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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Economics Now is produced by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information. |
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Posted on
October 26, 2024
by
Marie Taverna
The arrival of storms Beryl and Debby brought record rainfall to many parts of Quebec and Ontario in the summer of 2024. Unprecedented flood damage is forcing municipalities and other levels of government to rethink their infrastructures, as extreme weather events occur with increasing frequency. But while we wait for solutions to be put in place to limit the damage to city water systems, here are some ideas to help you better protect your home from future flooding. What are the long-term consequences of floods for homeowners?There are many consequences. In addition to immediate material damage, there is an increased risk of structural deterioration, mold and loss of property value. Furthermore, insurance could become more expensive or more difficult to obtain for homes located in high-risk areas. Homeowners must therefore anticipate these risks and adopt preventive measures to protect their investment. What preventive measures can be taken to avoid the very worst scenario?With a significant increase in torrential rains and overflows in urban areas, it’s crucial to manage water pipes in the basement. First of all, if your home is flooded, the first thing to do is diagnose the problem at its source, to understand how and where the water has infiltrated, so you can take the appropriate corrective measures. Installing backflow prevention valves, which ensure that sewage does not flow back up the pipes, is an essential first step. However, sometimes these are not enough. To ensure a superior seal, it is best to install double check valves in the basement. Also ensure that sump pumps are working properly to help eliminate stagnant water around the foundation. Checking gutters and drains is another important preventive step you can take in the spring and fall to make sure they’re not clogged and that water is draining as far away from the foundation as possible. Make sure your gutters have extensions, so that water doesn’t pool around the property. In some cases, grading of the ground around the property is considered, so that water runs towards the street and not the property. The aim is to keep as much water as possible from stagnating near the foundation. In addition, installing drainage curbs around windows located close to the ground is an excellent way of preventing water from seeping in. What can homeowners do in the medium term to better protect themselves?In the medium term, it’s a good idea to invest in a regular inspection of your home by a professional, whether a building inspector or a plumber. These experts can detect potential faults in foundations, water pipes or drainage systems. Proactively repairing these problems can make a big difference in the event of flooding. Moreover, knowing your property and its level of risk in the event of water infiltration can help you anticipate problems and give confidence to a future buyer, for example. In the long term, how can homeowners prepare for increasing climate risks?In the long term, choosing the right location for your home is of paramount importance. If you’re in the buying process, find out about the neighbourhood’s flooding history. If you’re already a homeowner, consider landscaping work to raise the ground around the house or improve drainage. It’s also advisable to consult an engineer or building inspector to assess the feasibility of such modifications. What is the main lesson to be learned from the 2024 summer floods?We’ve seen once again this year that no one is immune. Floods are no longer limited to homes in flood-prone areas. They can affect any municipality, any neighbourhood. It’s becoming imperative for citizens, cities and insurers to work together to prepare for this new era of climate change. Everyone must play their part, whether by adopting preventive measures or adapting infrastructures.
Posted on
October 26, 2024
by
Marie Taverna
Fourth consecutive cut brings key lending rate to 3.75% for the first time in two yearsFor the first time in two years, the Bank of Canada’s overnight lending rate has hit under 4%. In its scheduled October 2024 announcement, the central bank lowered the target for the overnight lending rate by 50 basis points to reach 3.75%. This marks the fourth consecutive cut to rates in 2024, and the largest decrease since the onset of the pandemic in March 2020. In September, Canada’s Consumer Price Index recorded the smallest yearly increase since February 2021, rising 1.6% year over year, hitting under the Bank’s 2% inflation target for the second consecutive month. This was a key factor in the Bank’s decision to lower the lending rate by a larger amount in October. “In the past few months, inflation has come down significantly from 2.7% in June to 1.6% in September. Recent indicators suggest it will be around 2% in October. Price pressures are no longer broad-based, and both our measures of core inflation are now under 2.5%. Our surveys also find that business and consumer expectations of inflation have shifted down and are nearing normal. All this suggests we are back to low inflation. This is good news for Canadians,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement. “If the economy evolves broadly in line with this forecast, we anticipate cutting our policy rate further to support demand and keep inflation on target. The timing and pace of further interest rate cuts will depend on incoming information and our assessment of its implications for the inflation outlook. We will take our monetary policy decisions one at a time,” he added.
Lower rates could trigger early spring market Another cut to the overnight lending rate may be enough to stimulate activity in stagnant housing markets across Canada come spring, especially among buyers who have been sidelined by the higher cost of borrowing over the past two years. In its Q3 2024 Home Price Update & Market Forecast, Royal LePage predicted that the aggregate price of a home in Canada will increase 5.5% in the fourth quarter of 2024, compared to the same quarter last year. As lower interest rates boost consumer confidence and borrowing power, home prices are expected to increase as more buyers re-enter the market. Rising demand in the late months of 2024 and into the new year will likely put Canada’s housing market on track for an early spring market. “Activity in Canada’s housing market has been sluggish in many regions due to higher borrowing costs, but today’s more aggressive cut to lending rates could cause the tide to turn quickly. For those with variable rate mortgages – who will benefit from the rate drop immediately – or those with fast-approaching loan renewals, today’s announcement is welcome news indeed,” said Phil Soper, president and CEO of Royal LePage. “With every cut to the overnight lending rate, more homebuyers are expected to come off of the sidelines. In turn, rising demand will cause home prices to increase more rapidly, eliminating the advantages of lower borrowing costs. We expect that an early spring market is on the cards – a pull-ahead trend we’ve seen in previous market turnarounds.” Though the Bank of Canada started to reduce rates in June, many homebuyers have been waiting for a more substantial cut to rates before choosing to reboot their purchase plans. According to a Royal LePage survey, conducted by Leger, 51% of Canadians who put their home buying plans on hold the last two years said they would return to the market when the Bank of Canada reduced its key lending rate. Eighteen percent said they would wait for a cut of 50 to 100 basis points, and 23% said they’d need to see a cut of more than 100 basis points before considering resuming their search. The Bank of Canada will make its next interest rate announcement on Wednesday, December 11th, the last announcement for 2024. Read the full October 23rd report here. 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
October 23, 2024
by
Marie Taverna
October 23, 2024
The Bank of Canada lowered its overnight policy rate by 50 basis points this morning from 4.25 per cent to 3.75 per cent. In the statement accompanying the decision, the Bank noted that the economy continues to operate in excess supply as the labour market has softened and economic growth has been modest. However, the Bank does expect growth to strengthen rising from 1.2% this year to 2.1% in 2025. On inflation, the Bank stated that inflationary pressures are no longer broad-based and that consumer and business inflation expectations have largely normalized. The Bank expects inflation to remain close to its 2% target with upward pressures from shelter costs diminishing.
While the Bank normally reserves movements larger than 25 basis points for more urgent times, with inflation considerably undershooting the Bank’s forecast, monetary policy was about 40bps tighter in real terms than desired and it seems like the Bank preferred to catch-up all at once rather than risk falling further behind the curve. However, it has also risked setting a new precedent and will have to communicate its intentions going forward very carefully to avoid a market over-reaction. We expect that the Bank will be cutting again in December, though the Bank did not necessarily provide any hints on whether to expect a return to 25 basis point reductions or another jumbo-sized cut. Rather, the Bank simply cited the 50 basis point reduction was to support economic growth and to keep inflation in its preferred range of 1-3%, which is to say it did not say much at all. If inflation continues to fall from its current 1.6% pace or if the economy is looking increasingly weak, it would seem there is now a precedent for more aggressive cuts to the Bank's policy rate. Interestingly, Canadian 5-year bond yields (the key benchmark for 5-year fixed mortgage rates) have ticked slightly higher in recent days, back above 3%.
Link: https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-9yj458v1ek |
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Economics Now is produced by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information. |
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Posted on
October 23, 2024
by
Marie Taverna
October 23, 2024
Today, the Bank of Canada dropped the overnight lending rate by 50 basis points to 3.75%, marking the fourth consecutive cut to rates in 2024, and the largest decrease since the onset of the pandemic in March 2020.
For many homebuyers, this may be the signal needed to move off of the sidelines and into the market. As lower interest rates boost consumer confidence and borrowing power, home prices are expected to rise as more buyers reignite their purchase plans.
Want to know more about how the Bank of Canada announcement will impact the market? Read more in the latest post on the RLP blog:
https://blog.royallepage.ca/bank-of-canada-update.../
Stay tuned for the next announcement on December 11.
#RoyalLePage #RLP #Canada #InterestRates #BankofCanada #Mortgage #HousingMarket
Posted on
October 15, 2024
by
Marie Taverna
Today’s flooring manufacturers are increasingly favouring eco-friendly materials such as bamboo, cork or sustainably harvested hardwood. If you’re in the market for carpeting, look into lines with high recycled content. |
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If you’re replacing old, power-leaching appliances, be sure to look for Energy Star models when shopping. Remember, 20 per cent of your energy bills go to keeping your groceries cold and certified fridges use as much as 40 per cent less energy than older models. |
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It pays to sweat the small stuff when renovating. At the beginning of your project, pull out a caulking gun and weather stripping and seal up doors, windows, electrical sockets and baseboards. You may even look into getting an energy audit to help identify leaks. |
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Want to reduce the burden on our landfills and save some money? Check out building supply thrift shops like the Habitat for Humanity Re-Store. These shops are full of second hand, donated or discontinued lumber, sinks, doors, windows, chandeliers, tiles, knobs and more for about half the retail price. Plus, the proceeds go to a good cause. |
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Whether you’re investing in a new kitchen, upgraded bathroom, or finishing your basement, renovations are a sure-fire way to make an impact on your home’s value and aesthetic. But, unfortunately, not all renovations have a positive impact on the environment. If you’re ready to take your investment to the next level while keeping your environmental impact at a minimum, consider these tips when planning your next project.
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Posted on
October 15, 2024
by
Marie Taverna
Real estate rebound: Canada's sluggish housing markets in recovery mode following third straight interest rate cutFurther rate decreases expected to set the stage for an early spring market |
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According to the Royal LePage House Price Survey released, the aggregate price of a home in Canada increased 1.6 per cent year over year to $815,500 in the third quarter of 2024. On a quarter-over-quarter basis, however, the national aggregate home price decreased... |
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https://ebook.royallepagecorporate.ca/link/724745/
Posted on
October 15, 2024
by
Marie Taverna
Canadian prices, as measured by the Consumer Price Index (CPI), rose 1.6 per cent on a year-over-year basis in September, down from a 2.0 per cent increase in August. This marks the slowest year-over-year increase since February 2021. Month-over-month, on a seasonally adjusted basis, CPI was unchanged in September. The deceleration in headline CPI was driven by a 10.7 per cent decrease in gasoline prices in September. This drop is largely attributed to lower crude oil prices due to pessimistic outlooks on economic growth, coupled with lower costs associated with switching to winter blends. Excluding gasoline, the CPI rose 2.2 per cent in September, matching August's increase. Mortgage interest costs were up 16.7 per cent, and rent was up 8.2 per cent from last September, both decreasing from August's numbers of 18.8 and 8.9 per cent, respectively. Overall, shelter costs rose 5.0 per cent year-over-year in September, down from 5.3 per cent in August. Finally, goods costs fell 1.0 per cent, while services costs rose 4.0 per cent year-over-year. In BC, consumer prices rose 2.0 per cent year-over-year, down from 2.4 per cent in August. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, remained unchanged from August at 2.3 and 2.4 per cent year-over-year, respectively. Canada's inflation report for September strongly resembles the patterns of August's report, with different takeaways. Similar to August, the stark dropoff in September's headline CPI is driven by sharp decreases in gasoline prices, with CPI ex-gasoline remaining at 2.2 per cent. Nonetheless, this downward pressure is a function of concerns regarding future economic conditions, thus serving as a proxy for investor/consumer expectations. Moreover, 9 out of 11 special aggregate CPIs published by Statistics Canada fell from August's levels, suggesting that consumption levels are weaker than expected by the Bank of Canada. Despite median and trimmed CPI remaining at 2.3 and 2.4 per cent, the strong dip in headline CPI will raise concerns that inflation is decelerating too quickly due to a weakening economy. Taken together, September's inflation report significantly increases the probability of a 50 basis point cut next week, in hopes of reigniting the economy for our final quarter.
https://mailchi.mp/bcrea/canadian-inflation-september |
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Posted on
October 6, 2024
by
Marie Taverna
SURREY, BC — With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag. The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley. “With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.” New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley. “We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.” Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell. Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800. To read the full statistics package, click here
Posted on
October 6, 2024
by
Marie Taverna
A lush lawn and blooming flower beds are the pride and joy of many homeowners. Canada’s harsh winters, however, can quickly squash the hard work you’ve put into nurturing and maintaining your outdoor spaces during the summer months. To ensure that your backyard gets off to a good start when spring arrives, a little prep work before the snow hits can do a world of good. Help prepare your lawn and garden for colder weather this year by following these winterization tips. Care for your annuals and perennials When it comes to winterizing your garden beds, show your plants and flowers some love. Start by removing any annuals (plants that are only around for one growing season, such as sunflowers, tomatoes and varieties of lettuce). Removing annuals will rid your beds of lingering bacteria, and prevent any potential pests or diseases from building up during the winter. For your perennial plants, give them a healthy trim back and a final water before the end of the season. Perennials with large and dense roots can be cut and divided into smaller plants to support better regrowth in the spring. Bring delicate plants, such as succulents or potted bulbs, indoors to prevent frost damage. Cover any shrubs or plants that can’t be moved inside with landscape fabric or burlap to protect them from harsh weather conditions. Get down in the dirt Just like your plants, your soil also needs some help preparing for the winter ahead. Remove any weeds, dead plant debris and buried root vegetables from your soil before the first hard frost sets in. Spread mulch over your soil and around the base of trees to provide a protective layer from frost and a barrier that will help to keep moisture and temperature levels consistent for your plants. When cleaning up your soil, you may also want to consider planting bulbs for the following spring, such as crocus, tulips and daffodils. Show your lawn a little TLC The ground gets compacted and cold during the winter, which can make it difficult for lawns to recover post-thaw. Help your lawn out by aerating it in the fall to loosen soil and ensure better drainage. Instead of raking all of the tree leaves off of your lawn, cut your grass long — approximately two to three inches high — and leave a layer of shredded leaves on top. Mowing the leaves into tiny pieces will allow your lawn’s soil to absorb nutrients from the fallen debris more efficiently while still letting light and moisture through. In low-traffic areas where your lawn is patchy and damaged, overseed in the early fall for best results in the spring. Add a boost of nutrients As your garden prepares for hibernation, it helps to give your outdoor greens some needed nourishment. If you have a compost bin, sprinkle this material on your flower beds to help them replenish their nutrients post-winter, and top up your bin with any leaves, grass clippings or debris from your winterization clean up. You can give your lawn a final dose of sustenance too with the help of special winter grass fertilizer that contains nitrogen and potash. Not all of your fallen leaves have to end up in paper bags. Instead, add mulched leaves to your perennial flower beds and vegetable gardens as an insulating layer and a source of valuable nutrients for the soil. ContributorMichelle McNallyCommunications manager, Royal LePage
Posted on
October 6, 2024
by
Marie Taverna
No matter your age, Halloween can be one of the most playful, spirited (and spooky!) times of the year. It only occurs once every 365 days, so why not make the most of it and step into some festive fall fun?! We’ve rounded up five of our favourite, most memorable ways to celebrate the season – from adorning your home with hauntingly boo-tiful holiday decor, to indulging in devilishly decadent Halloween-inspired recipes. The countdown to October 31st is already on. Here are our ghoul-proof ideas to ensure a spooktacular Halloween that is all treat… and no trick! Decorate with drama: Spook up your home indoors and out with chic Halloween decor that reflects your personal style. Stick to a colour palette for your decorations, incorporating only a few shades, to maintain a cohesive seasonal look. Don’t be afraid to shy away from orange and black – pastels, metallics, and rich autumn hues also make for tasteful and modern Halloween decor colours.
Make your home an Instagram-worthy backdrop: Who said costumes are only for children? Take things a step further and snap ultra-Instagrammable photos all night by tailoring your Halloween home decor to match your ensemble. Give yourself spirit points by coordinating costumes with friends, family, or even your pet! Explore your imaginative side and get fully into character with funky wigs, exaggerated makeup, and thoughtfully-paired accessories to really bring your costume to life.
Get crafty: We can’t think of a better way to get into the Halloween spirit than rolling up your creative sleeves with the kiddos for home decor DIY magic. Check out Pinterest for pumpkin masterpiece inspiration, add some flair to your front door by designing a frighteningly stylish Halloween wreath, or craft up a seasonal holiday countdown calendar. There’s a fun and festive project for every family member to enjoy and bond over.
Spook your entertainment space: You saw this one coming! Halloween and scary movie marathons go hand-in-hand. How about a costume party? Get your space ready with a generous stash of tasty seasonal treats, plush flannel blankets to snuggle up in, and your favourite pals to survive a hauntingly good night! Elevate the cozy factor with aromatic autumn candles – mahogany teakwood, vanilla pumpkin swirl, and luscious amber are fa-boo-lous fall scents that bring richness and warmth to any space.
Make it sweet: Is it ever really a celebration without holiday-themed snacks? Be the “ghostess” with the mostest this year and whip up some heavenly Halloween-inspired desserts that are scary-good. From haunted gingerbread houses and drool-worthy pumpkin cheesecakes, to candy corn caramel apples and bat-shaped peanut butter cookies, there’s no better excuse than Halloween to surrender to your sugar cravings and dive into some wickedly delicious seasonal baking.
Anne-Elise Cugliari AllegrittiDirector of Communications, Royal LePage
Posted on
October 6, 2024
by
Marie Taverna
Fall is a beautiful time of year. As the leaves change colour, pumpkin patches open, and people enjoy spiced lattes and sweater weather, it’s only fitting to add a little fall flair to your home as well. And, seasonal décor doesn’t have to be difficult or break the bank. Just in time for the Thanksgiving long weekend, here are some simple tips to warm up your home and a touch of autumn to your style: Warm up your front entrance Adorn the front of your home with fall-inspired welcome mats, wooden crates, and squash in various shapes and sizes. The beauty of fall is that there is no symmetry needed. Scatter different sized boxes, fall signs and a mix of small and large decorative pumpkins (real or fake). Hang a fall wreath made of twigs, and add a brown, orange or burgundy ribbon for a pop of colour. Decorate your dining space Beautify your home indoors with orange and earthy tones. Add a table runner, some coloured napkins on the table, and coordinating candles in the scents of the season. You can elevate your seasonal look with small squashes and gourds as centerpieces. And, don’t be afraid to bring the outside in… Design your own table arrangement with twigs, leaves and pine cones you collect. Add a cookie and coffee station Nothing says fall like warm beverages and treats while enjoying the crisp air! Impress your guests with a coffee and tea station. Set up cups, specialty teas displayed in a glass bottle, hot coffee and flavoured syrups in a section of your dining room or kitchen. Use risers or wooden trays to give the display some complexity. Add a cookie jar or cake stand with some fall goodies such as butter tarts, chocolate chip cookies, or brownies. You can also have a seasonal fruit basket with apples and pears. Make it cozy Celebrate fall with comfort by adding aromatic autumn candles… Think cinnamon, vanilla, pumpkin spice scents. Light them in the evenings for ambiance. Add fall-themed throw cushions, and add an earthy-toned warm blanket on your couch (check out Pinterest for inspiration on how to arrange pillows and blankets). These simple tricks can elevate your home decor and make it feel as warm as your pumpkin or apple pie this season! Anne-Elise Cugliari AllegrittiDirector of Communications, Royal LePage
Posted on
October 6, 2024
by
Marie Taverna
The season of pumpkin spice is once again upon us, and so are fall decorating traditions. For many of us, the transition from summer to fall is a nostalgic time to break out the spooky decor, unpack the turkey-themed table runner and adorn the front door with our favourite fall wreath. But, if dressing up the house with orange pumpkins and burlap year after year is getting a bit stale over time, there’s no harm in shaking up your fall decorating choices this season. Here are four new 2023 fall decor trends you can try in your home (sans pumpkins): Earthy tones Fall colours are traditionally defined by shades of orange, red and brown. This year, more earth-like tones are making their way into home, including varieties of sage green, warm beige and caramel, rustic brick red and earthy terracotta. You can achieve this softer, more muted fall look through coloured glassware, cushion covers, ceramics, blankets and other housewares that are easy to swap out when the seasons change. If you’re looking to add a contrasting statement piece to your interior this fall, try introducing an eye-catching accent colour with a hint of black, indigo or copper. Rustic touches Rustic furniture is a staple in fall design this year. Building off of the theme of warm and earth-inspired interiors, distressed or vintage finds will bring a touch of charm to your home this season. The most economical and environmentally-friendly way to pull off this look is with the help of your local thrift store or online marketplaces, where you’re likely to find an array of second-hand furniture, rugs and trinkets. You don’t need to spend a lot to add a ton of character to your space. Layered textures As the temperature drops, we tend to layer up with different fabrics to keep our bodies warm – it’s no different for our homes. This fall, mix and match different layers of textures and fabrics for an extra cozy feel. Whether it’s your bedding, accent cushions or rugs, get creative with different textiles, such as wool, knit, velvet, satin and cashmere. If your interior tastes are more neutral, you can still achieve this trend with a monochromatic colour palette to elevate your home. Fruits and flowers Move aside pumpkins – fruits are all the rage this year. Instead of opting for your typical array of white and orange gourds, fruits are taking centre stage in 2023. Seasonal fruits, such as apples, figs and pears, can be repurposed as place cards or arranged in bowls for a less expected fall centrepiece. Alternatively, you can showcase fruits through decorative flatware and table textiles, such as fabric napkins. If fruits aren’t really your thing, opt for dried florals instead like pampas grass, sunflowers or wheat stalks to add a touch of ‘Cottage Core’ to your living space. Bonus tip: Give attention to outdoor spaces Mild weather is known to last into mid-October in some parts of the country, meaning we can use our beloved outdoor spaces for longer periods of time. Show your balcony, patio or backyard some fall decor love too by dressing it up with lanterns, wreaths and seasonal flowers, such as chrysanthemums or hydrangeas. Add a touch of coziness around your outdoor fireplace or sitting area with water-resistant pillows and blankets in your favourite fall colours and patterns. ContributorMichelle McNallyCommunications manager, Royal LePage s
Posted on
October 6, 2024
by
Marie Taverna
Effective December 15, 2024, the Government of Canada has increased the purchase price limit applicable to insurable mortgages from $1 million to $1.5 million, aligning with current market conditions. This means buyers can qualify for a high-ratio (less than 20% down) mortgage on home purchases up to $1.5 million, versus the current cap of $1 million. The government also announced an expansion of eligibility for 30-year mortgage amortizations, making 30-year mortgages available to all first-time homebuyers and to all buyers of new builds. These changes aim to make homeownership more accessible by reducing monthly payments and enabling more Canadians to qualify for mortgages with smaller down payments.
Posted on
October 6, 2024
by
Marie Taverna
The latest Stats Centre Report for Metro Vancouver is now available. Click here to view it. The latest Stats Centre reports for the Tri-Cities are ready. Click here to view the latest Stats Centre Report for Coquitlam. Click here to view the latest Stats Centre Report for Port Coquitlam. Click here to view the latest Stats Centre Report for Port Moody.
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