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Real Estate in Guelph – It’s the same place we came from



Iam not going to pretend I know what is going to happen, but with so many people asking me, it’s only fair I try. I mean, I have my opinions, and I will continue to make my personal decisions when it comes to real estate and investing based on them – and when my clients ask, I will share how I feel.

So, how do I feel about the real estate market? 

Well, actually pretty good.

And how did I feel last month? 


Well, pretty good.

What about a month from now? 

Yes, pretty darn good.

How can you feel good about something that so many are feeling bad about?

Well, I am not quite sure that the owning of real estate, or the homes people want, or the investments they hope to make have people feeling bad; I imagine it is more about the new interest rates.

Let’s look at the investment of real estate first. Whether you are renting it out or living in it, it is a choice of what to do with your money. For the people that are living in it, it’s great to know that it is an investment, because you have to spend money on housing regardless.

When we look at any investment we always ask ourselves, “Does this make sense?” The simplest way I can look at real estate and answer that question is to say, I have a product and the people that want and need this product are growing, and the availability of this product does not seem to be doing the same.

Describing it this way helps make the most sense to me. I guess I could say the same thing about Coca Cola, but there is Pepsi, Sprite, water, beer, and this Prime drink that my kids won’t stop talking about (don’t get me started). So real estate as an investment makes sense, as there is no alternative to housing.

What about everything I am reading about prices going down?

Well, real estate prices are going down now, since the rates people use to afford them have gone up. When the rates go down, you know the prices will start to climb again.

The market is very healthy – I have been saying this for months.

The reason we’ve noticed some homes not selling is due to the sellers adjusting their price expectations downwards slower than the buyers are. The sellers are still willing to accept the price of a spring ago, but the buyers are the ones calculating the interest rate. When rates go up that quickly, it’s hard for sellers to accept things fast enough, so buyers wait, and one by one new sales prices give data to sellers that say  “You see, these are the new prices,” and a reluctant decision takes place by way of a price adjustment and then another sale happens.

In the spring market of 2022 prices rose but when interest rates started to climb prices fell. Although real estate goals still existed, and people still wanted to invest, the falling prices is what grabbed the headlines, so that healthy underbelly lies just below the surface.

Now here we are, in the early part of the year and what can sometimes be the barometer of how our real estate market will perform.

How is it going?

Well, the supply and demand levels have once again tipped in a slight favour of the seller, but buyers armed with a different interest rate are taking a more calculated approach instead of having a fear of missing out.

To conclude, a  properly priced home will sell, an underpriced one will sell for over asking, and an overpriced home won’t sell at all.  You see, nothing to see here, just a regular old spring market in Guelph.

Thanks for reading, and I thought this quote would be fitting.

“When the market is greedy, I get scared. When the market is scared, I get greedy.” 

-Warren Buffet


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Posthaste: Cottage real estate rush slows to a 'standstill' as remote-living honeymoon ends – Yahoo Canada Finance





Good Morning,

A chill has fallen over cottage country in Canada.

After a red-hot record run over the past two years, prices for recreational real estate in the country are expected to fall 4.5 per cent in 2023 as market activity slows, according to a Royal LePage report out this morning.


With the exception of Alberta, all of Canada’s recreational markets are forecast to see a decrease in single-family home prices. Quebec and Ontario are expected to see the biggest drops, falling 8 per cent and 5 per cent respectively.

This is a big difference from what the recreational market experienced over the past two years. Last year aggregate prices for a single-family dwelling increased 11.7 per cent to $619,900. The year before they soared 26.6 per cent.

“After two years of relentless year-round competition, Canada’s recreational property markets have slowed and returned to traditional seasonal sales patterns,” Phil Soper, president and chief executive of Royal LePage said in the report.

Soper said the recreational property market is less sensitive to rising interest rates because buyers tend to put more money down and borrow less, but overall inflation and a “severe lack of inventory” have led to a slump in sales.

Another factor is a reversal of the pandemic exodus out of the cities. During COVID-19 lockdowns when offices closed, many Canadians used their cottage as a second home and worked from there.  But with companies requiring employees back in the office at least a few days of the week commutes have become challenging.

“For many, living in cottage country full-time has lost its romantic shine, meaning we are back to viewing the cottage, cabin and chalet as a weekend and summer escape from urban living,” said Soper.

In Atlantic Canada, a “pandemic relocation hotspot,” 46 per cent of brokers said they were seeing a trend of homeowners returning to cities after relocating to the region and demand for cottage properties has decreased significantly.

“The multiple-offer scenarios and homes selling over-asking are not as common today as they were during the pandemic boom,” said Corey Huskilson, sales representative, Royal LePage Atlantic in South Shore, Nova Scotia.

Cottage prices in Ontario climbed steadily during the pandemic years, with the price for a waterfront property topping $1 million in 2022. This year prices are expected to fall by 5 per cent.

“After two years of historically high pandemic-driven sales, activity in the recreational market came to a comparative standstill in the last half of 2022. Rising interest rates, buyer fatigue, and lack of inventory all played a role,” said John O’Rourke, broker, Royal LePage Lakes of Muskoka.

O’Rourke expects activity to be more balanced this spring, with traditional cottage buyers coming back to a market where they don’t have to compete with “the investment-focused buyer, a prominent player during the pandemic boom.”

Alberta is the one area of the country bucking the trend. Last year the aggregate price for a recreational single-family home here climbed 13.3 per cent to $1,165,500 from 2021. This year that price is expected to rise to $1,171,328.

Next door to Banff National Park and the home of many luxury properties, Canmore is a significant driver of prices in Alberta.

While brokers here are seeing lower inventories, demand has remained stable.

Moreover, 65 per cent of the brokers surveyed said they were not seeing the trend of homeowners moving back to cities after relocating, another factor contributing to the supply shortage.

“Buyer demand for recreational properties in Canmore continues to be driven by retirees and Albertans living in the surrounding cities, as well as residents from Ontario and Quebec. As Canmore attracts many cash buyers, higher interest rates have had little impact on this market, a factor that has kept prices stable,” said Brad Hawker, associate broker, Royal LePage Solutions.

One bright spot for all you cottage owners out there. Despite the declines forecast this year, the national aggregate price will still be 32 per cent higher than in 2020, after two years of double-digit gains.


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The World Bank is warning of a lost decade, saying that potential global growth has slumped to the three-decade low of 2.2 per cent a year through to 2030.

Crisis after crisis including the COVID-19 pandemic and Russia’s invasion of Ukraine have ended almost three decades of sustained expansion, says the new report.

With nearly all the economic forces that powered progress and prosperity over the past 30 years fading, potential GDP growth is expected to decline by about a third from what was seen in the century’s first decade. The decline is even steeper for developing economies and if the current banking turmoil explodes into a global financial crisis or recession, the declines will be steeper still.

The World Bank says its report offers the “first comprehensive assessment of long-term potential output growth rates in the aftermath of the COVID-19 pandemic and the Russian invasion of Ukraine.”

“A lost decade could be in the making for the global economy,” said Indermit Gill, the World Bank’s chief economist.

Expanding labour supply, boosting investment in sustainable sectors and cutting trade costs could increase GDP growth, but failure to reverse the slowdown would have profound consequences on the world’s ability to tackle climate change and reduce poverty, warned the report.

Federal Budget. Get primed for the budget which will be released at about 4 p.m. ET with Financial Post coverage here

Josie Osborne, minister of energy, mines and low carbon innovation, will make an announcement about support for leading-edge clean energy, such as projects advancing B.C.’s ocean economy

The U.S. Consulate General in Vancouver and MAPLE Business Council co-host a SelectUSA conference to inform small and medium-sized Canadian businesses, entrepreneurs and others about how to expand a business or invest in the United States.

Today’s Data: U.S. Advance Economic Indicators Report, U.S. Conference Board Consumer Confidence Index
Earnings: Lululemon Athletica



It’s Budget Day in Canada today, and Jamie Golombek has gleaned some insight on the potential impact on our pocketbooks from the pre-budget Report of the Standing Committee on Finance, which contained 230 separate recommendations for tax changes and spending. Read on to find out how the capital gains tax and other changes could target higher-income Canadians in the budget.  Then check back after 4 p.m. ET tonight when Golombek will have the latest news out of the federal budget 2023.


Today’s Posthaste was written by Pamela Heaven, @pamheaven, with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at, or hit reply to send us a note.

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B.C. real estate: 2 resort properties on sale for $8.25M | CTV News – CTV News Vancouver



A pair of sprawling resort properties in B.C. – complete with a hotel, ski runs and lifts, lakefront cabins, a campground, and a pub – are on sale for less than the price of some Vancouver tear-downs.

Colliers has listed the Powder King Ski Resort and its “sister property” The Azouzetta Lake Resort for $8,250,000. It’s being billed as a “once in a lifetime opportunity” to purchase the two properties, which are located at the base of the Pine Pass in Northeastern B.C.

The properties are remote, located 67 kilometres east of Mackenzie and 195 kilometres north of Prince George.


This image from an online listing by Colliers shows a resort property for sale in Northeastern B.C. (Image credit:

The ski resort, according to the listing, has been rated number 1 for snow in Canada, getting an average of 12 metres of snowfall each winter. In total, there are 364 hectares of skiable terrain, comprised of 37 runs serviced by three lifts.

Accommodations at the ski resort include a 50-room hotel, two cabins for staff, a lodge with a licensed pub and a cafeteria. The possibility for expansion is built in, the online listing says, noting the resort has a master plan with the province.

“There is a three-phase development plan which allows for land acquisitions, real estate development, commercial development, ski runs, lifts, and summer recreation activities,” the realtor’s website says.

This image from an online listing by Colliers shows a resort property for sale in Northeastern B.C. (Image credit:

The second resort is roughly six kilometres away from the ski resort, situated on the “pristine,” 340-acre Azouetta Lake. The property includes several rustic but fully equipped A-frame cabins, RV sites, a campground, and on-site accommodations for a manager.

“The lake supports rainbow trout and an array of natural wildlife as well as numerous recreational opportunities such as kayaking, canoeing and boating as well as mountain biking, hiking, and other pursuits nearby,” the description from Collier’s says.

This image from an online listing by Colliers shows a resort property for sale in Northeastern B.C. (Image credit:

The property also has a gas station, a convenience Store and a restaurant called Café 97 which is open seven days a week, year-round.

A video tour of the property shows more of what it has to offer. 

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Cottage sales expected to decline in 2023



The Royal Lepage Real Estate firm is predicting a slow down in cottage sales.

The three per cent decline in the price of a single family cottage in the Atlantic region follows an 18 per cent jump over the past two years.

It’s a smaller dip than the national average, which saw a four-and-a-half per cent drop from last year.

“The days of the multiple offers, well over asking [price], sight unseen type of buyers seem to be behind us,” said Corey Huskilson of Royal Lepage Atlantic. “Buyers are taking their time, they’re doing their research and they’re just waiting it out.”


The forecast says the average price of a cottage in the Atlantic region currently sits at $279,000 with the cheapest vacation homes found in New Brunswick’s St. Stephen region at $184,000. The most expensive is in Shediac, with an average price of $337,000.


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