Found 62 blog entries tagged as Canadian real estate.

Canadian real estate in downtown Vancouver condos

Just when you thought the price of Canadian real estate couldn’t get any higher, the latest data show the market continues to defy expectations – and gravity. Industry experts see no end to rising prices, in the face of growing demand and the ongoing housing supply shortage. Many young Canadians have been priced out, while older ones are increasingly dipping into their own savings to help their children get a foot in the door. Industry experts maintain that adding more housing supply into the mix is the only way to ease runaway prices.

Canadian Real Estate Prices Break Records in February 2022

February was a record-breaking month, according to the Canadian Real Estate Association (CREA), when the average home price in…

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Between rising interest rates, the COVID-19 pandemic, and the incoming spring market, home buyers and sellers might feel slightly overwhelmed by all of the changes happening in the 2022 housing market. 

Last year was one for the books as home inventory sank to its lowest levels ever recorded. Meanwhile, the Bank of Canada (BoC) is preparing to increase its overnight rate again, spelling potential changes for new and existing mortgage holders. With these trends in play, it leaves a lot of questions for those looking to make a move in the real estate market in 2022. 

Shaun Cathcart, Senior Economist and Director of Housing Data and Market Analysis at the Canadian Real Estate Association (CREA), has the answers to some of your important real…

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The housing market is highly seasonal. I’m writing this in the dead of winter. There aren’t typically a lot of listings at this time of year so, by extension, not a lot of sales, even if everything that becomes available is still selling. For that reason, many people don’t seem to pay as much attention to housing between, roughly, the start of a new school year and the following spring.

Over the last couple of years, I’ve noticed  many observers of the real estate market seem surprised in March, that the market has continued to evolve over the six or so months they hadn’t been paying attention to it.

As we head into what might be the most headline-grabbing housing year ever, this blog post is to provide an update for those who may have been…

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What size of mortgage can I afford

When purchasing a house, most people need a loan be able to afford the home. These loans are called mortgages. A mortgage is a legal agreement where a bank or other lender loans money and charges interest in exchange for taking the title of the borrower’s property. Upon repayment of the debt, the borrower owns the property.

In Canada, to purchase a home, the buyer must first save up a down payment for the home. The minimum amount required is five per cent of the purchase price up to $500,000; 10 per cent of the portion between $500,000 and $999,999; and 20 per cent for the amount above $1,000,000. As well, if the down payment is less than 20 per cent of the purchase price, the buyer must also purchase mortgage loan…

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  • fixed vs variable rate mortgages

In 2022, financial experts have been homing in on mortgage rates. Market analysts believe the Bank of Canada (BoC) will raise interest rates. The debate among housing observers, economists and investors is by how much. And with all this talk of fixed vs variable rate mortgages, what is the difference between the two products anyway? Let’s explore.

With Canada’s inflation rate the highest it has been since 1991, some anticipate the central bank will be aggressive on rate hikes, while others believe it will adopt a more cautious approach after about two years of ultra-loose and accommodative monetary policy in response to the pandemic.

One corner of the mortgage market attracting plenty of attention is variable…

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REMAX NBA 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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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_aerial view

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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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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  • 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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