Daily Market Update

by Jamie Henry07 Jan 2015
Toronto sees 46 per cent increase in $1 million condo sales
There was a 46 per cent rise in the number of condos selling for $1 million or more in the Greater Toronto Area last year. A new report from Sotheby’s shows that sales of all homes above $1 million increased by 38 per cent to 7,527. The realty firm says that the kind of bidding wars more commonly seen for detached houses are becoming more frequent for luxury condos. Toronto is becoming more popular with foreign investors as prices are still lower than Vancouver, which saw a 25 per cent increase in luxury sales last year, and downsizing baby boomers are also driving GTA sales, the report says. Elsewhere, Montreal’s higher value home sales increased 21 per cent and Calgary saw a rise of 16 per cent. Read the full story.
Alberta housing market starting to slowdown, says BMO
The slowdown in the energy sector is beginning to affect the real estate market in Alberta. A senior economist at the Bank of Montreal, Sal Guatieri, says that cracks are starting to appear in Calgary with listings increasing 42 per cent during 2014 while sales have slowed to 7.5 per cent. Prices were up almost nine per cent, according to CREB data this week, but Guatieri expects a slowdown, possibly leading to falling prices this year. BMO’s chief economist said this week that he expects growth throughout Alberta to be half that of last year. Read the full story.
BC property benefits from LNG plans
The potential for a provincial boom from proposals to export liquefied natural gas has led to growth in property values in northwest BC. The latest BC Assessments figures show that Kitimat, Terrace and Prince Rupert have seen a period of increase from 2011-2014, which has been attributed to the prospect of an LNG-fuelled boom. Kitimat saw a 124 per cent increase in prices in the three-year period, while Terrace and Prince Rupert saw a relatively modest 52 and 34 per cent, respectively. However, the effects won’t last without energy firms’ plans turning into reality. There have been initial engineering and exploration works taking place, but firm commitments are lacking. Read the full story.

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