This fantastic property will allow, when completed, 3 RS-8 lots on cul-de-sac street. Spectacular location and opportunity. All costs for subdividing to be paid by the buyer. Please do not walk on property.

http://www.listings.360hometours.ca/15764

Welcome to River Rock Landing. Fabulous 2 bdrm & den condo is move in ready. The living room has a gas fireplace & sliders that lead to the a private deck. Dining room for entertaining. The kitchen cabinets have been freshly painted white & bright. New stainless-steel appliances. Stone counter tops & tiled back splash. New laminate flooring in most areas & new carpet in bedrooms. The 2 bathrooms have been updated in recent years as well as the washer & dryer. Principal bedroom has a large walk-in closet plus sliders that also lead to the private deck. The second bedroom would make a great home office. Great prime location with parks, shopping, transit, the new Poco Rec Centre & a wide array of restaurants & pubs, minutes away by foot, bike or car.

http://www.listings.360hometours.ca/15765

Welcome to Windsor Gardens, a unique boutique condo building with only 12 units. This cute 1 bedroom & 1 bath garden condo on the 1st floor with a large, fenced yard. The garden area with its patio is one of the best features of this condo. Private side entrance or front entrance. Living room & dining room have wood floors & large windows. Gas fireplace. White kitchen & appliances. Cute bedroom. 4 piece bathroom. In suite storage & in suite laundry. Enjoy sitting on the patio or if you like to garden this is the place for you. Minutes away from the VCC-Clark Skytrain Station & across the street is China Creek Park North. Rentals allowed, so this condo makes a great investment property. Quick completion possible. Don’t miss your chance to own a great condo in a fabulous location.

http://share.jumptools.com/studioSlideshow.do?collateralId=226068&t=2918&b=1

Summer sees home listing supply decline across Metro Vancouver

While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.

Last month’s sales were 20.4 per cent above the 10-year August sales average.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist. 

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.” 

For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 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.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.

Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Download the August 2021 stats package.

Fabulous Rancher style home.

This lovely home has a large living room with French Doors, bay window and gas fireplace.

Dining room is perfect for entertaining. Solid wood cabinets, stone counters and garden window.

Eating area with bayed window.

The family room has a gas fireplace and sliders that lead out to a cover patio with stamped concrete.

This area is perfect for multi season dining.

Large principle bedroom with a walk in closet. The ensuite has a large walk-in shower.

The two other bedrooms are a good size. Four-piece main bath, the bathrooms have been updated through the years.

The laundry room leads to the double garage, with high ceiling.

Extra large crawl space for all your storage.

Beautiful, landscaped backyard.

The gazebo is pre-wired and is perfect for seasonal storage or hot tub or green house or a SHE shed.

This home is very clean and has been lovely care for through the years.

http://www.listings.360hometours.ca/15757

More than one in ten homeowners in Canada’s three largest urban centres owns multiple properties

Highlights:

• 14% of homeowners in Greater Vancouver, 13% in the Greater Toronto Area and 12% in the Greater Montreal Area own more than one property
• More than 40% of secondary property owners in the greater regions of Vancouver and Toronto, and 21% in the Greater Montreal Area, used equity from their primary residence to make the purchase
• 65% of secondary property owners in Greater Vancouver, 64% in the Greater Toronto Area and 35% in the Greater Montreal Area, are collecting rental income, at least some of the time

TORONTO, July 28, 2021 –

According to a recent Royal LePage survey[1] of 1,500 homeowners in Canada’s three largest urban centres – Greater Toronto Area (GTA), Greater Montreal Area (GMA) and Greater Vancouver (GV) – more than ten per cent of Canadians polled currently own more than one property (13% in GTA, 12% in GMA, 14% in GV).

“While some secondary properties are used for recreational purposes, many of these homes are foundational to Canada’s critical supply of rental housing,” said Phil Soper, president and CEO, Royal LePage. “Entrepreneurial landlords supply housing to the thirty per cent of Canadians who rent, be they new immigrants, students, young people entering the labour force, or those who cannot or choose not to own their home.”

Twenty-one per cent of secondary property owners in the Greater Montreal Area say they used equity from their primary residence to complete the purchase. That number doubles (42%) in the greater regions of Toronto and Vancouver, where home prices are significantly higher.

When asked about the purpose of their secondary properties, more than two thirds of respondents in Greater Vancouver (65%) and the Greater Toronto Area (64%) said they were collecting rental income, if only some of the time. In the Greater Montreal Area, that number decreased to 35 per cent.

Witnessing home values across the country rising to new heights, younger Canadians who are financially able to purchase one home are confident in purchasing a secondary property as an investment. Eighteen per cent of homeowners aged 18 to 35 in the Greater Toronto Area own more than one property. In the Greater Montreal Area and Greater Vancouver, 16 per cent and 14 per cent of that age group own more than one property, respectively.   

Greater Toronto Area

In the Greater Toronto Area, 27 per cent of secondary property owners said they were not collecting any rental income at all, while 49 per cent said they are using the unit solely as a rental property. Fifteen per cent said they were using the property some of the time and renting it out some of the time. Seven per cent of respondents said their secondary properties are currently vacant.

“Canadian homeowners believe in the value of real estate because they have seen their investments grow over time,” said Karen Millar, sales representative, Royal LePage Signature Realty. “People feel confident investing in real estate because it is a physical entity that they can experience. Although the market may see peaks and valleys, homes have historically generated wealth in the long run.”

In the Greater Toronto Area, 18 per cent of homeowners aged 18 to 35 currently own more than one property, while 11 per cent of homeowners over the age of 35 own more than one property.

“Young buyers are looking to capitalize on the real estate market by investing in a property that will appreciate over time. I have many younger clients who have purchased condos or smaller homes for as little as $300,000 outside of Toronto, in areas like Guelph and London, where the rental market is very active among students,” added Millar.

“Parents of students in Ontario’s university towns are also taking advantage of the local rental market, purchasing a property – often times with multiple units – for their children to stay in while studying and also as a source of rental income from other students.”

A recent Royal LePage survey of Canadian boomers (chart), those born between 1946 and 1965, found that 54 per cent of the cohort in the Greater Toronto Area have at least half (50%) of their net wealth in real estate. Twenty-nine per cent say they have or would consider gifting or loaning money to a child to help with the purchase of a home. Another Royal LePage survey of Canadians aged 25 to 35 (chart) found that 93 per cent of the Torontonians in this age group consider home ownership a good financial investment.

Greater Montreal Area

In the Greater Montreal Area, where properties are more affordable than in the other two major urban centres surveyed, 37 per cent of secondary property owners said they were not collecting any rental income at all, while 25 per cent said they are using the unit solely as a rental property. Nine per cent said they were using the property some of the time and renting it out some of the time. Four per cent of respondents said their secondary properties are currently vacant.

“Among secondary property owners in Montreal, the majority are using the properties for leisure, like recreational purposes, rather than as an investment,” said Roseline Guèvremont, real estate broker, Royal LePage Tendance. “In Toronto and Vancouver, where prices have been soaring for several years, homeowners have been taking advantage of the significant equity in their primary residences in order to purchase a secondary property, and renting it out at least part of the time as an investment. In Montreal, although the real estate market has begun to catch up in recent years, prices remain considerably more affordable, so buyers can purchase without necessarily leveraging equity from a primary residence.”

In the Greater Montreal Area, 16 per cent of homeowners aged 18 to 35 currently own more than one property, while 11 per cent of homeowners over the age of 35 own more than one property.

Guèvremont noted that younger buyers are becoming more and more interested in owning property, whether to improve their quality of life, to generate new sources of revenue, or to have new experiences.

“Confidence in the Montreal real estate market has continued to rise in recent years, and many clients have expressed to me their preference to invest in brick and mortar properties. For younger buyers, it’s much more straightforward than investing in the stock market.

“With the return of in-person classes this fall and the opening of the border to U.S. visitors, demand is already being renewed in the rental market,” said Guèvremont. “Montreal’s real estate investors had a tough time generating profits from their units over the last year due to COVID-19.”

A recent Royal LePage survey of Canadian boomers (chart), those born between 1946 and 1965, found that 41 per cent of the cohort in the Greater Montreal Area have at least half (50%) of their net wealth in real estate. Twenty-four per cent say they have or would consider gifting or loaning money to a child to help with the purchase of a home. Another Royal LePage survey of Canadians aged 25 to 35 (chart) found that 92 per cent of Montrealers in this age group consider home ownership a good financial investment.

Greater Vancouver

In Greater Vancouver, 27 per cent of secondary property owners said they were not collecting any rental income at all, while 51 per cent said they are using the unit solely as a rental property. Thirteen per cent said they were using the property some of the time and renting it out some of the time. Seven per cent of respondents said their secondary properties are currently vacant.

“Real estate is an integral part of retirement planning for many Vancouver homeowners,” said Caroline Baile, real estate broker, Royal LePage Sussex. “While some are using their secondary properties, possibly a cottage or a ski chalet, many of those with multiple homes are looking to build future equity as a means of sustaining a desired lifestyle down the road. Investment properties are not likely being used to subsidize monthly income, but are seen as a long-term investment.”

In Greater Vancouver, the country’s most expensive city to buy real estate, 14 per cent of homeowners aged 18 to 35 currently own more than one property. Similarly, 14 per cent of homeowners over the age of 35 own more than one property.

“Younger Canadians are sitting in the driver’s seat of their own futures. They are very business savvy, and have a clear idea of what they want their retirement years to look like. Young people today put a lot of emphasis on work-life balance. They want their money to work for them, and they recognize that investing in real estate has the potential for great returns,” continued Baile. “While so many young Canadians struggle to enter the real estate market, those fortunate enough to do so, whether on their own or with financial support from their parents, will reap the benefits in the future.”

A recent Royal LePage survey of Canadian boomers (chart), those born between 1946 and 1965, found that 40 per cent of the cohort in Greater Vancouver have at least half (50%) of their net wealth in real estate. Thirty-four per cent say they have or would consider gifting or loaning money to a child to help with the purchase of a home. Another Royal LePage survey of Canadians aged 25 to 35 (chart) found that 90 per cent of Greater Vancouver residents in this age group consider home ownership a good financial investment.

Royal LePage 2021 Secondary Properties Report Chart: rlp.ca/table_secondarypropertiesreport2021 

Royal LePage Royalty-Free Media Assets:

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

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

About 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.

Mirroring the weather, Fraser Valley’s hot housing market cooled slightly in June going from a boil to a simmer

Metro Vancouver’s housing market sets a steady, calmer pace to begin the summer season

While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.

Last month’s sales were 18.4 per cent above the 10-year June sales average.

“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”

There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 per cent increase compared to the 5,787 homes listed in June 2020 and a 17.9 per cent decrease compared to May 2021 when 7,125 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1 per cent decrease compared to June 2020 (11,424) and a 1.2 per cent decrease compared to May 2021 (10,970).

“With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”

For all property types, the sales-to-active listings ratio for June 2021 is 34.7 per cent. By property type, the ratio is 27.5 per cent for detached homes, 49.2 per cent for townhomes, and 37.1 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5 per cent increase over June 2020 and a 0.2 per cent increase compared to May 2021.

Sales of detached homes in June 2021 reached 1,262, a 45.7 per cent increase from the 866 detached sales recorded in June 2020. The benchmark price for detached properties is $1,801,100. This represents a 22 per cent increase from June 2020 and is virtually unchanged from May 2021.

Sales of apartment homes reached 1,774 in June 2021, a 60.5 per cent increase compared to the 1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents a 8.9 per cent increase from June 2020 and a 0.1 per cent increase compared to May 2021.

Attached home sales in June 2021 totalled 726, a 53.8 per cent increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4 per cent increase from June 2020 and a 1.1 per cent increase compared to May 2021.

Download the June 2021 stats package.

Downtown Vancouver for Fleurs de Villes ROSÉ – a fresh floral trail supporting breast cancer research.

From June 11-20, this stunning showcase of floral talent will be freely open to the public and will feature over 50 stunning floral installations, created by some of Vancouver’s favourite florists.

Supported by the Downtown Vancouver and Robson Street business associations, Fleurs de Villes ROSÉ will be freely open to the public, and visitors will be able to safely walk through this self-guided trail through the downtown core while adhering to social distancing

705-1415 Parkway Blvd Coquitlam Coquitlam

This two bedroom + den condominium is located in the popular concrete mid-rise Cascade building in the Westwood Plateau.

From the moment your drive up to the building, you know this is the place to live. This unit is absolutely, stunningly decorated and designer pick wall colours.

Separate elegant living room & dining room.

Kitchen with wood cabinets, stainless steel appliances & stone counters. Sit at the breakfast or cocktail bar.

Cozy living with fireplace & tall windows to let in the light. Walk out to your private balcony and watch the trees sway. Large principal bedroom & spa ensuite with water closet + walk in closet. Great size second bedroom.

The den would make a fabulous home office. New washer & dryer. Two side by side parking spots. Storage locker. 

33-795 Noons Creek in Port Moody

Welcome to the popular Heritage Terrace complex. Stunning 3 bed & 4-bath, 3 level townhome has been updated through the years from top to bottom.

From the moment you enter you will be impressed. Hardwood flooring through the main & upper floors. Large living & dining room space.

The lg kitchen boasts a newer S/S double oven gas Kitchenaid range/French-door fridge/Bosch dishwasher+portable island & wood cabinetry with quartz counters. Upstairs has the spacious master suite for your king size furniture, walk-in closet & ensuite with walk-in shower, double vanity, quartz counters & heated floor.

Main bath & 2 other bedrooms.

Walkout basement level features a custom walk-in glass wine cellar & roughed-in wet bar in the large, bright rec room with sleek, efficient fireplace+office & powder room. Newer on-demand hot water & furnace. Patio for summertime dining.

Walk everywhere from this fabulous location. Owners pride shows throughout. 

The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.

Last month’s sales were 27.7 per cent above the 10-year May sales average.

“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.”

There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4 per cent increase compared to the 3,684 homes listed in May 2020 and a 10.2 per cent decrease compared to April 2021 when 7,938 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5 per cent increase compared to May 2020 (9,927) and a 7.1 per cent increase compared to April 2021 (10,245).

"With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rate climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.

For all property types, the sales-to-active listings ratio for May 2021 is 38.9 per cent. By property type, the ratio is 29.8 per cent for detached homes, 53.8 per cent for townhomes, and 43.5 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.

“The seller’s market conditions experienced throughout much of the pandemic highlight the need for increasing the volume and variety of housing supply across our region,” Stewart said. “Doing this requires a more disciplined focus on planning, reducing building costs, understanding demographic changes, and expediting the building approval process.”

The MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,800. This represents a 14 per cent increase over May 2020 and a 1.5 per cent increase compared to April 2021.

Sales of detached homes in May 2021 reached 1,430, a 166 per cent increase from the 537 detached sales recorded in May 2020. The benchmark price for a detached home is $1,800,600. This represents a 22.8 per cent increase from May 2020 and a 1.7 per cent increase compared to April 2021.

Sales of apartment homes reached 2,049 in May 2021, a 213 per cent increase compared to the 653 sales in May 2020. The benchmark price of an apartment home is $737,100. This represents a 7.9 per cent increase from May 2020 and a 1.2 per cent increase compared to April 2021.

Attached home sales in May 2021 totalled 800, a 168 per cent increase compared to the 298 sales in May 2020. The benchmark price of an attached home is $936,300. This represents a 16.3 per cent increase from May 2020 and a 1.8 per cent increase compared to April 2021.

Click here to download the May 2021 stats package.

Increasing number of Canadians anxious about missing out on their first home due to an insufficient down payment

Highlights:

• · 75% of first-time homebuyers in Toronto and 69% in Vancouver reported feeling worried that they would not have a large enough down payment to purchase a home (68% and 58% in 2019, respectively)
• · In Montreal, 63% of survey respondents felt worried about the size of their down payment before purchasing their first home, in line with the national average of 62%
• · First-time homebuyers in all regions, with the exception of Alberta and the Prairies, reported higher rates of anxiety compared to the same survey in 2019
• · Nationally, of those who lived with their parents before purchasing their first home, 15% said they delayed their parents’ plans to downsize as a result

TORONTO, May 2021 – A survey^[1] released by Sagen™, the country’s largest private residential mortgage insurer, in collaboration with Royal LePage, Canada’s leading real estate services provider, analyzed key trends among first-time homebuyers who purchased a home within the last two years. Sixty-two per cent of respondents nationwide said that before buying their first home, they worried they might miss out on a property they wanted because of an insufficient down payment. This reflects a five point increase compared to the same survey question in 2019.

“It’s not at all surprising that first-time homebuyers are experiencing anxiety about the size of their down payment,” said Phil Soper, president and CEO, Royal LePage. “Buying a home, especially your first home, is one of the biggest and most important financial investments a person will ever make. While the market is highly competitive for buyers, a real estate agent can help find similar properties in comparable, but more affordable neighbourhoods. Being properly informed and prepared can make the homebuying process easier and more enjoyable.”

While supply has shown signs of improving during the spring market, Soper added that inventory remains low for current buyers, adding more stress to an already challenging process.

Well above the national average, respondents in Canada’s largest urban centres were increasingly worried that they would not be able to afford a down payment, compared to respondents in 2019. Seventy-five per cent of first-time buyers in Toronto reported feeling worried that they would miss out on buying a home because of an insufficient down payment (68% in 2019).  Following Toronto, for the same question, Vancouver reported 69 per cent (58% in 2019) and Montreal reported 63 per cent (60% in 2019).

“Although COVID-19 has impacted first-time buyers across the country, many have been able to save and buy their home sooner than expected,” said Stuart Levings, president and CEO of Sagen. “The hurdle causing anxiety for first-time homebuyers is saving for a down payment in an environment of rising home prices in many parts of the country. While some have parents who can step in, many do not and they are struggling to get into the market.”

When asked to describe their housing situation before purchasing their first home, 25 per cent of respondents nationwide said they lived with parents or relatives (unchanged from 2019). Fifty per cent of those living with family paid rent to their families (43% in 2019), and of those paying rent, 34 per cent said they paid less than the market value (30% in 2019).

Fifteen per cent of respondents who lived at home said that doing so delayed their parents’ own decision to downsize, while a further 15 per cent said their siblings would have to leave the nest before their parents could move. Sixty-three per cent said their parents had no plans of downsizing when they become empty nesters. These results were similar to findings in the 2019 survey. 

2021 Canadian First-time Homebuyer Survey Chart:rlp.ca/table_first-timehomebuyerssurvey

British Columbia

Seventy-one per cent of first-time homebuyers in British Columbia expressed feeling worried their down payment would not be enough to get the home they wanted (56% in 2019) prior to purchasing their first property, compared to 69 per cent of respondents in Vancouver (58% in 2019).

“The homebuying process comes with a lot of pressure and anxiety, especially for first-time buyers, but there is still a strong appetite to enter the market,” said Adil Dinani, sales representative, Royal LePage West Real Estate Services. “Young people in Vancouver and across the province have a very positive association with home ownership. While it may be stressful, it remains a desirable milestone for many.”

Dinani noted that the pandemic has given some first-time buyers the opportunity to look outside of Metro Vancouver. With opportunities to work remotely, Kelowna and other parts of the Okanagan have experienced strong demand from this cohort of buyers.

“Still, we’re seeing a tremendous amount of activity in the condo market right now, among those whose employment may not accommodate remote work long-term. Geography is still an important consideration in their search for a home,” said Dinani.

According to the survey, 31 per cent of respondents in Vancouver (36% in 2019) and 28 per cent in B.C. (27% in 2019) lived with parents or other relatives before buying their first home, surpassing the national average of 25 per cent (25% in 2019).

2021 Canadian First-time Homebuyer Survey Chart:rlp.ca/table_first-timehomebuyerssurvey 

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.

About Sagen MI Canada Inc.

Sagen MI Canada Inc., operating through its wholly owned subsidiary, Genworth Financial Mortgage Insurance Company Canada (doing business as Sagen^TM), is the largest private sector residential mortgage insurer in Canada.  The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Sagen differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at March 31st, 2021, the Company had $8.1 billion total assets and $4.0 billion shareholders’ equity. Find out more at www.sagen.ca.