Which gorgeous HGTV Thanksgiving table setting would you most like to feast with?
"A person who never made a mistake never tried anything new." — Albert Einstein
Posted on
October 7, 2020
by
Marie Taverna
"A person who never made a mistake never tried anything new." — Albert Einstein
Which gorgeous House & Home entryway would you choose?
Posted on
October 7, 2020
by
Marie Taverna
Which gorgeous House & Home entryway would you choose?
Re-Vamped Price at 110-1215 Pacific Street in Coquitlam
Posted on
October 7, 2020
by
Marie Taverna
NEW PRICE on this FABULOUS 1 bedroom & 1 bath condo at Pacific Place. -This ground floor unit has been updated & ready to move in. -The NEW KITCHEN has white cabinets, stainless steel appliances & quartz counter tops. -Newer tile flooring through the kitchen, foyer & in-suite laundry room. -Laminate flooring through living room, dining room and hallway for easy care. -Gas fireplace in living room, perfect for cooler winter nights. -FRESHLY painted throughout. Updated SPA like bath with heated floors. -LARGE bedroom to fit you king size furniture. -PRIVATE treed patio, perfect for BBQing all year long. -Underground parking. -Everything is a short walk away /shopping/restaurants/park/Evergreen skytrain/swimming pool & so, so much more. -Unfortunately no dogs allowed. -Fabulous location & a wonderful place to call home. Listed for 419,900.00 SOLD 2985 The Dell in Coquitlam
Posted on
October 7, 2020
by
Marie Taverna
Congratulations to our Buyers. They are looking forward to moving to their new home soon.
Royal LePage Luxury Home Fall 2020 Report
Posted on
October 7, 2020
by
Marie Taverna
Montreal’s luxury house prices post double digit gains outpacing Toronto and Vancouver since onset of COVID-19 pandemic
TORONTO, September 29, 2020 – According to Royal LePage research, the median price of a luxury house and condominium has risen in many but not all regions since the pandemic disrupted the Canadian real estate market in mid-March.[1] The lower price threshold defining a luxury home varies greatly by region, from $1,000,000 for a Montreal condominium, to $3,500,000 for a detached house in Greater Vancouver.[2] Nationally, an entry-level luxury house and condominium is defined as $2,000,000 and $1,000,000, respectively. Overall in Canada, the national median price of a luxury house increased 1.0 per cent year-over-year to $2,500,000, while the median price of a luxury condominium remained constant at $1,250,000. Recent steep increases in overall Canadian home prices have pushed more properties over the national lower price threshold, increasing the overall quantity of Canadian homes defined as luxury properties. In four of Canada’s largest major urban centres, luxury detached houses showed healthy price appreciation since mid-March compared to the same period in 2019. The median price of a luxury condominium decreased modestly in both the Toronto and Montreal regions, while the median price of a condominium in the City of Vancouver posted double digit growth. “In recent years, baby boomers and older millennials have been migrating to suburban communities and smaller cities, driven by retirements and growing families, respectively. The quest for affordable space has been supercharged by the pandemic, and no property class has benefited more than the large, detached home,” stated Phil Soper, President and CEO of Royal LePage. “Demand far exceeds the supply of detached houses in Canada. Such is not the case in the luxury condominium space, where some owners have been discouraged by the restrictions on access to shared amenities, such as party rooms and pools, and higher density living in general. As a result, the condo segment is more balanced, with people seeking large condos roughly equal to those planning to escape elegant downtown tower living for the ‘burbs.” 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. Greater Toronto Area Since the onset of the pandemic,[3] the median price of a luxury house in the City of Toronto has risen 5.4 per cent year-over-year to $3,187,500, while the median price of a luxury condominium dipped 1.6 per cent year-over-year to $1,870,000. During the same period, the median price of a luxury house in the Greater Toronto Area increased 5.9 per cent year-over-year to $3,177,500 and the median price of a luxury condominium decreased 3.6 per cent year-over-year to $1,830,000. “The Toronto luxury real estate market has been resilient in the face of the global pandemic. Demand has been driven by low inventory, low interest rates and a renewed focus on lifestyle to accommodate for our new normal,” said Cailey Heaps, managing director & sales representative, Royal LePage Real Estate Services, Heaps Estrin Team. Heaps added that buyers seeking luxury property are focused on lifestyle when looking for their perfect home. With travel off the table for the near future and many working from home, features such as a home office, outdoor space, a pool and walkability are becoming increasingly important in their search criteria. Appropriately priced homes in the established Central Toronto neighbourhoods such as Rosedale, Leaside & Lawrence Park often sell in a matter of days. Multiple offer situations still occur but to a lesser degree than in the pre-COVID landscape, giving buyers an opportunity to purchase in a slightly less competitive market. “The luxury condominium market has faced some challenges over the recent months. The new rules with respect to short-term rentals, higher inventory and the increased risk that comes with communal spaces or common areas have meant that condos did not perform as well as the freehold market. However buyers will find more selection compared to the inventory of luxury houses,” said Heaps. Heaps noted that while all luxury buyer demographics are still active, boomers are more quiet this year than previous years. However, often cautious boomers selling their luxury home have the opportunity to stay at their cottage or a secondary property as an additional option during the pandemic. Looking towards the remainder of the year, Heaps noted that current demand is slowing, which is typical of fourth quarter activity. Greater Montreal Area Since the onset of the pandemic,[4] the median price of a luxury house in the City of Montreal rose 15.9 per cent year-over-year to $1,975,000, while the median price of a luxury condominium decreased slightly by 1.5 per cent year-over-year to $1,254,000. The double digit price increase in the city’s luxury house segment was the largest gain of both property types across all regions surveyed. According to Marie-Yvonne Paint, real estate broker specializing in luxury listings with Royal LePage Heritage in Montreal city, demand for larger properties and land in the region fueled luxury home prices since the resumption of real estate activity on May 11th. This sustained demand has put upward pressure on luxury home prices in the city. While properties in the upper end of the luxury segment are seeing softer demand, listings between $1.5 and $3 million sell quickly. Paint stated that despite rising home prices, the current luxury market is healthy, with a better balance between buyers and sellers than a few years ago. “Luxury condo buyers will find good selection in the Montreal core, which has seen less demand as a result of COVID-19,” said Paint. “We continue to witness the exodus to the suburbs, new listings in the luxury condominium category are increasing as buyers favour larger outdoor spaces.” Paint said that the market saw the opposite trend about five years ago with buyers seeking the best of the city through downtown condo living. Paint believes this trend will naturally wind down and the market will become more balanced, offering more equal opportunities to buyers. Paint added she remains very optimistic for the remainder of 2020, despite a further expected economic downturn. “There is concern for job loss and our economy but this typically has limited impact on buyers purchasing luxury properties. A more important factor is continued low interest rates, which have the ability to fuel the market,” said Paint. In the greater region, the lack of inventory in the detached market, coupled with pent up demand has pushed prices upward in the luxury segment, similar to the overall residential real estate market. Since the onset of the pandemic, the median price of a luxury house in the Greater Montreal Area rose 4.6 per cent year-over-year to $1,925,000, while the median price of a luxury condominium decreased 2.0 per cent year-over-year to $1,254,000. According to Suzanne Havard Grisé, real estate broker with Royal LePage Privilège in Saint-Bruno-de-Montarville, on the South Shore of Montreal, areas such as Brossard, Longueuil, Boucherville, Candiac, Carignan and Saint-Bruno-de-Montarville have seen multiple offers scenarios for most of the spring and summer season. “Being house-bound for months has definitely influenced homeowners’ quest for an improved lifestyle and for many that starts with a larger home,” said Havard Grisé. “There was considerable pent up demand, which included both those who had to put their purchasing plans on hold and those who decided during the pandemic that they needed more from their home. By May, the pace of activity quickly picked up without any signs of slowing down for the detached luxury segment.” Havard Grisé stated that the region’s condominium market is beginning to see a decline in demand and an increase in new listings, putting slight downward pressure on prices. However, 2019 was a record year in sales across housing categories with a strong sellers market. We could expect a return to a more balanced market in the luxury condominium segment in 2021, although these units, especially outside the Montreal city core, offer more square feet for the price and consequently, great value given the demand for space as a result of the pandemic. Greater Vancouver Vancouver’s luxury home market is well on its way to recovery. The median price of a luxury house showed healthy year-over-year price appreciation, rising 3.9 per cent in the City of Vancouver to $4,010,000 and 8.6 per cent to $4,180,000 in the greater region since the onset of the pandemic in mid-March.[5] During the same period, the median price of a luxury condominium rose 11.2 per cent to $2,065,000 in the City of Vancouver and 10.0 per cent to $2,035,000 in the greater region. In the City of Vancouver, the brisk pace of luxury condominium price appreciation compared to luxury detached homes is attributed to the housing type’s relative affordability. The gain in median price for luxury properties in the suburban Lower Mainland region reflects buyers taking advantage of the lower price per square foot, allowing them to buy a larger home. “Vancouver’s real estate market has been recovering slowly upward from the entry-level segment and is now emerging in the luxury segment. While activity has been brisk for properties priced below $4 million, it has only been the past few months that we have seen clear signs of improving demand and price appreciation for properties above $5 million,” said Jason Soprovich, sales representative, Royal LePage Sussex. Recent year-over-year luxury home price gains are seen as recovered equity after a sustained correction of price softening and low sales. In addition to the impact from the region’s market correction, luxury properties in the region’s upper end of the market saw significant price declines due to taxation policy targeting homes valued above $3 million. “Consumer confidence is back but buyers remain price sensitive. The best strategy for a successful sale is accurate pricing from the start,” said Soprovich. The comparable median dollar values of respective housing types in the City of Vancouver and the greater region reflect weaker sales at the lower price threshold, which defines the luxury segment, outside of the city centre. Soprovich added that if interest rates remain low and economic conditions remain stable, he expects pent up demand for luxury properties to continue through the remainder of the year. “Buyers took advantage of price softening of luxury homes priced below $4 million but those opportunities are becoming more rare,” said Soprovich. “The gap between the asking price and selling price is quickly narrowing for homes priced over $5 million but there are still many buying opportunities.” Ottawa The median price of a luxury house in Ottawa increased 2.9 per cent year-over-year to $1,800,000 since COVID-19 disrupted the Canadian real estate market in mid-March.[6] “While the Ottawa real estate market continues to post significant price appreciation, price growth in the region’s luxury market has been relatively modest,” said Charles Sezlik, sales representative, Royal LePage Team Realty. “Where we are seeing the big numbers in the luxury market is in demand. Year-to-date, sales of luxury houses over $1.5 million have doubled compared to the same period last year.” Sezlik added that many buyers purchasing luxury property are local homeowners who are trading up for a larger home where they can live, work and play. “Many buyers want to stay in their older, centrally located neighbourhood but they also want a home office and a pool. Due to the sizable backlog for contractors, they are looking for properties that already have these features,” said Sezlik. “This demand is driving sales in the entry level of the luxury market and putting upward pressure on prices.” As affordability wanes in the Ottawa region, how buyers define luxury real estate in the region has changed over the past few years. “There are homes across the city that are considered luxury now that would not have been considered luxury 5 years ago. Consistently high price appreciation over the years has pushed more desirable properties in good neighbourhoods into the luxury segment as they become increasingly out of reach for many Ottawa buyers,” said Sezlik. According to Sezlik, current demand for luxury properties in Ottawa remains healthy. “I expect that we will continue to see multiple offers on homes valued around $1.5 million for the remainder of the year if economic conditions and interest rates remain the same,” said Sezlik. Royal LePage Luxury Real Estate
Luxury home price lower thresholds: Canada house ($2,000,000); Canada condominium ($1,000,000); Greater Toronto Area/City of Toronto house ($2,500,000); Greater Toronto Area/City of Toronto condominium ($1,500,000); Greater Montreal Area/City of Montreal house ($1,500,000); Greater Montreal Area/City of Montreal condominium ($1,000,000); Greater Vancouver/City of Vancouver house ($3,500,000); Greater Vancouver/City of Vancouver condominium ($1,500,000); Ottawa house ($1,500,000). About the Royal LePage Luxury Property Market Release The Royal LePage Luxury Property Market Release provides information on the two most common types of luxury housing in four of Canada’s largest real estate markets. Data is provided by Royal LePage’s sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on real estate markets are provided by Royal LePage residential luxury real estate experts, based on their opinions and market knowledge. Metro Vancouver home sales and listings surge in September
Posted on
October 7, 2020
by
Marie Taverna
Metro Vancouver housing market sees steady summer activity
Posted on
August 7, 2020
by
Marie Taverna
Home buyer and seller activity in Metro Vancouver* exceeded historical levels in July. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3 per cent increase from the 2,557 sales recorded in July 2019, and a 28 per cent increase from the 2,443 homes sold in June 2020. Last month’s sales were 9.4 per cent above the 10-year July sales average. “We're seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” Colette Gerber, REBGV Chair said. “Low interest rates and limited overall supply are also increasing competition across our market.” There were 5,948 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2020. This represents a 28.9 per cent increase compared to the 4,613 homes listed in July 2019 and a 2.8 per cent increase compared to June 2020 when 5,787 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,083, a 15.1 per cent decrease compared to July 2019 (14,240) and a 5.8 per cent increase compared to June 2020 (11,424). “Safety remains the top priority for our REALTOR® community,” Gerber said. “We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.” For all property types, the sales-to-active listings ratio for July 2020 is 25.9 per cent. By property type, the ratio is 25.1 per cent for detached homes, 31.1 per cent for townhomes, and 24.7 per cent for apartments. Generally, analysts say that 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. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400. This represents a 4.5 per cent increase over July 2019 and a 0.6 per cent increase compared to June 2020. Sales of detached homes in July 2020 reached 1,121, a 33.3 per cent increase from the 841 detached sales recorded in July 2019. The benchmark price for a detached home is $1,477,800. This represents a five per cent increase from July 2019 and a 0.9 per cent increase compared to June 2020. Sales of apartment homes reached 1,400 in July 2020, a 12.6 per cent increase compared to the 1,243 sales in July 2019. The benchmark price of an apartment property is $682,500. This represents a 4.2 per cent increase from July 2019 and a 0.3 per cent increase compared to June 2020. Attached home sales in July 2020 totalled 607, a 28.3 per cent increase compared to the 473 sales in July 2019. The benchmark price of an attached home is $797,700. This represents a 3.7 per cent increase from July 2019 and a 0.9 per cent increase compared to June 2020. Download the July 2020 stats packageBackyard Chickens: How to Get Started with Urban Farming
Posted on
July 25, 2020
by
Marie Taverna
Backyard Chickens: How to Get Started with Urban FarmingChickens are playful, pretty and if properly cared for, could be the perfect pet that supplies fresh eggs for you and your family. You might be surprised to learn you don’t need to live on a farm to raise chickens—some municipalities allow residents to raise chickens right in their own backyard. But while the prospect of fresh eggs is exciting, there’s a lot to consider before hosting a hen party in your backyard. We’ll walk you through everything you need to know to get started with help from Toronto-based urban farmer Sandra Grilo. ![]() Check your chicken bylawsRaising chickens can be a fun and fulfilling experience for you and your family, but it’s important to research the local rules and learn about how to keep hens happy and healthy before jumping into urban farming. “The first thing you’ll want to do is check with your municipal bylaw office to be sure you can legally have hens in your backyard,” says Grilo. Where chickens are allowed, you’ll need to follow the regulations which could include applying for a permit and passing an inspection by a bylaw officer. Grilo also recommends checking in with your neighbours before building a coop (the promise of a few fresh eggs doesn’t hurt). “Letting neighbours know of your plans is a nice thing to do and could avoid issues later on,” says Grilo. ![]() Chicken care 101Like any pet, chickens need to be fed, cleaned up after (“Chickens made a lot of poop!” says Grilo) and cared for if they get sick. Daily must-dos include providing food and clean water, tidying the coop, collecting eggs, letting your hens out in the morning and locking up the coop at night. “Creating a system and routine that works for you will be key. It takes me 10 minutes in the morning and evening to take care of my hens,” says Grilo who also does a more thorough cleaning of the coop (about an hour’s work) on the weekend, replaces the bedding once a month and does a full cleanout and scrub down of the coop once per season. In addition to cleaning, ensuring hens have enough food and water is another daily chore. “People are always shocked to find out that chickens eat everything! Food will be the largest expense, but a manageable one thanks to the fact that chickens are happy to eat every fresh scrap from your kitchen,” explains Grilo. In addition to scraps, Grilo says a 25 kg bag of feed (costs range between $20 to $35 per bag) will feed four or five chickens for about a month. It’s also a good idea to research what to do if a chicken dies (areas that allow urban chickens will provide information) and to find a local vet who offers poultry care so you’re ready in case of illness. ![]() Setting up the coopOnce you’ve confirmed chickens are welcome in your ‘hood and learned about daily care requirements, the next thing you’ll need to do is build a coop. The coop keeps your hens safe from weather, predators and pests. Cost for a coop ranges from about $200 for a DIY coop to up to $1,000 or more for a store-bought or custom coop with landscaping. “A typical chicken coop can be made with basic materials like wood, metal mesh, and hardware like hinges and latches. The approximate cost to build a coop yourself would be around $200,” says Grilo. For a pre-built coop, Grilo says there are plenty of options available for purchase online from Canadian retailers or hardware stores like Home Hardware or Home Depot. To ensure your chickens are safe from predators like hawks, raccoons, rats and dogs, you might need to add safety measures like door locks (Grilo says racoons can open latches) and buried mesh or chicken wire to stop predators from digging their way into the coop. You’ll also need to get bedding, a water dispenser and a water heater to prevent freezing in the winter (depending where you live). Grilo uses flax straw bedding, which she says is inexpensive and helps control smells. Other options include straw, sand, pinewood and peat moss. Bedding, feed and other accessories can be found at hardware stores or your local farm supply store. ![]() Where to buy chickensYour coop is ready to go and you’ve gathered all the necessary supplies. Next, it’s time to buy some chickens. “The best place to source chickens is directly from other farmers. Join Facebook groups for your area specifically for chickens or poultry,” says Grilo. Another option is to search on Kijiji or contact a nearby chicken farm or hatchery and ask for advice. Grilo recommends starting out with pullets (teenage hens) or hens. Chicks require extra care and you might not be able to tell if the chick is a rooster or a hen right away, which could be a problem in areas that only allow hens. While raising chickens comes with a few more challenges than a typical pet, Grilo says chickens are smart, social and remarkable animals that make it all worth it. “What I’ve come to realize is that despite the challenges, having backyard chickens is still one of the most rewarding adventures my family and I have taken on. The past 15 years have taught us so much about these amazing little friends, and I hope more people get to experience the joys of backyard chickens,” says Grilo Shelter eNewsletter Summer 2020 Helping women and children rebuild their lives after violence.
Posted on
July 14, 2020
by
Marie Taverna
June 2020 Snapstats Market Video
Posted on
July 12, 2020
by
Marie Taverna
Royal LePage: National home prices rise sharply in second quarter as housing supply struggles to keep up with surge in demand
Posted on
July 8, 2020
by
Marie Taverna
Balance expected to return to market in second half of the year
TORONTO, July 9, 2020 –According to the Royal LePage House Price Survey and Market Survey Forecast released today, the aggregate[1] price of a home in Canada increased 6.8 per cent year-over-year to $673,072, in the second quarter. Once provinces allowed regular real estate activity to resume, demand surged in many markets. Inventory levels, already constrained pre-pandemic, have failed to keep pace. “Home prices shot up in the second quarter as a crush of buyers entered the market, attracted by extremely low interest rates and the perception of bargains to-be-had,” said Phil Soper, president and CEO of Royal LePage. “Across Ontario and Quebec in particular, the demand for housing outpaced the growth in supply, especially in the early weeks post-lockdown. The surge in the number of first-time buyers was felt acutely, as these housing consumers soaked up supply without contributing to it.” Soper continued, “We are now seeing sellers return to the market in key supply-constrained regions in numbers sufficient to meet demand. Home buyers should enjoy more reasonable conditions with stable prices and improved selection in the second half of the year.” The Royal LePage National House Price Composite is compiled from proprietary property data 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 8.0 per cent year-over-year to $794,392, while the median price of a bungalow increased 3.9 per cent to $550,289. The median price of a condominium increased 5.3 per cent year-over-year to $503,983. “COVID-19 shaped the real estate market during the second quarter in every possible way,” said Soper. “As consumers and Realtors®[2] complied with April’s shelter-at-home directives and only urgent housing needs were serviced, sales volumes plummeted to one-third of normal in our largest cities. As the reality of extended and potentially permanent work-from-home employment sunk in, people pondered both the location and size of their homes. Simply put, larger homes in smaller communities have become more fashionable. As competition for these properties heats up, bidding wars are more common in what were our quieter cities and towns.” Across Canada, the 11 regions to post the highest year-over-year gains in median home price were in Ontario. In order, Mississauga (13.5%), Windsor (12.2%), Markham (11.9%), Ottawa (11.7%), Niagara/St.Catharines (11.3%), London (10.5%), Brampton (10.4%), Toronto (10.2%)/Greater Toronto Area (10.0%), Guelph (9.9%), Kitchener/Waterloo/Cambridge (9.8%), and Milton (9.7%). Immigration Immigration has been disrupted by pandemic travel restrictions, with the impact to real estate markets varying across regions and housing segments. Royal LePage’s 2019 Newcomer study showed that upon arriving in Canada, only 15 per cent of newcomers purchase their first home. The average time period after which newcomers will purchase a property is three years after arriving in Canada.[3] “Our research shows that many of the newcomers to our nation who intended to buy a home this year have already been living in Canada for three or more years,” said Soper. “A short-term drop in the number of new immigrants and international students will not directly impact home sales in the current year, as most newcomers will rent their first home. We may feel the impact of fewer new Canadians in our residential investment market with less demand for rental units. Mitigating the impact of this trend is a surge in first-time buyer interest. Some landlords may choose to sell to eager millennial families if rental demand softens.” Lengthy Economic Recovery and Revised Royal LePage Forecast As home sellers return to the market, inventory levels are expected to rise, relieving the acute upward pressure on home prices that characterized the supply-constrained second quarter of 2020. Uncertainty clouds Canada’s real estate outlook as a lengthy recovery for the Canadian and world economies is expected. The negative impact on home prices should be muted by the balanced nature of Canadian housing, as chronic housing supply shortages offset dampened medium-term demand. Royal LePage has revised its forecast slightly upward, with the national aggregate price expected to end 2020 up 2.3 per cent to $663,000 in the fourth quarter compared the same period in 2019. REGIONAL SUMMARIES Greater Toronto Area Pent-up demand coupled with a lack of supply in the Greater Toronto Area (GTA) resulted in significant price appreciation in the second quarter. The aggregate price of a home in the GTA increased 10.0 per cent year-over-year to $899,001 in the second quarter of 2020. When broken down by housing type, the median price of a standard two-storey home increased 10.7 per cent year-over-year to $1,050,323 and the price of a bungalow rose 6.4 per cent year-over-year to $852,260. During the same period, condominiums in the region continued to see strong price appreciation, with the median price rising 9.3 per cent year-over-year to $599,235. “Prior to the market disruption caused by the pandemic, the GTA was on track for double-digit price growth in 2020. While the first half of the second quarter saw market activity severely curtained, as soon as the market woke up in late May, sales quickly accelerated,” said Kevin Somers, chief operating officer, Royal LePage Real Estate Services Limited. “However, with listings not keeping pace and buyer competition high, we are again seeing double-digit price appreciation in the region.” Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 4.0 per cent to $882,000 in the fourth quarter of 2020 compared to the same quarter last year. “While buyer demand outstripping inventory has been typical of the Toronto market, the return of buyers before sellers in the second half of the quarter amplified price growth,” said Somers. “Sellers are now returning and while buyers should not expect bargains, they may find the second half of the year more reasonable for inventory and price appreciation.” Greater Montreal Area The Greater Montreal Area aggregate home price rose 7.7 per cent year-over-year to $449,996, in the second quarter of 2020. With the resumption of real estate brokerage activities on May 11, after being shut down for more than a month, all property categories in the region saw significant price appreciation. The jump in appreciation was largely due to substantial pent-up demand from buyers who had to put their activity on hold during the shut down. Looking at prices by property type, the median price of a standard two-storey home in the Greater Montreal Area saw a strong increase of 8.7 per cent this quarter, compared to the second quarter of 2019, reaching $566,874. The median price of a bungalow rose 7.2 per cent year-over-year to $351,015, during the same period. Despite an increase of new listings in June, the median price of a condominium increased by 5.6 per cent year-over-year to $351,889. “While we were experiencing unprecedented demand for real estate prior to the pandemic, the suspension of transactions during the lockdown has widened the gap between supply and demand,” said Dominic St-Pierre, vice president and general manager, Royal LePage for the Quebec region. “In my 18-year career, I have never seen such a tight ratio between the number of active listings and sales, reaching a new high in this sellers market, despite the fact that the Montreal region has been hit the hardest by the pandemic and lockdown in Canada.” As a result, Royal LePage is forecasting the aggregate price of a home in the Greater Montreal Area will increase 3.5 per cent to $452,000 in the fourth quarter of 2020 compared to the same quarter last year. Greater Vancouver The aggregate price of a home in Greater Vancouver increased 1.9 per cent year-over-year to $1,109,069 in the second quarter of 2020. Broken out by housing type, the median price of a standard two-storey home in Greater Vancouver increased 3.7 per cent year-over-year to $1,455,027 in the second quarter. During the same period, the median price of a condominium in the region remained relatively flat, decreasing 0.4 per cent year-over-year to $638,242, while the median price of a bungalow decreased 1.1 per cent to $1,189,692. “The Greater Vancouver real estate market is continuing its recovery that began in 2019. While the pandemic caused a significant disruption in early spring sales, continued low inventory has maintained prices,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. Real estate in the city of Vancouver posted healthy year-over-year gains in the second quarter. The median price of a two-story home rose 7.6 per cent to $2,088,932 compared to the same period in the previous year. During the second quarter, the median price of a bungalow rose 2.6 per cent year-over-year to $1,434,738, while the median price of a condominium decreased 2.0 per cent to $738,128. “Stronger price appreciation for two-storey homes compared to condominiums reflects buyers’ preference for larger properties and less shared areas, a trend that has evolved as a result of the pandemic,” said Ryalls. “This has opened up excellent opportunities for those seeking city-centre condos.” Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase modestly by 0.5 per cent to $1,087,000 in the fourth quarter of 2020 compared to the same quarter last year. Ottawa Ottawa’s aggregate home price rose significantly during the second quarter, rising 11.7 per cent year-over-year to $527,290. The median price of a standard two-storey home increased 10.6 per cent year-over-year to $552,429, while the median price of a bungalow saw a strong 14.4 per cent year-over-year increase to $538,409. During the same period, the median price of a condominium saw an increase of 14.5 per cent year-over-year to $370,425. “Buyers have returned more quickly to the market than sellers resulting in fewer listings, increased competition and double-digit price gains over last year,” said Jason Ralph, managing partner, Royal LePage Team Realty. “The good news is that the number of listings is starting to grow and buyers can expect to have more selection in the second half of the year. However, Ottawa is expected to remain a seller’s market.” Ralph added that Ottawa remains an attractive city to first-time buyers, especially those from the Greater Toronto Area. The city-centre remains the most popular choice, but towns within a reasonable drive to Ottawa such as Carp and even as far as Arnprior are attracting more interest. Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 4.0 per cent in the fourth quarter of 2020 to $514,000 compared to the same quarter last year. Calgary The aggregate price of a home in Calgary remained relatively flat year-over-year, decreasing 0.2 per cent to $465,273 in the second quarter of 2020. Broken out by housing type, the median price of a standard two-storey home increased 1.1 per cent year-over-year to $509,918, while the median price of a bungalow remained relatively flat, decreasing 0.1 per cent year-over-year to $488,838. Due to high inventory in the condominium segment, the median price of a condominium decreased 9.7 per cent year-over-year to $252,308. “While sales are down year-to-date, activity in June was comparable with last year. Buyers have returned to the market more quickly than sellers; inventory has not kept pace,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “With the exception of the condominium market, Calgary real estate continues to shift towards a balanced market.” Lyall added that first-time home buyers are driving sales in the region, which has increased competition and depleted inventory for listings within the $300,000 to $500,000 price range. Royal LePage is forecasting that the aggregate price of a home in Calgary will decrease 1.5 per cent to $463,000 in the fourth quarter of 2020 compared to the same quarter last year. Edmonton The aggregate price of a home in Edmonton remained relatively flat, decreasing 0.6 per cent year-over-year to $371,902 in the second quarter of 2020. Broken out by housing type, the median price of a standard two-storey home increased 2.8 per cent year-over-year to $436,221 and the median price of a bungalow decreased 5.4 per cent to $349,676. In the same period, the median price of a condominium decreased 7.7 per cent year-over-year to $205,005. “Overall, Edmonton’s house prices have held their value despite the pandemic’s economic shock and resulting decline in sales,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Growing inventory of resale and new build condos has resulted in softened prices and excellent selection. Buyers are finding exactly what they are looking for.” Shearer added that the market is being driven by young families. Houses priced under $450,000 in neighbourhoods popular with families are selling quickly. Royal LePage is forecasting that the aggregate price of a home in Edmonton will decrease 1.0 per cent to $371,000 in the fourth quarter of 2020 compared to the same quarter last year. Halifax The aggregate price of a home in Halifax increased 2.2 per cent year-over-year to $333,954 in the second quarter. Broken out by housing type, the median price of a standard two-storey home increased 3.8 per cent year-over-year to $359,185. The median price of a bungalow was flat, decreasing 0.3 per cent year-over-year to $272,625, while the median price of a condominium saw a decrease of 8.3 per cent year-over-year to $296,738. “Buyer competition is exceptionally high in downtown Halifax. Inventory is low and a good listing may last only a day or two on the market while drawing multiple offers,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “There has also been an increase in the number of exclusive transactions where the listing is sold before even making it to the market.” Honsberger added that Nova Scotia’s rural and recreational real estate market has been very active. “A common trend we are seeing is that buyers, after spending a lot of time home-bound and saving money, are deciding they want more from their home. They want more space. For some that means moving out of the city while others are staying in the city and upgrading,” said Honsberger. Royal LePage is forecasting that the aggregate price of a home in Halifax will remain flat at $317,000 in the fourth quarter of 2020 compared to the same quarter last year. Winnipeg The aggregate price of a home in Winnipeg decreased 1.4 per cent year-over-year to $302,399 in the second quarter of 2020. During the same period, the median price of a bungalow decreased 0.8 per cent year-over-year to $287,715 and the median price of a condominium decreased 4.1 per cent year-over-year to $231,036. The median price of a standard two-storey home decreased 1.5 per cent year-over-year to $330,995. “Winnipeg’s real estate market has proven to be extremely resilient and we are seeing signs of a ‘U’ shape recovery. While COVID-19 certainly pulled the market downwards for the first half of the second quarter, June sales are higher than last year. The market is energized and consumer confidence is back,” said Michael Froese, managing partner, Royal LePage Prime Real Estate. Froese added that year-over-year sales activity in Winnipeg’s surrounding area is outperforming the city-centre. “Communities outside of the city are growing in popularity, leading to price appreciation gains in those areas,” said Froese. “For many, remote work started as a necessity this spring but it is growing in popularity and employer acceptance. Buyers are now looking for larger properties with home offices. With less commuting, moving away from the city-centre to more affordable properties is appealing.” Royal LePage is forecasting that the aggregate price of a home in Winnipeg will remain flat at $311,000 in the fourth quarter of 2020 compared to the same quarter last year. Regina The aggregate home price in Regina remained relatively flat in the second quarter, increasing 0.1 per cent year-over-year to $321,389. Broken out by housing type, the median price of a standard two-storey home increased 6.2 per cent year-over-year, rising to $402,716, while the median price of a bungalow decreased 3.3 per cent to $289,307. During the same period, the median price of a condominium decreased 13.0 per cent year-over-year to $194,936. “From entry-level homes to the luxury segment, Regina’s real estate market awakened in June and is very active,” said Mike Duggleby, managing partner, Royal LePage Regina Realty. “We are seeing multiple offers and appropriately priced homes can sell within a week.” Duggleby noted that sellers are returning to the market, which is expected to improve inventory over the summer. “Sellers who had pulled their listing off the market and those who were not marketing their listing properly were watching the parade go by,” added Duggleby. “Seeing buyer demand grow over the quarter has encouraged sellers to come back.” Royal LePage is forecasting that the aggregate price of a home in Regina will increase 1.0 per cent to $321,000 in the fourth quarter of 2020 compared to the same quarter last year. Royal LePage Home Price Data and Forecasts:
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. About the Royal LePage House Price Survey The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, 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: Stella Karami [1]Royal LePage’s aggregate home price is based on a weighted model using median prices and includes all housing types. [2] The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. [3]Royal LePage Canada, October 2019: One in five homes purchased by Canadian newcomers Outdoor Living Space Ideas
Posted on
July 8, 2020
by
Marie Taverna
Outdoor Living Space Ideas – For most of us here in Canada, winters can be long and harsh and those precious summer months beg us to spend as much time outside as possible. It’s not surprising that outdoor living spaces ideas continue to be an important part of our homes. Creating an outdoor space that you love to spend time in and can enjoy for as long as possible allows us to maximize our summer enjoyment and increase the equity in our homes. Here are a few tips to help you create the perfect outdoor living space! Photo Source: HomeSense Start With a Plan! Every outdoor living space, from a small balcony to a large backyard, can offer a place to sit back and relax. Ask yourself what activities you’d like to incorporate into your space and then create a plan that incorporates those functions. One big mistake homeowners make is adding a single detail – like a pool or a deck – to their yard without thinking about how it will work with future landscaping plans. Even if your budget does not allow you to overhaul your entire yard this year, start by creating a plan for what you’d like to final layout to be. You can always finish your space in stages but having a plan will ensure that you don’t have to make expensive changes later on because something doesn’t fit. ![]() Consider Care & Maintenance of your Outdoor Living Space! A beautiful outdoor living space that eats up all your free time to maintain over the summer defeats the purpose of having the space in the first place. There are plenty of options today for low-maintenance products, plants and materials that can be used to create a space that you can actually have time to just enjoy. Consult with a professional landscaper and fence/deck builder as you go to ensure you understand the maintenance requirements as you go. Some common outdoor living ideas like hot tubs and pools come with maintenance requirements so ensure you understand the time and cost that will be involved in maintaining these features before you decide to add them to your plan. ![]() Plan to Entertain! If you like to entertain, this will be a big consideration when planning your outdoor space. You will want to include places to sit and visit, places to prepare and serve outdoor dinners and the like. This may be as simple as a deck with a BBQ, dining set and conversation area or you may want to incorporate a full outdoor kitchen with all the conveniences of the indoors right at your fingertips. ![]() Extend Your Season! The biggest reason our outdoor season is cut short is the weather and while we can’t control the weather, we can prepare for it to ensure we can enjoy our outdoor time for longer. Things like well planned landscape lighting, a fireplace, outdoor heaters, gazebos, sunrooms and even movable walls can be incorporated into your plan, allowing you to enjoy the space on cooler evenings, on rainy days and long into the fall season. Planning the Perfect Staycation
Posted on
July 8, 2020
by
Marie Taverna
Planning the Perfect Staycation. With the world in a state of panic over health issues, a lot of people are rethinking their summer travel plans, or are unable to travel due to the restrictions that are currently in place and the closure of major airports. If you’re on that list, now is the time to consider a staycation! A staycation is a vacation that you take at home, or close to home. With a little planning, it can be just as memorable as any vacation you’ve ever had! How can Staying Home be Fun?There are so many options on ways to make your staycation exciting and fun for the whole family. With the multitude of new places and things to explore, there are endless possibilities for you and your family. If you want to avoid large groups of people, there are hiking trails for you to enjoy in places you’ve never been where you can ski, snowshoe, or track on foot and find serenity in nature. If you don’t mind the crowds, you can become a tourist in an area close to you – take a drive, see new sites, immerse yourself in local activities and architecture. There are even countless options if you choose to stay at your home! Children of every age love trying new things! Cook or bake together, create games or activities, color, build puzzles, play games, read, have a family movie night, have a sand castle building contest in the sandbox – the list is never-ending. The key is to have a plan. It’s very easy to fall into the “stuck at home” rut of TV time and sleeping in, with the days going by in a boring blur. Instead, plan a “travel itinerary” for your staycation! Of course, leave time for rest and relaxation – but intentionally schedule specific family activities into each day to avoid falling into that rut and to ensure each day is used to build a new family memory together! Get That Fresh FeelingIf you have been thinking about updating or changing things around in your home, now is the time! Grab some paint at a local hardware store and change the look of your home instantly. Grab some fresh linens from a nearby store or warehouse. Redecorate with different colored pictures, ornaments, accent pieces, or throw rugs. Create your own oasis now that you have the time to do so. With everything changed up, you will feel like you are on a vacation right at home and changes in the home bring calm, pride, and a sense of something new. In Planning the Perfect Staycation, not only will you feel like you’ve accomplished something during your time at home, but you’ll also create an environment that feels fresh and new, like getting away to a hotel or a resort, but right in your own home! Every year, homeowners will use home equity or personal loans to help fund dream family vacations. With a staycation, you can use those funds to invest back into your own home with updates and changes that you’ll be able to enjoy for many months to come while also potentially increasing your home value and still making precious memories at the same time! METRO VANCOUVER MARKET HIGHLIGHTS JUNE 202
Posted on
July 6, 2020
by
Marie Taverna
Steady increases in home sale and listing activity continue in June
June 2019
2,077
Sold
June 2020
2,443
Sold
(+17.6)
Residential property sales in Metro Vancouver
Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020. Last month’s sales were 21.9 per cent below the 10-year June sales average. "REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way. Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place."
Colette Gerber, REBGV Chair
There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927). “Much more of the real estate transaction is happening virtually today. Before considering an inperson showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood.” For all property types, the sales-to-active listings ratio for June 2020 is 21.4 per cent. By property type, the ratio is 19.9 per cent for detached homes, 25.2 per cent for townhomes, and 21.3 per cent for apartments. Sales-to-active listings ratio - June 2020
Detached homes
19.9%
Townhomes
25.2%
Condominiums
21.3%
Total 21.4%
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. “Home prices have remained steady with minimal fluctuation over the last few months,” Gerber said. “With increasing demand, REALTORS® have begun seeing multiple offers for homes priced competitively for today’s market.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3 per cent decrease compared to May 2020. Sales of detached homes in June 2020 reached 866, a 16.1 per cent increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6 per cent increase from June 2019 and a 0.5 per cent increase compared to May 2020. Sales of apartment homes reached 1,105 in June 2020, a 17.4 per cent increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6 per cent increase from June 2019 and a 0.8 per cent decrease compared to May 2020. Attached home sales in June 2020 totalled 472, a 21 per cent increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800. This represents a 2.3 per cent increase from June 2019 and a 0.2 per cent decrease compared to May 2020. * Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Steady increases in home sale and listing activity continue in June
Posted on
July 6, 2020
by
Marie Taverna
VANCOUVER, BC – July 2020 – Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020. Last month’s sales were 21.9 per cent below the 10-year June sales average. “REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.” There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927). “Much more of the real estate transaction is happening virtually today. Before considering an inperson showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood.” For all property types, the sales-to-active listings ratio for June 2020 is 21.4 per cent. By property type, the ratio is 19.9 per cent for detached homes, 25.2 per cent for townhomes, and 21.3 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. “Home prices have remained steady with minimal fluctuation over the last few months,”Gerber said. “With increasing demand, REALTORS® have begun seeing multiple offers for homes priced competitively for today’s market.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3 per cent decrease compared to May 2020. Sales of detached homes in June 2020 reached 866, a 16.1 per cent increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6 per cent increase from June 2019 and a 0.5 per cent increase compared to May 2020. Sales of apartment homes reached 1,105 in June 2020, a 17.4 per cent increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6 per cent increase from June 2019 and a 0.8 per cent decrease compared to May 2020. Attached home sales in June 2020 totalled 472, a 21 per cent increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800. This represents a 2.3 per cent increase from June 2019 and a 0.2 per cent decrease compared to May 2020. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. The real estate industry is a key economic driver in British Columbia. In 2019, 25,351 homes changed ownership in the Board’s area, generating $1.8 billion in economic spin-off activity and an estimated 12,910 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25.3 billion in 2019. The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact Marie and Kim Taverna or visit www.rebgv.org. Today's Safe Selling Strategies
Posted on
June 5, 2020
by
Marie Taverna
While you may have been raised with strict instructions to never open the door to strangers, the message has probably never hit home as closely as in today's social and physical distancing environment. To add further muddle to the matter, both home buyers and homeowners are wondering what the rules now are for viewing properties in person. 4 New and Safe Real Estate Practices
Posted on
June 5, 2020
by
Marie Taverna
Real estate is just one of the industries that has had to adapt to the world COVID-19 has introduced us to. And because people will always have their own good reasons to move, the industry will continue to modify its processes to accommodate both safety and efficiency.
Real estate involves intricate logistics at the best of times, and today's changes are impacting every person, every step along the way. Indeed, it's important, now more than ever, to partner with professionals who can ensure all contingencies are carefully considered. For example, additional clauses such as provisions for the digital signing of documents and the electronic transfer of funds must now be included in transaction documents. 4 Tips to Boost Your Work-From-Home Productivity
Posted on
June 5, 2020
by
Marie Taverna
If you're one of the many who continue to find yourself sequestered in your home, attempting to manage your work obligations amidst a busy household, you may be open to hearing some suggestions about how to increase your productivity.
Let's make some time to connect too, whether through a virtual connection or a good old-fashioned phone call. In the meantime, please stay safe, and stay productive!Great Vancouver and Fraser Valley Real Estate Stats
Posted on
June 5, 2020
by
Marie Taverna
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