 鲜花( 0)  鸡蛋( 0)
|
Canada's housing market both vigorous and stable
2 B. o) x) H5 }( l: F b. n; g. C* D7 Y) M9 m
- Country's market poised to show growth throughout 2006 -$ E, ?3 G) f/ e
) b7 T& E( k" l) N$ K; t/ i TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market9 H! t/ J2 O1 V) V! v. P7 f
exhibited moderate price increases and stable unit sales during the third% G1 T% o4 B4 N7 C8 D
quarter. Wide regional variances continued to be the dominant characteristic
3 p8 L# F! J& ?$ Vin the market, exemplified by frenzied levels of activity and double digit) L) ^ K8 Z4 g. ~7 k
price gains observed in the energy and commodity rich Western provinces, and3 x& H# k6 B9 X2 ]& @( c
more reasonable sales volumes and moderate price appreciation in Ontario,
) ^; S: I7 u/ d1 g- p2 z7 h: d5 @1 HQuebec and Atlantic Canada, according to a report released today by Royal
+ I( [9 [1 f2 ELePage Real Estate Services.
% x) O$ C& ~% u- } L8 `$ t; W" [4 k4 w1 U# b) O
Nationally, market trends established through the first three quarters
, r( N% ^/ x& Q0 Sare forecast to continue for the remainder of the year. Robust economic
. c- a ?5 Z! N! Lconditions, low unemployment rates, modestly growing salaries and wages, and6 C% x3 ]7 U& `7 D2 V0 z( ^3 o i( X8 e
sound consumer confidence contributed to the overall strength of the& N8 b4 w: n. m
residential real estate sector.
, J& h( J" Z5 `4 z4 [& B
; }; W$ }% L0 o5 o) e7 R Of the housing types surveyed, the highest average price appreciation3 ^2 a$ J6 g% Y/ B0 g$ G( I, K
occurred in detached bungalows, which rose to $300,365 (+16.3%)
6 h/ O# v8 B( F( t' d6 Uyear-over-year, followed by standard condominiums, which rose to $211,562
+ `$ \# V0 w, u" r( F( X/ y(+14.2%), and standard two-storey properties, which increased to $365,380% Y5 T1 G! ?' }+ z3 F- A
(+13.2%).9 r! {( P7 k3 y6 |, x) y
* f8 V/ }3 E- I9 C7 P "Canada's sturdy housing market continued to demonstrate steady growth
5 l6 D1 F7 ], o2 n8 B3 B* Fduring the third quarter. For all but the west, we have moved on from the5 Z; f' }% z- W/ U4 W% U8 x7 b2 y5 s2 \
frenzied expansion that characterized the first half of this decade, and are0 m# @- }- R3 a& C
poised to show continued growth at a more moderate pace," said Phil Soper,/ P# \9 R1 Q: I( m2 o
president and chief executive officer, Royal LePage Real Estate Services.
* `: Q" H& S: e! C"Gone is the sellers' market that we have lived with for some years. We
' q/ D* U: G* x" N( w) R" q4 s: P1 H* {welcome the more reliable conditions that are characteristic of a healthy
) C; N# g. H% ]7 Kbalanced market."- G6 c6 H7 ^9 u7 X( }
: g/ c- d1 r8 k7 N* ^ Despite the double-digit rise in average national house prices,: m8 A- w1 J8 x' G8 f$ F
considerable regional variances were exhibited again this quarter. The shift8 @" `# M9 s2 `" F' n
to balanced market conditions, which began in late 2005, has continued
) W( [' K* q B" N; `$ ?throughout most of the Central and Eastern regions of the country. In the core. V! x5 r3 x' Q+ `0 u$ h' |! r% v+ H
energy producing western provinces, the combination of very high in-migration,
2 B* `& {4 n' B/ M* Lmanageable affordability, and a shortage of inventory has driven record2 G( f% A) h$ Q& j* @, H" Q
breaking price appreciations.
6 ?, H+ r' W/ ^6 i' k* x& a
+ {; Z% C4 i9 @, z: ^' a; [ Echoing the second quarter and supported by Alberta's rapidly expanding6 S6 F2 {( V$ u7 M
economy, Calgary and Edmonton led the charge of Canadian cities with the/ s# @" L. Y; ]& |' F$ P
largest house price appreciation in all housing types surveyed.
3 \) p( Y* o. k) w+ N" `) a; X9 K# Z# |1 P( q; U
In Ottawa and Toronto, growth remained steady, supported by solid
& L, F- ^1 T" q1 }( w) s! i, a& teconomic fundamentals, an increase in available inventory and strong consumer
5 W" K I8 c2 \confidence. While the pace of price appreciation in Ontario leveled off
' g" `0 [8 L X# |# `6 Zslightly, the province's real estate market remains poised for modest growth.* x6 D! N2 K4 `
In Atlantic Canada, new housing and condominium construction offered buyers0 m9 m0 G) y$ k4 {0 O, X
greater selection at more competitive prices, resulting in a slower rate of
, G8 V% J+ x7 H$ Vprice appreciation when compared with 2005.
4 U5 X& J Z: S
* I1 z: S! l$ m5 @) g$ `+ x+ g While the pace of growth in Canada has slowed, the domestic housing
7 ~5 U1 e, w* E% e. j* Qmarket is expected to outperform the American market. The economic and$ w( Z* N a9 ^
financial fundamentals driving the residential real estate sector in Canada2 N* h; O& R6 v9 ^, e& @
are markedly different than those found in the United States.& U1 R3 e) h! t7 U
3 m+ D/ ]) i0 t) i' L Added Soper: "Canada's housing market is likely to outperform the
* K2 H! R5 X8 Q: g. RAmerican market through 2007. A number of factors are working in Canada's) ]' I3 p% |8 j, {7 \5 t* g! O
favour, including healthy personal and governmental debt levels, the: }% A0 W4 j3 e, P5 f% P
relatively modest rise in interest rates in our country, and general; a9 ^; _; Y \" U4 Z8 o
affordability in our major cities. In addition, Americans are now seeing the
0 R3 J7 b; L4 c( D5 |! udownside of a tax system that encourages maximum homeowner leverage, and: e* e+ F# Y* R, u" n; a8 K o
aggressive financial products such as zero- and negative-amortization
) {& G; a% f( O- n$ Y' W5 T& Kmortgages that work only in a high price growth environment."& s0 q% r( `( u4 E% {9 a
$ C) F0 p2 L8 B3 z <<
! S4 W* G! U6 j4 Z, k/ o REGIONAL SUMMARIES
" n# z; Y0 Q6 ]/ S& ]" H7 C5 r >>0 u' ^8 f* m8 g* w7 b" A
7 r: h5 g# q( `+ w. R* j
Balanced conditions continued to characterize the housing market in
- K# U8 i9 J4 E! ?0 {Halifax, as significantly higher inventory levels helped to moderate the rate: B/ e, E S) {9 O
of price appreciation. Buyers were increasingly choosy, taking more time5 R/ h# k2 b) q6 `' x- u
looking for newer, low-maintenance properties that were not in need of
& V- k X+ Y) L, _, r8 ] ?5 @renovations.
+ Q0 U; |! B5 A. ^! ]4 [# E
+ S5 B _" @! l9 \ The housing market in Moncton remained healthy and strong as a slight
+ p g$ f+ x4 l$ V! S$ W, Zincrease in inventory helped to moderate the rate of price appreciation
! P7 P' f& ~) S* f5 T( |7 hcompared to the same period in 2005. Activity was brisk throughout August and/ c- a" Y! D: K" t1 w7 h- @
September and is expected to remain this way through the fourth quarter.
. Q' E8 r0 T# _' e: x2 L; W2 E. c2 j2 P6 R9 f* e% E
The housing market in Saint John underwent its traditional summer# j0 H2 R( P8 L3 X, k. {
slowdown in the third quarter, with activity picking up towards the end of the
5 M" v6 s3 l. w, x: Pquarter. The local economy continued to thrive, as construction on a new
, c" t3 S3 l% U% }/ ?- M: t# _# ~600,000 square-foot shopping area has begun, bringing several new box stores
9 J2 s# v0 K' f! N. h9 }' I: \8 J5 x$ ^to the area. Buyers have begun seeking less expensive fixtures for their homes; |7 [1 V/ p/ L. _9 M
and are instead opting for more affordable housing options.
5 j. a% ?4 b2 Y7 x7 {/ `2 z; @- G+ h
In Charlottetown, the housing market started to move towards balanced
3 U% `6 C) t2 f+ R: qconditions, as some sellers had to begin to lower the asking prices on their- x6 U, _* }; e$ s$ H
homes to make them more competitive. Activity from out-of-town and US buyers
& J" C6 M {& Q" _was down slightly compared to 2005, likely attributable to the strong Canadian$ j8 ?* e& C* y# s
dollar. Inventory levels began to creep up in the third quarter, providing" e" k8 z$ l) o5 i2 t& m
buyers with more options when looking for a home.+ U! F% z- P& ~. x: m
2 C1 ~& M7 ~- F
Activity in St. John's slowed slightly in the third quarter, particularly5 e: s; F8 p& S/ N; V/ k/ a
among higher-priced properties, where there was a slight over-supply of homes1 l/ r+ W: |- p& K6 s
priced over $200,000. Listing periods have increased when compared with 2005,
+ j+ c* k0 k$ n: q4 [as some of the pent-up demand that had characterized the market over the last
0 J% m7 G5 Z- X! ~few years has been satisfied, resulting in more normal, balanced conditions.
/ c7 _6 r1 C& ~) g7 i1 l9 C9 V# F T' ?. |
Montreal's housing market recorded modest increases in average house
: q0 Y% }$ z% `' Z6 F7 Gprices, due to a slight seasonal slowdown in the third quarter as inventory
. u- _6 s; ]. h$ L& E3 [levels rose. Part of this can be attributed to the fact that many renting
0 j$ |. A5 k) l& d; m$ Vfirst-time buyers were motivated to close on the purchase of a home by July 1,; H/ D% {; _3 z6 r. l
when rental leases expire in Quebec. Once this date has passed some of the
2 O1 E$ c. _3 o0 W, [! l" ~& j# gpressure is taken off the market, allowing buyers to visit more homes before. Z' J; c+ B0 O# \% Z% ]; \
making a purchase.8 d/ W6 r' g( I3 J& Z7 |1 f- q
8 O* @! _7 f: _6 O7 m7 v9 m Ottawa held its position as one of the country's most stable housing
: J$ n# ^+ p$ |; F# Nmarkets in the third quarter, reinforced by a vibrant local economy and strong) @7 p" K- Y" [9 m2 s5 k" z
confidence, resulting in modest increases in average house prices. The city$ e. W Z/ W B' l
centre remained a bright spot in Ottawa, with homes in this area attracting# T0 u2 ? ?5 o
attention due to their convenient location and proximity to downtown
) n! y$ b7 G& L5 H& W, samenities.
3 ~2 r9 G2 ^: F" i2 k
! y* Q) Z- w W7 f: Y: P' M The housing market in Toronto sustained healthy activity levels( l( g2 n- g( o( p3 U/ h s% T
throughout the third quarter, as a strong economy helped to maintain demand
2 v8 d1 I3 E" n) E1 `8 u) Cacross the city, causing average house prices to rise moderately. Toronto has: P3 a. M) G( B
continued to experience modest growth in average house prices, and has been
" h: _: T) T8 j. \$ ~) Xdriven primarily by purchasers who are buying homes as their principle9 A8 B5 o: e% c0 ~" T; ]6 B* k
residence, rather than for investment.
F' U3 \( Q& A6 f0 ~( }, a A& H e! K+ f& C Y& F2 A4 H
The vibrant Winnipeg housing market continued to show its strength as4 h' P e3 B) @* L) W$ y6 w) x
house prices rose during the third quarter. The booming local economy resulted% W2 n. Y# F# ?' q
in a historically low unemployment rate, helping to bolster consumer
6 _. u: a8 C4 j& Z1 V I$ Pconfidence and Winnipeg's ranking as the city with the lowest capitalization
: m3 P- ~2 H$ Srate among the country's larger cities - helped to encourage buyers to enter
0 g9 R) @0 Q6 d2 Ethe market.) R5 L/ w7 _% o; g1 ^
# N& |& `8 z$ m In Regina, the market experienced a slight seasonal slowdown through
& @: z/ A; n+ G. u3 L- OJuly, as there were fewer purchasers in the market due to summer vacations. In
4 o1 E- b( a4 G: q6 ^August, activity resumed to the busy pace previously seen in the spring
! T3 F. u. N# i! ~; |2 Fmonths, as the influx of purchasers made it more difficult to find a home due
I/ N! j0 ~8 L7 n2 d3 {4 sto the shortage of available inventory.
2 a, U' w J1 [* b0 n; c0 `+ s' X. @2 d
Activity in Saskatoon remained brisk as the market maintained its- z5 j1 N* v' r* _
momentum from the busy spring sales period. The economy in Saskatoon remains
( V, Q; Y" k* H, `1 ~, {vibrant, as employment opportunities are abundant with many businesses; b1 q# i6 m! V# Q
struggling to make hires and having to recruit outside the province.: `; L0 d1 u8 i ~3 [1 h
1 ~# d+ \% _8 X Calgary's housing market recorded blazing average house price increases7 s- m. N$ g, t, g5 |+ D# x+ i
in the third quarter, in all surveyed categories. The burgeoning economy, low
) u" B$ m7 c& d. L" ~7 Yunemployment rates and low inventory levels remained the leading factors that" G& c* z7 R. P$ q& d* t
pressured Calgary's house prices upwards. However, regardless of the soaring
B/ s; O/ o. w9 `6 vprices that characterized the market - even during the typically slower summer0 b1 @9 R$ H3 I
season - it is expected that activity will become slightly more balanced, as. d' {& l* n+ V* Y9 k7 x3 \# Y6 W
buyers are becoming more reluctant to participate in the frenetic activity.; n; P6 U/ `8 ?7 P3 o! o% _+ o! Q
) B3 Y/ S$ {7 q) X; T4 Q! [ Edmonton's booming local economy continued to thrive in the third quarter
4 [$ t& e9 Q" @! B+ kas activity in the oil sands north of the city continued to flourish. Edmonton
: i1 l; E2 r0 yremained the hub of activity for those coming to work in the oil industry,7 Q0 p& `/ J7 n; J! D" ]5 ?! w
maintaining tight inventory levels across the city, resulting in prices
& }/ L6 s6 P9 [( {# y" Lincreasing at record levels. However, as inventory levels continued to improve$ N# @8 h1 E2 q# z# g/ p" M& Y/ h
in the third quarter the rate of price appreciation should moderate slightly% g1 c2 c( Z6 @
towards the end of 2006. 9 h1 k$ b& \6 L
7 L2 Y! _( y; e6 u" m1 PWhile Vancouver has seen a slight reprieve from the severe shortage of( a) Y9 B! Y4 v
inventory that had previously characterized the market, supply is still unable
+ F/ n: p0 Q. }( |to meet demand, driving house prices upwards. Vancouver has a very diverse8 J0 B- B! O! H5 N4 C
group of active buyers - from first-time home buyers to baby-boomers to `- V0 q: x% I
foreign investors - all of whom fuel the demand for houses, placing added
) [0 U! @9 ~4 v9 W' J3 Ypressure on tight inventory levels.
3 o9 g( T. R5 @ _: ?8 O7 {- @8 j' L* n1 @
Victoria's market is vibrant and supported by strong economic
& q& x u8 v5 U ]6 ]) j6 }fundamentals, fuelled by a booming tech sector and a migration of young people( r/ d- r; V* J. f
into the city that has continued to support the area's house price increases;7 @ E- [% O/ r9 u F% B
while increased inventory levels have afforded buyers more time when searching( k9 @& C; U1 k% y
for a home, helping to normalize the market's pace.
% h4 c2 x* k( `
( r$ O, C; j3 Z! I1 l <<
1 w" O$ ~: E- C& V& G' |; j" a& d Survey of Canadian Average House Prices in the Third Quarter 2006
1 t2 I4 H$ \7 A6 p
; L b# v: T" Z' u F4 Z' W2 A -------------------------------------------------------------------------8 s7 | G' O6 s) q7 O
Detached Bungalows Standard Two Storey. R2 B9 v# S; M# H
-------------------------------------------------------------------------8 t1 t2 Z$ D6 T3 r2 d: r
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
# N! l; x' d; @6 b Market Average Average % Change Average Average
! Y* H7 R- X/ |( \* M -------------------------------------------------------------------------7 {9 c5 N9 L' d7 L+ S6 y% L. _
Halifax 186,333 173,333 7.5% 198,667 199,000' ~* c3 y; e9 k9 K" \1 `" O
-------------------------------------------------------------------------
4 {6 o( i! C7 c1 t. g# [ Charlottetown 145,000 141,000 2.8% 175,000 170,000' G* z- L$ X# w- a" l* b2 X
-------------------------------------------------------------------------
- W c5 J( ^0 [% ] Moncton 135,000 127,000 6.3% 129,000 123,000
6 |) j7 Z4 r# k y9 v3 q. \ -------------------------------------------------------------------------
' i- B% p4 O5 r0 F& \ Saint John 141,200 142,900 -1.2% - -1 w" U2 s$ e, R$ r
-------------------------------------------------------------------------
- x5 b$ X6 h' h/ p& h6 s( i St. John's 143,667 142,667 0.7% 200,667 202,333
2 Z( ?$ o* m" c( ]+ O5 T -------------------------------------------------------------------------
4 M# a3 J# X/ ~8 i/ w8 ` Atlantic 150,240 145,380 3.3% 175,833 173,583
6 l) q4 {+ d5 d -------------------------------------------------------------------------
% `* p+ L2 K! D# @! ^' G6 f Montreal 213,691 203,500 5.0% 321,141 316,1851 S! E# U# W# g1 d6 h
-------------------------------------------------------------------------
1 ~: d/ p( {7 }" q Ottawa 290,083 278,417 4.2% 285,667 273,2505 [1 F2 O% B- R, A1 `
-------------------------------------------------------------------------
& _4 Z7 Y' K% c, Z# S7 I6 h& l% [% R Toronto 373,368 355,882 4.9% 481,523 474,766
0 A: o5 W# c {5 U( _, ?5 C -------------------------------------------------------------------------
3 L" r' o1 P3 ^) c Winnipeg 181,579 159,860 13.6% 202,337 180,707+ A( A# h0 @ T* s, p
-------------------------------------------------------------------------1 O" v, O. f/ R) V1 N& w) [# v
Saskatchewan 170,667 156,083 9.3% 182,600 166,5008 y1 C) G0 `8 p* m* K, L) n W
-------------------------------------------------------------------------
: s$ q5 U* O3 N# f) L" i6 v* M* { Calgary 395,067 252,411 56.5% 405,778 264,389
5 T) H; `" k& c8 W- k% K -------------------------------------------------------------------------2 R" |9 p# r5 u) ~6 E
Edmonton 286,857 194,857 47.2% 316,429 206,7142 s5 h M" A6 L0 E6 m
-------------------------------------------------------------------------" ^) a6 q. ]" D
Vancouver 704,250 601,000 17.2% 794,000 697,500
( r" x6 @3 [2 n% L% e% m' n -------------------------------------------------------------------------
- @/ s; L% a% g2 @( w0 }/ @7 G Victoria 375,000 348,000 7.8% 403,000 391,000$ F! G) t/ C5 e9 r7 J3 d
-------------------------------------------------------------------------
: y2 i3 W( l# _$ @- z* v# z. y National 300,365 258,202 16.3% 365,380 322,860% p' ?, P: ~9 ?: o% d
-------------------------------------------------------------------------
9 p# @$ z; y$ j$ V3 g2 O4 D+ y5 A. T! y
-------------------------------------------------------------
$ x2 i' ^, K$ F/ V4 S0 Y. p Standard Condominium+ }; O# [1 G! k! Q/ O: t: O% G1 Y
-------------------------------------------------------------. x& M! o! K o4 x
2-Storey 2006 Q3 2005 Q3 Condo9 }5 l5 x" v$ d
Market % Change Average Average % Change3 m6 W6 ]4 {. v# S! D
------------------------------------------------------------- A3 }1 A; W6 o# G( ], g
Halifax -0.2% 142,000 103,000 37.9%! {% l Q3 ~5 k& U0 Y
-------------------------------------------------------------
. ]" n' r* l! U5 Z/ N Charlottetown 2.9% 98,000 98,000 0.0%
# e# `8 Y6 x, u7 B; {2 k7 I9 I -------------------------------------------------------------- Y8 |& H3 V6 ?' S
Moncton 4.9% - - N/A
' p! t* G8 B; f; `* N& V -------------------------------------------------------------( q- ^# w- |; F- R9 d# p
Saint John N/A - - N/A
2 j+ ?' X6 L; h# } -------------------------------------------------------------
8 a4 k; @) ^5 d St. John's -0.8% 146,333 145,667 0.5% D: s; Z( Y6 b' s3 k
-------------------------------------------------------------9 c: Q( X2 N# \6 P& y
Atlantic 1.3% 128,778 115,556 11.4%6 N7 E0 p1 J" l5 D, ^
-------------------------------------------------------------$ P4 u4 }8 `. N; s# Z- b6 a
Montreal 1.6% 193,190 188,016 2.8%
0 }+ W } i8 R$ c5 S+ B, p' L -------------------------------------------------------------
/ H- c/ }5 b. k, m' i# w5 V# ?; l Ottawa 4.5% 181,083 172,250 5.1%
" Z6 |5 r1 M) G7 z+ G- @1 z, @ -------------------------------------------------------------
1 z% ~1 ^. c* O N Toronto 1.4% 252,088 242,918 3.8%# @/ w/ S! z; e4 E8 |
-------------------------------------------------------------
8 y& U" v+ H+ Q- C/ _* I Winnipeg 12.0% 105,648 96,008 10.0%) H; ]: z- G- U' M! w
-------------------------------------------------------------
8 o2 {* m8 F# [. W3 d6 I0 P Saskatchewan 9.7% 106,250 101,000 5.2%
' O3 I7 ^9 |/ x/ g! [ -------------------------------------------------------------
5 B, M7 g- q8 ] Calgary 53.5% 245,844 153,867 59.8%
$ ~4 l! l) z# |/ J/ K( H" M, p -------------------------------------------------------------( V" J* B2 r) `8 G" o2 m* M
Edmonton 53.1% 200,433 131,500 52.4%0 {5 P) C {5 E$ o9 b: ^) ]
-------------------------------------------------------------
) o) w1 n7 K/ W5 i Vancouver 13.8% 366,250 323,250 13.3%, E( Q& X( C+ z
-------------------------------------------------------------7 X) N& B, C! C+ ^! r5 [4 b4 E
Victoria 3.1% 229,000 220,000 4.1%
4 {2 [7 e8 p9 o' |- o -------------------------------------------------------------
4 S" W1 f, O: s2 Q National 13.2% 211,562 185,296 14.2%
, T) E7 @+ e4 x/ }# }) i -------------------------------------------------------------. S7 N' W6 L# s: Q7 a+ [
>>
f% _) y0 ]* o. ]! P
+ P' K& v. G) X3 }4 H0 w: A# l* w$ d' z Average house prices are based on an average of all sub-markets examined
( L9 w8 f( H/ Win the area, except for the smaller markets of Charlottetown, Moncton, Saint- M) ^0 U# Q5 s$ H4 {
John and Victoria.# I. a: |& c8 g, y/ E# j5 S
8 W7 V: _9 E9 K f' p# Q The Royal LePage Survey of Canadian House Prices is the largest, most2 W2 Q6 o4 j4 D) `' U! Z% e
comprehensive study of its kind in Canada, with information on seven types of2 M: e6 b% K9 N3 H9 y
housing in over 250 neighbourhoods from coast to coast. This release" q3 G5 x! Y d8 r) R& b
references an abbreviated version of the survey, which highlights house price. r% k+ W' P- k3 o' [( u9 G
trends for the three most common types of housing in Canada in 80 communities
' Y( Q s8 a& C) j# a" sacross the country. A complete database of past and present surveys is. s3 y/ \3 E' L# Z6 \0 f- t5 O
available on the Royal LePage Web site at www.royallepage.ca, and current
7 S% Y, Y5 l m& R6 zfigures will be updated following the end of the third quarter. A printable
( T) i+ r |. f7 V7 aversion of the third quarter 2006 survey will be available online on; N1 A* b' A1 u0 S2 ]* I3 [, x
November 15, 2006.# ?+ f7 ?- q+ |6 B; i' w3 D: U! f
Housing values in the Royal LePage Survey are Royal LePage opinions of! f" T: A- H p( V. ]1 X
fair market value in each location, based on local data and market knowledge6 h' r% _' E: m, U* o8 t
provided by Royal LePage residential real estate experts. Historical data is0 t' b, Q4 r: L; d
available for some areas back to the early 1970s. |
|