Confidence in Canadian housing market continues

The Royal LePage House Price Survey released in October showed the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year. The strength of home price appreciation in the third quarter defied expectations as very low interest rates buoyed consumer confidence in a comparatively stable Canadian economy. Year-over-year gains appear deceptively strong in comparison to a weak third quarter of 2010.

"The strength in Canada’s national housing market conceals signs of predictable softening in some regions," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas – with some average values even falling slightly – after the busy spring trading season. A broader slowdown is expected in the months ahead but fears of a US-style correction are completely unfounded."

In the third quarter of 2011, the national average price of a detached bungalow rose 7.8 per cent year-over-year to $349,974, while standard two-storey homes rose 7.7 per cent to $388,218 and standard condominiums rose 5.7 per cent to $239,300.

"To best provide Canadians with an accurate look at the housing market, Royal LePage uses year-over-year comparisons as the housing market follows a seasonal pattern. It is important to note that our 2011 third quarter results benefit greatly by going head-to-head with what was by far the previous year’s weakest period," continued Soper.

Sustained demand from foreign buyers helped drive prices up in the country’s largest markets as Vancouver’s standard two-storey homes rose 16.9 per cent year-over-year to $1,142,500 while detached bungalows in Toronto climbed 9.4 per cent to $518,433. Conversely, while the volume of homes trading hands has increased in Alberta, house prices in the province remained soft with detached bungalows in Calgary falling 1.0 per cent in the third quarter. Similarly, detached bungalows and standard two-storey homes in Victoria fell 2.0 and 1.1 per cent respectively.

If you are wondering what your home is worth in today’s market, please contact me and let me put my expertise to work for you!

Average house prices are based on an average of all sub-markets examined in the area, except for the smaller markets of Charlottetown, Moncton, Fredericton, Saint John and Victoria.

Think your living space is too small, lacks lighting, or simply doesn’t work for you anymore? It may be time to rethink your living space. Looking for more efficient ways to make use of your space and improve your home isn’t as difficult as advanced calculus, you just need to follow the three “Rs”: remove, repurpose, revive.

Remove

One of the easiest methods of making a space appear larger than it actually is, is to stick to the 'no clutter' rule. To help remove clutter make use of the backs of cupboard and wardrobe doors that are out of sight, install under shelf storage to store things in wire trays and baskets, and make use of ‘dead space’ with vertical storage solutions.

Decluttering not enough? Consider removing a wall to turn two cramped rooms into one open area with better lighting, and a more spacious feeling. Consult a professional to establish if it’s a load bearing wall, and if it carries wires, pipes, or heating ducts.

Repurpose

Rather than accepting designated room labels, perhaps it’s time to consider your family’s lifestyle and needs and tailor your home to meet them.

A formal dining room can be made part-library for book lovers. Adding bookshelves and a comfortable chair invites the readers in your family to sit and relax. If book shelves don’t work in your dining room, move them to the back foyer; it’s often an underutilized space that can also be used for storage, with hooks, shelves, and cabinets.

If your living room is doing a lot of multitasking as the television, computer, games, and homework spot, consider sub-dividing it into two separate areas. Bring in a casual dining table or desk for the work area, and make use of a sectional, carpet, or even a bookshelf to divide it from the relaxing area.

Revive

Your space may simply need sprucing up to help revive its look. Paint is the number one way to freshen and change the whole look of a room, even if it means painting one wall to contrast the other three. Complement new paint with new cushions or an area rug that fits your colour scheme.

To dress up and soften the windows, add a ready-made panel curtain over the blinds, then tie it to one side. And to really lighten up a room, add recessed lighting such as downlights or floodlights that don’t take up extra space.

Make your space enjoyable by removing, repurposing, and reviving, and you’ll fall in love with your home all over again!

Take your Winter Garden from Drab to Fab

A garden is our little piece of paradise, a place to appreciate nature in its changing seasons, and winter is no exception. With a little planning you can go outside and enjoy the fresh air and exhilaration of your garden right through the winter.

Create colour by incorporating some evergreens into your garden setting, including pine, fir and holly. Leave tall grasses or plants untrimmed as they’ll look sensational dusted with snow, especially red dogwood. Add more visual interest with bright bird houses, bird baths and statuary. Condo owners with balconies can create a mini garden: put winter kale and branches in a planter and surround with your favourite green boughs, which can last up to three months.

Sit outside on your garden furniture and soak up some sun out of the wind. By treating and protecting your wood or metal furniture it can be left outdoors so you have a front row seat to winter’s wonder. Take the chill off the air with an overhead patio heater, which will keep you warm and comfortable and also provide light for nighttime. If permitted in your municipality, a fire pit adds an extra glow, especially when you sit around it with your favourite people toasting marshmallows, or sipping cups of hot chocolate.

Winter lighting adds an extra dimension to your garden or balcony. Solar lights provide a soft glow to a snowy landscape, or simply wrap a small tree or bush with a string of white LED mini lights. Lights add an element of wonder to dark winter nights.

Too tired to go outside after a long day at work? A hot tub in your garden is a perfect place to unwind and wash your troubles away, or to soothe aching muscles after shoveling mountains of snow from the driveway. Picture yourself immersed in hot bubbling water as snowflakes fall around you.

Taking time to sit and relax is good for you, and the quiet serenity of a winter garden is perfect for reflection or meditating. Take your camera outside and capture the sights of a Canadian winter in all its wonder. Snow has a way of making everything look magical so don’t miss out on the special experience of being out and about in your own winter wonderland.

For more information, please visit:

 http://www.torontorealestateboard.com/consumer_info/market_news/index.htm