MARIE & KIM TAVERNA

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In which remarkable Curated Interior reading nook would you most like to curl up with your favourite novel? 

A. Bohemian Beautiful

B. Coastal Cozy

C. Fantastic & French

D. Light & Airy
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In which dazzling Curated Interior coastal dining room would you most like to enjoy a delicious meal? ✨

A. Supper by the Sea

B. Pops of Muted Turquoise

C. Crystal & Clean

D. Bright & Open
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When winter’s over, there’s no place we’d rather be than in a sunny, bloom-filled backyard. ☀️✨
If your outdoor space isn't looking its best and needs an update, here are lots of ways to transform it into a personal oasis for the warmer months ahead, from small tweaks to big-impact changes.
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Offered for sale of $619,900.00 



Welcome to Northbank highrise located at 604-125 Columbia Street in New Westminster.


This lovely 2 bed+2 bath corner unit has floor to ceiling windows. Stunning southwestern views of the Fraser River, New West Downtown & over to Surrey.


Fabulous kitchen with quartz counter tops + stainless steel appliances, plenty of cabinets for lots of kitchen storage.


Easy care laminate flooring in living/dining/kitchen/hallway. Carpeting in bedrooms.


Bedrooms are located at opposite sides of the unit. Both baths are 4 pieces. 1 parking space.


In-suite storage. Stacked washer & dryer. Sit on your balcony to watch the world go by & enjoy the amazing view.


Rentals allowed and very pet friendly, 2 pets allowed.


Walk to transit, shopping, Albert Crescent Park & New West famous waterfront. Move in ready...

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Royal LePage: Canadian recreational house prices forecast to increase 15% in 2021

Highlights:

  • A house in Ontario’s and Atlantic Canada’s recreational property markets expected to see highest price gains in 2021, rising 17%; Quebec and British Columbia recreational markets forecast to increase 15% and 13%, respectively
  • 91% of recreational experts in Canada reporting lower inventory than typical for respective regions as demand continues to outpace supply
  • 46% of recreational experts reporting an increase in inter-provincial migration, as many Canadians choose cottage country over cityscapes as the backdrop to their home offices

TORONTO, ON, – According to Royal LePage, the aggregate price of a house in Canada’s recreational regions is forecast to increase 15 per cent in 2021 to $502,730, as demand continues to rapidly outpace inventory. The company revised its 2021 recreational property forecast, released in November 2020, upward to reflect the increasing unmet demand from potential buyers who are actively looking for properties.


“From coast to coast, the line between primary residence and recreational property is blurring,” said Phil Soper, president and CEO, Royal LePage. “The trend began last summer when the option of traveling abroad was taken away, and continued to gain popularity as it became clear that with access to high speed internet, many people can do their jobs from just about anywhere.”


The aggregate price of a house in Canada’s recreational property regions increased 16.0 per cent year-over-year to $437,156 in 2020 compared to 2019. During the same period, the aggregate price of a waterfront property increased 9.8 per cent to $813,385 and the aggregate price of a condominium rose 10.5 per cent to $310,257.


Houses in the recreational regions of Ontario and Atlantic Canada are forecast to see the highest price appreciation in the country this year, set to increase 17 per cent, while prices in Quebec and British Columbia are forecast to increase 15 per cent and 13 per cent, respectively. According to a survey[1] of 190 Royal LePage recreational real estate professionals across the country, 91 per cent said that their market has less inventory than typical for their respective regions, including 72 per cent that reported significantly less inventory available.


In many areas, supply shortages are forcing buyers into multiple-offer situations, which often result in properties selling above the asking price. In Ontario, 87 per cent of recreational real estate professionals said that more than half of properties available on the market are selling above the asking price. In Quebec and British Columbia, 65 and 52 per cent respectively reported the same.


“The low inventory, high demand scenario that is defining Canada’s current real estate landscape can be frustrating for buyers and their agents,” continued Soper. “Without enough supply to meet demand, prices continue to increase at above normal rates. And with so few listings to choose from, owners are concerned they will have nowhere to go if they sell before buying, so they hesitate to list. This cycle makes it difficult for anyone to move ahead.


“Life during the pandemic has made cottage country and country living more desirable than ever, in every part of Canada. The flexibility provided by working remotely, excess savings from months sitting at home, and low interest rates have left Canadians young and old alike to seek properties with more space, easy access to nature, and the ability to achieve that ever-elusive work-life balance. And, an increasing number of new owners intend to use these escapes for both weekend play and Monday to Friday work.”


Royal LePage real estate professionals in Western and Atlantic Canada have reported an increase in out-of-province buyers over the past year. All experts in the recreational regions of the Maritimes and more than two-thirds (68%) of those in British Columbia reported seeing a boost in inter-provincial migration this year.


The younger generation is a very active segment of buyers.

 A recent Royal LePage survey released last month[2] on real estate trends among Canadians aged 25 to 35 found that when given the choice, 47 per cent said they would choose small town or country living, while 45 per cent said they’d prefer to live in a city. Nearly two-thirds of Canadians in this age group (63%), who are employed or seeking employment, say the ability to work for an employer that allows the option of remote work is important. Fifty-two per cent said the availability of remote work has increased their likelihood to move further from their current or future place of work. Overall, 39 per cent of this cohort are considering a move from their current home to a less dense area as a result of the pandemic, while 46 per cent said the pandemic had no impact on their desire to move to a less dense area.


“According to our research, access to high speed internet and the ability to work remotely are among the top criteria for those seeking properties in Canada’s recreational regions, followed closely by four-season usability,” said Soper. “There is no doubt the pandemic has had an impact on our lifestyle, but also our mindset. The more time Canadians spend in their homes, the more apparent their needs and priorities become.”


Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport


Atlantic Canada

The aggregate price of a house in Atlantic Canada’s recreational regions is forecast to increase 17 per cent in 2021 to $226,961. In 2020, the aggregate price of a house in the Maritimes’ recreational markets increased 12.3 per cent year-over-year to $193,984 compared to 2019. During the same period, the aggregate price of a waterfront property increased 18.8 per cent to $255,222, and the aggregate price of a condominium increased 20.8 per cent to $260,297.


According to a Royal LePage survey of recreational property experts, 73 per cent of respondents in Atlantic Canada reported a significant increase in the number of buyers from other provinces, compared to previous years. Forty per cent of experts in the region representing buyers reported that their clients are making four to seven offers on average before transacting. Meanwhile, 60 per cent of those working primarily with sellers say that their clients’ properties are receiving four to seven offers on average.


“Sight-unseen purchases in Shediac are becoming more prevalent today,” says Heather FitzGerald, real estate professional, Royal LePage Atlantic in Moncton, New Brunswick. “Most out-of-province buyers are coming from Ontario, Quebec and B.C. Some are retirees returning home or fulfilling the dream of a vacation home in the Maritimes, while others are young professionals who have chosen a waterfront cottage as their primary residence. Working remotely has afforded them that opportunity.”


All Royal LePage recreational property experts surveyed in the region are reporting that recreational regions in Atlantic Canada have seen a decrease in inventory than what is typical for their respective regions; more than half reported significantly less inventory than in previous years.


“Supply is the lowest it’s been in a long time, leading to a highly competitive market and often resulting in multiple-offer scenarios,” said Kirk Richards, sales representative, Royal LePage Atlantic in Greenwood, Nova Scotia. “While I do expect to see a lift in supply this spring, it will likely not be enough to satisfy growing demand. And, with buyers from out of town so active in the region, locals are being priced out of the market.”


According to the Royal LePage 2021 Demographic Survey released last month, 43 per cent of Canadians aged 25 to 35 in Atlantic Canada say the pandemic has increased their desire to move to a less dense area, and 68 per cent said they would choose living in a town or countryside over the city.


Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport


Quebec

The aggregate price of a house in Quebec’s recreational regions is forecast to increase 15 per cent in 2021 to $291,993. In 2020, the aggregate price of a house in the province’s recreational markets increased 18.8 per cent year-over-year to $253,907 compared to 2019. During the same period, the aggregate price of a waterfront property increased 23.6 per cent to $335,633, while the aggregate price of a condominium increased 19.3 per cent to $225,202.


“Demand remains excessively strong in Quebec’s recreational markets,” confirms Éric Léger, real estate broker, Royal LePage Humania, in the Laurentians. “We are at the height of the wave of demand right now and there is a desperate need for more inventory. On average, selling times have gone from around 60 days in 2019 to around 10 days in 2020 and it’s common to receive more than five offers on a property today.”


He adds that compared to last year, buyers must budget approximately 20 per cent more to get their hands on a well-located and maintained property. Léger also notes that the lack of inventory prompts buyers to change their search criteria.


“Inventory is so limited that buyers looking for a primary residence who have the possibility of working remotely are expanding their search area. On average, in the Laurentians, this is a 30 per cent increase in their search radius, which is around 30 kilometres more than a year ago. They are very committed to buying and making concessions on the terms and conditions of their purchase,” said Léger.


According to a Royal LePage survey of recreational property experts, 67 per cent of buying agents in Quebec’s recreational markets reported that their clients are making four to ten offers on average before transacting. Meanwhile, 69 per cent of agents who work primarily with sellers say that their clients’ properties are receiving a minimum of four offers on average, and 16 per cent of those agents say they are seeing more than ten offers per listing.


The inventory shortage has intensified in part due to older sellers being absent from the market since the onset of the pandemic and young buyers are looking for opportunities to leave their apartment in the city or anticipating to enhance their quality of life moving to a larger property in cottage country. Eighty-one per cent of Royal LePage recreational property experts in Quebec are reporting a significant decrease in inventory over the past year.


“Older owners are slow to put their home on the market due to the pandemic. Finding a new place to live at the moment is challenging due to record low housing supply and COVID-19 fears remain a concern for seniors. On the other hand, demand from young buyers has risen as this cohort aspires to have more interior and exterior space to live, play and work. Eventually, the progress in the vaccination rollout should lead to increased inventory. And, a return of regular activities, such as travel, will lessen demand.”


According to the Royal LePage 2021 Demographic Survey released last month, 36 per cent of those aged 25 to 35 in the province of Quebec say the pandemic has increased their desire to move to a less dense area, and 57 per cent said they would choose living in a town or countryside over the city.


Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport


Ontario


The aggregate price of a house in Ontario’s recreational regions is forecast to increase 17 per cent in 2021 to $547,207. In 2020, the aggregate price of a house in the province’s recreational markets increased 19.4 per cent year-over-year to $467,698 compared to 2019. During the same period, the aggregate price of a waterfront property increased 21.5 per cent to $673,400, while the aggregate price of a condominium increased 8.5 per cent to $406,188.

According to a Royal LePage survey of

recreational property experts, eighty-seven per cent of respondents said that recreational regions in Ontario have seen inventory decrease compared to what is typical for their respective regions, including the highly-sought after cottage destination of Muskoka, north of Toronto.


“Muskoka, like many smaller communities within a reasonable drive from the GTA, was particularly impacted by the migration out of the GTA, and by buyers who accelerated their long-term plans to purchase a second property,” said John O’Rourke, broker, Royal LePage Lakes of Muskoka. “A scarcity of inventory added more fuel to the fire, creating competition in the market unlike anything we’ve seen before.”


Fifty-six per cent of Royal LePage recreational property experts in Ontario representing buyers reported that their clients are making on average four to ten offers before transacting. Meanwhile, 69 per cent of those who work primarily with sellers say that their clients’ properties are receiving a minimum of four offers on average, and 27 per cent of those agents say they are seeing more than ten offers per listing.


“Land O’Lakes is not a region that typically experiences this kind of activity, but since the onset of the pandemic, supply cannot keep up with the increasing demand,” said Chris Winney, broker, Royal LePage ProAlliance Realty. “As no one has been able to travel for the last year, buyers of all ages and stages of life are looking for recreational properties that offer the flexibility, and internet quality, that will allow them to work remotely if they choose, but also have rental potential.”


Properties with four-season usability are particularly attractive to buyers in Ontario, and experts expect another brisk spring market.


According to the Royal LePage 2021 Demographic Survey released last month, 43 per cent of those aged 25 to 35 in the province of Ontario say the pandemic has increased their desire to move to a less dense area, and 68 per cent say it is important to work for an employer that allows them to work remotely.


Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport


Prairies


The aggregate price of a house in the Prairies’ recreational regions is forecast to increase 9 per cent in 2021 to $260,862. In 2020, the aggregate price of a house in the Prairies’ recreational markets increased 21.8 per cent year-over-year to $239,323 compared to 2019. During the same period, the aggregate price of a waterfront property increased 18.2 per cent to $377,793.


According to a Royal LePage survey of recreational property experts, only 25 per cent of respondents in the Prairies reported an increase in the number of buyers from other provinces, compared to previous years. Some multiple-offer scenarios are taking place, which is not typical for the area. Twenty per cent of experts in the region representing buyers reported that their clients are making four to seven offers on average before transacting. Similarly, 20 per cent of those working primarily with sellers say that their clients’ properties are receiving between four and seven offers on average.


The top criteria for buyers looking for a recreational property in the Prairies is four-season usability, waterfront access and proximity to the city.


“The Interlake region has many benefits, including year-round access to the lake and amenities like fishing, camping and water sports,” said Tyler Bucklaschuk, broker, Royal LePage JMB & Associates. “Being just a short drive from Winnipeg makes it a very attractive vacation destination; a place to get away on weekends or even work remotely. The challenge is finding a property and transacting.”


Bucklaschuk expects the supply shortage to remain a challenge through the spring, putting continued upward pressure on prices. Eighty-eight per cent of Royal LePage recreational property experts in the region are reporting a decrease in inventory compared to what is typical for their respective regions.


“With travel restrictions prohibiting snowbirds from spending time in their vacation homes south of the border over the past year, recreational properties in Lac du Bonnet have become extremely popular,” said Rolf Hitzer, broker and owner, Royal LePage Top Producers Real Estate. “I’ve had many clients trade their U.S. properties for waterfront cottages closer to home. The increased competition and low inventory have at times resulted in multiple-offer scenarios, which are not typical for the region.”


According to the Royal LePage 2021 Demographic Survey released last month, 41 per cent of those aged 25 to 35 in the Prairies say the pandemic has increased their desire to move to a less dense area, and 52 per cent say it is important to work for an employer that allows them to work remotely.


Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport


Alberta


The aggregate price of a house in Alberta’s recreational regions is forecast to increase 6 per cent in 2021 to $942,881. In 2020, the aggregate price of a house in the province’s recreational markets increased 9.5 per cent year-over-year to $889,510 compared to 2019.  As a large recreational market, Canmore impacts the median price of a single-family home in Alberta with its proximity to Banff National Park and luxury mountain properties.


“Canmore is seeing unparalleled demand from people wanting to accelerate their life plans and focus on their physical and mental health,” said Brad Hawker, managing broker, Royal LePage Rocky Mountain Realty. “We’ve seen a growing segment of young and middle-aged buyers seeking primary residences in the area. If they can work remotely from anywhere, they want to live in a place that caters to their active and adventurous lifestyles.”


According to a Royal LePage survey of recreational property experts, 44 per cent of respondents in Alberta reported an increase in the number of buyers from other provinces, compared to previous years. Demand and prices continue to grow in recreational regions easily accessible from Edmonton and Calgary. Experts in Alberta say 78 per cent of recreational markets have seen a decline in inventory compared to what is typical for their respective regions.


“There simply is not enough inventory to satisfy the growing demand in this area,” said Tom Shearer, broker, Royal LePage Noralta Real Estate. “Wabamun Lake and Lac St. Anne are reasonably affordable recreational regions, and the short commute from the city makes these areas attractive to those looking to escape the urban centres. I expect the spring market to be a challenge for buyers, due to a lack of supply.”


According to the Royal LePage 2021 Demographic Survey released last month, 32 per cent of those aged 25 to 35 in the province of Alberta say the pandemic has increased their desire to move to a less dense area, and 60 per cent say it is important to work for an employer that allows them to work remotely.


Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport


British Columbia


The aggregate price of a house in British Columbia’s recreational regions is forecast to increase 13 per cent in 2021 to $781,918. In 2020, the aggregate price of a house in the province’s recreational markets increased 12.9 per cent year-over-year to $691,963 compared to 2019. During the same period, the aggregate price of a waterfront property increased 2.7 per cent to $1,784,872, while the aggregate price of a condominium increased 3.9 per cent to $340,812.


According to a Royal LePage survey of recreational property experts, 68 per cent of respondents in British Columbia reported an increase in the number of buyers from other provinces, compared to previous years. Forty per cent of experts in the region representing buyers reported that their clients are making four to seven offers on average before transacting.


Meanwhile, 40 per cent of those working primarily with sellers say that their clients’ properties are receiving four to seven offers on average. Eighty-eight per cent of regional experts reported a significant decrease in inventory in B.C.’s recreational property market compared to what is typical for their respective regions.


“Our biggest challenge right now is extremely low inventory and increased buyer demand,” said Francis Braam, broker, Royal LePage Kelowna. “I expect we’ll see double digit price gains in Central Okanagan this spring. Canadians will be spending another summer at home, further propelling their interest in the recreational property market.”


In Whistler and Pemberton, remote work and low borrowing costs remain a driving force behind increasing prices.

“I am anticipating a brisk spring market with lots of activity,” said Frank Ingham, associate broker, Royal LePage Sussex. “We should see a boost in supply, although it still won’t be enough to satisfy demand at the rate it is increasing. Every buyer has their own motivation, but overwhelmingly Canadians are shifting their mindset and their priorities. They want more space and more fresh air, with access to nature and wildlife.”


According to the Royal LePage 2021 Demographic Survey released last month, 35 per cent of those aged 25 to 35 in the province of British Columbia say the pandemic has increased their desire to move to a less dense area, and 63 per cent say it is important to work for an employer that allows them to work remotely.


Royal LePage 2021 Spring Recreational Property Price Forecast and 2020 Price Data Chart (national and regional): rlp.ca/table_2021springrecreationalpropertyreport

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Canadian home prices forecast to end year 13.5% higher than 2020 as waning affordability and modestly improving supply begin to slow the pace of future increases

First quarter regional highlights:

  • Addressing chronically low inventory critical in solving nation’s housing affordability crisis
  • Aggregate price of a home in Canada rose 14.1% year-over-year in the first quarter of the year
  • 67% of the 64 markets surveyed posted double digit year-over-year aggregate home price gains
  • Montreal’s aggregate home price forecast to increase 16% year-over-year; the highest in Canada among forecasted regions

TORONTO, April , 2021 – According to the Royal LePage House Price Survey released today, the aggregate[1] price of a home in Canada increased 14.1 per cent year-over-year to $749,165 in the first quarter of 2021, as strong demand continues to outpace supply in virtually every market across the country. More than two thirds of the regions surveyed (67%) saw year-over-year double-digit aggregate price gains, driven largely by the single-family property segment. Seventy-seven per cent of regions surveyed reported median price appreciation of standard two-storey homes of ten per cent or more.


The Royal LePage National House Price Composite is compiled from proprietary property data, nationally and in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a standard two-storey home rose 15.9 per cent year-over-year to $894,140, while the median price of a bungalow increased 14.1 per cent to $628,341, and the median price of a condominium increased 2.0 per cent year-over-year to $509,364. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.


“2020 was a year like no other in Canadian real estate, with its unprecedented demand for homes, and month after month of record-setting sales and price appreciation,” said Phil Soper, president and CEO of Royal LePage. “The usual winter slowdown was non-existent, and that momentum was carried forward through the first quarter of 2021.”

Forecast


Royal LePage is forecasting that the aggregate price of a home in Canada will increase 13.5 per cent to $805,000 in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


A return to pre-pandemic levels of immigration; the vaccine rollout’s impact on economic stability and confidence in the labour market; and, continued low interest rates are supportive of home price growth through 2021. The Canadian government plans to welcome 401,000 new permanent residents in 2021[2]. While home prices in Canada’s largest urban areas continue to appreciate, growth in secondary cities is outpacing that of major centres.


“The winter of ‘20/’21 was one of the most imbalanced real estate markets in our country’s history, with so many people wishing to improve their living conditions, and a pandemic-driven shortage of homes for sale,” said Soper. “We expect this extreme seller’s market to moderate as the year progresses. Some buyers will step away from the market in the face of sharply higher prices, and the supply of new listings should improve as people feel more confident that the health crisis is under control.


“It is important to note that the surge in housing demand over the past year was organic – buyers looking for family homes to live in. With borders closed, foreign investment was near non-existent, and speculative investment was very low. Yet new Canadians are beginning to arrive once more, and investors are regaining confidence and returning to the market. This should sustain the current real estate boom well into 2022,” continued Soper. “This will be especially supportive of the condominium segment in our large urban centres.”


Housing supply crisis


There is emerging consensus that Canada has nowhere near the housing supply necessary to provide shelter for our growing population now and over the decade ahead. Widespread housing shortages will drive prices higher, pushing home ownership out of reach for many.


“Fewer young Canadians will own their home in the future, and rental rates will climb rapidly, if we drag our heels in adopting public policy aimed at improving the speed of housing development and underlying regulatory costs of bringing on new projects,” said Soper.


Condominiums


The median price of a condominium rose 14.7 per cent year-over-year in the first quarter of 2021 in the Greater Montreal Area, and 7.8 per cent in the Montreal core. The median price of a condominium in the City of Vancouver increased 5.2 per cent year-over-year compared to 2.3 per cent in the greater region during the same period.


Comparatively, the median price of a condominium in the Greater Toronto Area increased slightly by 1.2 per cent year-over-year in the first quarter, while prices in the city centre decreased 0.6 per cent.


“A sweeping transfer of ownership occurred when renters left the major cities. Investors sold their condo units, making way for first-time buyers poised to take advantage of low mortgage rates. The timing of it all resulted in a significant boost in sales without having a huge impact on prices,” noted Soper.


Geographical shift: affordability and larger homes


“During the first wave of the pandemic, we saw a massive shift from urban centres to small towns and suburban neighbourhoods. Across the country, the revival of these secondary cities has become a driving force of the market, attracting buyers of all ages,” said Soper.


Windsor, Ontario, posted the highest year-over-year aggregate price growth in the country at 30.2 per cent in the first quarter of 2021. Elsewhere in the province, Oshawa, Pickering, Barrie, the Kitchener and Niagara regions, and London posted aggregate price increases of 25.2 per cent, 23.3 per cent, 22.6 per cent, 21.5 per cent, 21.4 per cent, and 20.2 per cent, respectively. During the same period in Quebec, Montreal’s Northshore, Sherbrooke and Gatineau reported aggregate price increases of 24.0 per cent, 20.6 per cent and 20.0 per cent, respectively. In Halifax, Nova Scotia, the aggregate price of a home increased 18.1 per cent year-over-year in the first quarter. And, in Surrey, B.C., and Kelowna, the aggregate price of a home rose 15.6 per cent and 14.3 per cent, respectively, for the same period.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021


Royal LePage Forecast Chart: 
rlp.ca/market-forecast-Q1-2021


REGIONAL SUMMARIES


Greater Toronto Area


The aggregate price of a home in the Greater Toronto Area (GTA) increased 13.1 per cent year-over-year to $989,961 in the first quarter of 2021. Broken out by housing type, the median price of a two-storey home increased 13.6 per cent to $1,164,894, while the median price of a bungalow increased 15.3 per cent to $982,120, and the median price of a condominium increased 1.2 per cent to $598,819 during the same period.


In the city of Toronto, the aggregate price of a home increased 7.4 per cent year-over-year to $984,709 in the first quarter of 2021. During the same period, the median price of a two-storey home increased 11.8 per cent to $1,550,577, while the median price of a bungalow increased 14.7 per cent to $1,061,534, and the median price of a condominium dipped slightly by 0.6 per cent to $637,551.


“There is a persistent momentum in the market that continues to put upward pressure on prices,” said Debra Harris, senior vice president, Royal LePage Real Estate Services Ltd. “Without an extended surge of inventory, that momentum is unlikely to relent. Homeowners who want to move are reluctant to list their homes before they buy because they are concerned there won’t be anything available, and the cycle continues.”


Harris added that sellers would feel more confident about securing their next home if the number of days on market were longer.


“Typically, we measure absorption – how long it would take to run out of inventory – in months. At the moment, we have an absorption rate in the GTA of about three and a half weeks. The number of new listings added each month is lower than the pace of sales, and that gap continues to widen,” said Harris.


The anticipated return of immigrants and a more typical volume of students, both local and international, in the fall is expected to boost condo sales in Toronto and the surrounding areas, added Harris. She expects we will begin to see an indication of that demand by the middle of the second quarter.


Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 11.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021


Royal LePage Forecast Chart: 
rlp.ca/market-forecast-Q1-2021


Greater Montreal Area 


The aggregate price of a home in the Greater Montreal Area increased 19.7 per cent year-over-year to $534,026 in the first quarter of 2021. Broken out by housing type, the median price of a two-storey home increased 21.5 per cent to $681,768, while the median price of a bungalow increased 20.2 per cent to $420,699, and the median price of a condominium increased 14.7 per cent to $398,705 during the same period.


In the city of Montreal, the aggregate price of a home increased 11.1 per cent year-over-year to $635,907 in the first quarter of 2021. During the same period, the median price of a two-storey home increased 15.7 per cent to $888,021, while the median price of a bungalow increased 12.3 per cent to $594,437, and the median price of a condominium increased 7.8 per cent to $455,433.


“One year after the start of the pandemic, residential demand has continued to grow in Greater Montreal and the number of single-family homes for sale on the market today is approximately half of the inventory we had before the pandemic,” said Dominic St-Pierre, vice-president and general manager, Royal LePage Quebec. “Multiple-offer scenarios continued to dictate market conditions in the first quarter, driven by the worsening supply of inventory and persistent buyer demand. Similar to what the Toronto area has been experiencing for years, Montreal is now also feeling the impact of chronically low supply.


“Remote work has made it possible for some buyers to save money and make a plan to purchase a home,” St-Pierre continued. “Although we believe that the price increase will gradually subside as public health measures are relaxed, buyers who waited, especially first-time buyers, could be priced out of the market, as we do not foresee price softening in the medium term.”


Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 16.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: 
rlp.ca/market-forecast-Q1-2021


Greater Vancouver 


The aggregate price of a home in Greater Vancouver increased 9.5 per cent year-over-year to $1,163,276 in the first quarter of 2021. Broken out by housing type, the median price of a two-storey home increased 12.1 per cent to $1,545,705, while the median price of a bungalow increased 12.0 per cent to $1,325,006, and the median price of a condominium increased 2.3 per cent to $652,923 during the same period.


In the city of Vancouver, the aggregate price of a home increased 7.0 per cent year-over-year to $1,271,363 in the first quarter of 2021. During the same period, the median price of a two-storey home increased 9.9 per cent to $2,218,099, while the median price of a bungalow increased 10.7 per cent to $1,563,971, and the median price of a condominium increased 5.2 per cent to $782,979.


“The market is remarkably busy right now. March was a record-breaking month for our brokerage,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “Almost every property is receiving multiple offers, and the sales to listings ratio is more than double what we’d typically see in a balanced market. That being said, we are starting to see an increase in supply come on the market. Hopefully that can continue.”


Ryalls noted that the expected influx of spring inventory has been coming on the market but is being quickly absorbed.


“Demand is still outpacing supply in Greater Vancouver, in the suburbs as well as in the downtown core. But if we see a similar lift in inventory in April and May as we had in March, and if sales remain roughly the same, we may see some modest relief sooner than later,” added Ryalls.


Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 13.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: 
rlp.ca/market-forecast-Q1-2021


Ottawa 


The aggregate price of a home in Ottawa increased 16.1 per cent year-over-year to $589,240 in the first quarter of 2021.


Broken out by housing type, the median price of a two-storey home increased 18.6 per cent to $630,961 in the first quarter of 2021, while the median price of a bungalow increased 15.1 per cent to $604,931, and the median price of a condominium increased 5.2 per cent to $385,040 during the same period.


“Ottawa has a strong housing market bolstered by stable, healthy household incomes,” said John Rogan, broker of record, Royal LePage Performance Realty. “We are continuing to see very low inventory across all housing types; about forty per cent less than this time last year. Unless interest rates increase dramatically, I don’t anticipate the supply will be able to catch up with the growing demand.”


Rogan added that in this type of market, the potential for borrowing costs to increase is enough to motivate buyers to act quickly. Low inventory remains a driving factor.


“Many local homeowners are reluctant to sell because the current market is so competitive. This is contributing to the supply shortage in Ottawa, along with continued migration from Toronto and huge pressure from first-time buyers,” said Rogan.


Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 14.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. This figure remains in line with Royal LePage’s previous forecast, released in December, 2020.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: 
rlp.ca/market-forecast-Q1-2021


Calgary 


The aggregate price of a home in Calgary increased 5.2 per cent year-over-year to $481,694 in the first quarter of 2021.


Broken out by housing type, the median price of a two-storey home increased 5.4 per cent to $530,912 in the first quarter of 2021, and the median price of a bungalow increased 4.0 per cent to $507,957. Meanwhile, the median price of a condominium decreased 1.6 per cent to $243,902 during the same period.


“After years of economic uncertainty in the province of Alberta, real estate in Calgary was entering a balanced market heading into 2020,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “While the pandemic has certainly had an impact on real estate nationwide, Calgary’s housing market has experienced less fluctuation than other major cities in Canada.”


Lyall added that low borrowing costs and an increase in savings over the last year have allowed first-time buyers to purchase starter homes, which in turn has allowed move-up buyers to become more active in the market. Like elsewhere across Canada, housing inventory remains low which has created seller’s market conditions in most segments, with the exception of condominiums.


“The condo market is still experiencing the effects of over-development from the time of the oil boom, and then the fall-out of the economy following the 2008 and 2014 recessions. The anticipated return of international students in numbers seen in pre-COVID years, as well as a boost in immigration, is expected to fill many of those rental units, but it may be some time before that impacts condo sales,” said Lyall.


Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 4.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021


Edmonton 


The aggregate price of a home in Edmonton increased 5.0 per cent year-over-year to $379,461 in the first quarter of 2021.


Broken out by housing type, the median price of a two-storey home increased 4.1 per cent to $443,460 in the first quarter of 2021, and the median price of a bungalow increased 8.7 per cent to $366,101. Meanwhile, the median price of a condominium decreased 3.4 per cent to $196,641 during the same period.


“First-time buyers are quite active in the Edmonton market, many of them taking advantage of low interest rates and extra savings since the onset of the pandemic,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Young professionals with employment stability continue to drive the market while the ability to work and study remotely have created an opportunity to move to more affordable suburbs. Their willingness to expand their geographical searches gives them great buying power.”


Shearer noted the supply shortage has created a sense of scarcity in the market. The lack of inventory can put unwanted pressure on buyers, who worry they will miss out if they don’t close a deal right away.


“I wouldn’t be surprised if the typical brisk spring market extends into summer this year. Sellers who are holding out for more people to be vaccinated will become part of the summer demand when they look for their new homes,” said Shearer.


Multiple-offer scenarios are taking place on approximately forty per cent of transactions, added Shearer.

Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 4.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021


Halifax  


The aggregate price of a home in Halifax increased 18.1 per cent year-over-year to $391,408 in the first quarter of 2021.


Broken out by housing type, the median price of a two-storey home increased 17.4 per cent to $413,660 in the first quarter of 2021, while the median price of a bungalow increased 22.2 per cent to $343,604, and the median price of a condominium increased 13.2 per cent to $335,484 during the same period.


“It’s a very exciting time in Atlantic Canada. The region has become a top destination among out-of-province buyers over the past year, particularly those from Ontario,” said Matt Honsberger, broker and owner, Royal LePage Atlantic.

The spring market will likely see a boost in supply, as sellers become more confident in their ability to purchase after selling, noted Honsberger. Although, it will not likely be enough to satisfy growing demand.


“Currently, the real estate market is incredibly competitive. Demand from first-time buyers is overwhelming very low inventory. We anticipate a wave of new immigrants and students to return to the region once vaccinations are more broadly accessible,” added Honsberger. “Sales volumes are at least keeping up with new listings each month, if not outpacing them. That momentum is likely to continue.”


Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 9.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021


Winnipeg


The aggregate price of a home in Winnipeg increased 12.3 per cent year-over-year to $334,901 in the first quarter of 2021.


Broken out by housing type, the median price of a two-storey home increased 13.7 per cent to $367,179 in the first quarter of 2021, while the median price of a bungalow increased 11.3 per cent to $322,188, and the median price of a condominium increased 7.9 per cent to $235,908 during the same period.


“Across all housing types and at all different price points, multiple-offer scenarios and selling over asking have become commonplace,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “We are seeing double-digit price gains, which was unusual for Winnipeg real estate, until recently.”


Froese expects the second quarter will be similar to the first, with continued strong demand from first-time buyers and move-up buyers taking advantage of low borrowing rates.


“Inventory cannot enter the market fast enough. Since the start of the year, sales are up almost fifty per cent, and listings are down 43 per cent. This demand is expected to remain a long-term trend, especially with the expected return of immigrants and students in the fall,” Froese added.


Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 8.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021


Regina


The aggregate price of a home in Regina increased 5.5 per cent year-over-year to $336,791 in the first quarter of 2021.


Broken out by housing type, the median price of a two-storey home increased 4.3 per cent to $415,982 in the first quarter of 2021, while the median price of a bungalow increased 8.3 per cent to $310,212, and the median price of a condominium increased 12.0 per cent to $227,774 during the same period.


“Prior to the start of the pandemic, Regina was experiencing a buyer’s market for some time,” said Mike Duggleby, broker and owner, Royal LePage Regina Realty. “Consistent demand has now depleted inventory and upward price pressure is favouring sellers.”


Duggleby noted that many properties are selling above the asking price in multiple-offer scenarios, due to strong competition in the market.


“The competitiveness we’re seeing can be difficult for buyers, especially for first-time homebuyers who can be priced out of multiple-offer scenarios. The strong, steady demand is likely to continue. As the vaccine rollout progresses, we may see a boost in supply, although it is unlikely to be enough to satisfy growing demand,” Duggleby added.


Royal LePage is forecasting that the aggregate price of a home in Regina will increase 6.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.


Royal LePage Home Price Data:

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2021

Royal LePage Royalty-Free Media Assets:

Royal LePage’s media room contains royalty-free assets, such as images and b-roll, that are free for media use.

About the Royal LePage House Price Survey


The Royal LePage House Price Survey provides information on the three most common types of housing, nationally and in 64 of the nation’s largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

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.

For further information, please contact:

Sarah Louise Gardiner
Royal LePage
sarahlouise.gardiner@royallepage.ca
(647) 961-2260


[1] Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

[2] Government of Canada, https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/supplementary-immigration-levels-2021-2023.html

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4 Things To Know Before Buying Property

We've compiled four key things to ensure your “house and mind” are in order, before you make a move on a new house.

 

Homeownership is deeply entrenched in our culture and way of life. The benefit of financial stability it provides for families and generations to come is something we should all have access to. We want to encourage first time homeowners to take that plunge, but we also want to make sure you’re ready. With help of real estate expert Monique Johnson, we’ve compiled four key things to ensure your “house and mind” are in order, before you make a move on a new house.


#1: Job Security


Is your employment affected by the pandemic? To buy a home, your employment must be active, full-time and in good standing. If you are not employed full-time, but perhaps working part-time for at least a year, you’re going to need to find a second job, and be there at least a year. This way, your income reflects full-time hours and pay.


#2 Make Sure You Pre-Qualify


Are you pre-approved with a lender? Pre-qualifying is a key step, since real estate agents must know your budget and purchasing power. 


Be ready to submit your income documents such T4s for the last two years. As a first-time buyer you can put down as little as 5% of the purchase price. For example, a condo priced at $650,000 means you’ll need about $32,500 plus closing costs which are an additional 1.5-2% of home price. A mortgage broker should be able to turnaround an approval in under a week, so this can happen quickly.


If you are still not completely ready to dive,  you should still talk to a mortgage broker to at least set you up on a path to get you qualified as soon as possible. 


#3: Be Ready to Spring


Prices are rising aggressively on a week-to-week basis due to demand. If you have a tight budget, the priority is to get it to the market and be ready to pull the trigger fast. Being prepared to compromise will help in this regard. Figure out what is non-negotiable and what is flexible for you. For instance, maybe a certain location is very important to you, but the size of the home is something you can compromise on. If you can’t afford where you want to buy, be open to buying out of town and renting it out, while you rent where you want to live.


Be ready to compromise on features – getting something turnkey is always preferred, but you may have to make some cosmetic changes like painting, replace the flooring or light fixtures – don’t let cosmetics be the reason you don’t buy a house.


Also, try and be quick. Now’s not the time to casually shop around because prices are rising weekly and it’s a possibility you can get priced out, quickly.


#4: Bid On More Than One Place


Buyers are outnumbering sellers right now, so it’s normal for an average home to generate multiple offers in this market. If a home is priced strategically under market value (which is common practice), it will attract several eager buyers. Don’t fret too much though – there are ways to win.


Offers are typically contingent on two conditions: a home inspection and financing. A home inspection will reveal any problem areas in the home while a finance condition will buy your lender some time to finalize your financing. The beauty of this is you can do both in advance of the offer date to put your mind at ease so you know exactly what you’re buying and that you can afford it. You can offer confidently and strongly, knowing this information upfront. 


All in all, people just need to know this information so they’re empowered to participate in one of the best real estate markets in the world. 


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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.