The price of a home in Canada increased 2.2% in Q4 2019
According to the Royal LePage House Price Survey1, the aggregate price of a home in Canada increased 2.2 per cent year-over-year to $648,544 in the fourth quarter of 2019. Similar to the third quarter, potential buyers are continuing to come back to the real estate market. In the first half of 2019, buyers had remained largely at the sidelines waiting to gauge the potential impact of the federal mortgage stress test.
"The federal government has signaled that changes could come to the mortgage stress test mechanism in 2020," said Phil Soper, president and CEO, Royal LePage. "The stress test pushed people out of real estate markets across Canada temporarily. For the most part, buyers have adjusted, yet it still represents a significant hurdle as families pursue the dream of owning their own home."
Soper added that the impact of the regulations-driven drop in demand is felt very differently in different parts of the country.
"We believe policy makers have the necessary experience to modify the tool to meet the reality of today's Canada – that we have very different and varied economies, and by extension housing policy needs, from region to region," said Soper.
The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation's largest real estate markets. When broken out by housing type, the median price of a two-storey home rose 2.3 per cent year-over-year to $761,817, while the median price of a bungalow increased modestly by 0.7 per cent to $537,622.
Across Canada, condominiums remained the fastest appreciating housing type, with the median price rising 3.3 per cent year-over-year to $487,525. Largely, condominium data is weighted towards the country's largest urban centres where the majority of them are found. The median price of a condominium rose 7.8 per cent year-over-year to $565,919 in the Greater Toronto Area and 4.4 per cent year-over-year in the Greater Montreal Area to $338,148 during the fourth quarter. However, national price gains were offset by year-over-year declines in Greater Vancouver's real estate market where the median price of a condominium decreased 3.4 per cent to $645,607.
1Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions.
Spring cleaning 101
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:
Moving out? Try these packing tips
Protect.Important papers and belongings with sentimental value should be collected and set aside. Paint and chemicals can be hazardous to box and put on a moving truck. Designate a special area to store these items as it is best to transport them yourself, if possible.
Prioritize.Don't make the mistake of letting everything get loaded on the truck in a random order. Even if you label
the boxes, there's no guarantee the items you need first will be accessible once your movers are done. Mark them as "last on/first off." These would include bed linens and pillows, kitchen supplies, dishes, cups and cutlery, and bathroom necessities.
Label.Take the extra step of using coloured labels or stickers to mark which ones are priority for unpacking. This will help you get started after you're in your new place. Also, when wrapping delicates, put a piece of coloured tissue paper around smaller items. This will prevent you from accidentally tossing something tiny when you're unwrapping bigger breakables.
Secure.Even if you're moving liquids yourself, create an extra barrier by sealing them with plastic wrap, then securing lids and caps tightly on top. This tip can prevent spillage onto more expensive items.
Enjoy your new home by making unpacking as stress-free as possible!
Savings for summer
Now's the time to prevent costly repairs and energy leaks. Take time to examine your home's exterior and you'll save this summer, once the heat hits.
Roof and gutters.Clean drains, gutters, and downspouts to keep those April showers from pooling near your foundation. Replace missing or loose shingles and check for any damage that may spread or cause weakness.
Windows and doors.Check that seals are tight and there are no cracks, tears, or gaps in caulking or weather-stripping that allow your refrigerated air to escape.
Dryer vent.Keep the airway clear by temporarily removing the vent cover located outside the house, vacuum all debris.
AC unit.Turn off the power to the outside unit, then get it ready to handle the summer workload. Clear away any plant or weed growth. Hose off or vacuum the condenser's sides. If you haven't had an inspection for a season or two, call your local HVAC professional to check parts and connections.
A few tiny efforts can make a world of difference for your energy bill and maximize efficiency.
Sahara Desert Challenge for Shelter raises record-setting $1.1 million!
One hundred and twenty Royal LePage professionals recently journeyed to Morocco from communities across Canada to participate in the Sahara Desert Challenge for Shelter. Over five days, they hiked more than 100 kilometres across hard and rocky terrain, supporting each other along the way. They climbed sand dunes hundreds of metres high and withstood hours of walking in blistering heat. At night, the temperatures dipped to near freezing
while they slept restlessly in their tents, their bodies aching from the effort. The physical and emotional strain put on the trekkers was immense, but it couldn't compare to what women and children escaping domestic violence experience – the very women and children who were the driving force behind this adventure.
To participate in the Sahara Desert Challenge for Shelter, each trekker committed to raise at least $5,000 for the Royal LePage Shelter Foundation and cover their own travel and trekking expenses. To the amazement of Foundation staff,this outstanding group of fundraisers blew past their fundraising goal, ultimately raising $1,136,000!Eighty percent of the funds raised were directed to emergency women's shelters and transition houses across Canada. The remaining twenty percent will fund prevention and education programs aimed at breaking the cycle of family violence.
"The Sahara Desert Challenge for Shelter is an outstanding example of howRoyal LePageprofessionals come together to support their local communities,"says Shanan Spencer-Brown, Executive Director, Royal LePage Shelter Foundation. "The trekkers put in considerable time and effort to fundraise, prepare by hiking long distances at home, and then travel across the world to take part in the Challenge. Across Canada, many other Royal LePagers made donations to support the cause. It was truly a team effort."
The three Challenge for Shelter treks in support of the Royal LePage Shelter Foundation (Machu Picchu, Iceland and Sahara Desert) have now raised $2.3 million. To view a collection of photos from the most recent adventure, please visitrlp.ca/saharaforshelter.
12thAnnual National Garage Sale for Shelter Saturday, May 9, 2020
Mark your calendars! Held at Royal LePage offices and on front yards and driveways across Canada, the National Garage Sale for Shelter raises critical funds for local women's shelters that offer safety and support to thousands of women and children fleeing domestic violence each year.
Since 2009, the National Garage Sale for Shelter has raised over $3 million for women's shelters across the country. Because Royal LePage Canada covers the foundation's administrative costs and sponsors underwrite event expenses, 100% of all funds raised go directly to this important cause.
How can you help? Please donate gently used items to a participating Royal LePage office and visit the National Garage Sale for Shelter in your community to shop for great deals and unique treasures. You'll be helping women and children escape abuse and create a future that is safe and full of hope.
New Video Helps Clients Better Understand the Contract of Purchase and Sale
The British Columbia Real Estate Association (BCREA) has created a video for REALTORS® to share with their clients to help explain one of the key documents used in a real estate transaction: the Contract of Purchase and Sale (CPS).
Central to any transaction, the CPS outlines the terms and conditions on which a transaction takes place. You canshare this videowith your clients to help introduce the CPS, so that when they are ready to make or review an offer, they are familiar with the general content of the form.
The video provides essential information to help consumers understand the CPS, addressing many common questions they may have, including:
When does the process begin and when is the Contract of Purchase and Sale used?
What information is included in the Contract of Purchase and Sale?
What do the terms in the contract mean?
And many more
With this new video, Realtors and clients on both sides of the transaction will have a better understanding of the Contract of Purchase and Sale before signing it.
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.