Daily Market Update

Alberta proposes condo law changes
The Alberta government is proposing some changes to the province’s condominium laws but there are concerns that the laws will be too weak. Among the measures on the table; better consumer protection for condo buyers including clearer information; safeguarding of deposits held by developers using trustee accounts, and developers to pay their share of fees for unsold units; better management of condo boards; and better regulation and management of disputes procedures. June Donaldson, a condo owners’ advocate, says the proposals improve on previous ones but don’t go far enough to protect owners. Jim Rivait of the Canadian Home Builders’ Association says: “Now that the Condominium Property Act has been introduced in the legislature, we will begin a detailed review and we look forward to working with Service Alberta Minister Stephen Khan to ensure the legislation meets the need of homebuyers.”
 
Saskatoon passes $2 billion milestone
The total of MLS sales in Saskatoon for this year has passed $2 billion for the first time. Saskatoon Region Association of Realtors was expecting the milestone to be reached by the end of the year but the record was beaten at the end of November. The figures are $200 million up on the same time last year and sales volume is also set to be a record breaker with 5,859 sold and almost a month to go. The current record was set in 2007 when 6,023 MLS sales were recorded.
 
Typical detached home in Vancouver approaches $1 million
New figures from The Real Estate Board of Greater Vancouver show that, excluding the most expensive properties, the benchmark price of a typical detached home is now close to $1 million. A 7.9 per cent annual increase to November this year shows an HPI price of $997,800. The benchmark price for Vancouver’s west side has increased year-over-year by 10.9 per cent to $2,323,000 and the east side is up 11.9 per cent to $957,300. Read the full story.
 
Consumer confidence rises on optimism of personal finances and house prices
The weekly Bloomberg Nanos Canadian Confidence Index has seen a rise as sentiment increases in personal finances, the economy and real estate prices. However job security is a growing concern. With exports increasing and interest rates still at 1 per cent Canadians are feeling better about the economy despite the issues facing the energy and mining sectors. The number of people expecting increases in house prices in the next six months rose slightly in last week’s poll. 

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