Here we are again with some more overseas property news and views…
Most pundits agree that Canada’s property market is to dip – but how much and how hard? According to Canada Mortgage and Housing Corporation, the market is set for a soft landing, with prices rising 1.6 per cent in 2015.
‘Economic and demographic fundamentals will still support new building activity, but builders will continue to adjust activity in order to manage inventory, particularly in the multi-family sector. Builders are expected to continue to manage their starts activity in order to ensure that demand from buyers seeking new condominium units is first channeled toward unsold completed units or unsold units that are currently under construction.’ More to come for those you registered with us as buyers in this market.
Over in the US, RealtyTrac has issued a report on the best beach town housing markets based on home values, weather, air quality and crime rates. ‘Buying near the beach is one of the best ways to ensure a property will appreciate in value. Whether buying for retirement, a vacation home or a primary residence, homes located in quality beach towns benefit from virtually unlimited demand and a finite supply of
land to build on.’
Where? Four of the top 20 markets are in Florida – Hobe Sound in Martin County leads the way with ‘an average temperature of 76 degrees, 64 per cent sunny days, 98 per cent of days with good air quality and a crime grade of A+. The town ranks number one thanks to its low median estimated market value of homes and condos: $191,189.’ Other Florida beach towns? We have Naples at number two and Marco Island at number five and Key Biscayne at number 20. Interested in this sector? Email for more information.
New data from the US Census Bureau reveals that North Dakota has been building at the fastest rate across the USA over the past three years. The Census Bureau’s Rodger Johnson comments, ‘For much of the last century, population totals declined in some areas of the northern Great Plains, as people were drawn to opportunities in other parts of the country. Recently, the trend in part of the northern Great Plains has reversed. North Dakota’s population previously peaked in the 1930’s at 680,845 and only surpassed that level in 2011. The state’s 2013 population estimated now exceeds 723,000.’
North Dakota Developments, the developers, add, ‘North Dakota’s housing situation is incredibly dynamic. North Dakota Developments is already building its fourth site in order to house the oil workers of the Bakken Formation – and still more accommodation is needed. Providers here literally cannot build fast enough. Even with our housing units being constructed with modular technology out of state and transporting them here once built, which speeds up the construction process considerably, we are finding that demand continues to outstrip supply.’ Way to go yet?
Just been looking through various documents from the Florida Realtors Association. Bundling together some quotes, ‘Florida’s strengthening economy and increased jobs outlook are positive signs for continued growth in the state’s housing market. Statewide, new listings for single-family homes in April rose 9.2 per cent year-over-year, while new townhouse-condo listings rose 1.4 per cent. This increase in listings shows many Florida homeowners are continuing to regain equity in their homes. Potential sellers who were on the sidelines now believe the time is right to put their residences on the market. And, for the 29th month in row, median sales prices rose year-over-year for both single-family homes and townhome-condo properties.’
‘We continue to see the development of a sustainable market here in Florida. The numbers all suggest a balanced market, and the slight uptick in inventory is a correction for the historically low levels we’ve seen over the past two or three years. If there’s anything that jumps out of these numbers, it is the rapidly disappearing short sale market. The decline in short sales – a characteristic seen all over the country – is a function of rising prices reducing the number of candidate properties for short sales. We expect this will continue as the market continues to improve. I can confirm the 23 June onwards visit is on; we have a few places left. A free report will be available for those who cannot make it.
All for now, see you again soon.