Real Estate Blog - February, 2022

What Are the Advantages and Disadvantages of Living in Newfoundland?

Newfoundland and Labrador is a Canadian province located on the easternmost part of the country. The population of the province is approximately 520,000 and more than 90% of them live in Newfoundland. This is considered to be one of the safest places to live in the world. 

Over recent years, there has been a growing number of people moving to Canada for many reasons, either for a job opportunity or for a fresh start. If you can’t decide on which province to move to, then this guide is going to provide you with helpful information. In particular, you will discover the advantages and disadvantages of living in Newfoundland so you can decide if it is the best option for your new home. 

Is Newfoundland a good place to live in Canada?

Yes.…

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Newfoundland Real Estate: Guide to Living in Conception Bay

If you are planning to move to Newfoundland, you have made the right decision. This is one of the best provinces to live in Canada because of the affordability and high quality of life. In terms of the best places to live in the province, Conception Bay is one of the top choices for experts and professionals in Newfoundland real estate.

Newfoundland Real Estate: Living in Conception Bay

There are three general areas for you to choose from when planning where to live in Conception Bay: the South, North, and Central regions. Which of these three is the best option for you? Learn more about each of them to help you make the right decision.

Conception Bay South

Conception Bay South is known to offer some of the best weather in the province. It…

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RE/MAX Named First Official Real Estate Brokerage Brand of the NBA in Canada

Partnership Marks First in New Category for the NBA in Canada, Will Engage Network of 20,000 Canadian Brokers and Agents

TORONTO, Feb. 16, 2022 – The National Basketball Association (NBA) and RE/MAX, Canada’s largest network of real estate agents, today announced a multiyear agreement that makes RE/MAX and its realtors the Official Real Estate Agents of the NBA in Canada. This marks the league’s first marketing agreement with a real estate brokerage brand and coincides with NBA All-Star 2022 in Cleveland, Ohio during the NBA’s 75th Anniversary Season.

The NBA and RE/MAX will tip-off the multiyear agreement with a national contest giving Canadian fans the chance to win a trip to the 2023 NBA All-Star Game in Salt Lake…

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What Homeownership Looks Like for Younger Generations

The COVID-19 pandemic has paved an unexpected path to homeownership for many young Canadians. Sure, mortgage rates fell to historically low rates, but a severe lack of supply and highly competitive sellers’ markets meant many Millennials and Gen Zers were left watching from the sidelines.

As restrictions loosened and life returned back to “normal”, demand for housing increased, pushing prices up in the process. As of November 2021, the average price for a home in Canada was $720,854, a 19.6% year-over-year increase according to data from the Canadian Real Estate Association (CREA).

So what exactly does homeownership currently look like for younger generations?

When it comes to where and how younger generations are choosing to live, it turns…

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Canadian Luxury Real Estate Sales Double, Triple in Some Markets

Pandemic accelerated value of home ownership at luxury price points to new heights in major Canadian centers in 2021

Demand for Canadian luxury real estate shifted into high-gear from coast to coast in 2021 as both domestic and non-resident consumption of tangible assets, such as homes, reached new levels, according to a report released today by RE/MAX Canada.

“The currency of home ownership has clearly taken on a new dimension in 2021,” says Christopher Alexander, President, RE/MAX Canada. “Canadians are moving to secure their future. The pandemic fuelled a run on real estate that has encompassed every segment of the market, and the value of housing has increased exponentially as a result–not only as a form of…

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8 Best Ways to Finance Major Home Renovations

Upon deciding to upgrade your home, whether you’re planning to stay there or sell, the topic of money arises quickly. It’s well known that home renovations can be costly. Sure, some small upgrades such as new light fixtures, faucets and paint don’t typically cost a whole lot of money, but remodels are known to snowball and the costs can add up quickly. Thankfully, you have options! Here are 8 of the best ways to finance major home renovations to help you forge ahead, with confidence that you’ll have the financial means to make your vision a reality!

1. Home Equity Line of Credit

When buying a home, most people apply for a mortgage. Your home equity is the portion of your home that you have already paid off.

Home…

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Canadian home buyers face record listings shortage to begin 2022

Statistics released by the Canadian Real Estate Association (CREA) show national home sales remained historically high in December 2021, as the end-of-month supply of properties for sale hit an all-time low.

HIGHLIGHTS

• National home sales inched up 0.2% on a month-over-month basis in December.

• Actual (not seasonally adjusted) monthly activity came in 9.9% below the record posted in December 2020.

• The number of newly listed properties fell 3.2% from November to December.

• The MLS® Home Price Index (MLS® HPI) rose 2.5% month-over-month and was up a record 26.6% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 17.7% year-over-year gain in December. 

…

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Tips for Helping Buyers Navigate New Home Construction

For any real estate professional whose clients are looking to purchase any type of new home construction, heed this golden rule, says Toronto broker and REALTOR® Janice Fox: Do your research.

Whether your clients are seeking to buy into a new house already built, a semicustom home as part of a development or a pure custom home built to their personal specifications, you’ll want to help them create a schedule that allows pertinent questions to be asked in advance for the builder and throughout the build process.

While new builds tend to be designed with modern living in mind, have the latest in technology and plumbing, electrical and efficiency systems, you want to steer your clients to reputable builders and include references from people who have…

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2021 Housing Market - Year in Review

• Compared to 2020, home sales increased across Canada
• The price of homes across Canada increased compared to 2020
• Housing inventory hit an all time low
• The price of homes sold reached an historic high
• Record number of closings with over 115,000 more sales than in 2020, beating the record for that year

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Canadian Housing Market Starts 2022 Hotter Than Ever

Photo by Darren Richardson on Unsplash

The Canadian housing market ended 2021 on a high note. How has it been performing a month into 2022?

Canada’s sizzling housing sector has been resilient throughout the coronavirus pandemic. Despite the economic downturn and global health crisis, Canadian real estate markets from coast to coast have enjoyed unprecedented growth in sales activity and home valuations alike. What’s more, the gravity-defying growth has been consistent across virtually every segment of the market, with urban condominiums bouncing back after experiencing a lull in 2020, to the spike in single-detached activity in suburban and rural communities.

The key question for many market analysts, as well as homebuyers and sellers,…

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