MAJOR MARKET HOUSING STARTS FORECAST FOR 2016 by Altus Group Dec 8, 2015
Public newslink: http://altusgroup.com/newsroom/research/2015/major-market-housing-starts-forecast-fall-2015/
Vancouver starts next year are forecast to almost match 2015’s stellar performance, for both single-family and apartment units.
Last year’s strong new home sales boosted starts this year in Edmonton, but softer sales this year will work through to fewer starts in 2016. Calgary starts are facing a further drop in 2016.
In Toronto, new single-family home sales have been very strong, according to Altus RealNet data, which is positive for higher single-family starts in 2016. Apartment starts are expected to moderate after this year’s burst.
Unsold built inventory is displacing some potential new housing starts in Montreal, Saskatoon and Regina this year, but 2016 should bring some pick up.
Expect relatively stable starts in Halifax and Ottawa next year, but softening in Winnipeg.
REBGV NEWSFLASH Nov 3, 2015
"LAST MONTH'S SALES WERE 36.2% ABOVE THE 10-YR SALES AVERAGE FOR THE MONTH OF OCTOBER"
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Metro Vancouver home buyers push October sales above long-term averages.
Home buyers remain active across Metro Vancouver despite a REDUCED SUPPLY of homes for sale.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015.
Last month’s sales were 36.2 per cent above the 10-year sales average for the month.
“Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014.
The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015.
This is the lowest active listing total in Metro Vancouver since December 2010.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $736,000. This represents a 15.3 per cent increase compared to October 2014.
The sales-to-active-listings ratio in October was 38.1 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.
Sales of detached properties in October 2015 reached 1,437, an increase of 13.1 per cent from the 1,271 detached sales recorded in October 2014...