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An update on Canada’s real estate markets

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Despite expectations of lower interest rates prompting homebuyers to leave the sidelines, a new report says the Bank of Canada’s quarter-point cut to its key interest rate last month did not lead to a rush in demand.

The latest Royal LePage house price survey released Thursday, detailing market trends across Canada during the second quarter, said demand continues to outpace supply in the Prairies and Quebec, but Toronto and Vancouver saw slower-than-usual activity this spring.

Phil Soper, president and CEO of Royal LePage, said prices have remained sticky in Canada’s largest markets.

“This spring, with bank rate cuts highly anticipated, we saw some buyers race to get a deal done ahead of an expected spike in demand,” said Soper in a press release.

“Yet, when that first cut finally occurred in early June, market response was tepid.”

A Royal LePage survey conducted by Leger earlier this year suggested 51 per cent of would-be homebuyers would resume their search if interest rates decreased, but just 10 per cent said a 25-basis-point cut would prompt them to jump back into the market.

Around 18 per cent said they were waiting for a cut of 50 to 100 basis points, and 23 per cent said they need to see a drop of more than 100 basis points.

“Not surprisingly, the quarter-point cut to the bank rate didn’t substantially improve the affordability picture,” said Soper.

“The tale the market tells as rate cuts get to the point of a material reduction in the cost of borrowing should be a very different one.”

The national aggregate home price rose 1.9 per cent year-over-year to $824,300 in the second quarter of 2024, which was also a 1.5 per cent increase from the first quarter, according to the report.

The figure is compiled from the company’s property data nationally and regionally in 64 of Canada’s largest real estate markets.

When broken out by housing type, the national median price of a single-family detached home increased 2.2 per cent year-over-year to $860,600, while the median price of a condominium increased 1.6 per cent to $596,500.

Royal LePage is also forecasting the aggregate price of a home in Canada will increase nine per cent to $860,555 in the fourth quarter of 2024 compared to the same quarter last year.

This report by The Canadian Press was first published July 11, 2024.

 

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k.d. lang rocks with the Reclines at Canadian Country Music Association awards

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EDMONTON – The legendary k.d. lang got the band back together at the Canadian Country Music Association awards show.

Lang teamed up with the Reclines for the first time in 35 years to belt out “Big Boned Gal” from their last album together in 1989.

Clad in a blue and green western-style dress, lang strut across the stage in Edmonton to embody the “big boned gal from southern Alberta.”

The awards show saw Alberta’s MacKenzie Porter and Ontario’s Josh Ross take home hardware for being best female and male artists of the year.

Ross also won entertainer of the year and single of the year for “Trouble.”

Ontario artist Jade Eagleson won album of the year for “Do It Anyway.”

The James Barker Band from Woodville, Ont., won fans’ choice and group of the year.

During their acceptance speech, frontman Barker hinted at new music and a possible tour in 2025.

Ross says he and his band play roughly 150 shows every year and are never home, but says taking home entertainer of the year made the hard work worth it.

Porter won for female artist of the year and top video for “Chasing Tornadoes.”

The female artist win ends the five-year streak of Tenille Townes being awarded the coveted hardware.

Porter had been nominated seven times previously for the award in the past decade but hadn’t won until now.

The artist from Medicine Hat, Alta., says it takes a lot of hard work and hustle to succeed as a female in the country music industry and gave a shout out to her fellow singers and her newborn daughter.

Joining the two artists in the winners’ circle was Ontario singer-songwriter Owen Riegling, who won for breakthrough artist of the year.

The show began with American artist and co-host Thomas Rhett being dubbed an honorary Canadian by Edmonton Oilers players Corey Perry and Leon Draisaitl.

Rhett donned an Oilers jersey that was gifted to him by the pair.

This report by The Canadian Press was first published Sept. 14, 2024.

The Canadian Press. All rights reserved.



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Jade Eagleson wins album of the year at Canadian Country Music Association awards

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EDMONTON – Ontario country artist Jade Eagleson has won album of the year at the 2024 Canadian Country Music Association Awards in Edmonton.

The singer from Bailieboro, Ont., was up for six awards alongside Alberta’s MacKenzie Porter.

Eagleson took home album of the year for “Do It Anyway” and says he’s thankful to his wife and management team for helping him reach the level he’s at.

The James Barker Band from Woodville, Ont., also won fans’ choice and group of the year at the award show, held in Edmonton.

During their acceptance speech, frontman Barker hinted at new music and a possible tour in 2025.

Another Ontario crooner, Josh Ross, has taken home a trio of awards, receiving entertainer of the year, male artist of the year and single of the year.

He says he and his band play roughly 150 shows every year and are never home, but says taking home entertainer of the year makes the hard work worth it.

Porter took home female artist of the year, ending the five-year streak of Tenille Townes being awarded the coveted hardware.

Porter had been nominated seven times previously for the award in the past decade but hadn’t won until tonight.

The artist from Medicine Hat, Alta., says it takes a lot of hard work and hustle to succeed as a female in the country music industry and gave a shout out to her fellow singers and her newborn daughter.

Joining the two artists in the winners’ circle was Ontario singer-songwriter Owen Riegling, who won for breakthrough artist of the year.

The show began with American artist and co-host Thomas Rhett being dubbed an honorary Canadian by Edmonton Oilers players Corey Perry and Leon Draisaitl.

Rhett donned an Oilers jersey that was gifted to him by the pair.

The return of k.d. lang and the Reclines was expected to be a highlight of the show.

The appearance will mark the first time the Alberta songstress has teamed up with the band in 35 years and is tied to lang’s induction into the Canadian Country Music Hall of Fame.

The awards show is back in Alberta’s capital for the first time since 2014. It was held in Hamilton last year and in Calgary in 2022.

This report by The Canadian Press was first published Sept. 14, 2024.

The Canadian Press. All rights reserved.



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B.C. Conservatives promise to end stumpage fees, review fire management if elected

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VANDERHOOF, B.C. – British Columbia Conservatives are promising changes they say will bring more stability to the province’s struggling forest industry.

Leader John Rustad announced his plan for the sector a week before the official launch of the provincial election campaign, saying a Conservative government would do away with stumpage fees paid when timber is harvested and instead put a tax on the final products that are produced.

Rustad said Saturday that under a provincial Conservative government, a small fee may be charged upfront, but the bulk would come at the end of the process, depending on what type of product is created.

He also promised to review how wildfires are managed, as well as streamline the permit process and review what he calls the province’s “uncompetitive cost structure.”

“British Columbia is by far the highest cost producers of any jurisdiction in North America. We need to be able to drive down those costs, so that our forest sector can actually be able to do the reinvestment, to be able to create the jobs and make sure that they’re still there to be able to support our communities,” he said.

The governing New Democrats meanwhile, say eliminating stumpage fees would inflame the softwood lumber dispute with the United States and hurt forestry workers.

In a statement issued by the NDP, Andrew Mercier, the party’s candidate in Langley-Willowbrook, said Rustad failed to support the industry when he was in government under the former BC Liberals.

“Not only will Rustad’s old thinking and recycled ideas fail to deliver, his proposal to eliminate stumpage would inflame the softwood lumber dispute — punishing forestry workers and communities,” Mercier said, accusing Rustad of ignoring the complexity of the challenges facing the industry.

The softwood lumber dispute between the U.S. and Canada stretches back decades. In August, the U.S. Department of Commerce nearly doubled duties on softwood lumber.

International Trade Minister Mary Ng has said Canada has taken steps to launch two legal challenges under the Canada-United States-Mexico Agreement.

Rustad said a provincial Conservative government would push hard to get a deal with the United States over the ongoing dispute “whether it’s with the rest of Canada or by itself.”

He said his party’s proposed changes are in the name of bringing “stability” and “hope” to the industry that has seen multiple closures of mills in rural communities over the last several years.

Most recently, Canfor Corp. decided to shutter two northern British Columbia sawmills earlier this month, leaving hundreds of workers unemployed by the end of the year.

According to the United Steelworkers union, Canfor has closed 10 mills in the province since November 2011, including nine in northern B.C.

Jeff Bromley, chair of the United Steelworkers wood council, said Saturday the idea of changes in favour of taxing the final product has been floated in the past.

He said the finer details of the Conservative plan will be important, but that the system needs to be improved and “new ideas are certainly something I’d be willing to entertain.”

“Something needs to happen, or the industry is just going to bleed and wither away and be a shadow of its former self,” Bromley said.

“Politics aside, if (Rustad) can come up with a policy that enables my members to work, then I would be supportive of that. But then I’m supportive of any government that would come up with policies and fibre for our mills to run. Period.”

When Canfor announced its latest closures, Forests Minister Bruce Ralston said the sector was a “foundational part” of the province and the current NDP government would work to support both local jobs and wood manufacturing operations.

This report by The Canadian Press was first published Sept. 14, 2024

The Canadian Press. All rights reserved.



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