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REMAX Canadian Housing Market Outlook in 2012 - Realtor Jas Jagpal
Balanced conditions set to return to most Canadian housing markets in 2012, while residential values expected to once again set new records, says RE/MAX
Mississauga, ON (December 6, 2011) – Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board. The trend is expected to carry forward into 2012 as Canadians continue to demonstrate their faith in homeownership, despite concerns over the European debt crisis and its impact on the global economy, according to a report released today by RE/MAX.
The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011—with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year’s levels in 85 per cent (22/26) of markets in 2011—including Saskatoon with a year-over-year percentage increase of 13 per cent and an eight per cent uptick in Calgary, Winnipeg, Hamilton-Burlington and Sudbury. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent next year.
By year-end 2011, an estimated 460,000 homes are expected to change hands, up three per cent from the 447,010 units reported in 2010. Sales are expected to climb one per cent to 464,500 units in 2012. The value of a Canadian home is set to climb to $363,000 this year—an increase of seven per cent over the $339,030 posted one year ago. By year-end 2012, the average price in Canada is forecast to appreciate two per cent to $371,000.
“The Canadian housing market has demonstrated tremendous resilience in recent years, but 2011 stands out,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Instead of responding to economic concerns both here and abroad with a retreat in sales and prices, residential real estate markets actually experienced an upswing in the volatile third and final quarters. While clearly not impervious to the impact, Canadian consumers are intent on making their moves now, in advance of higher housing values and rising interest rates down the road.”
Improvement in both provincial and local economies, especially during the second half of 2012, should serve to further stimulate homebuying activity. Calgary, Saskatoon, and Halifax-Dartmouth will likely lead the country in unit sales in 2012, each with a projected increase of five per cent. Regina, Greater Toronto, Saint John, Moncton, and St. John’s anticipate a three per cent increase in home sales next year.
“The economic underpinnings support ongoing demand, particularly as job creation efforts continue and unemployment rates edge down further,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Nationally, we remain on an upward track, and the confidence consumers have demonstrated in housing over the past decade will prove well founded once again next year. The rising belief in homeownership is key, especially among Generation X and Y—some of whom are making their moves sooner. Boomers and retirees are changing, too. They’re healthier and more active, with longer life expectancy. Overall, we’re seeing an extension of the homeownership cycle, and it’s great news for housing.”
While tighter supply levels contributed to steady price appreciation in most major markets across Canada this year, an increase in inventory more in line with years previous should ease upward pressure on average price in the year ahead. The highest appreciation is expected in Regina, where values are forecast to increase eight per cent, followed by Greater Toronto, Halifax-Dartmouth, and St, John’s—each posting a five per cent gain. Overall, 81 per cent of the markets examined are forecast to set new records for average price next year. Noteworthy milestones include Greater Vancouver, which will break the $800,000 threshold, as well as Regina and Kitchener-Waterloo, which will reach the $300,000 mark.
“While prices will remain on the upswing, buyers will benefit from greater selection moving forward,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “Stability or modest growth will characterize sales activity while GDP moves forward at a more muted pace in 2012. Whether markets will meet or potentially exceed projections will hinge largely on consumer confidence. An unexpected call for interest rate hikes could also serve to bolster sales.”
Other highlights include:
• Population growth and immigration are major factors expected to prop-up housing demand and household formation in the coming years. Since 2000, Canada’s population has experienced double- digit growth of 11 per cent. By 2031, over 42 million people are expected to call Canada home.
• Investment will also continue in Canada’s major centres, with income-producing properties at the top of the most wanted list. Low vacancy rates and stock market volatility reinvigorated this segment of the market in 2011 and the very same factors are forecast to influence sales moving forward.
• Condominiums are expected to gain an increasing share of the marketplace, particularly in Western Canada and Ontario. A focus on higher density urban growth is impacting purchasing patterns and introducing new, affordable options—critical to the attainability of homeownership as prices continue to move upward.
• Housing stock in major Canadian centres will improve as municipalities focus on redevelopment and revitalization.
RE/MAX is Canada’s leading real estate organization with over 18,500 sales associates situated throughout its more than 700 independently-owned and operated offices in Canada. The RE/MAX network, now in its 38th year, is a global real estate system operating in 80 countries, with over 6,200 independently-owned offices and over 89,000 member sales associates. RE/MAX realtors lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.
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© 2011 Jas Jagpal, BROKER, BSc. York University
BUYERS - Dreaming of Buying your First House or Condo
BUYERS - Dreaming of Buying your First House!
Have you ever dreamed of owning your own Toronto condo or house? Aren’t sure if you are ready and don’t know where to begin? In 1998, my wife and I were in the exact same predicament. It didn’t matter I was a university graduate and she was a financial advisor in a bank. Going through the process of buying your first real estate property is always nerve wrecking and confusing.
If you’re a First-Time Home Buyer, and serious about making your dream come true, then call me. I will guide you, step-by-step and help you make your dream a reality. I've been told my 1 hour consultation is worth a milliom dollars where I answer all your questions and set out a Buyer's plan with your honest input.
A few things I highly recommend anyone contemplating buying a house or condo is to:
1. Have 3-6 months of emergency savings.
2. Have at least 5% down payment (outside of the emergency fund)
3. Get a mortgage pre-approval from the bank. ( or I can refer you to many brokers I know).
My goal is to help you turn your dream into reality. I promise I will NEVER for a commission, knowingly put you into greater financial hardship! That is why I offer this consultation and if you need help setting up a savings plan, my wife (a financial planner) can help you.
To learn more about me visit my website at: www.JasJagpal.com
The Toronto Condo Real Estate
www.TheTorontoCondoRealEstate.com
Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629 O: 950-471-0002 F: 905-471-7441
Sign Up For Vip Savings with Jas. BUY • SELL • INVEST • Assign • Lease in the GTA.
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate Houses: www.JasJagpal.com
Blog Posted on: www.1stoprealestate.ca : www.TheCondoReport.ca : www.LinkToMorningside.com : www.MarkhamBoxgrove.com
Do you own a Condo at Scarborough Town Centre and looking to sell?
Consider getting Jas's Flat FEE MLS Listing and SAVE Money.
© Jas Jagpal, 2011
News: Toronto Maple Sikhs - New Years Polar Bear Dip - Videos
WOW! Fantastic Day it was.
Just Imagine two dozen Maple Leaf Sikhs taking the plunge in Freezing Lake Ontario! It happened on Jan 1st, 2011 in pouring rain.
As a team we had three goals and we reached them all.
1. Have female involvement.
2. Double the number of participants from last year's dozen.
3. Be the #1 Fundraising Team.
We had six ladies take the plunge and we raised over $7000 for Toronto's Habitat for Humanity more than twice the second place team.
For 2012 - We're hoping that more young Toronto Sikhs and Non-Sikhs join us!
It would me amazing to see 50 people take the plunge and raise more than $10K for Toronto's Habitat for Humanity.
My sincerest Thanks to all those who sponsored me and helped me raise my goal of $1000!
I have uploaded a few videos to my YouTube channel. Search "Toronto Maple Sikhs" or "Jas Jagpal". I spent a considerable time editing the shots my wife took and even created a slow-motion classic with the "Chariots of Fire" Olympic soundtrack from my school days.
OK!!!! I promise my next posting will be back to the Toronto Real Estate Market.
Happy NEW YEAR and may it be full of Happiness, Health and Success!
2. http://www.youtube.com/watch?v=PCLEcHG94Zw (Live Version - 5min)
3. http://www.youtube.com/watch?v=v0c6kcqJCMI (News- CP24 - 1min)
4. http://www.youtube.com/watch?v=oiGJORiWVZs (Capturing Still Pictures - 1min)
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Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629 O: 950-471-0002 F: 905-471-7441
Sign Up For Vip Savings with Jas. BUY • SELL • INVEST in the GTA.
Do you own a Condo at Scarborough Town Centre and looking to sell?
Consider getting Jas's Flat FEE MLS Listing and SAVE Money.
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
2011 Real Estate Market Outlook : by RE/MAX - Jas Jagpal
Mississauga, ON (December 7, 2010) -- Although improved economic fundamentals will have a positive impact on Canadian housing markets moving forward, the forecast for residential real estate sales remains static in most major centres in 2011, according to a report released today by RE/MAX.
The RE/MAX Housing Market Outlook 2011, examining trends and developments in 26 major centres across the country, found that home-buying activity in 2010 fell short of 2009 levels. Housing values, however, continued to climb, with virtually all areas reporting an upswing in average price, ranging from just under one per cent to 15 per cent this year. Lower inventory levels in many markets offset the effects of diminished demand, propping-up price in almost every instance. Kitchener-Waterloo, Quebec City, and St. John’s saw the greatest increases in average price this year, while Eastern Canadian markets including Hamilton-Burlington, Sudbury, Windsor, Moncton and Prince Edward Island were the only markets that bucked the downward trending in home sales in 2010.By year-end, approximately 441,000 homes are expected to change hands nationally, a five per cent decline from the 465,251 sales reported in 2009. Housing values are forecast to continue to climb, up an estimated seven per cent to $340,000, compared with $320,333 one year earlier.“In terms of resale housing activity, what many are talking about as the new normal is actually a return to the traditional real estate cycle,” says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. “The past decade was truly unprecedented—never before have we experienced a run up that was as strong or lasted as long. As we have digressed from the typical pattern, people have forgotten what the usual healthy cycle looks like, but all the hallmarks are there. Ample inventory levels, steady demand, and moderate growth, both in terms of sales and prices, will characterize the market in 2011. While the pace may appear lackluster in comparison to what we’ve grown accustomed to, it underscores the principles of real estate 101: The market is cyclical. All boats rise and fall with the tide.”Greater stability is expected to characterize the markets in 2011, with Canadian housing sales predicted to mirror 2010 levels at 441,000 next year, while average price is forecast to escalate three per cent to $350,000 by year-end 2011.“Looking forward, we see steady improvement in provincial and local economies—which will bode well for housing markets across the board,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “The relentless drive in the market reminiscent of years past will be gone and instead, we can expect to see more normal, balanced market conditions, with buyers maintaining a slight edge.”Markets in British Columbia are forecast to lead the country in terms of percentage increases in sales activity next year, with Greater Vancouver expected to climb 10 per cent, followed by Victoria at eight per cent and Kelowna at six per cent. After a prolonged period of economic hardship, Windsor is once again on track for growth, with residential home sales predicted to climb five per cent.Almost all markets are reporting an anticipated increase in housing values next year, with St. John’s in Newfoundland-Labrador in front with an estimated eight per cent hike in average price in 2011. The value of homes in Greater Vancouver, Kelowna, Regina, Saskatoon, London-St. Thomas, Ottawa, Sudbury and Greater Montreal is also predicted to climb five per cent.“Low interest rates and improving consumer confidence levels should stimulate home-buying activity at all price points next year,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “Overall gains will be more muted—a welcome reprieve for purchasers. 2011 will be a year that will see more widespread recovery across a broader array of economic sectors, setting the stage for a better 2012.”In the meantime, a number of factors will continue to support sustained sales and price growth in the months and years ahead:• Land scarcity, intensification, urban renewal, infill and renovation will continue to drive up values—regardless of supply and demand—in major metropolitan areas. The Canadian housing stock is ever-evolving, particularly in the central core of each city. With average price pushing closer to or well past the $300,000 mark in the vast majority of major centres, and affordability of single-family homes diminishing, the demand for attainable product will rise in tandem, bolstering the growing condominium segment in the years ahead. • The upper-end of the market continues to be a strong indication of the overall health of Canada’s housing sector. Typically the first segment to soften in a downturn, luxury homes posted record sales activity in 2010, and demand is expected to remain solid in 2011. Strong sales in the high-end will continue to prop up average prices.• Immigration will remain a serious force stimulating demand, particularly given the penchant for homeownership among today’s new Canadians. While the formation of new households used to take an average of five years, a growing number of newcomers arrive skilled, financially secure, and ready to make their home-buying moves. It is estimated that Canada will average 250,000 new immigrants annually. • In the year ahead, federal, provincial and local stimulus in the form of continued infrastructure spending and capital projects will be a considerable boon to economic stability and employment, providing consumers the confidence to move forward with real estate purchases.• Volatility in the money markets will continue to drive buyers to the tangibility of homeownership, both as a reliable long-term investment and a form of shelter, particularly given low vacancy rates and a lack of new rental construction in a number of major centres.RE/MAX is Canada’s leader with over 18,000 sales associates situated throughout its more than 690 independently-owned and operated offices in Canada. The RE/MAX network, now in its 37th year, is a global real estate system operating in 80 countries, with over 6,300 independently-owned offices and over 92,000 member sales associates. RE/MAX realtors lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.###Christine Martysiewicz
RE/MAX Ontario-Atlantic Canada
Support Habitat For Humanity - Join Jas in Toronto New Years Polar Bear Dip 2011
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Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629 O: 950-471-0002 F: 905-471-7441
Sign Up For Vip Savings with Jas. BUY • SELL • INVEST in the GTA.
Do you own a Condo at Scarborough Town Centre and looking to sell?
Consider getting Jas's Flat FEE MLS Listing and SAVE Money.
© 2010- Jas Jagpal,
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
Monarch's Condo- Yorkland at Heron's Hill - Near Fairview Malls, HWY 404 & 401
Special bonus up to $15,000 off Purchase Price.
Prices from:
Studio - 397 Sq Ft - $198,490
One Bedroom + Den - 655 Sq. Ft. - $275,240
Two Bedroom - 729 Sq Ft - $315,990
Price* includes: One Parking and One Locker
Occupany: September 2013
Deposit: 5% on Signing, 5% in 90 Days, 5% in 365 Days, 5% in 545 Days, nothing on Occupancy
Maintenance: Estimated at $0.51 per square foot.
** Contact me to buy a suite, plus I help you sell at a reduced commission.
Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629 O: 950-471-0002 F: 905-471-7441
Sign Up For Vip Savings with Jas. BUY • SELL • INVEST in the GTA.
Do you own a Condo at Scarborough Town Centre and looking to sell?
Consider getting Jas's Flat FEE MLS Listing and SAVE Money.
© 2010- Jas Jagpal,
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
