CENTURY 21 Canada National House Price Survey
(PRWEB) January 5, 2001
STOCK MARKET JITTERS WILL NOT SHAKE
CANADA’SRESIDENTIAL REAL ESTATE MARKETS IN 2001(OSHAWA, ONTARIO) HIGHLIGHTS: · DEMAND FROM FIRST-TIME BUYERS PUTS UPWARD PRESSURE ON HOUSE PRICES For Immediate Release: January 3, 2001 (OSHAWA, ONTARIO) — The Canadian housing market appears strong enough to withstand both the unnerving effects of turbulent North American stock markets, and the threat of higher inflation in the year ahead, according to the year-end national house price survey released today by CENTURY 21 Canada. The survey compares prices in December 1999 to December 2000.Don Lawby, President and Chief Operating Officer of Century 21 Real Estate Canada Ltd., says the meltdown in tech stocks over the past 12 months may have slashed the paper fortunes of many dot com millionaires, but had little impact on Canada’s residential housing market, which continued to be strong in 2000.And even if inflation in the US and Canadian economies this year is higher than anticipated, there is unlikely to be any short-term effect on housing sales, he
Says.“We’re in a growth market, the economy is healthy in most parts of the country, unemployment is falling, there’s talk of new investment and capital spending in smaller markets that have been slow for years, interest rates are still relatively low, and the political situation is stable.”“These are ingredients for continued market stability and the same gradual growth in prices and volumes that we’ve experienced in the Canadian housing market for the past couple of years. Even if inflation increases in 2001, it will take a couple of years for it to have any impact on residential real estate.”In (OSHAWA), TONY SLAVIN BROKER of CENTURY 21 EXCEL. COM REALTY INC says the price of a typical house INCREASED by 3.5% per cent in December compared to December 1999. SLAVIN says low mortgage rates and increased consumer confidence due to local economic stability have encouraged buyers to enter the DURHAM REGION housing market. “The market would probably be even more active if our inventory levels were higher,
Particularly in the price range from $135,000.00 to $170,000.00 where there is the highest demand for homes. The average time from listing a house to concluding a sale has decreased from (35) days in 1999 to 25 days in 2000.”SLAVIN expects the spring market to outstanding and as busy as last year “The best advice I can give both buyers and sellers who will be active in the market over the next few months is get out into the market before the March to May spring rush. Buy in January and February and just as importantly get pre-approved for a mortgage as soon as possible. The latest CENTURY 21 survey shows the biggest increase in the price of a “typical house”1 between December 1999 and December 2000 was 18.2 percent to $305,000 in Notre-Dame-de-Grâce. The biggest price decline over the same period was 4.5 percent to $149,000 for a typical house in Oshawa’s Southeast area. The survey reflects the price of a typical house in 90 communities across Canada. From December 1999 to December 2000, prices increased in 73
Communities, decreased in 12, and were unchanged in 5.Century 21 Real Estate Canada Ltd. is part of the largest real estate organization in the world. With 6,300 independently owned and operated offices in 25 countries, CENTURY 21 sales associates help people buy and sell more than 2,000 properties every day. Backed by leading edge technology, the CENTURY 21 System is committed to making the buying and selling experience a positive one by offering uncompromising dedication to customer service and value-added products and services through the unique CENTURY 21 Connections program. CENTURY 21 is also the only organization to offer customers AIR MILES® reward miles on real estate transactions. NATIONAL SURVEY RESULTSChanges in prices of typical housesover six months and one
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