Building Permits Numbers Rise Again, But Latest Listings Suggest Home Prices Are Heading South

Canada Building Permits Numbers Rise Again, but Interpret With Caution

… Many new listings actually have PRICE REDUCED (see hereafter)

By Don Curren  

Canada’s homebuilders headed to the building permits office in unexpectedly large numbers in May, boosting the number of residential permits obtained by 7.6% from a year ago–and adding another data point to the list of reports that have defied expectations of a crash in the market.

Overall building permits gained 4.5% month-over-month in May,  following an increase of 11.2% in April, which was revised up from the 10.5% originally reported. It marked the fifth consecutive monthly gain, the longest unbroken stretch in 10 years.

Those numbers don’t seem to jibe with a market that’s correcting sharply, or even with one that’s slowing gently, as many policymakers and economists believe.

But it’s best to proceed with caution in interpreting the numbers, as is often the case with economic data.

A report from CIBC World Markets points out that current building permit and construction start data could still be responding, in the case of multiples, to pre-sales that took place months ago.

“So there could be a substantial lag before decelerating demand flows through to building,” CIBC said.

Permits for multi-family dwellings increased 4%, the third consecutive gain, with “numerous apartments and apartments-condominium projects in Ontario, Alberta and

Nova Scotia contributing to sustaining the advance from April,” Statistics Canada said.

All of the past year’s gains were in multiples starts, although singles rose in May, CIBC said.

The condo market in Toronto has been fingered repeatedly as a vulnerable component of the overall market.

CIBC still expects homebuilding to decelerate, “but the evidence seems to be pushing some of that off into a 2014 story,” it says.

However, there appear to be many houses listed with PRICE REDUCTION …

New Listings Mon Jul 8

Open Map

C2661249 – – $ 535,000

Price Change. Jul 8: $ 535,000 Jun 9: $ 559,000
Rarely Available Executive 3-Storey Townhome In Highly Desirable Location Steps To New Shops On Don Mills, Ttc, Hwys, Parks, Schools & More. Spacious Open …

C2661249

C2684063 – – $ 795,000

Price Change. Jul 6: $ 785,000 Jul 8: $ 795,000
Prime Location! Lovely And Quiet Tree Lined Street. Corner Plot. Next To Bayview Village And Close To Leslie. Near Nymark Plaza. Nice Homes All Around. …

C2684063

E2655956 – M4C – 43 KEYSTONE AVE Toronto, Ontario – $ 649,000

Price Change. Jul 8: $ 649,000 Jun 5: $ 699,000
Rare Offering-A Grand 5 Bedroom Detached Home On Corner Lot Close To Danforth, Transit, Shopping Etc. Oak Trim & Hardwood Floors Throughout, Stained …

E2655956 GoogleMap

E2656070 – M1V – 127 LANSBURY DR Toronto, Ontario – $ 695,000

Price Change. Jul 8: $ 695,000 Jun 5: $ 725,000
Look No Further. Absoulutely Stunning Beautifully Designed Luxurious & Spacious Bright Home. Close To Shopping Centres, Public Transit, …

E2656070 GoogleMap

E2657415 – M1M – 3430 KINGSTON RD Toronto, Ontario – $ 279,900

Price Change. Jul 8: $ 279,900 Jun 8: $ 285,000
Incredible Spacious Design 3Bdr Townhouse In Demand Area. Quiet Neighborhood, Newer Roof, And Garage Dr, 3Bdr Laminat Floor (2013) New. …

E2657415 GoogleMap

E2657707 – M1S – 2743 KENNEDY RD Toronto, Ontario – $ 898,000

Price Change. Jun 6: $ 798,000 Jul 8: $ 898,000 Jun 17: $ 948,000
Brand New Custom Build Stunning House Located On Prime Agincourt Location!Huge Lot 50 X150 .Hardwood Floor Thru-Out.Gourmet Kitchen W/Granite Counter-Top …

E2657707 GoogleMap

E2659337 – M4E – 66 WILLIAM HANCOX AVE E Toronto, Ontario – $ 612,990

Price Change. Jul 8: $ 612,990 Jun 7: $ 622,990
Location! Location! Location! Beautiful Upper Beach 2 Storey Freehold Townhouse. Professional Finished …

E2659337 GoogleMap

E2661543 – M1W – 30 PALE MOON CRES Toronto, Ontario – $ 568,000

Price Change. Jun 10: $ 538,000 Jul 8: $ 568,000 Jun 21: $ 573,000
Large Model Spacious Home Located In The Area Of High Ranking Schools, Walking Distance To David Lewis & Dr. Norman Bethune. Hard Wood Flooring On Main …

E2661543 GoogleMap

E2670429 – – $ 319,900

Price Change. Jul 8: $ 319,900 Jun 20: $ 329,900
Casitas At Tam O shanter, Rare Beautiful Spacious Main Level Condo /Townhouse . Golf/Ravine Views From Living And Bedrooms. Appro 1424 Sq.Ft ,Unit Comes …

E2670429

E2675495 – M1W – 44 CHESTER LEE BLVD Toronto, Ontario – $ 329,900

Price Change. Jul 8: $ 329,900 Jun 25: $ 339,900
Beautiful Condo Townhouse In Very Good Location. Freshly Painted. Steps To T.T.C., School, …

E2675495 GoogleMap

E2676916 – M4L – 113 HIAWATHA RD Toronto, Ontario – $ 795,000

Price Change. Jul 8: $ 795,000 Jun 27: $ 798,000
Location,Location,Location.One Minute Walk To Danforth Ave West Of Coxwell.In Quiet Street With Nice Big Homes.Many Million Dollar Homes.Very Large 3 …

E2676916 GoogleMap

E2677355 – M1J – 54 CHESTERMERE BLVD Toronto, Ontario – $ 479,900

Price Change. Jul 8: $ 479,900 Jun 27: $ 495,000
Immaculate! Situated On A Large Lot In A Family-Friendly Neighbourhood, Steps To Transit. Freshly Painted Open Concept Living/Dining On Main, Updated …

E2677355 GoogleMap

W2647544 – M8W – 59A ROSELAND DR Toronto, Ontario – $ 499,900

Price Change. Jul 8: $ 499,900 Jun 15: $ 519,900 May 26: $ 534,900
Charming Renovated All Brick Semi In Prime West Alderwood.Features Gorgeous Hardwood Floors Throughout Main And 2nd Level; Ceramic Floors In Lovely Newly …

W2647544 GoogleMap

W2652858 – M6M – 1657 KEELE ST Toronto, Ontario – $ 499,900

Price Change. Jul 8: $ 499,900 Jun 18: $ 529,900 Jun 1: $ 549,900
Wow! Professionally Renovated From Top To Bottom! Its Like Living In A Brand New House In A Charming Historic Neighbourhood! Beautiful Brand New …

W2652858 GoogleMap

W2658338 – M8W – 196A GAMMA ST Toronto, Ontario – $ 524,990

Price Change. Jul 8: $ 524,990 Jun 6: $ 549,000
Attn. First Time Buyers! Great Starter Semi In Sought After “”Alderwood”” Etobicoke All Brick 3 Br Home W/Lovely Fenced In Backyard. Main Offers Comb W …

W2658338 GoogleMap

W2662718 – – $ 780,000

Price Change. Jul 8: $ 780,000 Jun 11: $ 799,999
Spacious Sunnylea Bungalow On Quiet Tree-Lined Street Just South Of Bloor, Kingsway Shops And Subway. First Time On Market In Over 40 Years. Recently …

W2662718

W2665526 – M6M – 1307 WESTON RD Toronto, Ontario – $ 549,000

Price Change. Jul 8: $ 549,000 Jun 14: $ 589,000
Great Investment Property, Renovated And Updated With Great Tenants, Corner Lot With Detached 2 Car Garage And Large Driveway With 4 Car Parking. …

W2665526 GoogleMap

W2675325 – M3J – 23 FOUR WINDS DR Toronto, Ontario – $ 259,000

Price Change. Jul 8: $ 259,000 Jun 25: $ 269,000
Good Investment Oppertunity With Little Renovation, Great Location ,Close To York University,4 Large Beedrooms, Finshed …

W2675325 GoogleMap

W2681813 – M9W – 63 TOFIELD CRES Toronto, Ontario – $ 419,900

Price Change. Jul 8: $ 419,900 Jul 4: $ 430,000
Wonderful Quiet Neighbourhood. Very Quiet And Private Area. All The Amenities, Walk To Bus, Shopping And Schools. …

W2681813 GoogleMap

And according to this guy, bidding wars are SCAMS (and that many properties actually sold under listed price) !

http://recharts.blogspot.ca/2013/07/gta-sfh-bidding-wars-debunked-july-5.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+recharts+(Real+Estate+Charts)

I don’t know … God Bless Canada

Toronto Real Estate

By Vintage Ad #1,727: Real Estate Ad, 1826 – Charles Fothergill

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