Tuesday, March 11, 2008
High price appreciation and Record-Breaking Activity in 2007
Canada’s real estate market posted significant gains in the fourth quarter of 2007 and showed little sign of the traditional seasonal slowdown. Average house prices continued to increase in the fourth quarter with many markets experiencing double-digit gains, according to a House Price Survey report released by Royal LePage Real Estate Services.
Of the housing types surveyed, detached bungalows increased to $337,555 (+11.6 %), followed by standard two-storey properties, which rose to $399,738 (+11.3%), and standard condominiums, which increased in price to $240,395 (+11.7 %), year-over-year.
“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The strength of the market was apparent throughout the country, largely due to positive economic fundamentals. The value and export-demand for our natural resources has underpinned high employment rates, providing Canadians with confidence in the future stability of their jobs and their local residential real estate markets.”
Added Soper: “As we move into the new year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 – the best environment for a strong and sustainable real estate market.”
For more information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca.
Survey of Canadian Average House Prices in the Fourth Quarter 2007
DetachedBungalow
StandardTwo Storey
StandardCondominium
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
Halifax
$201,333
6.7%
$231,667
16.2%
$148,500
4.2%
Charlottetown
$152,000
4.8%
$180,000
2.9%
$100,000
2.0%
Moncton
$151,000
2.7%
$135,000
3.8%
-
N/A
Fredericton
$155,000
1.3%
$197,000
5.3%
$126,000
-0.4%
Saint John
$196,500
43.4%
$255,000
25.4%
-
N/A
St. John's
$157,667
9.7%
$219,333
11.5%
$165,000
12.8%
Atlantic
$168,917
10.8%
$203,000
11.6%
$134,875
5.1%
Montreal
$229,314
5.4%
$342,491
7.2%
$201,912
5.6%
Ottawa
$308,583
5.6%
$306,500
6.8%
$196,833
7.7%
Toronto
$413,375
8.9%
$506,900
8.0%
$280,505
10.4%
Winnipeg
$214,494
20.8%
$237,571
19.6%
$124,270
20.1%
Regina
$229,200
52.4%
$199,000
35.8%
$144,000
49.2%
Saskatoon
$292,500
52.2%
$321,500
56.7%
$205,000
65.3%
Calgary
$429,889
5.2%
$461,811
8.5%
$284,144
9.5%
Edmonton
$336,786
12.8%
$370,000
13.6%
$240,500
13.2%
Vancouver
$795,250
12.4%
$895,000
11.4%
$428,250
10.9%
Victoria
$425,000
11.8%
$456,000
9.4%
$292,000
22.7%
National
$337,555
11.6%
$399,738
11.3%
$240,395
11.7%
Of the housing types surveyed, detached bungalows increased to $337,555 (+11.6 %), followed by standard two-storey properties, which rose to $399,738 (+11.3%), and standard condominiums, which increased in price to $240,395 (+11.7 %), year-over-year.
“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The strength of the market was apparent throughout the country, largely due to positive economic fundamentals. The value and export-demand for our natural resources has underpinned high employment rates, providing Canadians with confidence in the future stability of their jobs and their local residential real estate markets.”
Added Soper: “As we move into the new year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 – the best environment for a strong and sustainable real estate market.”
For more information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca.
Survey of Canadian Average House Prices in the Fourth Quarter 2007
DetachedBungalow
StandardTwo Storey
StandardCondominium
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
Halifax
$201,333
6.7%
$231,667
16.2%
$148,500
4.2%
Charlottetown
$152,000
4.8%
$180,000
2.9%
$100,000
2.0%
Moncton
$151,000
2.7%
$135,000
3.8%
-
N/A
Fredericton
$155,000
1.3%
$197,000
5.3%
$126,000
-0.4%
Saint John
$196,500
43.4%
$255,000
25.4%
-
N/A
St. John's
$157,667
9.7%
$219,333
11.5%
$165,000
12.8%
Atlantic
$168,917
10.8%
$203,000
11.6%
$134,875
5.1%
Montreal
$229,314
5.4%
$342,491
7.2%
$201,912
5.6%
Ottawa
$308,583
5.6%
$306,500
6.8%
$196,833
7.7%
Toronto
$413,375
8.9%
$506,900
8.0%
$280,505
10.4%
Winnipeg
$214,494
20.8%
$237,571
19.6%
$124,270
20.1%
Regina
$229,200
52.4%
$199,000
35.8%
$144,000
49.2%
Saskatoon
$292,500
52.2%
$321,500
56.7%
$205,000
65.3%
Calgary
$429,889
5.2%
$461,811
8.5%
$284,144
9.5%
Edmonton
$336,786
12.8%
$370,000
13.6%
$240,500
13.2%
Vancouver
$795,250
12.4%
$895,000
11.4%
$428,250
10.9%
Victoria
$425,000
11.8%
$456,000
9.4%
$292,000
22.7%
National
$337,555
11.6%
$399,738
11.3%
$240,395
11.7%
Sunday, January 21, 2007
Marketing Your Home
If you're thinking of selling your home, you need a marketing plan. Just like any other product people buy or sell, a home's value must be communicated to the proper audience to ensure the seller gets the best possible price.Marketing your home means more than putting up a lawn sign and sticking an ad in your local newspaper. You need to have a complete marketing plan that takes into account your home's unique qualities, your objectives and details the specific resources available to you.Your planning should begin as soon as you choose a Realtor, and often even before that. Part of your marketing plan will involve pricing your property, deciding when to list it and what features need to be cleaned or repaired. At this stage it is essential that you are completely honest with your Realtor about the condition of your home, your financial needs and any time constraints.Once you have the basic information established, you need to get to the "guts" of the marketing plan, or determine how best to let people know that your home is for sale and get them excited about it. You need to keep in mind when you are planning that there are two key target audiences: home buyers and other real estate agents. You will need different marketing vehicles and slightly different information to effectively reach each audience.There are a myriad marketing products and activities that can be utilized to help sell your home and your Realtor with the Multiple Listing Service (MLS), newspaper advertising, brochures, open houses, neighbourhood mailings, etc. In addition to the standard tools, Royal LePage Realtors have access to the industry's leading marketing tools and resources, including: -www.royallepage.ca: Your home will be featured on Royal LePage's web site which receives an average of more than 450,000 unique user sessions each month; -Virtual Reality Tours and Slide Shows: Available for many homes on the web site, giving prospective buyers a private tour of your home;-Online Feature Sheets: Providing pictures and greater detail for your home when people want to know a little more than the basics;-Referral Network: Your property's information will be available to nearly 11,000 Royal LePage Realtors coast-to-coast and 700 of the top real estate companies in the world through an exclusive affiliation;-Customized Just Listed Cards: Distributed to potential buyers with details of your home on it.Your Realtor can help you determine which tools will be most beneficial in your particular situation and market. Whatever the plan you decide on, make certain that you are an active part of it. Reviewing the plan's success on a regular basis should be a built-in part of any successful marketing plan. This article just gives a sampling of the many ways there are to market your home, to ensure the best price possible.To get more information on how Royal LePage and I can help you put one together, contact me directly!
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