Daily Market Update

Alberta keeps on building… Bank economist questions longevity of price/income disparity… Vancouver residents get more say on planning… And the million dollar parking space!


Alberta just keeps on building

The booming economy in Alberta could see the province building more homes than Quebec and the Maritime provinces combined. A research note from BMO economist Robert Kavcic points out that Alberta’s housing starts in recent months sets an annual average of 43,000; Quebec and Atlantic Canada together have an average of 47,000. Given the difference in population; 4 million in Alberta and more than 10 million in the combined provinces, Alberta is certainly building at an incredible rate. With the oil business booming and jobs growth above the national average Alberta’s economy is healthy and Kavcic notes that the figures reflect population flows. Read the full story.


Bank questions longevity of house price rises

The Bank of Montreal’s senior economist Sal Guatieri has questioned how long house prices can continue to increase without a corresponding growth in incomes. The economist says that no one really knows how much heat is still in the market, particularly in Toronto, Calgary and Vancouver, but he says that prices outpacing income can’t continue forever. Guatieri forecasts a slowing of activity, prices and housing starts but points out that nationally the market is generally balanced with heat in some areas evened out with cooler conditions in others. He warns though that the longer the disparity between prices and incomes continues, the greater the chance of a correction. Read the full story.


Vancouver residents get more say on planning

A new initiative will give residents in one district of Vancouver more say over planning. The Grandview-Woodland neighbourhood will be consulted by a third-party public engagement firm on density and other planning issues in their neighbourhood. The findings will not be binding but will allow those on the citizens’ assembly to have better input into what happens in their neighbourhood. If the experiment works well then city officials may adopt it for other parts of the city. Read the full story.


The million-dollar parking space

The number of homes selling for $1 million may be on the increase but would you pay that much for a parking space? Perhaps you would if you were in the market for a condo in New York’s 42 Crosby Street development in SoHO where prices of homes average US$8-10 million. Even so, a million dollars for a parking space works out at between $5,000 and $6,666 per square foot, far more than the $3,100 per square foot for the condo itself! Read the full story.

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