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CANADIAN REAL ESTATE ASSOCIATION | May brings lower homes sales and fewer new listings

A bit of a slowdown in May. CANADIAN REAL ESTATE ASSOCIATION | May brings lower homes sales and fewer new listings

Study: Homeownership over the life course of Canadians source: http://www.statcan.gc.ca/daily-quotidien/100607/dq100607a-eng.htm?WT.mc_id=twtB0126 Statistics Canada 1971 to 2006 Homeownership increased quickly with the age of the owners in the period before they reached the age of 40. Thereafter, homeownership continued to climb, though at a slower pace until it reached a plateau as owners neared retirement age. The homeownership rate changed little in the early years of retirement, but started declining when people reached their late 70s. Thus, the majority of seniors continued to receive services associated with homeownership for more than 10 years after the age of 65. This study, based on data from censuses of population conducted between 1971 and 2006, showed a strong consistency in the age profile of homeownership across generations of Canadians. It found that the level at which homeownership plateaued has risen steadily across birth cohorts since the 1970s. The peak level of ownership increased from 73% for those born in the 1910s to 78% for those born during the Second World War. This trend appears to be continuing as the early baby boomer group, those born in the late 1940s and early 1950s, achieved higher ownership rates before age 60 than had earlier generations. Family income has been closely related to both the level of homeownership and the increase in homeownership since 1971. There was a substantial difference in homeownership across income quintiles throughout the period. This difference increased over time, as a result of the fact that the homeownership rate declined for the lowest-income group but rose for higher-income groups. Families with children were the most likely group to own a home in 1971. This trend continued into 2006. However, the difference with other groups in this respect has declined over time. The likelihood of homeownership increased at a greater rate for couples without children and for non-family individuals over this period. The proportion of these two groups in the overall population also increased over this period. These two groups still were less likely to own a home than were couples with children. However, the increase in the ownership rates of these two groups offset the effect of the shifting composition of the overall population to the two groups with lower ownership rates. Owned homes provide shelter and associated local amenities for both owners and non-owners in the same household. Young adults in their 20s and 30s, particular young men, tend to benefit the most from the housing services that derive from homes owned by others, in most cases, their parents. The tendency of adult children to remain living with their parents has increased over the last three decades. Note: This study uses data from eight censuses between 1971 and 2006 to examine the extent to which Canadians of different ages, incomes, and family structures (including couples with and without children) acquire and retain homeownership, particularly after the age of 65. This release uses the term "homeowners" rather than the formal census terminology of "household maintainers". The "household maintainer" variable was used in this study as it is the best available measure of homeownership though in some instances the owner of the dwelling may not be the household maintainer. For example, where adult children are living with their parents, it is possible that the children are the maintainers, but not the owners. Definitions, data sources and methods: survey number 3901. The research paper "Homeownership over the Life Course of Canadians: Evidence from Canadian Censuses of Population," part of Analytical Studies Research Paper Series (11F0019M2010325 free), is now available from the Key resource module of our website under Publications. Similar studies from the Social Analysis division are available at (www.statcan.gc.ca/socialanalysis). For more information, or to enquire about the concepts, methods or data quality of this release, contact Feng Hou (613-951-4337; feng.hou@statcan.gc.ca), Social Analysis Division.

© Copyright 2004 - Ottawa Real Estate Board - All Rights Reserved June 3, 2010 : Slower May after record-setting April: could it be the HST? Members of the Ottawa Real Estate Board sold 1,694 residential properties in May through the Board’s Multiple Listing Service® system compared with 1,967 in May 2009, a decrease of 13.9 per cent. Of those sales, 353 were in the condominium property class, while 1,341 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. “Many of the sales that would normally have occurred in May were pulled back to April, due to buyers trying to avoid the May 1st transitional implementation date for the HST, as well as new mortgage regulations that came into effect April 19,” said Board President Pierre de Varennes. “Buyers knew they would be paying eight per cent more for all of the service costs associated with a real estate transaction if their closing date was after July 1, and that it might be more difficult to qualify for financing, so they moved quickly to avoid either situation. In addition, by comparison May 2009 was a record-breaking month as the floodgates opened on pent-up demand following the brief downturn in the market,” he added. The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $333,408, an increase of 6.9 per cent over May 2009. The average sale price for a condominium-class property was $246,116, an increase of 6.4 per cent over May 2009. The average sale price of a residential-class property was $356,387, an increase of 8.3 per cent over May 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. The Ottawa Real Estate Board is an industry association of 2,590 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association. The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area and now online at www.OttawaRealEstateGuide.ca.