Canada’s luxury real estate markets have shown varying performances in the first half of 2023, signalling a departure from the unified national trends witnessed during the recent housing boom and market normalization period.

Sotheby’s International Realty Canada’s Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report sheds light on the distinct dynamics that have shaped each major metropolitan market.

Vancouver

The ultra-luxury residential real estate market in Vancouver experienced a notable upswing in the first half of 2023, buoyed by improved consumer sentiment and increased sales transactions. Legacy wealth planning and generational wealth transfer have contributed to enduring demand in the city’s luxury segment, leading to a 38 per cent rise in sales of properties priced over $10 million on MLS. However, chronic housing shortages have limited potential transactions, and rising mortgage rates have affected some prospective buyers, resulting in a 25 per cent year-over-year decline in residential sales over $1 million.

Toronto

Despite a slow start to the spring market, Canada’s largest luxury real estate market, Toronto, gradually gained traction in the first half of 2023. The city’s position as the nation’s economic hub and primary destination for immigration has continued to attract buyers and investors. However, housing supply challenges have persisted, impeding potential sales and frustrating prospective homebuyers.

Residential real estate sales over $4 million in Toronto declined by 32 per cent year-over-year, and properties sold over $10 million on MLS reduced to five from seven properties in the same period last year. In the GTA, an influx of spring inventory led to more balanced market conditions, resulting in a 35 per cent year-over-year decrease in residential sales over $4 million and a 29 per cent decline in sales over $1 million.

Montreal

The luxury real estate market in Montreal experienced a slowdown in the first half of 2023, with residential sales volume over $4 million declining by 39 per cent compared to the same period in 2022. The market also saw a 28 per cent decline in residential sales over $1 million. Active listings remained below historical averages, and luxury buyer activity waned, particularly in the city’s condominium market. This shift prompted an increase in conditional offers, price adjustments, and days on the market, as prospective buyers gained negotiation leverage.

Calgary

In contrast to the other major cities, consumer sentiment in Calgary remained optimistic throughout the first half of 2023. The city’s luxury housing market continued to remain active, with steady momentum in the spring driven by strong buyer and investor demand. Economic optimism and attractive luxury housing prices have also attracted in-migration and real estate investment from other parts of Canada. While overall residential real estate sales over $1 million and $4 million declined nominally by 10 per cent and 20 percent, respectively, the luxury condominium market in Calgary experienced an impressive 100 per cent gain in $1 million-plus sales compared to 2022 levels.

Don Kottick, president and CEO of Sotheby’s International Realty Canada, noted that the Canadian luxury housing market demonstrated resilience despite rising interest rates and economic uncertainties.

“Canadian luxury market performance has started to diverge, at times unpredictably, between major cities, neighbourhoods and housing types. Vancouver and Toronto’s urban luxury single-family home markets experienced some of the most pronounced improvements in spring activity; however, inadequate supply continued to frustrate potential sales and to undermine the housing needs of locals,” Kottick says.

“Over the past few years, Calgary has emerged as one of Canada’s most upbeat luxury real estate markets, and in the first half of 2023, its condominium market surpassed expectations with annual percentage sales gains that outstripped other major cities’ performance.”

He highlighted a growing disparity between luxury and conventional buyers’ behaviour since the Bank of Canada began raising interest rates in March 2022. Wealthier luxury buyers have been quicker to adapt to rising mortgage rates, re-engaging in property searches and strategic investments. In contrast, conventional buyers have been more cautious, waiting for greater certainty and more favourable market conditions, which experts caution could carry considerable risks given the current unpredictability of the housing market.

Article from REM Magazine Online

Our wonderful clients have just purchased this beauty. Thank you DB from Sutton West Coast for all your help. The seller has really cared for this condo and decorated it beauitfully. 

MUST SEE ground level 2 bedroom & 2 bathroom condo completely renovated in 2013 but still looks and feels like new. Enjoy the large 400 square foot patio garden area fully fenced with separate entrance gate that makes it feel like a townhouse. Inside this beautiful home you will find over 1200 square feet of indoor living space. Quality renovations include tiger wood engineered hardwood in the great room and halls. Porcelain tile in the laundry and bathrooms, complete kitchen and bathroom renovations including electrical, light fixtures and plumbing fixtures. Kitchen Craft cabinets and granite countertops throughout plus quality stainless steel appliances. Centrally located concrete building just a few minutes walk from Semiahmoo Mall and everything White Rock centre has to offer.

Welcome to 406 at “The BENJAMIN.” This top floor cutie is perfect for a 1^st time purchaser, an investor & an empty nester. With high vaulted ceiling & windows that allow the natural light to flow through + lots of wall space for your art collection. The kitchen has stainless steel appliances and quartz counter tops. Bedroom with large closet for extra storage. Chic 4-piece bath the soaker tub & rain shower head. Insuite stackable washer & dryer. Fabulous deck for summer dining. This unit has air conditioning. One parking spot. Great location to stroll to shopping, transit, and walking trails. Don’t miss your chance on this cutie…

http://www.listings.360hometours.ca/15850

Classic European inspired 5 bedroom, 4 bath executive home located in the prestigious “The Uplands” neighbourhood in Anmore.

Experience stunning mountain views in a private rural lot, just a short drive for the city.

Perfect for entertaining, with a dream kitchen complete with solid wood cabinets, SS appliances, granite countertops & expansive kitchen island.

Family room French doors open to massive outdoor deck, complete with 2 gas hookups.

Rest easy in the large primary bedroom complete with gas fireplace, walk in closet, shower & soaker tub.

Property boosts in ground sprinklers, aircon, custom blinds & beautiful wooden floors.

Walkout basement has suite potential with private balcony, 2 bedrooms, & rec room.

Don’t miss out on this perfect balance of natural & elegance.

 SURREY, BC – The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply. In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.

“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,“ said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”

The Board received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023.

The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year. “A number of factors are at play in the Fraser Valley market, from low supply to unprecedented interest rates – the highest in more than 20 years,” said Board CEO, Baldev Gill.

“For those seeking to enter the market, whether buying or selling, only a professional REALTOR® can provide the expert guidance and advice to fully evaluate each clients’ needs, and to protect their interests.” Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell. MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.

• Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.

• Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.

The Fraser Valley Real Estate Board is an association of 5,057 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

 VANCOUVER, BC – July , 2023 – Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).

“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”

There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022.

This was 3.1 per cent below the 10-year seasonal average (5,518). The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091). Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent.

By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments. Analysis of the historical data suggests 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. “Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver.

This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.

Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.

Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023. Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022.

The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023. -30- 1.

Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, 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. 2. REBGV is now including multifamily and land sales and listings in this monthly report.

Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 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 a local REALTOR® or visit www.rebgv.org.

Welcome to 2110 Anita Drive in the ever-popular Maryhill family friendly neighbourhood. This home has been updated through the years. Stunning kitchen with white painted wood cabinets, stone counters, SS appliances & black accents. Large laundry/pantry off dining area/family room. 3-year-old roof & gutters .Lovely real hardwood flooring.  3 bedrooms up+2 baths. Lots of windows for light. Beautiful soundproofed 1 bedroom suite down with updated kitchen & 3-piece bath. Separate entrance with a patio area. Large rec room with a 3-piece bath. Workout area, teen/student hangout, home office, etc.

As home prices and interest rates continue to rise, whilst inventory remains extremely tight, Canada’s first-time buyers are feeling increasingly worried about missing out on their desired home because they don’t have enough of a down payment.

According to a recent survey released by Sagen™, conducted by Environics Research with a series of questions for Royal LePage, 67% of first-time buyers (those that purchased a home within the last two years) said that before buying, they worried they might miss out on the property they really wanted because of an insufficient down payment. This reflects a five point increase compared to the same survey question in 2021 (62%), and a ten point increase over the 2019 result (57%).

When the same question was asked to first-time intenders – those who plan to buy their first home in the next two years – 63% reported feeling worried that they will miss out due to an insufficient down payment, a three point increase from the same survey question in 2021 (60%).

“Canadians continue to face challenges in entering the real estate market, be it high interest rates, strict mortgage qualification standards, or difficulty saving enough money in a reasonable time period for a down payment,” said Phil Soper, president and CEO, Royal LePage. “That first transaction is the most difficult, and in today’s environment, first-time buyers are faced with large price tags, high carrying costs and the added challenge of qualifying for lending at higher rates due to the stress test.

“Still, they continue to prioritize home ownership, and view it as a milestone worth achieving. With household savings still sitting above historical norms, due to accumulation during pandemic lockdowns, many Canadians will have a leg-up on their down payment when they are ready to enter the market,” added Soper.

Here are a few highlights from the Royal LePage 2023 Canadian First-time Homebuyer Survey:

• In Greater Calgary, the percentage of first-time homebuyers who were worried about their down payment has increased substantially, from 42% in 2021 to 69% in 2023
• 74% of first-time homebuyers in the Greater Toronto Area, 71% in Greater Vancouver and 67% in the Greater Montreal Area reported feeling worried that they would not have a large enough down payment to purchase a home they really wanted
• More than a third of first-time buyers (35%) received financial assistance in a lump sum payment toward their purchase, while a quarter of buyers (25%) received support on their monthly mortgage payments

Are you thinking about buying your first home, and looking for tips on how to get into the market? Tom Storey, sales representative with Royal LePage Signature Realty, shares his advice for buyer hopefuls preparing for home ownership. 

Listed for $1,538,000

Welcome to 2110 Anita Drive in the popular MaryHill family friendly neighbourhood.

This home has been updated through the years.

Stunning kitchen with white painted wood cabinets/quartz counters/SS appliances & black accents.

Large laundry/pantry off dining area/family room.

3-year-old roof & gutters. Lovely real hardwood flooring.3 bdrms up+2 baths.

Lots of windows.

Beautiful soundproofed 1 bdrm suite down with updated kitchen & 3-piece bath.

Separate entrance with a patio area.

Rec room with a 3-piece bath, great gym/teen/student hangout/home office,etc.

Fabulous kid & dog friendly fully fenced backyard.New gazebo on the raised patio.

2 sheds+workshop for extra storage.Imagine entertaining in this lovely backyard oasis.

First showing at sneak peak June 8th 6-8pm.

Open houses Sat June 10 & Sunday June  from 2-4

http://www.listings.360hometours.ca/15845 

Fabulous large 1st floor 1600+sq ft condo & a 200+ enclosed solarium.

From the moment you walk in you will be impressed with this quality-built home by Quadra.

Spacious living & dining room area.

Gourmet kitchen with solid wood cabinets,large pantry, granite counter tops,SS appliances&gas stove.

With 3 bedrooms & 1 den. Primary suite with 4-piece bath & wall in closet.

2nd bedroom can be other primary bedroom with connecting 5-piece bath.

Lots of storage.In suite laundry.

Air-conditioning. 2 parking spots & one is wider. Lrg storage locker with roller door.

Stroll to shopping, transit&recreation.

Perfect location & size for downsizers that are moving from a home or anyone that wants just a little more space in a condo.

Year-round use of the glass solarium+BBQ hookup, perfect for entertaining...

Warmer weather and sunnier skies are upon us. With the Victoria Day long weekend (aka the unofficial start to summer) on the horizon, thousands of Canadians are preparing to reopen the cottages for the season once again. Of course, you can’t just jump straight into enjoying a weekend away at the cabin without a little maintenance work first. Unwinterized properties that have been vacant for the last several months will need some love and attention to get them up and running again post-winter.

If you’re thinking of re-opening your cottage this weekend or sometime soon, here are a few tips to make the process smooth and simple:

Start the reopening process before you arrive

Before you make the long drive to the cottage, begin the reopening process a couple of weeks before you plan to access the property.

Start by calling your utility providers to turn on the power, internet, gas and any other services you may have paused during the off season. While you’re at it, it doesn’t hurt to schedule a chimney inspection and a cleaning of your septic tank or outhouse to ensure your cottage’s major systems are up to par. Check in with your insurance provider to make sure that the policy for your property, boats, ATVs and trailers are up to date. Don’t forget to pack your reopening essentials too, like batteries, tools, keys and cleaning supplies.

Take a walk around the property

Upon arrival, do a thorough walk about your lot to look for signs of weather damage. Inspect the roof for missing shingles, blocked gutters, leaks or any branches that may have fallen during the winter. On the ground, keep an eye out for signs of rot on your deck or siding, broken windows or wildlife that may have made their way indoors during the winter.

Once inside, inspect your cottage for dampness, pests or unpleasant odours. Get some fresh air running through your cottage and flush out any stale smells by opening all of the windows and doors. This is also a good opportunity to look for any mould or mildew that may be lurking around window sills and entryways. If there is any serious damage to the property, be sure to alert your insurance provider immediately.

Restore the utilities

Once your property looks safe inside and outside, it’s time to boot up the electricity and water again.

When closing your cottage, you likely drained the pipes and shut off the water supply. Before you turn on the taps, inspect your pipes for leaks or cracks that may have occurred from freezing — a burst pipe is not a fun way to start out the cottage season! If pipes were disconnected, be sure to reconnect them before starting your water pump, filling your water heater and replacing the filter. Once you turn your main valve on, allow water to run through one faucet for a few minutes to flush the water lines. Water systems vary by property – some draw from a well while others draw water from a lake – so enlist the help of a professional if necessary.

When it comes to turning your cottage’s electricity back on, inspect your metre and power lines before flipping on the main switch. Go room by room to ensure major appliances, lights and outlets are working as they should.

Restock the essentials

Before you officially break out the Muskoka chairs and settle in, remember to check those smaller to-do items off your list. Ensure that your smoke alarms and carbon monoxide detectors have fresh batteries and replace the filter in your central air system if you have one. Don’t forget to refill fire extinguishers and top up the first aid kit with new supplies before you kick back and relax.

Looking for insights into Canada’s most popular cottage country markets? Check out the latest findings in the Royal LePage 2023 Spring Recreational Property Report.

Many Canadians are keen to get a foot on the investment property ladder. For some, that means prioritizing an income property ahead of their own home.

According to a recent Royal LePage survey conducted by Leger,1 21% of investors in the Greater Vancouver region do not own their primary residence (a combination of those who rent and live rent-free) – notably higher than the national average of 15% (14% in the GTA and 15% in the GMA). 54% of investors in the region say that they are likely to purchase an additional residential investment property within the next five years. This is higher than the national figure (51%), and those in the greater regions of Toronto (47%) and Montreal (52%).

The appetite for real estate investment is strong in the Greater Vancouver area. Unlike stocks or other investment types, real estate investing offers the convenience of dual utility – you can live in your home or rent it out as a source of income. There is a positive association between home ownership and the creation of personal wealth in Vancouver. Buying an investment property is an important financial decision for many investors who are looking to take advantage of anticipated long-term price growth in the region. As trusted advisors to our clients, we often guide prospective investors to not just buy the market, but to focus on buying the opportunity, especially during slower seasonal periods and market corrections

According to the survey, 28% of investors in Greater Vancouver say that increased lending rates have caused them to consider selling one or more of their investment properties. When asked about their plans for the future, 28% of investors in the region say they are likely to sell one or more of their investment properties within the next two years.

When the pandemic took hold, many in the industry, including myself, thought there would be a slowdown in investor appetite as buyers moved away from condos and opted for more space in the suburbs. However, those changes never fully materialized – investor confidence has held firm. In fact, it came back stronger than ever with the help of record low interest rates. In today’s post-pandemic era, despite higher borrowing costs, I expect more people will enter the investor segment as rates hold and eventually ease. Buyers will be looking for opportunities in the market.

Continue reading for more insights into the national real estate investor market.

1 An online survey of 1003 Canadians 18+, who own one or more residential investment properties, was completed between March 2, 2023, and March 17, 2023, using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 1003 respondents would have a margin of error of ±3%, 19 times out of 20. N.B

Despite higher lending rates and lower levels of inventory, the desire to own a home in Canada remains strong, especially among those who see ownership as a way to support their financial future. Canadians continue to look to the housing market as a means of building generational wealth and an additional source of income, and many are planning to try their hand in real estate investing within the coming years.

According to a recent Royal LePage survey conducted by Leger,1 23% of Canadians who do not own a residential investment property say that they are likely to purchase one in the next five years, and more than half (51%) of current investors say that they are likely to purchase an additional residential investment property within the same time period. Overall, 26% of all Canadians, current investors or otherwise, plan to buy an investment property before 2028.

“We know that the value of home ownership is strong among Canadians – it is clear that possessing real estate remains a desirable means for building wealth over time. Many choose to invest in real estate not only as a way of generating income and reaping the benefits of value appreciation, but to provide an opening into the market for future generations of their family, ” said Phil Soper, president and CEO, Royal LePage. “Despite the hurdles of low home supply and increased lending rates, young people are more inclined than ever to make real estate investing a part of their financial planning for the future. In fact, survey results tell us that many of them are actually prioritizing an investment property over owning their primary residence.”

15% of Canadian residential investors do not own their primary residence (12% rent and 3% live for free with family or friends); the majority of whom are aged 18-34.

The increased cost of borrowing has had a significant impact on variable-rate mortgage holders in Canada over the past year, and those with investment properties have also been feeling the effects. Increased lending rates have caused nearly one third of investors (31%) to consider selling one or more of their properties. Investors aged 18 to 34 are the most likely to weigh the decision of selling at least one of their investment properties (54%).

“Much higher mortgage rates and the increased cost of home maintenance and utilities have prompted some over-leveraged investors to consider selling,” said Soper. “That said, there was speculation that the investor segment would experience a serious downturn during the pandemic, as pre-construction projects were postponed and condos in downtown neighbourhoods emptied out, driving landlords to cut rental rates to keep tenants. Given widespread housing shortages across Canada, residents quickly returned to urban centres as the health scare was contained. Rents not only rebounded, they rose sharply and it became obvious that the sector’s downturn was temporary.”

Here are a few highlights from the Royal LePage 2023 Real Estate Investors Report:

• 11% of Canadians – approximately 4.4 million people – currently own an investment property
• Nearly one third of investors in Canada (31%) have considered selling one or more of their investment properties due to higher lending rates
• 20% of investors in the Greater Montreal Area say they are likely to sell one or more of their investment properties within the next two years; this percentage rises to 24% and 28% in the greater regions of Toronto and Vancouver

Continue reading for regional insights into the investor markets in the Greater Toronto Area, Greater Montreal Area and Greater Vancouver.

From graduates moving back home after finishing post-secondary school, to elderly parents living with their adult children, more Canadians are choosing to cohabitate with family members.

Although the tradition of generations residing together under one roof is not a new concept, the trend has become more common in North America in recent years. In an effort to communally raise young children and care for elderly family members, as well as share housing costs in an increasingly competitive market, many Canadians are choosing to share their living space with relatives.

Though there are many financial and emotional benefits to living with family, the arrangement can feel chaotic at times if your home isn’t set up to function with multiple families. If you’re weighing the decision to cohabitate, here are a few tips on how to convert your home into a space that supports multi-generational living.

Include separation of space

Everyone needs their own downtime when living together, so it’s important to create a sense of privacy and separation when cohabitating with multiple families.

If space and budget permits, building a secondary unit on the property can offer the ultimate in-law suite or apartment for adult children. Converting your basement into a separate apartment with its own kitchenette, bathroom and living space is also a convenient way to provide separate living quarters within the same household.

If a major renovation isn’t on the cards, try adding some extra privacy through the use of interior soundproofing, room dividers and separate entrances. By building more than one entryway into the home, you can streamline the flow of foot traffic through multiple doors, while giving occupants a greater sense of autonomy.

Before undertaking any major renovation or construction project, contact your municipality’s building department to ensure you have obtained the correct permits and are informed of any additional requirements regarding separate entrances, addresses, utilities, etc.

Mindfully consider your layout

Living with multiple generations under one roof may require some creativity.

Multi-generational households may choose to include one or two bedrooms on the main level of the home in addition to the bedrooms upstairs. This is not only beneficial for elderly occupants who will find it easier to navigate one level, but can also provide some additional privacy by separating the bedrooms over two floors. If you live in a single-floor property, consider converting rooms on opposite sides of the home into bedrooms, if possible.

It’s also important to strike a balance between separation and togetherness. Open concept layouts in shared dining, living and kitchen areas offer a place for families to gather. Larger communal areas can not only accommodate more people, but also lend enough breathing room for wheelchairs, walkers and space for getting around furniture.

When living with many people, it’s important to maximize every square foot for multi-tasking too. Consider converting some of the underutilized spaces of your home – such as the attic, garage or den – into flexible spaces that can be adapted into areas for hobbies, a home office, a kids’ playroom, or extra storage.

Keep accessibility in mind

If your multi-generational household includes older family members, it’s crucial to think about their accessibility needs – today and in the future.

Layouts that include wider doorways and hallways, removing doors where possible and adding ramps or stairlifts, can be beneficial for those with mobility constraints. Consider the amount of space needed for mobility devices to comfortably turn circles in each room. Slip-resistant flooring like carpet, good lighting, grab handles and railings are also important to factor in when retrofitting your home for elderly occupants.

The Canada Mortgage and Housing Corporation (CMHC) offers online guides for designing accessible spaces in the home.

Take advantage of tax credits

If you’re renovating your home for the purposes of multi-generational living, then you may be entitled to a tax break.

As of 2023, the federal Multigenerational Home Renovation Tax Credit is available as a refundable credit towards the creation of a secondary unit that a ‘qualifying individual’ will live in, such as a parent, grandparent, sibling or spouse. The credit is applicable on the renovation of, or addition to, an eligible dwelling that a qualifying individual will reside in. Applicants can claim up to $50,000 in rebates during the taxation year in which the renovation period ends.

The spring market is off to a healthy start. Buyer activity picked up earlier than was anticipated in the first quarter of 2023, pushing home prices up over the final quarter of last year. As a result, home prices in Canada are expected to continue climbing, albeit at a much slower rate than the last two years.

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 4.5% in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast was revised upward to reflect an earlier-than-expected boost in activity in Canada’s major housing markets.

Following activity levels in the first quarter of 2023 that surpassed the Company’s expectations – a vigorous return of buyer demand coupled with ultra-low housing supply conditions – Royal LePage has adjusted its quarterly forecast for the remainder of the year. On a quarter-over-quarter basis, the national aggregate home price is expected to continue rising modestly but steadily over the next nine months.

“Coming out of a correction, it is common to underestimate the speed at which the market will turn itself around. As market activity is rebounding quicker than anticipated, we are looking ahead with a sense of cautious optimism,” said Phil Soper, president and CEO of Royal LePage. “While we do not expect huge price gains this year, some sense of normalcy is returning to the market.”

According to the Royal LePage House Price Survey released today, the aggregate price of a home in Canada decreased 9.2% year-over-year to $778,300 in the first quarter of 2023. On a quarter-over-quarter basis, however, the aggregate price of a home in Canada rose 2.8%, as buyers began to come off the sidelines following the Bank of Canada’s decision last month to pause interest rate hikes for the first time in a year.

“There has been nothing ‘typical’ about Canada’s housing market since the start of the COVID-19 pandemic. Lockdowns brought the housing market to a grinding halt in early 2020 before the work-from-home revolution catapulted it into a two-year, all-season frenzy of record sales volumes and aggressive price growth,” said Soper. “As markets do, this market overshot, and the inevitable correction was triggered when the Bank of Canada began to rapidly raise interest rates. The downturn came swiftly, and the real estate industry remained depressed for twelve months, a longer correction than the aftermath of the financial crisis thirteen years ago. We have turned the corner and the housing economy is growing again; none too soon for many buyers, who have been waiting patiently for prices to bottom out.”

Read Royal LePage’s first quarter release for national and regional insights.

First quarter press release highlights:

• Single-digit price gains in first quarter driven by early return of sidelined buyer demand and continued shortage of inventory
• Greater regions of Toronto, Montreal and Vancouver post quarterly aggregate price gains of 4.8%, 1.3% and 1.3%, respectively in the first quarter
• Royal LePage urges OSFI to heed the economic dangers that would accompany new, aggressive mortgage restrictions

Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives

While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,411 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458). 

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.” 

There were 5,661 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2023. This represents an 11.5 per cent decrease compared to the 6,397 homes listed in May 2022, and was 4.3 per cent below the 10-year seasonal average (5,917). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,293, a 10.5 per cent decrease compared to May 2022 (10,382), and 20.6 per cent below the 10-year seasonal average (11,705). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2023 is 38.4 per cent. By property type, the ratio is 28.5 per cent for detached homes, 45 per cent for townhomes, and 45.5 per cent for apartments. 

Analysis of the historical data suggests 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. 

“You don’t have to squint to see the reason prices continue to increase. The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market. This is keeping the amount of resale homes available in short supply,” Lis said. “And in a surprising twist, MLS® sales in May snapped back closer to historical averages than we’ve seen in the recent past, despite mortgage rates being where they are now, and new listing activity having been slower than usual this spring. If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,188,000. This represents a 5.6 per cent decrease over May 2022 and a 1.3 per cent increase compared to April 2023. 

Sales of detached homes in May 2023 reached 1,043, a 30.7 per cent increase from the 798 detached sales recorded in May 2022. The benchmark price for a detached home is $1,953,600. This represents a 6.7 per cent decrease from May 2022 and a 1.8 per cent increase compared to April 2023. 

Sales of apartment homes reached 1,730 in May 2023, a 7.9 per cent increase compared to the 1,604 sales in May 2022. The benchmark price of an apartment home is $760,800. This represents a two per cent decrease from May 2022 and a 1.1 per cent increase compared to April 2023. 

Attached home sales in May 2023 totalled 608, a 16.7 per cent increase compared to the 521 sales in May 2022. The benchmark price of an attached home is $1,083,000. This represents a 4.7 per cent decrease from May 2022 and a 0.2 per cent increase compared to April 2023. 

Download the May 2023 stats package.

Presented by iA Auto and home insurance

Spring is synonymous with renewal, and now that the season is finally here, it’s the perfect time to try new things. Why not rearrange your living space and enhance your sense of wellbeing? One popular decor style is inspired by Feng Shui, a Chinese philosophy that has taken the west by storm and focuses on the free flow of energy, or Chi, from one room to the next.

With a few pointers from this Chinese art of living, you can create a harmonious atmosphere in your own home.

Declutter

The first step in creating a restful space is clearing away clutter. Put away all the things around your home that you don’t use or are just in the way. According to Feng Shui philosophy, when positive energy is unable to flow freely, the result can be blockages, frustration and stress. So sort through, throw away or donate the things you no longer use.

Choose suitable colours

Colour has a big impact on mood, which affects the quality of the energy flowing through a space. Cool, pastel colours, such as grey, blue and green, are known as Yin colours. They invite relaxation and are the colours of choice for your bedroom, bathroom and living room. Yang colours, like yellow, orange and red, are warm and vibrant. They energize a room and are commonly used in the kitchen, rec room and front hall.

Your home’s orientation and the amount of light in each room will also affect colour choices. A Feng Shui consultant can help you choose the best colours for your interior.

Rearrange your furniture

Try to arrange your furniture to facilitate conversation, relaxation and hospitality. If you have large pieces, like a substantial sofa or wardrobe, try to place them so they don’t block the flow of energy in your living space and are not too visually overpowering.

Include natural materials

The five elements—wood, water, earth, fire and metal—can have a positive impact on your wellbeing. Use natural decor such as plants, stones, candles and fountains to create a harmonious atmosphere and bring positive energy to your space. Plants, for example, are a great way to add vitality to a room, and they improve air quality too. According to some schools of thought, stones and crystals bring stability and serenity to a space, while candles create a warm, welcoming ambiance. Fountains can contribute a tranquil and rejuvenating energy and provide a soothing soundscape.

Avoid sharp angles

Opt for soft and curved shapes in your decor, such as round or oval tables, plush cushions and soft carpets, to enhance positive energy. If you have furniture or objects with sharp angles, you can soften their appearance by covering them with fabric or adding rounded cushions or accessories.

Create a meditation space

In Feng Shui philosophy, meditation and relaxation are essential practices for calming the mind and enhancing wellbeing. The best way to accomplish this is to create a space in your home used only for meditation and relaxation. The space could be an entire room or just a quiet corner in your living room or bedroom. The key is to choose a calm, peaceful area where you can relax without distractions.

You can add decorative elements to this space to enhance relaxation and meditation, such as comfortable cushions, soft rugs, scented candles, incense and plants. You can also add items specifically designed for meditation, like a meditation cushion or bench. What’s important is to create a space that promotes relaxation and is a reflection of you.

Whether you’ve just moved to your dream apartment or you’re simply rearranging your living space, the key is to feel zen and serene in your home. For even more peace of mind, don’t forget about home insurance. If you need to make a claim, your home will be covered and your sense of serenity will be complete. Apply for an insurance policy online with just a few clicks and spend more time enjoying your Feng Shui space.

Try the Feng Shui method now and rediscover your inner peace!

Prices continue rising across Metro Vancouver as home buyer confidence returns

With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249). 

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.” 

There were 4,307 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7 per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below the 10-year seasonal average (5,525). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1 per cent for townhomes, and 37.4 per cent for apartments. 

Analysis of the historical data suggests 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. 

“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.4 per cent increase compared to March 2023. 

Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023. 

Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023. 

Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578 sales in April 2022. The benchmark price of an attached unit is $1,078,400. This represents a 6.1 per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.  

Download the April 2023 stats package.