|By Marketwired .||
|September 4, 2014 12:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/04/14 -- Following analysis of Canada's largest metropolitan real estate markets and examination of key macro-economic indicators, Sotheby's International Realty Canada is forecasting overall balance in the high-end segment through the fall and into early 2015. Positive momentum is anticipated across several product categories, while the performance of the Greater Toronto Area (GTA) market is expected to outpace that of other urban centres.
As indicated in Sotheby's International Realty Canada's July 2014 Top-Tier Real Estate Report, all major markets experienced year-over-year growth from 2013 in the first half of the year, with sales of homes over $1 million (condominiums, attached and detached single-family) up 34% in Vancouver, 17% in Calgary, 34% in the Greater Toronto Area and 11% in Montreal. Historically low interest rates, positive economic and employment growth and relative political stability are expected to contribute to stable gains through to the end of the year. Fuelled by high consumer demand and low inventory, exceptional market gains are anticipated to continue in the GTA, the only urban centre that experienced growth across every residential product category during the first half of the year.
According to Ross McCredie, President and CEO of Sotheby's International Realty Canada, "With the country experiencing positive economic gains and lending conditions remaining favourable, we expect Canada's high-end housing market to see consistent growth through to early 2015."
-- The Bank of Canada's September 2014 decision to hold the key overnight interest rate at 1.00% will have a positive impact on the high-end real estate market. The move facilitates consumer borrowing towards homeownership, offsets the impact of price gains on affordability and underscores a conservative approach to fiscal policy that is attractive to foreign investors. -- With the creation of 42,000 jobs and marginal improvement in the unemployment rate to 7% in July 2014, and with Canadian companies reporting the strongest profits in nearly three years, Canada's economic fundamentals remain strong, leading to levels of consumer confidence that are expected to have a positive effect on real estate sales over $1 million. -- Consumer demand will continue to outpace available inventory of single- family homes over $1 million in major markets. The strongest gains are expected in the GTA and Vancouver, with more balanced growth anticipated in Calgary and Montreal. -- The market for condominiums and attached homes over $1 million is expected to remain strong in the GTA and Vancouver, as price gains in the single-family home market spur consumers to seek alternatives, particularly in or near the downtown core. Demand for Calgary and Montreal luxury condominiums is expected to remain balanced. -- In spite of recent and upcoming provincial and municipal elections, the political landscape is expected to have nominal impact in Canada's largest urban centres this fall, as other market factors are anticipated to be more influential.
Heading into fall 2014, Vancouver will continue to experience modest but positive momentum in the sales of homes over $1 million, driven primarily by low interest rates, high consumer confidence and favourable economic conditions. From January 1 to June 30, 2014, sales over $1 million increased to 1,664 units for condominiums, attached and detached single-family homes combined, 34% more than the units sold in the first six months of 2013. With the greatest gains experienced in single-family home sales, up 38% to 1,317 units sold in the first half of the year, this category is expected to lead the high-end market to the end of the year. Additionally, over the summer months, a significant increase in $1 million home sales was seen in the attached homes category, a trend that is expected to continue into the fall as low inventory in the single-family market creates demand for alternatives.
After leading Canada's high-end real estate market in nearly every category in 2013 and 2014, Calgary's market is expected to balance in the final quarter of 2014. Through the first half of 2014, Calgary's $1 million plus real estate market posted a 17% increase in home sales over $1 million compared to the same period in 2013. Low inventory in the beginning of the year drove bidding wars and price increases in a market that favoured sellers. Over the summer months, new inventory over $1 million emerged to meet strong consumer demand, particularly in the condominium market, a trend which is expected to continue into the fall. At the same time, Calgary's robust economy is expected to sustain demand for luxury real estate, and notable growth is expected in the $4 million single-family home market throughout the fall and into 2015 as this category has already outpaced 2013 sales numbers.
Following a 34% year-over-year increase in homes sales above $1 million in the first six months of 2014, the Greater Toronto Area (Durham, Halton, Peel, Toronto and York) is expected to lead Canada's high-end real estate in every category: single-family homes, attached homes and condominiums. Throughout the summer, Toronto experienced record-setting sales with July numbers representing one of the strongest months of the year. The $2 million plus price range performed exceptionally well, with a greater number of homes sold over $2 million than within the $1.5-$1.75 million range. The market is expected to favour sellers into fall 2014, driven by lack of inventory and strong consumer demand for single-family homes. In turn, this is expected to impact condominiums, as buyers priced out of the attached and single-family home market look for alternatives, and migration and immigration into the urban core continues. Demand is expected to remain consistent despite the upcoming municipal election.
Balance is anticipated for Montreal's high-end real estate market in fall 2014 due to the city's recent return to political and economic stability following the spring election of a Liberal majority government. Subsequent consumer confidence in the real estate market and economy prompted increased market activity in the million dollar-plus real estate segment in the spring and into the summer. In the first half of 2014, Montreal properties (condominiums, attached homes and detached single-family homes) over $1 million increased by 11% year over year with 228 homes sold. The high-end market is expected to remain consistent in terms of both sales volume and selling prices in the fall, with the majority of sales anticipated in the $1-2 million single-family market.
To download the full report on Canada's luxury real estate market performance for the first half of 2014, please visit: http://sothebysrealty.ca/blog/en/2014/07/07/2014-mid-year-top-tier-real-estate-report/
For more information and details on Sotheby's International Realty Canada visit www.sothebysrealty.ca.
About Sotheby's International Realty Canada
Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 25 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivaled local and international marketing solutions and a global affiliate sales network of approximately 600 offices in more than 45 countries to manage the real estate portfolios of discerning clients from around the world.
(i)The information contained in this report references market data from MLS boards across Canada. Sotheby's International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby's International Realty Canada or Sotheby's International Realty.
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
May. 30, 2015 12:00 AM EDT Reads: 4,241
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
May. 29, 2015 11:45 PM EDT Reads: 1,485
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
May. 29, 2015 11:15 PM EDT Reads: 1,010
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
May. 29, 2015 09:00 PM EDT Reads: 4,988
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connecte...
May. 29, 2015 04:27 PM EDT Reads: 487
High-performing enterprise Software Quality Assurance (SQA) teams validate systems that are ready for use - getting most actively involved as components integrate and form complete systems. These teams catch and report on defects, making sure the customer gets the best software possible. SQA teams have leveraged automation and virtualization to execute more thorough testing in less time - bringing Dev and Ops together, ensuring production readiness. Does the emergence of DevOps mean the end of E...
May. 29, 2015 04:00 PM EDT Reads: 5,317
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for companies without hyper-scale resources. In his session at 15th Cloud Expo, David Cauthron, CTO and Founder of NIMBOXX, highlighted how a mid-sized manufacturer of global industrial equipment bridged the gap from virtualization to software-defined services, streamlining operations and costs while connect...
May. 29, 2015 04:00 PM EDT Reads: 3,360
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
May. 29, 2015 03:45 PM EDT Reads: 861
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
May. 29, 2015 03:45 PM EDT Reads: 4,807
paradigm shifts in networking, to cloud and licensure, and all the Internet of Things in between. In 2014 automation was the name of the game. In his session at DevOps Summit, Matthew Joyce, a Sales Engineer at Big Switch, will discuss why in 2015 it’s complexity reduction. Matthew Joyce, a sales engineer at Big Switch, is helping push networking into the 21st century. He is also a hacker at NYC Resistor. Previously he worked at NASA Ames Research Center with the Nebula Project (where OpenSta...
May. 29, 2015 03:21 PM EDT Reads: 535
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
May. 29, 2015 03:00 PM EDT Reads: 4,943
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will address the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affec...
May. 29, 2015 03:00 PM EDT Reads: 1,504
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In this session, James Kirkland, Red Hat's Chief Architect for the ...
May. 29, 2015 02:33 PM EDT Reads: 532
While there are hundreds of public and private cloud hosting providers to choose from, not all clouds are created equal. If you’re seeking to host enterprise-level mission-critical applications, where Cloud Security is a primary concern, WHOA.com is setting new standards for cloud hosting, and has established itself as a major contender in the marketplace. We are constantly seeking ways to innovate and leverage state-of-the-art technologies. In his session at 16th Cloud Expo, Mike Rivera, Seni...
May. 29, 2015 02:30 PM EDT Reads: 960
EMC Corporation on Tuesday announced it has entered into a definitive agreement to acquire privately held Virtustream. When the transaction closes, Virtustream will form EMC’s new managed cloud services business. The acquisition represents a transformational element of EMC’s strategy to help customers move all applications to cloud-based IT environments. With the addition of Virtustream, EMC completes the industry’s most comprehensive hybrid cloud portfolio to support all applications, all workl...
May. 29, 2015 02:00 PM EDT Reads: 940