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Real Estate Trends for 2005
Emerging real estate trends for 2005
With the New Year getting underway, prospective homebuyers and sellers are wondering what the year holds in store for real estate. All things considered, 2005 is shaping up to be another good year for buyers and sellers alike.
Economic trends that contributed to an excellent real estate performance in the past few years are expected to continue. Mortgages continue to be offered at some of the most attractive lending rates seen in decades. Therefore, although real estate is expected to continue to command high list prices, the actual cost of carrying a home can be quite affordable compared to some years ago when mortgage rates were much higher. Low interest rates also mean that conventional savings vehicles such as GICs aren't earning good returns, so building equity in real estate is an appealing investment choice. Compared with lower single digit returns on traditional investments, real estate offers a very viable option. Real estate also has the added appeal of being one of the few ways that you can invest your money and build equity, while enjoying it at the same time.
Through the course of 2005, a rise in interest rates is anticipated and when that happens, you can expect a corresponding impact on consumer demand. Increases in mortgage rates have been predicted by economists and major financial institutions. We've already begun to see some modest interest rate increases in the past several weeks. As the cost of lending increases, the demand for housing will begin to cool. While house prices are expected to make some gains in 2005, you should not expect to see the same kind of double-digit increases in value that characterized the record-setting markets of recent years. We will move towards a calmer, more moderate market.
As to consumer demand, there are strong economic indicators for a good year for the Canadian economy. That good performance will fuel consumer confidence which is another driving force behind the real estate market's performance. There are also some important demographic trends at work that will have a far-reaching impact on the housing market in 2005. Canada 's “baby boomer” generation is aging and a large segment of the Canadian population is beginning to inherit what will amount to trillions of dollars in their parents' wealth. This phenomenon will deliver more prospective homebuyers looking to upgrade to more luxurious homes and to buy recreational and investment properties. And that increased demand for high-end and vacation properties will fuel those niche markets specifically and the real estate market in general. Your Coldwell Banker real estate professional can give you many more insights about your local market.
All in all, there are many factors present that indicate a strong and healthy real estate market for 2005. And that presents a very happy New Year for both buyers and sellers!
This newsletter is not intended to solicit properties currently listed for sale.
An Independently Owned and Operated Member Broker of Coldwell Banker Affiliates of Canada.
Sourced from Coldwell Banker.
Emerging real estate trends for 2005
With the New Year getting underway, prospective homebuyers and sellers are wondering what the year holds in store for real estate. All things considered, 2005 is shaping up to be another good year for buyers and sellers alike.
Economic trends that contributed to an excellent real estate performance in the past few years are expected to continue. Mortgages continue to be offered at some of the most attractive lending rates seen in decades. Therefore, although real estate is expected to continue to command high list prices, the actual cost of carrying a home can be quite affordable compared to some years ago when mortgage rates were much higher. Low interest rates also mean that conventional savings vehicles such as GICs aren't earning good returns, so building equity in real estate is an appealing investment choice. Compared with lower single digit returns on traditional investments, real estate offers a very viable option. Real estate also has the added appeal of being one of the few ways that you can invest your money and build equity, while enjoying it at the same time.
Through the course of 2005, a rise in interest rates is anticipated and when that happens, you can expect a corresponding impact on consumer demand. Increases in mortgage rates have been predicted by economists and major financial institutions. We've already begun to see some modest interest rate increases in the past several weeks. As the cost of lending increases, the demand for housing will begin to cool. While house prices are expected to make some gains in 2005, you should not expect to see the same kind of double-digit increases in value that characterized the record-setting markets of recent years. We will move towards a calmer, more moderate market.
As to consumer demand, there are strong economic indicators for a good year for the Canadian economy. That good performance will fuel consumer confidence which is another driving force behind the real estate market's performance. There are also some important demographic trends at work that will have a far-reaching impact on the housing market in 2005. Canada 's “baby boomer” generation is aging and a large segment of the Canadian population is beginning to inherit what will amount to trillions of dollars in their parents' wealth. This phenomenon will deliver more prospective homebuyers looking to upgrade to more luxurious homes and to buy recreational and investment properties. And that increased demand for high-end and vacation properties will fuel those niche markets specifically and the real estate market in general. Your Coldwell Banker real estate professional can give you many more insights about your local market.
All in all, there are many factors present that indicate a strong and healthy real estate market for 2005. And that presents a very happy New Year for both buyers and sellers!
This newsletter is not intended to solicit properties currently listed for sale.
An Independently Owned and Operated Member Broker of Coldwell Banker Affiliates of Canada.
Sourced from Coldwell Banker.
Canada's Housing Boom Forecast To Continue In 2005
Canada's real estate market, enjoying record sales for the last several years, is poised to have another great year in 2005, forecasters agree. While most observers think the market will be less frenetic than in 2004, economic conditions point to another strong year. Interest rates are not expected to increase dramatically, in part because of the strength of the Canadian dollar. The employment numbers are good and consumer confidence is positive.
The latest forecast from Royal LePage Real Estate Services predicts that house prices will rise by 4.5 per cent nationally in 2005, a figure that is more conservative than earlier forecasts of 5.3 per cent from Canada Mortgage and Housing Corp. (CMHC) and six per cent from Re/Max. Last year, all three predicted numbers turned out to be less than half of the 2004's actual price increase, which will be about nine per cent when all the year-end figures are added up.
Most analysts believe that an increase in listings and less pent-up demand will slow the market down in 2005.
"We currently have the highest levels of listing inventory available in the past four years, and this will clearly have a mitigating effect on price increases," says Phil Soper, president and CEO of Royal LePage. "Sound market fundamentals will support a robust 2005 housing market, but what will emerge is more normalized, sustainable housing market activity."
"Homeowners who invested in real estate over the last several years will continue to benefit from strong upward momentum in 2005," says Michael Polzler, executive vice-president of Re/Max Ontario-Atlantic Canada, in a news release. "Without a doubt, records will be broken in many major centres. Unit sales figures will reflect an active marketplace that will continue to be buoyed by strong economic fundamentals."
Western Canadian cities like Edmonton, Calgary and Kelowna, B.C., will see the highest unit sales increases, says Re/Max, because strength in the oil and natural gas sector is spurring energy investment and non-residential construction.
"Alberta certainly stands to benefit from strong global demand for crude at close to $50 US a barrel," says Elton Ash, vice-president and regional director at Re/Max of Western Canada. "Foreign demand is also expected to bolster coal mining projects in British Columbia and give strength to the potash and uranium industries in Saskatchewan next year."
But in Ontario, Polzler says, "With supply and demand on more even ground, housing values are expected to moderate somewhat in coming months -- unlike 2004, when average prices had a strong upward momentum."
Royal LePage predicts that Edmonton property values will post the greatest increases next year, at seven per cent, followed by Calgary and Winnipeg. The smallest price increases will be in Halifax at 1.7 per cent and Toronto at 2.5 per cent, says Royal LePage.
The company says that potential challenges in 2005 include Canada's vulnerability to escalating energy prices, appreciation of the Canadian dollar, and "possible softening of demand in the U.S."
Some other emerging trends:
Most major Ontario markets experienced a "serious upswing" in luxury home sales in 2004, says Re/Max. "Homes priced at $1 million plus have topped 1,000 units in Toronto, up 36 per cent over 2003 levels," the company reports. "In Ottawa, sales of homes priced in excess of $500,000 rose close to 61 per cent this year, compared to the same period one year ago."
CMHC says that in Toronto, low-rise condominiums, townhouses and semi-detached homes will become more in demand, as an affordable alternative to the single-detached home. Because new homes are now so expensive in the Greater Toronto Area, the resale market will take market share away from builders.
Smilarly, in Vancouver, condominium apartments, townhouses and row houses will take market share from single-detached homes. Luxury condominiums are also expected to do well as older move-up buyers cash in the equity in their homes and move to a maintenance-free lifestyle. The move-up market in general will have more impact on the market in 2005.
First-time buyers will continue to fuel housing activity, particularly in Edmonton, London, Ont., and Moncton, says Re/Max.
by Jim Adair
Published: December 30, 2004
http://realtytimes.com/rtcpages/20041230_housingboom.htm
Canada's real estate market, enjoying record sales for the last several years, is poised to have another great year in 2005, forecasters agree. While most observers think the market will be less frenetic than in 2004, economic conditions point to another strong year. Interest rates are not expected to increase dramatically, in part because of the strength of the Canadian dollar. The employment numbers are good and consumer confidence is positive.
The latest forecast from Royal LePage Real Estate Services predicts that house prices will rise by 4.5 per cent nationally in 2005, a figure that is more conservative than earlier forecasts of 5.3 per cent from Canada Mortgage and Housing Corp. (CMHC) and six per cent from Re/Max. Last year, all three predicted numbers turned out to be less than half of the 2004's actual price increase, which will be about nine per cent when all the year-end figures are added up.
Most analysts believe that an increase in listings and less pent-up demand will slow the market down in 2005.
"We currently have the highest levels of listing inventory available in the past four years, and this will clearly have a mitigating effect on price increases," says Phil Soper, president and CEO of Royal LePage. "Sound market fundamentals will support a robust 2005 housing market, but what will emerge is more normalized, sustainable housing market activity."
"Homeowners who invested in real estate over the last several years will continue to benefit from strong upward momentum in 2005," says Michael Polzler, executive vice-president of Re/Max Ontario-Atlantic Canada, in a news release. "Without a doubt, records will be broken in many major centres. Unit sales figures will reflect an active marketplace that will continue to be buoyed by strong economic fundamentals."
Western Canadian cities like Edmonton, Calgary and Kelowna, B.C., will see the highest unit sales increases, says Re/Max, because strength in the oil and natural gas sector is spurring energy investment and non-residential construction.
"Alberta certainly stands to benefit from strong global demand for crude at close to $50 US a barrel," says Elton Ash, vice-president and regional director at Re/Max of Western Canada. "Foreign demand is also expected to bolster coal mining projects in British Columbia and give strength to the potash and uranium industries in Saskatchewan next year."
But in Ontario, Polzler says, "With supply and demand on more even ground, housing values are expected to moderate somewhat in coming months -- unlike 2004, when average prices had a strong upward momentum."
Royal LePage predicts that Edmonton property values will post the greatest increases next year, at seven per cent, followed by Calgary and Winnipeg. The smallest price increases will be in Halifax at 1.7 per cent and Toronto at 2.5 per cent, says Royal LePage.
The company says that potential challenges in 2005 include Canada's vulnerability to escalating energy prices, appreciation of the Canadian dollar, and "possible softening of demand in the U.S."
Some other emerging trends:
Most major Ontario markets experienced a "serious upswing" in luxury home sales in 2004, says Re/Max. "Homes priced at $1 million plus have topped 1,000 units in Toronto, up 36 per cent over 2003 levels," the company reports. "In Ottawa, sales of homes priced in excess of $500,000 rose close to 61 per cent this year, compared to the same period one year ago."
CMHC says that in Toronto, low-rise condominiums, townhouses and semi-detached homes will become more in demand, as an affordable alternative to the single-detached home. Because new homes are now so expensive in the Greater Toronto Area, the resale market will take market share away from builders.
Smilarly, in Vancouver, condominium apartments, townhouses and row houses will take market share from single-detached homes. Luxury condominiums are also expected to do well as older move-up buyers cash in the equity in their homes and move to a maintenance-free lifestyle. The move-up market in general will have more impact on the market in 2005.
First-time buyers will continue to fuel housing activity, particularly in Edmonton, London, Ont., and Moncton, says Re/Max.
by Jim Adair
Published: December 30, 2004
http://realtytimes.com/rtcpages/20041230_housingboom.htm
Buyers will continue to benefit from historically low interest rates as the low cost of borrowing money extends homeownership to a majority of Canadians. Interest rate increases are likely to be moderate, particularly in view of the strengthening Canadian dollar, and gradual increases will work to temper the current torrid pace of market activity.
Highlights of the nine markets examined reveal that in 2005 the three most affordable cities to find homes will be Regina, Winnipeg, and Halifax.
The three most expensive cities to purchase real estate will be Vancouver, Toronto, and Ottawa.
http://www.moneysense.ca/news/shownews.jsp?content=20041220_064504_0_cnw_cnw
Highlights of the nine markets examined reveal that in 2005 the three most affordable cities to find homes will be Regina, Winnipeg, and Halifax.
The three most expensive cities to purchase real estate will be Vancouver, Toronto, and Ottawa.
http://www.moneysense.ca/news/shownews.jsp?content=20041220_064504_0_cnw_cnw
Canada's major-market real estate breaks records
The average price increases are forecast to moderate beginning in the spring of 2005, since prices surged in April 2004 and have since held fairly steady. Once that surge is no longer a factor in year-over-year comparisons, average price increases over the rest of 2005 will range between three and five percent.
http://realestate.yahoo.com/realestate/story.html?s=n/inman/realestate/20050117/20050117601
The average price increases are forecast to moderate beginning in the spring of 2005, since prices surged in April 2004 and have since held fairly steady. Once that surge is no longer a factor in year-over-year comparisons, average price increases over the rest of 2005 will range between three and five percent.
http://realestate.yahoo.com/realestate/story.html?s=n/inman/realestate/20050117/20050117601
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