Pent-up demand, population growth, tight inventory levels, and the longest economic expansion since World War II collectively fueled one of the best decades on record for residential real estate in Canada, according to a report released by RE/MAX.

RE/MAX Decade in Review 1997 - 2007 found that major housing centres across the country experienced strong consecutive growth between 1997 and 2007. Average price spiraled upward while unit sales climbed in tandem as more and more Canadians bought into homeownership. Nationally, average price almost doubled in the 10-year period, rising from $154,606 in 1997 to $307,265 in 2007, for a 7.1 per cent annually compounded rate of return. Home sales across the country increased just over 57 per cent from 331,092 units in 1997 to more than half a million sales last year. Edmonton led the country in terms of percentage increase in average price. The city saw a 203 per cent upswing in housing values - or an 11.7 per cent increase annually - with average price rising from $111,587 a decade ago to $338,636 in 2007. Prince Edward Island experienced the highest percentage increase in unit sales, with the number of homes sold up 119 per cent in the 10-year period.

Immigration and in-migration have played a serious role in jumpstarting residential housing markets, particularly in British Columbia, Alberta, and to some extent, Saskatchewan over the past decade. At first, there was an influx of American buyers, especially in Canada's coastal regions and recreational hot spots, as our southern neighbours took advantage of the almighty US greenback. Then the European and Middle Eastern purchasers flooded the market, buying up real estate considered ‘cheap' by international standards. In recent years, there have been a growing number of purchasers from Mainland China. From a global perspective, there's no question that Canadian real estate brings good value to the table.

Percentage increases in home sales varied across the country, with Prince Edward Island experiencing the greatest upswing over the past decade, followed by St. John's at 106 per cent, Kelowna at 84 per cent, and Saint John at 77 per cent. Most markets (12 of the 19 surveyed) reported increases between 40 and 60 per cent. Average price has also seen substantial escalation over the 10-year period, with posted gains ranging from a low of 54.4 per cent in London-St.Thomas to a high of 203 per cent in Edmonton. Appreciation in Western Canadian markets surpassed all others between 1997 and 2007, with Calgary ranking second in terms of price appreciation at 189 per cent, Kelowna at 179 per cent, Saskatoon at 137 per cent, Winnipeg at 118 per cent, Victoria at 114 per cent and Greater Vancouver at 99 per cent.

 

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RE/MAX Decade in Review...2

 

In 2006, homeownership rates in the country were the highest on record at 68.4 per cent. Population growth has contributed to heated market conditions - especially in Calgary (+31.4 per cent), Edmonton (+20 per cent), Toronto (+20 per cent), and Vancouver (+15 per cent) where percentage increases have hovered in the double-digit range. Overall, Canada's population rose to almost 33 million in the 2006 census, up approximately 10 per cent from 1996 figures.

 

The non-cyclical nature of the decade comes as some surprise. Never before have we seen such a continuous run up in Canadian real estate. Clearly, strength in all markets has been directly linked to solid growth in local, provincial and national economies. Low interest rates, job security, and consumer confidence have all served to further bolster home-buying activity across the nation.

Robust economic performance in Western Canada has also drawn job seekers from across the country, looking to capitalize on employment opportunities.

As demand for housing increased across the country, the supply of homes listed for sale began to contract. Multiple offers were commonplace in many areas, some with sales-to-listings ratios as tight as 80 to 90 per cent. Nationally, 1997 marked the first year since 1988 that the sales-to-listings ratio hit 50 per cent. The sales-to-listings ratio would remain above 60 per cent from 2001 onward - rising to as high as 68 per cent in 2002.

The decade was not without its obstacles - the high-tech meltdown, a US recession, 9/11, SARS, Mad Cow, a blackout that affected the entire Northeastern seaboard, natural disasters such as ice storms, hurricanes, and forest fires and more recently, the credit crunch south of the border. Given the continuation of sound economic fundamentals, it's expected that residential real estate markets across the country will continue to experience healthy activity, albeit at a more moderate pace.

 

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RE/MAX of Western Canada (1998) Inc. Decade in Review issued February 21, 2008.

One great thing about being a Realtor is you find yourself in various parts of the City, with small pockets of time open for shopping. Yesterday I had a 20 minute window of opportunity, so I rushed into a store, quickly found 2 appropriate gifts, and was heading for the nearest cashier when I saw it - a green tiled stone engraved with the words CAVE CANEM. 

  I was drawn to the tile, musing how it may be the first purchase for my new home, a property purchased as an investment that is rapidly gaining emotional value as a 'home' in my heart. My first acquisition for the house, perhaps adorning the entrance to my office, or on a bookshelf? Announcing my private space. My CAVE.

But rationale thinking set in, I was on a Christmas shopping excursion - not a personal gift selecting day. I walked away, but was drawn back, picking up the tile I traced the engraved lettering .. CAVE CANEM ... what does Canem mean, I wondered? Probably another word for House. Perhaps this is a perfect gift for my Nephew, or a male friend? An excerpt from Men are from Mars/Women from Venus entered my thoughts, men need a Cave. I should buy it, I want it, and I will resolve where it should go later. Impulsive decision made, I completed my trek to the checkout. 

Next stop, the Health Sciences Centre to drop off charitable gifts. I park beside one of the City of Winnipeg's new Parking Ticket dispensers - YES! rock star parking!! I climb up the snow bank, purchase my time, climb back over the snow bank to place the required ticket on the right hand dash, bruising my leg as I attempt to open the passenger door against a wall of grated street ice (OK you have to live here to understand our winters!!) while silently cursing the City Councillors who selected this archaic means of parking fee disbursement. 

Returning to my car 20 minutes later - I find an empty spot, and a sign above the ticket dispenser stating "NO STOPPING" It is freezing outside, as I realize I have left my winter gear in my car, and the fact that I had overlooked the 10 ft. high sign mounted above the ticket dispenser stating NO STOPPING. Why the City workers would place a ticket dispenser in a NO STOPPING zone confuses me, but again, you have to live in Winnipeg to understand their logic. It is an obvious attempt for funding, I realize, as I alert a fellow parker that she too is about to be illegally parked, much to her surprise as well. Naturally the prosperous Winnipeg towing company Dr. Hook has a truck strategically parked 20 feet away on a side street watching and waiting. Merry Christmas! 

So, I begin the 20 minute walk through core area streets to the car rescue compound, freezing, and thinking CAVE CANEM - I hope my car is secured, it has my gifts and my tile in it!! MY TILE!! I miss it already.

I arrive home much later and allot colder than originally planned, open my bags and marvel at the tile - who will I gift it to? First what does it mean? I google CAVE CANEM.  

BEWARE THE DOG.  

WHAT!!?? I laugh!!!  Ok,lesson learned. Never buy a Latin sign if you do not know the meaning. I share the experience with my sister who suggests I keep the bill and return it before the Boxing Day rush begins. Yes, I sadly agree, yet, I hesitate. BEWARE THE DOG. CAVE CANEM. Throughout the evening visions of a snapping, vicious Stephen King dog enter my mind, along with calming, inspirational and motivational images of wisdom gained - BEWARE OF THE DOG.

As a recently licenced Realtor I have encountered months of intense roller coaster emotions. Elation, betrayal, learning, stress, anticipation, dismay all within any 5 minute period! I have been moved at the kindness and support offered from fellow Realtors, and shocked at the business ethics of others. I have never worked so hard in my life, for such little gain. I have smiled, listened, researched, discussed, created, taught, and sold - or not sold. Some stuff has stuck, allot has been 'mini university lessons' chalked up to experience. It has been a traumatic time, many sleepless nights have followed intense days of negotiations. Throughout it all I have remained open, trusting, caring, kind. Perhaps naive and innocent. This morning I awoke from a 4 AM dream, and my first thought - CAVE CANEM. I wanted to photograph the tile.

But who is the Dog?

Government partners of the Winnipeg Housing and Homelessness Initiative (WHHI) commemorated National Housing Day on Thursday, November 22, 2007. Since the WHHI was established in 2000, the Governments of Canada, Manitoba and the City of Winnipeg have committed more than $99 million and created over 4,000 housing units in Winnipeg. National Housing Day is an opportunity to recognize the progress being made to address housing and homelessness issues in Canada, and Winnipeg. The WHHI works with partners and levels of Government towards the redevelopment of the inner city neighbourhoods and the creation of safe, affordable, and quality housing for those residents of Winnipeg who need it most. National Housing Day is a day of celebration for recognizing WHHI, ;the efforts of housing providers, home builders, lenders, property managers, real estate agents and governments, in providing quality affordable housing. It celebrates successful housing projects and the benefit to neighborhoods, and it recognizes the ongoing need for affordable housing for the homeless, those at risk of becoming homeless and those living in inadequate housing. The WHHI is a partnership established by the Government of Canada, the Province of Manitoba and the City of Winnipeg to address homelessness, declining housing stock and the revitalization of Winnipeg's older neighborhoods.

Double-digit sales gains reported in most major markets in 2007
 

After more than three decades of slow but steady growth, the condominium concept has finally clicked with Canadian homeowners. The lifestyle has proven to be a solid investment in housing markets across the country, chalking up some of the most impressive gains in residential real estate in 2007, according to the RE/MAX Condominium Report.

Their universal appeal is substantiated, with every market reporting increased momentum in condominium sales volume over 2006 levels. In fact, 80 per cent of markets surveyed reported double-digit gains in sales year-over-year, with 53 per cent reporting increases over 20 per cent. The greatest growth was experienced in Canada's small to mid-sized markets. Leading the country, in terms of percentage increase in sales so far this year, are Kitchener-Waterloo (+59%), Regina (+57%), St. John's (+54%), and Saskatoon (+33%).

The white picket fence, sprawling green lawn and tidy urban bungalow has become an unattainable ideal for many first-time buyers-especially in the West. By necessity, condominiums have become the only practical means to homeownership for a growing segment of the population. Today's entry-level purchasers aspire to manageable mortgage payments, sunset city views, and the non-stop action and amenities of central core living, all packed into 600 to 800 sq. ft. The momentum of the market in recent decades has redefined the home buying process.

While price appreciation on freehold properties, in particular, was the primary factor in the upswing, the strong desire among baby boomers to lead an active, carefree lifestyle has also driven the concept to unprecedented popularity. The RE/MAX Condominium Report identified Greater Vancouver as the strongest market in the country - where close to 60 per cent of all residential sales now involve a condominium. Condominium presence is also on the rise in centres such as Toronto, Edmonton, Calgary, Regina, Ottawa, and Hamilton-Burlington, where condos now represent 20 to 30 per cent of all MLS sales.

Deteriorating affordability levels in major Canadian centres have lead to the resurrection of the condominium lifestyle in recent years. Condominiums are clearly the answer to the skyrocketing cost of land and shelter that has all but eradicated the dream of homeownership for many first-time buyers.

Condominium values were also up from coast-to-coast in 2007, with all major markets reporting an increase in average price. Thirty-three per cent of cities surveyed reported double-digit price appreciation. The most dramatic hikes were seen in Western Canada's red-hot housing markets, led by Saskatoon (+24%), Calgary (+22%), Edmonton (+19%), Kelowna (+16 % for town homes, +12% for apartments), Vancouver (+14 % for town homes, +11% for apartments), and Victoria (+9% for town homes, +12% for apartments).

At the top end of the market, condominium ownership has been equated with lifestyle. Throughout 2007, aging baby boomers fuelled demand for luxury condominium units. Upper-end activity was reported to be on the rise in all markets examined, with the greatest appreciation occurring in Edmonton (+154 %), Greater Toronto (+98 %), Victoria (+85 %), Winnipeg (+58%), Vancouver (+49%) and Kitchener-Waterloo (+39%). The maintenance-free factor, the ability to travel and to enjoy the best the city has to offer-from restaurants to recreation-were citied in overall condominium appeal.

In years past, there seemed to be a ceiling in terms of what buyers were willing to pay for this type of product. Widespread acceptance has seen that philosophy tossed out the window. In the upper-end especially, buyers have demonstrated a willingness to set new benchmarks, and in some cases, are spending more than what a detached home might cost. Multiple offers, once unheard of, have become a reality in some centres.

New benchmarks for the most expensive apartment-style condominium units ever sold through MLS have been reported in several cities in 2007, including Vancouver ($18 million), Calgary ($3.7 million), Edmonton ($2.3 million), Winnipeg ($1.25 million), and Kitchener-Waterloo ($670,000).

Given solid demand through all price ranges, it comes as no surprise that investors have been very active in the majority of markets surveyed, hoping to snap up a piece of the pie while demand remains at peak levels. Yet, with a growing number looking for a quick return on investment, swelling inventory levels have become a serious concern in several markets, most notably in Calgary and Edmonton, and to a much lesser extent, Kelowna.

The impact of speculation, especially in Canada's largest condominium markets, have yet to be determined, but concerns for the future are relevant. In downtown Vancouver, an estimated 50 per cent of sales activity is attributed to investors, whereas as much as 60-85 per cent of new condominiums sales in Toronto's downtown core reportedly involved investors in 2007. This is a major factor that could influence prices in years to come.

For now, a number of market fundamentals point to increased growth in sales, prices and demand well into 2008. These include vibrant economies, Canada's aging population, rising prices, and higher levels of immigration, to name a few.

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RE/MAX of Western Canada (1998) Inc. Condominium Report issued November 14th, 2007. 


 

BEST OCTOBER MLS® MARKET ACTIVITY EVER

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Sales Up 15%; Dollar Volume Jumps 34%

 

WINNIPEG - The Winnipeg real estate market in October performed exceptionally well with MLS® sales and dollar volume activity being well ahead of October 2006, the previous best October on record. It has been an amazing ten month run with MLS® monthly market activity setting new monthly records and a year-to-date pace unrivalled in the WinnipegREALTORS® Association's 104-year history.

 

To indicate how active October 2007 was, the equivalent of 87 per cent of the listings that were entered on the MLS® this month sold. 57 per cent of the entire MLS® inventory turned over as well. October also resulted in the fourth million dollar plus sale on MLS® this year as a 4,808 sq ft river property near St. Vital Park sold for $1,236,000; $86,000 over list price. Houses in Winnipeg this year are selling on average for 4% above their list price.

 

October MLS® sales are up 15% (1,201/1,040) while dollar volume increased 34% ($210.4 million/$157.3 million) when compared to the same month last year. Year-to-date MLS® sales are running over 7% ahead of the same period last year (11,704, 10,886) while MLS® dollar volume is up 21% ($1.99 billion/$1.64 billion).

  

"October's MLS® activity is more akin to an early spring month and is proof our real estate market is spread out over many months if not the entire year," said Wes Schollenberg, President of the WinnipegREALTORS® Association. "When 106 MLS® listings come on the market and 99 sell, that's huge. October's $200 million plus sales activity make it the sixth month with more than $200 million in MLS® sales. Last year we only had two and none in 2005."

 

Another important highlight of October 2007 is the significant increase in condominium sales. They were nearly double the number for the same month last year. Year-to-date condominium sales are 1,241, up 30% over 2006.

 

Helping spur on increased condominium sales are new projects coming on stream such as the Mosaic off Bison Drive near the University of Manitoba. There were 74 units that sold in October alone.

 

"We were quite bullish on our expectations for strong condominium sales activity in 2007 but this kind of increase is even better than expected. Condominiums

 

have clearly arrived in Winnipeg as an alternative lifestyle more people are choosing," said Schollenberg.

 

Residential-detached sales in October were most pronounced in the $160,000 to $199,999 price range with 24% of total sales activity. The over $300,000 price range was a solid 10 % which shows a trend this year to higher end home sales. The under $100,000 price ranges only represented 16% of total sales. The average days on market for residential-detached sales in October was 24 days, one day slower than September's pace and 4 days quicker than October 2006.

 

Established in 1903, WinnipegREALTORS® is a professional industry association representing 1,400 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market.  Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®.   WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. 

 

reprinted by permission - Winnipeg Real Estate Board

 

Cute as a button - this 2 bedroom + loft home is presented to you as a starter or investment property for the low price of $79,900.00. Where else but in Winnipeg can you get an insulated garage with opener, 124 ft. deep lot, hardwood floors and character french doors for under $80K?

For more pics visit my HOT listings at www.call77slate.com

 

Congratulations Winnipeg - you just had the most successful month of real estate sales in history! While it took 99 years to hit the 1 billion in sales mark for our city - it took only 5 more to double that number to reach 2 Billion!!

Other stats of interest:

1. The Winnipeg sales-to-current listing ratio is at its highest ever - 86%
2. 58% of MLS properties sold at or above list price
3. Dollar volume is up 21% over the same period in October 2006
4. Four Winnipeg homes sold for over $1 million this year to date
5. October had $210 million in dollar volume sales
6. Elmwood average home price is up 23% over last year
7. Wolsely properties average price is up 17% over last year
8. Core area average price is up by nearly 35%
9. 56% of MLS Condominium units sold at or over price
10. 51% of Winnipeg MLS sales were in the $100 - 200,000 thousand mark

In summary - homes are selling well through the active participation of professional agents and the Winnipeg MLS  system.

For more information on the Winnipeg market, City planning or Zoning maps, or any other community  information please call, email or visit www.77slate.com  click on  Winnipeg Information located on the left navigation bar.

 

 

Golden Oldies - Play while you work - here is a fun site - to be inspired by song! Golden Oldies ....

Click on the link below, to open the Jukebox featureing the best of the top 100 hits from the golden years of pop music 1950's -1984. Select the year, and the play list will appear! You can close the URL, and it will continue to serenade you as you work... or blog...... or stage ... open houses... anytime you need to 'set the mood' ....  http://www.tropicalglen.com/

 

 

singer/songwriter U2

I have always loved Real Estate - the passion driven by my fascination with architectural structures, engineering feats, building products, the smell of fresh paint, varnish, wood, plaster dust. Streets, communities, townships, cities, provinces, countries. Divided patches of land - areas, acres, lots, streets, roads, numbered, sectioned - dissected.

Deciding to enter Real Estate as a profession was a difficult decision, riddled with self doubt, financial concerns, questions and anxieties. In the midst of my decision making process, I sat down with a pen and began free writing. (For those of you unfamiliar with 'Free Writing' it is a purging process, often used in brainstorming sessions, when you just write and write for 5 - 10 minutes, every thought that enters your mind. After the elapsed time, you begin to write the answer to your question. This process is useful for cleansing your mind of transient thoughts, providing clarity for the current problem at hand).

Whilst in the middle of this process of free writing, I realized I am not motivated by material gain - or money. Friends had mentioned I would make a lot of money in Real Estate, a comment that had caused me some anxiety - not that I am adverse to financial rewards - but the reality is, I am not motivated by it. My hand continued to write, as my mind raced until suddenly these three words appeared on my paper:

Shelter the children.   

In the background the U2 beat pulsed  ........ Where the streets have no names. Were still building, and burning down love. and when I go there... I go there with you.....

M hand scrawled faster, as my mission statement and ultimately my motivation appeared .... Shelter the Children. And we are all children. 

Today I attended the funeral for a family member, who died suddenly last week. As I sat in meditative silence, waiting for the service to begin, I thought of the last time I had met with the deceased. It was at the 1st birthday celebration for my Granddaughter. My relative had recently been diagnosed with lung cancer. Prognosis - with Chemo and radiation treatments -  maybe 12 - 18 months. Conversation that day was difficult, as we searched for words to say, skirting around the obvious questions, avoiding the 'elephant' in the middle of the room.

How is it then, that today, as family and friends gathered at a funeral chapel in  Transcona, Winnipeg, that we spoke of his 'sudden' passing? And how many of us bowed our heads with regret that we had not made the time to speak our truths, share words of comfort, visit, reminisce, laugh and play with our loved one over the last few months - even after we heard the two minute warning?