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Real estate optimism blows past pre-virus levels in Canada – BNN

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Canadians are the most confident in more than three years that real estate prices will continue to rise, according to weekly telephone polling, a positive signal for the recovery.

About half of respondents, or 49.2 per cent, see home prices climbing over the next six months, the highest share since May 2017. That helped lift the Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, to 55.1 last week, levels last seen in early March.

It’s been nine months since Canada first shut down its economy to contain the spread of COVID-19, leading to a record plunge in consumer confidence. The index began to recover over the summer but a second wave of virus cases put the brakes on that.

However, the vaccine rollout that began this month in Canada is stirring hopes that the pandemic’s end is near even as case counts continue to rise. Two of the largest provinces, Ontario and Quebec, have tightened restrictions to try to control the spread.

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Record-low interest rates and strong demand for more spacious accommodation are pushing Canadian home prices and sales to record highs this year. Prime Minister Justin Trudeau’s government has pledged to keep the fiscal taps open to support the recovery, and the income support measures have left households flush with cash.

“Consumer confidence in Canada continues to gain strength with news on vaccines,” Nik Nanos, chief data scientist at Nanos Research, said in the report. “Forward perceptions on both the strength of the economy and the value of residential real estate gained a full five percentage points in the past four weeks of tracking.”

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security, the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 responses.

Key Highlights

  • Real estate optimism continued to climb, with only 12.7 per cent of respondents saying they believe home prices in their neighborhood will decrease in the next six months, the lowest share since early March
  • Views on the economic outlook also improved. Some 23.7 per cent of consumers expect the country’s economy to be stronger in the next six months, the largest share since June and up from 18.1 per cent at the end of November
  • Views on personal finances were largely unchanged last week with 14.9 per cent of Canadians saying they were better off compared with a year earlier, and 25.7 per cent saying they were worse off
  • Measures of job security fell on the week but were still higher on the month
  • Sentiment rose in every province except Quebec, which is experiencing some of the strictest containment measures to lower virus cases

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Skyrocketing cost of building materials could stress Victoria real estate market – CTV Edmonton

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VICTORIA —
The real estate market on southern Vancouver Island continues to be red hot.

“Condos were up single digits, low single digits,” said David Langlois, president of the Victoria Real Estate Board. “Whereas single family homes in a lot of markets were sort of low double digits.”

Inventory for condos has been holding its own. In contrast, the inventory for those sought-after single-family homes is bleak.

“When we look at the single-family home market, (there’s) very limited inventory and very strong competition for buyers,” said Langlois.

Besides inventory, developers say that the rising cost of building materials may also lead to a rise in costs for home buyers.

“Things are getting almost ridiculous,” said Phil Aitken, a co-owner of Thistle Construction.

“Some products are just getting exponentially more expensive and it’s reaching a point where guys are starting to say, you know, ‘Is there any point in me building this home anymore?’” said Aitken.

Thistle Construction is currently building three homes for clients in Victoria’s Fairfield neighbourhood. In September, they got a quote for lumber for the last home.

“By the time we got around to purchasing the material, it increased in price by about $7,000,” said Aitken.

That increase happened over a three-month period.

General contractors and those who work in sub-trades are also feeling the pinch.

“A 30-day quote is not available anymore,” said Iain Sorrie of Hybrid Plumbing.

For Sorrie, it’s gotten to the point where he can’t even give his clients an accurate estimate due to the rapidly changing costs of materials.

“Suppliers have told us not to give out 30-day quotes (for) the time being because their increases are going to happen quicker than the 30 days expires,” said Sorrie.

Plumbing supplies, lumber, drywall – everything has increased in price, which has many builders questioning if there’s a business case anymore for adding to that new home inventory.

“I think there are lots of opportunities out there at the moment for somebody to start flipping homes,” said Aitken.

“Certainly, finding an older home, new floors, a new kitchen, a coat of paint, some new exterior – you’re still going to pay a bit for materials but it’s not going to be anything like the cost of building a new home.”

The situation could put more pressure on that singe-family home inventory that is slowly becoming more out of reach for many families.

“You know, I feel for the younger generation,” said Aitken. “It’s really quite scary for those people trying to get into their first-time home.” 

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Skyrocketing cost of building materials could stress Victoria real estate market – CTV Edmonton

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VICTORIA —
The real estate market on southern Vancouver Island continues to be red hot.

“Condos were up single digits, low single digits,” said David Langlois, president of the Victoria Real Estate Board. “Whereas single family homes in a lot of markets were sort of low double digits.”

Inventory for condos has been holding its own. In contrast, the inventory for those sought-after single-family homes is bleak.

“When we look at the single-family home market, (there’s) very limited inventory and very strong competition for buyers,” said Langlois.

Besides inventory, developers say that the rising cost of building materials may also lead to a rise in costs for home buyers.

“Things are getting almost ridiculous,” said Phil Aitken, a co-owner of Thistle Construction.

“Some products are just getting exponentially more expensive and it’s reaching a point where guys are starting to say, you know, ‘Is there any point in me building this home anymore?’” said Aitken.

Thistle Construction is currently building three homes for clients in Victoria’s Fairfield neighbourhood. In September, they got a quote for lumber for the last home.

“By the time we got around to purchasing the material, it increased in price by about $7,000,” said Aitken.

That increase happened over a three-month period.

General contractors and those who work in sub-trades are also feeling the pinch.

“A 30-day quote is not available anymore,” said Iain Sorrie of Hybrid Plumbing.

For Sorrie, it’s gotten to the point where he can’t even give his clients an accurate estimate due to the rapidly changing costs of materials.

“Suppliers have told us not to give out 30-day quotes (for) the time being because their increases are going to happen quicker than the 30 days expires,” said Sorrie.

Plumbing supplies, lumber, drywall – everything has increased in price, which has many builders questioning if there’s a business case anymore for adding to that new home inventory.

“I think there are lots of opportunities out there at the moment for somebody to start flipping homes,” said Aitken.

“Certainly, finding an older home, new floors, a new kitchen, a coat of paint, some new exterior – you’re still going to pay a bit for materials but it’s not going to be anything like the cost of building a new home.”

The situation could put more pressure on that singe-family home inventory that is slowly becoming more out of reach for many families.

“You know, I feel for the younger generation,” said Aitken. “It’s really quite scary for those people trying to get into their first-time home.” 

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Canadian Real Estate Agent Rankings: RE/MAX Captures 33 of Top 100 – RE/MAX News

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In a recent ranking of Canadian real estate agents by Rate-My-Agent.com Inc, 33 RE/MAX agents were named in the Top 100 list for 2020, claiming the most of any other brokerage. The review site compiled its list of top-rated Canadian real estate agents based on ratings and reviews received during 2020.

Congratulations to the RE/MAX agents from coast to coast made the list!

#4 – Jennifer Queen – RE/MAX Professionals (Winnipeg, MB)
#6 – Jamie Swaile – RE/MAX Performance Realty (Winnipeg, MB)
#8 – Ben Sweet & Meredith Miller – RE/MAX iRealty Innovations (Calgary, AB)
#11 – Patrick Fields – RE/MAX Select (Edmonton, AB)
#14 – Erin Hayes – RE/MAX Edge Realty Inc. (Burlington, ON)
#15 – Amber Van Den Broek – RE/MAX Executives Realty (Winnipeg, MB)
#17 – Evelyn Lacerda – RE/MAX Realty Specialists Inc. (Mississauga, ON)
#19 – Andy Kloppenborg – RE/MAX Performance Realty (Winnipeg, MB)
#20 – Seth Allred – RE/MAX House of Real Estate (Calgary, AB)
#21 – Anurag Sharma – RE/MAX Twin City Sharma Realty (Kitchener, ON)
#23 – Mira Marion – RE/MAX Performance Realty (Winnipeg, MB)
#26 – Marcel Gladu – RE/MAX Crown Realty (1989) Inc. (Sudbury, ON)
#32 – Meagan McKillop – RE/MAX Professionals (Winnipeg, MB)
#35 – Shawn Hinchey – RE/MAX Jazz Inc. (Oshawa, ON)
#36 – Marc Parenteau – RE/MAX Affiliates Realty LTD. (Ottawa, ON)
#37 – Pierre & Cynthia Charron – RE/MAX Professionals Saint John INC. (Saint John, NB)
#40 – Rie Takahashi Zhou – RE/MAX Real Estate (Kamloops, BC)
#42 – Mary Ann Schiralli – RE/MAX Aboutowne Realty Corp. (Oakville, ON)
#43 – Laura Schewchenko – RE/MAX Real Estate (Central) (Calgary, AB)
#45 – Michael Pavone – RE/MAX Elite (North) (Edmonton, AB)
#49 – Lorin McLachlan – RE/MAX Executives Realty (Winnipeg, MB)
#54 – Brent Miller – RE/MAX Real Estate (Kamloops, BC)
#62 – Marcus Power – RE/MAX Professionals Saint John INC. (Saint John, NB)
#63 – Colton Davidson – RE/MAX Real Estate Centre INC. (Kitchener, ON)
#65 – Bill Papaioannou – RE/MAX Escarpment Realty INC. (Hamilton, ON)
#69 – Scott Glover – RE/MAX Treeland Realty (Langley, BC)
#73 – Reisha Dass – RE/MAX Real Estate Centre INC. (Burlington, ON)
#77 – Connor Honey – RE/MAX Excellence (Edmonton, AB)
#81 – Ed Dale Jr. – RE/MAX Professionals (Winnipeg, MB)
#90 – Darren Yee – RE/MAX iRealty Innovations (Calgary, AB)
#91 – Larry Paletta – RE/MAX Escarpment Realty INC. (Stoney Creek, ON)
#98 – Carol Cohen – RE/MAX Elk Valley Realty (Fernie, BC)

Benefits of Working With a Professional Real Estate Agent:

Selling your home can be an emotional experience. In fact, RE/MAX research reveals that a real estate transaction is one of life’s top stressors, second only to divorce (ouch!). Under some circumstances, sellers may wish to handle the sale of their home on their own. As a consumer, you have the option to handle the transaction on your own, or work with a Realtor. While an FSBO may have some pros, it also has its cons. Click here to check out eight very valid reasons to have a real estate agent on speed dial.

Canadian Real Estate is Competitive. How do you Choose the Right Agent?

According to research by the National Association of Realtors, there are huge benefits to working with a real estate agent, including higher sale prices. However, every homebuyer and seller would be wise to do some “home work” to find a real estate agent who knows his or her market and who has a proven track record. Treat your vetting process like you would a job interview: ask lots of questions, and don’t settle until you’re satisfied with the answers. Click here for seven starter questions that should be on your list.

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