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Real Estate News • May 26, 2023

Calgary Among Real Estate Markets in Canada to Buck Trend in Sale Price Dip, Latest Crea Numbers Reveal

by Coldwell Banker Canada

The national average sale price of a home in Canada posted a 3.9% year-over-year decline in April, according to recent statistics from the Canadian Real Estate Association (CREA).  

 

Every major Canadian city—except one—was part of this decline.  

 

“It doesn’t surprise me at all that it’s Calgary,” said Rob Vanovermeire, Owner/Broker of Coldwell Banker Mountain Central in Calgary. 

 

Yes, it’s Calgary that bucked the trend among Canada’s most populated centres.  

 

According to CREA statistics, the MLS® Home Price Index benchmark price was $538,200 in April 2023 in Calgary, up 1.3% from $531,100 in April 2022. Other major Canadian cities, including Toronto, Montréal, Ottawa, Vancouver, and Edmonton, all posted declines over the same period.  

 

The report also found that national home sales increased 11.3% month-over-month in April. The number of newly listed moved up 1.6% month-over-month but remain at a low not seen for two decades.  

 

 

“An interesting situation here” 

 

Vanovermeire said the Calgary market is hot for apartments, condos and townhouses in the $250,000 – $450,000 price range. 

 

“That hasn’t really brought up the benchmark price, but if you look at the product itself, it’s up considerably,” he said.  

 

This is thanks to a strong economy and immigration from within Canada, eastern Europe, and Africa.  

 

“There are a lot of people coming from Ontario, still, to this day,” Vanovermeire said. “We’re seeing a tremendous influx of Ukrainians and a large population of people coming from
Africa, especially Nigeria. Immigration that we have rarely seen in history is happening in Calgary right now.”  

 

The newcomers aren’t buying houses right away. Many are renting to start, putting downward pressure on the rental vacancy rate. According to the Canadian Mortgage and Housing Corporation, Calgary’s rental vacancy rate dropped to 2.7% last year—the lowest since 2014.  

 

 

Rental rates and home ownership 

 

Rental rates have spiked. According to Rentals.ca, the average rent of a two-bedroom home in Calgary in April of 2023 was $2,011. That’s a 21% jump compared to the same time in 2022. In some cases, prospective renters aren’t even waiting for a rent increase notice at renewal. They’re making the first move.  

 

“I have a property coming up for rent in June, I’ve already got people willing to give me $800 more for it,” said Vanovermeire, adding that that isn’t happening everywhere in Calgary, but it is happening.  

 

The dynamic rental market is making the math of home ownership more logical,  Vanovermeire added.  “It’s the moment that you take a look at your monthly payments, and, even with the higher interest rates, owning starts to make more sense than renting. In many cases it’s the same amount or even a little cheaper to own than to rent.”  

 

 

National picture 

 

While Calgary was the only major Canadian city by population to post a year-over-year increase in average sale price, April to April, in the CREA study, it shared the distinction with other provincial and territorial centres across the country, including in: 

 

  • Alberta (Alberta West, South Central Alberta),  
  • Saskatchewan (Saskatoon, Southeast Saskatchewan, Swift Current, Yorkton),  
  • Manitoba (Brandon), 
  • Ontario (Cornwall and District),  
  • Québec (Central Québec, Estrie, Mauricie, Saguenay, Trois-Rivières), 
  • Nova Scotia (Cape Breton, Highland),  
  • Prince Edward Island, 
  • Newfoundland & Labrador (St. John’s), and  
  • Northwest Territories 

 

To be continued… 

 

Vanovermeire said, like other provinces, Alberta has its own cycle.  

 

“I’ve been in Alberta for most of my life and in the real estate business for 23 years,” he said. “One thing I’ve learned is we don’t necessarily follow the pattern of Canada. But Alberta is in the early cycle right now, and these cycles in Alberta typically go four to seven years.”  

 

Editor’s notes: find more from Coldwell Banker Mountain Central’s Rob Vanovermeire on YouTube. Find more CREA analysis here.  

Real Estate News • May 19, 2023

Views On Real Estate Values More Positive Across Country, Nanos Research Finds; Coldwell Banker Canada Experts Share Perspectives

by Coldwell Banker Canada

May 19, 2023

Consumer confidence among Canadians continues its upward trend thanks in large part to the improving sentiment around the value of the real estate where they live.

That’s one key takeaway from the latest Bloomberg-Nanos Canadian Confidence Index.

“With a score above 50 points on the 100-point diffusion index, Canadian consumer confidence is in positive territory,” said Nik Nanos, Chief Data Scientist, in a released statement on May 15.

“Of note, this trend has primarily been driven by more positive views on the future value of real estate which is up 12 points in four weeks.”

The independent numbers from Nanos sparked comments across the Coldwell Banker Canada brokerage network, starting in:

 

Victoria

Mark Rice of Coldwell Banker Oceanside Real Estate said consumer sentiment in the Victoria market is running “quite a way further up the confidence track.”

Rice said the Bank of Canada’s recent decision to hit the pause button on interest rate hikes has meant a green light for the Victoria market.

Mark Rice, Coldwell Banker Oceanside Real Estate

 

“Don’t lock in, get yourself a variable mortgage and you’re buying at the low and then the value of the house is going up and the cost of borrowing for the house is going down,” said Rice. “I feel very much that’s what’s driving the market here now. As soon as the rates stopped moving, the second the Bank of Canada did not raise the rates, as soon as they stopped raising rates, the market took off.”

Rice said lower rates would see more sidelined buyers able to qualify and re-enter the market, but a stable rate, he said, even a stable rate at the relatively high level in place now, is key to maintaining momentum.

“No, it doesn’t have to go down, it just has to stay the same now,” he said, “because people can feel confident that it isn’t going up. When rates are changing, people are leery of the change.”

 

Rice said the prevailing sentiment in some parts of the Victoria market is that “if we’ve reached the top of the index regarding interest, then that argument could be taken to the next step to say we’re at the bottom of the price index. And as rates shift back down, purchase prices are going to go back up with it.”

 

Winnipeg

Jay Gajjar of Coldwell Banker Canada Elite Realty said he is seeing “more serious buyers coming out right now compared to the last six months.”

Gajjar, whose brokerage opened in February of 2023, said the keenest attitude toward the improving market is centered on available homes closer to the average price range of approximately $300,000 to $550,000.

Jay Gajjar, Coldwell Banker Elite Realty

Gajjar said an interest rate that does anything but rise will translate into more confidence in the Winnipeg market.

The expectation is that once there are more news reports about interest rates dropping, or stabilizing, there will be a big improvement in the market, he said.

Gajjar said the average house price in Winnipeg will increase. Faced by growing numbers of potential buyers not bound by interest rate jitters, sellers will “eventually start listing their homes at higher prices.”

On April 12, the Bank of Canada announced that it would hold steady at 4.50% its key interest rate. The central bank is scheduled to make its next policy interest rate decision on June 7.

 

 

Ottawa

Nick J. Kyte of Coldwell Banker First Ottawa Realty said growing confidence in buyers is tied to the perceived stabilization in interest rates, even in an environment of enduring low housing supply.

Nick J. Kyte, Coldwell Banker First Ottawa Realty

“The average residential sale price is expected to continue to rise,” said Kyte. “We are seeing low inventory, fewer properties being placed on the market, and buyers seeing an easing with interest rates, which are hovering around 4.49% for a five-year fixed mortgage.”

This is sparking the confidence that will help turn spectators into buyers of their next home or investment property, said Kyte.

“Ottawa remains a safe and stable economy for real estate investment,” he said.

 

 

 

 

Bloomberg-Nanos Expectations Index

The weekly Bloomberg-Nanos Expectations Index is based on surveys for the economy and real estate prices. The real estate question is: In the next six months, do you believe that the value of real estate in your neighbourhood will increase, stay the same or decrease?

In the current report, opinion about that question broke down like this:

Increase: 42.3%

Stay the same: 38.2%

Decrease: 15.8%

Unsure: 3.7%

One month ago, the Increase finding was at 30.4%, Stay the same was at 42.2%, Decrease was at 23% and Unsure was at 4.4%

The latest findings were based on a random telephone survey of 1,158 Canadians, 18 years of age and older in which the margin of error is plus or minus 2.9 percentage points, 19 times out of 20.

 

Coldwell Banker Canada

Coldwell Banker Canada market experts are part of a national brokerage system itself part of an international Coldwell Banker network with 100,000 agents, 3,000 offices and 40 locations. Dig into more of what Coldwell Banker Canada offers you.

 

Lifestyle • Tips & Tricks • September 29, 2022

6 Home Organization Tips

by Coldwell Banker Canada

Our homes are becoming overwhelmed with clutter and unnecessary stuff. We are living in a world where it is far too easy to accumulate things that we don’t even need- yet we buy them anyway because we can. Studies have shown that feeling cluttered can have negative impacts on our mental health and well-being because clutter creates a stressful environment. 

If clutter is negatively impacting your life, but you don’t know where to begin- here are 6 tips to help you organize your space and keep it that way! 

  1. Start Small 

    Rome wasn’t built in one day; therefore, your home doesn’t have to be cleaned and organized in one day! Start small if you need, just tackle one room or even one corner of a room.

  2. Try the 8-Minute Rule  

    Have you ever heard of the 8-minute rule? It simply means taking just 8 minutes out of your day to organize or tidy a space. 5 minutes is clearly not long enough and 10 is far too daunting, but 8 is just right. Building this routine will allow for you to tackle home organization in a manageable way, while also creating habits that will help you avoid clutter in the first place.  

  3. One-In-One-Out!  

    Another rule that I think we could all benefit from is the ‘one in, one out’ rule. Or even better, ‘one in, three out’! This provides some flexibility when making purchases, while also forcing some deductive reasoning to happen. Do you really need that new pair of shoes? Are you willing to part with a pair you already have at home?  

  4. Organize Your Clothing   

    Whether you feel the need to invest in a closet organization system or would simply benefit from sorting and storing your clothes for each season, organizing your closet can make your life easier while also changing the appearance of your bedroom. If you sort and store your clothes each season, you’ll have much more closet space, while easily being able to tell which items you haven’t worn all season that should maybe be sold or donated. Vacuum sealed storage bags work great for storing clothing and don’t take up too much room either! You could store these on the top shelf of your closet or under your bed if you don’t have the space. 

  5. Labeling Is Your Friend  

    Sort, label and categorize everything!! From the playroom to the pantry, this technique will guarantee that you know all the items that you have and where they are. How often do you find yourself scrambling through your generic box of holiday decorations? Sorting and labeling holiday decorations will help you remember which storage bins correlate with each holiday. Not only will this help with clutter, but it will save you time when searching for your Halloween decorations or a birthday card. 

  6. Storage Is a MUST  

    Don’t underestimate the power of storage in your home! Implementing drawer dividers or small storage bins throughout your home will help your better visualize the items that you have, while ensuring that everything has a place. Versatility is key with home organization, which makes this tip useful, as it can be used in any room of the house. Grab some drawer dividers for all your kitchen utensils, some storage bins for your children’s playroom or clear storage containers for your pantry.  

Getting your entire house organized can seem like a daunting task, but if you invest in some storage and take your time to plan, your house can get organized and stay organized!  

 

Information referenced from:

https://vancouversun.com/news/local-news/0309-clutter  

https://www.thespruce.com/room-organization-ideas-4111419  

July 28, 2022

Coldwell Banker Canada Commits to Growth Through Innovative Technology Partnership with MoxiWorks 

by Coldwell Banker Canada

Coldwell Banker Canada Commits to Growth Through Innovative Technology Partnership with MoxiWorks 

 

Edmonton, AB – July 28, 2022 – Coldwell Banker Canada is excited to announce its partnership with MoxiWorks, a Seattle-based provider in leading real estate technologies. Through this strategic alignment, Coldwell Banker Canada will provide every franchise and agent with a best-in-class marketing platform and back-office solution at no cost. Collectively, this suite of resources and tools will be branded CB Ignite.  

Current deployment of CB Ignite is well underway for all of Coldwell Banker Canada’s approximately 100 brokerages and almost 3,000 agents and is on track to be completed by the end of Q3 2022. Unlike many technology solutions in the industry, CB Ignite will serve as a single platform for marketing, lead nurturing, transaction management, and accounting which simplifies the technology stack for agents and offers streamlined operations from lead generation to close. Within CB Ignite, users will have access to real-time market data, dynamic client presentations, a real estate-specific CRM, personal websites that are optimized for lead generation, on-demand marketing, and seamless transaction management through DocuSign Rooms – saving thousands of dollars per year in operational costs for Coldwell Banker Canada affiliated brokerages. 

In speaking about the new partnership, Hashim Arthur, Vice-President of Operations for Coldwell Banker Canada, shared, “No other real estate brand in Canada offers a completely custom brokerage and agent solution together. CB Ignite is unique as it is not just a marketing platform, but also a tool for brokerage operations. The seamless integration with workflows will help agents be more efficient by automating their marketing, prioritizing their tasks, and identifying clients most likely to transact. Meanwhile, our customizable back-office system allows brokerages to manage the movement of money in an entirely transparent system. We recognize that every brokerage is unique in the way it operates, and we believe CB Ignite will be a differentiator in their success going forward.”  

Summer Scott, Vice-President of Marketing & Communications added, “We are so pleased at what this means for our brand coast-to-coast.  It is a step in the right direction, allowing us to really show Canada why Coldwell Banker remains the top real estate brand globally. Our network of agents and brokers have our corporate support, and it is pivotal to the growth of our business to bring forth solutions like CB Ignite that revolutionize the operations of our network of realtors.” 

Since the acquisition by a Canadian ownership group in October 2021, Coldwell Banker Canada has taken an active role in supporting its franchises and agents to increase productivity, maximize earnings, and reduce expenses. To do so, the organization has expanded its corporate operations countrywide, increased staffing to provide better brokerage support, hosted an in-person GenBlue conference for brokers and agents last month, and is continuing to invest in the latest marketing technologies such as CB Ignite. In addition to supporting its existing network, Coldwell Banker Canada remains committed to growth through organic expansion, acquisitions, and new affiliated businesses.  

About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents worldwide, accounting for more than 20% of the transactions in the U.S.  Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 150 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com. 

About Coldwell Banker Canada 

Established in 1989, Coldwell Banker Canada is the Master Franchisor of Coldwell Banker for Canada. Across the Coldwell Banker Canada network, the organization has almost 100 residential and commercial brokerages, close to 3,000 real estate agents, and a 98% client satisfaction rating.  

For more information, or to search for individual offices, sales representatives, or property listings in Canada, visit www.coldwellbanker.ca  

For further information about Coldwell Banker Canada, please contact: 

Summer Scott 

Coldwell Banker Canada 

summer.scott@coldwellbanker.ca  

Our News • Our News • Press Releases • Press Releases • October 20, 2021

Edmonton Entrepreneurs Acquire Coldwell Banker Canada

by Coldwell Banker Canada

Edmonton entrepreneurs acquire Coldwell Banker Canada

October 20, 2021 

Edmonton brokerage owner Steve Houle and business partner Karim Kennedy have acquired the master franchise rights for the Coldwell Banker brand in Canada.

Steve Houle has been with the network for four years as owner of Coldwell Banker Island Properties, operating 18 offices throughout Hawaii. Under his leadership, the company has grown to nearly 500 agents and increased its transaction volume by almost 500 per cent, the company says. Houle was born and raised in Edmonton.

Business partner Karim Kennedy is also from Edmonton and continues to reside in the city. He has a 25-year background in the financial sector working with major institutions such as The Business Development Bank of Canada and Scotiabank. The company says he has a strong track record of assisting companies with execution of their growth plans, particularly through mergers and acquisitions, and he will take on the role of CEO of Coldwell Banker Canada.

Andy Puthon, the current president of the Coldwell Banker Canadian operations and his Canadian team remain with the company, based in the Burlington, Ont. national office.

“This ownership change marks a new day for the Coldwell Banker brand in the Canadian marketplace,” says Liz Gehringer, chief operating officer of Coldwell Banker Real Estate. “This 100-per-cent Canadian ownership structure will provide the organization both flexibility and autonomy, while continuing to be a part of a global network. Steve and Karim have demonstrated the leadership and entrepreneurial expertise to grow the renowned Coldwell Banker brand in Canada. The Canadian team is looking forward to working with Steve and Karim as they explore new opportunities.”

“As the owner of a successful Coldwell Banker franchise operation, I understand the value that the brand offers its affiliates,” says Houle. “As a proud Canadian, I also know the tremendous potential that is present in the Canadian real estate market, so I am very excited by the opportunities that the future holds.”

Kennedy says, “The affiliates now have the access to leverage this team’s deep insight and expertise to exceed their business goals. Combined with our collective strength across a viable Canadian real estate landscape, many advantageous opportunities abound to help affiliates take their businesses to greater heights.

“We additionally value their input and will be engaging with brokers across the country as we build our vision for the future for Coldwell Banker in Canada, and its affiliates from coast to coast and provide a compelling destination for prospective franchisees.”

The brand first came to Canada with its first international franchises in 1989 and achieved dramatic growth through a joint venture with Canada Trust in 1992.  The parent company of Coldwell Banker Real Estate LLC, based in Madison, N.J., acquired ownership of Coldwell Banker Canada in May 2007. The Coldwell Banker Canada network has independently owned residential and commercial franchised offices across Canada from coast to coast and also in the Yukon and Northwest Territories.

Originally published by Real Estate Magazine, article found here. 

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