Daily Market Update

Canadian home sales to fall by 1.1 per cent, says CREA
The Canadian Real Estate Association has predicted a fall in home sales of 1.1 per cent for 2015 as oil prices subdue consumer confidence in some provinces. It has also predicted that Alberta home prices will drop by 3.7 per cent, bringing the national average growth in prices to two per cent. That means the average home in Canada will cost $416,200. It said sales volume will vary by province: with Alberta down 19.3 per cent, Saskatchewan down 11.2 per cent, Manitoba 2.2 per cent, Newfoundland down one per cent, B.C. up 4.9 per cent, Nova Scotia up 3.7 per cent, Quebec and New Brunswick up 2.5 per cent; Ontario up 1.9 per cent, and PEI up 1.4 per cent.
Vancouver houses to cost every cent of your income
The average detached house in Vancouver could cost $2.1 million and require more than the median household income by 2030 if prices continue to rise at the current level. That’s the finding of a report by Vancity called Downsizing the Canadian Dream: Homeownership Realities for Millennials and Beyond. It says that only a handful of suburbs are classed as “affordable,” which is determined by not exceeding 32 per cent of a homeowner’s gross monthly income. Recommendations made in the report include re-zoning to allow greater density and incentives for developers to build affordable housing. The city’s chief housing officer said they are already working on similar ideas. Read the full story.
Vacancies rise in Calgary office market
Employers in Calgary are scaling back on leased office space, according to a report from CBRE. Downtown vacancies have increased to 11.8 per cent in the first quarter of this year compared to 9.1 per cent in the same period last year. Total absorption is down by 807,000 square feet while vacant sublease space is more than two million square feet, up from 1.5 million a year ago. Rents have decreased as a result of the lower demand and now average $24.93 per square feet, compared to $26.40 at the end of last year and $28.47 a year ago. Read the full story.

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