Canadian home prices in September were down 1.1% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. The monthly decline ended a string of 16 consecutive increases in the composite index since the last monthly deflation in April 2009. For the first time since February 2009, prices fell in all six of the metropolitan markets surveyed. The declines were 2.4% in Halifax, 2.2% in Calgary, 1.6% in Toronto, 0.5% in Ottawa and 0.3% in Montreal and Vancouver. For Vancouver it was the third consecutive monthly decrease and for Calgary it was the second.
This result was reflected in a further deceleration of the 12-month price increase in September, to 7.9% for the composite index. It was the third consecutive month of deceleration, leaving the 12-month rise the smallest since last January. The 12-month increases range quite widely from market to market: 9.2% in Vancouver and Ottawa, 9.0% in Toronto, 7.6% in Montreal, 3.6% in Halifax and 1.7% in Calgary.
Wednesday, November 24, 2010
Friday, November 19, 2010
The Full Service, Industry Leading Real Estate Brokerage
RE/MAX Professionals Inc., Brokerage
The Full Service, Industry Leading Real Estate Brokerage
The Competition Bureau’s recent agreement with the Canadian Real Estate Association will soon be in effect. This agreement, ratified by the Canadian Real Estate Association on October 24th will allow varied service models to compete on the Multiple Listing Service (MLS) across Canada. Speculation has been circulating that our industry is, or will be, in peril due to this change. After a thorough review of the change affected by this agreement, it is the opinion of RE/MAX Professionals’ leadership team that our industry will remain strong, unchanged by the subtle change of this agreement.
One clear statement we can make is that RE/MAX Professionals Inc. is, and has always been, an industry leader in the Greater Toronto Area as a full service real estate brokerage. This has not changed with the requirements to allow different business models to be possible in MLS. Our sales representatives will offer full services at fair, negotiable commission rates to the consumer in our marketing area. RE/MAX Professionals Inc. clearly will not offer mere listing services to customers. Our chosen path is to provide buyers and sellers with listing, marketing, advertising, negotiating and buyer service packages. It is our belief that anything less is poor representation of the clients and customers we serve. Other brokers and brokerages may choose to do less. RE/MAX Professionals’ sales force will not … …
So, what do we expect to be the implications of these changes to the MLS services across Canada? Just as in 1973, when RE/MAX changed the face of real estate in Canada and the United States, changes and evolution of our industry will make the industry, ten years from now, different from today. RE/MAX changed the way our industry was organized at that time, putting more emphasis on the agents and their freedom to manage their businesses effectively. The prior employee-based industry became one of independent contractors, negotiable commission rates and high technology. These changes revolutionized an industry, making the agent central to the transaction with the consumer.
So, change is not an unfamiliar characteristic for RE/MAX. We are a vibrant, ever-changing brand, known worldwide as leaders in our industry. Change is welcome at RE/MAX, as we put the efficiency of our sales people first, in order for them to represent our clients better than any other recognized brand.
Just as the RE/MAX business model changed how our industry thrives, other business models will come and go. Some may prosper. Most will fail dismally. One thing is certain in our minds. The RE/MAX model, which emphasizes the highly productive sales person will continue to remain profitable for thriving independent contractors. Our resolve is to change and adapt to these changing times; to compete with these new models in a fair and consumer friendly manner. So they must beware, RE/MAX Professionals, will out-compete them all with pure customer service, the type of full service consumers have grown to expect of the RE/MAX model.
It is our contention that the technology that has transformed the way we do business will continue to change us and how we do business. Who would have thought, years ago, how the FAX machine transformed our industry? The movement of our industry to computer allowed our data to be instantaneous. Internet services in Web 1.0 allowed us to promote ourselves and our listings to the world at the click of a mouse. Web 2.0 has allowed interactivity with the ever more sophisticated consumer. Now more than ever, digital and video technology has transformed us to make Open Houses virtual and consumers even closer. RE/MAX has been at the forefront in all of these technologies and will continue to lead, not follow, as others attempt to copy our leadership.
You work with the leading Brand RE/MAX with over 35% of all home sales in Canada this year. You work within an industry-leading Brokerage, RE/MAX Professionals Inc. We offer full service real estate services in our designated area. We are proud to be Realtors. And we are proud to be RE/MAX.
So, let us go and do what we do very well. Compete fairly with our knowledge, full service and competence.
The Full Service, Industry Leading Real Estate Brokerage
The Competition Bureau’s recent agreement with the Canadian Real Estate Association will soon be in effect. This agreement, ratified by the Canadian Real Estate Association on October 24th will allow varied service models to compete on the Multiple Listing Service (MLS) across Canada. Speculation has been circulating that our industry is, or will be, in peril due to this change. After a thorough review of the change affected by this agreement, it is the opinion of RE/MAX Professionals’ leadership team that our industry will remain strong, unchanged by the subtle change of this agreement.
One clear statement we can make is that RE/MAX Professionals Inc. is, and has always been, an industry leader in the Greater Toronto Area as a full service real estate brokerage. This has not changed with the requirements to allow different business models to be possible in MLS. Our sales representatives will offer full services at fair, negotiable commission rates to the consumer in our marketing area. RE/MAX Professionals Inc. clearly will not offer mere listing services to customers. Our chosen path is to provide buyers and sellers with listing, marketing, advertising, negotiating and buyer service packages. It is our belief that anything less is poor representation of the clients and customers we serve. Other brokers and brokerages may choose to do less. RE/MAX Professionals’ sales force will not … …
So, what do we expect to be the implications of these changes to the MLS services across Canada? Just as in 1973, when RE/MAX changed the face of real estate in Canada and the United States, changes and evolution of our industry will make the industry, ten years from now, different from today. RE/MAX changed the way our industry was organized at that time, putting more emphasis on the agents and their freedom to manage their businesses effectively. The prior employee-based industry became one of independent contractors, negotiable commission rates and high technology. These changes revolutionized an industry, making the agent central to the transaction with the consumer.
So, change is not an unfamiliar characteristic for RE/MAX. We are a vibrant, ever-changing brand, known worldwide as leaders in our industry. Change is welcome at RE/MAX, as we put the efficiency of our sales people first, in order for them to represent our clients better than any other recognized brand.
Just as the RE/MAX business model changed how our industry thrives, other business models will come and go. Some may prosper. Most will fail dismally. One thing is certain in our minds. The RE/MAX model, which emphasizes the highly productive sales person will continue to remain profitable for thriving independent contractors. Our resolve is to change and adapt to these changing times; to compete with these new models in a fair and consumer friendly manner. So they must beware, RE/MAX Professionals, will out-compete them all with pure customer service, the type of full service consumers have grown to expect of the RE/MAX model.
It is our contention that the technology that has transformed the way we do business will continue to change us and how we do business. Who would have thought, years ago, how the FAX machine transformed our industry? The movement of our industry to computer allowed our data to be instantaneous. Internet services in Web 1.0 allowed us to promote ourselves and our listings to the world at the click of a mouse. Web 2.0 has allowed interactivity with the ever more sophisticated consumer. Now more than ever, digital and video technology has transformed us to make Open Houses virtual and consumers even closer. RE/MAX has been at the forefront in all of these technologies and will continue to lead, not follow, as others attempt to copy our leadership.
You work with the leading Brand RE/MAX with over 35% of all home sales in Canada this year. You work within an industry-leading Brokerage, RE/MAX Professionals Inc. We offer full service real estate services in our designated area. We are proud to be Realtors. And we are proud to be RE/MAX.
So, let us go and do what we do very well. Compete fairly with our knowledge, full service and competence.
Tuesday, November 16, 2010
Full service real estate is here to stay. Here’s why!
Blog by Richard Robbins
October 16, 2010
Since the ratification of the agreement between CREA and the Competition Tribunal on October 24, 2010, there has been a tremendous amount of “buzz” from the public, the press and the real estate industry in general, speculating on the impact this agreement will have on organized real estate as we know it. For what they are worth, here are my thoughts.
First, it is interesting to note that what some people perceive as a threat, others perceive as an opportunity. Generally speaking when change occurs (and change will occur), there will be some people who view change as a threat because the status quo is being challenged; while others will view change as an opportunity because the status quo is being challenged. I think it probably goes without saying that I perceive change as a tremendous opportunity
For the entire blog use the link above.
October 16, 2010
Since the ratification of the agreement between CREA and the Competition Tribunal on October 24, 2010, there has been a tremendous amount of “buzz” from the public, the press and the real estate industry in general, speculating on the impact this agreement will have on organized real estate as we know it. For what they are worth, here are my thoughts.
First, it is interesting to note that what some people perceive as a threat, others perceive as an opportunity. Generally speaking when change occurs (and change will occur), there will be some people who view change as a threat because the status quo is being challenged; while others will view change as an opportunity because the status quo is being challenged. I think it probably goes without saying that I perceive change as a tremendous opportunity
For the entire blog use the link above.
Tuesday, November 2, 2010
Condominiums first step to homeownership in most major centres, says RE/MAX
Mississauga, ON (November 1, 2010) - Given serious escalation in detached housing values, condominium apartments and towns have now emerged as the first step to homeownership, says RE/MAX Ontario-Atlantic Canada.
Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood. The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January - September 2010 vs. 2009)-with percentage gains outperforming overall residential sales in most markets examined.
"As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic. Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment."
Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood. The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January - September 2010 vs. 2009)-with percentage gains outperforming overall residential sales in most markets examined.
"As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic. Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment."
2010 TORONTO CONDOMINIUM MARKET ON PACE
TORONTO – November 1, 2010…Urbanation, Inc., the leading source of information and analysis for the condominium market in the Toronto CMA (Census Market Area) today released its Q3-2010 market overview.
Q3-2010’s 3,805 new units sold represented a drop of over 1,000 units from the previous quarter’s 4,991 new unit sales and an 18 percent decline from Q3-2009. Despite the third quarter drop, the Toronto CMA condominium apartment market is on pace for the second highest annual sales total on record.
“The third quarter decline may be attributed in some part to those buying units as an investment resisting the continuing rise in the psf (price per square foot) of new units, particularly in downtown locations off the subway line,” said Urbanation Editor and Executive Vice President Ben Myers
The average sold unit in the 275 active projects on the market was $462 psf in Q3-2010, with unsold new units being offered at $520 psf. Similarly, the average psf for resale units sold was $372 psf in the third quarter.
“To some degree, the recent ‘upward price aggressiveness’ of developers at new projects,counting on the apparently robust demand for their products, has now met with reluctance from both investors and end-users”, added Myers.
Even with a summer slowdown in the market, only 19% of the CMA record high 69,892 units (in the 275 active projects) were unsold at the end of Q3-2010 – well below the historic level.
Myers added, “With prices rising and the market expanding, the ability of developers to differentiate their product through design, architecture and advertising will be paramount for their success going forward. Successfully incorporating those project elements by developers and
their consultants, plus strategic pricing, was a significant factor in the condominium market recovery in 2009.
This agility by Toronto developers may have contributed to the very short duration of the recession in the CMA condominium market. Another contributing factor to the success in the new market was the resurgence in the resale market; the market witnessed record high resale activity between Q2-2009 and Q2-2010.
The 3,646 resale condominium transactions in Q3-2010 were down 25 percent year-over-year,and 28 percent from the 5,076 resales in Q2-2010, the highest quarterly total in CMA history.
“2010 remains on pace for the best year ever in terms of condominium resale transactions”, said Myers. He added, “However, the market has finally shown signs of slowing after 15 months of frenzied activity”. The average resale unit sold for $331,000 in Q3-2009, down from the $335,000 recorded in the previous quarter, while listings dropped for the second consecutive quarter to 8,539.
ABOUT URBANATION
Urbanation is Canada's leading condominium market research company. Since 1981, Urbanation has analyzed the Toronto condominium market, publishing the “industry bible” – Urbanation’s Condominium Market Survey. This quarterly Report tracks new, resale and future condominium projects. Urbanation also provides the development community with essential consulting services, which include site and topic specific market studies and surveys.
www.urbanation.ca
www.twitter.com/urbanation
Q3-2010’s 3,805 new units sold represented a drop of over 1,000 units from the previous quarter’s 4,991 new unit sales and an 18 percent decline from Q3-2009. Despite the third quarter drop, the Toronto CMA condominium apartment market is on pace for the second highest annual sales total on record.
“The third quarter decline may be attributed in some part to those buying units as an investment resisting the continuing rise in the psf (price per square foot) of new units, particularly in downtown locations off the subway line,” said Urbanation Editor and Executive Vice President Ben Myers
The average sold unit in the 275 active projects on the market was $462 psf in Q3-2010, with unsold new units being offered at $520 psf. Similarly, the average psf for resale units sold was $372 psf in the third quarter.
“To some degree, the recent ‘upward price aggressiveness’ of developers at new projects,counting on the apparently robust demand for their products, has now met with reluctance from both investors and end-users”, added Myers.
Even with a summer slowdown in the market, only 19% of the CMA record high 69,892 units (in the 275 active projects) were unsold at the end of Q3-2010 – well below the historic level.
Myers added, “With prices rising and the market expanding, the ability of developers to differentiate their product through design, architecture and advertising will be paramount for their success going forward. Successfully incorporating those project elements by developers and
their consultants, plus strategic pricing, was a significant factor in the condominium market recovery in 2009.
This agility by Toronto developers may have contributed to the very short duration of the recession in the CMA condominium market. Another contributing factor to the success in the new market was the resurgence in the resale market; the market witnessed record high resale activity between Q2-2009 and Q2-2010.
The 3,646 resale condominium transactions in Q3-2010 were down 25 percent year-over-year,and 28 percent from the 5,076 resales in Q2-2010, the highest quarterly total in CMA history.
“2010 remains on pace for the best year ever in terms of condominium resale transactions”, said Myers. He added, “However, the market has finally shown signs of slowing after 15 months of frenzied activity”. The average resale unit sold for $331,000 in Q3-2009, down from the $335,000 recorded in the previous quarter, while listings dropped for the second consecutive quarter to 8,539.
ABOUT URBANATION
Urbanation is Canada's leading condominium market research company. Since 1981, Urbanation has analyzed the Toronto condominium market, publishing the “industry bible” – Urbanation’s Condominium Market Survey. This quarterly Report tracks new, resale and future condominium projects. Urbanation also provides the development community with essential consulting services, which include site and topic specific market studies and surveys.
www.urbanation.ca
www.twitter.com/urbanation
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