SURREY, BC — With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

 To read the full statistics package, click here

A lush lawn and blooming flower beds are the pride and joy of many homeowners. Canada’s harsh winters, however, can quickly squash the hard work you’ve put into nurturing and maintaining your outdoor spaces during the summer months. To ensure that your backyard gets off to a good start when spring arrives, a little prep work before the snow hits can do a world of good.

Help prepare your lawn and garden for colder weather this year by following these winterization tips.

Care for your annuals and perennials

When it comes to winterizing your garden beds, show your plants and flowers some love. Start by removing any annuals (plants that are only around for one growing season, such as sunflowers, tomatoes and varieties of lettuce). Removing annuals will rid your beds of lingering bacteria, and prevent any potential pests or diseases from building up during the winter.

For your perennial plants, give them a healthy trim back and a final water before the end of the season. Perennials with large and dense roots can be cut and divided into smaller plants to support better regrowth in the spring.

Bring delicate plants, such as succulents or potted bulbs, indoors to prevent frost damage. Cover any shrubs or plants that can’t be moved inside with landscape fabric or burlap to protect them from harsh weather conditions.

Get down in the dirt

Just like your plants, your soil also needs some help preparing for the winter ahead. Remove any weeds, dead plant debris and buried root vegetables from your soil before the first hard frost sets in. Spread mulch over your soil and around the base of trees to provide a protective layer from frost and a barrier that will help to keep moisture and temperature levels consistent for your plants. When cleaning up your soil, you may also want to consider planting bulbs for the following spring, such as crocus, tulips and daffodils.

Show your lawn a little TLC

The ground gets compacted and cold during the winter, which can make it difficult for lawns to recover post-thaw. Help your lawn out by aerating it in the fall to loosen soil and ensure better drainage. Instead of raking all of the tree leaves off of your lawn, cut your grass long — approximately two to three inches high — and leave a layer of shredded leaves on top. Mowing the leaves into tiny pieces will allow your lawn’s soil to absorb nutrients from the fallen debris more efficiently while still letting light and moisture through. In low-traffic areas where your lawn is patchy and damaged, overseed in the early fall for best results in the spring.

Add a boost of nutrients

As your garden prepares for hibernation, it helps to give your outdoor greens some needed nourishment.

If you have a compost bin, sprinkle this material on your flower beds to help them replenish their nutrients post-winter, and top up your bin with any leaves, grass clippings or debris from your winterization clean up. You can give your lawn a final dose of sustenance too with the help of special winter grass fertilizer that contains nitrogen and potash.

Not all of your fallen leaves have to end up in paper bags. Instead, add mulched leaves to your perennial flower beds and vegetable gardens as an insulating layer and a source of valuable nutrients for the soil.

Contributor

Michelle McNally

Communications manager, Royal LePage

No matter your age, Halloween can be one of the most playful, spirited (and spooky!) times of the year. It only occurs once every 365 days, so why not make the most of it and step into some festive fall fun?! We’ve rounded up five of our favourite, most memorable ways to celebrate the season – from adorning your home with hauntingly boo-tiful holiday decor, to indulging in devilishly decadent Halloween-inspired recipes. 

The countdown to October 31st is already on. Here are our ghoul-proof ideas to ensure a spooktacular Halloween that is all treat… and no trick!

1. Decorate with drama: Spook up your home indoors and out with chic Halloween decor that reflects your personal style. Stick to a colour palette for your decorations, incorporating only a few shades, to maintain a cohesive seasonal look. Don’t be afraid to shy away from orange and black – pastels, metallics, and rich autumn hues also make for tasteful and modern Halloween decor colours.

2. Make your home an Instagram-worthy backdrop: Who said costumes are only for children? Take things a step further and snap ultra-Instagrammable photos all night by tailoring your Halloween home decor to match your ensemble. Give yourself spirit points by coordinating costumes with friends, family, or even your pet! Explore your imaginative side and get fully into character with funky wigs, exaggerated makeup, and thoughtfully-paired accessories to really bring your costume to life. 

3. Get crafty: We can’t think of a better way to get into the Halloween spirit than rolling up your creative sleeves with the kiddos for home decor DIY magic. Check out Pinterest for pumpkin masterpiece inspiration, add some flair to your front door by designing a frighteningly stylish Halloween wreath, or craft up a seasonal holiday countdown calendar. There’s a fun and festive project for every family member to enjoy and bond over.

4. Spook your entertainment space: You saw this one coming! Halloween and scary movie marathons go hand-in-hand. How about a costume party? Get your space ready with a generous stash of tasty seasonal treats, plush flannel blankets to snuggle up in, and your favourite pals to survive a hauntingly good night! Elevate the cozy factor with aromatic autumn candles – mahogany teakwood, vanilla pumpkin swirl, and luscious amber are fa-boo-lous fall scents that bring richness and warmth to any space.

5. Make it sweet: Is it ever really a celebration without holiday-themed snacks? Be the “ghostess” with the mostest this year and whip up some heavenly Halloween-inspired desserts that are scary-good. From haunted gingerbread houses and drool-worthy pumpkin cheesecakes, to candy corn caramel apples and bat-shaped peanut butter cookies, there’s no better excuse than Halloween to surrender to your sugar cravings and dive into some wickedly delicious seasonal baking.

Anne-Elise Cugliari Allegritti

Director of Communications, Royal LePage

Fall is a beautiful time of year. As the leaves change colour, pumpkin patches open, and people enjoy spiced lattes and sweater weather, it’s only fitting to add a little fall flair to your home as well. And, seasonal décor doesn’t have to be difficult or break the bank. 

Just in time for the Thanksgiving long weekend, here are some simple tips to warm up your home and a touch of autumn to your style:  

Warm up your front entrance

Adorn the front of your home with fall-inspired welcome mats, wooden crates, and squash in various shapes and sizes. The beauty of fall is that there is no symmetry needed. Scatter different sized boxes, fall signs and a mix of small and large decorative pumpkins (real or fake). Hang a fall wreath made of twigs, and add a brown, orange or burgundy ribbon for a pop of colour. 

Decorate your dining space

Beautify your home indoors with orange and earthy tones. Add a table runner, some coloured napkins on the table, and coordinating candles in the scents of the season. You can elevate your seasonal look with small squashes and gourds as centerpieces. And, don’t be afraid to bring the outside in… Design your own table arrangement with twigs, leaves and pine cones you collect. 

Add a cookie and coffee station

Nothing says fall like warm beverages and treats while enjoying the crisp air! Impress your guests with a coffee and tea station. Set up cups, specialty teas displayed in a glass bottle, hot coffee and flavoured syrups in a section of your dining room or kitchen. Use risers or wooden trays to give the display some complexity. Add a cookie jar or cake stand with some fall goodies such as butter tarts, chocolate chip cookies, or brownies. You can also have a seasonal fruit basket with apples and pears. 

Make it cozy

Celebrate fall with comfort by adding aromatic autumn candles… Think cinnamon, vanilla, pumpkin spice scents. Light them in the evenings for ambiance. Add fall-themed throw cushions, and add an earthy-toned warm blanket on your couch (check out Pinterest for inspiration on how to arrange pillows and blankets).

These simple tricks can elevate your home decor and make it feel as warm as your pumpkin or apple pie this season!

Anne-Elise Cugliari Allegritti

Director of Communications, Royal LePage

The season of pumpkin spice is once again upon us, and so are fall decorating traditions. For many of us, the transition from summer to fall is a nostalgic time to break out the spooky decor, unpack the turkey-themed table runner and adorn the front door with our favourite fall wreath. But, if dressing up the house with orange pumpkins and burlap year after year is getting a bit stale over time, there’s no harm in shaking up your fall decorating choices this season.

Here are four new 2023 fall decor trends you can try in your home (sans pumpkins):

Earthy tones

Fall colours are traditionally defined by shades of orange, red and brown. This year, more earth-like tones are making their way into home, including varieties of sage green, warm beige and caramel, rustic brick red and earthy terracotta. You can achieve this softer, more muted fall look through coloured glassware, cushion covers, ceramics, blankets and other housewares that are easy to swap out when the seasons change. If you’re looking to add a contrasting statement piece to your interior this fall, try introducing an eye-catching accent colour with a hint of black, indigo or copper.

Rustic touches

Rustic furniture is a staple in fall design this year. Building off of the theme of warm and earth-inspired interiors, distressed or vintage finds will bring a touch of charm to your home this season. The most economical and environmentally-friendly way to pull off this look is with the help of your local thrift store or online marketplaces, where you’re likely to find an array of second-hand furniture, rugs and trinkets. You don’t need to spend a lot to add a ton of character to your space.

Layered textures

As the temperature drops, we tend to layer up with different fabrics to keep our bodies warm – it’s no different for our homes.

This fall, mix and match different layers of textures and fabrics for an extra cozy feel. Whether it’s your bedding, accent cushions or rugs, get creative with different textiles, such as wool, knit, velvet, satin and cashmere. If your interior tastes are more neutral, you can still achieve this trend with a monochromatic colour palette to elevate your home.

Fruits and flowers

Move aside pumpkins – fruits are all the rage this year. Instead of opting for your typical array of white and orange gourds, fruits are taking centre stage in 2023. Seasonal fruits, such as apples, figs and pears, can be repurposed as place cards or arranged in bowls for a less expected fall centrepiece. Alternatively, you can showcase fruits through decorative flatware and table textiles, such as fabric napkins. If fruits aren’t really your thing, opt for dried florals instead like pampas grass, sunflowers or wheat stalks to add a touch of ‘Cottage Core’ to your living space.

Bonus tip: Give attention to outdoor spaces

Mild weather is known to last into mid-October in some parts of the country, meaning we can use our beloved outdoor spaces for longer periods of time. Show your balcony, patio or backyard some fall decor love too by dressing it up with lanterns, wreaths and seasonal flowers, such as chrysanthemums or hydrangeas. Add a touch of coziness around your outdoor fireplace or sitting area with water-resistant pillows and blankets in your favourite fall colours and patterns.

Contributor

Michelle McNally

Communications manager, Royal LePage

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Effective December 15, 2024, the Government of Canada has increased the purchase price limit applicable to insurable mortgages from $1 million to $1.5 million, aligning with current market conditions. This means buyers can qualify for a high-ratio (less than 20% down) mortgage on home purchases up to $1.5 million, versus the current cap of $1 million. The government also announced an expansion of eligibility for 30-year mortgage amortizations, making 30-year mortgages available to all first-time homebuyers and to all buyers of new builds. These changes aim to make homeownership more accessible by reducing monthly payments and enabling more Canadians to qualify for mortgages with smaller down payments. 

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Try these tips to maximize your footprint

GlucksteinHome Allegra daybed, GlucksteinElements Colton area rug, Ashcroft one light pendant

Let’s face it, if you’re after an urban address the chances are you’re trading a sprawling backyard for a city view and sacrificing some square footage along the way. Small space living forces you to be organized, get creative with your design choices, and make some compromises, but it can also be a cozy and charming retreat at the end of the day. If you’re looking to make your space feel bigger, try these pro tips to maximize your home’s footprint.

Use a Light Palette

Using a lighter colour palette throughout your home is easily one of the quickest ways to make a room feel bigger. Keep both walls and upholstered furniture pieces in light shades for the biggest impact. Another trick is to paint walls and ceilings in the same colour. It creates a seamless look and highlights the architecture of the room. Don’t forget to warm up your space with wood or brass accents. And layer in natural textures like a wool rug or chunky knit throw for cozy feel.

More design advice: How to make the most of your home office

Add in Mirrors

In some cases, the challenge with a smaller room is the lack of light. Use mirrors to create continuous sightlines and the illusion of a bigger space. Placed next to a window, a mirror will reflect the natural light along with the view. And don’t forget to think beyond the walls – a mirrored coffee table or kitchen backsplash can help achieve the same reflective effect.

Shop GlucksteinElements mirrors at The Home Depot Canada

Look to Leggy Furniture

If you want to make your space feel bigger, you’ll want to keep light flowing through for an airy feel. Take a look at your furniture. Chunkier pieces that sit low to the ground will break up the room and make it feel smaller. On the other hand, a slender profile sofa, sleek coffee table, or dining chair with a streamlined frame will help the room feel open and spacious.

Shop GlucksteinHome furniture at Hudson’s Bay

Rethink Your Window Coverings

Heavy drapery panels can add unwanted bulk and weight to a room, particularly in a smaller home. Instead, opt for light sheer drapery panels or roman blings to keep it breezy and bright in your space. Layering both options will maximizes the light darkening effect in rooms that need a bit more privacy.

GlucksteinElements Stripe light filtering drapery panels, Ashton brushed nickel drapery hardware

Shop GlucksteinElements drapery panels at The Home Depot Canada

Shop GlucksteinElements drapery hardware at The Home Depot Canada

Consider Circulation + Flow

Living in a small space will help you embrace your minimalist side. When selecting furniture, the goal is to have enough pieces to be comfortable but also enough space to circulate around the room. Double duty pieces are the urban dweller’s best friend and can always be reused if and when you move to a larger home. Don’t discount the value of a tidy home ether. Clutter is not only a physical distraction but a visual one as well.

More design advice: Space-saving tips for small bedrooms

Photography by A Plus Creative

Recovery Anticipated Following Interest Rate Reductions

Homes across the Greater Vancouver Region continued to sell, with steady activity

following three consecutive 25-basis-point interest rate cuts by the Bank of Canada—

the first time this has happened since the 2009 financial crisis. While analysts

anticipated a more robust second half of the year, there is still optimism for a positive

shift in the market in the coming months despite September’s more moderate

performance.

“Real estate watchers have been monitoring the data for signs of renewed strength in

demand in response to recent mortgage rate reductions, but the September figures

don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of

economics and data analytics said.

The average property in Greater Vancouver sold for $1,255,644 in September,

reflecting flat growth month-over-month and a 3.7 per cent decline compared to last

year. However, this overall figure doesn’t fully capture the contrasting trends between

the detached and condo markets, which show more divergence. The market remains

well-supplied, with 14,346 active listings by the end of the month. New listings also

surged, with 6,138 properties added in September. Sales totalled 1,838, showing

modest declines of 3 per cent from the previous month and 4 per cent year-over-year.

The detached market showed a notable rebound after months of decline. Having

dropped from an average sales price of $2,348,003 in June to just under $2.1 million in

August, the average detached property sold for $2,190,630 in September. This marked

a $97,928 monthly increase, bringing the annual price change to slightly above par.

Inventory for detached homes rose to 5,784 units, a 25 per cent year-over-year

increase, while sales saw a 1 per cent monthly gain—the first increase in three months.

On the other hand, the condo market experienced a significant pullback, with the

average sales price falling $75,621, resulting in an average price of $766,822. This

$75,000 monthly drop represents the largest single-month condo price decline on

record. While average prices can be volatile, the median price also reflected this

downturn, marking the second-largest monthly decline on record by this measure as

well.

With an ample supply of 6,353 condos 31 per cent above the ten-year monthly average

—price pressures have intensified. The 914 condo sales in September represented a

24 per cent decline compared to the ten-year monthly average.

The townhome market had a steadier month, avoiding the volatility seen in other

segments. The average townhome sold for $1,110,914, reflecting a 1.5 per cent

monthly gain. Inventory levels increased to 1,651 active listings, marking a 6 per cent

monthly gain and a 42 per cent year-over-year increase. Sales totalled 316 units,

representing an 11 per cent monthly gain and a 4 per cent increase year-over-year.

Looking ahead, the Greater Vancouver real estate market remains in a period of

transition. While interest rate cuts by the Bank of Canada have provided some relief,

their impact on buyer activity and pricing has yet to fully materialize. Inventory levels

across all property types are higher than historical averages, putting downward

pressure on prices in some segments, especially condos. However, with steady

demand and continued interest rate adjustments, there is potential for a stronger

performance in the final quarter of the year.

As the air gets crisp and the leaves start to change, there’s no better time to cozy up and embrace the season of warmth, comfort, and home. Whether you're enjoying the beauty of fall colours or preparing for the cooler months ahead, we're here to help you find the perfect space to make the most of this season.

Advantages of Selling Your Home in the Fall & Winter

So you are thinking would the Fall and Winter times really be a good time to but our home on the market?

The answer is yes, people do move all year round. We often think Spring is more popular than other times of the year, but there are active Buyers out there all the time and some are just waiting for that special home to go on the market.

Often Buyers have more time at this time of year as there are less activities during the winter months, which makes it a more convenient time to research property listings to find their next home to buy.

Did you know that most corporate moves and transfers take place during the month of January. Many of these transfers include a house purchase as well. Often these purchasers scout a new home out in the last part of the year, around the holidays.

There are many advantages to this time of the year:

-There is less competition, as some Sellers have taken their homes off the market and are waiting for Spring, when there is lots of inventory for you to compete with

-The Buyers at this time of the are often more serious

-Homes shows well as home owners get the home ready for holiday season and more attention to details is spent inside the home.

Some tips-

-Clean up fallen leaves and debris and keep sidewalks clear of snow and ice

-Place a floor mat inside the front door for wet shoes

-If putting up seasonal decorations just don't do National Lampoons Christmas Vacation home with 10,000 lights.

Turn on all the fireplaces, the flickering flames and warmth from a fire provide a romantic atmosphere that is a wonderful incentive for a prospective buyer to purchase your home. Light scented candles through some of the rooms. Now there are battery operated ones that do the trick.

Turn up your furnace before the prospective buyer arrives to view your home. If your kitchen seems to cooler than the rest of the house, turn your oven on for about an hour before the buyer is due to arrive. The oven will provide extra warmth in your kitchen.  

Sometimes the yard doesn't look its best at this time of year, so if you have some photos of the Spring and Summer garden, have them handy for the prospective purchaser to see.  Even pictures with the sundeck setup with patio furniture and potted plants.

Selling a home in the fall and winter has many advantages and the key is to highlight what makes your house a home during this time of the year when everyone is settling in for the winter.

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30-year mortgage amortization period extended for all first-time homebuyers and all new construction purchasers, plus a $500,000 increase to the insured mortgage cap

Those looking to buy their first home will soon be able to take advantage of a 30-year mortgage and expanded borrowing powers, regardless of the home they buy. 

On September 16th, the Government of Canada revealed that it would be expanding eligibility for 30-year amortizations on insured mortgages to all first-time homebuyers, and to all purchasers of new construction properties. The policy will come into effect on December 15th, 2024. Currently, the maximum amortization period for insured mortgages – mortgages that have less than a 20% down payment and therefore require mortgage insurance – is limited to 25 years.

By lengthening mortgage amortization periods by another five years, the federal government says monthly mortgage payments will be reduced, making housing more affordable for young Canadians. The upgraded policy would also incentivize developers to build more new housing. 

This latest amendment to mortgage rules comes just one month after 30-year amortizations for insured mortgages were announced for first-time homebuyers of new construction homes. The policy officially came into effect on August 1st.

Insured mortgage cap increased to $1.5 million 

In addition to longer amortization periods, the federal government has also increased the limit on insured mortgages. As of December 15th, the insured mortgage cap will be increased from $1 million to $1.5 million. 

“Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance, said in a press release. “We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”

Under current rules, mortgage insurance is limited to homes purchased under $1 million, meaning anyone searching for a home in the seven-figure price range is automatically required to put down a minimum of 20% of the purchase price as a down payment. This can be limiting to homebuyers in the country’s most expensive real estate markets, Vancouver and Toronto, where average home prices often surpass $1 million. 

“The decision to lengthen insured mortgage amortizations and boost the mortgage insurance cap will give many first-time buyers across the country a much-needed leg up on accessing the property ladder. For many homebuyer hopefuls, the monthly mortgage payment is often the deciding factor between a property that fits in their budget and one that doesn’t. An extra few years to spread out those payments will help many purchasers make the transition from renter to homeowner. Those shopping in Canada’s most expensive markets, where home prices over $1 million are the norm, will also find it a little easier to get into the market,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. 

“The implementation of these new rules will likely follow another cut to interest rates, or two.  The Bank of Canada’s next scheduled announcements are on October 23rd and December 11th. Lower borrowing costs, combined with these extended mortgage powers, may stir first-time buyer demand in the months ahead, setting the stage for a robust spring market in 2025.”

Do you qualify under the new mortgage policies?

In order to take advantage of the increased mortgage cap and 30-year mortgage amortizations, you must be a first-time homebuyer in Canada. Here are the basic requirements:

• The borrower has never purchased a home before.
• In the last four years, the borrower has not occupied a home as a principal residence that either they or their current spouse or common-law partner have owned.
• If the borrower recently experienced the breakdown of a marriage or common-law partnership, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.
• To be considered a new construction property, the new home must not have been previously occupied for residential purposes.

Thirty-year amortizations were first announced in the 2024 federal budget released earlier this year, alongside other housing measures for Canadians. Read more about all of the proposed housing measures here. 

Sales of luxury homes were up in the first eight months of 2024 compared to the same period last year in most major cities

From surging buyer demand to fluctuating interest rates, the Canadian housing market has seen its fair share of ups and downs since the onset of the pandemic. Through it all, home prices in the country’s luxury markets have stayed relatively stable, weathering the ever-evolving market landscape.

According to the 2024 Royal LePage® Carriage Trade® Luxury Market Report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.

“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”

While transaction volumes in the high-end property segment are lower relative to the mainstream residential market, luxury markets in the Prairie provinces recorded some of the largest gains in sales activity year over year in the first eight months of 2024, led by Winnipeg, with Edmonton and Calgary close behind. This is reflective of the strong state of their overall markets, especially Alberta, which has proven more resilient than most of the country over the past year. This is due to its continued strong demand from out-of-province buyers. Outside of the Prairies, Quebec City has also recorded strong luxury sales growth this year.

Looking ahead, experts in all major cities across Canada expect to see brisk activity in the fall market.

Luxury buyers feel boost of confidence, fueling sales

According to Royal LePage regional luxury market experts, buyers in this segment are discerning. In some regions, the high cost of construction is driving demand in the resale segment, where buyers are seeking fully-renovated, turn-key properties. In other areas, buyers prefer to build the custom home of their dreams, despite high cost construction costs and extended timelines.

“Luxury buyers typically have the means to be picky. Their home buying decisions are shaped by more than the desire to live in a particular neighbourhood or to enjoy very specific high-end features and amenities. Often, their decision whether to buy or not is driven by their confidence in the health of the overall economy and the direction they see housing prices headed. Our research shows those in the higher end of the housing market have a very positive outlook on the long-term stability and appreciation potential of Canada’s housing stock,” noted Soper.

“Many buyers in the luxury market segment do not require high-leverage mortgages, where the amount borrowed relative to the value of the underlying property is large. In fact, it is common to see expensive homes purchased with very substantial down payments, or even fully in cash. Thus, luxury homebuyers as a rule are not as heavily impacted by high interest rates as the average consumer. It is primarily the positive impact on macroeconomic factors that will encourage new buyers in the luxury segment.”

Here are a few highlights from the 2024 Royal LePage Carriage Trade Luxury Market Report:

• Halifax’s luxury real estate market recorded highest year-over-year median price appreciation in the first eight months of 2024, with gains of 8.6%.
• Luxury property prices in Toronto posted year-over-year increase of 3.9%, while Vancouver and Montreal recorded modest declines of 1.8% and 2.8%, respectively.
• Sales activity in Winnipeg’s luxury market recorded greatest year-over-year increase with 61.9% jump, taking into account low transaction volumes.
• 2023 foreign buyer ban has had no material impact on prices or available inventory in most markets