The 30% drop in seasonally-adjusted monthly housing resales in the first seven months of this year has raised fears that a full-blown slump is in the works for Canada. However, we find little compelling evidence of irrationality or bubbles in the overall Canadian market relative to historical patterns.
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Markets
| Mortgage Rates | 1yr | 3yr | 5yr | |
| Bank Posted | 4.05% | 5.10% | 6.10% |
| Prime Rate | 2.75% |
| Bond Yields | 2yr | 5yr | 10yr |
| GOC Benchmark: | 1.60% | 2.44% | 3.22% |
| Currency List | Sell | Buy |
| Euro Member Countries (EUR) | 1.3498 | 1.3679 |
| Great Britain Pound (GBP) | 1.6131 | 1.6345 |
| Japan Yen (JPY) | 0.0118 | 0.0119 |
| United States Dollar (USD) | 1.0310 | 1.0447 |
| Building Permits | June09 $million | May10 $million | June10 $million | June09 to June10 |
| Victoria | 40.2 | 63.4 | 58.3 | 45.2% |
| Vancouver | 248.8 | 444.9 | 501.1 | 101.4% |
| Calgary | 428.7 | 314.8 | 375.2 | -12.5% |
| Edmonton | 235.1 | 347.1 | 457.0 | 94.4% |
| Saskatoon | 39.4 | 98.4 | 51.5 | 30.8% |
| Regina | 44.5 | 73.2 | 36.5 | -17.9% |
| Winnipeg | 79.8 | 86.4 | 91.2 | 14.4% |
| Toronto | 908.3 | 1177.0 | 996.5 | 9.7% |
| Ottawa-Gatineau | 182.0 | 190.9 | 282.5 | 55.2% |
| Montreal | 562.7 | 617.4 | 630.0 | 12.0% |
| Halifax | 64.8 | 56.3 | 70.2 | 8.3% |
| MLS Average Residential Price | July 2010 | July 2009 | Change | Sales |
| Canada | $325,183 | $321,945 | 1.0% | 12,260.0 $millions |
| BC | $480,267 | $453,810 | 5.8% | 2,979.1 $million |
| Alberta | $363,181 | $348,891 | 4.1% | 1,623.0 $millions |
| Saskatchewan | $249,552 | $243,059 | 2.7% | 286.7 $millions |
| Manitoba | $213,828 | $195,549 | 9.3% | 294.0 $millions |
| Ontario | $322,371 | $314,249 | 2.6% | 5,263.4 $millions |
| Quebec | $238,313 | $228,657 | 4.2% | 1,339.8 $millions |
| New Brunswick | $150,041 | $140,225 | 7.0% | 110.0 $millions |
| Nova Scotia | $187,260 | $193,478 | -3.2% | 192.3 $millions |
| PEI | $125,275 | $128,228 | -2.3% | 24.4 $millions |
| Newfoundland | $229,452 | $195,525 | 17.4% | 119.8 $millions |
| Yukon | $291,582 | $217,984 | 33.8% | 9.0 $millions |
| NWT | $403,650 | $322,175 | 25.3% | 6.5 $millions |
| Housing Starts | June09 | July10 | June09 | July10 |
| Actual Revised | Actual Preliminary | Seasonally adjusted revised | Seasonally adjusted preliminary | |
| Canada | 13,158 | 17,390 | 192,300 | 189,200 |
| Atlantic urban | 954 | 1,208 | 9,000 | 12,400 |
| Quebec urban | 3,458 | 3,860 | 47,100 | 46,900 |
| Ontario urban | 3,689 | 4,784 | 52,500 | 51,100 |
| Prairie urban | 2,160 | 3,526 | 33,900 | 38,800 |
| BC urban | 1,052 | 1,817 | 23,500 | 20,100 |
Headline News
TORONTO, ONTARIO--(Sept. 3, 2010) - TREB reports a 22% decrease in sales and a 6% increase in prices in August 2010 from August 2009. "Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place," said Jason Mercer, TREB's Senior Manager of Market Analysis.
September 3, VANCOUVER, BC - Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.
OTTAWA, Sept. 3 /CNW/ - The latest Harris/Decima-Investor's Group Measure of Consumer Confidence reveals that 1 in 5 Canadians see good times ahead.
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Person to Person
Wayne Sudsbury - Experience & Professionalism
In the Media
Mark Squire
Mark also talked about the impressive growth gained by National Bank over the past two years. From ranking 22nd in broker market share in 2008 to its current 10th position, National Bank will continue to optimize their relationship with independent mortgage brokers.
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VERICO Announcements
To achieve this goal, we challenge each and every one of you to donate $10 to such a worthwhile cause. Your donation will help Plan improve children's learning and living environment, by repairing 7 classrooms and 13 dormitories in 5 communities in China.
Grow your business, your brand, your way... with VERICO.
We have recently revamped the VERICO Intranet. Visit it today at http://sharepoint.vericonet/.
VERICO will be hosting its Annual Members Appreciation Dinner and President’s Council the weekend before the CAAMP Conference.
VERICO hosted our first VERICO Licensee Retreat in Las Vegas on June 21-23. The event was a resounding success and a great time was had by all.
VERICO Canada is committed to ensuring that our members are equipped with the tools and resources you need to be successful in your business. With changes in banking regulations, some have expressed a need for private lender resources (MIC).
WASHINGTON - A U.S. study says Canadians are snapping up U.S housing more than any other foreigners.
The National Association of Realtors says Canadians bought 23 per cent of all the houses in the United States sold to foreigners in the year ended March 31.
The National Association of Realtors says Canadians bought 23 per cent of all the houses in the United States sold to foreigners in the year ended March 31.
VERICO Canada is fresh off a very successful Regional Days tour across Canada. VERICO held sessions in Vancouver, Calgary, Winnipeg, Toronto and Halifax for our Verico members and agents.
VERICO Canada has developed VERIsite exclusively for our VERICO Members. VERIsite is an easy to use personal website development tool that will enable you to quickly create, modify and publish your own mortgage website.
VERICO Calendar
VERICO News Wrap
- Carney Rate-Increase Odds Dip Below 50% on Slower Inflation: Canada Credit
- Canadian households: Among highest debt-to-income ratios in the world
- Bond rally drives down yields
- CANADA STOCKS-Gold stocks pull down TSX at open
- Canadian Dollar Climbs for Second Day After BHP's Hostile Bid for Potash
- At the open: Dow, TSX continue downward journey
- Canadian Dollar Touches Three-Week Low on Speculation Economy Slowing
- Canada Bonds Gain With US Treasurys After Fed Alters Policy
- Prices of resale homes in Canada rising faster than new homes
Feature News
Technology
Association News
Alberta
Calgary Housing Market in a Period of Correction
City of Calgary sales wane as town and country sales hold steady.
New Program for Members Required to Purchase Financial Institution Bonds
CALGARY, June 29 /JAC/ - AMBA Launches new program for Members required to purchase Financial Institution Bonds for Alberta Securities Commission registration.FRASER VALLEY HOME BUYERS TAKE HOLIDAY IN JULY
Surrey, BC - August 4 - The Fraser Valley Real Estate Board (FVREB) processed 1,101 sales on its Multiple Listing Service (MLS®) in July, a decrease of 47 per cent compared to the 2,089 sales during the same month last year and down 39 per cent compared to June.“Last year, we experienced the busiest July in our history and this year it was the quietest in a decade,” says FVREB President, Deanna Horn. “Although the real estate market typically slows in the summer months, we didn’t anticipate this level of change.
CAAMP continues efforts on GST/HST issue
VANCOUVER, August 9 / CAAMP/ - On June 30, 2010 the federal government released two revised documents regarding CRA Notice 250. This is the Notice that dealt with proposed amendments to the definition of financial services which may have resulted in broker commissions being subject to GST/HST. The revised Notice included two specific examples referencing mortgage brokers as well as changes to the definitions section of the Budget Bill referencing brokers.
Home Sales Continue To Cool in June
OTTAWA, July 15 /JAC/ - Statistics released by The Canadian Real Estate Association (CREA) show that the number of newly listed homes and sales activity declined in June 2010.
SummerFest 2010
July 23 - SummerFest 2010 - Network In Niagara! - August 20, 2010 - Book the day off and join in the fun!
MBABC - Charity Golf Tournament Registration
July 27 - MBABC - Charity Golf Tournament Registration Limited Space Left
OREB: Still a seller’s market in Ottawa; prices rise steadily
August 5, 2010 : Still a seller’s market in Ottawa; prices rise steadilyMembers of the Ottawa Real Estate Board sold 1,149 residential properties in July through the Board’s Multiple Listing Service® system compared with 1,578 in July 2009, a decrease of 27.2 per cent.
Homebuyers and sellers less active in July
VANCOUVER, BC - Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months. The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.
GTA REALTORS® Report Mid-Month Resale Housing Figures
TORONTO, August 17, 2010 ‐ Greater Toronto REALTORS® reported 2,732 sales through the Multiple Listing Service® (MLS®) during the first two weeks of August 2010.This represented a 29 per cent decrease compared to the 3,832 sales recorded during the same period in 2009. New listings, at 4,770 were down eight per cent compared to the first two weeks of August 2009.
