In the mid-90s, the Internet ushered in a new era in how consumers buy and sell real estate. Today, one platform is more popular than any other in Canada. So, how did we get here? And what’s next? On Episode 25 of REAL TIME, we’re joined by Patrick Pichette, Vice President of REALTOR.ca, and Andrew Jackson, Head of Business Development at the Canadian Real Estate Association. We explore the evolution of listing sites and how REALTOR.ca has staked its claim as a leading platform beyond listings. We also discuss the future of Canadian real estate, new innovations on the horizon, and REALTOR.ca’s trajectory to further support REALTORS® and their clients.
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Episode 24: Sinead Bovell – A Human Guide to a Digital Future
“We’ve accelerated into the future by at least a decade.” The pandemic has pushed us further and faster into a digital-first economy. In an industry like real estate, where trust and human interaction are paramount, what’s the impact of this digitalization? More importantly, what can REALTORS® expect as technologies like artificial intelligence, augmented reality, and the metaverse continue to gain traction? On Episode 24 of REAL TIME, we’re joined by futurist Sinead Bovell, the model who talks tech, to explore the pros and cons of a society that increasingly engages, transacts, and communicates through technology.
Episode 23: Hamza Khan – What Makes a Leader?
Today’s leaders are being tested. From emerging technology and shifting employee values to uncertainty introduced by the pandemic, the workplace is changing. And leaders are changing with it. So, what does it mean to be a leader today? And how do we prepare for tomorrow? On Episode 23 of REAL TIME, global speaker and author Hamza Khan shares his unique perspective on the future of work. Learn how leaders can take care of their teams, businesses, and themselves – and how REALTORS® can be seen as leaders in their field.
Episode 18: Heather Bayer – The Evolution of Canadian Vacation Properties
Vacation properties have been around for decades, but their popularity has sky-rocketed over the last few years. What’s driving that trend, and how is it changing the current market? Heather Bayer, co-founder of Vacation Rental Formula, joins us for a deep dive into the dos and don’ts of vacation property investment, how the sharing economy has affected the way vacation rental businesses operate, and the responsibilities all owners have to their guests and neighbours. From helping your clients find their own vacation property, to what the next year may hold, Episode 18 of REAL TIME is a must-listen for the latest trends and insights.
Episode 15: Nikki Greenberg – Technology and the Future of Real Estate
From autonomous vehicles to on-demand everything, technology has woven itself into the fabric of our lives. But what about its impact on the real estate industry? And, more importantly, what’s next? In Episode 15 of REAL TIME, futurist and real estate thought leader Nikki Greenberg explains the breakthroughs and benefits of a rapidly evolving trend: property tech. Learn what prop-tech is, its potential to modernize residential and commercial development, and how it’s redefining the ways in which we interact with our homes, office spaces, and more.
Episode 3: Steve Murray – REALTORS® and the Timeless Currency of Trust
In Episode 3 of REAL TIME, we talk with Steve Murray, president and co-founder of REAL Trends, about the foundational elements of real estate – what’s changed, what hasn’t – and how trust and communication continue to play a vital role in safeguarding REALTOR® success.
2019/2020 Voting Structure Task Force
Over the past few years there have been several changes amongst the Canadian Real Estate Association’s (CREA) board and provincial association membership. While these are welcomed developments, they have a direct impact on CREA in terms of the votes member boards and provincial associations are allocated at CREA assemblies. As a result, questions have been… View More >
Episode 2: Chris Chopik – Real Estate and the Environment
In celebration of Earth Day we’ll speak with REALTOR® Chris Chopik, a passionate environmental advocate about how climate-risk directly impacts the industry, the role REALTORS® can play protecting the environment, and what REALTORS® need to know about selling greener homes.
Episode 1: Terry O’Reilly – REALTORS® and the Importance of Emotional Connections
This podcast is about brand storytelling. We’ll explore the crucial connection between REALTORS® and the emotional aspects of home buying and how to use those key elements to add value to your client relationships and the sales process.
Canadian home sales climb further in November
Tue, 12/15/2015 – 09:00
Ottawa, ON, December 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in November 2015.
Highlights:
- National home sales rose by 1.8% from October to November.
- Actual (not seasonally adjusted) activity was up 10.9% compared to November 2014.
- The number of newly listed homes was up 3.1% from October to November.
- The Canadian housing market remains balanced overall.
- The MLS® Home Price Index (HPI) rose 7.1% year-over-year in November.
- The national average sale price rose 10.2% on a year-over-year basis in November; excluding Greater Vancouver and Greater Toronto, it increased by 3.4%.
The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations rose by 1.8 percent in November 2015 compared to October to reach its highest monthly level in six years.
There was a fairly even split between the number of markets where sales posted a monthly increase and those where sales declined. The national increase was again led by monthly sales gains in the Lower Mainland of British Columbia and in the Greater Toronto Area (GTA).
“Recently announced changes to mortgage regulations will likely boost sales activity in the short term, as buyers jump off the fence to beat the changes before they take effect next year,” said CREA President Pauline Aunger. “Even so, some housing markets stand to be affected by the changes more than others. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”
“Changes to mortgage regulations taking effect in mid-February next year appear aimed at cooling the Greater Vancouver and Greater Toronto housing markets,” said said Gregory Klump, CREA’s Chief Economist. “Minimum down payments will be going up for homes that sell for more than half a million dollars, so larger more expensive housing markets will be affected most. Unfortunately, the regulatory changes will also cause unintended collateral damage to housing markets beyond Toronto and Vancouver, including places that are facing economic headwinds from the collapse in oil prices.”
Actual (not seasonally adjusted) sales in November 2015 rose 10.9 percent on a year-over-year basis compared to November 2014 and were up from year-ago levels in two-thirds of all local markets. The increase was again led by the Lower Mainland and GTA. Activity was down sharply in the Calgary region compared to what were historically high levels posted prior to the collapse in oil prices.
The number of newly listed homes rose 3.1 percent in November compared to October, led by the Lower Mainland, Calgary, Edmonton, Kingston and Ottawa.
The national sales-to-new listings ratio eased to 57.3 percent in November compared to 58 percent in October. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.
The ratio was within this range in slightly fewer than half of all local housing markets in November. Of the remainder, more markets recorded a ratio above 60 percent than fell below 40 percent. Markets where demand is tight relative to supply are located almost exclusively in British Columbia and Ontario.
The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
There were 5.4 months of inventory on a national basis at the end of November 2015, down from the 5.5 months recorded in October and the lowest level in nearly six years. The national figure is being pulled lower by increasing market tightness in B.C. and Ontario.
The Aggregate Composite MLS® HPI rose by 7.11 percent on a year-over-year basis in November – the largest gain in over five years. Year-over-year price growth accelerated for all property types tracked by the index.
Two-storey single family homes continue to post the biggest year-over-year price gains (+8.88 percent), followed by one-storey single family homes (+6.42 percent), townhouse/row units (+5.43 percent) and apartment units (+5.22 percent).
Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+17.83 percent) and the Fraser Valley (+12.36 percent) posted the largest gains, followed closely by Greater Toronto (+10.29 percent).
By comparison, Victoria and Vancouver Island prices saw year-over-year gains that ranged between six and eight percent in November.
Prices edged down by about two percent on a year-over-year basis in Calgary and Saskatoon and fell by nearly five percent in Regina. While the home price declines in Calgary and Saskatoon are a fairly recent trend, prices in Regina have been trending lower since early 2014.
Prices edged higher on a year-over-year basis in Ottawa (+0.68 percent), rose modestly in Greater Montreal (+1.61 percent) and continued to gain strength in Greater Moncton (+4.81 percent).
The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.
The actual (not seasonally adjusted) national average price for homes sold in November 2015 was $456,186, up 10.2 percent on a year-over-year basis.
The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $338,969 and the year-over-year gain is reduced to 3.4 percent. Even then, the gain reflects a tug of war between strong average price gains in housing markets around the GTA and the Lower Mainland of British Columbia versus flat or declining average prices elsewhere in Canada. If British Columbia and Ontario are excluded from calculations, the average price slips even lower to $302,477, representing a year-over-year decline of 4.7 percent.
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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca
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