Posted on
July 28, 2021
by
Marie Taverna
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
Posted on
July 28, 2021
by
Marie Taverna
More than one in ten homeowners in Canada’s three largest urban centres owns multiple properties
Highlights:
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
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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.
Posted on
July 5, 2021
by
Marie Taverna
Mirroring the weather, Fraser Valley’s hot housing market cooled slightly in June going from a boil to a simmer
Posted on
July 5, 2021
by
Marie Taverna
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.
Posted on
July 5, 2021
by
Marie Taverna
Survey Highlights:
TORONTO According to a recent Royal LePage survey[1] of boomers in Canada, defined by StatsCan as having been born between 1946 and 1965, 35 per cent of the cohort – or approximately 3.2 million boomers[2] – said they are considering a home purchase within the next five years. Nationally, 45 per cent of respondents believe now is a good time to sell their home.
“The boomer generation appears to have no intention of slowing down,” said Phil Soper, President and CEO, Royal LePage. “Fully vaccinated, and turning a cold shoulder to retirement, the typical member of this huge demographic is enjoying an empty nest and believes real estate is a good investment. Millions of boomers are expected to wade into the market over the next five years.”
Boomer Housing Demand
There is no one-size-fits-all outcome as Canadian boomers age into retirement, especially when it comes to their decision about where to live. More than half (57%) of respondents said they would purchase a detached house if they were to buy, while 19 per cent said they would prefer an apartment/condominium. Fifty-two per cent of boomer homeowners said they would prefer to renovate their existing home rather than purchase another, and an additional 24 per cent said they would consider it.
Of the 35 per cent of boomers who say they are considering purchasing a primary residence in the next five years, 56 per cent say they would consider moving to a rural or recreational region. Twenty-eight per cent say they would consider purchasing a larger home than the one they currently reside in, 56 per cent would consider a similarly-sized property, and 63 per cent would consider downsizing. Respondents were able to choose more than one option. The most popular reason for downsizing is less home maintenance (71%). Other popular choices include the ability to free up money for things like retirement (39%), travel (29%), and to help their children purchase a home (9%).
“Turning full circle to those carefree, pre-children years, most boomers are looking for a home that requires less maintenance,” Soper continued. “Paradoxically, they also yearn for country living and don’t want to sacrifice living space. Look for the continued growth of managed communities in exurban and recreational regions.”
Working boomers largely did not consider their region affordable (65%) and 42 per cent said they would consider a move to a different city, near or during retirement.
Since the onset of the COVID-19 pandemic, more than 550,000 Canadian boomers (6%) have sold their homes or are in the process of selling, and at least 90 per cent said the global health crisis neither caused their plans of moving to be postponed nor expedited.
Homeownership and Personal Wealth
Seventy-five per cent of boomers own their own home, the majority of whom do not currently have a mortgage (64%). Seventeen per cent of boomer homeowners own more than one property, and 40 per cent have at least 50 per cent of their net wealth in real estate.
“The boomer generation strongly values home ownership, for good reason. Real estate has been very, very good to them,” said Soper. “Most are still working and their home equity has become the bedrock of retirement security. Financially confident, their next move is a matter of lifestyle choice.”
Seventy-eight per cent of Canadian boomers believe that home ownership is a good investment.
Boomers keep ‘bank of mom and dad’ open
As home prices continue to grow across the country, many young adults are turning to their boomer parents for help with a down payment on a property. Twenty-five per cent of boomers say they have or would consider gifting or loaning money to a child to help with the purchase of a home. In Vancouver, that figure reaches as high as 34 per cent.
“Over the past year, home values have appreciated sharply in virtually every market from coast to coast. Affordability is a major issue for young Canadians and with stricter mortgage stress test measures in place, they must clear higher hurdles,” Soper said. “Many are turning to the so-called ‘bank of mom and dad’ to achieve the dream of home ownership. The parental bank appears willing, even if it means delaying retirement.”
A recent Royal LePage and Sagen survey[3] of first-time homebuyers in Canada found that 62 per cent of respondents nationwide felt anxious about missing out on a property they wanted because of an insufficient down payment, before buying their first home. That figure increased to 75 per cent in Toronto and 69 per cent in Vancouver.
Seventy-nine per cent of Canadian boomers do not have children living in their home. This includes boomers who are not parents. Seventeen per cent of them have adult children living at home. Seven per cent of those surveyed said they have children aged 18 to 24, and 12 per cent said they have children 25 years of age or older living at home.
Of those who have children living at home, 43 per cent plan to stay in their current property once their kids have moved out. Meanwhile, 21 per cent said they do not foresee their children leaving.
By the end of this decade, all boomers will be 65 or older, which typically coincides with retirement in Canada. Twenty-seven per cent of boomers who are currently working said they would consider delaying retirement to help their children with a down payment on a home.
For all regional and national responses, click here: rlp.ca/table_boomersurvey2021
Regional Summaries
Atlantic Canada
Twenty-nine per cent of boomers in Atlantic Canada are considering purchasing a home within the next five years. Seventy-eight per cent of boomers in the Maritimes own their own home, the majority of whom do not currently have a mortgage (72%), which is among the highest rates in Canada.
“The affordability of real estate in Atlantic Canada allows homeowners to pay off their loans quicker and enter retirement mortgage-free,” said Glenn Larkin, sales representative, Royal LePage Vision Realty, in St. John’s, Newfoundland.
Sixteen per cent of boomer homeowners in the region own more than one property, and 21 per cent have at least 50 per cent of their net wealth in real estate. More than two-thirds (67%) of respondents said they would purchase a detached house if they were to buy, while 11 per cent said they would prefer an apartment/condominium.
“Although home prices are more affordable in the Maritimes, some first-time buyers are finding current market conditions challenging, as prices have appreciated at record rates, partially driven by a surge of out-of-province buyers over the last year,” continued Larkin. “Many parents with the ability to do so, are helping their children with a down payment. Often they are using some of the profit from the sale of their own family home.”
Nineteen per cent of respondents in Atlantic Canada are likely to assist, or have assisted, a child financially with the purchase of a home, the lowest rate of all surveyed regions in the country.
Forty-nine per cent of boomer homeowners in Atlantic Canada said they would prefer to renovate their existing home rather than purchase another, and an additional 26 per cent said they would consider it.
For all regional and national responses, click here: rlp.ca/table_boomersurvey2021
Quebec
Twenty-nine per cent of boomers in Quebec are considering purchasing a home within the next five years, which is among the lowest rates in Canada. At 62 per cent, Montreal has the lowest rate of home ownership among boomers. That figure rises to 67 per cent in the province, the majority of whom do not currently have a mortgage (57%). Sixteen per cent of boomer homeowners in Quebec own more than one property, and 34 per cent have at least 50 per cent of their net wealth in real estate.
More than half (53%) of respondents in Quebec said they would purchase a detached house if they were to buy, while 20 per cent said they would prefer an apartment/condominium.
Of the 29 per cent of boomers in Quebec who are considering purchasing a primary residence in the next five years, 62 per cent say they would consider moving to a rural or recreational region. Thirty-two per cent say they would consider purchasing a larger home than the one they currently reside in, 53 per cent would consider a similarly-sized property, and 59 per cent would consider downsizing (55% in Montreal). Respondents were able to choose more than one answer. The most popular reason among Quebec boomers for downsizing is less home maintenance (72%). Other popular choices include the ability to free up money for things like retirement (36%), travel (21%), and to help their children purchase a home (13%). Montreal respondents who are considering to downsize also value the ability to free up money for retirement (41%), travel (21%), and to help their children purchase a home (15%).
“While the expectation may have been that boomers would downsize into condominiums en masse, the proportion of Quebec boomers looking to move into a larger property is among the highest in Canada,” said Georges Gaucher, broker and owner, Royal LePage Village. “Although prices continue to rise in the Belle Province, it remains one of the most affordable markets in the country.”
Twenty-four per cent of respondents in Quebec are likely to assist a child financially with the purchase of a home.
Sixty-two per cent of boomer homeowners in Quebec said they would prefer to renovate their existing home rather than purchase another, among the highest rates of all the regions surveyed. An additional 21 per cent said they would consider it.
“We expect that as COVID-19 safety restrictions continue to be lifted and as the vaccination campaign progresses, some Quebec boomers will put their homes on the market, which will improve inventory selection for potential buyers,” added Gaucher. “However, while the variety of listings will improve, boomers who are selling are also expected to purchase. This will add more competition to the market.”
For all regional and national responses, including Montreal, click here: rlp.ca/table_boomersurvey2021
Ontario
Slightly higher than the national average, 37 per cent of boomers in Ontario are considering purchasing a home within the next five years (41% in Toronto). Seventy-six per cent of boomers in the province own their own home, the majority of whom do not currently have a mortgage (64% and 60% in Toronto). Sixteen per cent of boomer homeowners in the province own more than one property, and 46 per cent have at least 50 per cent of their net wealth in real estate. In Toronto that number reaches 54 per cent, the highest of all census metropolitan areas surveyed.
“The pandemic has left a lasting impact on many younger boomers who are trying to get more from their home after a year of COVID-19 related health restrictions. Many are looking for more space to entertain, help out with the grandkids or continue to work remotely. Not all boomers have the luxury to upgrade to a larger space, but the desire is there,” said Cailey Heaps, who leads the Heaps Estrin Team, Royal LePage Real Estate Services, in Toronto.
More than half (59%) of Ontario boomers said they would purchase a detached house if they were to buy, while 19 per cent said they would prefer an apartment/condominium.
Of the 37 per cent of boomers in Ontario who say they are considering purchasing a primary residence in the next five years, 56 per cent say they would consider moving to a rural or recreational region. Twenty-five per cent say they would consider purchasing a larger home than the one they currently reside in (26% in Toronto), 54 per cent would consider a similarly-sized property (57% in Toronto), and 66 per cent would consider downsizing (59% in Toronto). Respondents were able to choose more than one option. The most popular reason for downsizing is less home maintenance (73%). Other popular choices include the ability to free up money for things like retirement (38%), travel (35%), and to help their children purchase a home (11%). Toronto boomers who are considering to downsize also value the ability to free up money for retirement (49%), travel (42%), and to help their children purchase a home (16%).
Twenty-four per cent of respondents in Ontario are likely to assist a child financially with the purchase of a home (29% in Toronto).
“Boomers who own property in Ontario have seen their equity grow while making memories in their family home. They want the same experience for their children and feel a sense of urgency, as prices are becoming more out of reach, to help get them on the property ladder,” said Heaps. “While competition is high across the province, Toronto remains a particularly difficult market to get into because of the higher price point. For some younger buyers, help from parents will determine whether they can purchase at all.”
Fifty-two per cent of boomer homeowners in Ontario said they would prefer to renovate their existing home rather than purchase another, and an additional 23 per cent said they would consider it.
For all regional and national responses, including Toronto, click here: rlp.ca/table_boomersurvey2021
Prairies (Saskatchewan and Manitoba)
Thirty-two per cent of boomers in the Prairies are considering purchasing a home within the next five years. Home ownership among boomers is higher than the national average with 78 per cent of Prairie boomers owning their own home, the majority of whom do not currently have a mortgage (66%). Twenty-one per cent of boomer homeowners in the region own more than one property, and 35 per cent have at least 50 per cent of their net wealth in real estate.
“I’ve seen many cases where boomers have moved to their secondary properties on the lake in retirement, but they don’t always sell their primary residences,” said Norm Fisher, broker and owner, Royal LePage Vidorra, in Saskatoon, Saskatchewan. “Home prices are more affordable in Saskatchewan, so established homeowners can afford to keep both.”
More than half (57%) of respondents in the Prairies said they would purchase a detached house if they were to buy, while 26 per cent said they would prefer an apartment/condominium.
“Most boomers are not eager to move into a significantly smaller space, but they do want a home that requires less maintenance, and won’t be a burden on their family or friends if they choose to spend several months away in the winter,” said Chris Pennycook, sales representative, Royal LePage Dynamic Real Estate, in Winnipeg, Manitoba.
Twenty-four per cent of boomers in the Prairies are likely to assist their children financially with the purchase of a home.
“I’ve been in real estate for 35 years. Young people getting financial help to buy their first home is not a new trend, but I can’t remember a time when parents, and in some cases grandparents, have helped this much,” added Pennycook.
Forty-one per cent of boomer homeowners in the Prairies said they would prefer to renovate their existing home rather than purchase another. An additional 31 per cent said they would consider it.
For all regional and national responses, click here: rlp.ca/table_boomersurvey2021
Alberta
Forty-one per cent of boomers in Alberta are considering purchasing a home within the next five years. At 84 per cent, Alberta has one of the highest rates of home ownership among boomers, the majority of whom do not currently have a mortgage (67%). Thirty-six per cent have at least 50 per cent of their net wealth in real estate. Twenty-four per cent of boomer homeowners in the province own more than one property.
“Owning a second property is common in Alberta as either a recreational property or as an investment. Real estate is highly affordable and has great value. You can buy a condo in Edmonton’s city centre as a student rental for less than $130,000,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate, in Edmonton.
More than half (58%) of respondents in Alberta said they would purchase a detached house if they were to buy, while 13 per cent said they would prefer an apartment/condominium.
“Boomers in Calgary typically belong to one of two schools of thought: those who want to age in place if they can, and those who want to downsize into a bungalow or villa-style community,” said Corinne Lyall, broker and owner, Royal LePage Benchmark, in Calgary. “Downsizing does not necessarily mean moving into a condo. The preference for most is to have a smaller house with less maintenance.”
Of the 41 per cent of boomers in Alberta who say they are considering purchasing a primary residence in the next five years, 55 per cent say they would consider moving to a rural or recreational region. Seventeen per cent say they would consider purchasing a larger home than the one they currently reside in, 58 per cent would consider a similarly-sized property, and 66 per cent would consider downsizing. Respondents were able to choose more than one option. The most popular reason for downsizing is less home maintenance (70%). Other popular choices include the ability to free up money for things like retirement (36%), travel (28%), and to help their children purchase a home (6%).
Twenty-nine per cent of respondents in Alberta are likely to assist a child financially with the purchase of a home.
“Many boomers have built up significant wealth in real estate. It is common to see parents give financial gifts to adult children to help them own their own home nearby. This allows them to support each other, as often we see grandparents helping out with their grandkids,” added Shearer.
Nearly half (49%) of boomer homeowners in Alberta said they would prefer to renovate their existing home rather than purchase another, and an additional 24 per cent said they would consider it.
For all regional and national responses, click here: rlp.ca/table_boomersurvey2021
British Columbia
Thirty-nine per cent of boomers in British Columbia are considering purchasing a home within the next five years.
“Boomers are the most affluent generation in Canadian history and appreciate the equity they have built up in their homes,” said Caroline Baile, associate broker, Royal LePage Sussex, in North Vancouver. “While many did not have an immediate need to move due to additional space requirements, as safety restrictions are lifted and the vaccine roll-out is in full gear, many boomers will again think about their next move.”
Seventy-nine per cent of boomers in the province own their own home (73% in Vancouver), the majority of whom do not currently have a mortgage (66% and 64% in Vancouver). In B.C., 18 per cent of boomer homeowners currently own more than one property, and 48 per cent have at least 50 per cent of their net wealth in real estate, one of the highest rates of all regions surveyed in Canada.
More than half (54%) of respondents in B.C. said they would purchase a detached house if they were to buy, while 19 per cent said they would prefer an apartment/condominium.
“The trend we’re noticing among this group is rightsizing, rather than downsizing. They may choose a slightly smaller home, but they still want some outdoor space and room to entertain,” continued Baile. “Townhomes are very popular today among younger boomers, who aren’t quite ready for a condo but enjoy the freedom of a property with lower maintenance.”
Of the 39 per cent of boomers in B.C. who say they are considering purchasing a primary residence in the next five years, half say they would consider moving to a rural or recreational region. Thirty-six per cent say they would consider purchasing a larger home than the one they currently reside in, 64 per cent would consider a similarly-sized property, and 59 per cent would consider downsizing. Respondents were able to choose more than one option. The most popular reason for downsizing is less home maintenance (55%). Other popular choices include the ability to free up money for things like retirement (45%), travel (30%), and to help their children purchase a home (9%).
Thirty-one per cent of respondents in B.C. are likely to assist a child financially with the purchase of a home. That number jumps to 34 per cent in Vancouver.
Forty-five per cent of boomer homeowners in B.C. said they would prefer to renovate their existing home rather than purchase another, and an additional 27 per cent said they would consider it.
For all regional and national responses, including Vancouver, click here: rlp.ca/table_boomersurvey2021
Posted on
June 14, 2021
by
Marie Taverna
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
Posted on
June 14, 2021
by
Marie Taverna
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 guidelines.
Posted on
June 8, 2021
by
Marie Taverna
Bank of Canada Interest Rate Announcement - June 9, 2021
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The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent target. The Bank projects that will not occur until the second half of 2022. The Bank is also continuing its quantitative easing (QE) program, purchasing at least $3 billion of Government of Canada bonds per week. In the statement accompanying the decision, the Bank expects that growth should pick up considerably after the second quarter in which growth was hampered by renewed lock-down measures. On inflation, the Bank expects to see headline CPI growing at near 3 per cent for much of the summer, though largely due to "base-year" effects as prices in the recovery are measured against prices, particularly gasoline prices, from last year during the COVID-19 induced recession. However, the Bank expects inflation will ease later in the year.
The most recent inflation data, as measured by the Consumer Price Index (“CPI”), showed a significant uptick of inflation to its highest level in a decade at 3.4 per cent, though largely due to a jump in energy prices compared to the early months of the pandemic. The question of whether higher than usual inflation is a temporary or more persistent is currently one of the most hotly debated topics in economics. The answer has significant implications for the conduct of monetary policy in Canada and therefore the trajectory of Canadian mortgage rates. The prevailing majority view on inflation seems to be tilted toward recent increases being a temporary phenomenon which should settle over the next year. If so, we should see an orderly unwinding of monetary stimulus with a gradual upward trajectory for mortgage rates beginning next year.
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Link: https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-june-9-2021
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Posted on
June 8, 2021
by
Marie Taverna
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.
Posted on
June 7, 2021
by
Marie Taverna
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.
Posted on
June 7, 2021
by
Marie Taverna
Do you dream of owning a little piece of cottage country heaven? Have you ever asked yourself what it would take to make that dream a reality?  
Check out this recent Royal LePage blog post for tips and considerations to help you determine if purchasing a recreational property is right for you. 
Don't forget to subscribe to the Royal LePage blog to receive weekly newsletters with new and interesting content! 
Posted on
June 7, 2021
by
Marie Taverna
Royal LePage Canada Post
Make the most of summer with a home that celebrates living indoors and out — and maybe even blurs the line between the two! 
Check out these beautiful summer decorating ideas to get your home into an easy, breezy state of mind. 
Posted on
June 7, 2021
by
Marie Taverna
In which gorgeous House & Home cottage dining space would you most like to enjoy a delicious meal (and glass of wine!) this weekend?
A. Sunny & Sleek
B. Coastal Clean
C. Farmhouse Dream
D. Modern Mood
Which is your favorite?
I love them all :)
Posted on
June 7, 2021
by
Marie Taverna
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.
Posted on
May 29, 2021
by
Marie Taverna
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 SagenTM), 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.
Posted on
May 29, 2021
by
Marie Taverna
Welcome to 705-1415 Parkway Boulevard
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.
A very, short stroll to the West Plateau Plaza with all your shopping and personal needs.
Minutes away from the Westwood Plateau Country Golf Club & Academy. Discover nature with the hiking trails.
Transit & all levels of schools very close by.
Truly a pleasure to show.
Posted on
May 12, 2021
by
Marie Taverna
Around which lovely Curated Interior coffee table would you most like to enjoy an afternoon Caffè Americano? 
A. Coastal Clean
B. Farmhouse Fresh
C. Industrial Chic
D. Scandinavian Cool
Which is your favorite?
Posted on
May 12, 2021
by
Marie Taverna
New Listing at 33-795 Noons Creek Drive in Port Moody
Welcome to Heritage Terrace Townhomes
This lovely 3 bedroom + office has 4 bathrooms on 3 levels.
Walk to everything from this gorgeous, updated townhome in a very sought-after complex. The travertine foyer welcomes you into the large, bright main level with natural cherry hardwood floors and a bay window with a south exposure.
Your huge kitchen boasts a double oven gas Kitchenaid range and French-door fridge and Bosch dishwasher (all less than 2 years old), a super-convenient portable island, and cherry wood cabinetry with quartz counters.
Upstairs, the glass banisters let in all the light. Your spacious master suite is an oasis featuring a south-facing bay window, walk-in closet, and ensuite with walk-in shower, double vanity, quartz counters, and heated floor. The on-demand hot water lets you shower for hours.
The walkout basement level features a custom walk-in glass wine cellar and roughed-in wet bar in the large, bright recreation room. The sleek, efficient fireplace and cute powder room complete this perfect entertainment or family-time relax space. Enjoy relaxing on the patio on a warm summer night.
Located minutes away from schools, shopping, Port Moody Recreation Centre, Brewery Row, restaurants. many hiking trails and even Whitepine Beach is a short drive away.
Fall in love with this home and fall in love with the neighbourhood as well.
http://www.listings.360hometours.ca/15744
Posted on
May 6, 2021
by
Marie Taverna
First time on the market this lovely custom build executive home is located at “The Uplands,” a prestigious Anmore one acre plus neighbourhood.
This home is perfect for entertaining with the elegant entry which makes a great impression, one side is the living room with custom stone gas fireplace and the other the dining room.
A chef’s kitchen with solid wood cabinets, granite counter tops, stainless steel appliances, plus an over size kitchen island, perfect for entertaining, Butlers’ pantry with sideboards, plus walk in pantry. Eating area with James Moder light fixture.
Family room has a custom fireplace, French doors leads out to the overside sundeck. Enjoy countless hours entertaining overlooking the trees. 2 natural gas hookups. Laundry room leads to the 2 back wooden decks.
Upper-level boosts 3 bedrooms. Large principal bedroom with fireplace and vaulted ceiling. Elegant ensuite with oversize shower, double sinks, and claw footed tub. Large walk-in closet for your purses and shoes. Two other large bedrooms. Large linen closet for storage.
Lower level has large recreation room with gas fireplace. Great family retreat. Two bedrooms downstairs and 4 piece bath down. This level could be easily suited with laundry hookups in walk-in closet. Large storage area.
Two over-size garage bays. Large driveway. The some of the grounds have been left natural. So many features to mention.
Spectacular view of the mountains and valley, a wonder retreat, yet close to the city.
This home was finished in 2006 with no detail missed. You always feel like you are on vacation.
http://www.listings.360hometours.ca/15743
Posted on
May 6, 2021
by
Marie Taverna
During the winter thaw, indoor upkeep is as important as prepping your garden for spring. Freshen rooms, remove allergens, and brighten the look of these five areas:
- Windows and treatments: While cleaning glass, wipe grime from sills and frames. Take this opportunity to wash drapes and remove dust from blinds.
- HVAC vents: Thoroughly vacuum and dust these areas. If anyone in your household has severe allergies or asthma, consider hiring a professional duct cleaning service to remove buildup that can encourage mould growth and dust mites.
- Furniture and walls: Wipe down walls and use a small brush to clean accent areas where dirt hides. Spot clean hard-to-reach places and previously unseen splatters, crayon markings, and grease marks.
- Carpets and upholstery: Floor coverings need regular attention from your vacuum – sweep up “dust bunnies” and cobwebs from every corner and mop any exposed flooring. Carefully apply sprays or cleaning products to remove stains (after testing in an inconspicuous area). It may also be time for a thorough shampooing – rent a professional machine to sanitize the padding underneath and remove moisture.
- Ceiling Fans: Dust blades before turning them on – otherwise, you might undo all the work you’ve done cleaning the rest of the room! Unseen allergy irritants and mould can reduce a home’s value. Make an annual date to “detail” your house; you’ll keep it in prime condition for years to come.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.