On Episode 27 of REAL TIME, we’re joined by Newfoundland and Labrador-born, Norway-based architect Todd Saunders, best known for his iconic design of the Fogo Island Inn and studios. A Canadian architect with a global presence, Todd shares his unique perspective on the relationship between architecture and the ways in which we live in, interact with, or appreciate a place. Todd also shares his personal story defining a new vision for architecture as well the importance of building strong, trustworthy relationships with clients.
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Episode 24: Sinead Bovell – A Human Guide to a Digital Future
“We’ve accelerated into the future by at least a decade.” The pandemic has pushed us further and faster into a digital-first economy. In an industry like real estate, where trust and human interaction are paramount, what’s the impact of this digitalization? More importantly, what can REALTORS® expect as technologies like artificial intelligence, augmented reality, and the metaverse continue to gain traction? On Episode 24 of REAL TIME, we’re joined by futurist Sinead Bovell, the model who talks tech, to explore the pros and cons of a society that increasingly engages, transacts, and communicates through technology.
Episode 23: Hamza Khan – What Makes a Leader?
Today’s leaders are being tested. From emerging technology and shifting employee values to uncertainty introduced by the pandemic, the workplace is changing. And leaders are changing with it. So, what does it mean to be a leader today? And how do we prepare for tomorrow? On Episode 23 of REAL TIME, global speaker and author Hamza Khan shares his unique perspective on the future of work. Learn how leaders can take care of their teams, businesses, and themselves – and how REALTORS® can be seen as leaders in their field.
Episode 22: Wes Hall – The Art of Negotiation
Whether it’s our salaries or family dinners, negotiating is part of daily life. For REALTORS®, it’s fundamental to their business. On Episode 22 of REAL TIME, we’re joined by Wes Hall, one of North America’s most influential business leaders, to wrap up the year with some practical knowledge and inspiring stories. Wes shares his journey from humble beginnings in Jamaica to Bay Street in Toronto, and how negotiation was foundational to his success. As the newest dragon on Dragons’ Den, he also shares tips for staying grounded as an entrepreneur. From knowing your audience to knowing your worth, gain insight to help build your skills as a negotiator and an advisor.
Episode 21: Dr. Naheed Dosani – Approaching Homelessness from a Place of Empathy
During the first year of his family medicine residency, Dr. Naheed Dosani experienced a devastating and life-changing event: one of his patients passed away. That patient, Terry, had lived on the streets for 15 years, had terminal cancer, and was repeatedly refused access to proper palliative care. It was too little too late. Deeply affected by Terry’s loss, Dr. Dosani realized that while we all have equal access to healthcare in Canada, it doesn’t mean we have equitable access. And so he pledged to inspire change. To complement REALTORS Care® Week 2021, we join Dr. Dosani to gain a front-line perspective of the inequities facing homeless, poor, and vulnerably-housed Canadians. We look at housing as a healthcare issue, how we can cure it through policy, and how we can tap into our own vulnerability to ensure no one has to fall through the cracks.
Episode 18: Heather Bayer – The Evolution of Canadian Vacation Properties
Vacation properties have been around for decades, but their popularity has sky-rocketed over the last few years. What’s driving that trend, and how is it changing the current market? Heather Bayer, co-founder of Vacation Rental Formula, joins us for a deep dive into the dos and don’ts of vacation property investment, how the sharing economy has affected the way vacation rental businesses operate, and the responsibilities all owners have to their guests and neighbours. From helping your clients find their own vacation property, to what the next year may hold, Episode 18 of REAL TIME is a must-listen for the latest trends and insights.
Episode 15: Nikki Greenberg – Technology and the Future of Real Estate
From autonomous vehicles to on-demand everything, technology has woven itself into the fabric of our lives. But what about its impact on the real estate industry? And, more importantly, what’s next? In Episode 15 of REAL TIME, futurist and real estate thought leader Nikki Greenberg explains the breakthroughs and benefits of a rapidly evolving trend: property tech. Learn what prop-tech is, its potential to modernize residential and commercial development, and how it’s redefining the ways in which we interact with our homes, office spaces, and more.
Episode 3: Steve Murray – REALTORS® and the Timeless Currency of Trust
In Episode 3 of REAL TIME, we talk with Steve Murray, president and co-founder of REAL Trends, about the foundational elements of real estate – what’s changed, what hasn’t – and how trust and communication continue to play a vital role in safeguarding REALTOR® success.
CREA Updates and Extends Resale Housing Forecast
Fri, 03/13/2015 – 08:58
The further decline in oil prices since CREA’s last forecast has shaken consumer confidence in the Prairies, pushing potential homebuyers to the sidelines and prompting more homeowners to put their home on the market. This has led to a rapid shift in market balance in Alberta, and to a lesser extent, Saskatchewan. Annual sales in these provinces are expected to come in well below elevated levels posted last year, with small declines in average residential prices in 2015.
Additionally, the Canadian dollar has weakened further against the U.S. dollar, mortgage rates have declined and the U.S. economy has strengthened since CREA’s last forecast, which taken together are expected to benefit economic and job growth in other provinces. Accordingly, CREA has upwardly revised its forecast for sales activity for much of the rest of the country.
The balance between supply and demand continues to tighten in British Columbia and Ontario. These are the only two provinces where tight supply relative to demand is expected to result in average price gains that surpass inflation this year.
By contrast, average prices in Quebec and the Atlantic region are expected to remain relatively stable, as sales deplete elevated levels of supply.
On balance, the forecast for national sales has been revised lower, reflecting downward revisions to the outlook for sales in Alberta. National sales are now projected to reach 475,700 units in 2015, representing an annual decline of 1.1 per cent. This would place annual activity slightly above but still broadly in line with its 10-year average (Chart A).
British Columbia is projected to post the largest annual increase in activity in 2015 (+4.9 per cent) followed closely by Nova Scotia (+3.7 per cent), Quebec (+2.5 per cent), New Brunswick (+2.5 per cent), Ontario (+1.9 per cent), and Prince Edward Island (+1.4 per cent). These numbers represent upward revisions to CREA’s previous forecast.
Alberta is expected to post the largest annual decline in sales this year (-19.2 per cent), though the trend for activity is expected to begin recovering from a weak start to the year as consumer confidence recovers. Sales are also forecast to decline on an annual basis in Saskatchewan (-11.2 per cent), and Manitoba (-1.3 per cent).
The national average home price is now forecast to rise by two per cent to $416,200 in 2015. Only British Columbia (+3.4 per cent) and Ontario (+2.5 per cent) are forecast to see gains in excess of the national increase.
Prices are projected to remain largely stable elsewhere, with increases or decreases of around one per cent or less this year. The exception is Alberta, where average price is forecast to fall by 3.4 per cent, reflecting a pullback in sales for luxury properties compared to homes in more affordable price segments.
In 2016, national sales activity is forecast to reach 482,700 units, representing an annual increase of 1.7 per cent. Much of the annual increase reflects an anticipated recovery for sales activity in Alberta and Saskatchewan in line with expected economic improvement in those provinces.
Strengthening economic prospects are expected to result in improving sales activity in other provinces where sales have struggled, keeping prices more affordable amid ample supply. Meanwhile, anticipated mortgage rate increases are expected to keep activity in check in markets where homes are already less affordable and prices have continued rising.
The national average price is forecast to rise by a further 1.9 per cent to $424,100 in 2016. Given an ongoing shortage of supply for single family homes in and around the Greater Toronto Area, price growth in 2016 is forecast to be strongest in Ontario (+2.5 per cent) and Alberta (+2.4 per cent).
Gains of around two per cent are forecast for British Columbia and Manitoba, and around one per cent for Saskatchewan and Quebec. Average home price in the Atlantic region is forecast to hold steady in 2016.
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About The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 109,000 real estate Brokers/agents and salespeople working through some 90 real estate Boards and Associations.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
Canadian home sales down in December
Thu, 01/15/2015 – 09:00
Ottawa, ON, January 15, 2015- According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was down on a month-over-month basis in December 2014.
Highlights:
- National home sales fell 5.8% from November to December.
- Actual (not seasonally adjusted) activity stood 7.9% above December 2013 levels.
- The number of newly listed homes rose 1.1% from November to December.
- The Canadian housing market remains balanced.
- The MLS® Home Price Index (HPI) rose 5.4% year-over-year in December.
- The national average sale price rose 3.8% on a year-over-year basis in December.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations fell 5.8 per cent in December 2014 compared to November and remained above year-ago levels.
December sales were down from the previous month in almost two-thirds of all local housing markets, led by declines of about 25 per cent in both Calgary and Edmonton. Activity also slipped by about five per cent in the Greater Toronto Area.
“Home sales activity remained above year-ago levels in most local housing markets,” said CREA President Beth Crosbie. “Sales were also stronger in December than they were the previous month in about one-third of all local markets in Canada. This underscores the fact that all real estate is local. Nobody knows this better than your local REALTOR®, who remains your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”
“December sales were down from the previous month in a number of Canada’s largest and most active housing markets, indicating a broadly based cooling off for Canadian home sales as 2014 came to an end,” said Gregory Klump, CREA’s Chief Economist. “Even so, sales remain above year-ago levels in many of the same markets.”
“Given the uncertain outlook for oil prices, it’s no surprise consumer confidence in Alberta softened and moved some home buyers to the sidelines,” said Klump. “With regards to slower activity in Calgary and Edmonton, sales in these two markets had been running strong all year before they returned to levels that are entirely average for the month of December.”
Actual (not seasonally adjusted) activity in December stood 7.9 per cent above levels reported in the same month in 2013. Sales for the month were up from year-ago levels in about two-thirds of all local markets, led by Greater Vancouver and the Fraser Valley, the Greater Toronto Area, and Montreal.
Some 481,162 homes traded hands via the MLS® Systems of Canadian real estate Boards and Associations on an actual (not seasonally adjusted) basis in 2014 — the highest annual level in seven years. Annual sales activity in 2014 was up 5.1 per cent from the previous year and stood 2.6 per cent above the 10-year annual average.
The number of newly listed homes rose 1.1 per cent in December compared to November. Led by Calgary, Regina and Ottawa, new supply was up in just over half of all local markets.
The national sales-to-new listings ratio was 51.8 per cent in December, down from the mid-55 per cent range in the previous four months.
A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.
The ratio was within this range in just over two-thirds of all local markets in November. More than half of the British Columbia, Alberta and Southern Ontario markets that had been in seller’s market territory in November returned to balanced market territory in December. This list included Greater Vancouver, Calgary, Edmonton, and the Greater Toronto Area.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
There were 6.2 months of inventory nationally at the end of December 2014, up from 5.8 months in November. Together with the softer reading for the sales-to-new listings ratio, this suggests that the Canadian housing market has become more balanced.
The Aggregate Composite MLS® HPI rose by 5.38 per cent on a year-over-year basis in December. Monthly price gains held steady between five and five-and-a-half per cent throughout 2014.
In December, year-over-year price growth decelerated compared to November for townhouse/row units but accelerated for other types of homes tracked by the index. Two-storey single family homes continue to post the biggest year-over-year price gains (+6.98 per cent), followed closely by townhouse/row units (+5.31 per cent) and one-storey single family homes (+4.51 per cent). Price growth remained comparatively more modest for apartment units (+3.51 per cent).
Price gains varied among housing markets tracked by the index. As in recent months,
Calgary (+8.80 per cent), Greater Toronto (+7.89 per cent), and Greater Vancouver (+5.82 per cent) continued to post the biggest year-over-year increases. By contrast, prices in Regina declined by 3.48 per cent.
In other markets from West to East, prices were up between 2.2 and 2.6 per cent on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, and by less than one per cent in Saskatoon, Ottawa, Greater Montreal, and Greater Moncton.
The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.
The actual (not seasonally adjusted) national average price for homes sold in December 2014 was $405,233, representing an increase of 3.8 per cent year-over-year and its smallest increase since May 2013.
The national average home price remains skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $319,481 and the year-over-year increase shrinks to 1.9 per cent.
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
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