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House sales falling in Canada, latest data shows
House sales in Canada are falling nationally, seeing the first monthly fall since the beginning of the year, according to the latest data from the Canadian Real Estate Association (CREA). The figures reveal that national home sales fell 1.4% from August to September but actual (not seasonally adjusted) activity stood 10.6% above September 2013 levels. The data also shows that the number of newly listed homes declined by 1.6% from August to September and the national average sale price rose 5.9% on a year on year basis in September. A breakdown of the figures show that activity was down in about 60% of all local housing markets in September, led by monthly declines in Calgary, Edmonton, Central Toronto, Kitchener-Waterloo, London and St. Thomas, Windsor-Essex, and Ottawa. Home sales rose on a month on month basis in Fraser Valley, Vancouver Island, the Okanagan region, Mississauga, Durham and York regions of the Greater Toronto Area, Sherbrooke, and the Northern region of Nova Scotia. ‘Affordably priced single family homes are in short supply in some of Canada’s hottest housing markets, which contributed to the monthly decline in national sales activity in September,’ said CREA president Beth Crosbie. ‘That said, there are other markets with ample supply but sellers there are holding firm on price. There is a lot of variation in housing market trends depending on the type of housing, neighbourhood and price segment,’ she added. September sales were up from year ago levels in about 80% of all local markets, led by Greater Vancouver and the Fraser Valley, the Okanagan region, Calgary, Greater Toronto and Montreal. The increase reflects activity in September 2013 that was handicapped by the occurrence of five Sundays, since that day is the lowest volume trading day for home sales. Sales activity for the year to date in September was 5% above where it stood in the first nine months of 2013, and remains broadly in line with the 10 year average for the period. The number of newly listed homes declined by 1.6% in September compared to August. New supply was down in just over half of all local markets, led by Calgary, Edmonton, Greater Toronto, Kingston and Ottawa. The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity. There were 5.9 months of inventory nationally at the end of September 2014, up slightly from 5.8 months in August and slightly below the six months reported in May, June and July. Price growth has been steady at about five to 5.5% since the beginning of the year and year on year price growth accelerated slightly for two storey single family homes and slowed further for apartment units. Price gains for one storey single family homes and townhouse/row units were little changed compared to August. Two storey single family homes continue to post the biggest year on year price gains with… Continue reading
Scottish house prices at their highest since records began
Scottish houses prices are at their highest level since records began, according to official statistics published by Registers of Scotland (RoS). The average house price in Scotland in the second quarter was £170,190, up 5.2% on the same period in 2013. This is the highest figure since RoS began compiling quarterly house price statistics in 2003. From July to September this year, the total volume of sales was also up, with an increase of 9.1% on the same quarter in the previous year. This figure represents the highest volume of sales for any quarter since quarter one of 2008/2009. ‘This is the second consecutive quarter in which the annual increase in average house price has risen by over 5%, bringing the average property price above pre-economic downturn levels, to just over £170,000,’ said Registers of Scotland’s director of commercial services, Kenny Crawford. ‘Combined with the increase in sales volumes, this has brought the total value of sales across Scotland to just under £4.5 billion for the quarter, up 14.8% on the same period last year,’ he added. Renfrewshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 17.2% to £137,072. The City of Edinburgh recorded the highest average at £235,402, a rise of 5.6% compared with the same quarter in the previous year. The largest percentage fall in price was in the Scottish Borders which showed a drop of 5.7% with an average price of £164,448. The City of Edinburgh remains the largest market with sales of just under £759 million for the quarter, an increase of 17.9% compared with the same quarter last year. The data also shows that East Dunbartonshire showed the highest percentage rise with the value of sales increasing by 36.4% compared to the previous year. All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 5.3%. The largest sales volumes came from detached properties, which went up by 11.2% on the previous year. These statistics cover all residential sales, including those that did not involve a mortgage. Continue reading
Some 20% of house seekers in UK would consider moving abroad to find affordable home
A fifth of disillusioned house hunters in the UK would consider leaving the country due to the cost involved in getting on the housing ladder. The United States is the most popular location with 31% saying they would consider moving there, according to research from comparison website Gocompare. Some 29% would consider moving to Australia and 20% to New Zealand with men more likely than women to consider a move overseas while those aged between 18 and 24 years old were most keen to leave the UK. Overall the most popular step to get on the property ladder is the government’s flagship Help to Buy scheme with 30% saying that is their preferred option but 20% willing to move abroad. The poll also shows that 15% would consider buying with friends, 14% would look at buying a micro home, 13.5% a static caravan or park home, 12% with their parents and 12% with other family members such as siblings. ‘A lack of affordable housing has resulted in a property market that is closed off to an increasing number of would-be homeowners. As such, it’s hardly surprising that many people feel like they may have to take some rather drastic steps to own a home,’ said Matt Sanders, spokesperson for Gocompare.com Mortgages. ‘While shared ownership, settling for small or alternative forms of accommodation, and even getting on a plane to another country are being mulled over as options for many, it’s also encouraging to see from our research that people are actively considering making use of the Help to Buy scheme. The majority of people who have applied to the scheme so far are first time buyers, but it’s open to all borrowers,’ he pointed out. ‘If you’re actively looking to buy a home, it’s well worth seeking advice from a qualified, impartial mortgage broker, who can give you an idea of what you can afford and the options available to you,’ he added. Continue reading
