Offered for sale of $619,900.00 

Welcome to Northbank highrise located at 604-125 Columbia Street in New Westminster.

This lovely 2 bed+2 bath corner unit has floor to ceiling windows. Stunning southwestern views of the Fraser River, New West Downtown & over to Surrey.

Fabulous kitchen with quartz counter tops + stainless steel appliances, plenty of cabinets for lots of kitchen storage.

Easy care laminate flooring in living/dining/kitchen/hallway. Carpeting in bedrooms.

Bedrooms are located at opposite sides of the unit. Both baths are 4 pieces. 1 parking space.

In-suite storage. Stacked washer & dryer. Sit on your balcony to watch the world go by & enjoy the amazing view.

Rentals allowed and very pet friendly, 2 pets allowed.

Walk to transit, shopping, Albert Crescent Park & New West famous waterfront. Move in ready...

Royal LePage: Canadian recreational house prices forecast to increase 15% in 2021

Highlights:

• A house in Ontario’s and Atlantic Canada’s recreational property markets expected to see highest price gains in 2021, rising 17%; Quebec and British Columbia recreational markets forecast to increase 15% and 13%, respectively
• 91% of recreational experts in Canada reporting lower inventory than typical for respective regions as demand continues to outpace supply
• 46% of recreational experts reporting an increase in inter-provincial migration, as many Canadians choose cottage country over cityscapes as the backdrop to their home offices
  

TORONTO, ON, – According to Royal LePage, the aggregate price of a house in Canada’s recreational regions is forecast to increase 15 per cent in 2021 to $502,730, as demand continues to rapidly outpace inventory. The company revised its 2021 recreational property forecast, released in November 2020, upward to reflect the increasing unmet demand from potential buyers who are actively looking for properties.

“From coast to coast, the line between primary residence and recreational property is blurring,” said Phil Soper, president and CEO, Royal LePage. “The trend began last summer when the option of traveling abroad was taken away, and continued to gain popularity as it became clear that with access to high speed internet, many people can do their jobs from just about anywhere.”

The aggregate price of a house in Canada’s recreational property regions increased 16.0 per cent year-over-year to $437,156 in 2020 compared to 2019. During the same period, the aggregate price of a waterfront property increased 9.8 per cent to $813,385 and the aggregate price of a condominium rose 10.5 per cent to $310,257.

Houses in the recreational regions of Ontario and Atlantic Canada are forecast to see the highest price appreciation in the country this year, set to increase 17 per cent, while prices in Quebec and British Columbia are forecast to increase 15 per cent and 13 per cent, respectively. According to a survey[1] of 190 Royal LePage recreational real estate professionals across the country, 91 per cent said that their market has less inventory than typical for their respective regions, including 72 per cent that reported significantly less inventory available.

In many areas, supply shortages are forcing buyers into multiple-offer situations, which often result in properties selling above the asking price. In Ontario, 87 per cent of recreational real estate professionals said that more than half of properties available on the market are selling above the asking price. In Quebec and British Columbia, 65 and 52 per cent respectively reported the same.

“The low inventory, high demand scenario that is defining Canada’s current real estate landscape can be frustrating for buyers and their agents,” continued Soper. “Without enough supply to meet demand, prices continue to increase at above normal rates. And with so few listings to choose from, owners are concerned they will have nowhere to go if they sell before buying, so they hesitate to list. This cycle makes it difficult for anyone to move ahead.

“Life during the pandemic has made cottage country and country living more desirable than ever, in every part of Canada. The flexibility provided by working remotely, excess savings from months sitting at home, and low interest rates have left Canadians young and old alike to seek properties with more space, easy access to nature, and the ability to achieve that ever-elusive work-life balance. And, an increasing number of new owners intend to use these escapes for both weekend play and Monday to Friday work.”

Royal LePage real estate professionals in Western and Atlantic Canada have reported an increase in out-of-province buyers over the past year. All experts in the recreational regions of the Maritimes and more than two-thirds (68%) of those in British Columbia reported seeing a boost in inter-provincial migration this year.

The younger generation is a very active segment of buyers.

 A recent Royal LePage survey released last month[2] on real estate trends among Canadians aged 25 to 35 found that when given the choice, 47 per cent said they would choose small town or country living, while 45 per cent said they’d prefer to live in a city. Nearly two-thirds of Canadians in this age group (63%), who are employed or seeking employment, say the ability to work for an employer that allows the option of remote work is important. Fifty-two per cent said the availability of remote work has increased their likelihood to move further from their current or future place of work. Overall, 39 per cent of this cohort are considering a move from their current home to a less dense area as a result of the pandemic, while 46 per cent said the pandemic had no impact on their desire to move to a less dense area.

“According to our research, access to high speed internet and the ability to work remotely are among the top criteria for those seeking properties in Canada’s recreational regions, followed closely by four-season usability,” said Soper. “There is no doubt the pandemic has had an impact on our lifestyle, but also our mindset. The more time Canadians spend in their homes, the more apparent their needs and priorities become.”

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

Atlantic Canada

The aggregate price of a house in Atlantic Canada’s recreational regions is forecast to increase 17 per cent in 2021 to $226,961. In 2020, the aggregate price of a house in the Maritimes’ recreational markets increased 12.3 per cent year-over-year to $193,984 compared to 2019. During the same period, the aggregate price of a waterfront property increased 18.8 per cent to $255,222, and the aggregate price of a condominium increased 20.8 per cent to $260,297.

According to a Royal LePage survey of recreational property experts, 73 per cent of respondents in Atlantic Canada reported a significant increase in the number of buyers from other provinces, compared to previous years. Forty per cent of experts in the region representing buyers reported that their clients are making four to seven offers on average before transacting. Meanwhile, 60 per cent of those working primarily with sellers say that their clients’ properties are receiving four to seven offers on average.

“Sight-unseen purchases in Shediac are becoming more prevalent today,” says Heather FitzGerald, real estate professional, Royal LePage Atlantic in Moncton, New Brunswick. “Most out-of-province buyers are coming from Ontario, Quebec and B.C. Some are retirees returning home or fulfilling the dream of a vacation home in the Maritimes, while others are young professionals who have chosen a waterfront cottage as their primary residence. Working remotely has afforded them that opportunity.”

All Royal LePage recreational property experts surveyed in the region are reporting that recreational regions in Atlantic Canada have seen a decrease in inventory than what is typical for their respective regions; more than half reported significantly less inventory than in previous years.

“Supply is the lowest it’s been in a long time, leading to a highly competitive market and often resulting in multiple-offer scenarios,” said Kirk Richards, sales representative, Royal LePage Atlantic in Greenwood, Nova Scotia. “While I do expect to see a lift in supply this spring, it will likely not be enough to satisfy growing demand. And, with buyers from out of town so active in the region, locals are being priced out of the market.”

According to the Royal LePage 2021 Demographic Survey released last month, 43 per cent of Canadians aged 25 to 35 in Atlantic Canada say the pandemic has increased their desire to move to a less dense area, and 68 per cent said they would choose living in a town or countryside over the city.

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

Quebec

The aggregate price of a house in Quebec’s recreational regions is forecast to increase 15 per cent in 2021 to $291,993. In 2020, the aggregate price of a house in the province’s recreational markets increased 18.8 per cent year-over-year to $253,907 compared to 2019. During the same period, the aggregate price of a waterfront property increased 23.6 per cent to $335,633, while the aggregate price of a condominium increased 19.3 per cent to $225,202.

“Demand remains excessively strong in Quebec’s recreational markets,” confirms Éric Léger, real estate broker, Royal LePage Humania, in the Laurentians. “We are at the height of the wave of demand right now and there is a desperate need for more inventory. On average, selling times have gone from around 60 days in 2019 to around 10 days in 2020 and it’s common to receive more than five offers on a property today.”

He adds that compared to last year, buyers must budget approximately 20 per cent more to get their hands on a well-located and maintained property. Léger also notes that the lack of inventory prompts buyers to change their search criteria.

“Inventory is so limited that buyers looking for a primary residence who have the possibility of working remotely are expanding their search area. On average, in the Laurentians, this is a 30 per cent increase in their search radius, which is around 30 kilometres more than a year ago. They are very committed to buying and making concessions on the terms and conditions of their purchase,” said Léger.

According to a Royal LePage survey of recreational property experts, 67 per cent of buying agents in Quebec’s recreational markets reported that their clients are making four to ten offers on average before transacting. Meanwhile, 69 per cent of agents who work primarily with sellers say that their clients’ properties are receiving a minimum of four offers on average, and 16 per cent of those agents say they are seeing more than ten offers per listing.

The inventory shortage has intensified in part due to older sellers being absent from the market since the onset of the pandemic and young buyers are looking for opportunities to leave their apartment in the city or anticipating to enhance their quality of life moving to a larger property in cottage country. Eighty-one per cent of Royal LePage recreational property experts in Quebec are reporting a significant decrease in inventory over the past year.

“Older owners are slow to put their home on the market due to the pandemic. Finding a new place to live at the moment is challenging due to record low housing supply and COVID-19 fears remain a concern for seniors. On the other hand, demand from young buyers has risen as this cohort aspires to have more interior and exterior space to live, play and work. Eventually, the progress in the vaccination rollout should lead to increased inventory. And, a return of regular activities, such as travel, will lessen demand.”

According to the Royal LePage 2021 Demographic Survey released last month, 36 per cent of those aged 25 to 35 in the province of Quebec say the pandemic has increased their desire to move to a less dense area, and 57 per cent said they would choose living in a town or countryside over the city.

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

Ontario

The aggregate price of a house in Ontario’s recreational regions is forecast to increase 17 per cent in 2021 to $547,207. In 2020, the aggregate price of a house in the province’s recreational markets increased 19.4 per cent year-over-year to $467,698 compared to 2019. During the same period, the aggregate price of a waterfront property increased 21.5 per cent to $673,400, while the aggregate price of a condominium increased 8.5 per cent to $406,188.

According to a Royal LePage survey of

recreational property experts, eighty-seven per cent of respondents said that recreational regions in Ontario have seen inventory decrease compared to what is typical for their respective regions, including the highly-sought after cottage destination of Muskoka, north of Toronto.

“Muskoka, like many smaller communities within a reasonable drive from the GTA, was particularly impacted by the migration out of the GTA, and by buyers who accelerated their long-term plans to purchase a second property,” said John O’Rourke, broker, Royal LePage Lakes of Muskoka. “A scarcity of inventory added more fuel to the fire, creating competition in the market unlike anything we’ve seen before.”

Fifty-six per cent of Royal LePage recreational property experts in Ontario representing buyers reported that their clients are making on average four to ten offers before transacting. Meanwhile, 69 per cent of those who work primarily with sellers say that their clients’ properties are receiving a minimum of four offers on average, and 27 per cent of those agents say they are seeing more than ten offers per listing.

“Land O’Lakes is not a region that typically experiences this kind of activity, but since the onset of the pandemic, supply cannot keep up with the increasing demand,” said Chris Winney, broker, Royal LePage ProAlliance Realty. “As no one has been able to travel for the last year, buyers of all ages and stages of life are looking for recreational properties that offer the flexibility, and internet quality, that will allow them to work remotely if they choose, but also have rental potential.”

Properties with four-season usability are particularly attractive to buyers in Ontario, and experts expect another brisk spring market.

According to the Royal LePage 2021 Demographic Survey released last month, 43 per cent of those aged 25 to 35 in the province of Ontario say the pandemic has increased their desire to move to a less dense area, and 68 per cent say it is important to work for an employer that allows them to work remotely.

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

Prairies

The aggregate price of a house in the Prairies’ recreational regions is forecast to increase 9 per cent in 2021 to $260,862. In 2020, the aggregate price of a house in the Prairies’ recreational markets increased 21.8 per cent year-over-year to $239,323 compared to 2019. During the same period, the aggregate price of a waterfront property increased 18.2 per cent to $377,793.

According to a Royal LePage survey of recreational property experts, only 25 per cent of respondents in the Prairies reported an increase in the number of buyers from other provinces, compared to previous years. Some multiple-offer scenarios are taking place, which is not typical for the area. Twenty per cent of experts in the region representing buyers reported that their clients are making four to seven offers on average before transacting. Similarly, 20 per cent of those working primarily with sellers say that their clients’ properties are receiving between four and seven offers on average.

The top criteria for buyers looking for a recreational property in the Prairies is four-season usability, waterfront access and proximity to the city.

“The Interlake region has many benefits, including year-round access to the lake and amenities like fishing, camping and water sports,” said Tyler Bucklaschuk, broker, Royal LePage JMB & Associates. “Being just a short drive from Winnipeg makes it a very attractive vacation destination; a place to get away on weekends or even work remotely. The challenge is finding a property and transacting.”

Bucklaschuk expects the supply shortage to remain a challenge through the spring, putting continued upward pressure on prices. Eighty-eight per cent of Royal LePage recreational property experts in the region are reporting a decrease in inventory compared to what is typical for their respective regions.

“With travel restrictions prohibiting snowbirds from spending time in their vacation homes south of the border over the past year, recreational properties in Lac du Bonnet have become extremely popular,” said Rolf Hitzer, broker and owner, Royal LePage Top Producers Real Estate. “I’ve had many clients trade their U.S. properties for waterfront cottages closer to home. The increased competition and low inventory have at times resulted in multiple-offer scenarios, which are not typical for the region.”

According to the Royal LePage 2021 Demographic Survey released last month, 41 per cent of those aged 25 to 35 in the Prairies say the pandemic has increased their desire to move to a less dense area, and 52 per cent say it is important to work for an employer that allows them to work remotely.

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

Alberta

The aggregate price of a house in Alberta’s recreational regions is forecast to increase 6 per cent in 2021 to $942,881. In 2020, the aggregate price of a house in the province’s recreational markets increased 9.5 per cent year-over-year to $889,510 compared to 2019.  As a large recreational market, Canmore impacts the median price of a single-family home in Alberta with its proximity to Banff National Park and luxury mountain properties.

“Canmore is seeing unparalleled demand from people wanting to accelerate their life plans and focus on their physical and mental health,” said Brad Hawker, managing broker, Royal LePage Rocky Mountain Realty. “We’ve seen a growing segment of young and middle-aged buyers seeking primary residences in the area. If they can work remotely from anywhere, they want to live in a place that caters to their active and adventurous lifestyles.”

According to a Royal LePage survey of recreational property experts, 44 per cent of respondents in Alberta reported an increase in the number of buyers from other provinces, compared to previous years. Demand and prices continue to grow in recreational regions easily accessible from Edmonton and Calgary. Experts in Alberta say 78 per cent of recreational markets have seen a decline in inventory compared to what is typical for their respective regions.

“There simply is not enough inventory to satisfy the growing demand in this area,” said Tom Shearer, broker, Royal LePage Noralta Real Estate. “Wabamun Lake and Lac St. Anne are reasonably affordable recreational regions, and the short commute from the city makes these areas attractive to those looking to escape the urban centres. I expect the spring market to be a challenge for buyers, due to a lack of supply.”

According to the Royal LePage 2021 Demographic Survey released last month, 32 per cent of those aged 25 to 35 in the province of Alberta say the pandemic has increased their desire to move to a less dense area, and 60 per cent say it is important to work for an employer that allows them to work remotely.

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

British Columbia

The aggregate price of a house in British Columbia’s recreational regions is forecast to increase 13 per cent in 2021 to $781,918. In 2020, the aggregate price of a house in the province’s recreational markets increased 12.9 per cent year-over-year to $691,963 compared to 2019. During the same period, the aggregate price of a waterfront property increased 2.7 per cent to $1,784,872, while the aggregate price of a condominium increased 3.9 per cent to $340,812.

According to a Royal LePage survey of recreational property experts, 68 per cent of respondents in British Columbia reported an increase in the number of buyers from other provinces, compared to previous years. Forty per cent of experts in the region representing buyers reported that their clients are making four to seven offers on average before transacting.

Meanwhile, 40 per cent of those working primarily with sellers say that their clients’ properties are receiving four to seven offers on average. Eighty-eight per cent of regional experts reported a significant decrease in inventory in B.C.’s recreational property market compared to what is typical for their respective regions.

“Our biggest challenge right now is extremely low inventory and increased buyer demand,” said Francis Braam, broker, Royal LePage Kelowna. “I expect we’ll see double digit price gains in Central Okanagan this spring. Canadians will be spending another summer at home, further propelling their interest in the recreational property market.”

In Whistler and Pemberton, remote work and low borrowing costs remain a driving force behind increasing prices.

“I am anticipating a brisk spring market with lots of activity,” said Frank Ingham, associate broker, Royal LePage Sussex. “We should see a boost in supply, although it still won’t be enough to satisfy demand at the rate it is increasing. Every buyer has their own motivation, but overwhelmingly Canadians are shifting their mindset and their priorities. They want more space and more fresh air, with access to nature and wildlife.”

According to the Royal LePage 2021 Demographic Survey released last month, 35 per cent of those aged 25 to 35 in the province of British Columbia say the pandemic has increased their desire to move to a less dense area, and 63 per cent say it is important to work for an employer that allows them to work remotely.

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

Canadian home prices forecast to end year 13.5% higher than 2020 as waning affordability and modestly improving supply begin to slow the pace of future increases

First quarter regional highlights:

• Addressing chronically low inventory critical in solving nation’s housing affordability crisis
• Aggregate price of a home in Canada rose 14.1% year-over-year in the first quarter of the year
• 67% of the 64 markets surveyed posted double digit year-over-year aggregate home price gains
• Montreal’s aggregate home price forecast to increase 16% year-over-year; the highest in Canada among forecasted regions

TORONTO, April , 2021 – According to the Royal LePage House Price Survey released today, the aggregate[1] price of a home in Canada increased 14.1 per cent year-over-year to $749,165 in the first quarter of 2021, as strong demand continues to outpace supply in virtually every market across the country. More than two thirds of the regions surveyed (67%) saw year-over-year double-digit aggregate price gains, driven largely by the single-family property segment. Seventy-seven per cent of regions surveyed reported median price appreciation of standard two-storey homes of ten per cent or more.

The Royal LePage National House Price Composite is compiled from proprietary property data, nationally and in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a standard two-storey home rose 15.9 per cent year-over-year to $894,140, while the median price of a bungalow increased 14.1 per cent to $628,341, and the median price of a condominium increased 2.0 per cent year-over-year to $509,364. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.

“2020 was a year like no other in Canadian real estate, with its unprecedented demand for homes, and month after month of record-setting sales and price appreciation,” said Phil Soper, president and CEO of Royal LePage. “The usual winter slowdown was non-existent, and that momentum was carried forward through the first quarter of 2021.”

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 13.5 per cent to $805,000 in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

A return to pre-pandemic levels of immigration; the vaccine rollout’s impact on economic stability and confidence in the labour market; and, continued low interest rates are supportive of home price growth through 2021. The Canadian government plans to welcome 401,000 new permanent residents in 2021[2]. While home prices in Canada’s largest urban areas continue to appreciate, growth in secondary cities is outpacing that of major centres.

“The winter of ‘20/’21 was one of the most imbalanced real estate markets in our country’s history, with so many people wishing to improve their living conditions, and a pandemic-driven shortage of homes for sale,” said Soper. “We expect this extreme seller’s market to moderate as the year progresses. Some buyers will step away from the market in the face of sharply higher prices, and the supply of new listings should improve as people feel more confident that the health crisis is under control.

“It is important to note that the surge in housing demand over the past year was organic – buyers looking for family homes to live in. With borders closed, foreign investment was near non-existent, and speculative investment was very low. Yet new Canadians are beginning to arrive once more, and investors are regaining confidence and returning to the market. This should sustain the current real estate boom well into 2022,” continued Soper. “This will be especially supportive of the condominium segment in our large urban centres.”

Housing supply crisis

There is emerging consensus that Canada has nowhere near the housing supply necessary to provide shelter for our growing population now and over the decade ahead. Widespread housing shortages will drive prices higher, pushing home ownership out of reach for many.

“Fewer young Canadians will own their home in the future, and rental rates will climb rapidly, if we drag our heels in adopting public policy aimed at improving the speed of housing development and underlying regulatory costs of bringing on new projects,” said Soper.

Condominiums

The median price of a condominium rose 14.7 per cent year-over-year in the first quarter of 2021 in the Greater Montreal Area, and 7.8 per cent in the Montreal core. The median price of a condominium in the City of Vancouver increased 5.2 per cent year-over-year compared to 2.3 per cent in the greater region during the same period.

Comparatively, the median price of a condominium in the Greater Toronto Area increased slightly by 1.2 per cent year-over-year in the first quarter, while prices in the city centre decreased 0.6 per cent.

“A sweeping transfer of ownership occurred when renters left the major cities. Investors sold their condo units, making way for first-time buyers poised to take advantage of low mortgage rates. The timing of it all resulted in a significant boost in sales without having a huge impact on prices,” noted Soper.

Geographical shift: affordability and larger homes

“During the first wave of the pandemic, we saw a massive shift from urban centres to small towns and suburban neighbourhoods. Across the country, the revival of these secondary cities has become a driving force of the market, attracting buyers of all ages,” said Soper.

Windsor, Ontario, posted the highest year-over-year aggregate price growth in the country at 30.2 per cent in the first quarter of 2021. Elsewhere in the province, Oshawa, Pickering, Barrie, the Kitchener and Niagara regions, and London posted aggregate price increases of 25.2 per cent, 23.3 per cent, 22.6 per cent, 21.5 per cent, 21.4 per cent, and 20.2 per cent, respectively. During the same period in Quebec, Montreal’s Northshore, Sherbrooke and Gatineau reported aggregate price increases of 24.0 per cent, 20.6 per cent and 20.0 per cent, respectively. In Halifax, Nova Scotia, the aggregate price of a home increased 18.1 per cent year-over-year in the first quarter. And, in Surrey, B.C., and Kelowna, the aggregate price of a home rose 15.6 per cent and 14.3 per cent, respectively, for the same period.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021

Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

REGIONAL SUMMARIES

Greater Toronto Area

The aggregate price of a home in the Greater Toronto Area (GTA) increased 13.1 per cent year-over-year to $989,961 in the first quarter of 2021. Broken out by housing type, the median price of a two-storey home increased 13.6 per cent to $1,164,894, while the median price of a bungalow increased 15.3 per cent to $982,120, and the median price of a condominium increased 1.2 per cent to $598,819 during the same period.

In the city of Toronto, the aggregate price of a home increased 7.4 per cent year-over-year to $984,709 in the first quarter of 2021. During the same period, the median price of a two-storey home increased 11.8 per cent to $1,550,577, while the median price of a bungalow increased 14.7 per cent to $1,061,534, and the median price of a condominium dipped slightly by 0.6 per cent to $637,551.

“There is a persistent momentum in the market that continues to put upward pressure on prices,” said Debra Harris, senior vice president, Royal LePage Real Estate Services Ltd. “Without an extended surge of inventory, that momentum is unlikely to relent. Homeowners who want to move are reluctant to list their homes before they buy because they are concerned there won’t be anything available, and the cycle continues.”

Harris added that sellers would feel more confident about securing their next home if the number of days on market were longer.

“Typically, we measure absorption – how long it would take to run out of inventory – in months. At the moment, we have an absorption rate in the GTA of about three and a half weeks. The number of new listings added each month is lower than the pace of sales, and that gap continues to widen,” said Harris.

The anticipated return of immigrants and a more typical volume of students, both local and international, in the fall is expected to boost condo sales in Toronto and the surrounding areas, added Harris. She expects we will begin to see an indication of that demand by the middle of the second quarter.

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 11.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021

Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Greater Montreal Area 

The aggregate price of a home in the Greater Montreal Area increased 19.7 per cent year-over-year to $534,026 in the first quarter of 2021. Broken out by housing type, the median price of a two-storey home increased 21.5 per cent to $681,768, while the median price of a bungalow increased 20.2 per cent to $420,699, and the median price of a condominium increased 14.7 per cent to $398,705 during the same period.

In the city of Montreal, the aggregate price of a home increased 11.1 per cent year-over-year to $635,907 in the first quarter of 2021. During the same period, the median price of a two-storey home increased 15.7 per cent to $888,021, while the median price of a bungalow increased 12.3 per cent to $594,437, and the median price of a condominium increased 7.8 per cent to $455,433.

“One year after the start of the pandemic, residential demand has continued to grow in Greater Montreal and the number of single-family homes for sale on the market today is approximately half of the inventory we had before the pandemic,” said Dominic St-Pierre, vice-president and general manager, Royal LePage Quebec. “Multiple-offer scenarios continued to dictate market conditions in the first quarter, driven by the worsening supply of inventory and persistent buyer demand. Similar to what the Toronto area has been experiencing for years, Montreal is now also feeling the impact of chronically low supply.

“Remote work has made it possible for some buyers to save money and make a plan to purchase a home,” St-Pierre continued. “Although we believe that the price increase will gradually subside as public health measures are relaxed, buyers who waited, especially first-time buyers, could be priced out of the market, as we do not foresee price softening in the medium term.”

Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 16.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Greater Vancouver 

The aggregate price of a home in Greater Vancouver increased 9.5 per cent year-over-year to $1,163,276 in the first quarter of 2021. Broken out by housing type, the median price of a two-storey home increased 12.1 per cent to $1,545,705, while the median price of a bungalow increased 12.0 per cent to $1,325,006, and the median price of a condominium increased 2.3 per cent to $652,923 during the same period.

In the city of Vancouver, the aggregate price of a home increased 7.0 per cent year-over-year to $1,271,363 in the first quarter of 2021. During the same period, the median price of a two-storey home increased 9.9 per cent to $2,218,099, while the median price of a bungalow increased 10.7 per cent to $1,563,971, and the median price of a condominium increased 5.2 per cent to $782,979.

“The market is remarkably busy right now. March was a record-breaking month for our brokerage,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “Almost every property is receiving multiple offers, and the sales to listings ratio is more than double what we’d typically see in a balanced market. That being said, we are starting to see an increase in supply come on the market. Hopefully that can continue.”

Ryalls noted that the expected influx of spring inventory has been coming on the market but is being quickly absorbed.

“Demand is still outpacing supply in Greater Vancouver, in the suburbs as well as in the downtown core. But if we see a similar lift in inventory in April and May as we had in March, and if sales remain roughly the same, we may see some modest relief sooner than later,” added Ryalls.

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 13.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Ottawa 

The aggregate price of a home in Ottawa increased 16.1 per cent year-over-year to $589,240 in the first quarter of 2021.

Broken out by housing type, the median price of a two-storey home increased 18.6 per cent to $630,961 in the first quarter of 2021, while the median price of a bungalow increased 15.1 per cent to $604,931, and the median price of a condominium increased 5.2 per cent to $385,040 during the same period.

“Ottawa has a strong housing market bolstered by stable, healthy household incomes,” said John Rogan, broker of record, Royal LePage Performance Realty. “We are continuing to see very low inventory across all housing types; about forty per cent less than this time last year. Unless interest rates increase dramatically, I don’t anticipate the supply will be able to catch up with the growing demand.”

Rogan added that in this type of market, the potential for borrowing costs to increase is enough to motivate buyers to act quickly. Low inventory remains a driving factor.

“Many local homeowners are reluctant to sell because the current market is so competitive. This is contributing to the supply shortage in Ottawa, along with continued migration from Toronto and huge pressure from first-time buyers,” said Rogan.

Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 14.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. This figure remains in line with Royal LePage’s previous forecast, released in December, 2020.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Calgary 

The aggregate price of a home in Calgary increased 5.2 per cent year-over-year to $481,694 in the first quarter of 2021.

Broken out by housing type, the median price of a two-storey home increased 5.4 per cent to $530,912 in the first quarter of 2021, and the median price of a bungalow increased 4.0 per cent to $507,957. Meanwhile, the median price of a condominium decreased 1.6 per cent to $243,902 during the same period.

“After years of economic uncertainty in the province of Alberta, real estate in Calgary was entering a balanced market heading into 2020,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “While the pandemic has certainly had an impact on real estate nationwide, Calgary’s housing market has experienced less fluctuation than other major cities in Canada.”

Lyall added that low borrowing costs and an increase in savings over the last year have allowed first-time buyers to purchase starter homes, which in turn has allowed move-up buyers to become more active in the market. Like elsewhere across Canada, housing inventory remains low which has created seller’s market conditions in most segments, with the exception of condominiums.

“The condo market is still experiencing the effects of over-development from the time of the oil boom, and then the fall-out of the economy following the 2008 and 2014 recessions. The anticipated return of international students in numbers seen in pre-COVID years, as well as a boost in immigration, is expected to fill many of those rental units, but it may be some time before that impacts condo sales,” said Lyall.

Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 4.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Edmonton 

The aggregate price of a home in Edmonton increased 5.0 per cent year-over-year to $379,461 in the first quarter of 2021.

Broken out by housing type, the median price of a two-storey home increased 4.1 per cent to $443,460 in the first quarter of 2021, and the median price of a bungalow increased 8.7 per cent to $366,101. Meanwhile, the median price of a condominium decreased 3.4 per cent to $196,641 during the same period.

“First-time buyers are quite active in the Edmonton market, many of them taking advantage of low interest rates and extra savings since the onset of the pandemic,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Young professionals with employment stability continue to drive the market while the ability to work and study remotely have created an opportunity to move to more affordable suburbs. Their willingness to expand their geographical searches gives them great buying power.”

Shearer noted the supply shortage has created a sense of scarcity in the market. The lack of inventory can put unwanted pressure on buyers, who worry they will miss out if they don’t close a deal right away.

“I wouldn’t be surprised if the typical brisk spring market extends into summer this year. Sellers who are holding out for more people to be vaccinated will become part of the summer demand when they look for their new homes,” said Shearer.

Multiple-offer scenarios are taking place on approximately forty per cent of transactions, added Shearer.

Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 4.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Halifax  

The aggregate price of a home in Halifax increased 18.1 per cent year-over-year to $391,408 in the first quarter of 2021.

Broken out by housing type, the median price of a two-storey home increased 17.4 per cent to $413,660 in the first quarter of 2021, while the median price of a bungalow increased 22.2 per cent to $343,604, and the median price of a condominium increased 13.2 per cent to $335,484 during the same period.

“It’s a very exciting time in Atlantic Canada. The region has become a top destination among out-of-province buyers over the past year, particularly those from Ontario,” said Matt Honsberger, broker and owner, Royal LePage Atlantic.

The spring market will likely see a boost in supply, as sellers become more confident in their ability to purchase after selling, noted Honsberger. Although, it will not likely be enough to satisfy growing demand.

“Currently, the real estate market is incredibly competitive. Demand from first-time buyers is overwhelming very low inventory. We anticipate a wave of new immigrants and students to return to the region once vaccinations are more broadly accessible,” added Honsberger. “Sales volumes are at least keeping up with new listings each month, if not outpacing them. That momentum is likely to continue.”

Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 9.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Winnipeg

The aggregate price of a home in Winnipeg increased 12.3 per cent year-over-year to $334,901 in the first quarter of 2021.

Broken out by housing type, the median price of a two-storey home increased 13.7 per cent to $367,179 in the first quarter of 2021, while the median price of a bungalow increased 11.3 per cent to $322,188, and the median price of a condominium increased 7.9 per cent to $235,908 during the same period.

“Across all housing types and at all different price points, multiple-offer scenarios and selling over asking have become commonplace,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “We are seeing double-digit price gains, which was unusual for Winnipeg real estate, until recently.”

Froese expects the second quarter will be similar to the first, with continued strong demand from first-time buyers and move-up buyers taking advantage of low borrowing rates.

“Inventory cannot enter the market fast enough. Since the start of the year, sales are up almost fifty per cent, and listings are down 43 per cent. This demand is expected to remain a long-term trend, especially with the expected return of immigrants and students in the fall,” Froese added.

Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 8.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Regina

The aggregate price of a home in Regina increased 5.5 per cent year-over-year to $336,791 in the first quarter of 2021.

Broken out by housing type, the median price of a two-storey home increased 4.3 per cent to $415,982 in the first quarter of 2021, while the median price of a bungalow increased 8.3 per cent to $310,212, and the median price of a condominium increased 12.0 per cent to $227,774 during the same period.

“Prior to the start of the pandemic, Regina was experiencing a buyer’s market for some time,” said Mike Duggleby, broker and owner, Royal LePage Regina Realty. “Consistent demand has now depleted inventory and upward price pressure is favouring sellers.”

Duggleby noted that many properties are selling above the asking price in multiple-offer scenarios, due to strong competition in the market.

“The competitiveness we’re seeing can be difficult for buyers, especially for first-time homebuyers who can be priced out of multiple-offer scenarios. The strong, steady demand is likely to continue. As the vaccine rollout progresses, we may see a boost in supply, although it is unlikely to be enough to satisfy growing demand,” Duggleby added.

Royal LePage is forecasting that the aggregate price of a home in Regina will increase 6.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.

Royal LePage Home Price Data:

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Royal LePage Royalty-Free Media Assets:

Royal LePage’s media room contains royalty-free assets, such as images and b-roll, that are free for media use.

• Media room: rlp.ca/mediaroom
• Royalty-free assets: rlp.ca/media-assets

About the Royal LePage House Price Survey

The Royal LePage House Price Survey provides information on the three most common types of housing, nationally and in 64 of the nation’s largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of over 18,000 real estate professionals in over 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women’s and children’s shelters and educational programs aimed at ending domestic violence. Royal LePage is a Bridgemarq Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE. For more information, please visit www.royallepage.ca.

For further information, please contact:

Sarah Louise Gardiner
Royal LePage
sarahlouise.gardiner@royallepage.ca
(647) 961-2260

---

[1] Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

[2] Government of Canada, https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/supplementary-immigration-levels-2021-2023.html

SOLD TO VERY NICE PEOPLE

Welcome to 482 Riverview Crescent, Coquitlam BC

This beautiful family home is move in ready. Elegant living with gas fireplace with surrounding built-ins & dining room with built-in china cabinets+over looking manicured back yard & multi deck levels. Summertime bbq’s.

Updated gourmet kitchen with bright white cabinets/stone counters/shining stainless steel appliances/gas cook top/wall oven, etc.

Principle bedroom with walk-in closet+3-piece ensuite. Great size 2nd & 3rd bedrooms. Updated main bath.

Cozy family room with gas fireplace/built-ins+glass sliders to yard. Large rec room & surrounding rooms would make a great revenue suite.

Loads of storage over the garage. Workshop. Newer furnace & air conditioning.

Central location with shopping+transit nearby. Too many features to mention.

Offer for sale at $1,400,000.00 

Highlights:

• A house in Ontario’s and Atlantic Canada’s recreational property markets expected to see highest price gains in 2021, rising 17%; Quebec and British Columbia recreational markets forecast to increase 15% and 13%, respectively
• 91% of recreational experts in Canada reporting lower inventory than typical for respective regions as demand continues to outpace supply
• 46% of recreational experts reporting an increase in inter-provincial migration, as many Canadians choose cottage country over cityscapes as the backdrop to their home offices
  

 March 23, 2021 – According to Royal LePage, the aggregate price of a house in Canada’s recreational regions is forecast to increase 15 per cent in 2021 to $502,730, as demand continues to rapidly outpace inventory. The company revised its 2021 recreational property forecast, released in November 2020, upward to reflect the increasing unmet demand from potential buyers who are actively looking for properties.

“From coast to coast, the line between primary residence and recreational property is blurring,” said Phil Soper, president and CEO, Royal LePage. “The trend began last summer when the option of traveling abroad was taken away, and continued to gain popularity as it became clear that with access to high speed internet, many people can do their jobs from just about anywhere.”

The aggregate price of a house in Canada’s recreational property regions increased 16.0 per cent year-over-year to $437,156 in 2020 compared to 2019. During the same period, the aggregate price of a waterfront property increased 9.8 per cent to $813,385 and the aggregate price of a condominium rose 10.5 per cent to $310,257.

Houses in the recreational regions of Ontario and Atlantic Canada are forecast to see the highest price appreciation in the country this year, set to increase 17 per cent, while prices in Quebec and British Columbia are forecast to increase 15 per cent and 13 per cent, respectively. According to a survey[1] of 190 Royal LePage recreational real estate professionals across the country, 91 per cent said that their market has less inventory than typical for their respective regions, including 72 per cent that reported significantly less inventory available.

In many areas, supply shortages are forcing buyers into multiple-offer situations, which often result in properties selling above the asking price. In Ontario, 87 per cent of recreational real estate professionals said that more than half of properties available on the market are selling above the asking price. In Quebec and British Columbia, 65 and 52 per cent respectively reported the same.

“The low inventory, high demand scenario that is defining Canada’s current real estate landscape can be frustrating for buyers and their agents,” continued Soper. “Without enough supply to meet demand, prices continue to increase at above normal rates. And with so few listings to choose from, owners are concerned they will have nowhere to go if they sell before buying, so they hesitate to list. This cycle makes it difficult for anyone to move ahead.

“Life during the pandemic has made cottage country and country living more desirable than ever, in every part of Canada. The flexibility provided by working remotely, excess savings from months sitting at home, and low interest rates have left Canadians young and old alike to seek properties with more space, easy access to nature, and the ability to achieve that ever-elusive work-life balance. And, an increasing number of new owners intend to use these escapes for both weekend play and Monday to Friday work.”

Royal LePage real estate professionals in Western and Atlantic Canada have reported an increase in out-of-province buyers over the past year. All experts in the recreational regions of the Maritimes and more than two-thirds (68%) of those in British Columbia reported seeing a boost in inter-provincial migration this year.

The younger generation is a very active segment of buyers. A recent Royal LePage survey released last month[2] on real estate trends among Canadians aged 25 to 35 found that when given the choice, 47 per cent said they would choose small town or country living, while 45 per cent said they’d prefer to live in a city. Nearly two-thirds of Canadians in this age group (63%), who are employed or seeking employment, say the ability to work for an employer that allows the option of remote work is important. Fifty-two per cent said the availability of remote work has increased their likelihood to move further from their current or future place of work. Overall, 39 per cent of this cohort are considering a move from their current home to a less dense area as a result of the pandemic, while 46 per cent said the pandemic had no impact on their desire to move to a less dense area.

“According to our research, access to high speed internet and the ability to work remotely are among the top criteria for those seeking properties in Canada’s recreational regions, followed closely by four-season usability,” said Soper. “There is no doubt the pandemic has had an impact on our lifestyle, but also our mindset. The more time Canadians spend in their homes, the more apparent their needs and priorities become.”

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

British Columbia

The aggregate price of a house in British Columbia’s recreational regions is forecast to increase 13 per cent in 2021 to $781,918. In 2020, the aggregate price of a house in the province’s recreational markets increased 12.9 per cent year-over-year to $691,963 compared to 2019. During the same period, the aggregate price of a waterfront property increased 2.7 per cent to $1,784,872, while the aggregate price of a condominium increased 3.9 per cent to $340,812.

According to a Royal LePage survey of recreational property experts, 68 per cent of respondents in British Columbia reported an increase in the number of buyers from other provinces, compared to previous years. Forty per cent of experts in the region representing buyers reported that their clients are making four to seven offers on average before transacting.

Meanwhile, 40 per cent of those working primarily with sellers say that their clients’ properties are receiving four to seven offers on average. Eighty-eight per cent of regional experts reported a significant decrease in inventory in B.C.’s recreational property market compared to what is typical for their respective regions.

“Our biggest challenge right now is extremely low inventory and increased buyer demand,” said Francis Braam, broker, Royal LePage Kelowna. “I expect we’ll see double digit price gains in Central Okanagan this spring. Canadians will be spending another summer at home, further propelling their interest in the recreational property market.”

In Whistler and Pemberton, remote work and low borrowing costs remain a driving force behind increasing prices.

“I am anticipating a brisk spring market with lots of activity,” said Frank Ingham, associate broker, Royal LePage Sussex. “We should see a boost in supply, although it still won’t be enough to satisfy demand at the rate it is increasing. Every buyer has their own motivation, but overwhelmingly Canadians are shifting their mindset and their priorities. They want more space and more fresh air, with access to nature and wildlife.”

According to the Royal LePage 2021 Demographic Survey released last month, 35 per cent of those aged 25 to 35 in the province of British Columbia say the pandemic has increased their desire to move to a less dense area, and 63 per cent say it is important to work for an employer that allows them to work remotely.

Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

About the Royal LePage Recreational Property Report

The Royal LePage Recreational Property Report compiles insights, data and forecasts from 51 markets. Median price data was compiled and analyzed by Royal LePage for the period between January 1, 2020 and December 31, 2020 and January 1, 2019 and December 31, 2019. Data was sourced through local brokerages and boards in each of the surveyed regions. Royal LePage’s aggregate home price is based on a weighted model using median prices. Data availability is based on a transactional threshold and whether regional data is available using the report’s standard housing types. Aggregate prices may change from previous reports due to an increase in the number of participating regions.

Welcome to 482 Riverview Crescent in East Coquitlam.

This beautiful family home is move in ready.

Elegant living with gas fireplace with surrounding built-ins & dining room with built-in china cabinets+over looking manicured back yard & multi deck levels. Summertime bbq’s.

Updated gourmet kitchen with bright white cabinet/stone counters/shining stainless steel appliances/gas cook top/wall oven/built-in microwave.

Principle bedroom with walk-in closet+3-piece ensuite. Great size 2nd & 3rd bedrooms. Updated main bath.

Cozy family room with gas fireplace/built-ins+glass sliders to yard.

Large rec room. Bring your ideas for this room.

Loads of storage over the garage. Workshop. Newer furnace & air conditioning.

Fabulous central location with shopping, transit nearby.

Too many features to mention.

http://share.jumptools.com/studioSlideshow.do?collateralId=223747&t=2918&b=1

The Right Fit     Home may be where the heart is, but it's also where you and your family need to comfortably fit. If you're trying to decide between a single-family home and a condo for your next move, you'll want to weigh the various configurations. Houses: Houses come in a myriad of formations, from single-story bungalows to multi-floor mansions. A detached house is a complete unit on its own where you own both the building and the land it's on. A semi-detached house shares a wall with another house, but is otherwise its own complete unit. Townhouses also fall into the single-family home category, and while they can have the space and indoor layout of a detached or semi-detached house, they're attached either on the sides or vertically with the other townhouses in the complex. There are two types of townhouses — freeholds, where the owner owns both the house and the land it's built on, and condominium townhouses, where the owners own a percentage of the condo corporation versus any actual land. Similar to an apartment condominium, condo townhouse owners pay a monthly maintenance fee to cover water, sewage, garbage and shared amenity expenses. Condominiums: A condominium can refer to one unit within one building, or a series of buildings on a piece of land. It is governed by an elected body that makes decisions pertaining to building regulations, maintenance and concerns that affect unit owners and residents. The difference between an apartment and a condo unit is that with apartments, each unit in the building is owned by one entity and then rented out to tenants. With a condo, an individual owns their particular unit, which can then be either occupied by the owner or in some cases, rented out. Let's sit down and review your current needs, wants and budget, as well as your future lifestyle requirements in order to find the type of housing that provides just the right fit.

4 Steps to Contractor Success     Planning a major home renovation? Consider the human element throughout the project to ensure as smooth an experience as possible between you and your service professionals. Communicate! Even after you've submitted professional drawings and plans for your renovation, sit down with your contractor to verify exactly what you envision. Photographs you've ripped out of magazines and images you've captured from the internet will speak volumes when shared with your renovator. Make sure both big and small renovation dreams are specified in writing so you can discuss them with your contractor, have them priced out, and finalize both your vision and your financial commitment up-front. Clear the way! Move and remove any furniture or other items in the path to the project, so workers can easily access the space. Be a good host. Even though the workers aren't at your home for a social event, they will always appreciate some homey hospitality; the offer of fresh coffee, bottled water and even the occasional treat is always welcomed! Make yourself scarce. Once you've clarified the project details and timing each day, you'll want to step out of the work zone so the workers can get their job done safely and efficiently. Keep your cell phone by your side, of course, to answer any questions throughout the day. With open communication and mutual trust, both you and your contractor can move forward with your home renovation quickly, effectively and successfully.

Home Safe Home     When the clocks "sprung forward" in most Canadian provinces this month, many homeowners used the occasion as a prompt to change the batteries in their smoke detectors. If you haven't yet changed your batteries, consider this your reminder to do so now! It's important for every home to include basic safety equipment. Take a few minutes to review what you have, and what you need. Smoke detectors. Each floor in your home should have a smoke detector. They're easy to maintain — simply test them monthly to ensure they continue to function properly, and change batteries twice a year. Carbon monoxide detectors. While most times you're able to see and smell smoke in your home, carbon monoxide can sneak in undetected. It's a colourless, odourless gas, making it especially dangerous. Sources of carbon monoxide in the home can include water heaters, furnaces or boilers, gas stoves and ovens, and fireplaces, both gas and wood burning. Install your carbon monoxide alarms on every floor, five feet from the ground, for the best reading of your home's air. Fire extinguishers. Should you ever experience a sudden burst of fire while cooking, you'll be thankful to have a functioning fire extinguisher to quickly and safely quash your culinary catastrophe. Even if your own home is fully equipped with safety equipment, consider a fire extinguisher, smoke detector or a carbon monoxide detector for your next house-warming gift!

52% say remote work has increased likelihood of moving further from employer 

Highlights:

• 68% of non-homeowners aged 25 to 35 intend to purchase a home within five years
• 72% of cohort feels confident in their short-term financial outlook
• 40% of cohort saw their savings grow since mid-March
• Royal LePage survey includes national, regional and city-level insights

According to a recent Royal LePage demographic survey[1], nearly half (48%) of Canadians aged 25 to 35 currently own their home, and 25 per cent of these homeowners purchased a property during the pandemic. Among non-homeowners, there is a strong intention to purchase in the future (84%), with 68 per cent planning to make the move in the next five years. Sixteen per cent say they plan to purchase a property within the year, while 14 per cent say they will buy within one to two years, and 39 per cent are looking to purchase in two to five years.

“The pandemic provided an unexpected prize for young Canadians — a path to home ownership,” said Phil Soper, president and CEO, Royal LePage. “Mortgage rates fell to historically low levels and the competition for entry-level housing lessened. Many investors sought to divest of property as traditional renter groups such as foreign students, new immigrants and short-term renters disappeared behind closed borders.”

Soper noted that much higher than typical demand from this cohort, combined with older homeowners who have been generally more reluctant to put their property on the market during the pandemic, has contributed to a near-crisis shortage of listings in parts of the country.

“Measures necessary to prevent the spread of COVID-19 have motivated many of our younger Canadians to buy, while the health crisis dissuaded many of our older homeowners from selling,” continued Soper. “Some young people living with parents or roommates found their work-from-home environment uncomfortably crowded. Others saw a once-in-a-decade affordability window open on their dream of home ownership. On the other hand, many older homeowners whose homes are adequate for changed employment circumstances have delayed their desire for a housing upgrade until the medical crisis is under control.”

Confidence in Canadian real estate is strong and despite economic challenges related to the pandemic, Canadians aged 25 to 35 have a healthy personal financial outlook. Ninety-two per cent of those surveyed agree that owning a home is a good financial investment. Seventy-two per cent are confident in their short-term financial outlook and 78 per cent are confident in their long-term financial future. Many (40%) have even seen their savings grow since the onset of the pandemic, and 11 per cent saw a significant increase.

“In many ways, the pandemic has sucked the joy out of our normally kinetic young adults’ lives. No dining out, no concerts with friends or winter escapes to the sunny south. Even retail therapy has lost its luster when no one will see those new shoes on the next Zoom call. The silver lining is in soaring savings; unspent money that is finding its way into real estate investments,” said Soper.

Nearly two thirds of Canadians in this age group (63%), who are employed or seeking employment, say the ability to work for an employer that allows the option of remote work is important, a fact that is not surprising given the volume of sales in regions outside of the major urban centres since the onset of the pandemic. Fifty-two per cent said the availability of remote work has increased their likelihood to move further from their current or future place of work. Overall, 39 per cent of this age group are considering a move from their current home to a less dense area as a result of the pandemic, while 46 per cent said the pandemic had no impact on their desire to move to a less dense area.

When given the choice, 45 per cent of those aged 25 to 35 said they’d prefer to live in a city. Similarly, 47 per cent said they would choose small town or country living. The top responses for the most attractive feature of living in a city are walkability (21%) and access to events, attractions and other entertainment options (21%), followed by diversity of people and cultures (18%), and more employment opportunities (17%). The top reasons for wanting to move to a less dense area are access to more outdoor space (62%) and lower home prices (61%), followed by the affordability of larger properties (51%).

Experts across the country noted young buyers felt comfortable with the safety measures in place around the home buying process during the pandemic.

“Younger buyers are exceedingly comfortable with online research, be it for the latest personal tech, a pair of running shoes, or a home,” said Soper. “This group has had no problem adapting to our enhanced use of virtual tours and electronic contracts. We expect the pandemic will have permanently accelerated the acceptance among our clients of using many of our emerging home buying and selling technologies.”

Royal LePage 2021 Demographic Survey (full national, regional and city-level results): rlp.ca/table_2021demographicsurvey

British Columbia

In British Columbia, 49 per cent of residents aged 25 to 35 own their home. Of those homeowners, 27 per cent purchased a home since mid-March of last year. Among those who do not currently own a home, 65 per cent say they intend to buy within the next five years.

Strong demand from buyers aged 25 to 35 continues to drive sales in Western Canada. As is the case from coast to coast, many young Canadians in British Columbia (41%) have seen their savings grow since the onset of the pandemic, which has been an important factor in their decision to purchase a home during this time, along with historically low interest rates.

Low interest rates are oxygen for the market. Younger buyers have a positive association with home ownership. They see the value in it and they’ve done the math. Currently, a monthly mortgage payment can equate to little more than renting.”

Ninety-one percent of those surveyed in the province believe that home ownership is a good investment. It been  noted that clients in this age group are thinking more long-term, and low interest rates have made it possible for them to purchase a larger starter home.

Over the last year, we have noticed a shift in priorities where first-time buyers are increasingly valuing size and outdoor space over location.

Seventy-one per cent and 72 per cent of those surveyed in B.C. feel confident in their short-term and long-term personal financial outlook, respectively. They expects activity among this cohort to remain high this spring and throughout the coming year.

Royal LePage 2021 Demographic Survey (full national, regional and city-level results): rlp.ca/table_2021demographicsurvey

March 2, 2021 Home buyer competition intensifies across Metro Vancouver’s housing market Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.  The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.  Last month’s sales were 42.8 per cent above the 10-year February sales average.  “Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices. “This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”  There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2021. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed.  The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings.  For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 per cent for apartments.  Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.  “Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021.  Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4 per cent increase), the Sunshine Coast (32.7 per cent increase), West Vancouver (16.1 per cent increase) Maple Ridge (14.8 per cent increase) and Ladner (13.7 per cent increase).  Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021. Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021.  Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021.  Download the February 2021 stats package

Welcome to Lakeside Terrace. This is condo lifestyle at it is best. With stunning views of the mountains, Town Centre park & the beautiful lagoon below. Located on the 10th floor, this 2 bedroom/2 bathroom home is located in the centre of some of the best Coquitlam has to offer. Large windows let the natural light shine in, even on a cloudy day. Living room with gas fireplace to keep you warm on cool nights. Kitchen with white cabinets. Insuite laundry. Large principal bedroom with mirrored closets doors. Second bedroom could make a great home office space. Watch the sun come up or enjoy a warm summer dinner on the balcony & watch the clouds go by. A short stroll to restaurants & eateries/Skytrain & buses/shopping/library/aquatic centre & so much more. Enjoy walking at Town Centre Park.

February 2, 2021 Home buyer demand remains elevated across Metro Vancouver In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.  The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020.  Last month’s sales were 36.4 per cent above the 10-year January sales average.  “With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.”  There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed.  The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538).  For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 per cent for apartments.  Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.  “Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020.  Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020.  Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020.  Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020. Download the January 2021 stats package

Time to Move On?

Wondering if you and your home simply aren't right for each other anymore? Let us count the ways that could indicate it's time to move on: 1. Your home doesn't fit your family anymore. Your growing family may have outgrown the space, or conversely empty nesters may find themselves resenting the cost and labour of maintaining space they simply don't need anymore. 2. The neighbourhood has changed. Or perhaps it's you that's changed. For example, maybe you welcomed the influx of new businesses to the area a few years ago. Now, you find yourself annoyed by the increased noise and traffic they've brought in, and you yearn for a quieter lifestyle. 3. Your schools aren't A+. While you may not have had children when you first moved in, their subsequent arrival could now be spurring your desire to seek out a better school district. 4. You're feeling removed. You may have originally chosen your home for the actual property itself, but now it's sunk in how far it is from friends, family, work and other important support systems. 5. It hasn't aged well. Your home may be needing repairs and replacements faster than you can keep up. At this point you will need to weigh the costs, financially and also in stress and time, between fixing your home versus moving to a move-in-ready property. 6. Your financial situation has changed. You may find yourself newly single, or dealing with your or your partner's job loss. Moving to a more affordable home can ease your financial stress. 7. You're just ... over it. Sometimes you just want a change, plain and simple. You want to see what's on the market, and ideally connect with one that ignites a spark in you. Let's talk about what your ideal home would look like. We'll work together to make sure you make the right move, for the right reasons!

Keep Your Foundation Strong

Considering a major renovation to your home? When discussing the project with your partner, acknowledge any personal friction that may arise between the two of you during the undertaking. A survey conducted by Houzz, a leading platform for home remodeling and design, discovered that while 46 percent of respondents found the experience of remodeling and redecorating with their significant other to be collaborative, the same amount of survey respondents found the experience to be frustrating, and 12 percent even admitted to considering a separation or divorce mid-remodel! Here are some tips to calm the stress of remodeling, and focus instead on the enjoyment you have to look forward to in your beautiful new home. Be upfront with your ideas and reasons for renovating. Allocate tasks according to each person's strengths and preferences. Recognize that you'll need to show some flexibility along the way, so communicate your "must-haves" up-front, together with areas where you're more open to compromise. Agree on a budget, and prioritize where the money will be allocated. Promise to communicate throughout the project, and not to take opinions personally. Of course, there are times when remodeling won't solve your home requirements, or when the cost of the project outweighs the benefits. Please call so we can talk through your home wants and needs, and discuss moving options that will provide the lifestyle you're looking for without the stress, cost and time that a major remodel would entail.

5 Simple Ways to Fall in Love with Your Home Again

Do you remember the way you felt about your home when you first moved in? Like any relationship, the honeymoon phase can fade over time. If you are stuck in a rut, follow these easy steps to rekindle those fond feelings for your home.

Get rid of the clutter. A messy home not only leads to an anxious mind, it hides the true beauty of your space. Embrace Marie Kondo’s advice and only keep the things that bring you joy.

Do a deep clean. Bigger cleaning jobs – like scrubbing the grout in the kitchen or washing the windows in the living room – tend to pile up. With a little elbow grease, your home will look the same way it did when you moved in.

Invest in a statement piece. A little pop of colour can really transform a space. Whether it be a bold piece of furniture or an interesting piece of art, it only takes a small investment to reinvent a room you are bored of.

Buy some plants. Research shows those who live around nature are happier than those who do not. Most indoor plants are easy to care for, plus they help naturally purify the air in your home.

Get to work on easy repairs. This is the perfect opportunity to scrub the stain on the carpet you keep meaning to clean, or the leaky faucet that drives you nuts at night.

Ask us about your next home improvement project - we can help you decide what will bring the most value to you and your home.

We are here to help!

Goodbye, Dark Winter: Lighten Up Your Living Room with These Tips

Figuring out how to bring more light into a dark room is always a challenge, especially during the gloomy winter months. But even if your space lacks large windows and natural light, there are plenty of ways to transform your living room into a brighter abode, even on the darkest days.

Figuring out how to bring more light into a dark room is always a challenge, especially during the gloomy winter months. But even if your space lacks large windows and natural light, there are plenty of ways to transform your living room into a brighter abode, even on the darkest days.

Minimize Window Treatments

If you are lucky enough to have large windows in your living room, consider leaving them unadorned. What you may sacrifice in privacy, you will gain in natural light. If the thought of bare windows makes you nervous, opt for light white, beige or gray coloured drapes to bring in more light.

Use Mirrors to Your Advantage

Placing a large wall or floor mirror near a window is an easy way to amplify natural lighting during the day. You can achieve the same effect in the evening by putting a table or floor lamp close to the mirror.

Repaint Your Furniture

Furniture with darker finishes may look luxurious, but these pieces can cramp small, dark spaces. With a fresh coat of white paint, you will create an airier feel to your living space, plus it’s a great indoor project to take on in the winter.

We are here to help you make your house feel like a home this winter with tips to brighten up any space.

Keep Your Foundation Strong

Considering a major renovation to your home? When discussing the project with your partner, acknowledge any personal friction that may arise between the two of you during the undertaking. A survey conducted by Houzz, a leading platform for home remodeling and design, discovered that while 46 percent of respondents found the experience of remodeling and redecorating with their significant other to be collaborative, the same amount of survey respondents found the experience to be frustrating, and 12 percent even admitted to considering a separation or divorce mid-remodel! Here are some tips to calm the stress of remodeling, and focus instead on the enjoyment you have to look forward to in your beautiful new home. Be upfront with your ideas and reasons for renovating. Allocate tasks according to each person's strengths and preferences. Recognize that you'll need to show some flexibility along the way, so communicate your "must-haves" up-front, together with areas where you're more open to compromise. Agree on a budget, and prioritize where the money will be allocated. Promise to communicate throughout the project, and not to take opinions personally. Of course, there are times when remodeling won't solve your home requirements, or when the cost of the project outweighs the benefits. Please call so we can talk through your home wants and needs, and discuss moving options that will provide the lifestyle you're looking for without the stress, cost and time that a major remodel would entail.