Daily Market Update

Single women struggle most to find affordable housing
The latest Canada Housing Observer from CMHC shows that single women are struggling most to have their housing needs met. The report shows that single women, including those with children, are the group most likely to lack housing that meets the CMHC criteria of “adequacy, affordability or suitability.” To meet the levels deemed acceptable those in ‘core housing need’ would have to spend 30 per cent or more of their income. The number of single women in this situation has fallen in the last 15 years but is still ahead of single men, even those who are lone parents. Overall the CMHC report shows that we are becoming a nation of single households; the fastest growing housing type. Read the full story.
 
Burnaby is hot for condo construction
Burnaby is fast becoming the hottest place for condo construction in Metro Vancouver. A report from the Urban Development Institute shows that the municipality is benefitting from planning decisions that mean new developments in close proximity to transit stations. High density is allowing for a level of construction that is pushing Burnaby close to that of Vancouver itself; 14,548 units planned in Burnaby against 14,766 in the City of Vancouver.  Burnaby beat Vancouver to the end of the third quarter of 2014 with 1,613 presales of condos against 1,394 and prices are around $100 per square foot lower. Read the full story.
 
Calgary commercial market set to struggle in 2015
The commercial market in Calgary is set to be “flat for 6 to 12 months” according to a new report from Avison Young. The report calls that prediction ‘optimistic’ noting that there could be more volatility for the market. Office vacancies in downtown Calgary has increased to 6.2 per cent at the end of Q3 2014 from 5 per cent a year earlier; the overall figure for the city rose from 6.6 per cent to 8.6 per cent. Avison Young’s managing director Todd Throndson says the market is not as bad as it’s perceived though with some big deals still taking place but he points out that there is a conservative approach to their office needs. Longer term, the firm says there will be recovery in the market and says that the flatter conditions in the coming months are a blip. Read the full story.
 
Alberta prices rise faster than the rest of Canada
The annual rise in consumer prices was higher in Alberta in October than any other province. Figures from StatsCan show that the rise was 3 per cent following 2.6 per cent in September, while the national average was 2.6 per cent in October after 2 per cent in October. While grocery prices are higher, the biggest single influence on Alberta’s higher prices is natural gas; up 30.7 per cent. Read the full story.

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