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Market Updates

During the process of buying or selling a home, countless questions are bound to surface regardless of how "seasoned" you are in Real Estate.  Some questions are easily answered, however others may require a bit of research and study.   I understand how difficult it can be to sift through the mountain of information out there in order to find answers that are relevant and meaningful to you.  

As a firm believer in "knowledge is power," I do my best to educate and inform my Buyers and Sellers about the current market conditions and the process involved once you have made the decision to move.     

If you would like to receive regular Market Updates or newsletters please contact me at dodi.t@shaw.ca or call me at 604-644-3634

Latest News

As real estate prices remain high in Canada’s urban centres, young families are looking for unique ways to finance their dreams of recreational property ownership. In a recent survey conducted by Leger, more than a quarter (28 per cent) of Canadians with children under the age of 18 indicated they would consider selling their primary residence in the city in which they live in order to purchase a cottage, cabin or ski chalet. Other options that these potential buyers are willing to consider include fractional ownership in a shared property, purchasing a recreational property with a friend or family member, and renting out the recreational property they purchase on a vacation rental website such as AirBnB.

In a separate survey of RE/MAX brokers and agents, 73 per cent of regions indicated that young families with children were a key driver of demand in their market, including established recreational regions such as the Okanagan Valley in B.C., Canmore, AB, Collingwood, ON and the Laurentians in Quebec. Retirees were also a key driver of demand across Canada, with more than half (55 per cent) of regions surveyed reporting an increase in retiree buyers this year compared to last year.

Continued high real estate prices in regions like Toronto and Vancouver have led to large numbers of retirees and Baby Boomers nearing retirement to sell their homes and put the equity they received from the sale into the purchase of a recreational property. This has in turn resulted in the price appreciation that we’ve seen in popular recreational property markets such as Whistler in B.C. and Haliburton in Ontario.

The RE/MAX survey of brokers and agents found that 39 per cent of regions experienced an increase in demand from buyers leaving either the GTA or B.C.’s Lower Mainland compared to last year. More local markets such as Salt Spring Island, located a few hours away from Vancouver and the Kawarthas in Ontario, experienced significant increases in demand as a result of this trend. Regions as far away as Ottawa’s Rideau Lakes Region and P.E.I’s north and south shore also received a boost from buyers leaving the GTA who are looking for great value on properties further out from the Greater Golden Horseshoe.

In Leger’s survey of Canadians, almost two-thirds (65 per cent) of millennials (18-34 years old) expressed interest in purchasing a cottage, cabin or ski chalet in the next 10 years. A quarter of respondents also indicated they would consider purchasing a recreational property as an investment vehicle to help finance retirement. At the same time however, many millennials feel that high real estate prices in the city in which they live will negatively impact their ability to buy a recreational property in addition to owning a primary residence.

To overcome this gap between demand and affordability, many Canadian millennials are willing to turn to unique financing methods to help purchase a recreational property. Nearly half (44 per cent) of millennials said they would purchase a property with a family member, while 39 per cent would purchase a property and rent it out using a vacation rental site such as AirBnB. Additionally, over a quarter of young Canadians (age 18-34) said they would consider selling the primary residence in which they live, while one in five millennials said they would consider both fractional ownership of a shared a property or buying with a friend.

 

The RE/MAX 2017 Recreational Report offers insight on the following regions:

Tofino and Ucluelet, BC

Squamish, BC

Whistler, BC

Kelowna, BC

The Shuswap & North Okanagan, BC

South Okanagan, BC

Canmore, AB

Lakes West of Edmonton, AB

Sylvan Lake, AB

Turtle Lake , SK

Qu’appelle Valley, SK

Lake Winnipeg, MB

Thunder Bay, ON

Manitoulin Island and French River, ON

Lake Huron, ON

Georgian Bay, ON

Lake Simcoe, ON

Muskoka and Haliburton, ON

Peterborough and the Kawarthas, ON

Rideau Lakes Region, ON

Laurentians, QC

Eastern Townships, QC

Charlevoix, QC

Shediac, NB

North Shore/South Shore, PEI

Cape Breton, NS

Newfoundland’s East Coast, NFLD

 

Read the full report here: RE/MAX Canada 2017 Recreational Property Report

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Read the full report here:

REMAX Spring 2017 Canadian Real Estate Trends Report 

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Last month in Las Vegas I was honoured to receive my RE/MAX Titan Award from Gail Liniger, Vice Chair of The Board and Co-founder of RE/MAX. She is an incredible woman and an inspiration to all.

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As a proud community sponsor, and a proud sponsor of the North Shore Sinfonia, I'd love you to join me and my fellow realtor Farima Roberts for a wonderful evening of music and dance:

East Meets West

Saturday, February 27, 2016 (7:30pm)

This concert promises to be one of our most innovative and distinctive collaborations. Representing the East is Vancouver’s Pars National Ballet and Hossein Behroozinia, the renowned player of the barbat and lauded by the L.A. Times for his “spectacular musicianship.” Representing the West is our Principal Horn player Duncan Shaw, who performs Vaughan Williams’ English Folk Songs and Canadian composer Keith Bissel’s Under the Apple Boughs, which was inspired by folk music, Dylan Thomas’ poems, and our vast Canadian landscapes.

 

Buy tickets here: Lions Gate Sinfonia

 

Can't wait to see you there!

Dodi

 

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Here we are by the flame as proud sponsors of the 2015 55+ Games in North Vancouver!

Congratulations to all the athletes who participated and the over 1,000 volunteers who made this year's games a wonderful success. 


Dodi and Rachael


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604–644–3634
dodi.t@shaw.ca

RE/MAX Dodi Thorhaug Realty
#101-2609 Westview Drive North Vancouver, BC V7N 4M2 Canada

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