After home sales ramped up late in 2013, Canada’s housing market should continue to favour sellers for the first part of 2014 before balancing out for the rest of the year, Royal LePage says.

In a report released Thursday, the agency pins its optimism on robust housing sales in late 2013 after a year-long “correctional cycle” that saw a considerable slowdown in home-buying.

The report says sales will continue their strong momentum for the first half of 2014, and dismisses concerns from some experts who predict a “soft landing,” or a mild correction in housing prices after years of increases.

The report noted that the average price of a home in Canada increased between 1.2 per cent and 3.8 per cent in the fourth quarter.

According to the report, the price of a standard two-storey home rose 3.6 per cent year-over-year in the fourth quarter to $418,282. The price of a detached bungalow rose 3.8 per cent to $380,710, while the price of a standard condominium rose 1.2 per cent to $246,530.

Phil Soper, president and CEO of Royal LePage, told CTV News Channel that while 2013 was good year for Canadian home buyers, this market seems to favour sellers in 2014.

“It is a cyclical industry … last year, the first half of 2013 was very good for buyers, so what goes around comes around. The markets responding to the end of a correctionary cycle,” he said.

Soper noted that cities in western Canada saw the largest increase in home prices, with Calgary slated to see a 5.1-per-cent jump, with home prices averaging around $461,000.

“The western cities of Calgary and Vancouver lead our forecast this year,” he said.

“Calgary is the healthiest economy in Canada. If you look at the unemployment rates in Alberta and Saskatchewan next door, they are half the rate of what we see in Ontario. And there’s a shortage of inventory, a shortage of housing. And when there’s a shortage of a product, its price goes up,” Soper explained.

Royal LePage predicts that prices will continue to rise in 2014, and projects a 3.7-per-cent increase nationally.

While Soper said the agency does not expect further government intervention in the housing market after Finance Minister Jim Flaherty clamped down on borrowing rules in recent years, Flaherty himself told CTV’s Question Period over the weekend that the government is prepared to intervene if the market gets too hot.

Meanwhile, Statistics Canada reports that the New Housing Price Index remained unchanged in November after rising 0.1 per cent in October. The federal agency reported that although prices of new homes rose in eight cities across the country, the increase was offset by decreases in five other cities, leaving the index steady.

Prices were up in the Ontario region of St. Catharines-Niagara (+0.8 per cent), as well as in Hamilton (+0.5 per cent), as well as Calgary (+0.4 per cent). However, prices declined in Victoria, Edmonton, Vancouver and the Ottawa-Gatineau region.

Overall, the index rose 1.4 per cent year-over-year in November.

Meanwhile, Canada Mortgage and Housing Corp. said Thursday that the pace of housing construction slowed in December, but that demand for new homes remained healthy.

More than 189,000 units were started in December, down from more than 198,000 in November.

• Starts in urban areas decreased overall by 5.1 per cent, to 168,214 units.
• Starts of multiple-dwelling units (condos, apartments and townhomes) in urban areas declined by 4.1 per cent to 108,910 units.
• Starts of detached units in urban areas fell 6.7 per cent to 59,304 units.

BMO Capital Markets senior economist Robert Kavcic said the figures represent a levelling off of building activity after some “underbuilding” during the recession and “overbuilding” as the economy picked up.

“We saw a pretty solid run up in the early part of the year in home building activity, but we have seen activity level off,” Kavcic told The Canadian Press.

“As we look to 2014 we’re expecting activity to cool off a little bit further. Basically what we’re going to see is homebuilders putting up houses at a rate that is required by the population.”

Make moving easier – Starting early and breaking down task into manageable time frames will reduce the pressure and potential mishaps. To avoid surprises, allow at least four to six weeks to prepare.

Offload and Organize

Get organized and dispose of unwanted furniture and possessions. Clean the items you want to take to your new home; it will make packing easier and unpacking much more enjoyable. You may also want to:

• Hold a garage sale or advertise furniture sale
• Donate unwanted items to charitable organizations
• Coordinate with your sanitation department to haul away bulk items or extra garbage
• Drain power equipment and grills of oil or fuel and have it properly disposed of

Get Estimates From At Least 3 Companies

Estimates:

Ask the movers to provide you with two estimates, one that includes packing and one that does not.

Big Item Moving:

Check with each moving company in regards to how they wrap items and furniture. Find out if padding and packing artwork, lamps and mirror are part of the estimates.

Insurance:

Most movers automatically insure for a nominal amount, which may or may not cover the cost of replacement.

Schedule:

Be sure to get your date in writing and provide a deposit, but do not pay in full until the move is completed and you are satisfied.

Tip: Unless you pay the moving company to pack your items for you, they usually will not handle loose items, such as utensils, tools or clothing. Be sure to have the details worked out with the mover beforehand.

Quicktip

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Boxes you don’t want buried in the back of the truck

For quick access after you move, consider separating boxes containing the following items:

• Basic kitchen supplies
• Bed linens
• Toiletries and medications
• A few outfits and school supplies for children
• Pet food and medication
• Household items like light bulbs and trash bags
• Tools and flashlights

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The Tan Team has been working hard to bring to you our new video series TAN Minutes! The official website has been unveiled. Stay tuned for Episode 01 of Tan Minutes and don’t forget to subscribe for all the latest Tan Minute updates!

From everyone one here at the TAN Team, we wish you a prosperous and eventful 2014!

PS: Stay tuned for Episode 01 of Tan-Minutes to be released this evening!

TORONTO, December 4, 2013 — Greater Toronto Area REALTORS® reported 6,391 residential sales through the TorontoMLS system in November, representing a 13.9 per cent increase over the sales result for November 2012. Over the same period, new listings on TorontoMLS were down by 4.4 per cent and month-end active listings were down by 12.1 per cent.

“Growth in sales was strong for most home types in the Greater Toronto Area. Sales growth was led by the single-detached market segment followed by condominium apartments. Together, singles and condos accounted for almost three-quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher.

“With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally. Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income,” continued Ms. Usher.

The average selling price for November 2013 TorontoMLS transactions was $538,881 – up by 11.3 per cent in comparison to the average of $484,208 reported for November 2012. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 per cent over the same period.

“Whether we consider the average TorontoMLS selling price or the MLS® HPI Composite Benchmark, annual home price growth remained well-above the rate of inflation in November. This makes sense given the fact that competition between buyers increased last month. Transactions were up strongly year-over-year while the number of homes available for sale was down,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Source: TREB

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