July 2014 Prairie Economic Fundamentals

Ally

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#2
Winner-peg and why we love it





The new housing market in Winnipeg has quietly been very strong for some time; the Statistics Canada new home index price in the Winnipeg Census Metropolitan Area (CMA) has increased by an average of 6.6% per year over the past ten years, higher than both Toronto and Ottawa. In addition to strong price growth, housing starts increased 15.7% in 2013 to 4,705 in the CMA according to CMHC, well above the ten year average of 3,161 units. Winnipeg is embracing condominium living with 1,151 condominium apartment starts in the CMA in 2013, a 46.4% increase over 2012. There were more condo starts in 2013 in the Winnipeg CMA than there were between 1998 and 2005!





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Ally

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#3
Breaking ground in downtown Winnipeg





Two more milestones in the ongoing effort to revitalize and repopulate the downtown will be reached within the next month when construction begins on two high-profile condominiums.





First out of the ground will be the 21-storey Glasshouse Skylofts in the City tower on Hargrave Street. The official ground-breaking ceremony is today at 1 p.m., with construction expected to get underway after the July 1 holiday, Urban Capital co-founder and partner David Wex said Tuesday.





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Ally

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#4
Thompson rental market vacancy rate increases to 1.7%, lowest in Manitoba





In a closely-watched survey, Canada Mortgage and Housing Corporation (CMHC) reports the vacancy rate for two-bedroom rental apartments in Thompson, included in its spring survey, completed in April and released June 11, was 1.7 per cent ` up slightly from 1.6 per cent in April 2013 ` but still the lowest of any urban centre in Manitoba, says Winnipeg-based Dianne Himbeault, Canada Mortgage and Housing Corporation (CMHC) senior market analyst for the Prairie and Territories Region.






Two years ago in April 2012, the vacancy rate for two-bedroom rental apartments in Thompson was 1.3 per cent and a year earlier in April 2011 the vacancy rate was 0.6 per cent. The apartment vacancy rate was 0.3 per cent in April 2010.






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Ally

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#5
High inventory dampens real estate market in Regina





REGINA, July 9, 2014 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed slight year-over-year price increases across housing types surveyed in Regina.





The average price for standard condominiums inched higher during the quarter, rising 2.7 per cent year-over-year to $211,000. Meanwhile, the average price for standard two-storey homes increased 2.6 per cent year-over-year to $372,500 while detached bungalows increased by 1.1 per cent to $333,500.



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Ally

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#6
Winnipeg home prices rise for most housing types in second quarter of 2014





First-time homebuyers looking to condominiums to enter real estate market





The Royal LePage House Price Survey and Market Survey Forecast released today showed year-over-year price appreciation across most housing types surveyed in Winnipeg.





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Ally

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#7
Saskatoon price appreciation moderating for most housing types in second quarter





SASKATOON, July 9, 2014 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released showed moderate growth for most housing types surveyed.





The average price of standard condominiums in Saskatoon saw the largest growth, with an increase of 2.9 per cent to $261,333. Meanwhile, detached bungalows increased 1.6 per cent to $375,000 while standard two storey homes rose 1.3 per cent to 399,250.





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Ally

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#8
Saskatchewan's jobs at all-time high again





Saskatchewan is celebrating its second-consecutive month of job numbers sitting at an all-time high.





In June, 576,900 people were working across the province, 8,700 more than June 2013.





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Ally

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#9
House prices in Saskatchewan in stable territory





While major centres like Toronto, Vancouver and Calgary may be in for a housing correction, Saskatchewan is unlikely to see any major price changes, experts say.





"And if there is a softening of the market it won't be real significant," said Bill Madder, CEO of the Association of Saskatchewan Realtors.





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Ally

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#10
Unemployment rates continue to drop in Saskatchewan





A new report from Statistics Canada is showing the unemployment rate for the province and Moose Jaw region continues to drop. The province had an unemployment rate of 3.5% last month with Moose Jaw recording a 2.6% unemployment rate.





"None of this happens if there aren't jobs being created and there isn't economic activity," said Business Commentator Paul Martin. "That is the underlying story in all of this is that Saskatchewan and western Canada really are continuing to move along very very nicely. It's a little bit tougher if you're in Ontario, Quebec or Atlantic Canada."





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Ally

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#11
High inventory dampens Regina real estate market





REGINA, July 9, 2014 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed slight year-over-year price increases across housing types surveyed in Regina.





The average price for standard condominiums inched higher during the quarter, rising 2.7 per cent year-over-year to $211,000. Meanwhile, the average price for standard two-storey homes increased 2.6 per cent year-over-year to $372,500 while detached bungalows increased by 1.1 per cent to $333,500.





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Ally

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#12
Record inventory levels create buyer's market in Moncton





MONCTON, NB, July 9, 2014 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed varied pricing activity among housing types surveyed in Moncton.





Standard two-storey homes posted strong year-over-year increases of 6.3 per cent to $152,302. In contrast, detached bungalow prices saw a moderate drop of 2.2 per cent to $149,648.





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Ally

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#13
House prices on rise in Winnipeg





The value of homes in Winnipeg is on the rise, according to a new quarterly report.





Royal LePage's house price survey found the price of detached bungalows rose in the second quarter of 2014 by 2% year-over-year and standard condominiums increased by 5.3%. Two-storey homes decreased by 2.4%, according to the Royal LePage report.





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Ally

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#14
Will fast-growing Saskatchewan overtake Manitoba?





Saskatchewan's population continues to gain ground on Manitoba ` but don't hold your breath waiting for the Land of the Living Skies to overtake the Keystone province.





According to Statistics Canada's quarterly population report released Wednesday, Saskatchewan's population on April 1 was 1,122,588.





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Ally

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#15
Manitoba's inflation rate second-lowest in the country





Manitoba`s annual inflation rate dropped to one of the lowest levels in the country ` 1.9 per cent ` in June, Statistics Canada data shows.





That`s half a percentage point lower than the national inflation rate of 2.4 per cent, and sixth-tenths of a point lower than May`s annual rate of 2.6 per cent.





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Ally

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#16
Why Winnipeg is one of the best places to do business in Canada






Steady how she goes,` is how one economist from the Canadian Real Estate Association (CREA) describes the housing market in Winnipeg, the snowy capital of Manitoba province and a vibrant, multicultural metropolis rising up from the prairie lands of central Canada, just 62 miles from the US border.





Average prices here have risen five per cent in the past year, and 30.1 per cent between 2008 and 2013, from C$196,940 ($183,000) to C$268,892 ($250,000), according to the CREA (compared with 25.6 per cent in Vancouver during the same five-year time period, 27 per cent in Calgary and 32 per cent in Toronto).








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Ally

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#17
Manitoba high-income wages earners cashing in on public housing





High-income earners who live in subsidized public housing in Manitoba are now paying more rent.





The increase came quietly in January after Manitoba Housing was pressured into a review after the Canadian Taxpayers Federation (CTF) released documents in September 2013 that showed there were more than 30 Manitoba Housing and Renewal Corporation (MHRC) housing units with residents that earned more than $70,000 annually, including 10 who earned between $90,000 and $153,000.





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Ally

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#18
Saskatchewan boom keeps on booming





We`ve weathered storms, floods and plenty of hard times but as a province and as a people we manage to come together and even flourish in the end.






According to the numbers our population is up, jobs are plentiful and business is booming.





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Ally

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#19
Manitoba renters to be compensated for certain moving costs under new rules





WINNIPEG - Renters in Manitoba will be compensated for moving costs and higher rental fees when landlords carry out major renovations intended to drive them out, starting next year.





Consumer Protection Minister Ron Lemieux announced Thursday that the new rules will come into effect Jan. 1.





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Ally

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#20
New Manitoba tenancy laws will overhaul both renter and landlord rights





The province`s Residential Tenancies Amendment Act officially changes Aug. 1.





That`s when the Act will be proclaimed to bring in new protections for renters and reduce red tape for landlords, Consumer Protection Minister Ron Lemieux said in a statement today.





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