Seasonal depression is prompting Britons to consider packing their bags and moving abroad. January is widely regarded as the most depressing month of the year, due to issues such as poor weather and post-Christmas debt. A survey by Foreign exchange specialist Moneycorp found that 40 per cent of people were thinking of emigrating because they were feeling depressed or anxious because of financial concerns and the dreary weather conditions.

The sense of disillusionment seems to be particularly acute in the capital, with almost half of Londoners said to be contemplating life abroad. This compares with just one in three people in Scotland.

Commenting on the findings, Moneycorp’s Nick Bull said they provided a “real insight” into the British population’s “collective psyche” at this time of year. He remarked: “It’s interesting to see that people consider something as life changing as a move abroad as the answer to their woes, financial and otherwise.”

If you’ve ever wondered about petrol prices in other countries, here is a brief international comparison.

We’ll look at petrol prices in the most popular countries for British emigrants - Australia, New Zealand, France, Spain, Canada, the USA and Italy.

Petrol prices in all comparison countries were lower than British prices. The average price in the UK today is around 104 - 105 pence per litre.

Looking abroad, petrol was cheapest in some US cities (below 40 pence per litre) and most expensive in Italy (100 pence per litre).

Here are typical prices (all shown in pence per litre at current exchange rates).

Standard Unleaded Petrol Prices

Sites To Visit:

European Petrol Prices

Petrol Prices In Australia

Petrol Prices In New Zealand

Petrol Prices In Canada and The USA

In November, the average weekly Canadian earnings of all payroll employees ( full and part-time) increased $7.65 from October to $784.83. Compared with a year earlier, average weekly earnings were up 4.0 percent.

In Canada’s largest industrial sectors in November, earnings were up 6.2 percent in health and social assistance, 4.5 percent in manufacturing, 3.0 percent in retail trade, and 2.8 percent in educational services compared with a year earlier.

Saskatchewan (+6.9 percent) and Alberta (+5.6 percent) posted the strongest year-over-year earnings growth among the provinces.

The number of occupied payroll jobs edged down 11,600 in November to 14,408,500. Among the provinces, Prince Edward Island, Newfoundland and Labrador, British Columbia, and Saskatchewan had the largest month-to-month movements.

The industrial sector showing the strongest employment growth in November was utilities.

Overall, payroll employment has grown by 190,800, or 1.3 percent, since the beginning of 2007.

Employment in the construction sector continues to have the highest year-to-date growth (+7.1 percent), followed by mining, oil and gas extraction (+4.5 percent).

Canadian Average Weekly Earnings By Province
November 2007

Canadian Average Weekly Earnings By Industry
November 2007

December 2007 Quarter Housing Data from homepriceguide.com.au showed that Melbourne Brisbane and Adelaide house values all grew by over 20 per cent for 2007:

Sydney
Though overall growth figures are sluggish positive signs are emerging for the Sydney
market. The 5 per cent growth in house values for 2007, though modest, it is the best growth result since 2003. Sydney apartment values grew by just 2 per cent over 2007.

Canberra
Canberra property continues to perform well and is set to overtake Perth as Australia’s
second most expensive city to buy property.

Melbourne
25 per cent growth in Melbourne house values is boom time conditions. Melbourne property prices grew at over 9 per cent for the quarter to December. Melbourne property will be Australia’s most expensive by 2009 if this growth were to continue. Melbourne apartment values rose by 6 per cent over 2007.

Brisbane
Whilst the Brisbane property market may be beginning to slow, it has posted a great result
for the past calendar year. House values soared by 20 per cent over 2007 while apartment values grew strongly by 11.3 percent.

Adelaide
Adelaide has posted the best all round performance of any housing market in the country
over the last 12 months. House values shot upwards by 20 per cent whilst unit values climbed a staggering 24 per cent over 2007.

Perth & Darwin
Perth and Darwin were the only capitals to record losses in value over the December quarter.

Median House Prices
December Quarter 2007

Adelaide tradesmen are the rarest species across the country with the shortage bordering on “critical short supply”. The December HIA-Austral Bricks Trades Report rates Adelaide’s trade availability just short of “critical short supply” and the worst region in Australia.

HIA regional director Robert Harding said the dramatic shortages could only result in higher housing prices. “Trade shortages are putting upward price pressures on the construction of new houses and this only further emphasised the need for immediate measures to address skill shortages,” he said.

New houses are often the entry point for new homebuyers and so represented a particularly fragile outcome, Real Estate Institute SA president Robin Turner said. “It is good that (trades) are in demand and getting better rates, but unfortunately it is going to put upwards pressure on the price of housing, especially new homes,” he said.

“But this is the… price we pay for a prosperous economy. The piper has to be paid. In this case, it is the brick layers and the tilers.”

The trades most in short supply in the December quarter were electrical, roofing and plastering.

However, the cost of bricklayers and joiners has increased more than any other trade over the past 12 months. Bricklayers are now 12.2 per cent higher than December 2006, while joiners are 11.5 per cent up.

Plumbers remain in very short supply across the country, with costs rising 5.4 per cent over the year.

American house sales declined in December following several months of stable activity, with total sales in 2007 at the fifth highest on record, according to the National Association of Realtors. The American median house price for all housing types was $208,400 (£105,300) in December, down 6.0 percent from a year earlier when the median was $221,600 (£111,900).

House sales – including single-family, townhouses, condominiums and co-ops – slipped 2.2 percent to a seasonally adjusted annual rate of 4.89 million units in December from a pace of 5.00 million in November, and are 22.0 percent below the 6.27 million-unit level in December 2006.

For all of 2007 there were 5,652,000 house sales, the fifth highest year on record; however, the total was 12.8 percent below the 6,478,000 transactions recorded in 2006.

Lawrence Yun, NAR chief economist, said the market is experiencing uncharacteristic weakness. “Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate,” he said. “Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.10 percent in December from 6.21 percent in November. Last week, Freddie Mac reported the 30-year fixed rate dropped to 5.69 percent. “Although interest rates on jumbo loans have fallen somewhat, they remain well above conventional mortgage rates,” Yun said. “It isn’t surprising that the share of single-family homes selling for more than $500,000 fell to 12.4 percent of transactions in December from 14.2 percent a year ago.”

Total American housing inventory fell 7.4 percent at the end of December to 3.91 million homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in November. “The fall in inventory in December is encouraging, but inventories remain elevated and buyers have a clear edge over sellers in many markets,” Yun said.

The median single-family house sale price was $206,500 (£104,300) in December, down 6.5 percent from a year earlier.

Regionally house sales in the South slipped 1.0 percent to an annual pace of 1.97 million in December, and are 20.9 percent below December 2006. The median sale price in the South was $173,400 (87,600), down 4.1 percent from a year ago.

House sales in the Midwest declined 1.7 percent in December to a level of 1.16 million and are 20.5 percent below a year ago. The median sale price in the Midwest was $159,800 (£80,700), which is 3.9 percent lower than December 2006.

In the West, house sales fell 2.1 percent to an annual rate of 940,000 in December, and are 24.8 percent below December 2006. The median sale price in the West was $309,800 (£156,500), down 11.1 percent from a year ago.

House sales in the Northeast dropped 4.6 percent to an annual rate of 830,000 in December, and are 22.4 percent below a year ago. The median sale price in the Northeast was $258,600 (£130,600), down 8.9 percent from in December 2006.

The 2008 Demographia Housing Affordability Survey rates the housing affordability situation of 227 urban markets of the United Kingdom (28 markets), Republic of Ireland (6), Canada (29), the United States of America (129), Australia (28) and New Zealand (7).

The method employed in assessing housing affordability is the “Median Multiple”, where for each individual market, the median house price is divided by the median annual household income. The recognised standard of “acceptable affordability” is that house prices should not exceed three times annual household incomes.

Demographia used the basis that:
houses that are three times annual household income or less are “affordable”;
houses that are four and less “moderately unaffordable”;
houses that are five and less “seriously unaffordable”
houses that are over five times household incomes “severely unaffordable”.

Results
Overall, New Zealand and Australian urban markets have the worst housing affordability at 6.3 times annual household earnings, followed by the United Kingdom at 5.5 times, Ireland 4.7, the United States 3.6 times and Canada 3.1 times annual household earnings.

When interest costs on mortgages are added, New Zealanders are in the worst position. Based on local interest rates, and a 100% 30-year mortgage, a New Zealand household can expect 18.6 years of income to go towards house cost and mortgage interest (excluding rates, taxes, maintenance and other costs). For Australians the figure is 17.9 years, the British 14.1 years, the Irish 9.6 years, the Americans 8.3 years and the Canadians 7.9 years.

Within the affordable urban markets, when house price and mortgage interest are combined, a household in Atlanta can expect 6.6 years of annual income, Dallas Fort Worth 5.8 times and Indianapolis just 5.2 times annual household income.

“The situation is absurd, considering that when a New Zealand or Australian household buy a house, they are paying more for the actual house than their counterparts in Atlanta, Houston, Dallas Fort Worth and Indianapolis are paying for their houses and mortgage interest charges combined” said Wendell Cox, co author of the Annual Demographia Survey – adding “Little wonder the younger generation of New Zealanders and Australians are referred to as the “lost generation to homeownership”.

Mr Cox’s colleague and co author of the Annual Survey Hugh Pavletich said that the evidence with respect to the causes of the housing affordability crisis that too many urban markets have inflicted on themselves - is clear, overwhelming and irrefutable.

“With urgency - they must allow affordable housing to be built on their urban fringes – and stop playing games with young people’s lives” said Mr Pavletich.

Forbes.com has looked for affordable locations in America that offer a good quality of life. Minneapolis took the top spot on the list of Most Affordable Places To Live Well. Houses in Minneapolis are relatively affordable, residents enjoy a high quality of life and access to choice arts, leisure and entertainment offerings.

The Methodology
The Forbes rankings incorporate a variety of criteria. They looked at at housing affordability in the country’s 50 largest metros, and considered spending on goods such as energy, clothing and food. To determine quality of life, the Forbes index used 2006 Census figures that measured quality of schools, quality of health care, crime and poverty rates. Finally, Forbes used data from Sperling’s Best Places that identifies the country’s best arts and leisure destinations, measuring a wide range of entertainment options from music venues and museums to professional sports teams and miles of shoreline.

The top ten locations are listed below:

1. Minneapolis
   The “City of Lakes”. A large variety of companies donate huge sums of money to the city’s schools, cultural institutions and health services. This positively affects the quality of life and the arts and leisure choices. Housing and cost of living are both affordable, but aren’t dramatically below national averages.
2. Indianapolis
   Indianapolis has a higher percentage of homes available to the median-earning household than any other city. When it comes to arts and leisure activities, Indianapolis may not live up to standards set by New York or Los Angeles, but what is available has an affordable price tag: Indianapolis ranks as the 13th cheapest city to live in.
3. Cincinnati
   The Queen City is one of the most affordable in the country, in terms of cost of living and housing. Median-earning residents here can afford 76.5% of the homes on the market. Not that they need it (it’s the fifth cheapest city to live in), but housing affordability leaves Cincinnatians with plenty of cash on hand.
4. St. Louis
   What makes St. Louis a desirable housing market isn’t simply the 76% of homes that are available to the median buyer, but its relatively stability; The area isn’t as bogged down in risky loans and defaults as other Midwestern cities. The Gateway to the West has a strong ratio of parks and restaurants to citizens and is the 15th cheapest city in which to live.
5. Houston
   One of the country’s fastest-growing cities, Houston has added nearly 1 million new people since 2000. Housing affordability and a strong job market seem enough to lure people from all over the country. The city has invested millions over the last five years in expanding infrastructure by adding trains, bolstering the downtown business district and funding the arts, which has helped the city to centralise. It also helps that on an everyday cost basis, among the cities studied, Houston is the cheapest place to live.
6. Milwaukee
   Milwaukee has a strong tradition of charitable giving and civic involvement; both have helped create cultural institutions and fund the arts. In Sperling’s Best Places rank, the city is 21st for its combination of museums, sports outlets, libraries, universities and parks. Cost of living sits at about the national average.
7. Dallas
   Like Houston, Dallas is one of the fastest growing cities in the country, with domestic migrants leading the way. The city itself is a bit more centralised than Houston, has better air quality and better access to public transportation via its DART train. It trails Houston slightly when it comes to cultural institutions like museums, libraries, parks, sports, theatres and universities. Cost of living is slightly higher in Dallas, which was the main reason it ranked behind Houston.
8. Pittsburgh
   There’s a lot more to Pittsburgh than its post-industrial reputation and the hometown Steelers football team. Institutions like the Carnegie Museum, the Andy Warhol Museum and the Mattress Factory (a contemporary art museum) enrich the city’s art scene. The area’s cost of living is actually a touch above the national average but housing is the 11th most affordable in the country.
9. Columbus, Ohio
   Home to Ohio State, the biggest university in the country, Columbus offers residents access to the top-notch facilities that come with such a huge institution. The city scores well in health care, based on access to the Ohio State University Medical Centre, especially the James Cancer Hospital and Solove Research Institute, which are top national centres. Cost of living is just below the national average, and 76.4% of homes sold last quarter were available to the median-income earner, making it the seventh most affordable real estate market of the 50 measured.
10. Atlanta
    Atlanta is a case study in how land use and development can be managed to keep housing prices affordable. More houses have sold in Atlanta over the last five years than just about anywhere else in the country, and it’s the nation’s fastest growing city of more than 5 million people. Quality-of-life rankings and arts and leisure marks are toward the middle, but the city ranks 11th best when it comes to cost of living.

The total number of jobs advertised in newspapers and on the internet surged by 7.1 percent in December to a weekly average of 274,653 per week. This represents the strongest monthly increase since May 2007. The total number of advertisements in December was 31 percent higher than 12 months ago.

Looking at the different channels for advertising jobs, the number of job ads in newspapers increased by 3.9 percent in December. This follows a 0.2 percent increase in November. Newspaper advertisements are now 3.9 percent higher than a year ago.

The rise in newspaper job advertisements in December was driven by increases in New South Wales; Tasmania; the Northern Territory; the Australian Capital Territory; South Australia; Victoria and Western Australia. Queensland bucked the nation-wide trend with a small decline.

The number of internet job advertisements grew strongly by 7.4 percent in December to average 253,361 per week. In trend terms, internet job ads increased by 1.7 percent to be 33.3 percent higher than a year ago.

ANZ’s Chief Economist, Saul Eslake, said: “The surge in the number of job ads in December indicates the demand for labour remains very strong.”

“Since hitting a trough in August 2007, monthly trend growth has continued to pick up pace but still remains below the rates seen earlier in 2007. The forward nature of the relationship between the Job Advertisements series and employment suggests that employment growth will increase moderately over coming months. As a result, the current tight labour market conditions are expected to continue well into 2008.”

“Overall, the Australian economy retains considerable momentum despite the effects of global financial market uncertainty, higher interest rates, the relatively strong Australian dollar and record oil prices.”

“Looking at job advertisements by state, it continues to be the smaller states of Tasmania, the Northern Territory and the Australian Capital Territory which are showing the strongest trend increases in job advertisements. New South Wales is also showing strong signs of improvement. In contrast, job advertisements in Western Australia appear to now be easing slightly following remarkable growth between 2003 and 2006,” Mr Eslake said.

Quotable Value has released December’s figures for New Zealand’s housing market. The average sale price of a house in New Zealand has decreased to $388,253 (£154,068) from November’s $393,198 (£156,030). Property values have increased 10% over the calander year. New Zealand’s average house prices are not directly comparable with the UK’s because, unlike the UK, the average home in New Zealand is a detached bungalow.

QV spokesperson Blue Hancock said:

“Looking back across 2007, the growth in property values started the year at 8.8% per annum in January, rising steadily to a high of 13.3% in August. The cost of borrowing and slowing immigration has softened demand since, with our figures showing a drop in each of the last four months to end the year at an increase in property values of 10.0%. There is nothing in our statistics to suggest that this trend will not continue into 2008, with the Spring market having failed to provide the usual resurgence.”

House Prices in New Zealand
Three Months Ending November 2007

* Assumed exchange rate is £1 = NZ$2.52

The British lifestyle is the ‘thrid most expensive’ in the world, according to research published this month. The study by the bank HSBC found that money in every other country in the world, apart from Norway and France, would go further.

It examined how long the typical British salary would last if people maintained their standard of living, including eating out in a restaurant twice a week. It found that the average British salary would run out after 11 months and one week in Norway, while in France it would run out after 11 months and two weeks.

At the other end of the scale, a year’s British salary would last four years in Iran, two years and ten months in India and more than two years in Peru, Egypt, Argentina and Costa Rica.

Britons moving to the most popular overseas destinations of Australia and Spain would also be able to maintain their current lifestyle on a lower budget, the survey showed. One year’s annual expenditure in the UK would last 14 months and one week in Australia and 15 months and three weeks in Spain.

‘Britons who live abroad, especially those who do so for only a few months each year, and often not willing to compromise on their standard of living,’ said Enrique Roche, the head of HSBC’s Premier service in the UK.

‘This research gives great insight into those countries that will allow your cash to stretch the further and in turn, those countries that may shrink it.’

According to figures from the Foreign Office, 500,000 Britons live abroad for part of the year, while 5.5 million British nationals are based overseas permanently.

A British couple living in Spain have become the first expatriates to see their home demolished reported The Telegraph. Helen and Leonard Prior sold their home in Berkshire and spent £570,000 turning an area of scrubland into a villa with heated swimming pool and landscaped gardens. The £570,000 villa in Vera, Almeria is now reduced to rubble.

”We were utterly powerless to stop them,” said Mrs Prior. “We had hoped to spend the rest of our days here but within hours everything we worked for was destroyed.”

Thousands more expatriates living on the Costas could see their homes demolished after it emerged the properties - bought in good faith - had been built illegally. Local corruption and the flaunting of planning laws have allowed swathes of the Spanish coastline to be developed during the last decade.

Last November Spain’s socialist government vowed to pull down all illegally built property on 480 miles of Mediterranean coastline. The Priors, who are believed to be the first British couple to have had their villa torn down, say they did everything possible to ensure they had approval to build their home.

“We used a local builder and lawyer and have documentation from the town hall giving us planning permission,” said Mrs Prior.

She added: “About 18 months ago we were informed that although the local council had approved the building the regional government of Andalusia had not.” After seeking legal advice they were told that although their home had been built on designated “rustic land” it would probably be allowed to remain. But on Dec 16 a policeman came to the door with a demolition order.

“Even as late as Tuesday we were reassured by our legal team that the demolition would not go ahead as it was against the Spanish constitution,” Mrs Prior said. It was not until Wednesday morning when the water was disconnected followed by the electricity that the couple realised what was going to happen.

The couple were given two hours to remove their belongings from the house before the bulldozers moved in.

Perth house prices increased by 1.1 per cent in the December quarter 2007. This follows a 1.3 per cent rise in the September quarter. Together these quarterly increases have clawed back all of the fall in prices experienced in the June quarter. Data released by the Real Estate Institute of Western Australia shows that the median price of $461,000 for the September quarter climbed to around $466,000 at the end of last year.

It is marginally above the $465,000 median reached in the March quarter last year and 1.3 per cent above the December quarter 2006

REIWA President Rob Druitt said that indications are that sales volumes remained steady in the December quarter but were down about 10 per cent on the surge experienced in the June quarter.

“However, December’s sales volumes are still 25 per cent above the December figure for 2006 when the effects of the market slowdown were really starting to bite,” Mr Druitt said.

“We are still seeing price volatility at suburb level between quarters, but there has been no wholesale downturn across the board as some property commentators have been prophesying over the last 12 months.”

According to REIWA, the high levels of listings in 2007 which peaked in early December have now contracted to 13,400 dwellings for sale. The steady flow of sales has also seen the average number of selling days decline marginally from 68 to 65 days during the December quarter.

“The slowdown in new housing activity in 2007 and continuing strong population growth will maintain the demand for housing whether for sale or rent during 2008.

“The only immediate risks to the steadying of the local markets are the spectre of further interest rate rises and ongoing affordability pressures that may be restricting potential first home buyers,” Mr Druitt said.

In regional WA, preliminary figures suggest that the median price in Mandurah-Murray continued to slide in the December quarter, whilst the overall median price in both Bunbury and Geraldton has remained steady.

Rents & Vacancy Rates

Preliminary data indicate the seasonal tightening of the rental market has commenced with Perth’s vacancy rate falling from 2.5 per cent to 1.9 per cent.

The fall in the vacancy rate in the December quarter was accompanied by a 6.7 per cent increase in the overall median rent for new tenancies in Perth which jumped by $20 to $320 per week.

House rents were the bigger mover, rising $20 in the quarter after stagnating in the September quarter, whilst the median rent for units increased by $10 in the December quarter to a new median of $300 per week.

During 2007, overall median rents rose by 23 per cent or $60 per week.

Expats who own homes in the Valencia countryside are overjoyed as demolition orders are suspended. Valencia’s regional government has announced that 40 demolition orders issued against illegal homes built in Catral’s countryside have been put on hold. In October 2006 former regional planning boss Esteban González Pons stated that 1,270 properties had been constructed without planning permission on land not designated for building, leaving hundreds of British homeowners fearing for their properties.

The issue of illegal buildings is being tackled directly by the Valencia government, who have stripped the local authority of town planning powers and issued demolition orders to a number of households during 2007

However the announcement that orders have now been suspended was the best Christmas present that many of the threatened homeowners could hope for. Despite the fact that the demolitions may still go ahead, many locals are viewing the suspension as a reprieve. The houses most at risk include properties that have been constructed inside and close to El Hondo Natural Park, and eight homeowners who bought properties inside the boundary of the park now face court charges.

Due to the fact that the builders of the properties recorded their status as the promoters of the houses on town hall documents, the buyers have been called to appear before an Orihuela judge on January 29 instead of the builders.

Last year former regional planning councillor Esteban González Pons stated that he would pursue the builders who had made an estimated €80m through selling illegal homes in Catral. At the time he said: “We are going to identify urgently those responsible for the construction of the illegal homes so we can move to embargo their capital and in this way guarantee compensation to people who have bought houses in good faith and who now find themselves with an illegal home which could even be demolished.”

However, to date no builder has been charged with any criminal offence over the construction scandal.

Although the New Zealand Department of Immigration is unable to comment on individual immigration cases at this time it should be pointed out that a process is underway to license Immigration Advisers to both protect migrants as well as the reputation and professionalism of those providing immigration advice.

The Immigration Advisers Licensing Act came into effect in May 2007. Among other things the Act requires anyone providing New Zealand immigration advice to be licensed. Licensing for Advisers both on and offshore will be administered by the Immigration Advisers Authority, an independent Authority.

The IAA will accept applications for licensing from May 2008. It will be compulsory to be licensed as an immigration adviser from May 2009.

Making Immigration Advisers a licensed, recognised profession benefits everyone. Migrants can be confident they are getting the correct and best information, whether they work with an Adviser or directly with Immigration New Zealand. Creating professional standards for Immigration Advisers will help protect them against poor advice or unprofessional behaviour.

Immigration Advisers who give their clients sound advice and professional service will also benefit, through new continuing professional development programmes and recognition of their work as a regulated profession. Under the new law, Advisers who provide poor or fraudulent advice can be also be prosecuted.

The Authority will also keep a publicly available register of licensed Immigration Advisers and establish a complaints procedure.

Licensing for people giving immigration advice in New Zealand will be mandatory from 4 May 2009. For Immigration Advisers based outside of New Zealand, licensing will be mandatory from 4 May 2010.

To become licensed, Advisers will have to meet competency standards and adhere to a code of conduct.

Canadian housing activity in the first eleven months of 2007 has already surpassed all previous annual totals, according to statistics released by The Canadian Real Estate Association (CREA).

Some 496,890 homes traded hands for the year-to-date in November 2007, up 2.7 percent from the previous annual record set last year. New annual records have already been reached in every province except British Columbia and Alberta.

Seasonally adjusted sales activity climbed 1.6 per cent compared to the previous month to 42,576 units in November 2007. The increase reflected a month-over-month rise in activity in Alberta, British Columbia, Saskatchewan, Ontario, and Newfoundland and Labrador. In the lattermost region, transactions reached the highest monthly level ever.

Actual (unadjusted) sales activity was up 6.1 per cent in November from the same month last year. This is the highest number of transactions ever for the month of November, surpassing the previous record from November 2005.

The Canadian residential average price rose 11.7 per cent year-over-year in November to $313,645 (£158,406). This was the seventh consecutive month in which the increase in average price has exceeded ten percent and the largest increase since July. Average price broke all previous monthly records in British Columbia, Saskatchewan and Quebec, and stood just slightly below record levels on a national basis in Ontario.

“2007 has been a tremendous year for Canada’s housing market, and we expect overall sales activity to edge slightly lower in 2008,” CREAPresident Ann Bosley said. “Prices are also forecast to set new records, but the increase in average price will be smaller in 2008.”

Average House Price In Canada
November 2007

A 102-year-old retired dentist looks set to become New Zealand’s oldest immigrant when he leaves Britain to start a new life in Nelson. Eric King-Turner has packed up all his belongings to sail to the other side of the world with his 87-year-old, New Zealand-born wife Doris, the Daily Mail newspaper reported.

He departs on the Saga Rose cruise ship which will dock in Auckland on February 16.

Mr King-Turner, who lives in the village of Titchfield, near Southampton, said he was looking forward to a British way of life in a country which is not as crowded.

Mrs King-Turner - who still has a house near Nelson - has been living in England since marrying her husband 12 years ago. Mr King-Turner, who was Surgeon Commander on the aircraft carrier HMS Indomitable during World War II, said: “I think Doris has been a little bit homesick but has never complained.

“I like New Zealand. The way of life is very much the same as it is here but it is not so crowded and the weather is certainly better. “I’m an Englishman through and through and there will be things I miss such as my friends but New Zealanders are very easy to get on with.”

He said he will also be able to engage in his passion for fly-fishing: “New Zealand is the most wonderful place in the world for fishing. “It’s a wonderful new adventure and I would say to anyone that if you want to do something you should do it straight away while you can.

“I may well be Britain’s oldest emigrant but being in the Guinness Book of Records is not important to me. “What’s important is that when I’m 105 I don’t want to be thinking `I wish I had moved to the other side of the world when I was 102′.”

The couple, who were both widowed, married in New Zealand in 1995 before returning to Mr King-Turner’s home in the south of England.

Mrs King-Turner, who has five children and nine grandchildren, said: “I am looking forward to getting back to my garden which is about three-quarters of an acre.” Mrs King-Turner sponsored her husband’s application to emigrate to New Zealand. He said: “The paperwork has taken about five months.

“We not only had to produce a marriage certificate but we had to produce evidence that we were in a long and stable relationship!

“I’m also pleased to say I’m in good health - they would not let me in otherwise. “Now I am looking forward to refurbishing my wife’s home out there because that kind of thing is always fun.”

Mr King-Turner said he was not quizzed about his age but had to show he had the financial means to live when he got to New Zealand and that people would look after him if he ran out of money.

The pressures impacting on housing affordability, especially for first home buyers, are likely to worsen in 2008, the Real Estate Institute of Australia (REIA) has warned. Rising interest rates, population growth and price increases caused by a shortfall in the supply of new homes are contributing to a 22-year low in affordability reported The Sydney Morning Herald. As a result many home buyers are considering medium and higher density housing as more affordable options, institute president Noel Dyett said in a statement.

“In 2008, the main challenges facing the real estate market will be low home loan affordability, the possibility of more interest rate rises, the ongoing fallout from the US sub-prime problems, and an extremely tight rental market driving rents up,” he said.

During 2007 the real estate market was split between established home owners, who enjoyed a “vintage” year, and new entrants who experienced a “less fortunate” time.

The institute’s outlook for 2008 suggests house prices will continue to rise in all states except NSW, where the market is more subdued, and Western Australia, where activity has settled.

The Australian weighted average median house price was $442,758 in the September quarter 2007, the REIA said.

Sydney had the highest median price at $538,400 followed by Perth ($455,000), Melbourne ($431,000), Canberra ($425,000), Darwin ($400,000), Brisbane ($383,500), Adelaide ($320,00) and Hobart ($317,00).

“Well-located property, close to employment opportunities and infrastructure will continue to perform well,” the outlook says.

“The upward movement in prices for other dwellings suggests that many home buyers are considering medium and higher density housing as more affordable options in a market where affordability is very low.

“It is likely that this sector will experience ongoing price growth during 2008.”

The institute says price rises are being driven by population growth, demand for newer and more environmentally-sustainable housing in areas close to employment and essential services, and a shortfall in the supply of new dwellings.

The transfer of infrastructure costs into the pricing of new homes was also pushing up prices of established homes.

The institute says dwelling approvals are not keeping pace with the demand for additional housing stock.

The institute says sales activity has fallen steadily for the past five years.

Finance for alterations and additions rose steadily during 2007 driving much of the investment in housing nationwide.

“The prospect of higher interest rates will potentially see this continue into 2008 with an accompanying tightening of sales volume, as people become more resistant to selling,” the REIA said.

First home buyer numbers have fallen below the long-term average and the institute says the outlook does not look positive.

Median Housing Prices
September Quarter 2007

Residential rental vacancy rates have averaged an all-time low of 1.9 percent across Australia for the past two and a half years, according to data published in the Mortgage Choice/REIA Real Estate Market Facts report, September quarter edition.

This compares with a 20-year average of 3.6 percent. The industry benchmarks anything below a 3.0 percent vacancy rate as indicative of an undersupply of rental accommodation.

Australian Bureau of Statistics data show that all States and Territories experienced population growth over the 12 months to June 2007, ranging from 0.7 percent in Tasmania to 2.3 percent in Western Australia.

‘This has contributed in part to the shortage of housing stock, with the construction of new dwellings lagging well behind demand,’ says Noel Dyett, REIA President.

‘Investors are also behaving cautiously in an environment of interest rate rises, with potential for more to come.

‘As a result of very tight vacancy rates, over the past year, rents have increased significantly right across Australia,’ says Noel Dyett.

Darwin is now the most expensive rental location, with a 34.4 percent annual increase in the median rent for a three bedroom house to $440 per week and a 51.1 percent annual increase in the median rent for two bedroom other dwellings to $340 per week. Sydney and Canberra renters also pay $340 median weekly rent for two bedroom other dwellings.

The cheapest rental location is Adelaide at $255 per week for a three bedroom house, and $205 per week for a two bedroom other dwelling, although this represented annual growth of 8.5 percent and 7.9 percent respectively.

‘Increasing house prices and declining home loan affordability are keeping more people in the rental market, with the short-term outlook difficult for lower income earners in particular,’ says Noel Dyett.

‘Over the medium term, there should be an improvement in vacancy rates, and a slowdown in rent increases, as improved yields make it more attractive for investors to place their funds in the property market.

‘There were double digit annual returns on three bedroom investment houses in Melbourne, Brisbane, Adelaide, Canberra and Hobart in the year to September 2007. Returns on two bedroom other dwellings were even better with only Sydney investment properties returning less than 10 percent.

Three Bedroom Median Weekly Rents
September Quarter 2007

South East Queenslanders are being urged to continue watching their water use over this holiday period despite widespread rainfall in the region.

“We all need to remember the combined dam levels are still at around 20 per cent and sadly there’s been little real benefit to the dams from the rain we’ve had,” said Queensland Water Commission spokesman Gerald Tooth.

“Even though we will see a slight rise in dam levels over the next few days focusing on Target 140 is more important now than ever before.

“With dam levels this low we are a long way from being out of the woods yet and we all need to remain focused on saving every drop.”

Mr Tooth said with many people hosting visitors over the holiday season they should take the opportunity to pass on their water saving habits to people from outside the region.

“If you have visitors over the holidays from outside South East Queensland, tell them about all of the little things you do to save water, like taking short showers,” Mr Tooth said.

“South East Queenslanders should be extremely proud of their performance in 2007 because water use has now averaged less than 140 litres per person per day for more than 7 months.

“The community’s effort over the last year has made us one of the most water efficient urban populations in the developed world.”

“We are asking everyone to keep up the good habits they have developed during the drought because, frankly, we can never go back to the water wasting ways of the past.”

Canada’s population has exceeded 33 million, according to demographic estimates from Statistics Canada, which also show that Saskatchewan has more than 1 million people for the first time since 2001. The estimates, based on the population counts from the 2001 Census, also show that Saskatchewan has supplanted Alberta as Canada’s fastest-growing province.

As of October 1, 2007, Canada’s population was estimated at 33,091,200, up 115,200 from July 1, 2007. Canada’spopulation increased 0.35 percent during the third quarter, the strongest growth rate since the third quarter of 2001.

It has taken Canada three years to boost its population by 1 million people. The nation’s estimated population slipped over the 32 million mark during the third quarter of 2004.

Four provinces—Saskatchewan, British Columbia, Ontario and Alberta—had population growth rates above that of the country during the third quarter.

Immigration remained strong during the third quarter, when Canada received an estimated 71,600 newcomers, the second highest quarterly level since 1971. Net international migration accounted for two-thirds of the country’s increase.

Saskatchewan
Saskatchewan’s population rebounded thanks to interprovincial migration. As of October 1, 2007, Saskatchewan’s population was estimated at 1,003,300, up by 6,400, or 0.65 percent, from July 1, 2007. These gains were record highs, and the province’s rate of demographic growth was the fastest in the country. Interprovincial migration accounted for two-thirds of this increase.

Saskatchewan’s population has been on the rebound since the fourth quarter of 2006. At that time, its population reached 986,900, the lowest estimates since July 1982. This new growth is mainly caused by an increase in net inflows from interprovincial migration, mainly people returning to Saskatchewan from neighbouring Alberta.

Saskatchewan’s population was over the 1-million mark between 1983 and 2001.

Alberta
On the other hand, the main engine of Alberta’s demographic growth—interprovincial migration—has lost some of its importance. Alberta, which has led the provinces in population growth for the last few years, has started to lose more people to other regions than it has received.

Over the third quarter, Alberta recorded a net interprovincial migration outflow estimated at 3,300 people. The last time the province recorded a net outflow to other jurisdictions occurred in the fourth quarter of 1994.

Thanks to strong natural growth and net international migration, Alberta’s population is still increasing. However, its increase of 0.37 percent was the lowest since the fourth quarter of 2004.

Atlantic Region
The population of all four Atlantic provinces rose during the third quarter, but at a slower pace than that of the country.

Newfoundland and Labrador’s population was estimated at 507,500, up by 1,200, the highest increase since the fourth quarter of 1992. This halted a streak of 15 consecutive quarters of population losses.

Newfoundland and Labrador, as well as Saskatchewan, is one of the jurisdictions benefiting the most from the shift in trends observed in Alberta’s interprovincial migration.

For the first time since the second quarter of 1991, Newfoundland and Labrador posted a net inflow from interprovincial migration, estimated at 1,100. More than a third of these gains (+400) are coming from the province’s exchanges with Alberta.

Prince Edward Island was the fastest-growing province in the Atlantic region, with a rate just below the national level. The province received more immigrants than ever before during the third quarter. Immigrants entered the province at an annualized rate of 12.1 for every 1,000 population, surpassing the national level of 8.7 for every 1,000.

New Brunswick posted a population increase for the fourth consecutive quarter and a net interprovincial migration inflow for a third quarter in a row. Its population gain of 1,100 between July 1 and October 1 was the highest since the second quarter of 1991.

Nova Scotia had the slowest population growth among provinces, a gain of 0.1 percent, or just below 1,000 people. However, a year earlier at the same period, the province’s population had been declining. The main factor in this new increase was lower net outflows from interprovincial migration.

Central Canada: Population gains for both Ontario and Quebec
Ontario’s population increased 0.37 percent to an estimated 12,850,600, which represented about 39 percent of Canada’s population. This growth rate, faster than that of the country for the first time since the second quarter of 2006, was mainly due to smaller net interprovincial migration outflows.

Ontario posted a net interprovincial migration loss of 3,100 people in the third quarter, far below the net outflow of 14,700 during the same quarter in 2006. While still recording net losses to Alberta, Ontario has been recording net interprovincial migration gains with the rest of the country.

Ontario’s attraction for international immigrants, while still strong, is not what it used to be. During the third quarter, the province welcomed close to 47 percent of newcomers to Canada, compared with 60 percent between 2000 and 2002.

The population of Quebec, the second most populous province, increased 0.25 percent, still slower than the national rate. But the pace was still slightly faster than that of the third quarter of 2006.

The number of births in Quebec is still on the rise, as is its rate of natural increase (the excess of births over deaths). The rate of natural increase in Quebec is second only to that of Alberta among the provinces. The province’s rate of natural growth has been higher than Canada’s since the beginning of 2006, a phenomenon not seen since the beginning of the 1980s.

The West: British Columbia’s growth second fastest in country
British Columbia’s population hit an estimated 4,402,900 in the third quarter, an increase of 0.52 percent, the second fastest among the provinces. This was the province’s second strongest rate of growth since the third quarter of 1996. This is due mainly to an increase in net interprovincial migration inflows and a continuing strong immigration. International migration accounted for close to 60 percent of British Columbia’s growth.

Manitoba recorded a demographic increase of 0.31%, slightly below the national rate. It is, however, the province’s strongest growth since the third quarter of 1983. This was due to a strong immigration rate, one of the highest in the country, and to lower net interprovincial migration outflows.

Manitoba had a net interprovincial migration loss of 100 people during the third quarter, compared with 3,200 in the same period in 2006. This was the smallest loss since the third quarter of 1984.

Territories: Only Yukon’s gain exceeded the national average
In the territories, the situation was varied. The only territory to post a faster demographic growth rate than that of the country was Yukon, where the population rose 0.41% to reach 31,100. This was due to an increase in net inflows from interprovincial migration.

The Northwest Territories was the only jurisdiction to record a demographic decline. Its population fell 0.5% during the third quarter, largely the result of larger net losses in interprovincial migration.

Interprovincial migration was also the main factor explaining why Nunavut posted one of the smallest population increases in its brief history. Over the third quarter, the population of the territory edged up 0.04%. Without its strong birth rate, Nunavut’s population would have declined.

House sales rose slightly in November, indicating a stabilisation in housing in the wake of mortgage disruptions earlier this year, according to the National Association of Realtors. Total house sales – including single-family, townhouses, condominiums and co-ops – rose 0.4 percent to an annual rate of 5.00 million units in November from 4.98 million in October, but still 20.0 percent below the 6.25 million-unit level in November 2006.

Lawrence Yun, NAR chief economist, said the market appeared to be stabilising. “Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilising,” he said. “Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market.”

The American median house price for all housing types was $210,200 (£107,200) in November, down 3.3 percent from November 2006 when the median was $217,300 (£110,900), but there remains a downward drag on the national median as the mix of closed sales has shifted away from expensive markets.

“Just like the weather, there are large local variations in house prices,” Yun said. A quarterly examination of price performance on a metropolitan basis shows nearly two-thirds of metro areas are showing price increases. Among the many metros experiencing healthy local price gains are Farmington, New Mexico; Reading, Pennsylvania; Columbia, South Carolina; and Fargo, North Dakota.

Single-family home sales rose 0.7 percent. The median existing single-family house price was $208,700 (£106,500) in November, down 3.7 percent from a year earlier.

Existing condominium and co-op sales slipped 1.6 percent. The median existing condo price was $221,100 (£112,800), down 0.7 percent from in November 2006.

Regionally, house sales in the West increased 10.3 percent in November to a level of 960,000, but are 25.0 percent below a year ago. The median price in the West was $325,800 (£166,224), which is 6.8 percent lower than November 2006.

In the Midwest, house sales were unchanged at an annual rate of 1.18 million in November, but are 16.9 percent below November 2006. The median price in the Midwest was $163,000 (£83,200), down 0.5 percent from a year ago.

House sales in the South declined 2.0 percent to an annual rate of 1.99 million in November, and are 19.4 percent below a year ago. The median price in the South was $174,200 (£88,900), which is 2.5 percent below November 2006.

House sales in the Northeast fell 3.3 percent to an annual pace of 870,000 in November, and are 19.4 percent below November 2006. The median price in the Northeast was $258,300 (£131,800), down 3.2 percent from a year ago.

The hottest year on record in Victoria ended with the hottest day for 2007 as temperatures in many parts of Victoria soared above 40 degrees centigrade reported the Melbourne Age. In Nhill in the Wimmera and Hopetoun in the Mallee, the mercury hit 43.7 degrees centigrade in mid-afternoon, a record for the year.

In Melbourne, the temperature hit 41.1 just before 5pm, the city’s hottest day for more than a year. Electricity usage surged as the rising temperature forced householders to switch on the air-conditioning. The scorching end to 2007 will confirm it as the hottest year on record in Victoria.

Despite the heat, there had been only a handful of ambulance trips for heat-related conditions by late afternoon across Victoria, while the major hospitals also saw a limited number of heat-affected patients.

Figures from the Bureau of Meteorology show the average temperature in 2007 was about one degree above the long-term average. It was a fifth of a degree warmer than the previous hottest year in 1988.

There were no significant fires in Victoria despite the hot, windy conditions but in many parts of the state the heat was barely tolerable.

In Warrnambool, beaches were teeming with people despite a “stifling wind”, said Matilda Wills from the Lady Bay Resort. She said it was the “hottest wind I’ve ever encountered”. In Mildura, it was so hot that an electronic sign measuring the temperature outside one of the Hudak’s Bakery stores had reset in the afternoon. “It means it has gone off the scale,” said owner Michael Hudak. To lure customers, two of his bakeries display the temperature inside and outside the store. Inside was a cool 22 degrees and outside it was well over 40.

At Chadstone Shopping Centre crowds were about 30% greater than manager Stephen DeWaele had expected, as people sought an air-conditioned escape from the heat. “People have been coming into cinemas and going bowling,” he said. “There’s plenty of people just wandering the malls.”

Across the state, swimming pools were a popular option.