Canadian Housing Market Outlook

Average home price expected to rise by 3.7% next year

• Increased consumer confidence could be a key factor affecting the housing market in 2020
• 51% of Canadians are considering a home purchase in the next five years, up from 36% at the same time last year
• Only two in 10 Canadians say that the mortgage stress test negatively affected their ability to purchase a home in 2019

RE/MAX is calling for a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected next year, with the RE/MAX 2020 Housing Market Outlook Report estimating a 3.7 per-cent increase in the average residential sale price.

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How to Afford Real Estate in Canada

Fifty-one per cent of Canadians are considering buying a home in the next five years, according to a recent RE/MAX survey. This number is up from 36 per cent one year ago. As the price of real estate in Canada rises in many major urban markets, this shift comes as homebuyers adapt to the mortgage stress test, and enjoy increased purchasing power as Millennials enter their peak earning years. Despite these intentions, the high price of homes continues to impact market activity in Greater Vancouver and real estate in Ontario – specifically the Greater Golden Horseshoe Area, with tertiary effects on more-affordable housing markets surrounding Toronto and reaching as far as Niagara, Ottawa and even the Atlantic provinces. These factors have prompted an evolution of property types and how consumers are buying them. Ultimately, if your goal is to become a homeowner, you’ve got options.

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RE/MAX Among Canada’s Best Places to Work

RE/MAX continues its streak of being the best in the business – only this time, it is RE/MAX’s own employees who are singing the company’s praises, with RE/MAX INTEGRA ranking as one of Forbes’ best places to work in Canada in 2020. RE/MAX INTEGRA, the franchisor for the RE/MAX brand in Ontario and the Atlantic region, has claimed 44th spot on Forbes‘ annual list of Canada’s Best Employers found here. The company was also 106th of the best places to work in Canada 2019 (#106) and best places to work in Canada in 2018 (#88).

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Family connections strong at RE/MAX Real Estate (Central)

With Family Day set for Monday February 17, there’s no doubt real estate will end up being a topic of discussion for many people in the RE/MAX Real Estate (Central) family as they gather on that day.

For many on the Central team, the real estate industry has been part of their family lives – part of their blood you could say – for many years.

Here’s a look at some of those family connections that are part of the Central team.

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Calgary surrounding areas attractive for would-be homebuyers

One of the key trends that has developed in the Calgary resale housing market in the past year is a movement by homebuyers to purchase more affordable homes.

The Calgary Real Estate Board has identified a particular appetite for homes valued at under $500,000.

And in general, the trend is helping the markets in some surrounding areas outside the City of Calgary.

Ann-Marie Lurie, Chief Economist with CREB, says areas outside of Calgary do have a slight advantage in today’s real estate market as prices overall do tend to be lower than the city.

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More affordable options popular in Calgary real estate market

One thing has become clear in the Calgary resale housing market these days.

More people are gravitating to more affordable housing options as they search to buy a home.

Year-end MLS statistics by the Calgary Real Estate Board indicate sales of apartments/condos as well as other attached homes experienced a year-over-year increase in transactions from 2018 while the detached market saw activity decline slightly.

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Calgary Housing Market Outlook

Calgary to lean towards buyers in 2020 with more first-time home buyers entering the market than ever.

The Calgary housing market will lean toward buyers in 2020 with a zero percent residential sale price expectation. This is dependent on a number of different factors, including the province’s economy and the fate of the Keystone Pipeline. The city’s employment rate and overall economy will have the greatest impact on the housing market, along with strong population growth.

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Bank of Canada makes its latest interest rate announcement

In its scheduled announcement this morning, the Bank of Canada has announced that the overnight interest rate target will hold steady at 1.75 per cent. This is the eighth time in a row that the Bank held off on making any upward moves since raising its interest rate a year ago. The Bank cited the continued weakening of the global economy as the reason behind its decision, with the ripple effects reaching Canada.

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