Posted on
November 23, 2024
by
Marie Taverna
The holiday season can be the perfect opportunity to make a home feel warm and inviting to potential buyers. However, staging a home for the holidays requires careful consideration. Too much décor or overly personalized touches can take away from the home’s appeal.
Here are some decorating tips to pass along to your clients to ensure that subtle holiday charm enhances their listing and appeals to a wide range of buyers:
Keep decorations simple and elegant
When it comes to holiday décor in a listed property, less is more. A clean, cohesive aesthetic will highlight the home’s features while adding seasonal warmth. Understated touches like a wreath on the front door, a neutral garland on the mantel, or a bowl of pinecones on the dining table can add a subtle festive touch. Sticking to a colour palette of whites, golds, silvers or soft greens creates a timeless look that feels festive without being overwhelming.
For larger spaces, consider a small, tastefully decorated tree. Position it to complement the flow of the room, placing it near a window to highlight natural light or beside a fireplace to create a cozy atmosphere.
Let the home shine first
Holiday staging should enhance, not overshadow, a home’s best features. Instead of filling every nook with seasonal items, strategically place decorations to draw attention to standout elements.
Here are some examples: Use garland to accentuate a beautiful staircase. Add a centerpiece to highlight an elegant dining table. Place subtle lighting around a fireplace to make it the room’s focal point.
These touches make the space feel inviting while ensuring buyers still focus on the property itself.
Steer clear of over-personalization
Holiday décor that reflects the homeowner’s personal traditions, like family photos, heirloom ornaments, or religious symbols, may limit buyers’ ability to envision themselves in the space. It’s best to keep decorations neutral and universally appealing. Opt for classic seasonal elements like evergreen garlands, string lights or decorative lanterns. Removing personal items also reduces visual clutter, ensuring the home feels open and welcoming.
Enhance the home’s curb appeal
First impressions matter, and outdoor holiday décor is a chance to wow potential buyers. A simple wreath on the front door, soft string lights outlining windows, or a welcoming doormat can make a big difference. Keep outdoor displays tasteful and minimal to avoid overwhelming the home’s exterior. And don’t forget – clean, snow-free pathways are essential to maintaining both safety and visual appeal.
Create a cozy and inviting atmosphere
Holiday staging isn’t just about visuals; it’s also about creating a feeling. Subtle scents like cinnamon, pine or freshly baked cookies can make a home feel comforting, but be mindful to avoid anything too overpowering. Inside, consider using soft textures like throw blankets, plush rugs and accent pillows to make spaces feel warm and welcoming.
Lighting is another factor to consider. Replace harsh overhead lights with softer, warm-toned bulbs or add string lights for a touch of magic. If the home has a fireplace, stage it as the centerpiece of the living room with decorative logs or even a glowing fire.
Maintain clean and spacious rooms
While holiday decorations can add charm, they can also make rooms feel smaller if not carefully curated. Start with a decluttered space before adding seasonal elements. Store away personal items, clear countertops, and ensure walkways are open and functional. When adding decorations, choose a few impactful pieces rather than crowding the space with multiple items.
For larger holiday pieces, such as Christmas trees, scale is important. A smaller tree is often better suited for staging, as it highlights the space without making the room feel cramped.
Prioritize safety and practicality
Safety is often overlooked during holiday staging. Open houses or showings mean frequent foot traffic, so avoid tripping hazards like loose cords or delicate ornaments. Battery-operated candles and LED lights are excellent alternatives to traditional candles, offering ambiance without risk.
Snow and ice are other seasonal considerations. Make sure driveways and walkways are clear for buyers’ safety and convenience. Adding a simple winter welcome mat at the entrance can help manage wet shoes and maintain a tidy appearance.
Holiday staging is all about balance. By keeping décor tasteful and neutral, enhancing the home’s features, and creating a cozy atmosphere, you can make a listing stand out throughout the winter market. Thoughtful seasonal touches invite buyers to imagine themselves spending their own holidays in the home, which is the ultimate goal.
Posted on
November 23, 2024
by
Marie Taverna
http://share.jumptools.com/studioSlideshow.do?collateralId=237734&t=2918&b=1 Welcome to 1948 Eastern Drive in Mary Hill. 1st time on the market, original owners. This home is perfect for your growing family. Large living room with fireplace. Dining room with sliders to the sundeck and enjoy the view of the mountains. Kitchen with eating area. Primary bedroom with 3-piece ensuite and walk in closet. Two other good size bedrooms. Basement includes rec room, flex area, bedroom & office down. Lots of storage space. This two level basement entry home would work perfectly for an in-law suite. The basement is above ground. Double car garage. Plenty of parking. Flat fenced backyard. Close to all levels of schools and transit. Shopping, restaurants and the new Poco Rec Centre are close by. Book a date to view this family home and fall in love...
Posted on
November 19, 2024
by
Marie Taverna
After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver1 home sales surged more than 30 per cent year-over-year in October. SalesThe Greater Vancouver REALTORS® (GVR) reports that residential sales2 registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784). "Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months. To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up."Andrew Lis, GVR director of economics and data analytics ListingsThere were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475). Sales-to-active listings ratioAcross all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end." By property typeThe MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024. Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024. Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,393 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024. Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024. Download the October 2024 Housing Market Report 1 Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Posted on
November 14, 2024
by
Marie Taverna
107-19122 122nd Avenue Pitt Meadows $595,000.00 Welcome to Edgewood Manor. What a fabulous opportunity to move into this condo unit. Ground level home has 2bedrooms & 2 full four-piece baths. Large windows let the natural light in. Extra large outdoor patio, imagine entertaining when the warmer weather arrives. The living room has a gas fireplace with sliders to your patio. Dining room is perfect for family dinners. Large kitchen with eating area. The primary bedroom has sliders to patio as well. 2 closets in the walkway to the ensuite. In suite laundry. In suite storage/pantry could be re-design for a cute home office. Two underground side by side parking spots and storage locker for your seasonal items. Priced more than $50,000 under BC Assessment. OPEN HOUSES SAT NOV 16th & SUN NOV 17th from 1:00-3:00pm. See you there!
Posted on
November 14, 2024
by
Marie Taverna
he growing popularity of more compact living quarters, due in part to both rising housing costs and densification, has many people searching for interior design hacks for small living spaces. When designing a small space, it’s important to include details that align with your habits and routines. Other designs might look great in magazines or on Pinterest, but this is your home. It’s crucial to harness your creativity when designing a cozy space that is functional, comfortable and reflects both your lifestyle and personality. Below, we have outlined five tips and tricks to help you maximize space without compromising on style. 1. Avoid visual line breaksWhether you decide to opt for a bright and airy room with whites or neutrals, or go big with a bold colour palette, avoid visual line breaks on the interior walls of the space. A visual line break is any separation or disruption to the design elements of the room. It is important to avoid these line breaks in smaller spaces because it can make a room feel confined or cluttered. To do this, try painting the trim, walls and doors in the same colour, and if using an area rug, choose a colour that is similar to the colour of the flooring. This creates a cohesive flowy feeling to the room, allowing for certain furniture pieces to shine, easily becoming focal points in the room without any visual distractions. 2. Utilize vertical spaceWhen designing a room or home with minimal square footage, a simple way to expand the area is to utilize vertical space. In the kitchen, a few great uses of vertical space could be: Adding shelving to bare walls or underneath cabinets Installing a magnetic strip to the backsplash for knives and spices Hanging pots and pans above a kitchen island or on the wall
In a living room or bedroom, use open shelving to display books and trinkets. You can also utilize the space on your walls to bring the outside in with house plants. Lastly, hanging a wall mirror can create the illusion of an open, spacious room. Choose a mirror with a smaller frame (remember, the less visual line breaks on the walls, the better) and ideally place it opposite of an outside window to reflect natural light. 3. Choose furniture wiselySelecting pieces that reflect your aesthetic is a great way to bring character into your home . Whether you’re choosing calming neutrals, or making a statement with colourful fabrics and finishes, the size of the furniture is most important. Always measure your space before purchasing any furniture, and draw up a diagram of the room you are furnishing. Create multiple layout options to find the best layout for your interiors, being mindful to leave enough space around each piece so that they don’t touch each other or the walls – another hack to make a room feel larger than it is. Opting for low profile furniture will contribute to a sense of openness in the room. Furniture that is closer to the ground can give a room an airer feel. Finally, getting playful with colours and textures is a great way to bring big personality into a small space. Selecting unique fabrics and finishes can turn an ordinary piece of furniture into art or at the very least, a conversation piece. 4. Be smart about lightingBeing intentional with the lighting you choose to adorn your petite abode with can make or break the overall feel of your space. Create a focal point in a room with a pendant light or semi-flush fixture. There are many options available to suit your style, from simple and modern to industrial or even vintage. If you don’t have room for end tables or nightstands, adding surface lamps will be difficult. Instead, choose a floor lamp where space allows, or add wall sconces or hanging lights. Bonus tip: Add dimmer switches to your lights to easily adjust the mood without the use of multiple light fixtures. 5. Implement storage solutionsIn a compact living environment, creating storage solutions is essential to maximize space and create order in your home. Adequate storage allows for every square inch of space to be used efficiently, allowing for a more functional, usable home. Making the most out of vertical space is a great place to start. Here are a few other space-saving storage solutions for your kitchen, bedroom, living room and other areas of your home: Add hooks, shelving and drawers to the inside of existing cabinets Explore multi-functional pieces when selecting furniture, like sofas or bed frames with drawers underneath, benches with hidden storage, or wall-mounted desks or tables that fold down when not in use Select stylish storage containers and bins that match the aesthetic of your home to be placed on shelves or under coffee tables
By applying these strategies, you’ll be able to transform compact living environments into inviting and personalized spaces that meet your unique needs and style. ContributorMichelle McNallyCommunications manager, Royal LePage Michelle is a member of Royal LePage’s Communications and Public Relations team, and works to deliver unique and insightful Canadian real estate content to media and consumers. Prior to joining Royal LePage, Michelle was an online reporter specializing in Canadian real estate and pre-construction development. She is a graduate of Toronto Metropolitan University’s esteemed journalism program.
Posted on
November 14, 2024
by
Marie Taverna
107-19122 122nd Avenue Pitt Meadows BC Listed at $595,000.00 Welcome to Edgewood Manor. What a fabulous opportunity to move into this condo unit. Ground level home has 2bedrooms & 2 full four-piece baths. Large windows let the natural light in. Extra large outdoor patio, imagine entertaining when the warmer weather arrives. The living room has a gas fireplace with sliders to your patio. Dining room is perfect for family dinners. Large kitchen with eating area. The primary bedroom has sliders to patio as well. 2 closets in the walkway to the ensuite. In suite laundry. In suite storage/pantry could be re-design for a cute home office. Two underground side by side parking spots and storage locker for your seasonal items. Priced more than $50,000 under BC Assessment. OPEN HOUSES SAT NOV 16th & SUN NOV 17th from 1:00-3:00pm. See you there!
Posted on
November 14, 2024
by
Marie Taverna
Cooling interest rates to boost buyer demand, home prices in Canada’s top ski regions in 2025Nationally, median price of a recreational single-family detached home is forecast to rise 7.5% over the next 12 months, as lower interest rates boost confidenceSince the Bank of Canada started dropping interest rates earlier this year, some real estate buyers have been taking advantage of lower mortgage borrowing costs. While this has yet to spark a big jump in activity in the winter recreational market, a few more rate drops could be all it takes to get things moving as consumer confidence picks up. According to the Royal LePage 2024 Winter Recreational Property Report published today, the median price of a single-family detached home in Canada’s recreational ski regions1 will increase 7.5% over the next 12 months to $1,019,960. This forecast is based on the expectation that interest rates will continue to decline in the first half of 2025, coaxing buyers back to the market as consumer confidence improves. “Though a portion of recreational homebuyers do not use traditional financing methods – either because they buy in cash or utilize equity from their primary residence – many use the trajectory of interest rates as a gut check for how the economy is performing and whether or not they should take the plunge into buying that dream vacation home,” said Phil Soper, president and chief executive officer, Royal LePage. “With the Bank of Canada expected to make additional cuts to the overnight lending rate over the next several months, consumers will feel increasingly confident about pulling the trigger on that winter cabin or mountain chalet purchase. This will result in upward pressure on prices, especially in supply-strapped markets.” Recreational home prices plateaued in 2024Nationally in the first nine months of the year, the median price of a single-family detached home remained flat, decreasing a modest 0.4% year over year to $948,800. This specific segment of the market mirrors trends seen in urban markets across the country, which have posted stagnant buying and selling activity amidst higher borrowing costs. Activity and prices are expected to regain momentum in 2025, as lending conditions continue to improve. “Much like the mainstream urban housing market, sales activity in Canada’s recreational regions has been treading water over the past year. The time it takes to sell a property has been longer than normal over the past year; what we call ‘days on market.’ Yet, recreational home prices have remained stable as low supply balanced sluggish buyer demand,” said Soper. “This is a testament to the resilience of the winter recreational segment, even under the pressure of the 2023-2024 high interest rate environment, which has caused many buyers in all areas of the market to pull back from their purchase plans.” Buyers yet to be enticed by lower interest ratesIn June 2024, the Bank of Canada lowered its target for the overnight lending rate by 25 basis points to 4.75%, marking the end of a two-decade high. Since then, the overnight rate has decreased three additional times, dropping to 3.75% for the first time in two years.2 Despite the long-awaited cuts to borrowing costs, reaction to decreased interest rates has been modest thus far in the recreational real estate segment. When asked how lower interest rates have impacted demand in their region in recent months, 75% of Royal LePage recreational property experts reported similar demand to last year in their respective markets; 19% of experts reported more demand. “Although recreational property owners are less likely to have a monthly mortgage payment when compared to owners in cities, the impact of elevated rates these past two years have not left them unscathed. Many cabin and chalet buyers have a mortgage on their primary residence, which has left some cash-strapped and hesitant to move forward on the purchase of a vacation home. In some cases, owners and investors have had to downsize or offload recreational homes. In a time when short-term rentals are facing increasingly stringent regulatory measures, leasing your winter property to offset expenses is not the straightforward solution it once was,” said Soper. “With rates falling, we foresee that buyers who have been waiting on the sidelines will start to get serious again as soon as market competition heats up.” The Bank of Canada is widely expected to cut its key lending rate again at the next announcement on December 11th. Read Royal LePage’s 2024 Winter Recreational Property Report for national and regional insights. Highlights from the national release: More than one-third (38%) of Royal LePage recreational property market experts reported a surge of inquiries from clients when changes to capital gains tax were announced. Two thirds (69%) of Royal LePage recreational property experts across the country reported similar demand in their respective regions for recreational homes, and an increase in inventory (63%) compared to 2023; 75% of experts reported an increase in the average number of days on market. Effects of climate change continue to create drier and hotter conditions, increasing reliance on snow-making technologies for winter resorts.
PRESS RELEASE PRICE CHART Anne-Elise Cugliari Allegritti
Director of Communications, Royal LePage
Posted on
November 14, 2024
by
Marie Taverna
Posted on
November 14, 2024
by
Marie Taverna
Drop off your blankets and warm clothing today | Be a part of our 30-year tradition - you can donate blankets and warm clothing today to directly help those in need in your community. | What's needed? | Blankets, sleeping bags Winter clothing - coats, jeans, pants, sweaters Scarves, gloves, mitts, hats Socks (new) Underwear (new)
No summer clothes please! | Find a drop off location | Our partner charities need your financial support | If you don’t have any blankets or clothing to give, you can donate financially to our partner charities through the REALTORS Care® Blanket Drive online fundraiser. We’re looking to raise $15,000 for our charities this year. These funds will help local housing-related charities support their communities with amenities, housing, and more. | Donate today |
Posted on
November 5, 2024
by
Marie Taverna
Before Old Man Winter arrives, now is the time to consider how you can save on your heating bill. Here are some helpful tips: |
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- Seal air leaks around windows and doors.
- If you don’t already have one, install a programmable or smart thermostat to program the temperature for different times or control remotely.
- Open the curtains or blinds during the day and close them at night to keep the heat in.
- Close doors in unoccupied rooms.
- Change your furnace filters regularly and schedule an annual HVAC inspection to keep it running efficiently.
- If you have a ceiling fan spin it clockwise on the lowest setting to help trapped heat move down.
- Use a humidifier. Moist air feels warmer than dry air.
- Ensure your vents are clear to allow the air to flow freely.
- Wear warm clothes and use lots of blankets when resting.
- Get cookin’. The warmth from the stove and oven will help warm your home.
- If you have a fireplace, keep the damper closed when the coals are completely done burning, and use a draft stopper to cover the fireplace opening.
- If you have an attic or crawl space, make sure it is well-insulated, which can save you an average of 15 percent on your heating bill.
With a little thought, you can stay toasty while saving money this winter. Happy saving! | |
Posted on
November 5, 2024
by
Marie Taverna
Did you know radon is the number one cause of lung cancer in non-smokers? With November marking Lung Cancer Awareness Month, now is an opportune time to ensure radon is not affecting you and your loved one’s health. |
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Radon is an odourless, colourless, tasteless radioactive gas that can be present all around us from uranium breakdown in rock and soil. However, sometimes it can be present indoors at unsafe levels. When inhaled, the radon gas particles decay in the lungs, releasing bursts of energy, potentially causing lung cancer.
Radon can enter a home through cracks in the foundation, gaps around service pipes, or other openings between the house and the ground. It can be found in all types of homes, condos included. In condos, unsafe radon levels are most commonly found on the ground floor, however, it can also be found on upper floors.
The only way to know if there are unsafe radon levels in your home is to be proactive and get a testing kit or have a professional test your home. It is recommended to get the long-term test, as levels can fluctuate day-to-day. If you detect unsafe radon levels in your home a radon mitigation system can be installed and typically reduces radon levels by more than 80 percent.
So, give yourself peace of mind, and if you haven’t already, get your home tested for radon. |
Posted on
November 5, 2024
by
Marie Taverna
If you want to enjoy your outdoor space into the winter months, an outdoor heater makes sense. So, what are the options? |
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- Freestanding heaters are a good option if you want portability. Keep in mind to allow about 12 inches of space between the ceiling and your heater.
- Overhead heaters come in wall, ceiling, and umbrella-mounted options, which are great if you are space-conscious or concerned about burn injury.
- Firepit heaters look like a fire, minus the hassle, and some double as a coffee table.
Outdoor heaters are fueled three different ways: - Electric - Easiest to install if you have an outdoor power outlet but doesn’t create as much heat as its counterparts.
- Propane - Be aware you need to refill the tank when empty.
- Natural gas - Requires a dedicated gas line, which can be expensive.
Note the latter two options cannot be used in enclosed patios because of the risk of carbon monoxide poisoning. Side notes:
- Ensure the heater covers the square footage of the area you want to heat.
- Check for recognizable safety certification.
- Good safety features to look out for include a safety tilt switch for freestanding heaters (powers off if it tilts too much), automatic turn-off if it gets too hot, or cool touch glass to prevent burn injury.
- If you live in a condo, check if there are rules about using outdoor heaters.
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Posted on
November 5, 2024
by
Marie Taverna
Posted on
November 5, 2024
by
Marie Taverna
There is nothing like coming home to a warm, comfortable house on a freezing day. And while you may not be able to escape the frigid temperatures this winter, you can skirt around expensive heating bills with these tips. |
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Your furnace is one of the biggest long-term investment pieces in your home. While hiring someone to come clean your furnace may seem like an added expense, ensuring your furnace is running smoothly and efficiently will save you a lot of money in the long run. An average gas furnace tune-up will set you back $150 to $300. If your furnace unit has any damaged components or needs additional cleaning, the cost will vary depending on the size and brand of the unit. |
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Floor-length window coverings, especially black out variates that trap sunlight, will help insulate your windows and block cold air from sweeping through. If you don’t want to sacrifice light, try using window film to add another layer of insulation. These thin films act as a shield, blocking heat as it tries to escape through the windows and reflecting it back inside. |
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Don’t have a gas fireplace? Why not invest in an electric fireplace to help keep your living space warm. Not only do these pieces add a festive, welcoming feel throughout the winter, most new models are surprisingly energy efficient. |
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This may sound counter intuitive, but moist air actually feels warmer than dry air. Using a humidifier may not only help to keep you warm, allowing you to lower your thermostat, it will also combat winter dryness! |
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| Looking for more home maintenance and real estate inspiration? |
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Posted on
November 5, 2024
by
Marie Taverna
Buyer demand surges in October |
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Buyer demand surges in October | After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year in October. The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784). “Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.” There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475). Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end." The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024. Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024. Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024. Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024. | Download the October 2024 stats package |
Posted on
November 4, 2024
by
Marie Taverna
Millions of Americans will head to the polls next week to elect a new president. It appears some are considering relocation to Canada if the outcome of the election is not in their favour. According to data released today by Royal LePage®, visits by Americans to royallepage.ca – the company’s consumer real estate portal and the most-visited real estate company website in Canada – have risen significantly since the U.S. presidential election unofficially kicked off this summer. After months of typical web traffic from our neighbours to the south, U.S.-originated sessions to royallepage.ca more than doubled, surging 104 per cent week over week (67% year over year) in the week of June 16th (Week 25). The following week, on the heels of the first presidential debate between President Joe Biden and then-presumptive Republican nominee, Donald Trump, traffic peaked with an additional 4 per cent increase in visitors over the week prior (112% over week 24 and 94% year over year). There have been elevated levels of traffic from U.S. visitors ever since. “Consistently ranking as one of the best countries in the world to live in, Canada continues to be a significant destination for international relocation; a fact unlikely to change in the years ahead,” said Phil Soper, president and chief executive officer, Royal LePage. “Canada’s relative political and social stability, high quality of life, and access to education and universal healthcare, make it a highly attractive country for newcomers from Europe, Asia and around the world. For Americans, the transition is even easier, considering the proximity and lack of a language barrier in most provinces.” July 2024 recorded the highest web traffic on royallepage.ca from U.S. visitors over the past 12 months, with a noticeable single-day spike recorded on July 15th – the same day former president Donald Trump officially became the Republican nominee for the 2024 presidential election. This was also just two days after the first attempt on his life, which occurred during a rally in Pennsylvania. This is not the first time Americans’ interest in Canada has been linked to U.S. political events. In 2017, a similar report found U.S. web traffic to royallepage.ca skyrocketed, jumping a massive 329 per cent the day following the 2016 election, and climbing 210 per cent year over year the week after Donald Trump’s electoral victory.1 “Americans are a minority in the hundreds of thousands of new Canadians we welcome each year, yet around presidential election time, they get very, very interested in their neighbour to the north. Nothing like political and economic uncertainty to get people searching for greener grass!” noted Soper. “Browsing online listings and moving to another country are two entirely different matters – given the rigorous application process and the federal government’s recent decision to reduce immigration targets, only serious and qualified candidates will actually relocate.” The Government of Canada announced that it would be lowering its permanent resident targets for the next three years, reducing 2025 levels by more than 20%.2 Regional trendsAmong the ten most common states from which American visitors to royallepage.ca hail, most are blue states – meaning a majority of voters in the state voted for the Democratic Party candidate. However, since June 2024, the region with the highest number of visitors has consistently been the historically Republican state of South Carolina. From June through September, American interest in Canadian real estate was concentrated in the country’s largest markets, with Ontario, British Columbia and Quebec receiving 70 per cent of all regional pageviews generated by U.S. visitors on royallepage.ca. Ontario led the country in American searches during this time, with 38 per cent of regional searches, followed by B.C. (17%) and Quebec (16%). “Just as Canadians love U.S. sun states, American citizens have historically played an important role in recreational property markets across Canada. Given today’s polarized American political landscape and the divisive nature of this election, it would not be surprising if interest from America shifted from vacation homes to more permanent opportunities,” said Soper. Voters in the United States will head to the polls on November 5th to elect their next president.
1U.S. Interest in Canadian Real Estate Surges Following U.S. Presidential Election, January 20, 2017 2Government of Canada reduces immigration, October 24, 2024 ContributorAnne-Elise Cugliari AllegrittiDirector of Communications, Royal LePage
Posted on
October 31, 2024
by
Marie Taverna
Posted on
October 31, 2024
by
Marie Taverna
About BCREA’s Housing Monitor DashboardThe BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS®monitor BC’s housing market. This dashboard, which is updated monthly, provides up-to-date data on key variables for public education and use. Focuses include: Resale Home Market Construction Rental Market Borrowing Costs Other BCREA Data
In thedashboard, the image and data are available for download under each chart, where possible. "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
Posted on
October 31, 2024
by
Marie Taverna
From the latest DIY hashtag on social media to style themes prepackaged as a design “core,” home design fads tend to die quickly. But until trends like “Yeehaw Core” meet their final demise, we’re here to wish them dead. The Styled Staged & Sold blog does an annual countdown of the worst home design trends of the year. Last year, the trends that earned a place on our list included out-of-place blob furniture, blindingly shiny surfaces and uncomfortable dining benches. So, what new frights have emerged this year? Here are some of the most haunting home styles of the year. Be sure to chime in below with the styles that are giving you the creeps! 10. Open shelving in the kitchenPhoto credit: Brizmaker / Getty Images By now, some homeowners undoubtedly are missing their upper kitchen cabinets. The pressure involved with open shelving likely has worn thin: keeping dishes pristinely displayed and organized—and the constant dusting! Certainly, open shelves in lieu of upper cabinets can work in small kitchens if you need to trick the eye to make the space seem larger. But in most kitchens, cabinets are beloved by homeowners for their organizational sanity. It’s just a bonus when they look nice, too. 9. Black fixtures on all-white interiorsPhoto credit: Joe Hendrickson / Getty Images Matted black finishes may be drawing too much of the focus, particularly in an otherwise all-white room. Black faucets and knobs can end up stealing the spotlight, but is that really what you want guests to focus on? Faucets don’t sell homes. 8. Cramped garagesPhoto credit: UCpage / Getty Images Big houses with small garages are impractical. Vehicles have gotten larger, and households have accumulated more and more stuff. Yet, garage space is shrinking. From the 1960s to the 2000s, the average standardized two-car garage grew to 24x24 feet. Lately, builders are constructing homes with garages that are 20x20 feet. That can make for a tight squeeze considering an average pickup truck is more than 19 feet in length and a minivan can stretch to 18 feet. With smaller lots to contend with, builders are favoring larger interiors over garage space. But cramped garages mean homeowners are shimmying out of their parked car or even parking on the driveway or street. 7. All-gray interiorsPhoto credit: NelleG / Getty Images Shades of gray have been blanketing our homes, from walls and floors to furniture, carpeting, rugs, paint, accessories and more. It’s all starting to feel cold and dreary. Even Dorothy from “The Wizard of Oz” eventually woke up to some color—and it’s time we do, too! The latest trend is clear: Color brightens up our spaces. Lately, contrasting colors and patterns have become a way to beat the gray. 6. The oversized, supersized showerPhoto credit: Melissa Tracey Seriously, how big is too big for a shower? We may have reached the tipping point. Even bath tubs are now being added inside these supersized showers, known as “wetrooms.” And some homeowners are even adding plants inside their shower for added décor. (A shower greenhouse—why not?) With big showers has come the need for more faucets and sprays that surround all sides, which can make it seem more like a powerful car wash than a relaxing spa. The time may have finally come to dial back the shower remodels to a more practical size. You’ll save money, too! 5. Overpainting with whitePhoto credit: Plus69 / Getty Images White trim, white-painted brick houses and white doors. We’ve all subscribed to the same design playbook: When in doubt, paint it white! More homeowners are starting to question that logic. Colored trim is “in” and so are brightly colored doors. Wood tones are beginning to shine through once again, too. Don’t assume that older, red or brown brick exteriors or fireplaces always must be painted white to feel fresh or modern. Once you paint it, you can never go back! White can be tough to keep clean and often requires a lot of upkeep. Some regret over white paint is likely brewing. 4. Mosaic tile accent stripsPhoto credit: Joe Hendrickson / Getty Images Colorful rectangular or square glass tiles were once a popular backsplash trend in the early 2000s, but designers now call it outdated. The tile accent strips often include a mixture of different colors and can look very busy and cramped. Instead, backsplashes are going big, featuring larger format tiles or stone slabs that cascade up the wall. Fewer grout lines can offer a more modern, clean finish. 3. Stainless steel kitchensPhoto credit: Scott Van Dyke / Getty Images This trend went out as quickly as it came in, and most of us saw it coming. Keeping a stainless steel refrigerator smudge-proof is difficult enough; imagine having to keep shiny metal shelves and stainless steel backsplashes spotless, too! Popular cooking shows like “Boiling Point” and “The Bear” may have helped propel this kitchen design trend, but we’ll happily leave this one to the chefs. 2. TikTok DIY home trendsPhoto credit: SB Arts Media “I found this great home idea on TikTok!” This statement alone should sound the alarm on an incoming design faux pas. Consider, some of these once-trending ideas: Painting your old, granite countertops with epoxy paint to mimic the look of marble; “Fridgescaping” your refrigerator by decorating it with fairy lights, mirrors and picture frames; Adding a battery-operated lamp onto your shower shelves for a softer light; Painting sofa fabric (yikes!)
TikTok has become a popular place for serving up videos on DIY home projects meant to inspire us. But sometimes, these so-called great ideas can borderline on disastrous, if not dangerous, for your home. 1. Design-coresPhoto credit: Stocknroll / Getty Images Cluttercore, Cottagecore, Grandpacore, Fantasycore, Yeehaw Core—and yes, Barbiecore. Likely the most hyped of these, Barbiecore had the longest rein of these core-styles, but taking home inspiration from a plastic doll was never to last past childhood. Design trends that get labeled as a design “core” tend to be an overly themed style that will likely fade as fast as an Instagram story. Encapsulate these fads in a Pinterest folder if you must. We’ll all surely laugh about them later! Over-the-top design themes that try to imitate Barbie, grandpa or the Wild West can look off-putting in real life. Instead, fit your home’s style to your individual tastes—and keep grandpa out of it. After all, just like an apple core, these cores tend to rot fast. Don’t let a design core stink up your home.
What do you think? What are the scariest design trends you’ve been spotting in 2024 and that you hope will fade in the new year?
Posted on
October 31, 2024
by
Marie Taverna
Canadian Monthly Economic Growth (August 2024) – October 31st, 2024
Canadian real GDP was essentially unchanged in August, following a 0.1 per cent increase in July. Service-producing industries grew by 0.1 per cent, while goods-producing industries fell by 0.4 per cent, reaching their lowest level since December 2021. Manufacturing was the largest detractor from growth for August, driven by both durable (-1.0 per cent) and non-durable goods (-1.4 per cent). The public sector saw its eighth consecutive month of growth (0.2 per cent), while utilities contracted by 1.9 per cent after three consecutive months of growth. Retail trade rose for the second month in a row by 0.6 per cent, while mining, quarrying, and oil and gas extraction (+0.6 per cent), and finance and insurance (+0.5 per cent) also contributed to growth. Rail lockouts resulted in a 7.7 per cent decline in rail transportation, causing a 0.3 per cent decline in the overall transportation and warehousing sector for August. Finally, GDP for real-estate offices and agents was up 0.7 points month-over-month. Preliminary estimates suggest that real GDP grew by 0.3 per cent in September, contributing to a 0.2 per cent estimate for GDP growth in the third quarter of 2024.
Despite exhibiting growth in 12 of 20 overall industries, the Canadian economy remained at virtually the same level of output compared to July. These findings further justify the Bank of Canada's decision to cut the overnight rate by 50 basis points earlier this month. However, a strong preliminary estimate for September suggests a potentially stronger economy in the final quarter of 2024 amidst the Bank's cutting cycle. Steady, positive monthly growth, accompanied by headline CPI settling around its 2% target range, would suggest a return to a more gradual pace of rate cuts by the Bank of Canada, though the door remains open to more aggressive moves if October inflation and jobs data show continued weakness.
https://mailchi.mp/bcrea/monthly-economic-growth-august-2024 |
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