TechnologyDays on market: Here's how long it will take you to sell a house in 62 Canadian markets
House Prices Fall In Most Major Canadian Cities Amid ‘Cooling Demand’
We're not out of the woods yet. Many in the real estate industry have declared that Canada's housing markets have achieved the much-desired "soft landing," and the country is not in for a severe housing correction. But the latest data from the Teranet/National Bank house price index shows house prices in Canada's largest cities have largely turned negative in the past few months. House prices fell in October in eight of the 11 cities surveyed in the index, with only Quebec City and Halifax showing any price growth, and prices flat in Victoria. © Provided by Oath Inc.
We've been hearing from our readers lately that real estate news focuses too much on Toronto and Vancouver and not enough on the rest of the country.
This is a legitimate point. Both within the industry and among the public, there's been a fascination with these two markets. And there's some reason for that. As recently as 2015, the Toronto and Vancouver metro areas accounted for 29 per cent of all home sales in Canada.
But with the recent slowdown in those cities, they're becoming less important to the overall market, accounting for only 22 per cent of sales in 2018.
Trudeau predicts end to pot shortages within a year
Trudeau predicts end to pot shortages within a year
So it's time to take a look at what's going on in all those other markets that aren't Toronto or Vancouver. In the coming weeks, we'll be featuring stories on conditions in Canada's smaller and medium-sized markets — or at least as much data as we can find, because there are often gaps in those smaller communities.
This week we are drilling down through Canadian Real Estate Association statistics to see just how long it takes to sell a house in the many varied markets across the country.
Despite a sharp slowdown in home sales across southern Ontario in recent months, these cities are still the places where houses "fly off the shelves," as it were, at breakneck speed. The shortest time period in the country is in Windsor (yes, population-of-200,000 Windsor), where it typically takes 12 days to sell a house.
Gold Becomes Hugely Attractive as Other Assets Falter
Gold often has its day as an investment when other markets become dangerous. That time has come again. Assets classes from equities to fixed income, from commodities to real estate, have been shaken by a slowing economy and worry that global trade disputes could mute GDP improvement worldwide.Gold already has rallied somewhat this year but should move toward its 52-week high soon. At $1,242 an ounce, it trades well above its 52-week low of $1,173 and below its $1,398 peak for the period.
Compare that to 134 days in Saguenay, Que., the longest period reported by any real estate board in Canada. In fact, the bottom of the list is dominated by municipalities in Quebec. Even Montreal, which had the strongest housing market among major cities in 2018, has a 74-day average selling time, compared to 23 days in Toronto and 56 in Greater Vancouver, which had far weaker housing markets in the past year.
It takes less time to sell a house in most Maritime cities than it does in a bustling Montreal. Go figure.
Earlier on HuffPost Canada:
This isn't just about economics; there is something cultural going on here. Maybe that old trope that English Canadians are always in a hurry and French Canadians like to take their time has something to it.
Q&A: What does it mean when stocks enter a 'bear market'
Wall Street's sharp downturn beginning in October has pulled the Nasdaq composite index into what's known as a bear market. The benchmark S&P 500 index is in what Wall Street calls a correction, and is headed toward a bear market, threatening to end the more than 9-year U.S. bull market run. Here are some common questions asked about bear markets, corrections and what it means for average investors: ___ HOW IS A BEAR MARKET DIFFERENT FROM A MARKET CORRECTION? A correction is Wall Street's term for an index like the S&P 500, the Dow Jones Industrial Average, or even an individual stock, that's fallen 10 per cent or more from a recent high.
And it's also about the markets' legacy, or what people are accustomed to. After years of competitive housing markets, Ontarians are used to making these decisions quickly. Meanwhile, decades of a moribund housing market have made "fear of missing out" a nearly unheard-of phenomenon in Quebec.
Looking at Montreal's housing market, which continues to be affordable after years of strong demand, while Toronto and Vancouver struggle with record levels of unaffordability, I can't help but think that Quebecers may be on to something here.
But there is one other factor to consider: Recycled listings. Realtors in some parts of the country are taking houses off the market and re-listing them, to make the listing look "fresh." That can distort the numbers. It's unlikely this is making a huge difference in these numbers, but something to keep in mind.
Here are the average days on market for houses across Canada.
*For markets that distinguish between condo and detached home data, the number is for detached homes. Only province-wide numbers were available for Nova Scotia and P.E.I. Data was missing for some communities, particularly in B.C.
What does it mean when stocks enter a ‘bear market’
How bear markets differ from corrections
This article originally appeared on HuffPost Canada.
Montreal Is Canada's Last Major Housing Market Seeing Price Growth.
Canada's urban housing markets are deflating under the weight of higher interest rates and a mortgage stress test, with just two major metro areas — Halifax and Montreal — showing any price growth in February. And only one of those — Montreal — has seen positive price growth over the past six months, according to data from the Teranet-National Bank House Price Index. "But price weakness does not mean collapse," National Bank economist Marc Pinsonneault wrote in a client note Wednesday. "In Toronto, Canada's most important real estate market, apartment prices have been up for 16 consecutive months, while prices of other types of dwellings declined only 1.
63 Minute Consultation for Small Businesses and Personal Brands (4Ds)
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