According to Canadian consumers, RE/MAX is the brand with the #1 Most Trusted Real Estate Agents in Canada*. The results of the 2022 BrandSpark® Canadian Trust Study are based on a survey of 7,857 Canadians – one of the largest studies of its kind – to gauge their honest opinions of what brands they trust most and why. BrandSpark analyzed brands in 64 different categories, spanning Finance & Insurance, Health & Fitness, Retail & Restaurants, Telecom & Home, Travel, and Apps & Websites.

“We’re honoured to be the real estate brand that is most trusted by Canadians,” says Christopher Alexander, Senior Vice President at RE/MAX Canada. “Behind every successful real estate transaction is a foundation built on trust.”

Adds Elton Ash, Executive Vice President at RE/MAX Canada, “The RE/MAX network prides itself on providing expertise and advice that’s in the best interests of the homebuyers and sellers we serve. It’s truly rewarding to know that RE/MAX is more trusted than any other brand of real estate in Canada, and we look forward to continuing to help buyers and sellers achieve their real estate goals.”

Why Trust Matters, for Consumers and Brands Alike

According to BrandSpark, when consumers trust brands, they buy them more often and are willing to pay a premium. Brands can build trust by focusing on eight key trust drivers:

• quality
• fair prices
• recommendation
• innovation
• customer support
• values
• transparency, and
• heritage

“Trust is important because it builds loyalty and engagement between consumers and brands; everyone benefits when building trust is prioritized,” said Philip Scrutton, Vice-President of Shopper Insights at BrandSpark International. “The BrandSpark Canadian Shopper Study showed that 75 percent of shoppers trust consumer-voted awards. Since the BrandSpark Most Trusted Awards are completely determined by consumers, they provide a consensus of trust, which allows consumers to shop smarter and encourages purchasing those brands that are most trusted.”

About RE/MAX

RE/MAX is a global network of independently owned and operated offices, with more than 140,000 sales associates in over 110 countries and territories. RE/MAX agents sell more real estate than any other Canadian brand** (Source: CREA/RE/MAX) and more buyers and sellers would recommend RE/MAX than any other real estate brand.***

The RE/MAX track record, built over nearly 50 years, is proof that a focus on the customer’s needs, backed by the ability to deliver, remains as important as ever.

Courtesy RE/MAX LLC

Canadian housing market expected to remain strong this fall, despite Delta variant, say RE/MAX brokers and realtors

Young families driving demand for single-detached homes in cities across the country

1. Canadian housing market prices are anticipated to increase by 5% in the remaining months of 2021, according to RE/MAX brokers and agents.
   
   

2. 26/29 major Canadian housing markets analyzed are seller’s markets, driven by lack of supply and high demand.

Early indicators from RE/MAX brokers and agents across the Canadian housing market suggest steady activity for the remainder of 2021. According to the RE/MAX Canada 2021 Fall Housing Market Outlook Report, RE/MAX brokers and agents expect the average residential sale price for all home types could increase by five percent from now until the end of the year.

Single-detached homes experienced the biggest price gains when comparing 2021* to 2020 data, rising between 6.8 and 27.3 percent across 26 markets surveyed in the report. RE/MAX brokers and agents expect this trend to continue into the fall, driven by strong demand by young families.

“As our brokers and agents predict, the fall market activity is expected to remain steady, which is promising, despite the ongoing challenges presented by the Delta variant,” says Christopher Alexander, Senior Vice President, RE/MAX Canada. “This is particularly relevant given the Canadian housing markets is often a good indicator of economic activity in the country, and with the Bank of Canada forecasting economic growth of 4.5 percent in 2022, a strong fall housing market is a good sign that things may be starting to return to a more natural rhythm.”

Regional Canadian Housing Market Overview

Western Canada

High housing prices, driven up by low supply and high demand, have created challenging conditions for many homebuyers across Canada, especially in cities such as Toronto and Vancouver. However, affordable options still exist for homebuyers who are considering alternative markets, thanks to their continued ability to work remotely. RE/MAX brokers have reported this trend in Edmonton and Calgary, where buyers are leveraging increased purchasing power thanks to local housing affordability coupled with lower interest rates. RE/MAX brokers and agents anticipate this trend to continue through the remainder of 2021.

When comparing activity year-over-year (YoY) average sale prices across single-detached homes, condos and townhomes, British Columbia’s Nanaimo, Victoria and Vancouver experienced significant price growth, at 23 percent, 19.1 percent and 16.4 percent, respectively. Nanaimo also saw one of the largest price surges in its condo and townhome segments when compared to other Western Canada regions, with average condo prices currently sitting at $343,713 (a 17.6-per-cent increase YoY), and townhomes at $511,549 (a 65.8-per-cent increase YoY). In Calgary and Regina, the fall outlooks are relatively status quo, with prices expected to remain flat in Calgary and up one percent in Regina. Meanwhile, Edmonton, Saskatoon, Vancouver, Victoria, Winnipeg and Nanaimo are expected to see price gains ranging between four and nine percent through the remainder of the year, according to RE/MAX brokers and agents.

Ontario

Unsurprisingly, Ontario has seen some of the highest average residential price increases across single-detached homes in the country, with the majority of regions (13 out of 16), experiencing increases between 20 and 35.5 percent YoY. The outlier markets that experienced price increases below 20 percent include Toronto (+14.6 percent), Thunder Bay (+17.1 percent) and Mississauga (+19.7 percent).

The condo and townhome segment in all of these regions has also performed well, with smaller and more suburban markets such as Kitchener, North Bay, London, Peterborough, and Southern Georgian Bay seeing a higher surge YoY. The estimated price outlook for the remainder of the year ranges from a two-per-cent price decrease in North Bay to increases across the other regions ranging between two and 15 percent.

Atlantic Canada

Much unlike some regions in the West, housing market activity in Atlantic Canada remained persistent YoY, with Halifax and Moncton seeing significant price increases across all property types. This trend is expected to continue for the remainder of 2021. The price of single-detached homes in Halifax increased 24.3 percent YoY, from $402,484 to $500,147. Meanwhile, Moncton prices rose from $233,676 to $282,886 – up 21.2 percent YoY.

According to RE/MAX brokers and agents, the condo and townhome markets in Halifax, Saint John and Moncton condo saw prices surge between 12.5 percent and 48.9 percent YoY. Moncton in particular is expected to continue strong, with one of the highest price outlooks for the remainder of 2021, between 12 and 15 per cent. Saint John is expected to see more-tempered price growth, ranging between one- to three-per-cent across all property types, while Halifax could see a six-per-cent increase in average sale price for the remainder of the year.

“Housing activity throughout the pandemic has remained strong, so it comes as no surprise that the outlook for the remainder of the year continues on an upward trajectory, which is great for homeowners and their equity, but challenging for first-time buyers who have been priced out of the market,” says Elton Ash, Executive Vice President, RE/MAX Canada. “We must continue to educate Canadians from a practical, real-world, point of view. What is affecting the Canadian housing market right now? Low-Interest rates, economic stimulus, higher home-buying budgets, a higher savings rate, homeowners too scared to sell, and not enough new construction. These factors have created current market conditions.”

Adds Alexander, “The Canadian housing market has historically given homeowners great long-term returns and solid financial security, but there’s no doubt that the rapid price growth we’ve experienced recently is cause for concern. However, it’s not cause for panic. The data shows single-detached home price acceleration may be starting to level off in some urban centres, but prices continue to rise in many smaller cities and communities that were once havens for affordability. Real estate has been a boon to the Canadian economy, during the pandemic and before it. We believe in the long-term health of Canada’s housing market, but in order to protect it, we need to acknowledge and address the housing supply shortage. Our current government needs to stop applying band-aids and cure the problem at its root.”

About the 2021 RE/MAX Fall Housing Market Outlook Report

The 2021 RE/MAX Fall Housing Market Outlook Report includes data and insights from RE/MAX brokerages. RE/MAX brokers and agents are surveyed on market activity and local developments. Regional summaries with additional broker insights can be found at REMAX.ca. The fall outlook is based on predictions of RE/MAX brokers and agents. The overall outlook is based on the average of all regions surveyed, weighted by the number of transactions in each region.

*2020 average residential sale price numbers were full-year, 2021 were from January 2021-August 31, 2021.

Courtesy RE/MAX Western Canada

Residential sales totalled 2,162 in September, nearing the record high for the month recorded in 2005. Further gains in new listings likely supported some of the sales growth that occurred this month.

“While sales activity in the fall tends to be slower than in the spring months, the continued strong sales are likely being driven by consumers who were unable to transact earlier in the year when supply levels had not yet adjusted to demand,” said CREB® chief economist Ann-Marie Lurie. “The market continues to favour the seller, but conditions are not as tight as they were earlier this year.”

Inventory levels in September eased to 5,607 units, keeping the months of supply below three months. However, there is significant variation depending on property type and the tightest conditions continue to be in the detached market, with under two months of supply. At the same time, the apartment condominium sector is not facing the same level of supply challenges, with nearly five months of inventory available based on current demand levels.

Supply adjustments have helped ease the upward pressure on home prices. Prices have eased slightly relative to a few months ago, but they remain well above levels recorded earlier in the year. As of September, the total residential benchmark price in Calgary was $457,900, over eight per cent higher than levels recorded last year.   

HOUSING MARKET FACTS

Detached

Calgary recorded 1,268 sales this month, a significant gain relative to last year and 30 per cent higher than longer-term trends. Sales this month improved across all price ranges except homes priced under $400,000. However, the decline in sales in the lower price range is likely related to limited supply choice.

On a year-to-date basis, prices have improved across all districts, with gains that range from a low of five per cent in the City Centre to nearly twelve per cent in the South East. The City Centre is the only district where prices remain below previous highs. The September detached benchmark price of $537,500 has trended down slightly from the record high set in July, but this has not erased earlier gains, as it remains nearly 10 per cent higher than last year.

Semi-Detached

With less supply choice in the lower price ranges of the detached market, many consumers have turned to the semi-detached sector. With 2,005 sales so far this year, year-to-date sales are over 45 per cent higher than long-term trends and have reached new record highs. The improvement in sales was, in part, related to the improvements in new listings. The sales-to-new-listings ratio in this sector has averaged below 70 per cent over the past several months. This is nowhere near as tight as the detached sector, which has averaged 80 per cent.

While conditions have not been as tight in the semi-detached sector, there have still been substantial price gains this year. As of September, the benchmark price was $424,900, slightly lower than last month, but over eight per cent higher than last year’s levels. Like the detached sector, the semi-detached sector’s slowest price growth has occurred in the City Centre. On a year-to-date basis, prices remained below previous highs in the City Centre, North East and South districts.

Row

With 318 sales this month, year-to-date sales pushed up to 3,057 units, which is 62 per cent above long-term trends and on pace to hit record levels this year. Sales have risen across every district, with the largest growth recorded in the South East district.

While new listings did improve this month, it was not enough to prevent further declines in Inventory levels. The months of supply remained relatively low at less than three months, which is well below traditional levels for this time of year. Tighter conditions have supported price growth across all districts so far in 2021. However, unlike the detached and semi-detached sectors, row prices remain below previous highs across all districts in the city.

Apartment Condominium

A boost in new listings this month translated into some gains in sales activity. However, with a sales-to-new-listings ratio of 58 per cent, inventories still trended up relative to the previous month and last year’s levels.

The months of supply remained just below five months in September, far lower than levels recorded last year and over the past five years. Conditions have generally been more balanced for this property type compared with other sectors, preventing strong price gains. On a year-to-date basis, citywide benchmark prices improved by nearly three per cent, but they remain over 14 per cent lower than previous highs.

REGIONAL MARKET FACTS

Airdrie

The Airdrie market has faced extremely tight conditions throughout 2021 and supply constraints continued to place some limits on sales this month. New listings slowed in September to 179 units and there were 166 sales. As a result, the sales-to-new-listings ratio remained above 90 per cent and inventories trended down.

The months of supply has remained under two months since February, translating into steady price gains throughout most of this year. As of September, the benchmark price reached $389,700, which is similar to last month, but over 13 per cent higher than levels recorded last year. Much of the growth has been driven by detached homes.

Cochrane

For the second month in a row, sales outpaced new listings coming onto the market, causing inventories to fall to the lowest levels recorded in over a decade.

While conditions have remained exceptionally tight, with just over one month of supply, detached home prices have dipped slightly relative to a few months ago. This could be related to added competition coming from the new-home market. However, as of September, detached prices have increased by more than nine per cent compared to last year.

Okotoks

Sales in Okotoks this month slowed relative to last year. Despite the decline this month, year-to-date sales remain at record-high levels. Inventory levels remain exceptionally low, and the months of supply stayed below two months in September.    

The pace of price growth this month has slowed, but the year-to-date detached benchmark price in the town has improved by nearly 11 per cent compared to last year.

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Fall is the season of change, from the color of leaves to daylight hours to temperature. During this time, your homes face the effects of drastic fluctuations in weather as summer slowly fades away. Before snow creeps its way into the forecast, take the time to prepare your home in advance for colder days ahead.

Assess drainage

Foliage is beautiful, but those fallen leaves can be pesky. Take time to unclog gutters and downspouts to ensure snowmelt efficiently drains off of your home without causing damage to its exterior. While you’re at it, have a professional address any leaks in the roof now before wetter weather identifies them for you.

Don’t forget to drain outdoor hoses and faucets and shut them off from the inside to prevent them from freezing, breaking or bursting before the temperature drops to far below zero.

Get the HVAC system in order

Don’t wait until the first frost to test out your heating system. Schedule a maintenance appointment with an HVAC professional this fall to guarantee you can be toasty at a moment’s notice, they can also do a carbon monoxide check to ensure air safety. Do a check-up on the filtration system while you’re at it – experts suggest replacing the filter in your heating system every two to three months to prevent buildup.

Don’t forget your humidifier, winters on the prairies can be dry ensure you have changed the filter and ensured the humidistat is set for the desired amount of humidity.

Put your Air conditioning unit to rest for the season and do not forget to place the cover on it.

Invest in outdoor furniture covers

Once days grow cold, using patio furniture will be on pause until spring. To keep furniture in good condition – and to preserve your grill – look for heavy-duty, waterproof covers. Purchasing these for preservation can help prevent having to replace items down the road, potentially saving you big bucks.

Autumn also marks the time to store away other lawn ornaments, like ceramic flowerpots, to prevent cracking.

Fix driveway cracks

Existing cracks in pavement will only expand and even crumble when water – or snow – seeps in. Concrete sealer is readily available at hardware stores and can ultimately save you from needing to repave the whole driveway once those frost heaves start creeping up.  

Stock up on snow supplies

Ensure to have a snow shovel and sand or snow melter for the driveway or sidewalks and a sturdy scraper for the car windshield. For those without a garage or covered parking, check out windshield covers that line the windshield end-to-end preventing snow and ice buildup and get that extra-long extension cord out for nights when you need to plug your vehicle in. 

Clean your fireplace

Deep clean the base of your wood-burning fireplace before it gets to work this coming winter. Schedule an appointment with a chimney sweeper to ensure all apparatus – including the flue – are safe and functioning accordingly. 

Control airflow

Assess your home, especially windows and doors, for drafts, heat loss through windows can be responsible for 25-30 percent of heating energy use. With weather-stripping, film wrap, physical blockers and other DIY methods, you can prevent the cold draftiness that often results from having older windows. While keeping you more comfortable, doing so can also help save money on heating costs.

A lesser-known tip for controlling airflow within the home is to reverse the direction of your ceiling fan. In the summer months, the ceiling fan should spin counterclockwise pushing down cold air. In the fall, reverse its direction using the button on the fan’s base to counterclockwise, which will pull cold air up and keep the lower half of the room warm.

Fertilize your lawn

You know what they say: The best offence is a good defence. If you want to keep your lawn looking great in the spring and summer, you need to prep it for the fall and winter. Roots are still active when the grass isn't growing, so applying fertilizer will prevent winter damage. Doing this will also help your lawn turn green faster in the spring.

Just as with your lawnmower in the Spring ensure your snowblower is accessible, tuned up and ready to battle the impending snow.

Change your batteries

Once a year you should be checking to make sure all smoke detectors and carbon monoxide devices are working. Since you're already testing everything else out, you might as well add this on.

Don't forget the Garage

Service summer power equipment. Empty fuel and clean lawnmower and trimmer. Have lawnmower blades sharpened and oil changed. Have any necessary repairs done now, so that you’re ready come Spring.

Store summer vehicles. If you have a motorcycle, summer car, ATV or other type of seasonal vehicle, now’s a good time to have that serviced as well.

Ensure the garage is organized and ready to keep your vehicle protected on those snowy winter days and nights.