July 20, 2010
Real Estate Market Expected to Cool Slightly
Did you know that the latest Royal LePage House Price Survey, released on July 7, predicts Canada’s residential real estate market will slow slightly in the second half of 2010? While market fundamentals remain strong across most of Canada, sales activity was ‘front-loaded’ in the first half of the year and is expected to cool off. Prices are also expected to steady in the second half of the year.
Phil Soper, CEO of Royal LePage Real Estate Services says, “An expected increase in the supply of homes on the market will bring stabilization in prices… This should not be interpreted as a severe correction but rather a natural reaction to the market having peaked quite early this year.”
July 4, 2010
Native Plants = Low Maintenance
Did you know that local, native plants require less maintenance as they have greater tolerance for pests, drought and disease? Mark Cullen recommends Blanketflower, Butterfly weed, Echinacea, Yarrow and Serviceberry (for sun); Lily of the valley, Solomon’s seal, Trilliums and Ferns (for shade). For info go to http://www.markcullen.com
July 2, 2010
Happy Canada Day!
Did you know that David Suzuki has nominated the blueberry as Canada’s new national symbol? In a recent Globe & Mail poll he said, “Canadians from Newfoundland to the Yukon harvest this fruit, in berry-picking parties in the bush, with parents, cousins, aunts and uncles – eating as they go. Turning those pails of fruit into jam, wine or pancakes is another opportunity to socialize and celebrate…” Canada Day is a good time to reflect on what we love most about this fantastic country. Happy Canada Day!
June 21, 2010
Growing Older Has Its Benefits
Did you know that aging brings a host of benefits? In her book “You Could Live a Long Time: Are You Ready?” author Lyndsay Green says the many benefits of aging include reduced worries, a more stress-free life, more control over your time, and a reduced need to please others. She discovered that money matters far less than learning to take a light-hearted view of yourself and the events of your life. She also says a “work plan” is more important than a retirement plan. Paid work can be replaced by volunteer work, but you still need to a purpose that makes you feel valued. It’s also good advice to learn a few jokes, so you can be fun to be with. Make other people laugh, learn how to laugh at yourself, and growing older will be an enjoyable journey!
June 13, 2010
The 2010 Royal LePage Recreational Property Survey
Almost half of Canadians (47%) considering recreational property will buy to improve their lifestyle, according to a national survey of recreational property ownership conducted by Royal LePage. “Canadians are generally confident about buying recreational properties because they see a pay off in terms of improved quality of life,” said Phil Soper, CEO, Royal LePage. Forty-three per cent of respondents said they would buy a vacation property because it is a good investment – down from 64% in 2009. “Fewer people are looking to acquire recreational property for its investment value, a direct result of rising cottage prices,” Soper said.
June 10, 2010
2010 Housing Market Forecast
Did you know that the Canadian Real Estate Association recently moderated their housing market forecasts for 2010? The national average home price is forecast to climb by 1.6% in 2010, reaching $325,400 according to the report released June 2. Sales activity is expected to hit 490,600 units, up 5.5% from the year before and a record number. Slowing sales in the Western provinces were largely to account for the moderation in forecast performance, according to CREA.
May 31, 2010
Green Driveways Are Growing in Popularity
Did you know that “green” driveways are becoming more popular? One interlocking grid system made of recycled plastic allows grass to grow even with vehicles parked over top. Once the grid system is installed, you just add seed, fertilizer, water and then mow. It’s also easy to shovel in the winter. Not only is this system attractive, it is extremely durable and ecological. “The rainwater sinks right into the ground and doesn’t run into the sewage system. There are no puddles,” an owner says. “I love the green, fresh look and how my driveway melts into the garden. Even in the winter, it’s easier to shovel than my old driveway.” For more info go to http://www.groundsolutions.ca
May 25, 2010
Canada Mortgage and Housing Corp Outlook
House prices will increase this year and next, Canada Mortgage and Housing Corp said on May 19. An “improved balance between demand and supply” will stabilize prices through the rest of this year,” CMHC said in its Q2 Housing Market Outlook. Prices will “rise modestly” in 2011, it said. CMHC said the average cost of a home by the end of 2011 should be $350,000, a gain of 1.4% over April’s record high of $344,968. CMHC senior economist Bill Clark said, “There was a big April gain in employment, and as the economy gets moving again people become more interested in housing.” CMHC attributed much of the recent sales activity to pent-up demand, as buyers returned to the market after sitting out during the recession. “Once this demand is exhausted, and as mortgage rates gradually rise, the pace of activity in the resale market will ease,” CMHC economist Bob Dugan said.
May 18, 2010
Royal LePage Survey of Realtors
Did you know a recent Royal LePage survey of 1,726 realtors found that 76% agree that the country’s real estate market is highly competitive? Phil Soper, CEO of Royal LePage says, “To state that there is a lack of competition in the Canadian real estate industry is simply incorrect. Every day, 100,000 men and women in the profession compete vigorously with each other and with unlicensed, unregulated alternatives.” In the survey, 86% of realtors are concerned that severe deregulation might erode standards of customer service and protection. More than 88% of respondents say they help clients avoid financial or transactional mistakes “very often” or “often.” For more information, go to http://www.royallepage.ca
May 16, 2010
Gardening in Public Places
Did you know that ‘guerrilla gardening’ is taking root all over the world? Some people use guerrilla gardening (defined as gardening without permission on public land) as a way to conduct a peaceful protest. Steven Wheens creates tiny perfect gardens in potholes to draw attention to the decay of the road system in the U.K. (Go to http://www.thepotholegardener.com) Sometimes activists will plant vegetable gardens on public land as a way to raise awareness about eating from local sources. Some of these groups now work with municipal governments to find land on which to grow food for the community.
May 3, 2010
Bathroom Design Trends
Did you know that bathroom design is becoming grander and more sumptuous? “The bathroom has become a sanctuary for all the senses,” says designer Nelson Costa. Top design trends include: Natural leanings – More wood, often of exotic origin, is being used in bathroom furnishings while tubs and fixtures are appearing in softer more organic shapes. Baroque influences – Ornate patterns, elegant florals, embossed and hammered surfaces and even the odd chandelier are adding interest and depth. Faux textures – New tiles have the capacity to mimic lace, linen and even leather surfaces. Showy showers - Huge, walk-in showers feature grand waterworks and unlimited accessories.
April 26, 2010
Canada’s Real Estate Market Grew by 5.2% in 2009
Did you know Canada was in 12th place internationally in terms of real estate market growth? Canada posted a 5.2% year over year gain in 2009. Those are respectable numbers, especially during an economic downturn, but they pale in comparison to the top markets. Hong Kong was in first place with a 27.6% gain in prices during 2009, followed by China at 25.%, Israel at 21.3%, and Australia at close to 13.6%, according to a Frank Knight Frank LLP survey of global housing markets. Prices in Hong Kong and Asia have been driven upward by a “massive injection of liquidity into the economy by the Chinese government’s fiscal stimulus package,” said Knight Frank economist Liam Bailey. A Mainland Chinese buyer set a world record price for a condominium in Hong Kong last October, paying $57 million (U.S.) for a 6,000 square foot property, or more than $9,000 per square foot. In Toronto, an average new condominium sold for about $475 per square foot last year. Toronto’s market is much more sedate in comparison, but tell that to frustrated buyers caught in the middle of bidding wars. Canada’s performance has actually been more Steady Eddy than bullet train. Analysts say this has been positive for the economy as it avoids wild swings. In the United States, the market continues to flounder, with prices falling by 3.1% last year as a bottom has yet to be reached. However, U.S. existing home sales jumped by 6.8% in March according to reports released Thursday, beating expectations of a 5% gain.
April 19, 2010
Top Spring Design Trends
Did you know that spring design trends include a fascinating mix of styles, according to a trio of leading U.S. designers? Here are their favourites: Reclaimed wood – the ultimate ‘green’ choice is to use antique wood for counter tops, floors and trim. Mixing distressed wood into a modern space creates an interesting, layered style. French grey – this warm rich shade adds depth to any room. It changes hue with the lighting and offers a simple background from which bright accessories and furnishings really pop. Translucent furniture – the airy look of clear plastic furniture fits this age of downsizing with a minimalist statement. Bold accessories – accessories in eye-catching shades of yellow, green, purple and orange lift the spirits by bringing nature’s palette indoors.
April 11, 2010
Royal LePage House Price Survey Q1 2010
Did you know the Q1 Royal LePage House Price Survey shows that the real estate recovery, which began in the Q3 2009, continued unabated in Q1 2010?
“The first quarter of 2010 continued where 2009 left off, with more Canadians enthusiastically participating in a rejuvenated residential real estate market,” said Phil Soper, CEO of Royal LePage Real Estate Services. “One of the earliest sectors of the economy to return to growth after the difficult recessionary period, the housing sector has been a prime beneficiary of low borrowing costs and improving consumer confidence.”
House prices were up across all key housing types surveyed, with the average prices rising 10-11% in the first quarter year-over-year.
An analysis of Royal LePage data from Q1 2008 through Q1 2010 shows three different patterns of house price trends in Canada’s major cities: (1) Cities like Toronto and Vancouver show a rollercoaster effect in which prices dropped sharply then rose dramatically to levels that exceed pre-recessionary prices. (2) The non-stop growth markets were generally resilient through the downturn with incremental price appreciation over a two-year period (including Halifax, Ottawa, Regina, Saint John, St.John’s and Winnipeg). (3) In the level markets house prices have remained relatively unchanged (Calgary, Edmonton, Moncton and Montreal).
“Expect house prices to continue to rise, but the rate of appreciation should ebb steadily, month by month, throughout the remainder of the year, as balance returns to the industry,” concluded Soper.
April 5, 2010
Cottage Sales Show Signs of Recovery
Did you know that cottage sales are showing signs of rebounding as the economy heats up? The recent good weather and improving consumer confidence have many Ontario realtors reporting a much stronger start to the spring vacation property market this year. “Things are looking a lot better this year than last, and it seems to be across the board with all kinds of properties,” said Wendy Webb, president of the Muskoka and Haliburton Association of Realtors. In the first quarter of this year there were 324 sales, up 40 per cent from last year, according to the association. Dollar volume was also up by 46 per cent, representing more than $78 million worth of transactions. But last year also represented the depths of the market, when buyers sealed their wallets. The typical cottage market starts in April, but some agents started receiving calls in February for viewings. Cottages are the ultimate splurge, a part of discretionary income that is the first to go during a downturn. But they are also a bellwether indicator of the economy, with sales the first to rebound when consumer confidence returns.
