Daily Market Update

Vancouver prices heading for a record high
It’s been named as Canada’s least affordable city and figures from the CMHC don’t give any comfort to those struggling to buy a home in the city. The average price for detached houses, condos and townhouses is set to reach $811,000 in Greater Vancouver; that’s a 5.6 per cent year-over-year increase. There’s no slowdown forecast over the next two years either with CMHC expecting a 1.2 per cent increase next year and 1.7 per cent in 2016. MLS sales will end the year up 13.2 per cent this year but there will be a reduction in supply over the following two years according to the agency’s analysis. The overall trend for housing starts will continue steady with a dip in 2015 before rising again the year after. Read the full story.
 
Calgary and Edmonton are top choices for Alberta investors
The Real Estate Investment Network has published a study on the residential real estate investment sector and ranks Calgary and Edmonton as top picks. Ranking cities on economic risk, potential growth in yields, investors’ insights, political climate and accessibility, the maximum REIN Score is 50 points. Calgary and Edmonton both achieved the maximum with Fort Saskatchewan on 43, Airdrie on 41 and St. Albert and Red Deer on 39. The report notes that finding good investment property in Calgary is not that easy currently. Read the full story.
 
More flexibility for developers with new Saskatchewan environment code
A new environmental code in Saskatchewan will allow developers greater flexibility in how they meet stringent rules on ‘lower risk’ issues such as air quality, water management and protection of natural resources. Government ministers claim it is a first in Canada by focusing on outcomes rather than process. Critics say the code doesn’t go far enough and should have included measurement of greenhouse gasses. The code has been five years in the making and comes into effect in two stages with forest management rules in force from January with the remainder of the code implemented in June. Read the full story.
 
Loonie hits a 5 year low
The Canadian dollar has been pushed to a 5 year low today as oil prices were once again cut by Saudi Arabia. With the loonie so closely tied to the price of oil it has slumped to a level not seen since the end of recession in 2009; losing almost half a cent yesterday.
 
CREA launches new videos to help homebuyers with finances
The Canadian Real Estate Association has teamed up with the Consumer Finance Agency of Canada to produce a series of videos explaining the home buying process including explaining the key terms and concepts of mortgages. The videos have been produced to coincide with Financial Literacy Month and are being released every Tuesday and Thursday on the association’s YouTube channel.