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RE/MAX® Voted Most Reputable Real Estate Company in Canada

For years, RE/MAX agents have earned the trust of buyers and sellers across Canada. This stems from their unparalleled experience, productivity, and professionalism in the ever-changing real estate market, but is also derived from the overall reputation of the RE/MAX brand.


*According to Leger’s 2023 Reputation Study, RE/MAX was ranked the most reputable real estate company in Canada.*


Leger is the largest Canadian-owned market research and analytics company. Their 2023 Reputation Study provides a comprehensive analysis of the reputation of 299 Canadian companies across 30 sectors of activity. Each company is analyzed based on six criteria, and is evaluated by more than 2,000 Canadians, with more than 38,000 Canadians surveyed in total.


The six core pillars of corporate reputation that are measured in the study include: financial strength, social responsibility, honesty and transparency, quality, attachment and innovation.


RE/MAX’s reputation ranking also experienced year-over-year growth in 2023** and is among the top 100 most reputable companies in Canada*** proving that RE/MAX continues to rise above its competitors and earn the trust of more homebuyers and sellers.


“Behind every successful real estate transaction is a foundation built on trust,” says Christopher Alexander, President of RE/MAX Canada. “We’re honoured to be recognized as the most reputable real estate company in Canada, and we look forward to continuing to help buyers and sellers achieve their real estate goals in this ever-changing market.”


Courtesy RE/MAX Canada


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Majority of Canadians inclined to extend stay in current homes: CIBC poll


The dream of homeownership lives on for Canadians, according to a recent poll conducted by CIBC.

Homeownership remains a top goal for 71 per cent of non-homeowners, while the majority of mortgage holders (82 per cent) and renters (64 per cent) express concerns about inflation and rising rates affecting their ability to meet mortgage payments or rental costs.


Homeowners happy to stay put


Given the current state of the housing market, a significant proportion of homeowners (66 per cent) revealed their inclination to stay in their homes for longer than originally planned. 

Economic conditions will be a decisive factor for 40 per cent of homeowners who may consider selling their properties once stability returns. Around 31 per cent of respondents declared their current homes as their “forever home.” 

Furthermore, the poll indicated that 30 per cent of homeowners intend to take advantage of the recently available multi-generational home renovation tax credit within the next five years.

However, a notable portion of homeowners expressed regret regarding the timing of their house purchases. Thirty-seven per cent wished they had bought their homes when mortgage rates were lower, while 30 per cent regretted not selling their homes during the recent housing market peak.


Helping the next generation achieve homeownership


The survey also revealed that 63 per cent of respondents with children intend to assist them with a down payment in the future, with 79 per cent expressing worries about the future affordability of homes for their children. 

Recognizing the potential unattainability of homeownership for their children without assistance, many Canadians are prepared to lend a helping hand. 

Carissa Lucreziano, vice president of Financial and Investment Advice at CIBC, emphasized the significance of this gesture while urging individuals to consider the impact on their own financial situations. 

“Many Canadians recognize that homeownership could be out of reach for their children unless they have help with a down payment,” Lucreziano recognizes.


Preferences for previously owned homes


The survey also sheds light on the preferences of recent first-time homebuyers, with the majority (59 per cent) opting for previously owned homes such as detached, semi-detached or townhomes. 

Fifteen per cent purchased pre-construction homes through builders or contractors, while the same percentage chose previously owned condominiums. Only seven percent of first-time buyers opted for pre-construction condominiums.


Renters struggling with future rental costs


The growing unease about affordability is a shared sentiment among both homeowners and renters.

While some renters (46 per cent) feel more capable of meeting their rent payments compared to a year ago, the majority (64 per cent) still express concerns about keeping up with future rental costs.


** Courtesy Real Estate Magazine **

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May sales reach a record high

MAY 2023 HOUSING MARKET UPDATE


JUNE 1, 2023


May sales reach a record high


Thanks to a significant gain in apartment condominium sales, May sales rose to 3,120, a new record high for the month. While the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year.


At the same time, we continue to see fewer new listings on the market than last year, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller placing further upward pressure on home prices.


“Calgary’s housing market continues to exceed expectations with the recent gain in sales activity this month,” said CREB® Chief Economist Ann-Marie Lurie. “The higher interest rate environment and recent rental rate gains have driven more consumers to seek apartment condominium units. In addition, the recent rise in new apartment listings has provided enough options to support the sales gain. Calgary continues to benefit from the relatively healthy job market and recent population growth keeping housing demand strong across all property types.”


Persistently tight market conditions drove further price growth this month. In May, the unadjusted benchmark price reached $557,000, over one per cent higher than last month and nearly three per cent higher than last year’s monthly peak price of $543,000.


Detached


Rising sales for homes priced above $600,000 was not enough to offset declines in the lower price ranges as May sales reached 1,486, a year-over-year decline of eight per cent. New listings continue to fall for homes priced below $700,000, providing limited choice for consumers seeking out lower-priced detached homes. While new listings did improve for higher-priced properties, the relatively strong demand kept conditions tight across all price ranges, driving further price gains.

 

In May, the detached benchmark price reached $674,000, nearly two per cent higher than last month and over four per cent higher than last year’s peak price of $647,000. While each district reported a new record high price this month, the year-over-year gains ranged from a high of 12 per cent in the East District to a low of two per cent in the City Centre.

 

Semi-Detached


Sales also rose to near-record highs for the month for semi-detached homes. However, with 279 sales and 269 new listings this month, inventories fell, and the months of supply dropped below one month.

 

The exceptionally tight conditions caused further price gains, which for the first time, pushed above $600,000. This is the seventh consecutive month where prices have trended up, and as of May, levels are over three per cent higher than last year’s monthly peak. Like the detached sector, each district reported new record high prices in May. However, the strongest year-over-year gains occurred in the most affordable East district at nearly 12 per cent.

 

Row


New listings in May improved over levels seen earlier in the year, but thanks to monthly gains in sales, the sales-to-new listings ratio remained exceptionally high at 89 per cent, preventing any significant shift in the low inventory situation. While sales activity is still lower than last year’s levels, this is likely related to the lack of supply in this segment of the market.  Inventory levels are down 50 per cent compared to last year.

 

With less than one month of supply, it is not a surprise that prices continue to rise. In May, the benchmark price reached $390,500, a two per cent gain over last month and nearly nine per cent higher than last year's peak price of $359,600. Row prices rose across all districts, with year-over-year gains exceeding 15 per cent in the city's North East, South and East districts. The slowest price gains occurred in The City Centre, North West and South East at rates of over seven per cent.

 

Apartment Condominium


Sales in May reached 858 units, a year-over-year gain of 36 per cent and high enough to cause year-to-date sales to rise by four per cent for a new record high. Stronger sales were possible thanks to the recent gains in new listings. There were 1,025 new listings in May, a year-over-year gain of eight per cent. Despite the gain in new listings, the sales-to-new listings ratio remained high at 84 per cent, preventing any significant shift in inventory levels. As a result, inventory levels remained 23 per cent lower than what was available in the market in May 2022. The rising sales and low inventories kept the months of supply low at just over one month.

 

Persistently tight conditions drove further price gains in May. The unadjusted benchmark price reached $298,600, a monthly gain of over one per cent and a year-over-year gain of nearly 11 per cent. The recent growth has finally caused unadjusted apartment condominium prices to return to 2014 levels. Unlike other areas, not all districts reported a new record high price. The only areas to report a full recovery were the North, North West, West and South East districts. Overall year-over-year price growth ranged from a high of 16 per cent in the North District to a low of 10 per cent growth in the City Centre.


REGIONAL MARKET FACTS


Airdrie

Limited supply choice continues to weigh on sales activity in Airdrie. In May, there were 260 new listings and 225 sales, keeping the sales to new listings ratio high at 87 per cent and preventing any significant shift in inventory levels. However, with less than one month of supply, conditions are tighter than they were last year at this time.

 

Persistently tight conditions caused prices to trend up for the fifth consecutive month. The benchmark price reached $502,900 in May, remaining shy of the record high of $504,200 achieved in April 2022. While total residential prices have not reached new record highs, detached home prices have reached a new record with a benchmark price of $587,200.


Cochrane


Like other markets in the area, the limited level of new listings is preventing stronger sales activity. In May, 135 new listings came onto the market, and there were 122 sales, keeping the sales-to-new listings ratio elevated at 90 per cent. While inventory levels are still higher than last year’s, they are still exceptionally low for this time of year, leaving the months of supply just above one month in May.

 

The persistently tight conditions caused prices to trend up for the fourth consecutive month. While the benchmark price of $515,600 remains below the monthly high of $517,900 achieved in June 2022, should conditions continue to remain this tight, we could see further upward pressure on home prices over the next several months. 


Okotoks


Like other markets, low levels of new listings are limiting sales activity in the town. In May, new listings reached 87 units, and with 76 sales, the sales to new listings ratio pushed above 87 per cent. This also prevented any significant shift in inventory levels, and the months of supply once again dropped below one month.

 

Persistently tight market conditions caused prices to trend up for the fifth consecutive month. With a benchmark price of $575,900, prices are nearly four per cent above last year’s levels and at a new record high.

 

Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region monthly stats package.
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Calgary Commercial Real Estate a Hotbed for ON, BC Investors: 2023 Report


Alberta’s strong economic performance continues to fuel commercial real estate in Calgary, with most asset classes experiencing solid activity from both a lease and sales perspective.


Spillover from out of province remains a major source of business in the industrial sector, with warehousing and distribution properties topping the list of investor demands. Given limited availability of industrial space in the lower mainland, most containers that are shipped to BC are now loaded onto trucks for a 13-hour journey to Calgary’s ‘inland port.’ The supply of serviced land zoned industrial has fallen as a result, placing upward pressure on prices and raising lease rates, especially for newer product. Older properties available for sale may provide better returns, or more affordable rental opportunities. Availability continues to trend downward despite on-going new construction, with rates falling to 3.9 per cent in the first quarter of 2023, down from 5.5 per cent during the same period one year ago, according to Altus Group. De Havilland Canada is one of the recent companies to set up shop in Calgary, through its acquisition of 1500 acres in Wheatland County just 30 minutes east of Calgary. The company intends to build a state-of-the-art facility that includes aircraft assembly, runway, parts manufacturing, distribution centres and maintenance repair and overhaul centre. De Havilland Field is expected to be up and running in 2025 and employ more than 1,500 people.


Calgary’s office market has made some headway in the first quarter of the year, with availability rates edging downward. Two factors have contributed to the decline: the uptick in tech businesses and the repurposing of existing commercial to residential. Attracted to the value proposition of the Calgary commercial real estate market, a young workforce, and incentives offered by the Alberta’s Investment and Growth Fund, tech companies, including global tech firm Applexus Technologies, have started moving into the downtown core. Commercial repurposing has also met with success, thanks in large part to a government program providing incentives to convert office space to residential. Ten buildings have been earmarked for repurposing, representing more than 1,200 new homes in the core. The move also eliminates one million square feet of empty office space. Together, these factors have had an enormous impact on the downtown core, increasing vibrancy and sparking renewal in the city that includes a strong retail/restaurant component to service the growing residential presence. These two incentive programs have been so effective to date that lease rates are starting to climb in the core once again.


Suburban office space, particularly in Calgary’s Quarry Park, has been an attractive alternative to the core in recent years, with Imperial Oil leading the charge to the suburbs about eight years ago. The low-key presence within residential communities continues to resonate with many tenants. Lease rates for office space in the suburbs range from $10 per square foot to $15 per square foot.


Low vacancy rates characterize demand for retail space and buildings in Calgary at present. The area’s shopping malls remain vibrant, with Canadian Tire taking over many of the Bed, Bath and Beyond locations in Calgary.


Land sales overall remain brisk, with out-of-province investors seeking industrial, multi-family, and retail properties for development. Existing multi-family is experiencing solid demand from Ontario buyers, especially for new buildings with assumable CMHC financing in place. Recent data available from the Canadian Home Builders Association’s (CHBA) 2022 Municipal Benchmarking Report, prepared by Altus Group, shows that estimated approval timelines for residential development are amongst the fastest in the country at five months in 2022, down from 12 months in 2020. Cap rates in this segment of the market have waned over the past year. REITs are active in the market, typically seeking land zoned residential with approvals for purpose-built rentals in place. Given the higher interest rate environment, some vendor take back mortgages are available but they are generally found on overpriced listings.


Strong population growth, government incentives, and lower tax structures continue to draw companies both east and west of the province to Calgary and its surrounding communities. After an extended period of financial hardship between 2010 and 2020 in the province, the rebound in oil and gas prices, combined with a growing tech centre, and new residential development in the downtown core, are changing the landscape for the better.


**Courtesy RE/MAX Canada**

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