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Home prices recover in March says Teranet index
There was something of a turnaround in house prices in March following decline in February. The Teranet/National Bank HPI showed a nationwide increase of 0.29 per cent in the month and 4.73 per cent from a year ago. In February 8 of the 11 markets surveyed saw prices fall but in March 8 of the 11 increased. As you might expect Toronto and Vancouver heavily influenced the index with annual increases of 7.62 per cent and 5.3 per cent respectively. While Calgary prices are 2 per cent lower than their peak in the third quarter of 2014, they still managed a 0.19 per cent increase in the month to March; Edmonton saw a 0.38 per cent rise. There was decline in Halifax although the annual rise was the highest in the index at 8.4 per cent. Ottawa-Gatineau was the worst performer with prices down 0.33 per cent in the month.
Downgraded but still solid: IMF’s outlook for Canadian economy
The International Monetary Fund has downgraded its outlook for Canada’s economy. The revised growth forecast is 2.2 per cent this year (revised from 2.3 per cent in January) and 2 per cent in 2016 (down from 2.1). While any downgrade is not good news, the IMF’s figures reflect the weakness in the oil industry and it says that despite that growth should be “solid”. It says that while the US is benefitting from the lower energy costs, Canada has an energy sector that is relatively large so exposure is higher.
Thinking of being a Miami snowbird? Think again!
Canadians are finding the combination of a weaker loonie and increasing prices are making the popular snowbird market of Miami unaffordable. Chris Zoller, residential president of the Miami Association of Realtors says that rapid price increases have shifted the percentage of international buyers who are from Canada down to single figures; just 7 per cent. Don’t feel that your dream of a home in Florida has been shattered though as Zoller told the Financial Post that further north, in Orlando, there are still some great bargains and now might be the best time to start looking. Michael Dolega from TD Bank says that there is more demand for vacation property in the winter months so buying in the summer can often save thousands of dollars.
Royal Le Page achieves real estate first
Real estate company Royal Le Page has been named 2015 Outstanding Corporate Citizen by the Canadian Franchise Association and becomes the first real estate agency to achieve the accolade. The award has been made for the company’s support of local communities through its network of 600 brokerage offices and for nationwide philanthropy especially through its charity the Royal LePage Shelter Foundation. Phil Soper, President and CEO said: “I am extremely proud of the women and men of Royal LePage, for their ongoing financial commitment to our foundation, and for the compassion they show through countless hours of volunteer work for the cause. The good works we do wouldn’t be possible without the immense support we receive from business partners and clients.”
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