Time for your weekly cheat sheet on this week’s top stories.
Canadian Real Estate
National Bank Of Canada: Don’t Take Real Estate Price Increase As A Sign Of “Vigour”
Canadian real estate prices made a small increase, but NBC warns it’s not the sign of “vigour” you may think. National prices increased 0.76% in June, well below the 21-year average for the month. The sole reason they increased was due to seasonal adjustments however. Unadjusted, the index would have fallen 0.4% in May, and 0.5% in June. Not clear? People are actually paying less, but the seasonal adjustment algorithm pushed prices higher.
Canadian Real Estate Owners Tapped Over $301 Billion In Home Equity For Loans
Canadians using their real estate equity to secure a loan are busy these days. The balance of loans secured by residential real estate reached $301.18 billion in May, up 5.73% from last year. The increase is the largest 12 month increase since 2014 for the month.
B.C. Is Home To The Fastest Cooling Real Estate Markets In Canada
B.C. real estate markets are the fastest cooling in the country. Fraser Valley’s SNLR fell to 44.9% in June, down 17.9% from last year. Vancouver’s ratio fell to 38.9%, down 16.7% from last year. Victoria saw the third biggest decline to 57.7%, down 8.8% from last year.
Toronto Crane Count Jumps To 120 – More Than 2x Any Other City In North America
Toronto has the most active high rise construction sites in North America. There were 120 high rise cranes in July, up 23 cranes from last year’s number. To contrast, in second were Seattle and Los Angeles – each with 49 cranes. Yes, Toronto has more high-rise developments being build right now than Seattle and Los Angeles combined.
Toronto Real Estate
Toronto New Home Sales Plummet, But The 905 More Than Makes Up The Volume
Greater Toronto new home sales are improving, but still far from normal. There were 3,352 sales in June, up a massive 32.22% from last year. Even though the climb was huge, new home sales were still 10.63% lower than the average for the month. It was the second slowest June for Greater Toronto since 2013 – a notoriously slow year.
Vancouver Real Estate
Greater Vancouver Real Estate Developers Sold Fewer Than 75 New Homes Last Month
Greater Vancouver pre-sale launches are slow these days. Only 519 new homes were released for sale in June, down 9.26% from last year. That number is 29.58% lower than the number of units were forecasted for release. To make things worse, only an estimated 73 units were sold in the month, down 73.4% from last year. The slowdown will most likely result in more delayed projects and releases. At least until absorption improves.
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