
Calgary’s real-estate market has held steady throughout the COVID-19 pandemic, with demand for condos falling and demand for detached homes rising. 

Realtor Justin Havre, with REMAX First, says many people are considering ditching their condos for more space in single-family homes.

“There’s obviously been a lot less desire for condominiums due to the density of how people are living and how people are looking to get more space,” said Havre. 

He adds that condos offer less space between neighbours using similar common areas, which in a pandemic, has turned people away. 

But he says its good news for the buying market. 

“The average price for a condominium has dropped by about 7.52 per cent,” said Havre. 

Right now prices are 23 per cent lower for a condominium, adding September was the strongest on record for the housing market in six years. 

“We are seeing condos that used to

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London property prices hit new high with talk of exodus ‘overblown’

A view of semi-detached homes in the Willesden neighbourhood of northwest London, August 15, 2014. The Bank of England gave a clean bill of health to Britain's controversial flagship mortgage guarantee scheme on Thursday, sparing the government from potential embarrassment in the run-up to a national election. The central bank also formally asked to expand its arsenal of powers to curb mortgage lending for homes and buy-to-let properties, and said it was bringing forward the date when it would put a figure on the maximum leverage banks can have. Picture taken August 15, 2014. REUTERS/Suzanne Plunkett (BRITAIN - Tags: BUSINESS REAL ESTATE TPX IMAGES OF THE DAY) ATTENTION EDITORS - PICTURE 20 OF 21 FOR WIDER IMAGE STORY 'NEIGHBOURING VISIONS' SEARCH 'PLUNKETT VISIONS' FOR ALL PICTURES
Homes in Willesden, north-west London. Photo: REUTERS/Suzanne Plunkett

London property prices hit a record high over the summer despite the coronavirus crisis, official figures show.

Analysts said talk of an exodus from the capital appeared “overblown,” as Land Registry data showed average prices rose 3.5% in the year to August.

Homes sold for an average of £489,000 ($642,000) in London in August, a joint record high last seen in July 2017. The growth was significantly higher than than the UK average of 2.5% year-on-year growth. Economists had expected 3% national growth.

It marks a reversal of pre-pandemic trends, with Brexit, affordability and tax reforms dampening demand in London and the south-east in recent years while prices have surged in many areas elsewhere.

Prices in the capital were more than twice as high as the UK average of just over £239,000.

The figures appear at odds with widespread signs many residents

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Homebuyers’ Wallets Hammered as Prices for Plywood Substitute Spike

(Bloomberg) — Americans are coughing up $4,600 more on average to buy their dream home than six months ago — thanks to a record run-up in prices for a once-cheap plywood substitute.

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Prices are on a tear for those bonded wood-chip sheets commonly used as sheathing for walls, floors and roofs in new home construction. Oriented Strand Board, or OSB, has long been used as a low-cost alternative to plywood, but the product now fetches a higher price as increased demand and tight supplies lead to delivery delays and elevated construction costs in the U.S. and Canada.

“It’s difficult to get, the lead times are out,” said Lorne Winship, general manager at Pacific Homes, a west coast builder specializing in custom prefabricated homes, adding that the premium over plywood is “absolutely crazy.”

While the rally is hurting builders and buyers of new houses who already suffered from surging

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At These Prices, Procter Is a Gamble

Procter & Gamble in its latest quarter recorded 14% organic sales growth in its fabric and home-care segment, which includes brands such as Mr. Clean.



Photo:

Daniel Acker/Bloomberg News

Procter & Gamble


PG 0.40%

reported strong results Tuesday as the pandemic continued to boost sales of consumer staples, but its shares are priced for the boom to never end.

The company on Tuesday unveiled sales and earnings that were well ahead of analyst expectations for the quarter through September. Organic sales—which strip out the effects of currency fluctuations and acquisitions—rose 9% from a year earlier, compared with 6% growth in the previous quarter.

As with U.K.-based Lysol maker

Reckitt Benckiser

—which reported results earlier Tuesday—

P&G


PG 0.40%

continues to benefit from coronavirus-driven behavioral changes. Sales were robust across the board, but especially so in the fabric and home-care segment with 14% organic

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Canada real estate: RBC Economics housing report notes condo prices stuck in a rut

A recent housing report by RBC Economics states that prices of condo properties haven’t been seeing much action.

“Condo prices, in fact, have already stagnated over the past six months both at the national level…,” bank economist Robert Hogue wrote.

According to Hogue, this is happening as well in “some of Canada’s largest markets (including Vancouver, Toronto and Hamilton)”.

“This contrasted with a solid 7.3% increase for single-detached homes nationwide over that period,” Hogue also noted.

Hogue’s observation about condo prices form part of his October 15, 2020 report about the performance of the real-estate market for September.

Hogue noted that the benchmark price of homes in Canada increased 10.3 percent year-over-year in September.

That was the “first time it’s been in double-digits in three years”.

“The strength was generally concentrated in single-detached homes,” Hogue wrote, adding that the benchmark price for this type of home rose 12 percent year-over-year

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Canadian home prices rise in September as market firms: Teranet

OTTAWA (Reuters) – Canadian home prices posted across-the-board monthly gains in September, led by the Ottawa-Gatineau and Quebec City markets, for the second-strongest September on record, data showed on Tuesday.

The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices rose 1.1% in September from August.

In addition to the 11 major markets included in the index, Teranet also tracks 20 other cities across the country. All 31 posted gains for the month, the first across-the-board monthly gain since tracking of the current bundle began in 2009.

Prices were up 2.3% in the capital region of Ottawa-Gatineau and 2.2% in Quebec City, with Montreal and Hamilton both up 1.9% in September from August.

On a year-over-year basis, the index was up 6.7% in September, rising at a faster pace than the previous month. The

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Canadian home prices rise in September as market firms -Teranet

OTTAWA, Oct 20 (Reuters)Canadian home prices posted across-the-board monthly gains in September, led by the Ottawa-Gatineau and Quebec City markets, for the second-strongest September on record, data showed on Tuesday.

The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices rose 1.1% in September from August.

In addition to the 11 major markets included in the index, Teranet also tracks 20 other cities across the country. All 31 posted gains for the month, the first across-the-board monthly gain since tracking of the current bundle began in 2009.

Prices were up 2.3% in the capital region of Ottawa-Gatineau and 2.2% in Quebec City, with Montreal and Hamilton both up 1.9% in September from August.

On a year-over-year basis, the index was up 6.7% in September, rising at a faster pace than the previous

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Shanghai shares sag as China’s home prices grow at slowest rate since 2016

* SSEC -0.1%, CSI300 +0.2%, HSI -0.1%

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* Real estate index sags on slower home price growth

* Consumer staples support blue-chip index

SHANGHAI, Oct 20 (Reuters) – Shanghai shares edged lower on Tuesday, as data showing a slower pace of growth in new home prices dragged on stocks of banks, industrial firms and property developers. ** New home prices in China grew at their slowest pace in more than 4-1/2 years as tightening measures introduced by some big cities to guard against a potential bubble weighed on a market that has provided much-needed support to an economy hard-hit by the novel coronavirus pandemic. ** At the midday break, the Shanghai Composite index was down 0.13% at 3,308.31 points. ** The CSI300 real estate index was down 1.06% at midday and the financial sector sub-index fell 0.53%. ** But the broader blue-chip CSI300 index gained 0.17% after flitting

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China’s new home prices grow at slowest rate since 2016 on tighter rules

BEIJING (Reuters) – New home prices in China grew at their slowest pace in over 4-1/2 years as tightening measures in some big cities helped cool the property market despite a broader economic recovery.

New home prices in China also grew at a slightly slower monthly pace in September, official data showed on Tuesday, while the number of cities reporting monthly price increases for new homes fell.

A recovery in China’s property market has provided much-needed support to an economy hard-hit by the coronavirus earlier this year. But policymakers have rolled out new restrictions in recent months on concerns of a potential market bubble.

“The broad tightening of housing policies since July has had an impact on home prices data,” said Zhang Dawei, a Beijing-based analyst with property agency Centaline.

Average new home prices in 70 major cities rose 0.4% in September from a month earlier, compared with a 0.6%

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China’s new home prices grow more slowly in September

September new home prices up 0.4% m/m vs 0.6% uptick in August

September new home prices up 4.6% y/y vs 4.8% increase in August

55 out of 70 cities reported higher prices, vs 59 in August

Adds details, backgrounds

BEIJING, Oct 20 (Reuters)New home prices in China grew at a slightly slower monthly pace in September, data showed on Tuesday, weighed down by tightening measures in some big cities to curb a potential market bubble.

Average new home prices in 70 major cities rose 0.4% in September from a month earlier, compared with a 0.6% increase in August, according to Reuters calculations based on data released by the National Bureau of Statistics.

On an annual basis, home prices rose 4.6% in September, the slowest pace since February 2016, and versus a 4.8% expansion in August.

The property market was among the first to

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