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Canada's housing market both vigorous and stable % s. o& {7 W3 E. z, D! G- T
) L1 H3 [ G" G- Country's market poised to show growth throughout 2006 -9 `' ~2 _0 M% q8 ^6 ^+ s# M1 s6 P
" g: Z" M: |& b# r TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market1 q1 }2 L' q" u4 S- o& S
exhibited moderate price increases and stable unit sales during the third
6 b7 ^4 b8 ]- T) F9 mquarter. Wide regional variances continued to be the dominant characteristic# B! Z- i: o4 B g
in the market, exemplified by frenzied levels of activity and double digit
7 ?3 @4 ]- t6 a* |' R6 }- Z( R8 H$ Pprice gains observed in the energy and commodity rich Western provinces, and
2 G) j# c) e; z8 q5 ~2 nmore reasonable sales volumes and moderate price appreciation in Ontario,, X; {& t. o# m2 u# m$ T
Quebec and Atlantic Canada, according to a report released today by Royal
; \4 S2 u# O6 bLePage Real Estate Services.
q: n6 W+ P5 I }4 |3 B" [
: A X( u8 o* b Nationally, market trends established through the first three quarters
: @- o% R' N6 G E( J# A+ \are forecast to continue for the remainder of the year. Robust economic& E0 j0 ~* T H8 O3 c. X
conditions, low unemployment rates, modestly growing salaries and wages, and# `2 w+ q0 X: W2 R, Z' R
sound consumer confidence contributed to the overall strength of the
, X6 w7 `' p4 D$ m1 O2 s3 Iresidential real estate sector.+ O) L) G+ K- A* [5 Y) w
% E& @+ z* Q7 B: G9 @* e# ]& W Of the housing types surveyed, the highest average price appreciation
& o3 p$ Q3 F! t6 L# roccurred in detached bungalows, which rose to $300,365 (+16.3%)
% r8 S( _; D; k% Y1 q3 G4 S( ?4 Tyear-over-year, followed by standard condominiums, which rose to $211,562% K. L& j( F! y# g M/ ~
(+14.2%), and standard two-storey properties, which increased to $365,380+ {0 V6 `( X' p) Z
(+13.2%).- g- D4 V, \$ R3 b( Q" \ S
! R- Q5 E; H/ u3 j" s "Canada's sturdy housing market continued to demonstrate steady growth
' T' L$ _, z% g: @: u) P/ e2 }9 I6 pduring the third quarter. For all but the west, we have moved on from the
) f* d7 ]6 ~4 \frenzied expansion that characterized the first half of this decade, and are9 J1 X& w8 }. b/ z8 P; Y4 f
poised to show continued growth at a more moderate pace," said Phil Soper,
" F( z; [9 i& }* n, P# bpresident and chief executive officer, Royal LePage Real Estate Services.$ u! @) V- u' J$ G9 ]. J. P
"Gone is the sellers' market that we have lived with for some years. We6 v8 }: Z+ @: x
welcome the more reliable conditions that are characteristic of a healthy3 l% r7 T5 E j/ i. \8 L V) f) A
balanced market."
8 x' ?2 I1 R5 B+ z- y
: F3 K$ ]! s+ O0 q0 T' i$ B8 | Despite the double-digit rise in average national house prices,
! x5 K: ]4 @/ o1 ^considerable regional variances were exhibited again this quarter. The shift. h0 _+ z( |. [( d( G
to balanced market conditions, which began in late 2005, has continued2 O9 \" I9 K8 Q, R, E4 I
throughout most of the Central and Eastern regions of the country. In the core
4 ]! v0 Q& T. s) x$ v' t8 }( benergy producing western provinces, the combination of very high in-migration,
3 X; o3 u' c: v" E3 Rmanageable affordability, and a shortage of inventory has driven record
' V8 U& L! ^8 ~! B# Gbreaking price appreciations.
3 f; A4 u6 ?! |: Y/ f+ J7 K8 U$ f- B% _
Echoing the second quarter and supported by Alberta's rapidly expanding
2 r4 X7 F8 y! y( meconomy, Calgary and Edmonton led the charge of Canadian cities with the9 ?5 b; r% l& n" A# E
largest house price appreciation in all housing types surveyed.% Y' J. B4 V8 X0 Y' m, {$ y
, ~1 ]0 q: n/ Y) S* r4 G) o
In Ottawa and Toronto, growth remained steady, supported by solid
! S- }4 g/ `3 i: m/ E( X eeconomic fundamentals, an increase in available inventory and strong consumer
* h5 I$ g5 {+ J7 g2 wconfidence. While the pace of price appreciation in Ontario leveled off, _, `, Y: D+ ^$ m: u1 }/ }% M
slightly, the province's real estate market remains poised for modest growth.
% d9 u8 h* d/ `+ J* M+ C6 J, m0 PIn Atlantic Canada, new housing and condominium construction offered buyers
7 K5 i7 E, b8 Q/ p7 w3 @8 xgreater selection at more competitive prices, resulting in a slower rate of% I# X- |1 c' o* p
price appreciation when compared with 2005.) E G/ C1 y$ v8 e
' Y" {2 Y- V6 `. U
While the pace of growth in Canada has slowed, the domestic housing# [6 v3 o G4 q2 X( \: L1 u% }
market is expected to outperform the American market. The economic and
$ K+ j! G r8 o- ~6 `5 s1 hfinancial fundamentals driving the residential real estate sector in Canada
( G' {4 x6 {( V1 V% Y5 j! o7 _are markedly different than those found in the United States.
) n0 K& d; |. l: {2 i% d" A
; W4 s* J0 h( h6 J @0 I& u' X" o" A Added Soper: "Canada's housing market is likely to outperform the
- l% `+ V2 N8 T6 k9 mAmerican market through 2007. A number of factors are working in Canada's# H( U, X5 Q# `. k( S
favour, including healthy personal and governmental debt levels, the5 w9 b. _& O( d( w
relatively modest rise in interest rates in our country, and general# V9 g# O Y' W1 i% d. K
affordability in our major cities. In addition, Americans are now seeing the" y) |: [; e; E, z
downside of a tax system that encourages maximum homeowner leverage, and0 w! L7 Q, h5 L# v4 G+ E9 r
aggressive financial products such as zero- and negative-amortization
% e. ^+ Q0 B! [( ]# ~ Amortgages that work only in a high price growth environment."0 _# F* T1 q [
2 W9 F) A* `) f' u
<<
. L; t3 {/ s/ e4 I. h0 E" G REGIONAL SUMMARIES4 I2 S3 b' U9 b1 \
>>& f1 g n; n# P+ I) A$ g# ^
8 b; E' P9 |; f# ~- V
Balanced conditions continued to characterize the housing market in
7 S& [% A$ {8 m" gHalifax, as significantly higher inventory levels helped to moderate the rate
( h9 G9 t# y/ C8 a$ Q6 t |7 Wof price appreciation. Buyers were increasingly choosy, taking more time
) x" C0 a( D* m! I/ |, w9 B- dlooking for newer, low-maintenance properties that were not in need of
n h" d; U) R: B6 A; e* \6 ^3 }renovations.
5 ~& o( W0 S5 z! v# b4 Y0 u0 X# o$ R& }. p7 ~5 S; Z3 D1 J6 R
The housing market in Moncton remained healthy and strong as a slight" F0 f2 m5 b% v" ~7 X
increase in inventory helped to moderate the rate of price appreciation1 [5 g6 f1 M4 \! a4 d% C' O: g
compared to the same period in 2005. Activity was brisk throughout August and
: U/ g9 m9 ?: Q; JSeptember and is expected to remain this way through the fourth quarter.0 D8 G7 [+ p; [
* p# ?, S) ]& p: `, _
The housing market in Saint John underwent its traditional summer+ i$ b r- M( R- M" k; J- L+ @
slowdown in the third quarter, with activity picking up towards the end of the' u7 ^0 z& D3 o6 m$ Y
quarter. The local economy continued to thrive, as construction on a new
9 B1 D' J% i1 r" D600,000 square-foot shopping area has begun, bringing several new box stores
2 u* J/ M! V2 C x+ `to the area. Buyers have begun seeking less expensive fixtures for their homes
# l4 C( z; d2 i# l3 i5 q4 c- Y& G% J1 oand are instead opting for more affordable housing options.* o r2 M& D. u; C* h
( e4 M3 r# s9 _
In Charlottetown, the housing market started to move towards balanced
$ C% T, U- ^3 Vconditions, as some sellers had to begin to lower the asking prices on their
. m' n/ A$ i/ X1 z H; X( `homes to make them more competitive. Activity from out-of-town and US buyers1 N8 r& F1 D) l e& p' b3 p
was down slightly compared to 2005, likely attributable to the strong Canadian
/ O( T. A! b/ Y- h& e% p2 Fdollar. Inventory levels began to creep up in the third quarter, providing; }6 h0 _5 w# p1 x5 k
buyers with more options when looking for a home.2 f6 y ~' T6 P0 R6 _
7 |0 C9 z0 Z) A; s- R" X
Activity in St. John's slowed slightly in the third quarter, particularly
" n9 a9 ]' l8 `. Wamong higher-priced properties, where there was a slight over-supply of homes
1 O: @* c) b. y! ]# Wpriced over $200,000. Listing periods have increased when compared with 2005,
% U, M9 h+ W) L& E% Vas some of the pent-up demand that had characterized the market over the last# {1 `, n1 p- a! j/ z2 o3 G% `
few years has been satisfied, resulting in more normal, balanced conditions.
5 N. J) _5 g1 \7 H6 n
. R5 L1 V+ p; o$ s Montreal's housing market recorded modest increases in average house( z, I4 l1 }1 z, x7 L# C) ~
prices, due to a slight seasonal slowdown in the third quarter as inventory( k* C/ F. e8 t# @) b1 O# V x; H0 p
levels rose. Part of this can be attributed to the fact that many renting
/ j; Y3 t4 l# q/ a6 U: ], Xfirst-time buyers were motivated to close on the purchase of a home by July 1,: _' A9 h$ X1 M$ t7 R9 q3 `
when rental leases expire in Quebec. Once this date has passed some of the
! b! S4 ~) K. Y6 ~- H; lpressure is taken off the market, allowing buyers to visit more homes before- z0 k8 w- ~: z/ T5 x; x
making a purchase.
6 N3 u& m& R( {, l3 V; `) s* }! b
Ottawa held its position as one of the country's most stable housing2 k# [: H4 n( E; j; h. P1 R
markets in the third quarter, reinforced by a vibrant local economy and strong
9 p* E- M) ~" Hconfidence, resulting in modest increases in average house prices. The city
4 C& ^: F- x- Zcentre remained a bright spot in Ottawa, with homes in this area attracting0 Y" O* J/ S' ]9 { t
attention due to their convenient location and proximity to downtown% e( k. y" J3 C$ [" @, v
amenities.
6 R u5 o$ K) g" w: ?( i" T; N. d9 ]( y& I6 s- w% h2 v
The housing market in Toronto sustained healthy activity levels# [) `8 C& p* V) ~) z0 s6 G0 J% U
throughout the third quarter, as a strong economy helped to maintain demand
' F. W1 l6 U! r0 F$ i. c3 X& @across the city, causing average house prices to rise moderately. Toronto has e. X9 G S: R( ~6 z, V
continued to experience modest growth in average house prices, and has been' M$ X; d( c3 f& q& C& g9 c" R% a" x
driven primarily by purchasers who are buying homes as their principle* P" S' r. {$ { k4 h
residence, rather than for investment.
+ b8 g) p) A; j& ^1 J Q5 J
7 T3 y# j. @$ o) R7 j. Z4 y The vibrant Winnipeg housing market continued to show its strength as
: r* _2 u+ s% D- S) xhouse prices rose during the third quarter. The booming local economy resulted
4 m/ X4 e w! c# q- [- Zin a historically low unemployment rate, helping to bolster consumer
; q7 _& a9 T+ p; H0 q0 gconfidence and Winnipeg's ranking as the city with the lowest capitalization; J5 ?2 I6 H! @3 m& c2 U5 L/ w6 j2 U
rate among the country's larger cities - helped to encourage buyers to enter% p) S( n9 H! l9 }% Q
the market.# h7 w, {- c; H: X
& Q0 @0 d% ?9 ~( W6 f In Regina, the market experienced a slight seasonal slowdown through2 V2 @* g1 P5 N, J" g) S3 q
July, as there were fewer purchasers in the market due to summer vacations. In- ?, g' E8 I7 W) f( h7 V8 a1 a1 L3 L% @0 q
August, activity resumed to the busy pace previously seen in the spring4 H. |8 L" z' M. m! \% I! V
months, as the influx of purchasers made it more difficult to find a home due
" A! b. e4 _, Bto the shortage of available inventory.
1 F: n8 S- B* H& U7 }0 p" u. v3 j+ C( F- l
Activity in Saskatoon remained brisk as the market maintained its
+ ~/ B4 C0 q1 {* P8 w8 a0 |5 cmomentum from the busy spring sales period. The economy in Saskatoon remains
4 ?( C. `' X3 w0 _% _1 Q2 H" rvibrant, as employment opportunities are abundant with many businesses- C! r9 }7 R& W
struggling to make hires and having to recruit outside the province.$ |$ t- ^6 {/ e0 h! y
9 w1 E; X, w; H% J Calgary's housing market recorded blazing average house price increases3 I. o: X8 L/ _- b7 {: h1 Q# L f- W" u
in the third quarter, in all surveyed categories. The burgeoning economy, low
' G# h1 K7 g6 L* ?$ [0 Munemployment rates and low inventory levels remained the leading factors that6 \8 A2 h0 z& Q- J/ X$ S
pressured Calgary's house prices upwards. However, regardless of the soaring
9 k6 S* o6 ]* m: s1 Q/ m3 e4 J' }prices that characterized the market - even during the typically slower summer
4 A6 O9 F0 M* `season - it is expected that activity will become slightly more balanced, as
% L4 s% C- T* |buyers are becoming more reluctant to participate in the frenetic activity.. M' z* H" o. c
% C* C6 B7 W2 L Edmonton's booming local economy continued to thrive in the third quarter# G7 }; R/ o; x. y5 b* f2 x
as activity in the oil sands north of the city continued to flourish. Edmonton$ I1 A; y" _# i; r* @ y9 d4 H
remained the hub of activity for those coming to work in the oil industry,
& Y( Q& _% N5 R C6 wmaintaining tight inventory levels across the city, resulting in prices, p U. v% ]5 v+ b ?
increasing at record levels. However, as inventory levels continued to improve( B2 K" u g; P: ~: U+ K& {
in the third quarter the rate of price appreciation should moderate slightly2 ]" P! j9 H3 B' W4 `
towards the end of 2006. ! Z: `, H9 A/ J; \! J; J- ]
1 I0 K; l* P! m7 B9 I1 s
While Vancouver has seen a slight reprieve from the severe shortage of
$ g! a' j) P3 K. W2 J7 Ainventory that had previously characterized the market, supply is still unable4 S. J. j* A* J& ]8 E
to meet demand, driving house prices upwards. Vancouver has a very diverse1 _6 a9 _: x( X8 w' ~; E1 o
group of active buyers - from first-time home buyers to baby-boomers to
% r' j1 |& p9 H4 L+ Zforeign investors - all of whom fuel the demand for houses, placing added
. U! K# C) j: c3 Tpressure on tight inventory levels.% J a) V# Q. h- I8 A- V4 _. R
6 \* j- T% S" J+ Z Victoria's market is vibrant and supported by strong economic
7 A/ ~4 x* L; w4 A+ W+ Sfundamentals, fuelled by a booming tech sector and a migration of young people
( R. U/ C$ v! ?8 `. ginto the city that has continued to support the area's house price increases;: Z+ f/ c- R) f/ u
while increased inventory levels have afforded buyers more time when searching, F1 l8 |3 K2 s/ R
for a home, helping to normalize the market's pace.+ k8 D7 |) J+ ?
7 T; H2 e Z$ h v* {9 ?4 E1 C <<
* ~0 S* K! D+ K* S" V Survey of Canadian Average House Prices in the Third Quarter 2006& y9 C# v7 V9 e
7 O" g4 E7 N) n# z- Z5 f5 ~2 n -------------------------------------------------------------------------8 X) x) X. D( k8 E$ P
Detached Bungalows Standard Two Storey
, C* Y; w, j# X+ ~* W6 h -------------------------------------------------------------------------- U+ C* B' q' S% h( n/ _1 j
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
! l/ v! e" H" t Market Average Average % Change Average Average# ^: r" ]+ n, {3 r
-------------------------------------------------------------------------
8 c2 z. {5 a! w( w Halifax 186,333 173,333 7.5% 198,667 199,000) n9 R$ l6 ^( a( A ]
-------------------------------------------------------------------------
5 c4 G$ X6 D% F3 Q! a- j" x0 l Charlottetown 145,000 141,000 2.8% 175,000 170,000( A& h7 V% k: W& b& i4 I; A
-------------------------------------------------------------------------
+ r# p' e# y6 b2 E2 B* B0 d6 U5 E Moncton 135,000 127,000 6.3% 129,000 123,000) c9 x" q+ O9 `
------------------------------------------------------------------------- _& }4 W# y0 X) {( n
Saint John 141,200 142,900 -1.2% - -3 t" n0 b+ }+ A" g
-------------------------------------------------------------------------: u N: Q" V% }2 c) h( _
St. John's 143,667 142,667 0.7% 200,667 202,3336 m; }9 ^+ y9 K) M& m
-------------------------------------------------------------------------" i* u/ n6 J2 ^3 J
Atlantic 150,240 145,380 3.3% 175,833 173,5839 M; l3 `5 j4 }9 W, z! G {
-------------------------------------------------------------------------
* a1 Q$ o e& v8 M Montreal 213,691 203,500 5.0% 321,141 316,185+ B1 X( d5 f& J9 R$ P
------------------------------------------------------------------------- r P/ e8 _( g) Z: y, G( G
Ottawa 290,083 278,417 4.2% 285,667 273,250
1 l4 U1 g9 i, o. L4 v0 B2 B+ | -------------------------------------------------------------------------7 q4 K9 H- d- n5 d$ N" h
Toronto 373,368 355,882 4.9% 481,523 474,766: W: E/ r b9 Z* h. y& B
-------------------------------------------------------------------------
: ^ T/ ]' G+ t0 m' U6 I0 k Winnipeg 181,579 159,860 13.6% 202,337 180,707
6 g. E/ c3 g, }# k -------------------------------------------------------------------------
& n. e: I3 B" }( W8 P4 m5 t Saskatchewan 170,667 156,083 9.3% 182,600 166,5005 F6 y% ~+ G! {
-------------------------------------------------------------------------
3 U9 T$ M2 v. m: k9 N* \ Calgary 395,067 252,411 56.5% 405,778 264,389" u" l% @# d X% r3 \# N4 z1 t
-------------------------------------------------------------------------% H3 d7 Y% Y, J4 \) ~
Edmonton 286,857 194,857 47.2% 316,429 206,714
. \; Y7 O& A3 K+ ^ -------------------------------------------------------------------------4 n' e: [4 L: a# e$ v
Vancouver 704,250 601,000 17.2% 794,000 697,500
2 [. j0 I2 r9 q) U' W, S; i3 L -------------------------------------------------------------------------! J- {# a$ T) x V! Y
Victoria 375,000 348,000 7.8% 403,000 391,000
# P u9 K% _7 d( S( ?0 D -------------------------------------------------------------------------
" i y- U4 J0 V) i9 f6 J National 300,365 258,202 16.3% 365,380 322,860( `/ H- t* @( q0 F& j4 {$ ~9 O
-------------------------------------------------------------------------! [/ [- h U3 G2 q" G5 y) k9 X
! ?: {8 u. Z. h& J$ a4 h3 i
-------------------------------------------------------------
0 m: m" s4 |' l* r" g. c% ~4 n Standard Condominium
1 i+ d0 r& ]' n2 {& W; K K% b -------------------------------------------------------------( V2 L# p, c: ^$ \1 C
2-Storey 2006 Q3 2005 Q3 Condo* u' n- D0 I6 c4 W# C5 X4 d
Market % Change Average Average % Change) ?3 W g8 P, f+ b6 R9 e; J
-------------------------------------------------------------- J' z0 x- K# s& s
Halifax -0.2% 142,000 103,000 37.9%
, R; Z T' T, Z0 W -------------------------------------------------------------
6 ?8 J0 X: G* v5 z9 z Charlottetown 2.9% 98,000 98,000 0.0%. i/ q' B4 ]/ z, m3 r9 _
-------------------------------------------------------------6 }4 \! i& [# G; P
Moncton 4.9% - - N/A
: _0 L. d" k9 ~8 g -------------------------------------------------------------
5 u1 M, u Z0 ^1 b% R Saint John N/A - - N/A
5 \7 Z& {/ ^- D, s& R -------------------------------------------------------------
- |+ q- l! {) `1 ?! l8 H St. John's -0.8% 146,333 145,667 0.5%; T3 C1 D# F5 p: b; t) \% s
-------------------------------------------------------------6 |% H6 m, C5 e& B3 ]4 \9 F
Atlantic 1.3% 128,778 115,556 11.4%
; `( m" ~0 p! \0 b- G# T -------------------------------------------------------------
1 m) `* R2 w+ |2 I% q6 z v' e* J Montreal 1.6% 193,190 188,016 2.8%5 o- x6 n8 R" D6 T
-------------------------------------------------------------
0 S9 }0 G( Z, l5 G; x+ ~ Ottawa 4.5% 181,083 172,250 5.1%
+ g0 w1 G* |0 w9 Q/ P2 g- Q -------------------------------------------------------------
+ Z+ V. m& A9 g3 M8 ~. j Toronto 1.4% 252,088 242,918 3.8%
$ A, ]. q& \* ~ z! ` -------------------------------------------------------------. M3 ]: v$ A* Z- N# w
Winnipeg 12.0% 105,648 96,008 10.0%
' X# [& K7 s. J0 m- t0 L6 f -------------------------------------------------------------
2 s/ _ ]6 ?; g' o+ A: d U Saskatchewan 9.7% 106,250 101,000 5.2%1 o( Z0 @% L* r) K! M
-------------------------------------------------------------, I9 M W% c- @
Calgary 53.5% 245,844 153,867 59.8%
% k7 C8 r& I+ _ I( d -------------------------------------------------------------$ h2 T) V e. Z3 Q/ @: ]) ^) p( Z6 h9 ?
Edmonton 53.1% 200,433 131,500 52.4%" ?, j& P! {4 b! o4 S* S
-------------------------------------------------------------, u, L3 S# H+ z" `" ~- ^2 v
Vancouver 13.8% 366,250 323,250 13.3%' \0 p9 L$ \% f+ `' x& }
-------------------------------------------------------------+ F( C+ h* {8 c. J1 w- k' W2 Z3 U, l
Victoria 3.1% 229,000 220,000 4.1%
$ o7 |6 f+ r- ^* W3 g8 ^7 n -------------------------------------------------------------6 ^- _: X0 d! g( A# H
National 13.2% 211,562 185,296 14.2%& g, [ i7 t" P: K! D7 i& P
-------------------------------------------------------------
* v g( q3 J' y >>, l0 s6 x- f% W& R T
2 ]3 P2 Q# K+ U+ X: @ Average house prices are based on an average of all sub-markets examined
1 {* X1 I1 C( I0 u9 B: g/ Pin the area, except for the smaller markets of Charlottetown, Moncton, Saint
5 v, m! I. B1 LJohn and Victoria.
' d, m" _) h. U* g7 Y
% t3 c" \! H9 \9 V) ~3 A* }- x! C: Q The Royal LePage Survey of Canadian House Prices is the largest, most
% r3 D/ C" ]+ hcomprehensive study of its kind in Canada, with information on seven types of
* z1 O/ h, G. a+ thousing in over 250 neighbourhoods from coast to coast. This release
8 o: D1 A" \4 \: Ereferences an abbreviated version of the survey, which highlights house price+ e& d5 V, [% W! P' D
trends for the three most common types of housing in Canada in 80 communities; }6 o5 e* H5 V
across the country. A complete database of past and present surveys is1 v$ R( R3 y) t% U/ E! N# }
available on the Royal LePage Web site at www.royallepage.ca, and current
( `: K- I2 {" U# A! Ufigures will be updated following the end of the third quarter. A printable# y' P( m& h( i9 S* G6 C! U
version of the third quarter 2006 survey will be available online on( M6 ^4 C" x: O
November 15, 2006.0 `) g# p$ ]4 X
Housing values in the Royal LePage Survey are Royal LePage opinions of. i( P: }; i7 q1 T) v% o4 y- `
fair market value in each location, based on local data and market knowledge" n" w: C4 M! G; V
provided by Royal LePage residential real estate experts. Historical data is# _6 g. ?' w* m" A5 v! e. V
available for some areas back to the early 1970s. |
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