It is my pleasure to announce that in 2015 the Royal LePage Shelter Foundation raised $2.3 million – the most we’ve ever raised in a single year – in support of 200 women’s shelters and violence prevention programs across the country. Together, we have raised more than $22 million since 1998 to become the largest public foundation in Canada dedicated exclusively to supporting women’s shelters and putting an end to domestic violence.
Let’s make 2016 even better! Royal LePage all the way!
When you are working together with a forward moving company like Royal LePage, you have the luxury to leverage on the facts below that make us the premiere choice for Canadians and their real estate endeavors for the past 100 years. We are still strongly committed to a consistent track record that we are very proud of, being 2nd to none. Helping you is what we do…best. We look forward to providing our services to you (again) soon. Got Questions? Talk To Tan Now!
Phil Soper, President and CEO at Royal LePage discusses why he thinks home price growth will slow in heated housing markets in Toronto and Vancouver. He discusses Royal LePage’s quarterly house price survey.Source: BNN
TORONTO , Dec. 8, 2015 /CNW/ – Brookfield Real Estate Services Inc. (the “Company”) (BRE.TO) announced today that it has approved the acquisition of certain franchise agreements from Brookfield Real Estate Services Manager Limited (“the Manager”).
Acquisition of Franchise Agreements
Under the Royal LePage and Via Capitale brands, the Company will purchase franchise agreements representing 33 real estate operations and 459 REALTORS®1 across Canada for approximately $6.6 million . These agreements are estimated to generate an annual royalty stream of $1.0 million and will be effective January 1, 2016 .
As outlined in the Company’s Management Services Agreement (“MSA”) with the Manager, 80 per cent of the acquisition price will be paid in January 2016 and the balance paid in January 2017 when the purchase price is finalized, based on the actual performance of the acquired agreements.
The payment due January 1, 2016 of approximately $5.3 million , plus applicable HST, will be funded through a combination of cash on hand and a draw down on the Company’s debt facilities.
“The Company experienced strong growth in 2015, as high performing real estate brokers and agents from coast-to-coast continued to choose our industry-leading brands,” said Phil Soper , president and chief executive officer, Brookfield Real Estate Services Inc. “Our ongoing commitment to equipping our REALTORS® with the most innovative and complete suite of business services and tools is paying dividends, as we continue to enjoy market-leading momentum and sustained industry leadership.”
ABOUT BROOKFIELD REAL ESTATE SERVICES
Brookfield Real Estate Services Inc. is a leading provider of services to residential real estate brokers and a network of more than 16,000 REALTORS®. The Company operates in Canada under the Royal LePage, Via Capitale and Johnston & Daniel brands. Further information is available at www.brookfieldresinc.com
Brookfield Real Estate Services is an affiliate of Brookfield Asset Management, a leading global alternative asset manager with over $200 billion of assets under management. For more information, go to www.Brookfield.com
1 REALTORS® is a trademark identifying real estate licensees in Canada who are members of the Canadian Real Estate Association.
Source: Yahoo Finance
Phil Soper, President and CEO of Royal LePage discusses the state of Canadian housing in different regions of the country.
Source: Business News Network
The Machu Picchu Challenge for Shelter will support shelters providing safety and hope for women and children fleeing domestic violence
TORONTO, August 5, 2015 – For eight days this August, 60 Royal LePage agents, broker/owners, staff and family members from across Canada will hike at high altitude to raise much-needed funds and awareness to break the cycle of domestic violence. For the cause, they will endure zero temperature nights camping in tents and go without running water, electricity or cell phone service.
Heralding from seven provinces, all participants in the Machu Picchu Challenge for Shelter must raise at least $5,000 for the Royal LePage Shelter Foundation and cover their airfare to Peru and the majority of their trek costs. The participants range in age from 16-70 and consist of solo trekkers plus husband-wife, mother-son and mother-daughter teams. One Royal LePage agent is bringing her daughter as a 16th birthday gift and there is a couple that will be celebrating their 30th anniversary on the trek. Several participants in the Machu Picchu Challenge for Shelter experienced abuse in their past relationships or lived with family violence when they were growing up. All are motivated to make a difference in the lives of those currently experiencing abuse.
“We have watched our supporters do incredible things on behalf of the women’s shelters in their communities. They’ve ran marathons, climbed mountains, paddled long distances and created other personal challenges to demonstrate their commitment to our foundation,” said Shanan Spencer-Brown, Executive Director of the Royal LePage Shelter Foundation. “In that same spirit, we partnered with Charity Challenge, a company that offers international travel adventures to raise funds for charity, and chose the trek to Machu Picchu because it offers a physically demanding hike in a beautiful and remote location that is considered by many to be a ‘bucket list’ experience.”
Trekkers will begin in the ancient Inca capital of Cusco where they will acclimate to the high altitude (11,400 feet) by visiting local Inca ruins and Spanish Colonial churches. Then, they will hike through the remote Lares Valley where they will glimpse a way of life that has remained unchanged for centuries. The Challenge trekkers will make their way to the Sun Gate at Machu Picchu, the “lost City of the Incas,” via the Inca Trail where they will explore breathtaking pre-Columbian ruins nestled high in the Andes Mountains. In addition to collectively raising close to $400,000 for the charity, the participants have trained for months with regimens such as CrossFit and stair climbing to ensure they can meet the physical demands of hiking for long days at high altitude.
Now in its 17th year, the Royal LePage Shelter Foundation supports 200 women’s shelters and other domestic violence programs across the country, helping more than 30,000 women and children every year. It’s also committed to funding violence prevention initiatives and education programs aimed at helping youth develop healthy relationships. Since its inception, the Royal LePage Shelter Foundation has raised more than $20 million. This is achieved with the help and support of generous Royal LePage agents, broker/owners, staff and business partners, along with members of the communities where Royal LePage operates.
“Royal LePage Realtors® understand that a house is only truly a home when the people who live there are safe,” said Ms. Spencer-Brown. “Unfortunately, for the thousands of women and children in Canada who experience domestic violence, this is not the case. On average, every six days a Canadian woman is killed by her current or former partner. Participants in the Machu Picchu Challenge for Shelter are going the extra distance to bring safety to abused women and children in their communities and to prevent such tragedies from taking place.
Source: Royal LePage
The Royal LePage Shelter Foundation has been named a national partner in Sheltersafe.ca – a new online resource – along with RBC Foundation. Funds will be provided to underwrite the costs of the new website. Sheltersafe.ca uses a clickable map to help women connect quickly with the shelter in their community. In addition to being a safe place to stay, shelters have 24-hour phone lines to support women in crisis.
“Royal LePage has long been known as a leader in real estate industry technological innovation. We felt it was important to apply the same focus to our Royal LePage Shelter Foundation, as another way to show our commitment to helping women and children who have experienced domestic violence,” says Phil Soper, president and CEO of Royal LePage. “The Sheltersafe.ca website is the only one of its kind in Canada and is accessible on all platforms including the web, on smartphones and tablets. In this way, the needs of women living in remote, rural and urban areas will be served.”
Shanan Spencer-Brown, executive director of the foundation, says: “The key to bringing safety to women who have experienced abuse is for them to know that support is available at a local women’s shelter. Sheltersafe.ca will make it easier for them to find this help.”
In the face of renewed economic turmoil around the world, Canada’s housing market continues to perform well. To what should we attribute this sustained strength? Low interest rates? Growth in full-time employment? Foreign investment? Yes to all, but how about demographics? Canada’s population is now aged ‘just right’ to be homebuyers.
Even if interest rates had been higher and regulations stiffer, the population factor would still have supported a strong housing market over the past couple of years. And, even with the turmoil emanating from China and elsewhere in the world, it is increasingly easy to understand why the housing market has been performing well in many cities across Canada and why there is room for continued growth in those markets.
Oh, we know: Canadians are old and getting older and that’s the story of our population. Actually though, that is only one story. The other is that there is a large cohort of ‘Millennials’, born since the 1980s, who are now prime aged to get into the housing market. Typical first-time buyers tend to be in their late 20s and early 30s, which is where those Millennials are now sitting. Since some studies have suggested that the typical first-time buyer is 29 years old, let’s look at that segment. For about a decade, as the Millennials started to hit that age, their numbers have been steadily increasing. After falling in number in the early 1990s, in 2004 there were 428,000 29 year olds in Canada. In contrast, that figure grew to 495,000 by 2014 – an increase of 16 per cent. Helped by mortgage rates that slid over that period, of course the number of homebuyers swelled and prices increased accordingly in many markets.
Vancouver and Toronto – the sites of bidding wars in many neighborhoods – are good illustrations of this demographic story. To get an idea of the young buyer segments in those cities, we looked at a slightly wider slice of the population, examining the trend in those aged 25 to 29 and 30 to 34.
In the case of Toronto, the number of 25 to 29 year olds never dipped (presumably because the city attracted so many young people from elsewhere in the province and country) but the 30 to 34 year old segment was in decline until 2010. Since then though, it has been up sharply, creating a market of would-be homeowners. Interestingly, in Vancouver the situation was almost the reverse, with the number of 25 to 29 year olds falling between 2010 and 2013, before ticking up slightly in 2014. The number of 30 to 34 year olds however has been sharply on the rise since 2008 –pretty much the exact same time period over which mortgage rates have been on a downtrend.
The potential impact of Millennials does much to dispute any suggestion that Canada has a housing bubble that will burst anytime soon. What we have clearly seen in recent years is demographically-driven demand which boosted home sales and prices. Looking to the future, population projections suggest that the first-time buyer age segment will continue to grow for at least another decade. That means housing demand will grow too – not because of speculators, but simply because more people will be prime aged to buy homes.
Source: Royal LePage
Royal LePage has launched an online contest to connect with clients and prospects over the summer and fall months.
Canadians are being asked to take photos of what home means to them and share them on the #IMHOME contest site.
Contestants are entered for a chance to win $25 weekly gift card prizes, $250 monthly gift card prizes or a $2,500 home shopping spree at Hudson’s Bay, Home Depot or Best Buy Canada.
Royal LePage’s brokers and sales reps have been equipped with a variety of digital marketing tools and pre-printed and customizable signs to be used in their client photos.
Clients and prospects can enter their photos in the contest by clicking on a personalized URL they receive from their agent. Or, they can enter at at the #IMHOME contest website and include the agent’s name on the entry form.
The sales rep or broker with the most submissions is eligible to win a grand prize $2,500 Air Canada or Sunwing Vacations travel voucher.
Source: Royal LePage
Move makes it the largest real estate company on Vancouver Island.
Royal LePage Real Estate Services (Royal LePage) has announced the acquisition of the Coast Realty Group brokerage and property management business which will operate under the Royal LePage banner, effective immediately.
“I am thrilled to welcome the more than 150 highly regarded professionals at Coast Realty to the Royal LePage family,” said Phil Soper, President and CEO, Royal LePage. “This important acquisition is consistent with our goal to give Canadians everywhere access to the superior service that only comes from working with one of our uniquely trained and equipped Realtors®.”
“We have made growth in the all-important British Columbia market a strategic priority and the focus has paid huge dividends. In the last year alone, Royal LePage has experienced incredible momentum across the province, adding 600 Realtors® through acquisition. We are both the oldest and the fastest growing national real estate business in British Columbia and in Canada,” Soper continued.
Established in 1984, Coast Realty Group is a large, independent real estate company operating out of nine offices on Vancouver Island and one office on the mainland in Powell River, British Columbia.
Barry Clark and Travis Carmichael, broker owners of Royal LePage Nanaimo Realty have acquired, and will merge their brokerage with, Coast Realty Group offices in Nanaimo and Ladysmith and on Gabriola Island. The merged brokerage will operate as Royal LePage Nanaimo Realty. Combined, the brokerage has the largest market share in Ladysmith and on Gabriola Island and has almost tripled its market share in Nanaimo, based on units sold.
Clinton Miller, broker owner of Royal LePage Port Alberni-Pacific Rim Realty has acquired the Coast Realty Group offices in Port Alberni and Ucluelet. The Port Alberni office will merge with Miller’s brokerage in Port Alberni, and the Ucluelet office will be a branch office of that location. Both offices will operate as Royal LePage Port Alberni-Pacific Rim Realty. Combined, the brokerage has the largest market share in both Port Alberni and Ucluelet, based on units sold.
Clinton Miller, broker owner of Royal LePage Parksville-Qualicum Beach Realty has acquired the Coast Realty Group offices in Parksville and Qualicum Beach. The merged brokerage will operate as Royal LePage Parksville-Qualicum Beach Realty. Combined, the brokerage has the largest market share in both Parksville and Qualicum Beach, based on units sold.
Gregg Hart, broker owner of Royal LePage in the Comox Valley, has acquired, and will merge his brokerage in Courtenay with the Coast Realty Group office in Courtenay. He has also acquired Coast Realty Group’s offices in Hornby, Denman Island, Cumberland and Union Bay, and will operate them as satellite offices of the Courtenay location. The merged brokerage will operate as Royal LePage in the Comox Valley. Combined, the brokerage has 38 per cent market share in Courtenay, and 80 per cent market share in the areas served by the satellite offices, based on units sold.
Stephen Grant, broker owner of Royal LePage Advance Realty, has acquired the Coast Realty office in Campbell River, and will merge it with his existing Royal LePage brokerage in Campbell River. The merged brokerage will operate as Royal LePage Advance Realty. Combined, the brokerage has the largest market share in Campbell River, based on units sold.
The Coast Realty Group office in Powell River will be converting to Royal LePage in the next 30 to 60 days.
“Attracting the best real estate professionals to better serve our consumer clients is vital to sustaining our leadership position as Canada’s Real Estate Company. With this acquisition, Royal LePage extends our lead as the largest brokerage firm on Vancouver Island,” concluded Soper.
Source: Royal LePage News
Royal LePage Real Estate Services has been named the 2015 Outstanding Corporate Citizen by the Canadian Franchise Association (CFA). The company received the award for demonstrating sustained support for the local communities through its network of over 600 brokerage offices and for philanthropic innovation on a national scale.
The company’s 16,000 Realtor network has raised more than $20 million through the Royal LePage Shelter Foundation, the largest public foundation in Canada committed to ending violence in the home, and providing support to the women and children who fall victim to it.
Phil Soper, president and CEO of Royal LePage, says, “I am extremely proud of the women and men of Royal LePage, for their ongoing financial commitment to our foundation and for the compassion they show through countless hours of volunteer work for the cause. The good works we do wouldn’t be possible without the immense support we receive from business partners and clients.”
The Outstanding Corporate Citizen Award is presented annually to a franchise system that has demonstrated genuine and ongoing concern and support for a community or social service organization. Royal LePage is the only real estate company to ever win the award.
All administrative costs of the Royal LePage Shelter Foundation are underwritten by the company, ensuring 100 per cent of all donations go to the cause.
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TORONTO, July 9, 2014 – With the harsh winter now a fading memory, the average price of a home in Canada increased between 3.9 and 5.2 per cent in the second quarter of 2014. Prices are expected to increase steadily for the balance of the year, according to the Royal LePage House Price Survey and Market Survey Forecast released today.
According to the survey, price increases were posted across housing types, with detached bungalows seeing the highest year-over-year gains, rising 5.2 per cent to an average price of $406,454. Meanwhile, standard two-storey homes rose 5.1 per cent year-over-year to $440,972, while standard condominiums posted gains of 3.9 per cent to $258,501.
A closer look at Canada’s residential real estate market points to a tale of two city types, in which big city housing activity represents a small part of the picture but accounts for a large part of the gains in national average home prices. The shortage of detached single-family houses once again led to significant price growth in Toronto. In Calgary, new listings could not keep up with strong demand from a briskly expanding workforce, driving near double-digit price growth. Vancouver, which just last year was seeing year-over-year price declines, is now posting mid-single digit appreciation in the detached home categories, pushing regional price averages up to record heights. While the Montreal market recorded lower price gains than its large metropolitan counterparts, real estate demand experienced a renewed thrust following the provincial election in April with signs of a brighter market ahead for the sector.
In contrast, smaller city markets are seeing far more moderate house price gains. In Ontario, regions outside Toronto such as London posted year-over-year price increases of 2.2 and 2.0 per cent for detached bungalows and standard two-storey homes, respectively, while Ottawa remained relatively flat at 1.3 and 0.8 per cent in the same categories. In Edmonton, the price of a detached bungalow remained essentially flat, dropping 0.2 per cent year-over-year, while standard two-storey homes rose 3.8 per cent, compared to Calgary’s 9.7 and 7.9 per cent increases in the same categories. In British Columbia’s Okanagan region, Kelowna saw a 2.8 per cent rise in the price of detached bungalows compared to Vancouver’s 5.2 per cent rise in the same category.
“Chronic supply shortages are driving price spikes in Canada’s major cities, masking otherwise moderate home price appreciation nationally,” said Phil Soper, president and chief executive of Royal LePage. “While a widening affordability gap in Canada’s largest urban centres is characterizing the national market Canadians read about daily, year-over-year house price increases in most regions of the country are presently tracking below the historical average.”
Looking ahead at the remainder of 2014, Royal LePage is projecting that the national average house price will increase at 5.1% per cent for the full-year.
“Compared to other major forecasts, our year-beginning national outlook predicted a higher level of 2014 average price appreciation, yet supply constraints in a handful of our largest cities necessitate a revision upwards,” noted Soper. “Looking ahead to 2015, we expect house prices to track more closely to the rate of general economic growth. That is, we see price increases in Canada’s largest cities moderating, just as our smaller city markets should see a lift.”
Canada’s low interest rate environment coupled with a stable job market continues to support the country’s residential real estate sector across all housing types. Core inflation remains within policy guidelines, creeping up three-tenths of a point to 1.7 per cent in June. The U.S. economy, Canada’s primary export market, continues to gather strength, posting impressive job growth numbers in recent months. The condominium segment, which has been the target of scrutiny in recent months in cities such as Toronto and Vancouver has shown continued resilience, supported by shifting consumer preferences and enduring demand.
With economic strength comes a call from some quarters for further federal government policy intervention to cool the market. “Casual market observers have renewed calls for policy intervention to cool Canada’s real estate industry. We have supported most of the recent federal regulatory changes aimed at managing housing demand,” stated Soper. “At this time, we feel a move to further restrict access to home ownership is not warranted. Such policy would inevitably operate as a blunt instrument, causing unintended hardship to young Canadian homebuyers and the millions living outside a handful of our biggest cities.”
Regional Market Summaries
In Halifax, the average price of a detached bungalow increased by 1.2 per cent year-over-year, to $292,167, while the average price of a standard condominium also saw a slight lift of 0.7 per cent, to $217,500. Standard two-storey homes meanwhile saw a slight price decrease of 1.8 per cent to $327,300. Average Halifax house prices are forecast to increase 1.9 per cent by the end of 2014.
Robust economic conditions led to strong price appreciation in the St. John’s housing market, particularly in the higher-end segments. Both detached bungalow and standard two-storey home prices saw healthy gains year-over-year, rising by 3.3 per cent to $299,667 and 3.9 per cent to $408,000 respectively. Meanwhile, standard condominium prices experienced a moderate drop of 1.1 per cent, to $306,000, attributed to a change in condo fee structures.
In Montreal, the average price of a detached bungalow rose 2.6 per cent to $296,250, while standard two-storey homes increased 1.7 per cent year-over-year to $404,357. During the same period, average condominium prices remained unchanged. By year-end, Royal LePage forecasts average house prices to rise 1.7 per cent in the Montreal region.
House prices in Ottawa remained relatively flat in the second quarter. Detached bungalows increased 1.3 per cent year-over-year to $401,667, while standard two-storey homes remained relatively flat, rising by 0.8 per cent to $402,250. Standard condominiums saw a slight decline in price, dropping 0.7 per cent year-over-year to $257,500. Despite the slow spring, Royal LePage predicts a 2.5 per cent increase in Ottawa prices for the balance of the year as more buyers make their way into the market.
A continued shortage in inventory led to notable increases in Toronto house prices. Standard two-storey homes rose 8.3 per cent year-over-year to $730,806, while detached bungalows increased by 7.2 per cent to an average price of $611,906. Standard condominium prices also saw strong growth, increasing by 5.4 per cent to $380,453. Looking ahead to the end of 2014, Royal LePage forecasts that prices will rise by 8.1 per cent in the Toronto market.
In Winnipeg, the price of a standard condominiums rose by a healthy 5.3 per cent year-over-year to $209,023 and detached bungalows appreciated by 2.0 per cent to land at $311,015. The standard two-storey was the only housing type to buck this upward trend as prices decreased by 2.4 per cent to an average of $336,241. Royal LePage expects Winnipeg prices to continue to rise by 2.8 per cent for the balance 2014.
Regina posted healthy year-over-year price increases across housing types surveyed. Standard condominiums posted the highest year-over-year gains of 2.7 per cent to $211,000. Meanwhile, the average price for standard two-storey homes increased 2.6 per cent year-over-year to $372,500 while detached bungalows increased by 1.1 per cent to $333,500. Royal LePage forecasts a 2.1 percent increase in Regina prices for the remainder of 2014.
A healthy economy, led by the oil and gas sector, led to surging demand and continued short supply in the Calgary housing market this quarter. Detached bungalow prices increased 9.7 per cent year-over-year to $501,200 and condominiums also saw a robust increase of 9.3 per cent to $286,422. Standard two-storey homes realized healthy gains, increasing by 7.9 per cent to $489,589. Royal LePage predicts a 5.5 percent increase in year-over-year prices by the end of 2014.
In Edmonton, condominiums showed the strongest gains, with the average price increasing 7.8 per cent year-over-year to $236,429, while standard two-storey homes posted a steady increase of 3.8 per cent to $372,112. Detached bungalows remained essentially flat, dropping 0.2 per cent year-over-year to $350,401. Royal LePage forecasts moderate price appreciation of 4.5 per cent in the Edmonton housing market by the end of 2014.
House prices in Vancouver continued on their upward trajectory, with detached bungalows increasing by 5.2 per cent year-over-year to $1,107,290 and standard two-storey homes by 4.6 per cent to $1,204,011. Meanwhile, standard condominium prices remained relatively flat, moving by only 0.3 per cent year-over-year to $491,984. Looking ahead, Royal LePage forecasts that home prices in Vancouver will rise by 7.1 per cent by year-end.
Royal LePage’s quarterly House Price Survey shows the annual change of prices for key housing segments in select national markets. Click here to view the 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 atwww.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the second quarter of 2014. A printable version of the second quarter 2014 survey will be available online on August 6, 2014. 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.
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 15,000 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 Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.
Source: Royal LePage.ca[/vc_column_text][/vc_column][/vc_row]
On Saturday, May 10th, 2014, Royal LePage offices across Canada are hosting the National Garage Sale for Shelter, with 100% of proceeds going to help women and children who have experienced family violence.
Visit us at our office on 6958 Financial Dr, Mississauga L5N 8J4 and enjoy our live DJ, get a photo taken with a fire truck, have your face painted and enjoy some baked goods for a good cause! Tons of fun for the whole family!
Find all Garage Sale for Shelter locations and event details in our link below. Get involved by donating gently used items to your local Royal LePage office and join in the fun on May 10th. Great deals for a great cause!
More information on our event page here
[one_whole boxed=”true” centered_text=”true” animation=”Grow In” delay=””]Update: April 29th, 2014 – Attention Kind Web Reader! We have had an overwhelming response and we will like to let you know that you are more than welcome to bring goods to help contribute for as you may know, 100% of the proceeds are going directly to the RLP Shelter Foundation! We are accepting donations either monetary and or goods to be up for sale during the garage sale. Please contact The TanTeam @ [email protected] if you would like to make a contribution! Thanks again and we’ll see you on MAY 10th, 2014![/one_whole]
Most regions see strong price gains of between 2.5 per cent and 5.4 per cent
Improving weather is sparking a spring pickup in Canada’s residential real estate market, according to one of the country’s leading real estate companies.
Royal LePage says that after a “remarkably drab winter” for real estate activity, the final month of the first quarter saw inventory increase noticeably as the industry saw what had been an underperforming spring market turn a corner in the final few weeks.
The company’s latest House Price Survey, released Tuesday, found that most regions showed healthy year-over-year price growth, with the average price of a home in Canada rising between 2.5 per cent and 5.4 per cent.
For example, the average price of a two-storey home increased 5.4 per cent to $428,943 in the quarter, while detached bungalows rose 4.4 per cent year-over-year to $380,765. Standard condominiums posted lower gains of 2.5 per cent to $252,174.
Regionally, Toronto, Winnipeg, Calgary and Edmonton saw the highest price increases, while parts of Atlantic Canada, with much of its inventory still under snow, posted the lowest gains overall.
In Montreal, year-over-year prices increased between 3.6 per cent for detached homes and 3.3 per cent for semi-detached, while prices for standard condominiums remained relatively flat.
“It appears that it took only the slightest hint of spring to bring home sellers out of hibernation,” said Phil Soper, president and chief executive of Royal LePage.
“We are finally seeing the arrival of housing inventory in seasonally appropriate quantities across the nation. When combined with pent up demand following a particularly long and harsh winter, the stage is set for a robust 2014 spring market. This is particularly good news for buyers, as the home price spikes we have seen in a number of cities should be alleviated by this additional supply.”
Meanwhile, with a series of supportive economic factors at play “we expect the country’s real estate market to continue the strong showing it posted in the second half of 2013,” Soper said, noting among other things favourable interest rates and an improving U.S. economy fuelling demand for Canadian exports.
“Suggestions of an overheated real estate market and bubble continue within the mainstream dialogue, but are becoming less frequent,” he added. “Of the core housing types, the condominium segment remains the most vulnerable to short-term price softness in light of increased inventory, but the situation is limited to only a few cities. The medium- to longer-term prognosis for this housing sector remains very positive.”
Source: Business @ CBC News.ca
After home sales ramped up late in 2013, Canada’s housing market should continue to favour sellers for the first part of 2014 before balancing out for the rest of the year, Royal LePage says.
In a report released Thursday, the agency pins its optimism on robust housing sales in late 2013 after a year-long “correctional cycle” that saw a considerable slowdown in home-buying.
The report says sales will continue their strong momentum for the first half of 2014, and dismisses concerns from some experts who predict a “soft landing,” or a mild correction in housing prices after years of increases.
The report noted that the average price of a home in Canada increased between 1.2 per cent and 3.8 per cent in the fourth quarter.
According to the report, the price of a standard two-storey home rose 3.6 per cent year-over-year in the fourth quarter to $418,282. The price of a detached bungalow rose 3.8 per cent to $380,710, while the price of a standard condominium rose 1.2 per cent to $246,530.
Phil Soper, president and CEO of Royal LePage, told CTV News Channel that while 2013 was good year for Canadian home buyers, this market seems to favour sellers in 2014.
“It is a cyclical industry … last year, the first half of 2013 was very good for buyers, so what goes around comes around. The markets responding to the end of a correctionary cycle,” he said.
Soper noted that cities in western Canada saw the largest increase in home prices, with Calgary slated to see a 5.1-per-cent jump, with home prices averaging around $461,000.
“The western cities of Calgary and Vancouver lead our forecast this year,” he said.
“Calgary is the healthiest economy in Canada. If you look at the unemployment rates in Alberta and Saskatchewan next door, they are half the rate of what we see in Ontario. And there’s a shortage of inventory, a shortage of housing. And when there’s a shortage of a product, its price goes up,” Soper explained.
Royal LePage predicts that prices will continue to rise in 2014, and projects a 3.7-per-cent increase nationally.
While Soper said the agency does not expect further government intervention in the housing market after Finance Minister Jim Flaherty clamped down on borrowing rules in recent years, Flaherty himself told CTV’s Question Period over the weekend that the government is prepared to intervene if the market gets too hot.
Meanwhile, Statistics Canada reports that the New Housing Price Index remained unchanged in November after rising 0.1 per cent in October. The federal agency reported that although prices of new homes rose in eight cities across the country, the increase was offset by decreases in five other cities, leaving the index steady.
Prices were up in the Ontario region of St. Catharines-Niagara (+0.8 per cent), as well as in Hamilton (+0.5 per cent), as well as Calgary (+0.4 per cent). However, prices declined in Victoria, Edmonton, Vancouver and the Ottawa-Gatineau region.
Overall, the index rose 1.4 per cent year-over-year in November.
Meanwhile, Canada Mortgage and Housing Corp. said Thursday that the pace of housing construction slowed in December, but that demand for new homes remained healthy.
More than 189,000 units were started in December, down from more than 198,000 in November.
- Starts in urban areas decreased overall by 5.1 per cent, to 168,214 units.
- Starts of multiple-dwelling units (condos, apartments and townhomes) in urban areas declined by 4.1 per cent to 108,910 units.
- Starts of detached units in urban areas fell 6.7 per cent to 59,304 units.
BMO Capital Markets senior economist Robert Kavcic said the figures represent a levelling off of building activity after some “underbuilding” during the recession and “overbuilding” as the economy picked up.
“We saw a pretty solid run up in the early part of the year in home building activity, but we have seen activity level off,” Kavcic told The Canadian Press.
“As we look to 2014 we’re expecting activity to cool off a little bit further. Basically what we’re going to see is homebuilders putting up houses at a rate that is required by the population.”
TORONTO, December 3, 2013 – If the abundance of construction hoardings and a sky full of rising towers are any indication, Canada’s largest cities are experiencing an unprecedented condo boom, a growth trajectory that has some expressing concern about the sustainability of the market. Read more
TORONTO, Nov. 18, 2013 /CNW/ – Royal LePage today announced the acquisition of real estate companies located in Coquitlam, Port Coquitlam and Surrey. These brokerages will operate as Royal LePage West Real Estate Services, effective November 18, 2013.
All offices of the former Royal LePage Coronation Park and Royal LePage Coronation West companies will become part of Royal LePage West Real Estate Services. Read more
According to the Royal LePage House Price Survey released today, the average price of a home in Canada increased between 1.2 per cent and 4.1 per cent in the third quarter of 2013.
The survey showed a year-over-year average price increase of 3.7 per cent to $418,686 for standard two-storey homes, while detached bungalows rose 4.1 per cent to $381,811. During the same period, the average price for standard condominiums saw a more moderate increase, rising 1.2 per cent to $246,530. Sales volumes surged in a number of regions, as Canadians re-entered the housing market after sitting on the sidelines for more than a year – marking the end of the most significant housing market correction since the 2008-2009 global recession. Read more
Royal LePage forecasts modest house price gains for remainder of 2013, as Canadian housing emerges from current market cycle Read more
The Royal LePage Shelter Foundation is thrilled to announce its fundraising results for 2012: a record-setting $2.08 million was raised in support of women’s shelters and to help stop family violence in Canada. Read more
Warren Buffett is partnering with Canadian real-estate investor Brookfield Asset Management (Royal LePage’s parent company) to more than double the size of his brokerage business as he bets on a housing turnaround.
Warren Buffett’s Berkshire Hathaway Inc. is extending its bet on the U.S. housing market by forming a venture with Brookfield Asset Management Inc. as low interest rates, inventory and prices spur a real-estate rebound. Read more
Close to 900 Royal LePage sales reps and brokers from across Canada attended the 2012 National Sales Conference in Vancouver recently. The event served as the official kick-off of the company’s 100th anniversary in 2013.
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