Canadian House Prices

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Good Afternoon,

The sun is finally here and all is good in Vancouver! As far as the mortgage industry goes, there are not to many changes. Rates remain steady and the Bank of Canada is set to meet July 20th. The HST front heats up with Bill Valder Zalm continuing to hash it out in court citing the HST was brought into effect without a explicit vote of the provincial legislature. Already though many merchants have taken matters into their own hands and are not charging - or absorbing - the controversial tax. Even advertisers are creating HST free product and service packages. Boston Pizzas has an HST buster meal menu.... like GST, this too will soon be over (or renamed) and we will be paying more tax at the end of the day....

Don't forget about our iPad contest. Who is the next person you know that needs mortgage help from the Dreyer Group? Refer us a client by September 15 and be entered to win an iPad.

Below are some stats from various sources. MLS price comparisons from 2007 and resale prices. Have a great rest of the day and enjoy that sun!
Jared Dreyer, AMP
604 649-5991


MLS Home Sales Prices
Year Canada BC AB MB/SK ON QC Atlantic
2007 $307,094 $439,119 $356,235 $171,609 $299,544 $207,530 $158,589
2008 $304,971 $454,599 $352,857 $205,036 $302,354 $215,307 $171,258
2009 $320,333 $465,725 $341,201 $216,012 $318,366 $225,412 $182,640
2010 YTD $342,327 $495,471 $353,397 $226,918 $349,101 $239,890 $196,121

Year Vancouver Calgary Toronto Montreal
2007 $570,795 $414,066 $377,029 $229,902
2008 $593,767 $405,267 $379,943 n/a
2009 $592,441 $385,882 $396,154 n/a

Source: Scotia Economics, May 2010

Average MLS® Resale Price for Local Markets

City May 2009 May 2010
Halifax $248,209 $264,539
Saint John $188,500 $173,872
Quebec $212,241 $238,594
Montreal $273,390 $300,807
Ottawa $312,927 $334,360
Toronto $395,609 $446,593
Hamilton/Burlington $297,132 $315,647
Winnipeg $208,806 $237,697
Saskatoon $279,477 $294,516
Calgary $382,632 $417,978
Edmonton $326,332 $340,723
Vancouver $583,674 $661,745
Victoria $482,119 $515,126
Source: Canadian Real Estate Association

Bank of Canada Prime Lending Rate
April 21, 2010 2.25 %
June 2, 2010 2.50 %
July 21, 2010 Next meeting date
Source: Bank of Canada