The Canadian real estate market demonstrated remarkable resilience in 2012 with home sales up or on par in 65% of major centres despite considerable headwinds in terms of tighter financing and economic uncertainty abroad. The trend is expected to continue, with home-buying activity propped-up by low interest rates and an improved economic picture in 2013, according to a study released today by a leading real estate franchise in Canada.
The study that examined trends and developments in 26 major markets across the country expects national sales to hold steady in 2013, while prices will be 1.0% higher. Stability is forecast to characterize Canadian real estate in the new year, with sales above or on par with 2012 levels in 81% (21/26) of markets.
Nationally, Canadian home sales are expected to almost mirror the 2012 performance in 2013 holding steady at 454,000 units. The average price of a Canadian home is expected to appreciate nominally in 2013, rising to $366,500, 1.0% above year-end 2012 levels.
Canada's housing market, which roared higher in 2011 and the first half of 2012, started to slow after the government tightened rules on mortgage lending in a bid to cool the market and prevent home buyers from taking on too much debt.
Despite all the negativity surrounding residential real estate, the sky is not falling, says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. Home sales have moderated, but remain within healthy levels. Greater optimism is expected to return next year, as the economy marks further improvement. Canadians appear to be reigning in their spending, heeding cautionary statements by the country's financial leaders. We believe that will only serve to shore up the already healthy framework of the Canadian housing market in 2013.
The report found that low interest rates were a major impetus in 2012, fuelling sales of homes across the board. Tight inventory levels also factored into the equation early in the year, causing a flurry of activity in many centres. By mid-year, however, the third round of CMHC mortgage tightening had a noticeable impact on housing markets, pushing home ownership beyond the grasp of many first-time buyers.
The report also identified several regional disparities. Most notable was the pull back in sales activity in Greater Vancouver. A banner 2011 year and a slowdown in investor activity contributed to the trend in 2012. Yet, moderation was more widespread in the east, with half of Ontario and Atlantic Canada markets (8/16) reporting 2012 sales off the 2011 pace. Strength was evident throughout Saskatchewan, Alberta, and Nova Scotia, where exceptionally sound economic fundamentals drove demand. The Prairies also stood out in price appreciation, along with the Atlantic Provinces in 2012, and a repeat is on tap for next year. In 2013, Vancouver will rebound to post the strongest sales gain, while Quebec markets post the sharpest decrease.
Looking forward, there are a number of factors on the horizon that will serve to bolster residential activity in 2013. Canada's economic performance is expected to show signs of improvement, particularly in the latter half of the year, which should bode well for housing markets across the country. Historically low interest rates will also continue to drive healthy home-buying activity, especially in the move-up segment. Last, but certainly not least, there's no denying the universal appeal of bricks and mortar. Canadians believe in home ownership. The stability of real estate over the long-term continues to fuel its appeal.
While first-time buyers will continue to have a significant presence in the overall marketplace, they are expected to take a back seat in 2013 in Canada's largest markets with move-up buyers the new engine driving home-buying activity. The greatest advance in home sales is expected in Vancouver (12%), Calgary (10%), Halifax (5%), Kingston (4.5%) and Saint John (4%). The strongest upward momentum in average price in 2013 is forecast for St. John's (6%), Regina (5%), Kingston (4.5%), and Halifax (4%), followed by Fredericton and Winnipeg (3%). More balanced market conditions are expected in 2013 throughout the majority of markets, with supply meeting demand.
The long-term outlook for the Canadian real estate remains strong. It has proven so in the past, and it will ring true in the years to come. Canada's major centres are evolving at a tremendous pace and gaining traction on the world stage. As we look forward, our communities will certainly be more vibrant, more sustainable, while our housing mix focuses on density and diversification.
Immigration and population growth will continue to support housing demand moving forward. The Canadian government's commitment to immigration will hold steady, with the country set to welcome as many as 265,000 immigrants in 2013. The greater focus on economic immigrants is already leading to quicker household formation and home ownership than in years past. These two factors will also support the burgeoning condominium segment along with Canada's aging population while the desire for tangible assets props up the upper-end.
Live LARGE in this spacious 1 bed 1 bath that is over 800 sq ft! It's ideal location is perfect for the first time home buyer or retiree. Relax in your living room,with crown moulding, and warm up next to your gorgeous slate natural gas fireplace. Even the bathroom is grand with his and her sinks. A fresh coat of paint gives the home a warm feel. With in-suite laundry and separate storage room this unit can't be beat. Convenience is key as you are close to Richmond Centre for Shopping, the Canada line for transit and both the Minoru Aquatic Centre and Minoru Arena for Recreation. Pro-active strata keeps the building well maintained and when it's time to have guests, there is ample visitors parking for all your friends and family.
When the weather is turning colder, and the leaves are starting to fall, it’s time to start preparing for winter. What can you do to “winterize” your home? Here are nine tips to help you keep warm and safe this winter:
1) Check for leaks. An easy way to find out where heat is leaking out, and cold is seeping in, is to walk around inside your house on a windy day, with a lit incense stick. Hold it near the usual “leaky” areas, such as window and door frames, and electrical outlets. When you find the leaks, you may want to install weather stripping, or caulking to seal the gaps. Foam insulators can be installed behind light switches and electrical outlets.
2) Check your windows. Replace old or inefficient ones to prevent heat from escaping, or seal drafty windows with clear plastic. Hanging thermal curtains can also help to prevent drafts.
3) Check your furnace. Turn it on to make sure it’s working properly. This is a good time to contact a professional to get it cleaned and tuned. Filters should be changed often during the winter, as dirty filters reduce air flow and can cause fires. And if your furnace is more than 10 years old, you may want to consider upgrading to a new energy-efficient model.
4) Check your ducts. Homes with central heating can lose heated air before it reaches the vents if the ductwork is not properly connected or insulated, especially if it has to pass through any unheated spaces. And remember to have the ducts cleaned every few years to get rid of built up dust and hair.
5) Check your ceiling fans. For winter, reverse any ceiling fans so they’re blowing warm air downwards. And close your closet doors. Keeping them closed means you’re not heating any unnecessary space.
6) Check your pipes. If you have water pipes running through unheated areas of the house, wrap them with foam rubber sleeves or fiberglass insulation. Shut off the water to your hose bibs with a turnoff valve inside your house, and drain the lines.
7) Check your fireplaces. Consider capping the top of the chimney to keep out rodents and birds. Arrange to have the chimney cleaned to remove soot and creosote. Make sure the damper opens and closes properly.
8) Check your foundation. Rake away any debris, and seal up cracks or other entry points for water or mice.
9) Check your roof, gutters, and downspouts. Replace worn shingles or tiles. Check flashing to make sure water can’t enter the home. Clean out the gutters with a scraper or spatula, and rinse with a hose. Consider installing leaf guards or adding extensions on the downspouts to direct water away from the home.
Very comfortable family home in HOT South Cambie/Marpole area - less than 5 mins to "Marine Gateway". You will love the pretty rooms and the fully developed lower level. Practical updates include: newer roof-approx 2008, furnace 2009,hot water tank 2005, heat pump (perfect for cooling in the summer!) and temperature control, attic insulation, crown moulding, and repainting inside and out. The perfect investment with potential for future Cambie Corridor development!!
Nicely updated 1 bedroom ground floor condo. Open floorplan with laminate & slate flooring. Gas fireplace with slate tile surround + big windows in living room. Sliders to private interlocking brick patio. Renovated main bath. Open kitchen, stainless appliances. Bright quiet-super cute unit. 1 parking stall + locker. Close to schools, parks and recreation.
Fantastic investment opportunity whether you are looking for an income property or a "leg up" on the property ladder. Gated & secure complex in park-like, central location with easy access to bridges and hwy. One bedroom w/ private outlookto tranquil mountain view & Capilano River. Enjoy morning coffee from your huge balcony or start your day off with an invigorating workout in the superbly appointed exercise room, complete with pool, hot tub & sauna. Suite boasts partial updates while building has undergone plumbing, exterior concrete repairs & extensive common area upgrades. Additional features include: one underground parking and secure locker, 24 hour security, live-in caretaker, ample visitor parking & guest suite available.
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