Market Update: May 16

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Vancouver and Toronto push up nationwide sales figures…. Tough choices for some of our baby boomers…. And where are homes selling the fastest?
Calgary – Hot for homes, Cooler for commercial
It’s the hottest market for home sales right now but the commercial market is cooling in Calgary, according to figures from RealNet Canada. The stats show a drop of 21 per cent in investment in commercial property in the first quarter of this year, although the number of deals is still at the five year quarterly average. Fewer high-value deals are responsible for the overall decline in investment values. Read the full story.

Oil Rich Regions On Top of the World
Our oil rich provinces rank as top performing economies, according to the Conference Board. Alberta, Saskatchewan and Newfoundland are given A+ ratings thanks to factors such as low unemployment, productivity and economic growth. The think tank has ranked Canada’s overall economy as fifth in the World, behind Australia, Ireland, the US and Norway, up one place from a year ago. Read the full story.

More Industrial choices in Saskatoon
A growth in construction of commercial property over the last year means businesses now have options in Saskatoon for the first time in many years. At one time the vacancy rate was down below 2 per cent but the construction of around 650,000 sq. ft. of industrial real estate means they now have more choice. However, price rather than availability may still be an issue with the industrial sale prices per square foot in Saskatchewan are now among the highest in Canada. Read the full story.

Vancouver Baby Boomers – Affordability Forces Tough Choices
Baby boomers in Vancouver are sitting on a mortgage-free $163 million of property but it may mean a choice between staying in their neighbourhoods or moving to where their families can also afford to live. In a speech to the Urban Development Institute, real estate guru Bob Rennie said that as some areas are resisting change to include more affordable housing, retirees who wish to downsize (and then perhaps help their children with down payments) will find that they have to move neighbourhoods to find lower cost property. Read the full story.

Place Your Bets on Senior Housing …
South of the border, the ageing population is prompting developers to bet on a surge in housing for seniors. The U.S. is set for an almost doubling of the elderly population in the next four decades according to figures from the Census Bureau. This market of some 83.7 million people will certainly be a lucrative revenue stream although currently supply is greater than demand meaning a short term fall in the operating profits from this sector. Read the full story.

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