VANCOUVER, BC (July 7, 2011) Dominion Lending Centres Clearlease Reports Canada’s housing market has hit a peak and will likely slow in the next six months, one of Canada’s largest real estate companies said July 7, 2011.
“The market has seen its near-term peak in house price appreciation,” Royal LePage said in a forecast released Thursday. “A slower second half of the year is expected.”
The realtor group says home prices by the end of 2011 will be 7.7 per cent higher than they were at the end of 2010, on average.
High house prices are concealing early signs of a moderating market, the report said.
The national average price of a detached bungalow has gained 7.5 per cent in the last 12 months to $356,625.
Meanwhile, the price of a standard two-storey home rose 6.1 per cent to $390,163 and the price of a standard condominium rose 3.5 per cent to $238,064.
“In many of Canada’s regional markets, we saw house prices appreciate at a significantly faster rate than wages and salaries, and this trend cannot continue indefinitely,” Royal LePage CEO Phil Soper said.
There are wide regional variances within those numbers. The Canadian Real Estate Association has noted repeatedly in recent months that the national average price is being skewed higher by a red-hot Vancouver market, for example.
The Vancouver market continues its rally, Royal LePage says, with the average price of detached bungalows and standard two-storey homes both over $1 million and seeing double digit year-over-year gains.
It is interesting to note, however, that the average price for a standard Vancouver condominium saw a very modest increase of 2.5 per cent over the past year.
Most regions are still seeing strong gains, but home prices in Calgary declined modestly as the market continues to adjust following the Alberta housing boom experienced in the middle of the previous decade, the report noted.
The Atlantic provinces are still seeing gains, although smaller than the ones seen in recent quarters. And additional inventory coming on to the market in the Montreal area has provided home buyers with more choice and opportunities for negotiation, the report said.
The company is predicted flat price gains in the fourth quarter of 2011 as the year-ago period was unusually strong.
The report makes no mention of the current mortgage rate environment. but it’s clear that borrowing costs are set to rise — something that could put pressure on home prices. Earlier this week, a couple of major banks raised their posted five-year fixed mortgage rates by .15 percentage points to 5.54 per cent.
The Bank of Canada is expected to resume raising its key overnight lending rate later this year. That will cause the interest rate for variable mortgages to rise.
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Office Fitout, Office Furniture, Oxygen Machines, PABX, Photocopiers, Plasma & Display Screens, Point of Sales POS, Printers, Retail Fitout, RFID Systems, Salon Equipment, Scanners, Security Systems, Shelving & Storage, Software, Telephone Systems, Trucks, Water Systems, Workstations, Air conditioning units, Audio Visual, Biometric Technologies, Boats, Buses, Cars, Catering Equipment, Compressors, Computers, Laptops & other IT, Display Stands, Earth moving equipment, Fax Machines, Forklifts, Gaming equipment, Generators, GPS Systems, Hospitality Fitout, Kiosks & Touch Screens, Massage Tables & Chairs, Medical & Dental, Mining Equipment, Office Equipment.
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About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers Alexander Pidgeon and Rene Pidgeon. Vancouver Commercial Lending,North Vancouver Commercial Lending,West Vancouver Commercial Lending,Surrey Commercial Lending,Richmond Commercial Lending,Delta Commercial Lending,Langley Commercial Lending,Coquitlam Commercial Lending,BC Commercial Lending,Private Commercial Lending
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
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