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Play Episode Listen Later Oct 23, 2024 11:15

Royal LePage has released its Q3 Home Price Update and Market Forecast. In this video interview, Phil Soper, President and CEO of Royal LePage, discusses the state of house prices in Canada, demand in the market, inventory levels and what to expect in the future. PRESS RELEASE TORONTO, Oct. 10, 2024 /CNW/ – According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Canada increased 1.6 per cent year over year to $815,500 in the third quarter of 2024. On a quarter-over-quarter basis, however, the national aggregate home price decreased 1.1 per cent, following sluggish activity in most – though not all – markets through the summer months. Coast to coast, sales volumes began to pick up in September, and more than one third (38%) of regional markets covered in the report recorded positive aggregate price gains in the third quarter over the previous quarter. “Despite three cuts to the Bank of Canada's overnight lending rate, buyer demand nationally remains weak, particularly among two key groups: first-time homebuyers and small investors,” said Phil Soper, president and chief executive officer, Royal LePage. “First-time buyers, who are more sensitive to interest rates, are adopting a wait-and-see attitude. With home prices essentially flat and interest rates steadily declining, they perceive no penalty in postponing their purchase. _______________________________ 1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build. “Similarly, small investors who typically buy condominiums to rent out and supply much of Canada's rental housing, are also hesitant. Elevated rates have made the financials unworkable, with carrying costs surpassing rental income. While historically some landlords accept negative cash flow temporarily when properties are appreciating in value, the current flat prices do not justify many investments,” said Soper. “We believe that both groups will re-enter the market in significant numbers as property values begin to rise again. With further rate cuts from the Bank of Canada likely this year, we anticipate prices will appreciate more quickly, eliminating the advantages of waiting for first-time buyers and making calculations more favourable for investors. “Total listings on royallepage.ca, Canada's most visited real estate company website, reached a historical high in September, up 19 per cent year over year,” continued Soper. “Clearly, existing homeowners are ready to move. And, all buyers have more choice and less competition than is typical in our growing nation. The market recovery is underway and will continue to gain strength into 2025.” The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation's largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 2.0 per cent year over year to $850,400, while the median price of a condominium increased 0.5 per cent year over year to $590,200. On a quarter-over-quarter basis, the median price of a single-family detached home decreased modestly by 1.2 per cent, while the median price of a condominium decreased 1.1 per cent. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company. “With rates dropping, we see positive signs for sidelined buyers. As confidence grows and buyers anticipate rising prices, we expect a significant increase in activity. Given the building demand – both organic and from immigration – the 2025 spring market may start as early as late January or early February, a pull-ahead phenomenon we've seen in previous market turnarounds. The stage is set for a busy year ahead.” New lending rules will ease affordability challenges and unlock opportunity for homebuyers In recent weeks, a series of new regulations impacting mortgages and lending practices in Canada were announced. Starting on December 15th, all purchasers of new construction homes and all first-time buyers will be able to acquire an insured mortgage with a 30-year amortization period.2 In addition, the federal government announced an increase to the insured mortgage cap from $1 million to $1.5 million. ______________________________ 2 Federal government announces landmark adjustments to mortgage rules for first-time buyers in Canada, September 17, 2024 Following the announcement of these changes, the Office of the Superintendent of Financial Institutions (OSFI) revealed that, beginning November 21st, it will eliminate the mortgage stress test for uninsured borrowers who plan to switch lenders upon renewing their loan, provided they maintain the same amortization schedule and loan amount.3 “These changes will have more impact on the early 2025 market than many anticipate. Expect a material bump in activity,” said Soper. “In addition to assisting first-time buyers, raising the cap on insured mortgages expands opportunities for move-up buyers in higher-priced markets, thereby freeing up inventory for new homeowners entering the market. “While these updated mortgage rules are a timely strategy to alleviate some affordability pressure, they are not a silver bullet for the fundamental issue that persists: Canada urgently needs more housing supply. Continued efforts to boost inventory are essential for fostering a sustainable and healthy real estate market for future generations.” According to a recent Royal LePage survey, conducted by Hill & Knowlton,4 84 per cent of Canadians belonging to the adult generation Z and young millennial cohort – those aged 18 to 38 – believe that home ownership is a worthwhile investment. Among those who do not currently own a home, 75 per cent say they are planning to purchase a property as a primary residence; nearly half (40%) of them say they plan to do so within the next five to ten years. In the report, Soper noted: “The youngest cohort of homebuyers in Canada have no shortage of barriers on their path to ownership. Though the cost of borrowing has begun to come down, chronic supply shortages have kept housing prices from dropping, even as demand softened under the weight of high interest rates. Despite these hurdles, the next generation of homebuyers remains committed to their pursuit of owning real estate, and are remarkably optimistic that they can make their dream a reality.” According to The Conference Board of Canada's latest report,5 consumer confidence is on the rise. In September, the Index of Consumer Confidence increased 3.3 per cent over the previous month, reaching its highest level in over a year. Furthermore, the percentage of Canadians who believe now is a good time to make a major purchase rose. Loans renewing at higher rates Even as interest rates soften, millions of Canadians who secured fixed-rate mortgages in the period of ultra-low borrowing conditions prior to March of 2022, have seen their monthly carrying costs increase upon renewal, or they will soon. _________________________________ 3 OSFI to drop mortgage stress test for uninsured borrowers who switch lenders at renewal, October 3, 2024 4 Gen Zs and young millennials still believe in home ownership, and they're willing to make sacrifices to achieve it, August 22, 2024 5 Canadian Consumers are Regaining Confidence, September 25, 2024 “The Bank of Canada will not be able to cut rates quickly or deeply enough to take away all of the renewal pain for those still on pandemic-era, low-rate mortgages,” noted Soper. “While a small percentage of these families may be forced to relocate to more affordable regions or to a less expensive property, the majority of Canadians are well-positioned to weather this situation, thanks to the strict lending practices and safeguards implemented by our highly-regulated financial institutions.” Currently, the Bank of Canada's key lending rate sits at 4.25 per cent.6 The central bank's governing council has hinted at further rate cuts to come, noting that they are working to balance the risk of stimulating economic growth – specifically inflating shelter prices – with the possibility of weakening labour markets.7 The next interest rate announcement is scheduled for October 23rd. Regional trends vary from coast to coast As was true of the pandemic-era real estate boom, the recovery is not unravelling evenly. Just as two of Canada's largest and most expensive markets reached higher highs and lower lows between 2020 and 2023, Toronto and Vancouver are now lagging behind in the recovery as well. Meanwhile, regional markets in the province of Quebec and in the Prairies have shown greater resilience through the period of elevated interest rates. “It's taking longer for activity and home prices to bounce back in major cities where affordability challenges are greatest. Following subdued activity this spring and summer in the Greater Toronto Area, we've begun to see a turnaround in the fall market with an increase in buyer demand and a boost in sales. Greater Vancouver has yet to catch up,” noted Soper. “The higher cost of living in these regions continues to result in residents migrating to other parts of the country, offset by newcomers who continually choose these cities upon arrival in Canada. Alberta continues to record population growth – made up in large part by inter-provincial migration from Ontario and British Columbia – while gains in Atlantic Canada have stalled since the pandemic rush to the Maritimes.” Forecast Royal LePage is forecasting that the aggregate price of a home in Canada will increase 5.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previously upgraded forecast has been revised down to reflect current market conditions, specifically in the greater regions of Toronto and Vancouver, which recorded lower-than-anticipated activity through the spring and summer months. “The market recovery, albeit uneven across the country, is well underway in a majority of markets. While we may not see significant price appreciation in the typically-slower fourth quarter of this year, we believe our previous forecast will come to fruition in the anticipated early spring market of 2025.” ____________________________________ 6 Bank of Canada reduces policy rate by 25 basis points to 4¼%, September 4, 2024 7 Summary of Governing Council deliberations: Fixed announcement date of September 4, 2024, September 18, 2024 Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 REGIONAL SUMMARIES Greater Toronto Area The aggregate price of a home in the Greater Toronto Area (GTA) increased 0.7 per cent year over year to $1,155,800 in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the GTA decreased 2.9 per cent. Broken out by housing type, the median price of a single-family detached home increased 1.6 per cent year over year to $1,421,000 in the third quarter of 2024, while the median price of a condominium dipped 0.4 per cent to $722,200 during the same period. “Activity in the third quarter was muted overall. The slower-than-expected spring market gave way to a soft start to fall in Toronto and the GTA, although the tide began to turn in mid-September. While inventory levels continued to rise and the average days on market sat higher than usual, prices came down only slightly in parts of the region in Q3,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “This indicates that while sellers have come off the sidelines faster than buyers, they're not desperate to sell.” In the city of Toronto, the aggregate price of a home decreased 2.3 per cent year over year to $1,128,900 in the third quarter of 2024. During the same period, the median price of a single-family detached home declined 1.3 per cent year over year to $1,672,400, while the median price of a condominium decreased 3.2 per cent to $682,800. “Trends in Toronto's condo market have been marching to a different beat, compared to other property segments of late. A wave of new units has hit the market amid a near-record number of completions this year. And, with some investors offloading rental units that have become too expensive to carry, prices have softened. This could spell opportunity for first-time buyers, with borrowing rates on the decline and new 30-year amortization legislation set to come into effect that will ease the burden of monthly carrying costs,” noted Yolevski. “Looking ahead, as we move further into the fall market and lending rates continue to ease, sales activity and prices will start to edge upward modestly, and housing inventory will get consumed. I believe Toronto, along with most of the country, is set to see a brisk spring housing market in 2025.” Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 6.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Greater Montreal Area The aggregate price of a home in the Greater Montreal Area increased 5.2 per cent year over year to $605,400 in the third quarter of 2024. On a quarterly basis, the aggregate price of a home in the region rose 1.0 per cent. Broken out by housing type, the median price of a single-family detached home increased 7.1 per cent year over year to $691,500 in the third quarter of 2024, while the median price of a condominium posted a more modest increase of 4.0 per cent to $467,700 during the same period. “Despite three Bank of Canada rate cuts, we have yet to see a buyer rush. On the one hand, buyers are standing by, confident that further rate cuts are imminent and will create a more opportune time to buy. On the other hand, sellers are fine-tuning their strategies, counting on a wave of motivated buyers in the next few months,” said Dominic St-Pierre, executive vice president, business development, Royal LePage. “The Greater Montreal Area real estate market is performing well, with healthy growth in activity and prices, considering that Canada's other two major markets are stagnating.” With another announcement by the Bank of Canada due on October 23rd, additional pent-up demand is expected to be released into the market. According to the latest predictions by economists, October will bring the fourth and penultimate drop in the key lending rate for 2024. “The dilemma that seems to be keeping buyers awake at night is whether to jump in now before prices go up due to higher demand, or keep waiting and take advantage of even more attractive mortgage rates,” St-Pierre added. “We're already seeing an uptick in activity, which began in September.” In Montreal Centre, the aggregate price of a home increased 3.9 per cent year over year to $732,900 in the third quarter of 2024. During the same period, the median price of a single-family detached home increased 8.1 per cent to $1,147,000, while the median price of a condominium increased 4.4 per cent to $570,700. St-Pierre welcomes the federal government's action to improve access to home ownership for first-time buyers by extending the amortization period on mortgages to 30 years. However, this measure is likely to boost real estate demand and property prices. “The housing affordability issue is a top priority for many, and we owe it to ourselves as a society to provide solutions for future generations who will be faced with the realities of a higher cost of living. That said, these new measures raise the age-old question: what impact will they have on real estate demand in terms of rising property prices in Canada in the context of a chronic housing shortage? In the short term, these measures are likely to fuel existing demand and drive up prices. However, in the long term, this easing of mortgage rules will help many first-time buyers access home ownership and build wealth.” Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 8.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Greater Vancouver The aggregate price of a home in Greater Vancouver increased a modest 0.5 per cent to $1,233,900 year over year in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the region decreased 1.4 per cent. Broken out by housing type, the median price of a single-family detached home increased 0.4 per cent year over year to $1,754,500 in the third quarter of 2024, while the median price of a condominium increased 0.2 per cent to $768,600 during the same period. “The Greater Vancouver market has remained relatively steady through the third quarter, with September showing similar patterns to the summer months. We didn't see a significant bump in activity and prices dipped just slightly compared to the second quarter,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “The slow activity across all segments can largely be attributed to buyers sitting on the fence waiting for further interest rate reductions, without any real urgency to make a move just yet.” Ryalls noted that the detached home segment in particular continues to experience weaker demand, and remains firmly in buyer territory today. “Interest rates are anticipated to continue their downward trend, and while the cuts so far haven't sparked a surge in activity, a more substantial drop – a 50 basis point decrease – could have a more noticeable impact on the market. Many potential buyers are waiting for the bottom before making their move,” added Ryalls. “With inventory continuing to grow, this is an optimal environment for those who are ready to buy – prices are holding flat and there are more properties to choose from.” In the city of Vancouver, the aggregate price of a home increased 0.6 per cent year over year to $1,409,800 in the third quarter of 2024. During the same period, the median price of a single-family detached home decreased 1.1 per cent to $2,244,400, while the median price of a condominium remained virtually flat, increasing 0.2 per cent to $839,600. “Between now and the end of the year, I expect activity to remain fairly flat. However, Vancouver's market trends tend to shift quickly, and if buyer urgency and activity reverse course, I wouldn't be surprised to see an uptick in prices as well.” Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 3.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Ottawa The aggregate price of a home in Ottawa increased 1.6 per cent year over year to $775,100 in the third quarter of 2024. On a quarterly basis, the aggregate price of a home in the region remained virtually unchanged, decreasing 0.3 per cent. Broken out by housing type, the median price of a single-family detached home increased 1.8 per cent year over year to $894,400 in the third quarter of 2024, while the median price of a condominium increased modestly by 1.0 per cent to $400,300 during the same period. “At the end of the summer, the Ottawa real estate market had approximately three months worth of inventory, teetering between a balanced and a seller's market. Properties tend to stay online for a little over a month these days, which signals a healthy marketplace for both buyers and sellers,” said Jason Ralph, broker of record and president, Royal LePage Team Realty. “Home prices have continued to hold steady in recent months as sellers stick with their listing strategy; they remain confident that they will secure the price they want, even if they have to wait. Buyers are still hunting for a bargain, and are comfortable taking their time to find the property that best suits their needs. Those who are under a time constraint are moving because they have to – many others continue to wait until borrowing rates become more affordable.” Ralph noted that new mortgage legislation is generating some buzz in the market, making first-time buyers more optimistic. Busy open houses and an increase in showing requests proves consumers' confidence in the trajectory of the market is improving. “We expect home prices to trend upward slightly throughout the rest of the year as new borrowing rules improve affordability for first-time buyers,” said Ralph. “Rising prices could be exacerbated if an election is called this year. Whenever there is a changeover in government, the Ottawa housing market tends to react more markedly than other major cities.” Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 4.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Quebec City The aggregate price of a home in Quebec City increased 10.5 per cent year over year to $388,600 in the third quarter of 2024. This represents the highest year-over-year price increase in Canada in Q3, and the highest price gain among the report's major regions for the second consecutive quarter. On a quarterly basis, the aggregate price of a home in the region remained virtually flat, increasing 0.4 per cent. Broken out by housing type, the median price of a single-family detached home increased 11.0 per cent year over year to $413,400 in the third quarter of 2024, while the median price of a condominium increased 14.5 per cent to $291,100 during the same period. Historically, Quebec City's real estate market has rarely stood out on a provincial or national scale. Due to the stability of its labour market, which is mainly driven by the provincial civil service, demand for real estate has rarely led to major price surges. “Overall, the province's markets have been relatively unaffected by the post-pandemic correction in real estate prices, compared to Ontario and British Columbia. Where declines did occur, they were slight and short-lived,” said Michèle Fournier, vice-president and certified real estate broker, Royal LePage Inter-Québec. “In Quebec City, the real estate correction simply never materialized. Instead, local and out-of-town demand continued to fuel rising prices without tiring, until late September. Now, buyers seem to have taken a breather, awaiting a possible further boost from the Bank of Canada with a rate cut this autumn, before repositioning themselves in the market.” This pause in activity is likely to be short-lived. With interest rates continuing to fall, and the federal government providing an additional leg-up by extending the mortgage amortization period for first-time buyers by a further five years, activity is expected to pick up quickly. “We view this initiative positively, since young buyers need additional assistance more than ever to be able to access a first home, even if this support will increase the interest portion of their mortgage bill,” said Fournier. “However, this initiative raises concerns about the impact on a real estate market characterized by high demand and limited supply. I think we're in for a very busy start to the year, particularly in the entry-level property market, which will be highly coveted by first-time buyers.” Royal LePage is forecasting that the aggregate price of a home in Quebec City will increase 9.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Calgary The aggregate price of a home in Calgary increased 6.9 per cent year over year to $698,700 in the third quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased a modest 0.7 per cent. Broken out by housing type, the median price of a single-family detached home increased 6.7 per cent year over year to $799,200 in the third quarter of 2024, while the median price of a condominium increased 8.2 per cent to $274,100 during the same period. “Calgary's real estate market saw a slight uptick in activity following the most recent interest rate cut by the Bank of Canada, just as the fall market got underway. We're seeing more inventory come onto the market, especially in the $700,000-and-up segment – many sellers who pulled their properties off the market in August re-listed in September to capitalize on the fall market momentum,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “While this hasn't fully converted to sales just yet, agents are certainly staying busy, which suggests more transactions will occur in the months ahead.” Lyall noted that competition in the lower end of the market remains tight and some homes are attracting multiple offers. While the region remains in a seller's market, conditions are gradually shifting toward more balance. “Looking ahead, we expect prices to remain fairly stable through the remainder of 2024. There is potential for modest growth if further interest rate cuts occur. I expect the region will stay in a seller's market right through the spring across most price points, particularly with continued demand for lower-priced homes.” Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 8.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Edmonton The aggregate price of a home in Edmonton increased 5.4 per cent year over year to $456,300 in the third quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 1.3 per cent. Broken out by housing type, the median price of a single-family detached home increased 5.7 per cent year over year to $498,900 in the third quarter of 2024, while the median price of a condominium increased 3.1 per cent to $201,000 during the same period. “Edmonton's real estate market is on track to have one of the most productive years on record. We had an extraordinarily busy summer. Typically, activity dips in July and August, but this year we saw a steady stream of sales right through the summer months. And, it looks like that momentum is being carried into the fall,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Inventory remains very tight – among the lowest levels we've seen in nearly two decades – as buyer demand continues to rise, driven in large part by first-time buyers from other cities and provinces relocating to the region. Our healthy job market and access to nature are a huge draw.” Shearer noted that while sales remain strong, the slow and steady pace of the Bank of Canada's rate cuts has helped to keep price gains in check. “Affordability remains a challenge, especially for those purchasing their first home with no equity to leverage. The gradual easing of borrowing rates is beginning to make an impact, and will continue to do so, but we have yet to see a dramatic boost in prices as a result,” added Shearer. “While consumer confidence is up overall, buyers remain cautious and many are waiting for more listings to come online. Activity should begin to plateau in the coming weeks. I expect a strong spring is on the horizon, especially with further rate cuts expected.” Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 6.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Halifax The aggregate price of a home in Halifax increased 2.2 per cent year over year to $510,100 in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the region decreased 0.7 per cent. Broken out by housing type, the median price of a single-family detached home increased 1.7 per cent year over year to $574,000 in the third quarter of 2024, while the median price of a condominium increased 4.0 per cent to $422,900 during the same period. “The recent cuts to the overnight lending rate have yet to meaningfully stir up activity in the housing market. Home sales in late summer were quite slow, which is to be expected that time of year. Only in the last few weeks as we've entered the early fall market have we seen an uptick in inquiries. Despite this quieter pace, buying and selling activity remains up compared to 2023 levels,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Housing inventory continues to rise throughout the Halifax region, but not enough to meet the backlog of demand. Competition for homes in the lower end of the market remains tight, while those shopping in the move-up segment have the advantage of more listings to choose from. More properties are needed to satisfy the high demand from first-time buyers.” Honsberger noted that population growth in the Atlantic region has slowed to 2015 levels, ending the wave of migration that defined the pandemic real estate boom in 2020 and 2021. This has helped to soften market conditions for locals. “We are anticipating a busy fall market. The new 30-year mortgage amortization rules announced by the federal government, in addition to further rate cuts expected by the Bank of Canada, will help to keep the market steady throughout the coming months and into the spring of 2025,” added Honsberger. “Home prices will start to show upward movement when more move-up buyers jump back into the market, freeing up entry-level inventory for eager first-time purchasers.” Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 6.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Winnipeg The aggregate price of a home in Winnipeg increased 4.4 per cent year over year to $402,600 in the third quarter of 2024. On a quarterly basis, the aggregate price of a home in the region remained virtually flat, decreasing 0.2 per cent. Broken out by housing type, the median price of a single-family detached home increased 3.9 per cent year over year to $441,000 in the third quarter of 2024, while the median price of a condominium increased 3.2 per cent to $264,400 during the same period. “Buying and selling activity in Winnipeg remained brisk throughout the late summer months and heading into the early fall; home sales are up compared to this time in 2023. Available inventory is down compared to typical levels for this time of year, which could result in steeper price increases in the months ahead as momentum builds heading into the fall,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “The recent cuts made to interest rates, though they have improved consumer confidence, have not had a material impact on activity just yet. Rather, much of our market demand continues to be fuelled by a strong local economy and a growing population driven by new Canadians, as well as residents from Toronto and Vancouver who have relocated to Winnipeg in search of more affordable housing.” Froese added that new housing starts have improved from last year's levels as borrowing rates come down, giving builders some much needed financial relief. However, new development remains short of what is needed to meet current market demand. “We expect activity will continue to outperform 2023 levels for the remainder of the year,” said Froese. “Thanks to a combination of falling interest rates and new mortgage incentives announced by the federal government, buyer demand will only continue to grow heading into the new year. Given the amount of demand that will continue to come off of the sidelines as well, now is an ideal time for sellers to enter the market.” Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 7.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 Regina The aggregate price of a home in Regina increased 5.0 per cent year over year to $387,100 in the third quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased modestly by 0.6 per cent. Broken out by housing type, the median price of a single-family detached home increased 6.6 per cent year over year to $424,600 in the third quarter of 2024, while the median price of a condominium remained virtually flat, increasing 0.2 per cent to $220,300 during the same period. “We continue to see robust sales activity in our housing market, as demonstrated by frequent bidding wars and homes selling over the asking price. Demand far exceeds the number of new listings, which is keeping prices on an upward trajectory,” said Shaheen Zareh, sales representative, Royal LePage Regina Realty. “All of this demand predates the recent cuts to the overnight lending rate – new immigrants, investors and buyers from more expensive cities in Canada have been major drivers of activity for some time. Though Regina has not historically had a strong condo market, we also continue to see momentum build in this segment, especially as young buyers seek affordable housing options.” Zareh added that Regina's rental market is experiencing strong demand as well, particularly for duplex and low-rise housing types. The majority of development in the region is currently in the rental segment. To prevent an overflow of supply, builders have kept a consistent pace when bringing new rental product to the market. “Based on current conditions, Regina will no doubt record a strong fall market performance. With additional interest rate cuts likely on the cards in the coming months, we expect buyer demand to increase as their borrowing power expands. This will put further upward pressure on home prices, unless we see a material increase in supply.” Royal LePage is forecasting that the aggregate price of a home in Regina will increase 6.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024 Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024 For other regional releases, click here. Royal LePage Royalty-Free Media Assets: Royal LePage's media room contains royalty-free assets, such as images and b-roll, that are free for media use. Media room: rlp.ca/mediaroom Royalty-free assets: rlp.ca/media-assets About the Royal LePage House Price Survey The Royal LePage House Price Survey provides information on the most common types of housing, nationally and in 64 of the nation's largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from partner company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge. About Royal LePage Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage® Shelter Foundation™, which has been dedicated to supporting women's shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services® Inc. company, a TSX-listed corporation trading under the symbolTSX:BRE. For more information, please visit www.royallepage.ca. Mario Toneguzzi Mario Toneguzzi is Managing Editor of Canada's Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024. About Us Canada's Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast. With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders. The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada's Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story #business #entrepreneurs #entrepreneurship #HousePrices #smallbusiness

Cottagers and capital gains: What you need to know

FidelityConnects

Play Episode Listen Later Jul 15, 2024 11:48

Capital gains taxes are going up for some Canadians, but there's a lot of confusion among investors and cottage owners about what it all means. Ottawa says it's only targeting the 0.13% but could it affect a wider segment of the population? What do the changes really mean and could it impact you and your summer oasis? We're talking cottages and capital gains today, featuring host Bryan Borzykowski breaking down these changes, and speaking with a number of experts including Fidelity's Michelle Munro, Director Tax and Retirement Research, and Phil Soper, CEO of Royal LePage. Today's interview was initially presented as a webcast in our Upside+ series, which you can watch on Fidelity Canada's LinkedIn page or YouTube channel. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics' Advisor Digital Experience Study.

A Look at Toronto Mayor Olivia Chow's Track Record One Year In

Play Episode Listen Later Jul 11, 2024 52:47

TUNE INTO THE TOWN: WE NEED TO TALK ABOUT MAYOR OLIVIA CHOW'S RECORD ONE YEAR IN Libby Znaimer is joined by Alex Blumenstein, Co-Founder of The Peak, Karen Stintz, CEO of Variety Village, and David Crombie, a former Toronto Mayor. We look at Toronto Mayor Olivia Chow's track record as she hits her one year milestone on the job. And, we continue the conversation about the Ontario Science Centre. THE IMPACT OF THE LCBO STRIKE ON LOCAL BUSINESSES Libby Znaimer is joined by Erik Joyal, President of Ascari Group, which owns three restaurants and Kenny Shim, President of the Ontario Convenience Store Association followed by Jason Lietaer, President of Enterprise and a Conservative strategist. We discuss the impact of the LCBO strike on restaurants in the province and we find out how convenience store owners are planning for the future of selling alcohol. THE LATEST ON CONDO SALES IN TORONTO: WHAT YOU NEED TO KNOW Libby Znaimer is joined by Phil Soper, President and CEO of Royal LePage. We take a closer look at the state of condo sales and prices in downtown Toronto according to the latest numbers from the Toronto Regional Real Estate Board.

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MORE THAN A QUARTER OF RENTERS IN CANADA PLAN TO PURCHASE A HOME WITHIN THE NEXT TWO YEARS: ROYAL LEPAGE - Calgary - Canada's Podcast

Play Episode Listen Later Jun 25, 2024 7:38

Phil Soper, president and chief executive officer, Royal LePage, discusses why renters still want to buy a home despite the costs. Video interview can be seen here. Phil Soper PRESS RELEASE TORONTO, June 20, 2024 /CNW/ – One third of Canadians live in rental accommodations, and that figure has been gradually increasing in recent years, as affordability challenges in the resale market persist. According to a recent Royal LePage survey, conducted by Hill & Knowlton, 27 per cent of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40 per cent. Meanwhile, 69 per cent of renters say they do not plan to buy a home in the near future. Among them, more than half (54%) do not feel their income will be sufficient to afford a property in the area where they wish to live (61% among respondents aged 18 to 34). “The rental sector is not immune to the significant affordability challenges stemming from Canada's acute housing shortage. High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market,” said Phil Soper, president and chief executive officer, Royal LePage. “Despite a short-lived decline in prices and demand for rental units during the height of the COVID-19 pandemic, the available supply of rental properties in most major markets remains ultra low.” Of renters who say they plan to buy within the next two years, half (50%) say they will have a down payment of less than 20 per cent. Twenty-six per cent say they will put 20 per cent down, while 15 per cent say they will have a down payment of more than 20 per cent. In Canada, mortgage insurance is required for homes purchased with less than 20 per cent down. When asked how they will come up with their down payment, 53 per cent of respondents said they will use savings accumulated over the years, while 46 per cent said they will take advantage of the First Home Savings Account (FHSA), and 29 said they will draw on their RRSPs using the Home Buyer's Plan (HBP). Twenty-five per cent said they will use a financial gift from family or an inheritance. Respondents were able to select more than one answer. Forty-four per cent of renters planning to purchase in the next two years believe they will be able to afford a home in their current city of residence, while 37 per cent do not. Among those who don't believe they can buy in their current location, 40 per cent say they will have to travel more than 50 kilometres to buy within their budget, while 21 per cent believe they will have to search for a property within a 31-50 kilometre radius and 18 per cent say they would need to look within a 16-30 kilometre radius. Only 9 per cent of respondents are confident they could buy within 15 kilometres of their current location. According to the Royal LePage 2024 Most Affordable Canadian Cities Report, 50 per cent of people living in the greater regions of Toronto, Montreal and Vancouver, say they would consider relocating to a more affordable city, if they were able to find a job or work remotely. Among renters in these regions, 60 per cent say they'd be willing to relocate, while 45 per cent of current homeowners say they would consider it. “We know that Canadians widely consider home ownership a worthwhile long-term investment and a quintessential part of the Canadian dream. So much so, that many are willing to relocate in order to make their home ownership dreams a reality. This is especially true for young Canadians and those who have remote work flexibility. I believe we will continue to see migration from southern Ontario and high-priced regions in B.C. to more affordable markets across the country in the future,” said Soper. Nearly a third of renters hoped to buy prior to signing their lease Before signing or renewing their current lease, 29 per cent of Canadian renters say they considered purchasing a property. Among them, 41 per cent say the lack of a sufficient down payment led to their decision to rent instead. “While a third of Canadian adults are currently renting, and there are families who are perfectly content doing so, the desire for home ownership remains strong among a large portion of this segment of the population. Our latest research reveals that a material number of renters wish to transition to home ownership. Understandably, the greatest barrier to entry is the ability to drum up the initial capital for a down payment,” continued Soper. When asked about the motivating factors behind their decision to continue renting rather than buy, approximately one third of respondents said they were waiting for interest rates (33%) and property prices (30%) to decrease. Twenty-two per cent said they are continuing to rent while saving for a down payment, and 20 per cent said they did not qualify for a mortgage. Respondents were able to select more than one answer. “Earlier this month, the Bank of Canada announced its first rate cut in more than four years. Falling borrowing costs will lower the threshold to qualify for a mortgage, helping renters become owners. However, this creates a double-edged sword. Increased competition as they enter the market will put additional pressure on property values. While some will wait for home prices to become more reasonable, Canada's housing shortage will leave them waiting indefinitely,” added Soper. Rising rents and low vacancy rates Nearly four in ten Canadian renters (36%) spend up to 30 per cent of their net income on monthly rental costs. Meanwhile, roughly the same amount of renters (37%) spend between 31 and 50 per cent of their income on rent, and 16 per cent spend more than 50 per cent. In Canada's most expensive housing markets, Vancouver and Toronto, the proportion of renters who spend more than half of their income on rental costs increases to 27 per cent and 19 per cent, respectively. That figure dips to 10 per cent in Montreal. According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent nationally for a two-bedroom unit in October 2023 was 8.0 per cent higher than a year prior. Vacancy rates sat at 1.5 per cent and 0.9 per cent, respectively, for purpose-built rental buildings and condominium apartments. “From coast to coast, Canadians are struggling with housing affordability in the wake of one of the most aggressive interest rate hike campaigns in history. Across many regions, rental demand vastly exceeds supply, making affordable housing a challenge. The housing industry and government must collaborate on innovative solutions to increase inventory, including rentals, and support those most impacted by these escalating market conditions,” concluded Soper. The 2024 federal budget, released on April 16th, announced several measures intended to more effectively protect tenants and strengthen their path to buying real estate. In addition to a renewed commitment to incentivize purpose-built rental buildings, a highlight was the creation of the Canadian Renters' Bill of Rights, which proposed a national standardized lease agreement and the disclosure of a property's rental price history. In addition, and perhaps most intriguing, this bill also proposed a recommendation for financial institutions to allow tenants to report their rental payment history to credit bureaus in order to better their credit scores, thereby strengthening their future mortgage applications. Royal LePage 2024 Canadian Renters Report – Data Chart: rlp.ca/2024-Canadian-Renters-Report-Chart ATLANTIC CANADA In Atlantic Canada, 28 per cent of renters say they considered buying a property rather than renting before signing or renewing their lease. Looking ahead, 22 per cent say they plan to purchase a property in the next two years, while 59 per cent will not. “The rental market is shifting. Construction of purpose-built rental properties has drastically increased as the city's population continues to grow. Government programs and development incentives have encouraged the creation of new rental supply in Halifax. Newer buildings tend to attract newcomers who are not able to qualify for a mortgage right away, but want a high-quality place to live as they get established,” said Scott Moulton, sales representative, Royal LePage Atlantic in Halifax, Nova Scotia. “We saw a wave of residents from Ontario and other parts of the country come to the East Coast during the height of the pandemic. And, as was the case in the resale market, rental prices were also pushed up as demand swelled. This mass migration has since died down.” Moulton added that institutional landlords are the predominant supplier of rental stock in the Halifax region, particularly downtown. Rising interest rates have not had a profound impact on property management companies who have been able to cope with elevated costs compared to smaller-scale or individual landlords. According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent in Halifax for a two-bedroom unit in October 2023 was 11.0 per cent higher than a year prior. The vacancy rate in purpose-built rental buildings remained extremely low at one per cent. Among renters living in Atlantic Canada, 29 per cent spend up to 30 per cent of their net income on monthly rent costs, while 38 per cent spend between 31 and 50 per cent of their income, and 24 per cent spend more than 50 per cent. “There is a desire to build rental supply in Halifax, but permitting and application approvals are both time consuming and expensive,” said Moulton. “More rental inventory is required to ease the region's housing supply shortage, but it will take many years for such buildings to be completed.” Royal LePage 2024 Canadian Renters Report – Data Chart: rlp.ca/2024-Canadian-Renters-Report-Chart QUEBEC July 1st is known as moving day in Quebec, the province with the highest percentage of renters per capita in Canada.5 Leading up to this date, 28 per cent of Quebec renters say they considered buying a property rather than renting before signing or renewing their lease. Among them, 42 per cent say they are waiting for property prices to go down, 41 per cent are holding off for interest rates to decrease, and 37 per cent say the lack of a sufficient down payment led to their decision to rent instead. Respondents were able to select more than one answer. Looking ahead, 22 per cent say they plan to purchase a property in the next two years, while more than half (58%) will not. Of those planning to purchase, 40 per cent believe they will be able to afford to buy a property in their current city of residence. Of those not planning to purchase a property in the next two years, 51 per cent say it is because they do not believe their income will allow them to afford the property they desire. “The results of this survey highlight the challenges faced by Quebec renters in the current context of a housing supply shortage,” said Geneviève Langevin, residential and commercial real estate broker, Royal LePage Altitude in Montreal. “However, the desire to become a homeowner persists for many, despite the financial obstacles, which is encouraging since this trend will continue to put pressure on public policy-makers to create housing that meets demand and population growth.” According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent in Montreal for a two-bedroom unit in October 2023 was 7.9 per cent higher than a year prior.6 Vacancy rates sat at 1.5 per cent and 1.3 per cent, respectively, for purpose-built rental buildings and condominium apartments. While 2023 saw record low housing starts in Quebec, CMHC expects the province to see a more vigorous increase than elsewhere in Canada in 2024.7 However, new residential developments will remain too few to meet growing demand. “The gradual easing of interest rates, which began with the first cut in the Bank of Canada's key lending rate on June 5th, should stimulate construction in the rental market. However, this expected increase in housing starts will not have an immediate impact on the province's housing supply,” said Langevin. “I'm pleased to see that the various levels of government have begun to think together about alternatives for rapidly increasing housing supply. Unfortunately, the results of these concerted efforts will take time to materialize.” Royal LePage 2024 Canadian Renters Report – Data Chart: rlp.ca/2024-Canadian-Renters-Report-Chart ONTARIO In Ontario, 30 per cent of renters say they considered buying a property rather than renting before signing or renewing their lease. Among them, 47 per cent say the lack of a sufficient down payment led to their decision to rent instead. Twenty-eight per cent say they are waiting for property prices to go down, while 26 per cent are holding off for interest rates to decrease. Respondents were able to select more than one answer. Looking ahead, 31 per cent say they plan to purchase a property in the next two years, while nearly half (49%) will not. Of those planning to purchase, 43 per cent believe they will be able to afford to buy a property in their current city of residence. Of those not planning to purchase a property in the next two years, 61 per cent say it is because they do not believe their income will allow them to afford the property they desire. “For many, renting is an inevitable step on the path to home ownership, as saving to buy a home in one of Canada's most expensive cities can take many years,” said Gillian Ritchie, broker, Royal LePage Real Estate Services Ltd. in Toronto. “In recent years, we have noticed a much-needed increase in purpose-built rental supply in the city. Currently, Toronto's rental market is flush with one- and two-bedroom condos for lease, but does not have an adequate inventory of decent larger units or freehold rental accommodations. This has made it increasingly difficult for families to find suitable rental housing, whether they are waiting for the right time to buy a home or are looking for a temporary residence amid relocation or renovations.” Ritchie added that young professionals and students make up a large part of Toronto's renter demographic. Walkability is a top priority for renters attending post-secondary institutions, while others desire access to amenities, entertainment and their place of work. According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent in Toronto for a two-bedroom unit in October 2023 was 8.7 per cent higher than a year prior.8 Vacancy rates sat at 1.5 per cent and 0.7 per cent, respectively, for purpose-built rental buildings and condominium apartments. By comparison, the average rent in Ottawa for a two-bedroom unit in October 2023 was 4.0 per cent higher than a year prior. Vacancy rates sat at 2.1 per cent and 0.4 per cent, respectively, for purpose-built rental buildings and condominium apartments, according to CMHC. Among renters living in Ontario, 35 per cent spend up to 30 per cent of their net income on monthly rent costs, while 36 per cent spend between 31 and 50 per cent of their income, and 18 per cent spend more than 50 per cent. “Many investors bought rental units at the onset of the pandemic amid the record-low interest rate environment, and took advantage of low borrowing costs by purchasing multiple properties. As mortgage carrying costs have materially increased over the last two years, we have noticed some investors offloading their units, potentially reducing available rental stock,” noted Ritchie. “Meanwhile, new developments are bringing more inventory to the rental market and putting downward pressure on prices in some communities. With rates now on the decline, we anticipate that many current renters will step into the resale market as the threshold to qualify for a mortgage begins to ease. However, further rate cuts are needed for this trend to fully materialize.” Royal LePage 2024 Canadian Renters Report – Data Chart: rlp.ca/2024-Canadian-Renters-Report-Chart MANITOBA & SASKATCHEWAN In Manitoba and Saskatchewan, 44 per cent of renters say they considered buying a property rather than renting before signing or renewing their lease. Looking ahead, 36 per cent say they plan to purchase a property in the next two years, while 34 per cent will not. “The pandemic was a pivotal turning point for the rental market. Before COVID-19, one-bedroom rentals were in high demand. Now, as working from home has become more common, renters' need for more space has grown. However, the desire to be close to downtown and have access to conveniences both within their neighbourhood and their rental buildings remains strong,” said Laura Foubert, sales representative, Royal LePage Dynamic Real Estate in Winnipeg, Manitoba. “Winnipeg rental prices have increased over this past year as landlords and property managers aim to make up for price freezes implemented during the pandemic. Meanwhile, incentives like move-in bonuses, parking spots and top-tier amenities, are being offered on new developments to attract quality, long-term tenants.” Foubert added that many current renters are downsizers who have sold their homes and chosen to rent to avoid the upkeep of home ownership – many have no intention of buying another property. According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent in Winnipeg for a two-bedroom unit in October 2023 was 4.4 per cent higher than a year prior.9 Vacancy rates sat at 1.8 per cent for both purpose-built rental buildings and condominium apartments. By comparison, the average rent in Regina for a two-bedroom unit in October 2023 was 7.9 per cent higher than a year prior. Vacancy rates sat at 1.4 per cent and 1.8 per cent, respectively, for purpose-built rental buildings and condominium apartments, according to CMHC. Among renters living in Manitoba and Saskatchewan, 50 per cent spend up to 30 per cent of their net income on monthly rent costs, while 36 per cent spend between 31 and 50 per cent of their income, and nine per cent spend more than 50 per cent. “Some individuals are renting until they buy their first home, while others are renting purely because they enjoy the simplicity and convenience of the lifestyle,” said Foubert. “Demand for rentals is expected to remain strong for the foreseeable future.” Royal LePage 2024 Canadian Renters Report – Data Chart: rlp.ca/2024-Canadian-Renters-Report-Chart ALBERTA In Alberta, nearly a third of renters (29%) say they considered buying a property rather than renting before signing or renewing their lease. Looking ahead, 27 per cent say they plan to purchase a property in the next two years, while 45 per cent will not. “The rental segment has been in transition these past few years. We came out of a balanced market that had healthy vacancy levels and robust demand, and headed into a crunch starting in the spring of 2022. We are now in a scenario where multiple offers on rental properties are being seen more frequently, a new phenomenon in Calgary,” said Andrew Hanney, sales representative and property manager, Royal LePage Mission Real Estate in Calgary. “Demand for rentals in Alberta has been coming from all directions, including residents relocating from Ontario and British Columbia in search of a lower cost of living. One-bedroom apartments have some of the highest vacancy rates, as many renters are choosing to live in larger units with roommates in order to lower their monthly living expenses. This has created difficulties for families looking for multi-bedroom rental options.” Hanney added that purpose-built rentals were common in the 1980s and 1990s, but faded from popularity as developers focused their attention on building condominiums for ownership. Now, developers are creating purpose-built rentals once again, in response to increased market demand and a series of new government incentives. According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent in Calgary for a two-bedroom unit in October 2023 was 14.3 per cent higher than a year prior.10 Vacancy rates sat at 1.4 per cent and 1.0 per cent, respectively, for purpose-built rental buildings and condominium apartments. By comparison, the average rent in Edmonton for a two-bedroom unit in October 2023 was 6.4 per cent higher than a year prior. Vacancy rates sat at 2.4 per cent and 2.5 per cent, respectively, for purpose-built rental buildings and condominium apartments, according to CMHC. Among renters living in Alberta, 39 per cent spend up to 30 per cent of their net income on monthly rent costs, while 34 per cent spend between 31 and 50 per cent of their income, and 17 per cent spend more than 50 per cent. “Many young Albertans look at housing differently – for those who do not want the responsibility of home ownership, renting is an intentional choice, one that suits their needs and lifestyle,” noted Hanney. “However, there remains an important cohort of Albertans for whom renting makes the most financial sense, while they save up to buy a home. As interest rates continue to fall, we will see more tenants move out of rentals and into home ownership.” Royal LePage 2024 Canadian Renters Report – Data Chart: rlp.ca/2024-Canadian-Renters-Report-Chart BRITISH COLUMBIA In British Columbia, 26 per cent of renters say they considered buying a property rather than renting before signing or renewing their lease. Looking ahead, 27 per cent say they plan to purchase a property in the next two years, while 52 per cent will not. “With a boost in rental supply in Vancouver, competition in this segment is improving, although affordability remains a challenge for tenants facing some of the highest rental prices in the country. Still, demand to live in one of Canada's most popular cities remains consistent,” said Nina Knudsen, property manager,11 Royal LePage Sussex in North Vancouver. “Empty nesters and working professionals make up a significant portion of our renter demographic, as do tenants who are landlords themselves. It is not uncommon for renters to buy an investment property in a less expensive market and lease it out while they continue to save towards the purchase of a primary residence.” Knudsen added that tightening provincial legislation on rentals has caused some would-be landlords to step out of the market, a potential challenge for the creation of rental supply. According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent in Vancouver for a two-bedroom unit in October 2023 was 8.6 per cent higher than a year prior.12 Vacancy rates sat at 0.9 per cent for both purpose-built rental buildings and condominium apartments. By comparison, the average rent in Victoria for a two-bedroom unit in October 2023 was 7.9 per cent higher than a year prior. The vacancy rate in purpose-built rental buildings sat at 1.6 per cent, according to CMHC. Among renters living in British Columbia, 23 per cent spend up to 30 per cent of their net income on monthly rent costs, while 42 per cent spend between 31 and 50 per cent of their income. Twenty-five per cent of renters spend more than 50 per cent of their net income on rent, well above the national average of 16 per cent. “As interest rates have increased over the past two years, higher monthly carrying costs have put considerable strain on entrepreneurial landlords, prompting some to offload their units onto the resale market,” said Knudsen. “With rates now beginning to trend downward, some investors may be seeing a light at the end of the tunnel. However, the most recent rate cut by the Bank of Canada will not be enough to encourage those landlords from selling their properties if further cuts are not made in the near future.” Royal LePage 2024 Canadian Renters Report – Data Chart: rlp.ca/2024-Canadian-Renters-Report-Chart Royal LePage resources for aspiring homeowners: To help aspiring homeowners, Royal LePage has published a number of online resources available at the following links: From renter to homeowner: Your complete guide to home ownership in a competitive real estate market 8 new housing policies announced in the 2024 federal budget Real estate terminology 101 Expert Q&A: What you need to know about buying a property pre-construction 6 tips for a seamless moving day Saving for your first home? Here's what you need to know about Canada's First Home Savings Account (FHSA) What is the Home Buyers' Plan? Get matched with Your Perfect Neighbourhood! About the Survey Hill & Knowlton used the Leger Opinion online panel to survey 1,506 Canadians, aged 18+, who rent their primary residence. The survey was completed between June 7th and June 10th, 2024. Representative sampling was done across all provinces (Atlantic provinces were aggregated). Weighting was applied to ensure representation between and within provinces, according to 2021 household renter census figures. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 1,506 respondents would have a margin of error of ±3%, 19 times out of 20. About Royal LePage Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage® Shelter Foundation™, which has been dedicated to supporting women's shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services® Inc. company, a TSX-listed corporation trading under the symbolTSX:BRE. For more information, please visit www.royallepage.ca. Mario Toneguzzi Mario Toneguzzi is Managing Editor of Canada's Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024. About Us Canada's Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast. With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders. The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada's Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story #business #CanadasNumberOnePodcastforEntrepreneurs #entrepreneurs #entrepreneurship #Homeownership #Homes #Housing #RealEstate #small business

Cottage Country Prices Set to Spike in Ontario & A Total Solar Eclipse is Coming

Zoomer Week in Review

Play Episode Listen Later Mar 24, 2024 17:54

Cottage Country Prices Set to Spike in Ontario Cottage country prices are set to soar again as Zoomers look to switch family homes for country retirement living. According to a recreational property report out this week from Royal LePage, the national median single-family price forecast is set to increase by 5%, with all of Canada's provincial recreational markets seeing an increase in single-family home prices in 2024. Libby Znaimer spoke with Phil Soper, CEO and president of Royal LePage, to unpack this information. Save The Date! A Total Solar Eclipse is Coming April 8, 2024 The next total solar eclipse visible in North America will occur on April 8, 2024. The path of totality will cross over parts of Mexico, the United States, and Canada, with millions of people expected to witness this spectacular phenomenon. Libby checked in with Bill Archer, a Mission Scientist with the Canadian Space Agency, to discuss this rare event.

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National Home Prices Close Out 2023 -Newscast Calgary-Canada's Podcast

ceo canada world president canadian national mls managing editors home prices newscast royal lepage calgary canada pr news phil soper

Play Episode Listen Later Jan 17, 2024 10:09

In this video interview, Phil Soper, President and CEO of Royal LePage, discusses the current housing market in Canada and what to expect in 2024. #business #homes #housing #realestate #royallepage #MLS #entrepreneurs #entrepreneurship Mario Toneguzzi is Managing Editor of Canada's Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list Help support the channel by connecting with #canadaspodcast YouTube: https://www.youtube.com/c/canadaspodcast Website: https://canadaspodcast.com Instagram: https://www.instagram.com/canadaspodcast Facebook: https://www.facebook.com/canadaspodcast Twitter: https://twitter.com/canadaspodcast LinkedIn: https://www.linkedin.com/company/canadas-podcast Want to stay up-to-date on the latest #entrepreneur #podcast and news? Subscribe to our bi-weekly newsletter at https://www.canadaspodcast.com/newsletter-signup

Canadians to Adapt o New Reality As Housing Market Returns to Near Normal - Newscast, Canada's Podcast

Play Episode Listen Later Jan 9, 2024 10:48

In this interview, Phil Soper, President and CEO of Royal LePage, discusses the real estate company's latest housing report. Soper talks about where home prices are headed in 2024, what to expect in sales, the impact of increased mortgage rates, the challenge of supply in Canada and affordability. PRESS RELEASE TORONTO, Dec. 14, 2023 /CNW/ – After years of unprecedented irregularity, Canadians may see the real estate market return closer to normal in 2024. According to the Royal LePage Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 5.5 per cent year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0 per cent and 5.0 to $879,164 and $616,140, respectively.2 “Looking ahead, we see 2024 as an important tipping point for the national economy as the majority of Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment' to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.” Home prices are expected to rise next year in all major markets across the country, with Calgary forecast to see the greatest gains. Throughout the second half of 2023, while prices have been declining in other cities, the Calgary real estate market has bucked the trend continuing on an upward price trajectory. Royal LePage's forecast is based on the prediction that the Bank of Canada has concluded its interest rate hike campaign and that the key lending rate will hold steady at five per cent through the first half of 2024. The central bank is expected to start making modest cuts in late summer or fall of next year. Meanwhile, several major financial institutions have already begun offering discounts on fixed-rate mortgages. “For the last year, many Canadians have been fixated on the idea of interest rates needing to come down significantly before they can afford to enter or re-enter the housing market. Acceptance that a mortgage rate of four to five per cent is the new normal should untether pent-up demand as first-time buyers, flush with savings collected during the extended down market in housing, regain the confidence to go home shopping. And, with the return of first-timer demand, we expect families who have put off upgrading their homes to begin to list their properties in much greater numbers,” continued Soper. How we got here Over the last eighteen months, sales activity in most of Canada's major real estate markets has been on the decline, while inventory levels have gradually increased. While transactions are down as much as 20 or 30 per cent in some regions, home prices have only declined modestly during this time, due to a simultaneous drop in demand as buyer hopefuls continue to hold out for lower interest rates. Still, prices remain above 2022 levels. “Canada's real estate market has been on a roller coaster ride for the last four years. A global pandemic briefly brought market activity to a grinding halt in early 2020, followed by a rapid, widespread spike in demand and price appreciation as Canadians sought safety and greater living space in their homes among a world of uncertainty. By the spring of 2022, home prices had reached unprecedented highs, but when interest rates started rising quickly and steeply to combat inflation, the extended market correction began,” said Soper. “Markets take time to adjust. We see a move toward typical home sale transaction levels in 2024, and as the year progresses, appreciating house prices.” Quarterly forecast Nationally, home prices are forecast to see modest quarterly gains in the first two quarters of 2024, with more considerable increases expected in the second half of the year, following the anticipated start of interest rate cuts by the Bank of Canada. The aggregate price of a home in Canada is forecast to be 3.3 per cent higher in Q1 of 2024 compared to the same quarter in 2023, reflecting a 0.5 per cent increase over the fourth quarter of 2023. In the second quarter of next year, the national aggregate home price is forecast to be 0.2 per cent higher year over year and 0.9 per cent above the previous quarter. In the third quarter, home prices are expected to be 3.3 per cent higher year over year and 2.3 per cent higher on a quarterly basis. And, in the fourth quarter of 2024, the national aggregate price of a home is expected to land 5.5 per cent above the same quarter in 2023, an increase of 1.7 per cent quarter over quarter. Based on this forecast, by the end of next year, home prices will have essentially climbed back to their pandemic peak, reached in the first quarter of 2022. Supply shortage and affordability challenges Canada continues to struggle with a chronic housing supply shortage. According to the Canada Mortgage and Housing Corporation, the country needs about 3.5 million additional housing units by 2030 to restore affordability, with the greatest need concentrated in the provinces of Ontario and British Columbia.3 At the current pace of housing construction and considering the rate of new household formation and immigration projections, inventory will remain out of step with projected demand for years to come. “For many years, condominiums have offered an affordable opportunity for entry onto the real estate ladder, in addition to their ‘lock and leave' lifestyle that is typically attractive to young people. Of late, however, this segment of the market has also become out of financial reach for many in major cities like Toronto and Vancouver, where new construction cannot keep pace with growing demand. And, the elevated cost of construction materials and labour are adding additional pressure on builders,” said Soper. “What's more, with ultra-low vacancy rates, the rental market is not the escape route many would-be buyers hope it could be, with monthly lease rates on the rise from coast to coast.” Competing public policy objectives In the federal government's Fall Economic Statement released last month, billions of dollars were committed and reaffirmed towards increased levels of new housing construction. This includes favourable loan agreements and tax benefits for developers of purpose-built rental buildings and public housing projects, as well as financial assistance for municipalities to crack down on short-term rentals in an effort to push more supply onto the resale market in urban centres.4 “It is encouraging to see policy makers tackling Canada's housing affordability issues and supply shortfall, yet there remains a large accessibility gap for first-time buyers and middle-income earners. Those that have salaries or wages that have not kept up with the cost of living find it difficult to achieve the dream of home ownership. Thankfully, many have received financial help from family or friends, yet this is not something Canadians should have to rely upon,” said Soper. “With competing policy objectives – record-high immigration to combat labour shortages, for example – I see little hope that housing construction will meet that need this decade. The demand/supply imbalance will put further upward pressure on home prices. “While uncomfortably expensive housing in our major markets is inevitable, it is imperative that governments adopt quick and extraordinary measures to mitigate affordability challenges and address the housing supply crisis,” concluded Soper. Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast MARKET SUMMARIES Greater Toronto Area In the Greater Toronto Area, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 6.0 per cent year over year to $1,198,012. During the same period, the median price of a single-family detached property is expected to rise 7.0 per cent to $1,481,950, while the median price of a condominium is forecast to increase 5.0 per cent to $754,845. “There is a lot of uncertainty surrounding Canada's economy and the real estate market these days, and that is especially true in the major centres like Toronto. What is certain is that Canadians need housing, they value home ownership and most are willing to prioritize buying a home over just about anything else,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “We know there are still buyers on the sidelines waiting for interest rates to come down. What is unclear is how many can afford to jump back into the market at the first sign of a reduction, and how many truly cannot afford to transact in this environment.” Yolevski added that a lot of future activity will be dependent not only on reduced interest rates, but the timing of mortgage renewals. Many would-be move-up buyers who have enjoyed ultra-low rates for the past few years will be willing to make a move as their current loan terms expire. No longer bound to their current property because of the interest rate, more of these owners will put their properties on the market and begin their search for a new home. “The GTA is Canada's most densely-populated region and continues to be the top destination for newcomers. Despite a temporary drop in sales, there remains a huge gap in the number of homes available and those needed to satisfy demand from middle-income earners. This continues to put significant pressure on the already-tight rental market.” Yolevski also noted that investor-owned properties, namely condominiums, could add supply to the market over the next year or two, as mortgages come up for renewal and owners choose to sell rather than renew at a higher rate. “If tenanted properties are not producing positive cash-flow, investors may choose to sell rather than renew their mortgages in this higher-cost borrowing environment. This, in addition to new legislation that incentivizes the development of purpose-built rental properties, could add some much-needed inventory to the entry-level market,” said Yolevski. “It will not be enough, however, to put downward pressure on prices.” Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Greater Montreal Area In the Greater Montreal Area, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 5.0 per cent year over year to $610,260. During the same period, the median price of a single-family detached property is expected to rise 4.5 per cent to $684,998, while the median price of a condominium is forecast to increase 6.0 per cent to $471,912. “The real estate crystal ball prediction will be made up of many factors in 2024, but the thing to remember is that the reduction in inflation closer to the target rate will not have been enough to curb the increase in real estate prices for very long, due to a chronic lack of supply,” said Dominic St-Pierre, vice-president and general manager, Royal LePage, Quebec region. “Housing is an essential need, and the still-critical shortage of units required to meet demand and population growth is destined to persist, as long as investments by all levels of government fail to materialize in the urban landscape. However, even if interest rates are expected to start dipping next year, consumers will have to adapt to a new reality, as the days of ultra-low rates are over. In the short term, this should keep property price increases in check while households adjust their purchasing behaviours.” In its fall economic update, the Quebec government pledged $1.8 billion over five years to improve access to housing in the province.5 This investment will include actions to accelerate the construction of affordable housing, as well as assistance to municipalities in the form of increased flexibility in urban planning bylaws, measures to facilitate the construction of secondary suites, and support for the training of the construction workforce. “We welcome any initiative aimed at reducing the gap between supply and demand, and applaud the creativity of the various levels of government in multiplying solutions,” said St-Pierre. “However, the challenge is massive, since Quebec requires the addition of more than 1.2 million units by the end of the decade in order to regain some semblance of affordability.” What's more, Montreal is the Canadian city where housing starts fell the most in the first six months of 2023, a 26-year record, and the prognosis for 2024 is not optimal.6 Rising borrowing costs have taken a heavy toll on builders' and developers' portfolios over the past year. For this reason, it is expected that when interest rates start to decline, the pent-up demand will unleash on the condominium segment in the Greater Montreal Area, which will see an appreciation rate slightly higher than that of single-family homes. “In addition to condominiums, the market for single-family homes priced at $1 million and higher should also see an upturn as expectations of lower interest rates materialize,” said Marc Lefrançois, chartered real estate broker, Royal LePage Tendance in Montreal. “For this category of buyers, moving from one property to another is often not an immediate necessity. Many have therefore preferred to wait in order to take advantage of more favourable financing conditions, but could return to the market quickly when the central bank announces the start of a downward cycle in interest rates.” Economic conditions in the province were heavily weighed down at the end of the year by the outbreak of strikes in the public sector, as well as numerous layoffs across a myriad of industries, which could influence consumer confidence regarding large purchases such as a property in 2024, despite a widely expected drop in interest rates. “Savings accumulated by households during the pandemic have begun to run out, keeping pace with inflation and interest rate hikes over the past 21 months,” noted St-Pierre. “Quebec households have a high level of debt, and despite signs of relief in borrowing costs on the horizon, their purchasing power will remain limited. The downward adjustment of the Bank of Canada's overnight rate, even by a quarter per cent, could send a strong message to consumers about future economic conditions. The pace at which interest rates rebalance will also play a big part in the equation,” he continued. St-Pierre added, “The start of 2024 could see the Greater Montreal Area's real estate market get off to a slow start, following a similar trend to the last quarter of 2023. But, we expect the recovery to get underway quickly once interest rates start to fall. Next year is likely to be more active than 2023 in terms of property sales,” he concluded. Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Greater Vancouver In Greater Vancouver, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $1,281,732. During the same period, the median price of a single-family detached property is expected to rise 2.5 per cent to $1,778,785, while the median price of a condominium is forecast to increase 4.0 per cent to $795,808. “Activity has slowed in recent months allowing some inventory to build, as buyers hold out for a deal or for interest rates to drop, and sellers continue to expect 2021 values for their homes. While this has resulted in a market slowdown, Greater Vancouver could see a brisk spring if interest rates remain steady or dip even a little,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “There is still plenty of demand waiting in the wings, and a glimmer of light at the end of the tunnel could easily heat up the market again. Some buyers will rush to transact before the competition gets too tight. Others will wait for multiple rate cuts.” Ryalls noted that while many sidelined buyers are likely to jump back into the market next year if lending rates come down, competition will not be as aggressive as it was two years ago when borrowing costs sat at record lows. “Purchasing power has been deflated. With the rising cost of living and interest rates five or six times higher than they were a few years ago, buyers have less capacity to outbid their competitors. This will keep a lid on price appreciation, even as activity picks up,” said Ryalls. “Some banks have already begun to offer discounts on fixed-rate mortgages, incentivizing some buyers back to the table. Eventually, everyone will have to adjust to the new realities of the market.” Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Ottawa In Ottawa, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 4.5 per cent year over year to $771,942. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $884,000, while the median price of condominium is forecast to increase 5.0 per cent to $407,190. “The Ottawa market is heavily influenced by interest rates. Even if we see only a modest decrease in rates by the Bank of Canada mid-way through 2024, this move could spark a flurry of buying activity leading into our late summer and early fall market,” said Jason Ralph, broker of record, Royal LePage Team Realty. “These days, only those homeowners who must move for personal reasons are listing their homes. In many cases, those with the luxury of time are staying on the sidelines, waiting for interest rates to come down. This is creating pent-up buyer demand, especially in the always desirable single-family detached segment.” Ralph noted that many first-time homebuyers have been renting as they wait for lower interest rates and improved purchasing power. This is creating a competitive rental market, especially as newcomers relocate to Ottawa for opportunities in the city's thriving public service job market, adding to the already high levels of renter demand. “Though we have returned to a more normalized market post-pandemic, we are not quite in balanced territory yet as demand continues to outweigh supply. As a result, we are expecting a brisk spring market next year,” said Ralph. “Should we see a drop in interest rates, market activity will intensify, resulting in an incline in home prices in the later months of the year and into 2025.” Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Calgary In Calgary, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 8.0 per cent year over year to $711,612, the highest of all forecast regions. During the same period, the median price of a single-family detached property is expected to rise 6.0 per cent to $803,692, while the median price of a condominium is forecast to increase 9.5 per cent to $286,562. “Although activity has slowed in Calgary, home prices have not dipped like they have in other cities across Canada, due to a sustained shortage of supply,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “If rates start to come down in the second half of 2024 – as they are predicted to do – it will motivate buyers to jump into the market as their borrowing power improves. Many homeowners will see their mortgages come up for renewal next year, and will be forced to take a higher interest rate. This may push some more inventory onto the market, as overleveraged borrowers downsize in an effort to get some relief from higher monthly payments.” Lyall noted that Calgary has seen a slowdown in the number of interprovincial buyers relocating to the city compared to the past few years. However, investors from other provinces continue to look for real estate opportunities in the Prairies, driving demand in the multi-family segment. “We expect that home prices will rise over the next year, and will outperform other major cities as Calgary's relative affordability continues to attract buyers to the city. A shortage of supply remains a challenge, which will keep prices on an upward trajectory for the foreseeable future as buyers compete for the few homes available,” said Lyall. “Heading into the new year, I predict that we will see a slow start to the market in January and February, a similar pattern to what we saw in early 2023. Once March arrives, buyers and sellers will move off of the sidelines as a brisk spring market begins and consumer confidence strengthens.” Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Edmonton In Edmonton, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 4.0 per cent year over year to $443,248. During the same period, the median price of a single-family detached property is expected to rise 7.0 per cent to $493,805, while the median price of a condominium is forecast to increase 2.0 per cent to $192,678. “Next year, we expect similar activity to this year, but home values will likely increase as price appreciation falls in line with historical trends. Edmonton continues to experience a shortage of homes relative to demand, which will keep home prices trending upward in 2024. This will only be intensified by the number of residents moving into the city, searching for affordability and work opportunities,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “We continue to see a gap between buyer expectations and the reality of how far their dollar will stretch. Until they feel that they're getting their money's worth, some buyers will continue to wait on the sidelines, building further pent-up demand.” Shearer noted that Edmonton home prices are largely tied to the oil and gas sector, which continues to be a major driver of employment opportunities. Edmonton has seen a surge in newcomers over the past few years, in addition to Canadians moving to Alberta from other provinces – namely Ontario and British Columbia. “The city's fast-growing population has put upward pressure on home prices,” said Shearer. “In recent years, the province has seen a notable surge in activity and home prices in the city of Calgary, and we believe similar trends are on the horizon for Edmonton.” Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Halifax In Halifax, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $521,592. During the same period, the median price of a single-family detached property is expected to rise 5.0 per cent to $602,490, while the median price of a condominium is forecast to increase 1.5 per cent to $431,375. “Looking ahead to the 2024 housing market in Halifax, we are feeling quite positive. It is likely that interest rates will be reduced mid-year, which will cause some hesitant or sidelined buyers to jump back into the market,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Those in the rental market – who are currently paying higher-than-normal prices due to tight competition in this segment – will be especially motivated to transition into home ownership. Many move-up buyers, who have patiently been biding their time until borrowing rates improve or their mortgages come up for renewal, are also expected to re-enter the market in the new year.” Honsberger noted that investors from Ontario and Alberta are an active buyer group in Nova Scotia. This demand is not exclusive to the investor-friendly condominium segment, but is also present in the single-family and new construction markets as well, despite the non-resident tax applicable to all transactions by out-of-province buyers. “Though we will experience the typical seasonal slowdown in the first weeks of the new year, I expect January will still be up in terms of prices and activity compared to the same time this year. Sales are likely to begin increasing in February and March, as more inventory comes online. And, if we see one or two rate cuts in the fall, a boost of activity will follow,” said Honsberger. Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Winnipeg In Winnipeg, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $396,447. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $440,232, while the median price of a condominium is forecast to increase 2.0 per cent to $263,568. “Every year, the Winnipeg real estate market follows a similar pattern – slow through the winter months with a rise in activity in the spring, followed by a quieter summer and then a slow decline for the remainder of the year. We expect 2024 will look much like a typical year, resulting in modest price increases as consumer confidence strengthens,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Single-family detached homes will likely see the majority of next year's price growth, especially in the highly-sought-after $300,000 to $400,000 price range.” Froese added that he is not overly concerned that the expected wave of upcoming mortgage renewals will force many homeowners to have to list their homes due to higher monthly costs. “As has always been the case, Canadians value home ownership. When faced with financial strain, most people will cut back on discretionary spending and make other concessions before resorting to selling their homes,” he added. “While it may not be as strong of a seller's market as it was two years ago, prices are anticipated to remain buoyant as buyer demand is expected to continue outweighing available home supply, even in the slower months.” Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast Regina In Regina, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $381,306. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $417,456, while the median price of a condominium is forecast to increase 2.5 per cent to $228,063. “Like many cities across Canada, higher interest rates have prompted buyers to hit pause as their borrowing capacity has diminished. As a result, demand is building on the sidelines as consumers wait anxiously for borrowing costs to come down,” said Shaheen Zareh, sales representative, Royal LePage Regina Realty. “Although it is highly unlikely we will see rates as low as one or two per cent again – at least not anytime soon – I do believe some of that sidelined demand will re-enter the market once rates are cut, even if only by a small amount.” Zareh added that rental prices have climbed in Regina as higher mortgage rates have kept would-be buyers in leased properties for longer. This has constrained rental supply and pushed prices up, making the cost of monthly rent comparable to a mortgage payment in some cases. “Overall, supply remains constrained. I expect prices will see a modest increase in 2024, not only in the detached segment but in the condo market as well. There has been a lot of activity in the condominium segment as of late, despite the property type not being particularly popular in the region, historically. We have seen an uptick in condo sales thanks to first-time buyers who are seeking a more affordable option that will allow them to get a foot on the property ladder sooner.” said Zareh. “Many young buyers would much prefer a new condo for $200,000 over a detached fixer-upper that costs $100,000 more.” Zareh noted that many short-term pandemic-era mortgages are expected to come up for renewal next year, which could have an impact on supply as homeowners weigh the decision to renew or sell their homes and downsize into a more financially manageable property. About the Royal LePage Market Survey Forecast The Royal LePage Market Survey Forecast provides year-over-year and quarter-over-quarter price expectations nationally and for Canada's nine most prominent real estate markets. Housing values are based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge. About Royal LePage Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, which has been dedicated to supporting women's shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services Inc. company, a TSX-listed corporation trading under the symbolTSX:BRE. For more information, please visit www.royallepage.ca. Mario Toneguzzi is Managing Editor of Canada's Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list About Us Canada's Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast. With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders. The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada's Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story. #business #CanadasNumberOnePodcastforentrepreneurs #entrepreneurship #Homes #Housing #smallbusiness

Justin Trudeau Supports Israel-Hamas Ceasefire at UN

ceo american canada canadian real estate markets projecting future focused royal lepage phil soper

Play Episode Listen Later Dec 13, 2023 52:54

THE MEDICAL RECORD: OTTAWA'S $13 BILLION DOLLAR DENTAL COVERAGE PLAN Liz West is joined by Dr. Alisa Naiman, Family Physician and Founder and Medical Director of The Medical Station in Toronto, Dr. Malcolm Moore, Medical Oncologist at the Princess Margaret Cancer Centre and Dr. Jamie Spiegelman, an Internal medicine and critical care physician at Humber River Hospital. Our panel reacts to Ottawa's $13 billion national dental coverage program and what that means for Seniors specifically. RABBI WOLPE RESIGNED FROM HARVARD'S ANTISEMITISM ADVISORY GROUP Liz West is now joined by Rabbi David Wolpe, a visiting scholar at Harvard's Divinity School who resigned from the university's Antisemitism Advisory Group followed by federal Conservative Deputy leader Melissa Lantsman. Last Thursday, Rabbi Wolpe publicly announced his decision to resign from Harvard University's Antisemitism Advisory Group. The reason for his decision in his own words from a post he made on X (formerly Twitter): "the system at Harvard along with the ideology that grips far too many of the students and faculty, the ideology that works only along axes of oppression and places Jews as oppressors and therefore intrinsically evil, is itself evil. Ignoring Jewish suffering is evil. Belittling or denying the Jewish experience, including unspeakable atrocities, is a vast and continuing catastrophe. Denying Israel the self-determination as a Jewish nation accorded unthinkingly to others is endemic, and evil." So, first of all, what exactly is the antisemitism advisory group and what has been Rabbi Wolpe's reaction to the testimony of America's elite universities at Congress on the topic of antisemitism. Then on the program, Deputy leader of the Conservative Party of Canada reacts to Prime Minister Justin Trudeau's decision to support a UN resolution calling for a ceasefire in the Israel-Hamas war. Some MPs in his own party disagreed with this decision including MP Marco Mendicino who said: "At present, that would only place in further jeopardy the safety and security of Israelis & Palestinians in Gaza.". NEW REAL ESTATE POLICY ON OPEN BIDDING Liz West is now joined by Steve Jelenic, Toronto Real Estate Agent with Sage Real Estate and Phil Soper, President of Royal LePage. A new real estate policy on open bidding has taken effect in Ontario starting December 1st. The policy will allow for sellers to publicly disclose submitted bid prices. But just because it is now possible to do so, how many sellers will actually want to do this? And, what is even the benefit of this new policy?

Ep #101: Future Focused: Projecting the Canadian Real Estate Market in 2024 with Phil Soper

The Richard Robbins Show

Play Episode Listen Later Nov 7, 2023 51:19

On the 101st episode of The Richard Robbins Show, I sit down with a longtime friend and colleague within the real estate industry, Phil Soper. Phil is President & CEO of Royal LePage and Bridgemarq Real Estate Services, the largest real estate brokerage firm in Canada, with over 21,000 agents across its businesses and doing roughly $146 billion in property sales in 2021. With decades of experience in the real estate industry between us, Phil and I share our thoughts on what to expect in the year ahead in terms of sales, pricing and interest rates. “If we were talking about the American market, our faces would be longer. It would be a more dire situation,” Phil tells me. Due to the conservatism of the Canadian banks, we find ourselves in a much safer position moving forward in terms of financial stress on Canadian homeowners. In this special episode of the podcast, Phil and I are discussing today's real estate market. We talk about what to expect come 2024 and theorize a few possibilities for the Canadian real estate market. We talk about the similarities of 2008 to today, why home prices could see a surge and why immigration is the key to Canada's strong real estate industry. Interested in hearing more of Phil Soper? Check out episode #2 of The Richard Robbins Show that I recorded with Phil in 2019.

VREP #378 | Will Canadian Real Estate Prices Drop in the Second Half of 2023? With Royal LePage President Phil Soper

Vancouver Real Estate Podcast

Play Episode Listen Later Jun 30, 2023 68:22

Market forecasting is hard but some analysts seem to consistently get it right. Meet Phil Soper, President and CEO of Royal LePage. Phil and his team have consistently put out regional and national market reports that provide useful analysis you can trust.This week, Phil sits down with Matt & Adam to discuss the current state of the market, interest rates, inventory, and what home prices will do in the last half of 2023 and beyond. Will the Bank of Canada rate increases stifle demand? How will record immigration numbers impact the housing market? And where does Phil see buying opportunities in British Columbia and the rest of Canada?This is a deep dive on Canadian real estate with an emphasis on the Vancouver market. Buckle up!

ceo canada president canadian market drop bank real estate buckle vancouver british columbia prices second half royal lepage phil soper

2023 Housing Market Outlook with Canada's Real Estate Company CEO, Phil Soper

The Tom Storey Show, with Steve & Tom

Play Episode Listen Later Jun 4, 2023 76:27

*** Sign-Up for MASTERS ACADEMY and save $200 *** https://www.richardrobbins.com/masters-academy-bc23-storey/ Join Steve and Tom July 5+6, 2023 in Vancouver for live two day training and learn real time, real estate sales and business intelligence for today's environment. - - - When the media looks for a Canadian housing market outlook, the turn to Phil Soper, CEO of Royal LePage Canada. And for some reason, he accepted our offer to be a guest on the podcast. This week on The Tom Storey Show, Steve Karrasch and Tom Storey get more than an hour with Phil Soper, the most influential person in Canadian Real Estate for 10 years in a row! Enjoy. #royallepage #realestatecanada #housingmarket - - - Subscribe on YouTube: https://www.youtube.com/channel/UCse8VG5r3C9O9S7W6-p5sNg?sub_confirmation=1

ceo canada canadian anchor real estate vancouver housing market market outlook real estate companies company ceo treb phil soper

JTP #213 - Phil Soper - Toronto Housing Market Trends and the Importance of Immigration

REC Experience

Play Episode Listen Later Apr 26, 2023 62:02

Join me as I sit down with Phil Soper, the CEO of Royal LePage, to discuss the current trends in the Toronto housing market and why it's considered a world-class city. We also touch on the importance of immigration and how Canada is fortunate compared to other countries. In addition, we delve into the declining birth rates worldwide and the impact it will have on future generations. If you're interested in real estate and the current state of Toronto's housing market, this is a must-watch episode!

ceo canada toronto immigration housing market market trends royal lepage phil soper

Canadian home prices forecast to rise by end of 2023

Shaye Ganam

Play Episode Listen Later Apr 14, 2023 9:46

Phil Soper, President and CEO, Royal Lepage Learn more about your ad choices. Visit megaphone.fm/adchoices

ceo president canadian forecast home prices phil soper

Coffee with Craig and James Episode 121: Hewlett Packard Enterprise

Channel Partners Online

Play Episode Listen Later Mar 23, 2023 32:52

The Channel Futures podcast this week welcomes in Phil Soper, North America head of channel sales at Hewlett Packard Enterprise. He gets us caught up on the HPE Partner Ready Vantage program and the company's as-a-service efforts. Craig and James also cover the networking opportunities not to miss at the upcoming Channel Partners Conference & Expo. The big show is less than six weeks away — here's where you can register: https://channel.informatech.com/lv/2023/registrations/Attendee

coffee north america expo hewlett packard enterprise attendee phil soper channel partners conference

Interest rates and the spring housing market

Shaye Ganam

Play Episode Listen Later Mar 10, 2023 13:37

Phil Soper, CEO for Toronto-based real estate enterprise, Bridgemarq Real Estate Services Learn more about your ad choices. Visit megaphone.fm/adchoices

ceo spring toronto interest rates housing market phil soper

Toronto's Vacancy Tax

Play Episode Listen Later Dec 14, 2022 53:27

TORONTO'S VACANCY TAX Toronto's new Vacancy Home Tax is cracking down on residences left unoccupied for extended periods of time, to increase the supply of housing in the city. All residential property owners in Toronto will be required to declare the status of their property(s) annually, even if they live there. Residential properties that are declared vacant for six months or more during the taxation year and without an eligible exemption, will be required to pay a tax. Libby Znaimer is joined by Allan Ritchie, Managing Partner at Loopstra Nixon LLP and Adjunct Professor of Law at Toronto Metropolitan University; Phil Soper, CEO of Royal LePage; John Caliendo, former investment banker and Co-Chair of the ABC Residents Association; and Casey Brendon, Director, Revenue Services at the City of Toronto. FOOD AND RESTAURANT TRENDS It's the season for festive gatherings, both entertaining at home and dining out! Libby Znaimer is joined by Lucy Waverman, food columnist for The Globe And Mail; and Renee Suen, food editor at blogTO to discuss food and restaurant trends amid the holidays. Listen live, weekdays from noon to 1, on Zoomer Radio!

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Toronto Election & The State of the Real Estate Market

Play Episode Listen Later Jul 14, 2022 53:08

Libby Znaimer is joined by Lauren O'Neil, Senior News Editor of BlogTO, Karen Stintz, CEO, Variety Village, David Crombie, Former Mayor of Toronto. Long-time Toronto City Councillor Denzil Minnan-Wong has announced that he will not be seeking re-election come October. The panel reflect on his legacy. Meanwhile, prominent urbanist Gil Penalosa has announced he is joining the Toronto mayoral race. Does he have what it takes to beat the perceived front-runner, John Tory? And, in other news, nearly half of young adults in Canada are still living at home with their parents according to new census data from Statistics Canada. ---- BANK OF CANADA INTEREST RATE IMPACT ON HOUSING MARKET Libby Znaimer is joined by Phil Soper, President and CEO of Royal LePage and Lesley-Anne Scorgie, founder of MeVest, a leading edge financial education company specializing in money coaching for Canadians. The Bank of Canada's interest rate increase (a full percentage point) is expected to slow down the housing market. Libby and guests discuss the impacts of that. Listen live, weekdays from noon to 1, on Zoomer Radio!

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"Greedflation," Interest Rates & the Housing Market, Federal Debt, and Hamilton in YYC

Mornings with Sue & Andy

Play Episode Listen Later Jul 14, 2022 29:28

We begin with a look at the continuing conversation surrounding the increasing cost of living – from fuel – to food - to housing. While the terms ‘inflation' and ‘shrinkflation' are nothing new - do you know what ‘greedflation' is? We get the definition from Janet Music, of the “Agri-Food Analytics Lab” at Dalhousie University. Then, we take a look at the Bank of Canada interest rate hike, what this means for homeowners and the Canadian housing market in general. We get insight from Phil Soper, President and CEO of Royal LePage. Rising interest rates and inflation have forced many of us to take on more debt and we're not alone. We speak with Jake Fuss from the ‘Fraser Institute' for details on how the current economic climate impacts ‘federal debt' levels and what this means to the average Canadian. Finally, it's a taste of Broadway, right here in Calgary! We speak with Marja Harmon, one of the stars of the smash-hit musical “Hamilton” – now playing at the Jubilee Auditorium.

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Toronto home sales down 41% from last year for spring

ceo president spring toronto home sales royal lepage phil soper

Play Episode Listen Later May 5, 2022 7:19

Phil Soper, President and CEO of Royal LePage talks about April sales and how Toronto home sales are down 41% from last year. See omnystudio.com/listener for privacy information.

The Best of Fight Back - Week of April 04 - Sunday Edition

Play Episode Listen Later Apr 10, 2022 26:02

The Sunday edition of the Best of Fight Back, from the week that was, with Jane Brown Interviews with: - Dr. Prabhat Jha, Dr. Barry Pakes, and Kyro Masseh on the eligibility requirements for a fourth COVID-19 vaccine dose - Sheila Block, Craig Pickthorne, and Brad Butt react to Ford's promise for a minimum wage increase in October, as long as he's re-elected - Phil Soper on new rules targeting foreign house buyers - Michael Thompson, Michelle Nolden, and Sarah Doucette on concerns surrounding backyard chickens in Toronto - And the best calls of the week!

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Tax-free savings account coming for first-time homebuyers

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Play Episode Listen Later Apr 8, 2022 10:38

GUEST HOST Rubina Ahmed Haq talks with Phil Soper, President and CEO of Royal LePage ABOUT Budget 2022: Tax-free savings account coming for first-time homebuyers. See omnystudio.com/listener for privacy information.

THE FEDERAL BUDGET AND URBAN CHICKEN FARMING

Play Episode Listen Later Apr 7, 2022 52:34

Toronto councillors are preparing to vote this week on the city

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Ontario raises foreign homebuyer tax, makes it provincewide

Play Episode Listen Later Mar 30, 2022 13:07

Jeff McArthur talks with Phil Soper, President and CEO of Royal LePage ABOUT Ontario raises foreign homebuyer tax, makes it provincewide AND B.C. to impose ‘cooling-off' period for home buyers, the first of its kind in Canada.

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The Best of Fight Back - Week of January 24 - Sunday Edition

Play Episode Listen Later Jan 30, 2022 25:56

The Sunday edition of the Best of Fight Back, from the week that was, with Jane Brown Interviews with: - Dr. Alon Vaisman, Dr. Prabhat Jha, and Dr. Colin Furness mark the grim two year anniversary since COVID-19 was first detected in Canada - Peter Shturyn and Dr. Maria Popovich respond to Canada's response to the Ukraine-Russia situation - Natalie Mehra, Kerri Thompson, and Jake Mitten open up about the shortage of staffing in Home Care - Steve Jelenic, Phil Soper, and Anthony Hitt respond to the question, "did boomers break the real estate market"? - And the best calls of the week!

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Should Zoomers Be Blamed for the State of Canada's Real Estate Office?

ON THE MARKET WITH ASIF KHAN

Play Episode Listen Later Jan 27, 2022 52:12

Libby Znaimer is joined by Phil Soper who is the President and CEO of Royal LePage, alongside Anthony Hitt, CEO of Engel and V

Closing Out 2021 And Phil Soper Joins Us With His 2022 Forecast 18.12.21. OTM Podcast

Play Episode Listen Later Dec 30, 2021 27:20

Closing Out 2021 And Phil Soper Joins Us With His 2022 Forecast

forecast joins us closing out phil soper

Phil Soper talks about the booming housing market in Ontario

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Play Episode Listen Later Apr 15, 2021 10:19

Phil Soper, President and CEO of Royal LePage talks about the booming housing market in the GTA and Golden Horseshoe See omnystudio.com/listener for privacy information.

Your Hustle Redefined with Special Guest – Jared James

Play Episode Listen Later Mar 5, 2021 65:22

In his previous career selling real estate, he built one of the largest and fastest growing teams in the USA, earning him a spot in Realtor Magazine's elusive 30 under 30 edition. Currently, he not only runs his coaching company, but he too also leads his growing marketing company called Jarja Media.To get his message out, he speaks all over the world to tens of thousands of professionals every year and was even named recently as one of the 25 most influential people in the real estate industry today.He's a no non-sense guy providing consistent advice, motivation and real world sales tips, and he's the author of the book “Get out of YOUR way!”This week I am joined by – Speaker, Coach, Trainer, Podcaster, and Author – Jared James as we talk about Your Hustle Redefined.This Episode is sponsored by The Buzz Conference, Vantage Law, and KiTS Keep-in-Touch Systems. The Buzz Conference has an upcoming event called 'Connect and Collaborate'. It's a virtual event taking place on March 25 – 26. This is where experience and innovation meet. Speakers include Phil Soper, Tim Hudak, Carolyn Cheng, Mississauga Ontario Mayor Bonnie Crombie, Founder of the Agency in Beverly Hills Mauricio Umansky, and myself… and that's just the beginning of the list. As always this event will be loaded with valuable content!And you're going to love this – it is absolutely free for you! So make sure you save the date, March 25-26, and book your tickets.We also have Vantage Law joining us to sponsor this episode. Alessandra Ocampo their principal lawyer says ”we are committed to delivering service excellence to our clients and partners in the areas of real estate law and private lending. We also provide notary public services. We pride ourselves on handling your legal needs in a personal and professional manner"."Our promise to our clients and partners is to deliver our services in a respectful, approachable, and hospitable manner. We offer virtual service and mobile service within a 2-hour radius of our Vaughan office with evening and weekend availability for the convenience of our clients".Be sure to check in with Alessandra and Vantage Law for all of your Legal needs.Of course KiTS is always with us. KiTS offers a fully loaded cross channel marketing suite for the real estate industry including tools to help you manage your business, build MindShare and drive even more sales. You can learn more on my site www.mindshare101.com by clicking on Marketing.This show is a Founding Member of the Industry Syndicate Media Network.Please subscribe, rate the show, and share your thoughts by leaving a review. You can also get more #MindShare on Facebook @MindShare101 and Instagram @davidgreenspan101. Check out YouTube #MindShare101, and https://mindshare101.com/While on my site, be sure to download your FREE copy of The Ultimate Marketing Bundle for Realtors. It's 31 pages of marketing tips and tricks, and includes a 90 day content calendar!AND if you want to be part of our Private MindShare Community where we meet every month live to share ideas, tips, tricks, and to motivate each other, where our MindShare Masters get access to our private VIP Q&A with our Special PodCast Guests each week, and where you get daily marketing & sales tips delivered right to you, plus the opportunity to motivate, learn, and network with a whole bunch of people just like you, just click here to join - https://mindshare101.com/plans/group-coaching/ If you would like to be a guest on the show, or know someone that should be a guest on the show, or if you would like to Sponsor the show, send us a message to info@mindshare101.com

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Building Your Brand to Drive More Business, with Special Guest – Shannon & Tamara Stone, the Stone Sisters

Play Episode Listen Later Feb 26, 2021 67:43

Their roots are in Kelowna real estate. Born into the industry, they watched their parents successfully sell and market real estate in Kelowna for a combined 40 years. Continuing in their footsteps, they strive to evolve and improve in the ever-changing industry. They have grown from a team of two to a full service boutique brokerage!They say that it is an honour and privilege to represent buyers and sellers and market the finest properties available for sale in Kelowna, West Kelowna, and the surrounding areas. With unparalleled market expertise, resources, integrity, honesty and commitment, their company strives to provide a superior client experience with unmatched marketing and customer care. This afforded them recurrent recognition as the #1 team at RE/MAX Kelowna* with national and international reach and brand awareness.They say - Your job is to dream of the perfect home, our job is to make it happen!This week I am joined by – Shannon & Tamara Stone, the Stone Sisters, - to discuss ‘Building Your Brand to Drive More Business'This Episode is sponsored by The Buzz Conference, and KiTS Keep-in-Touch Systems. The Buzz Conference has an upcoming event called 'Connect and Collaborate'. It's a virtual event taking place on March 25 – 26. This is where experience and innovation meet. Speakers include Phil Soper, Tim Hudak, Carolyn Cheng, Mississauga Ontario Mayor Bonnie Crombie, Founder of the Agency in Beverly Hills Mauricio Umansky, and myself… and that's just the beginning of the list. As always this event will be loaded with valuable content!And you're going to love this – it is absolutely free for you! So make sure you save the date, March 25-26, and book your tickets.Of course KiTS is always with us. KiTS offers a fully loaded cross channel marketing suite for the real estate industry including tools to help you manage your business, build MindShare and drive even more sales. You can learn more on my site www.mindshare101.com by clicking on Marketing.This show is a Founding Member of the Industry Syndicate Media Network.Please subscribe, rate the show, and share your thoughts by leaving a review. You can also get more #MindShare on Facebook @MindShare101 and Instagram @davidgreenspan101. Check out YouTube #MindShare101, and https://mindshare101.com/While on my site, be sure to download your FREE copy of The Ultimate Marketing Bundle for Realtors. It's 31 pages of marketing tips and tricks, and includes a 90 day content calendar!AND if you want to be part of our Private MindShare Community where we meet every month live to share ideas, tips, tricks, and to motivate each other, where our MindShare Masters get access to our private VIP Q&A with our Special PodCast Guests each week, and where you get daily marketing & sales tips delivered right to you, plus the opportunity to motivate, learn, and network with a whole bunch of people just like you, just click here to join - https://mindshare101.com/plans/group-coaching/ If you would like to be a guest on the show, or know someone that should be a guest on the show, or if you would like to Sponsor the show, send us a message to info@mindshare101.com

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How to Dominate in Real Estate, with Special Guest – Sam McDadi

Play Episode Listen Later Feb 19, 2021 54:17

His commitment to his clients and work ethic are unparalleled. And his unique and innovative approach to the real estate business includes assembling a team which call themselves Team McDadi. All of this allowing him the opportunity to continually grow his business while ensuring his clients receive the highest level of service. In recent years, he has been featured on both television and radio talk shows helping to educate the public about the real estate market.And when in Mississauga, and anywhere near Toronto it isn't hard to spot him, on billboards, CP24, and court side at the Raptors. And as a direct result of his efforts, he continues to be one of the top ranking Realtors on the continent.And now we get to add The MindShare PodCast to the list.This week I am joined by Top Producing Realtor Sam McDadi to discuss 'How to Dominate in Real Estate'.This Episode is sponsored by The Buzz Conference, Emily Miszk The Mortgage Coach with Port Credit Mortgages License # M18001813 , and KiTS Keep-in-Touch Systems. The Buzz Conference has an upcoming event called 'Connect and Collaborate'. It's a virtual event taking place on March 25 – 26. This is where experience and innovation meet. Speakers include Phil Soper, Tim Hudak, Carolyn Cheng, Mississauga Ontario Mayor Bonnie Crombie, Founder of the Agency in Beverly Hills Mauricio Umansky, and myself… and that's just the beginning of the list. As always this event will be loaded with valuable content!And you're going to love this – it is absolutely free for you! So make sure you save the date, March 25-26, and book your tickets.We also have Mortgage Agent Emily Miszk with the Mortgage Coach and owner of Port Credit Mortgages sponsoring the show today. She is a strong advocate for collaboration and building long LASTING relationships, and we are very excited to collaborate with her on this episode. She is always looking for solutions and outside the box ways to exceed her client's expectations, and that is the way to help more people and get more done. And I love this – not only is she a Mom of 2 – but she gave birth during the start of pandemic @ 2 am, and then did two deals the same day while snuggling with her newborn. She's all over social media, so be sure to connect with her on Instagram @portcreditmortgages Of course KiTS is always with us. KiTS offers a fully loaded cross channel marketing suite for the real estate industry including tools to help you manage your business, build MindShare and drive even more sales. You can learn more on my site www.mindshare101.com by clicking on Marketing.This show is a Founding Member of the Industry Syndicate Media Network.Please subscribe, rate the show, and share your thoughts by leaving a review. You can also get more #MindShare on Facebook @MindShare101 and Instagram @davidgreenspan101. Check out YouTube #MindShare101, and https://mindshare101.com/While on my site, be sure to download your FREE copy of The Ultimate Marketing Bundle for Realtors. It's 31 pages of marketing tips and tricks, and includes a 90 day content calendar!AND if you want to be part of our Private MindShare Community where we meet every month live to share ideas, tips, tricks, and to motivate each other, where our MindShare Masters get access to our private VIP Q&A with our Special PodCast Guests each week, and where you get daily marketing & sales tips delivered right to you, plus the opportunity to motivate, learn, and network with a whole bunch of people just like you, just click here to join - https://mindshare101.com/plans/group-coaching/ If you would like to be a guest on the show, or know someone that should be a guest on the show, or if you would like to Sponsor the show, send us a message to info@mindshare101.com

founders marketing speaker toronto mom real estate agency realtors toronto raptors dominate lasting collaborate business podcasts kits founding members mississauga marketing podcast real estate podcast mindshare real estate coaching cp24 mortgage coach tim hudak industry syndicate realtor marketing phil soper marketing tips and tricks realtor coach top real estate coach

How To Keep Up with Change in the World of Real Estate, with Special Guest – Ray Ferris

Play Episode Listen Later Feb 12, 2021 74:30

He is a wannabe chef, collector of fine dining menus, and a ridiculously early riser. Growing up, he always dreamed of being a world renowned chef, but his high school guidance counsellor convinced his parents that a Bachelor of Commerce was best for his future. So off he went to McMaster University.He's now been a REALTOR® for the past 25 years, and has been witness to rapid change in the way which real estate is bought and sold. He too remembers the old days of the black and white MLS tear sheets.In 2016 he had the honour and responsibility of serving as President of the Ontario Real Estate Association (OREA). And In 2017 he was awarded the FRI (Fellow of the Real Estate Institute).Known as “REALTOR® Ray”, AKA “Chef Raymond”, “Captain”, “Raymondo”, and “Ray Jr.”.This week on the show I am joined by – Ray Ferris to discuss - How To Keep Up with Change in the World of Real Estate.This Episode is sponsored by The Buzz Conference, Vantage Law, and KiTS Keep-in-Touch Systems. The Buzz Conference has an upcoming event called 'Connect and Collaborate'. It's a virtual event taking place on March 25 – 26. This is where experience and innovation meet. Speakers include Phil Soper, Tim Hudak, Carolyn Cheng, Mississauga Ontario Mayor Bonnie Crombie, Founder of the Agency in Beverly Hills Mauricio Umansky, and myself… and that's just the beginning of the list. As always this event will be loaded with valuable content!And you're going to love this – it is absolutely free for you! So make sure you save the date, March 25-26, and book your tickets.We also have Vantage Law joining us to sponsor this episode. Alessandra Ocampo their principal lawyer says ”we are committed to delivering service excellence to our clients and partners in the areas of real estate law and private lending. We also provide notary public services. We pride ourselves on handling your legal needs in a personal and professional manner"."Our promise to our clients and partners is to deliver our services in a respectful, approachable, and hospitable manner. We offer virtual service and mobile service within a 2-hour radius of our Vaughan office with evening and weekend availability for the convenience of our clients".Be sure to check in with Alessandra and Vantage Law for all of your Legal needs.Of course KiTS is always with us. KiTS offers a fully loaded cross channel marketing suite for the real estate industry including tools to help you manage your business, build MindShare and drive even more sales. You can learn more on my site www.mindshare101.com by clicking on Marketing.This show is a Founding Member of the Industry Syndicate Media Network.Please subscribe, rate the show, and share your thoughts by leaving a review. You can also get more #MindShare on Facebook @MindShare101 and Instagram @davidgreenspan101. Check out YouTube #MindShare101, and https://mindshare101.com/While on my site, be sure to download your FREE copy of The Ultimate Marketing Bundle for Realtors. It's 31 pages of marketing tips and tricks, and includes a 90 day content calendar!AND if you want to be part of our Private MindShare Community where we meet every month live to share ideas, tips, tricks, and to motivate each other, where our MindShare Masters get access to our private VIP Q&A with our Special PodCast Guests each week, and where you get daily marketing & sales tips delivered right to you, plus the opportunity to motivate, learn, and network with a whole bunch of people just like you, just click here to join - https://mindshare101.com/plans/group-coaching/ If you would like to be a guest on the show, or know someone that should be a guest on the show, or if you would like to Sponsor the show, send us a message to info@mindshare101.com

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How A Top Producing Realtor Does It, with Special Guest – Amy Flowers

Tour Tuesday with Team Tara Lyons

Play Episode Listen Later Feb 5, 2021 57:34

She has been one of Milton, Ontario's leading Realtors for over 18 years. Her Team has annually achieved the Royal LePage National Chairmans' Club Award since 2009, and this year they were ranked #7 out of over 18,300 agents in Canada.They have been voted favourite Real Estate Agent in Milton or over 10 years, and she and her Team work throughout the year supporting various local charities; including hosting food and clothing drives for the local Women's Shelter and Food Bank. Known for quality service, market knowledge and professionalism, she is a highly recognizable Realtor who has built a career on repeat and referral business.This week on the show I am joined by – Amy Flowers as we discuss How A Top Producing Realtor Does It.This Episode is sponsored by The Buzz Conference, Royal LePage Meadowtowne Realty, and KiTS Keep-in-Touch Systems. The Buzz Conference has an upcoming event called 'Connect and Collaborate'. It's a virtual event taking place on March 25 – 26. This is where experience and innovation meet. Speakers include Phil Soper, Tim Hudak, Carolyn Cheng, Mississauga Ontario Mayor Bonnie Crombie, Founder of the Agency in Beverly Hills Mauricio Umansky, and myself… and that's just the beginning of the list. As always this event will be loaded with valuable content!And you're going to love this – it is absolutely free for you! So make sure you save the date, March 25-26, and book your tickets.And our friends at Royal LePage Meadowtowne Realty are also with us for this episode. Owner Alex Ocsai has been a colleague and friend of mine for many years. He and his partner Gloria own the company which has 5 office locations, with 280 members, servicing the Milton, Georgetown, Mississauga, Acton, Erin, and Caledon Ontario regions, and they just celebrated their 18 year anniversary on January 7th this year. Of course KiTS is always with us. KiTS offers a fully loaded cross channel marketing suite for the real estate industry including tools to help you manage your business, build MindShare and drive even more sales. You can learn more on my site www.mindshare101.com by clicking on Marketing.This show is a Founding Member of the Industry Syndicate Media Network.Please subscribe, rate the show, and share your thoughts by leaving a review. You can also get more #MindShare on Facebook @MindShare101 and Instagram @davidgreenspan101. Check out YouTube #MindShare101, and https://mindshare101.com/While on my site, be sure to download your FREE copy of The Ultimate Marketing Bundle for Realtors. It's 31 pages of marketing tips and tricks, and includes a 90 day content calendar!AND if you want to be part of our Private MindShare Community where we meet every month live to share ideas, tips, tricks, and to motivate each other, where our MindShare Masters get access to our private VIP Q&A with our Special PodCast Guests each week, and where you get daily marketing & sales tips delivered right to you, plus the opportunity to motivate, learn, and network with a whole bunch of people just like you, just click here to join - https://mindshare101.com/plans/group-coaching/ If you would like to be a guest on the show, or know someone that should be a guest on the show, or if you would like to Sponsor the show, send us a message to info@mindshare101.com

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Tour Tuesday and Jann Arden

Play Episode Listen Later Jan 20, 2021 5:35

It's Tour Tuesday and with a few technical glitches we launched 2021 officially at Royal Lepage!! https://taralyons.ca/tour-tuesday-and-jann-arden/ We had a silent Phil Soper and an AMAZING Jann Arden help us out. Let's Start TOOOUUURRR Tuesday!

tour royal lepage jann arden phil soper

The government wants to reward Charles McVety

Alan Carter

Play Episode Listen Later Dec 3, 2020 26:44

MP Catherine Fife joins Alan to discuss Charles McVety's Canada Christian College. Royal Lepage's Phil Soper discusses why Torontonians are looking for bigger homes. See omnystudio.com/listener for privacy information.

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MindShare's State of the Union in Real Estate, with Special Guest - Royal LePage CEO, Phil Soper

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Play Episode Listen Later Nov 6, 2020 73:44

The Swanepoel 200 ranked him as the most influential leader in Canadian Real Estate, and 10th overall worldwide for 2020.In 2016 he became the first Canadian to receive the Real Estate Leadership Award at the US National Realtor Expo as “an industry visionary who embraces innovation and blazes new paths.Real Estate Marketing Magazine declared him one of the 25 most important leaders of the past 25 years, and he has been honored as “CEO of the Year” by the Canadian Public Relations Society, which is the first for a real estate industry executive.A graduate of the university of alberta school of business, and the university of western ontarios ivey executive program, he is the President and CEO of Royal LePage, and Bridgemarq Real Estate Services.This week on the show I am joined by - Mr. Phil Soper as we talk MindShare's State of the Union in Real Estate.The MindShare PodCast is sponsored by KiTS Keep-in-Touch Systems, and is a Founding Member of the Industry Syndicate Media Network.Please subscribe, rate the show, and share your thoughts by leaving a review. You can also get more #MindShare on Facebook @MindShare101 and Instagram @davidgreenspan101. Check out YouTube #MindShare101, and https://mindshare101.com/While on my site, be sure to download your free copy of The 7 Ways To Communicate eBook. It will help you know how to deliver the right message to right audience across the right channel, so you can build more MindShare. AND if you want to be part of our Private MindShare Community where we meet 2x's a month live to share ideas, tips, tricks, and to motivate each other, where our MindShare Masters get access to our private VIP Q&A with our Special PodCast Guests each week, and where you get daily marketing & sales tips delivered right to you, plus the opportunity to motivate, learn, and network with a whole bunch of people just like you, just click here to join - https://mindshare101.com/plans/group-coaching/ If you would like to be a guest on the show, or know someone that should be a guest on the show, send us a message to info@mindshare101.com

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What's going on with The GTA real estate market? How much is your favorite delivery app charging your favorite restaurant and what's missing from the new Iphone?

Kelly Cutrara

Play Episode Listen Later Oct 14, 2020 30:09

Kelly talks to Phil Soper from Royal Le Page about the GTA market. She gets the skinny on apps like Uber Eats and what they are charging restaurants to use their service & a lot of the talk about the new Iphone is about what it doesn't offer. See omnystudio.com/listener for privacy information.

Today's Podcast

canada toronto conservatives royal lepage retail council phil soper

Play Episode Listen Later Aug 24, 2020 24:56

Jeff is joined by Dan Moulton and Jenni Byrne to discuss Erin O'Toole's Conservative win. Royal Lepage's Phil Soper speaks with Jeff about Toronto's rental market during a pandemic, and Retail Council of Canada's Diane Brisebois explains why online sales have skyrocketed as covid continues. See omnystudio.com/listener for privacy information.

#13 - Post COVID Real Estate World - Phil Soper, President & CEO Royal LePage and Bridgemarq Real Estate Services

The addy Podcast

Play Episode Listen Later Jul 27, 2020 62:25

Learn from Phil Soper, President & CEO Royal LePage and Bridgemarq Real Estate Services, about the macro impacts of the pandemic on Canadian real estate and how to think about it from both a buyer and seller point of view. You'll learn about: Macro impacts of the pandemic on Canadian real estate How to prepare as a buyer How to prepare as a seller Spotlight on BC real estate Q&A Speaker Bio: Phil Soper is President & CEO of Royal LePage and Bridgemarq Real Estate Services. With 20,000 agents in its Royal LePage, Royal LePage Commercial, Johnston & Daniel, Via Capitale and Proprio Direct businesses it is the largest real estate brokerage firm in Canada, with property sales of $100 billion dollars in 2019. In the 2020 comprehensive ranking of industry leadership in North America, the Swanepoel 200, Soper was again named the most influential leader in Canadian real estate and 10th worldwide. In 2016, he became the first Canadian to receive the Real Estate Leadership Award at the U.S. National Realtor Expo as “an industry visionary who embraces innovation and blazes new paths.” Real Estate Marketing magazine declared him one the 25 most important leaders of the past 25 years, and he has been honoured as “CEO of the Year” by the Canadian Public Relations Society, a first for a real estate industry executive in the long history of the award. Soper's community involvement includes the Royal LePage Shelter Foundation, Canada's largest charity focused on eliminating domestic violence and supporting the women and children who fall victim to it; United Way and Toronto SickKids Hospital campaign leadership; and Ryerson University's Ted Rogers School of Management. Ryerson awarded Phil the inaugural G.Raymond Outstanding Volunteer Award in 2017. He is a former governor of the University of Alberta. Prior to his real estate career, Phil Soper was an executive with technology giant IBM where he held national and global leadership roles in professional services and technology sales. He is a graduate of the University of Alberta School of Business, and the University of Western Ontario's Ivey Executive Program. Disclaimer The information provided on addy's website, webinars, blog, emails and accompanying material is for informational purposes only. It does not constitute or form any part of any offer or invitation or other solicitation or recommendation to purchase any securities. It should not be considered financial or professional advice. You should consult with a professional to determine what may be best for your individual needs. Forward-Looking Statements Some information contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "intention", "will", "may", "can", and similar expressions are intended to identify forward-looking statements. Although addy believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since addy can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and addy does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.

CEO of Royal LePage Phil Soper on Housing Prices

housing prices royal lepage phil soper

Play Episode Listen Later May 29, 2020 8:11

Real estate signs: Is now the time to buy?

This Matters

Play Episode Listen Later May 27, 2020 20:44

If you look at any of the numbers, the Greater Toronto Area’s real estate market is in free fall. New homes sales were down by 69 per cent, and several conflicting forecasts say prices could go up 7 per cent or potentially fall 18 per cent. COVID-19 has done what seemed impossible by actually cooling Toronto’s white hot market down, in what is usually the high point of buying and selling season. Of course, for some people, this could be an opportunity. With prices expecting to be down for the next 18 months, some think that this is the time to get into the market, and in particular, the time that younger buyers might have their chance to get in. In fact, some experts believe that the market will need first-time buyers—and millennials upgrading—to help speed up the economic recovery. To discuss the trends in the real estate market now, and whether it’s a good time to think about buying, Raju Mudhar is joined by Phil Soper, CEO of Royal LePage and Bridgemarq Real Estate Services.

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Tour Tuesday and the Agents of Shield - Season 2 - Episode 12

Tour Tuesday with Team Tara Lyons

Play Episode Listen Later Apr 15, 2020 12:20

Team Tara Lyons AKA The Agents of Shield talk about giving back to the community, market outlook per Royal LePage's President Phil Soper & a new listing. You can also watch the episode here: https://youtu.be/gOUJlEREc5c Please stay safe everyone ❤️ #teamtaralyons #tourtuesday #belleville #realestate #faceshield

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Ontario Morning Podcast - Tuesday April 14, 2020

Ontario Morning from CBC Radio

Play Episode Listen Later Apr 13, 2020 56:18

Dr. Laura Hawryluck is a critical care physician at Toronto Western Hospital. She explains some of the ethical discussions she and her colleagues are having with respect to who should and should not get treatment if there is a shortage of resources; Spring is when the 'for sale' signs show up everywhere. Not this year. Phil Soper. of Royal LePage describes the real estate market; The CBC's Paula Duhatschek reports on some disturbing incidents where have police have been called in to respond to complaints that customers have been deliberately coughing or even spitting on workers in essential businesses such as the LCBO or grocery stores; The provincial government issued an emergencyorder to prohibit child care centres that are closed from collecting fees from parents. We get reaction from Kim Yeaman of Simcoe Childcare Services in Innisfil; Dr. Michelle Cohen, a family physician from Brighton explains how the threat of COVID-19 has prompted her to finally prepare her will and living will; University of Ottawa psychologist Joseph De Koninck talks about how to ensure you are sleeping properly amid all the recent disruptions; Saraya Bruinsma tells what it's like for her as she prepares to begin work as a nurse for the first time today; Naturalist Drew Monkman tells us about the yellow-bellied sapsucker.

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For the Greater Good: RE/MAX and Royal LePage discuss COVID-19 and our Industry

Now We're Talking Real Estate

Play Episode Listen Later Mar 27, 2020 51:06

In this special episode of Now We’re Talking Real Estate, hear two top real estate executives open up about the industry in a time of crisis - and how we've come together without competition. RE/MAX INTEGRA, Ontario-Atlantic’s EVP and Regional Director, Christopher Alexander, and Royal LePage Canada’s CEO, Phil Soper, talk openly about current industry chatter and essential services; the future of real estate and the lasting effects coronavirus will have on our business; and most importantly, how you, our real estate agents, have stepped up in a time of crisis and solidified your importance as a service provider.*NOTE: This podcast contains a discussion of a number of issues and approaches relevant to carrying on business as a real estate agent in the Province of Ontario during the COVID19 pandemic state of emergency. Neither RE/MAX, Royal LePage, the producers nor the participants of the podcast provide any representation that any of the safety, hygiene or other practices discussed are appropriate or sufficient nor that they conform to applicable legal requirements in Ontario or elsewhere. It is the responsibility of each real estate broker and agent to ensure that the safety and hygiene procedures that are put in place in their own businesses are reasonable, appropriate, and conform to the applicable regulations and public health guidance especially as they relate to in-person meetings of any kind as these have the greatest likelihood of contributing to the spread of the COVID19 virus. You should check in frequently with public health officials as the guidance on in-person contact has changed frequently. You should also monitor the news and other sources of official updates on what is permitted as an essential service.

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Phil Soper, CEO Royal LePage on end to open houses & pandemic

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Play Episode Listen Later Mar 23, 2020 11:35

Phil Soper, CEO Royal LePage Ontario Real Estate Association talks about an end to open houses during pandemic

Phil Soper, CEO Royal LePage on Interest rates, Toronto real estate

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Play Episode Listen Later Mar 10, 2020 12:03

Phil Soper, CEO Royal LePage talks about Covid 19, Interest rates, and rising Toronto housing prices

Phil Soper talks about the Liberal Party's platform real estate plan

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Play Episode Listen Later Oct 22, 2019 13:44

Phil Soper, CEO, Royal LePage talks about the highlights from the Liberal Party's platform real estate plan

Phil Soper, CEO of Royal LePage on newcomers' & housing market

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Play Episode Listen Later Oct 16, 2019 10:55

Phil Soper, CEO of Royal LePage talks about a survey on newcomers' contribution to Canadian housing market

Phil Soper, of Royal LePage on election promises & housing demand

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Play Episode Listen Later Oct 10, 2019 9:49

Phil Soper, CEO Royal LePage urges caution with election promises aimed at stimulating housing demand that lack concrete plans to address supply shortages

Phil Soper, CEO of Royal Le Page talks about housing in Toronto

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Play Episode Listen Later Jul 24, 2019 10:43

Phil Soper, CEO of Royal Le Page talks about a report on fewer housing options and moving less as well as bulldozing homes for a parking lot in Toronto

Phil Soper, Royal Le Page CEO talks about land registry and crime

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Play Episode Listen Later May 14, 2019 9:04

Phil Soper, Royal Le Page CEO, talks about realtors call for land registry to crack down on money laundering

Phil Soper, President & CEO of Royal LePage, talks the latest in home buying

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Play Episode Listen Later Apr 8, 2019 15:58

Phil Soper, President & CEO of Royal LePage, talks the latest in home buying.

Phil Soper, Royal Le Page CEO talks about The Budget & real estate

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Play Episode Listen Later Mar 19, 2019 14:16

Phil Soper, Royal Le Page CEO talks about The Budget and impact on real estate

Over a Pint with Phil Soper

Over a Pint

Play Episode Listen Later Dec 21, 2018 102:27

This week Andrew Fogliato sat down with the CEO of Royal LePage, the all-Canadian brand with 18,000 agents under their umbrella. We discuss what traits top producers share, agent count vs agent quality, recent re-brands of other popular brands, and so much more. It’s a long one but great insight from the one of the brightest in the industry.

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SEASON 1: The Real Estate Addition Podcast - Why The Rules Need To Change: Modernizing REBBA

Ontario Real Estate Association (OREA)

Play Episode Listen Later Oct 9, 2018 28:31

OREA President David Reid sits down with Royal LePage CEO, Phil Soper, to discuss the changing real estate landscape, the laws that govern REALTORS®, and OREA's recommendations for stronger professional standards in the real estate industry.

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Phil Soper, talks about Ontario baby boomers moving out of big cities.

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Play Episode Listen Later Aug 8, 2018 10:23

Phil Soper, CEO, Royal LePage talks about Ontario baby boomers planning to downsize or move out of big cities.

Phil Soper, CEO Royal LePage talks about the Q2 House Price Survey

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Play Episode Listen Later Jul 10, 2018 12:56

Phil Soper, CEO Royal LePage talks about the Q2 House Price Survey.

Phil Soper, CEO Royal LePage talks about tax on second properties

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Play Episode Listen Later Jun 6, 2018 9:53

Phil Soper, CEO Royal LePage talks about massive tax on second properties as proposed by the Ontario's NDP.

Phil Soper, CEO Royal LePage talks about the spring market

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Play Episode Listen Later May 10, 2018 11:36

Phil Soper, Royal LePage's CEO 2018 Royal LePage Spring Luxury Report.

Phil Soper, Royal LePage CEO talks about the GTA housing market that is poised for spring thaw

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Play Episode Listen Later Apr 16, 2018 8:12

Phil Soper, Royal LePage CEO talks about the GTA housing market that is poised for a spring thaw.

Phil Soper, Royal LePage's CEO talks about how retirees, and out-of-province residents are calling B.C. 'speculator tax' unfair.

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Play Episode Listen Later Mar 29, 2018 12:54

Phil Soper, Royal LePage's CEO talks about how retirees, and out-of-province residents are calling B.C. 'speculator tax' unfair.

Phil Soper, CEO Royal LePage talks about Tumbling Toronto Home Sales.

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Play Episode Listen Later Mar 2, 2018 8:29

Phil Soper, CEO Royal LePage talks about Tumbling Toronto Home Sales.

Balance comes to Toronto real estate market

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Play Episode Listen Later Jul 13, 2017 7:37

Phil Soper is the President, CEO of Royal Lepage, who's recent report suggests "Sanity began to return to the Greater Toronto Area, where a slowing of both price appreciation and sales activity was evident," Royal LePage said in its release. "In Greater Vancouver and Calgary, home sales began to recover after significant market downturns."

You Just Missed Your Chance to Get Rich on Toronto Real Estate

Stephanomics

Play Episode Listen Later Jul 13, 2017 19:04

Home prices in Canada's largest city have been on a tear. But the party could be on the verge of ending, at least temporarily. The Bank of Canada's decision this week to raise interest rates -- the first hike in seven years -- makes mortgages more expensive. A string of government tightening measures and a liquidity crunch at a Toronto mortgage lender are adding to concerns a price correction is around the corner. This week on Benchmark, Dan, Chris Fournier and Katia Dmitrieva speak to Phil Soper, chief executive officer at Royal LePage, a unit of Brookfield Real Estate Services, about what the latest developments mean for Toronto housing.

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Phil Soper - Double-digit growth in home prices across the Greater Toronto Area

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Play Episode Listen Later Jan 12, 2017 6:28

In the fourth quarter of 2016, the aggregate2 price of a home in the region rose 16.1 per cent to $720,761 year-over-year. Royal LePage CEO Phil Soper joins the John Oakley show and discusses these numbers and provide a forecast for 2017

Phil Soper, Pres. and CEO, Royal LePage and Brookfield Real Estate Services Inc. | February 11, 2015

Empire Club of Canada

Play Episode Listen Later Feb 11, 2015 54:14

The Empire Club of Canada Presents: Phil Soper, President and CEO, Royal LePage and Brookfield Real Estate Services Inc. With The Canadian and GTA Housing Market: Room for Optimism, Cause for Concern Phil Soper is President and CEO of Royal LePage and Brookfield Real Estate Services Inc., Brookfield RES, a Toronto Stock Exchange listed firm that trades under the symbol BRE. The company is the leading provider of brokerage and technology services to real estate professionals in Canada, with over 17,000 agents in its Royal LePage, Royal LePage Commercial, Johnston and Daniel, Via Capitale and Prudential Real Estate businesses. Phil Soper was named President of Royal LePage in 2002 and CEO of Brookfield RES in 2004. The business has more than tripled revenue and doubled agent count during Mr. Soper's tenure. From 2008 until 2012, Brookfield Real Estate Services made a series of strategic acquisitions in the American market, including GMAC Real Estate, Real Living and Prudential Real Estate, with a combined agent count of over fifty thousand professionals. In 2012, these businesses became Berkshire Hathaway Home Services, a joint venture between Brookfield and Warren Buffet's Berkshire Hathaway. The new firm was named U.S. Real Estate Agency Brand of the Year in a 2013 Harris EquiTrend study. Phil Soper is a frequent commentator on economic issues and the North American real estate industry. He was an early adopter in leveraging social media channels to enhance his firm's effectiveness and communications reach. U.S. based Swanepoel Report named Mr. Soper the most influential leader in Canadian residential real estate and number 18 worldwide, and Real Estate Marketing magazine declared him one the 25 most important leaders of the past 25 years. In January of 2015, Phil Soper will be honoured as CEO of the Year by the Canadian Public Relations Society, Toronto, a first for the industry in the twenty five year history of the award. Soper's board responsibilities include Brookfield RES, the Royal LePage Shelter Foundation, Canada's largest charity focused on domestic violence education and victim support, the Brookfield RES Foundation, which supports at risk youth focused and employee driven charitable initiatives, and Ryerson University's Ted Rogers School of Business. He is a former governor of the University of Alberta. Prior to joining the real estate industry, Phil Soper was a senior executive with technology giant IBM where he held various national and global leadership roles in professional services, business development, finance, marketing and sales. When he left IBM, Mr. Soper was General Manager, Information Technology Consulting and Services, the largest such business in the nation. He is married to Toronto lawyer, Melanie Yach. Mr. Soper graduated from the University of Alberta with a Bachelor of Commerce, and from the University of Western Ontario's Ivey Executive Program Speaker: Phil Soper, President and CEO, Royal LePage and Brookfield Real Estate Services Inc. *The content presented is free of charge but please note that the Empire Club of Canada retains copyright. Neither the speeches themselves nor any part of their content may be used for any purpose other than personal interest or research without the explicit permission of the Empire Club of Canada.* *Views and Opinions Expressed Disclaimer: The views and opinions expressed by the speakers or panelists are those of the speakers or panelists and do not necessarily reflect or represent the official views and opinions, policy or position held by The Empire Club of Canada.*

Episode 48.2 - Phil Soper, President of Royal LePage recaps 2013 and forecasts 2014

RealEstateTalkShow

Play Episode Listen Later Dec 9, 2013 10:19

Phil Soper, President of Royal LePage recaps 2013 and forecasts 2014

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Why is Canada’s housing market so hot?

Financial Post Big Picture

Play Episode Listen Later May 27, 2011 9:19

Housing prices have been on a tear in Canada recently, especially in Vancouver where foreign investment is becoming a real theme. Phil Soper, chief executive with Royal LePage, explains why the West Coast is the best coast and what you should think about if you're planning on buying or selling

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Royal LePage Eco Home Survey

Play Episode Listen Later Feb 13, 2008 7:24

This podcast features Linda Leatherdale, money editor of The Toronto Sun and host of MONEY LINE on Rogers Television, Phil Soper, president and CEO, Royal LePage Real Estate Services, and Elden Freeman, real estate broker and executive director, National Association of Green Agents and Brokers. Listen as they engage in an exciting discussion focused on green initiatives and trends in real estate.

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Royal LePage Market Forecast

Play Episode Listen Later Dec 11, 2007 6:32

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Royal LePage Housing Market Outlook

Play Episode Listen Later Oct 15, 2007 9:13

Linda Leatherdale, money editor of The Toronto Sun and host of MONEY LINE on Rogers Television, and Phil Soper, president and CEO, Royal LePage Real Estate Services, discuss the Canadian Real Estate market and the outlook of where the market is headed. Included in this segment is an overview of The 2007 Carriage Trade Luxury Properties Report, which examines trends and activity in eight major cities across Canada.

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Royal LePage Recreational Property Report