It's cool to be green, and green can keep you cool - especially in hot weather. Here are ten tips for maintaining a comfortable home without relying on the air conditioner this summer.

1. Heat rises so make sure your roof is well-ventilated. Consider installing a temperature controlled attic fan that switches on when the mercury rises.

2. Ensure proper insulation in the walls and ceilings. In Canada, we tend to think of insulation as a must for winter, but proper insulation also guards against the heat of the day in summer.

3. Shade the west side of your home by planting large bushes or trees to mitigate the amount of direct sunlight your west-facing walls receive. Be sure any planting is done a safe distance from the foundation.

4. Ceiling fans can cool a room by several degrees. Install ceiling fans in larger rooms and set them to the forward position so the fan rotates counter clockwise. This will help create a wind-chill effect and make you "feel" cooler.

5. Venetian blinds or California shutters are both aesthetically appealing and effective at shutting out the sun's glare. Another option is to add heat reflecting film on windows. It will help keep things cool, while reducing ultraviolet rays that can damage furniture and floors.

6. Since most summer breezes blow from west to east, open the southwest and northeast windows to allow a refreshing cross-breeze. Open windows at night to allow the cooler air in, and close them in the morning.

7. Use a dehumidifier to absorb moisture in the air, as dry air feels cooler. A dehumidifier can also prevent mold, mildew, and musty odours, especially in the basement.

8. If you can, minimize use of your stove in really hot weather. Consider using an outdoor barbecue or a slow cooker which emits very little heat.

9. Invest in a fold-away gazebo for your deck or garden. It protects from sun, insects, and summer showers when you want to cool off outside.

10. Lighten up the exterior paint. Light coloured paint doesn't absorb as much solar energy as darker paint, and is a relatively low-cost solution that can reduce your energy bills.

When summer sizzles, think green, keep your cool - and enjoy!

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Royal LePage has partnered with ICC, Canada's leading provider of insurance industry flooring replacement, resulting in exclusive access for Royal LePage agents, brokers and our clients. You'll receive significant discounts from some of Canada's best known flooring manufacturers, sold throughout the ICC network of more than 540 retail locations across Canada.

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• Approximately 25% lower than market pricing on flooring materials and installation services
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• Ability to locate a retailer closest to your home and to create a voucher to ensure favourable pricing

In addition, ICC donates 1 per cent of incremental revenues as a result of volumes associated with this program to the Royal LePage Shelter Foundation, Canada's largest public foundation dedicated exclusively to funding women's shelters and violence prevention programs.

For more information on the Royal LePage Discount Flooring program, you can access this exclusive offer at  http://www.icc.ca/royallepage/

Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.

“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.

"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006. 

The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. 

“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.

The below letter from President J. Darcy McLeod was sent to our media contacts this afternoon.

Will more taxes solve housing affordability challenges? History says no and so do we.

The rising cost of homes in our region is well-documented. Metro Vancouver home prices have increased nearly 80 per cent since 2005. Detached home prices have increased over 100 per cent.

We worry about how our children can afford a home and how the most vulnerable among us can find basic shelter. These concerns have led to public debate about possible solutions.

One suggestion is for government to introduce new taxes. Some believe government should tax non-Canadian investors who buy properties. Mayor Robertson believes there should be a "luxury housing" tax on the sale of the most expensive homes in Vancouver.

We believe more taxes won’t help. Taxes bring unintended consequences. There’s little to no evidence that a luxury or foreign buyer tax would make homes more affordable. 

History tells us that taxes like this fail to have the desired impact and succeed in permanently adding to government coffers.

In 1987, the provincial government implemented what was advertised as a “wealth tax”. It was supposed to apply to the sale of the most expensive five per cent of homes sold in BC. It's been 28 years since that tax was introduced and the thresholds have never been adjusted for inflation. 
           
Today, that tax is known as the Property Transfer Tax (PTT). It’s applied to 95 per cent of all residential property sales in the province. This tax makes housing less affordable. 

The home is where many people’s financial net worth resides. It's one of the last major assets that residents can sell and not pay a tax on the revenue. A little mentioned fact is that we already have tax disincentives for foreign owners. If a foreign home owner wants to sell a property in Canada, they are unable to receive a capital gains exemption.

The picture of affordability and home ownership is changing in Metro Vancouver. Our region's affordability challenges are complicated and, unfortunately, there isn't a single action that can solve them. Economists will tell you that offshore investment is a factor in today’s market. To what extent, no one has the data to know. 

What we do know is that local conditions have a much more significant impact. We live in one of the most beautiful, progressive and prosperous areas of the world. There are more people who want to live here than there are homes available. This causes prices to rise. 

The natural solution would be to create more supply, but we're constrained by mountains to the north, an ocean to the west, and a border to the south. 

Despite the headlines, the majority of home sales in Metro Vancouver are not $1-million and beyond. Based on our Multiple Listing Service (MLS) statistics, nearly 70 per cent of all sales in the region last year were below $800,000. 

The price of condominiums today ranges between $200,000 and $600,000 depending on size and location. Townhomes range between $300,000 and $800,000 in the region.

Detached homes in the City of Vancouver are at the high-end of our market. Recent activity has pushed homes on the Vancouver Westside above $2.5 million. 
           
It’s a different story in neighbouring communities. The benchmark price of a detached home in Maple Ridge today is $499,100; in Ladner the benchmark price is $713,200; in Coquitlam the benchmark price is $845,400.

Affordability challenges exist. But there are also more options and aspects to the story than is typically discussed in the media. Certainly more than the mayor is putting forward.

Sincerely, 

J. Darcy McLeod
President of the Real Estate Board of Greater Vancouver

Buyers Seize Opportunities in Flourishing Recreational Property Market

• June 04, 2015

2015 Recreational Property Report from Royal LePage shows stronger demand nationwide

Toronto, ON, June 4, 2015 – For the second consecutive year, the recreational property market got off to a slow start in 2015, as harsh weather delayed sales activity in most regions until well into the spring buying season. Brokerages and agents that specialize in cottage, cabin or chalet properties are now experiencing a rush of activity as buyers make up for lost time, according to the 2015 Royal LePage Recreational Property Report released today. Unlike 2014, when the extended winter dampened total sales volumes, increased activity levels in mid to late spring 2015 show that buyers had merely delayed purchase decisions this year versus putting them off entirely. The exception to this is in Alberta, some border areas of eastern B.C. that cater to Albertans, and in Newfoundland, where a depressed energy sector has reduced activity levels and put downward pressure on prices.

The Royal LePage Recreational Property Report compiles information from a cross-Canada survey of brokers and agents who specialize in the recreational real estate market. Advisors across the country are reporting a surge of interest from buyers who have already absorbed a good deal of the available inventory, including many listings that sat unsold last year. In spite of another long winter, buyers have come out in droves in late spring, encouraged by asking prices that have remained relatively flat, year over year. However, brokers warn that prices could begin to climb again as new inventory has not kept up with sales volumes.

“The dream of recreational property ownership is very much alive and well across the country,” observed Phil Soper, president and chief executive of Royal LePage. “Dominated primarily by buyers in their 40s and 50s with families, these are people who are seeking to re-create the idyllic weekends and summers of their youth. Looking ahead, many see their current weekend getaway as a future full-time residence, both as a base for ‘work from home’ arrangements as they become empty-nesters, and onward into retirement.”

“Today’s low interest rate environment has supported discretionary, aspirational purchases in a number of sectors,” continued Soper. “Our agents that serve the urban luxury home market have been extremely busy this year. Further, adult Canadians have accumulated considerable wealth. They are buying luxury automobiles and products like expensive smartwatches in record numbers. While a cottage is clearly a non-essential purchase, in many ways it’s less selfish, as the benefits of a country get-away accrue to the entire family.”

“In a roundabout way, the fall in oil prices is supporting the recreational property market this year,” concluded Soper. “Cheaper gasoline makes the prospect of a weekend commute to the lake a more affordable proposition. And cheap oil means a lower Canadian dollar, which has more people looking at Muskoka, Tremblant and the B.C. interior and fewer casting covetous glances at Florida and Arizona. We are even seeing money making its way north, particularly in British Columbia, Alberta and Atlantic Canada, as the strong U.S. currency has increased American buying power.”

The 2015 report shows that all property types have experienced a strong start to the recreational property buying season. Consistent with previous years, the demand for waterfront properties continues to produce the greatest price appreciation. Experienced agents are quick to point out that waterfront is finite and there is only so much property to go around.

While each community has its own unique characteristics, the brokers and agents who specialize in the sector agree fully on one important factor when searching for a recreational property: the need to do your homework before purchasing. From understanding shorelines to septic systems, owning a cottage is a different proposition to that of a city property. Each region has its own regulations that cover renovations; your ability to rent the property to others; and environmental obligations. While banks will provide financing to purchase a second residence, the requirements and loan terms will be different. It is highly recommended that buyers take their time to assess what is most important to them, from commute times to sun exposure to affordability. To do all this, it is essential to engage an agent that specializes in the local recreational property market who can walk buyers through the complex process.

The Royal LePage Recreational Property Report is an annual market analysis of recreational property prices, trends and activity in select leisure markets across the country and the full report can be found here.

2015 Recreational Property Report

2015 Recreational Property Report Price Summary

It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.

Last month’s sales were 16.7 per cent above the 10-year sales average for the month.

“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5 per cent decrease compared to the 5,936 new listings reported in May 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015.

“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4 per cent increase compared to May 2014.

The sales-to-active-listings ratio in May was 32.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6 per cent from the 1,453 detached sales recorded in May 2014, and a 42.2 per cent increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900.

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4 per cent compared to the 1,286 sales in May 2014, and an increase of 40.8 per cent compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6 per cent from May 2014 to $396,900.

Attached property sales in May 2015 totalled 733, an increase of 34 per cent compared to the 547 sales in May 2014, and a 37.3 per cent increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4 per cent between May 2014 and 2015 to $501,000.

*Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Strong home buyer demand coupled with below average home listing activity has created seller's market conditions within the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37 per cent increase compared to the 3,050 sales recorded in April 2014, and a 2.9 per cent increase compared to the 4,060 sales in March 2015.

Last month’s sales were 29.3 per cent above the 10-year sales average for the month.

“The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9 per cent decrease compared to the 5,950 new listings reported in April 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 per cent decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.

“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to April 2014.

The sales-to-active-listings ratio in April was 33.6 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014, and a 70.6 per cent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900.

Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7 per cent compared to the 1,172 sales in April 2014, and an increase of 50.1 per cent compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4 per cent from April 2014 to $394,200.

Attached property sales in April 2015 totalled 785, an increase of 44.8 per cent compared to the 542 sales in April 2014, and a 53.6 per cent increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7 per cent between April 2014 and 2015 to $493,300.

To find out what is happening in your neighbourhood, please contact Kim and Marie...

Royal LePage reports slowed price appreciation across the country, with notable exceptions

– As the 2015 spring market gets underway, Canada’s real estate market is experiencing a soft landing, characterized by slower than normal home price increases. Much higher price increases were observed in the country’s two largest urban markets, which combined to send the national average values upwards, partially obscuring the broader national trend.

According to the Royal LePage House Price Survey released today, the average price of a home in Canada rose between 3.8 per cent and 6.6 per cent year-over-year in the first quarter. When broken out by housing type, the survey showed a year-over-year average price increase of 5.3 per cent to $451,463 for standard two-storey homes, while detached bungalows rose 6.6 per cent to $405,895. During the same period, the average price of standard condominiums climbed 3.8 per cent to $261,782.

The steady softening of prices in most markets across the country was first observed in the mid-year 2014 Royal LePage House Price Survey. In recent months, two unanticipated factors disrupted the natural housing price cycle: the steep decline in oil prices late in 2014 and the Bank of Canada’s subsequent reaction in lowering the overnight rate early in 2015.

“Canadian home buyers, with the last decade’s recession still top of mind, have been very sensitive to shifting, broad economic factors. The oil shock has been unsettling for the national economy, consumer confidence and by extension, the housing market,” said Phil Soper, president and chief executive, Royal LePage.  “That said, lower prices at the pump and the confidence boosting move by the central bank to lower interest rates have been supportive. With these factors combined, we have a soft-landing for housing after several years of robust expansion. We define a soft-landing as a market in which home prices are flat or increasing slightly, giving the economy and family incomes, a chance to catch up.”

“On balance, we believe we will not be seeing the kind of appreciation observed over the last three years any time soon, as markets work through the current cycle and align with broader economic conditions,” continued Soper. “In terms of downside risk, we do not foresee a sharp decline in home prices, particularly in today’s low interest rate environment.”

Shifting consumer confidence was a mixed bag during the first quarter. In February, the Conference Board of Canada’s Index of Consumer Confidence showed weakening support for major purchase decisions, in the aftermath of major retailer closings, among other factors. The Bloomberg/Nanos Research Canadian Confidence Index trended higher late in the quarter, on improved job security and personal finances sentiment. Without clear strength or weakness, this neutral confidence data reveals a more cautious real estate consumer and tempered demand in most regions of the country.

South of the border, Canada’s largest trading partner began 2015 on the strength of the best year for employment growth since 1999. The probability of rising interest rates, and a commensurate drag on the housing market, became a reality as U.S. policy makers debated the need to temper inflationary forces in the wake of the expansion of the American workforce. Then late in the quarter, the U.S. Bureau of Labor Statistics reported that the pace of the expansion had slowed considerably, with employment growth failing to meet expectations.

“While Canadian monetary policy is independent of our southern neighbour’s, interest rates in both countries are highly correlated,” said Soper. “The slower pace of American growth we witnessed in March will indirectly support our housing market here, as the risk of a near-term rise in mortgage rates has been reduced considerably.”

Ongoing economic turmoil in Calgary has pushed the city out of the top three fastest appreciating housing markets into a more moderate zone of below national average price increases. During the same period, Regina posted year-over-year price declines in the detached home category, while Saskatoon remained relatively flat. Meanwhile Toronto and Vancouver both posted at or near double-digit year-over-year price increases across all housing types surveyed, with Greater Toronto Area cousin Hamilton posting comparable gains.

“Supply shortages in key parts of the Greater Toronto Area and Vancouver are driving up local prices in an intensified fashion, but these are the exception, not the rule. The rest of the country is experiencing a much more subdued residential real estate climate. Even a closer look at surrounding areas of Vancouver reveals that mountain-steep appreciation rates are not a B.C.-wide phenomenon,” added Soper.

“What’s essential to note is that Canada is a market of markets, each responding to a combination of local and national factors, where there are even notable differences in market activity between housing types and segments within the same vicinity. In particular, we will be keeping a close eye on the luxury segment, where in Toronto and Vancouver demand is among the highest on record, while dropping to a standstill in Calgary – one of the most dramatic contrasts we have seen between cities that for the last year have been on a parallel trajectory,” concluded Soper.

Regional Market Summaries

Halifax saw a price appreciation in all housing types in the first quarter of 2015. Standard condominiums increased 5.0 per cent year-over-year to $230,000, continuing the trend seen at the end of last year. Standard two-storey homes jumped by 2.7 per cent to $334,667 and detached bungalows increased modestly by 0.7 per cent to $297,667.

A broad selection of available inventory has led to a mild buyers’ market in St. John’s heading into the spring real estate market. The average price for a standard two-storey home increased by 1.8 per cent year-over-year to $407,667. Standard condominiums rose 1.7 per cent to $320,833 and detached bungalows gained 1.4 per cent to $300,100.

Montreal saw a relatively flat market in the first quarter of 2015, with the average price of detached bungalows increasing 0.7 per cent year-over-year to $296,546. The price of standard condominiums rose slightly with a 1.3 per cent increase to $242,778, while standard two-storey homes saw a decrease of 1.5 per cent to $399,964.

A delayed start in the Ottawa housing market led to a relatively flat first three months of the year, although quality listings continue to find buyers. The average price for standard two-storey homes and detached bungalows increased 2.0 per cent and 1.9 per cent year-over-year to $407,000 and $404,167, respectively. Standard condominiums also saw a modest increase in average prices, rising 1.4 per cent to $262,167.

Toronto bucked the national trend of moderating price appreciation due to high demand and a continued lack of inventory. The average price for detached bungalows jumped 10.2 per cent year-over-year to $655,669, which was followed closely by standard two-storey homes, which were up 9.2 per cent to $803,794. Standard condominiums also experienced strong price growth during the quarter, increasing 7.0 per cent to an average price of $395,584.

An upswing in inventory resulted in varied levels of activity across the Winnipeg housing market where the average price for standard two-storey homes saw a strong year-over-year increase rising 5.5 per cent to $342,880.  Meanwhile, detached bungalows and standard condominiums both fell on a year-over-year basis, dropping 0.6 per cent to $304,534 and 5.0 per cent to $195,905, respectively.

The Regina housing market turned in the favour of buyers due to a continued imbalance between demand and supply as the average price for single-family homes depreciated in the first quarter, with detached bungalows dropping 5.4 per cent year-over-year to $306,500 and standard two-storey homes declining 1.8 per cent to $349,500. Standard condominiums meanwhile remained relatively flat, increasing 0.7 per cent to $216,500 over the same period.

The Calgary housing market slowed visibly in the first quarter as low oil prices significantly curtailed activity. As a result, price appreciation seen during the quarter was far milder than the significant year-over-year price increases experienced throughout 2014. The average price for detached bungalows increased 3.8 per cent to $498,400, while standard two-storey homes increased 1.7 per cent to $480,656. Standard condominiums recorded moderate growth of 2.9 per cent to $286,913.

Edmonton’s residential real estate market was impacted by the drop in oil prices, as uncertainty stopped many would-be buyers and sellers from entering the market. While fewer homes traded hands, the three major housing categories saw average prices increase on a year-over-year basis, with detached bungalows showing the strongest gain of 6.8 per cent to $364,906. Over the same period standard two-storey homes rose 5.5 per cent to $391,378 and standard condominiums gained 3.1 per cent to $231,093.

Ongoing high demand combined with a healthy supply led to an increase in first quarter activity in Canada’s most expensive real estate market. The average price for detached bungalows and standard two-storey homes in Vancouver both saw double digit year-over-year growth, soaring 10.6 per cent to $1,174,509 and 10.3 per cent to $1,267,287, respectively. Over the same timeframe, standard condominiums saw more moderate price appreciation, jumping 4.9 per cent to an average price of $506,624.

Royal LePage’s quarterly House Price Survey shows the year-over-year change in prices for key housing segments in select national markets. See the chart.

Royal LePage Q1 2015 House Price Survey – Data Chart

About the Royal LePage House Price Survey

The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country. A complete database of past and present surveys is available on the Royal LePage website at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the first quarter of 2015. A printable version of the first quarter 2015 survey will be available online on May 15, 2015. Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.

Highlights:

„„. Vancouver CMA housing starts totalled 4,283 in the first quarter of 2015,
with a small increase in single-detached home starts offset by declines in
multi-family building, compared to the first quarter of 2014.

„„. An increase in multi-family construction in the Abbotsford-Mission CMA
pushed total starts to 149 units in the first quarter of 2015.

. „„First quarter MLS® sales in both the Real Estate Board of Greater Vancouver
and the Fraser Valley Real Estate Board areas were up 29 per cent, and 29
per cent, respectively, compared to the first quarter of 2014.

The flat reading on February Canadian GDP illustrates need for economic stimulus

By Phil Soper

Stagnation in Canadian gross domestic product in February makes it vital that the Bank of Canada keeps interest rates on hold.  The weakness in Canada’s energy sector is starting to spill over into the broader economy. So far we are seeing the Canadian housing market hold steady, but it is vital that the Bank of Canada support this important sector by keeping interest rates on hold.

My comments are in response to a release published on April 30 from Statistics Canada on the Real Gross Domestic Product report.  In February of this year, Canadian real GDP was unchanged, following a 0.2 percent drop in January.  The figures are not wholly unexpected, given that Bank of Canada Governor Stephen Poloz has referred to Canada’s economic performance during the first quarter of the year as ‘atrocious’.  The Bank of Canada cut its benchmark lending rate to 0.75 percent from 1.0 percent in January of this year.

The recent softness in oil prices is a positive for some parts of the country, and GDP in Canada’s service producing industries was up by 0.1 percent in February, led by an increase in retail trade. Lower prices at the pump give consumers more money to spend which does boost the economy. However the damage the oil shock has done to business and consumer confidence in Alberta and to a lesser extent, Saskatchewan and Atlantic Canada could impact the housing industry negatively. Goods production in Canada was down 0.2 percent in February, led by weakness in oil and gas extraction.

There was a 3.3 surge in the output of real estate agents and brokers in February thanks to strong home sales in British Columbia and Ontario. The housing sector is a key source of strength to Canada’s economy, and now more than ever, it is important to keep markets functioning by keeping interest rates low.