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The 2010 RE/MAX Recreational Property Report, highlighting sales, prices, trends and developments in close to 50 markets from coast-to-coast, found that 79 per cent of recreational areas reported an upswing in the number of properties sold during the first three months of the  year.  Starting prices for recreational product were also on the move, with 43 per cent posting a nominal increase.  Inventory levels, with the exception of the coveted entry-level price point, were healthy and balanced market conditions prevailed in most areas.

 “Stronger than expected economic recovery, combined with additional incentives such as rising interest rates, stricter lending criteria, and a new sales tax, have served to kick-start activity in recreational property markets from coast-to-coast,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.   “Entry-level product is experiencing the greatest demand this year, as value-driven purchasers look to stretch their dollar as far as it will go.  This is especially true in Western Canada, where values have softened considerably year-over-year, but are now starting to firm up.”

The rebound in stock portfolios and greater stability in personal finances has added fuel to the fire.  Baby boomers and Generation X – aged 35 to 55 years – are working in tandem as a result, snapping up modest properties located on prime waterfront.  Despite the upward pressure on starting prices, the RE/MAX Report found that one in every four recreational property markets still offers winterized, waterfront product priced below $250,000.

“Opportunities exist for savvy purchasers across the country at virtually every price point,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec.  “Recreational property buyers in the mid-to-top end have a definite edge in the market, with greater purchasing power than in years past.  Those in the lower end will find that there are more waterfront options available than ever before. ”

The most affordable starting prices were found in: Newfoundland Coast, NL ($105,000), Shediac Bay ($230,000), and South Shore/North Shore, NS ($230,000 to $240,000) in Atlantic Canada; The Laurentians ($175,000) in Quebec; Prince Edward County ($200,000 - $250,000), Elliot Lake ($215,000), Parry Sound ($219,900), East Kawarthas ($225,000), and Bancroft ($235,000) in Ontario; and South Central Cariboo ($180,000), Lake Winnipeg ($250,000), Canmore ($270,000) and Ucluelet ($499,000 for oceanfront) in Western Canada.

“While sales have been strong out of the gate, the number of waterfront cottages, condominiums, and back lot properties sold in the first quarter still fall short of pre-recession levels,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada.  “However, with peak season fast approaching, stimuli such as softer values, greater selection, and relatively low interest rates may prove difficult for recreational property buyers to resist.”

Similar conditions existed in residential housing markets across the country last spring, setting the stage for heated second, third, and fourth quarters of 2009.  Affordability was top of mind then, as it is now, with many prospective purchasers cautiously venturing into the market. 

  Highlights:

Ø  Of the markets that experienced an increase in starting prices, half were value-priced, with winterized waterfront product available under $350,000.  The remainder was typically comprised of prime, sought-after markets favoured among purchasers such as the Georgian Bay and Lake Simcoe areas and the Muskoka Region.

Ø  The most expensive recreational property markets included: Sylvan Lake, AB ($1.2 million); Vernon, BC in the North Okanagan ($1.15 million); Tofino, BC ($875,000); Cultus Lake/Harrison Lake, BC in the Fraser Valley ($800,000); Whistler, BC ($799,000) and Salt Spring Island, BC ($750,000).

Ø  Americans have virtually fallen off the map in Canadian recreational properties.  Only ShediacBay, where recreational property values are a fraction of those in the US, continues to draw eager purchasers from the eastern seaboard of the United States.

Ø  Bargain-priced properties in the Southern United States are still having an impact on Canadian recreational property markets, drawing some purchasers south of the border to areas such as California, Arizona, Nevada and Florida.  

Ø  Pent-up demand will continue to prop up recreational property sales in markets from coast to coast this season, as buyers who sat on the sidelines in 2008 and 2009, finally enter the market, spurred on by better prices, good affordability, and economic recovery.

RE/MAX is Canada’s leading real estate organization with over 17,500 sales associates situated throughout its more than 680 independently-owned and operated offices across the country.  The RE/MAX franchise network, now in its 37^th year, is a global real estate system operating in 80 countries.  Over 6,450 independently-owned offices engage over 92,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management.  For more information, visit: www.remax.ca.

Dedication, skill and professionalism earned RE/MAX REALTORS the deisgnation of Most Trusted Residential REALTOR in Canada by Reader’s Digest magazine.  Reader’s Digest will unveil its “Most Trusted Brands” list in its May 2010 issue.  The magazine commissioned independent third party Harris/Decima to conduct 1,500 online surveys among a random sample of its panel members from October 2-15, 2009.

RE/MAX associates sell one in every three homes in Canada and carry more professional designations than any other REALTORS in Canada.  We’re specialists in all niches from residential, recreational, and commercial properties to luxury homes.  Our focus has always been service excellence, which includes a serious emphasis on profressional development and education.

Dramatic rebound characterizes Canada’s luxury home segment in 2010.
Luxury home sales soared in the first quarter of 2010 as affluent purchasers moved to take advantage of favourable market conditions across the country, according to a report released today by RE/MAX. The RE/MAX Upper End 2010 Report, highlighting sales and trends in 13 major Canadian centres and five submarkets, found that improved economic performance, increased personal wealth, immigration and foreign investment all contributed to a serious upswing in sales. Virtually all areas experienced double and triple-digit increases between January and March of this year over 2009 figures for the same period. Nine out of the 13 markets examined (69 per cent) shattered existing records – setting new all-time highs for first quarter activity in the upper end.

Recovery in the upper end has been nothing short of remarkable. This segment of the market was hardest hit when the recession took hold—yet its comeback has been fast and furious. There is no doubt that mindset has
changed and confidence has returned. One only has to look at the percentage increases to see the current upward trajectory. 

While comparisons are being made to one of the worst first quarters on record – it’s important to note that the bounce back in many areas – including Greater Vancouver, Victoria, Winnipeg, London-St. Thomas, Greater Toronto, Ottawa, Montreal (Island), Halifax-Dartmouth, and St. John’s — exceeds record levels reported in years past. Leading in terms of percentage increase in sales is Kelowna (700 per cent), Montreal (Island) (300 per cent), Victoria (275 per cent), Greater Toronto (263 per cent), Greater Vancouver (184 per cent), Hamilton-Burlington (169 per cent), Edmonton (164 per cent), London-St. Thomas (125 per cent), and Ottawa (121 per cent).

Real estate continues to resonate with purchasers at every price point. With the top end of the market shifting into high gear, every segment of the residential real estate sector is now operating in tandem. Despite the
upward momentum, there are still deals to be had – especially at the higher price points—a fact that is motivating buyers to act.

Economic performance has been a major driver, boosting consumer confidence levels across the board. The tangibility of bricks and mortar has also played a role in record activity – a development that began in 2008 as
affluent purchasers reduced their exposure to equities and shifted their earnings into real estate holdings.  Recovering stock markets – and portfolios – in the months ahead will further contribute to housing market
activity.

Luxury sales as a percentage of the market have been steadily increasing in recent years – with the exception of 2009. With the return to economic growth, it’s expected that the number of high net worth individuals will
begin to rebound, following two years of consecutive decline. This will continue to help prop up Canada’s luxury market going forward.

Immigration and foreign investment have also had an impact on the luxury segment – and in some markets, seriously bolstered sales. Middle Eastern buyers, Mainland China investors, and Europeans—to a lesser extent—
are represented in virtually every market across the country. Canada’s sound banking system, political stability, and strong dollar are attracting foreign investment – and that is spilling over into high end residential real estate.

Most active in 2010 were business executives, entrepreneurs, and professionals. Location was first and foremost among upper-end buyers, followed by a preference for newer homes or those that are turn-key
(completely renovated). With the exception of Toronto, buyers could be relatively particular and take their time in making decisions as balanced conditions characterized markets across the board. Given adequate supply,
prices are likely to hold steady or experience modest increases in the majority of markets in 2010.
Canada’s most expensive luxury markets are shared equally among East and West, with Greater Vancouver topping the entry-level price point for high-end homes at $2 million, followed by $1.5 million in Greater Toronto
and Montreal (Island). Upper-end value markets were most abundant in Atlantic Canada and smaller centres in Ontario, where luxury home prices started at $400,000 in St. John’s, $450,000 in Halifax-Dartmouth, $500,000 in London St. Thomas, and $750,000 in Ottawa and Hamilton-Burlington. Winnipeg and Edmonton represented good value in the West at $500,000 and $850,000 respectively.
Greater Vancouver holds the title for the most expensive home sold through MLS in the first quarter. The property—an 11,600 sq. ft. home on ¾ of an acre on the city’s Westside, changed hands for $10.06 million.
Other noteworthy sales include: $7.25 million in the Greater Toronto suburb of Mississauga, $6.25 million in Toronto’s central core, $5.75 million in Calgary, $5.5 million in Montreal (Island), and $5.3 million in White Rock/South Surrey. The priciest MLS listings could be found in West Vancouver ($29.9 million), Greater Toronto ($23 million in Bridle Path), Vancouver Westside’s Shaughnessy area ($22 million) and Victoria ($19 million)

Kelowna, BC (April 14, 2010) – RE/MAX of Western Canada is proud to support National Organ Donor Awareness Week, April 18-25, 2010, designated by the Canadian Society of Transplantation. RE/MAX has partnered with Aquarius Marketing to power www.LiveOn.ca, a newly developed website that has been designed as a touch point to facilitate easy access to the applicable registration information for each provincial transplant agency. With the continued support of RE/MAX of Western Canada and other organizations helping spread the word on the need for organ donors, the BC Transplant Organization performed an amazing 211 organ transplants in 2009.

Registering your decision to become an organ donor can save up to eight lives and improve the quality of life for up to 80 others. The critical shortage of donors is only increasing, as fewer people are dying in ways that make organ donation an option. This is due to positive factors - improved safety measures such as airbags and helmet laws, as well as continued advancements in medical care. Nonetheless, the average person is far more likely to need an organ transplant than to be eligible to donate an organ. The good news is that everyone is a potential organ & tissue donor, regardless of their age. To date the oldest Canadian organ donor was over 90 years of age while the oldest tissue donor was 102 years old.

Canada ranks 11th place when compared to other countries with 14.8% actual organ donation per million people. Spain has the highest rate (34.3%), followed by Belgium (28.2%) and the USA (26.6%). “It is our hope raising awareness about the shortage of organ donors will encourage the public to discuss their wishes with their families and make the decision to register as an organ donor”, said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Canada has the opportunity to set a record-breaking year for organ transplants in 2010 and for many years to come. By educating ourselves on organ donation in our province of residence, we can all make this possible.”

RE/MAX is Canada’s leading real estate organization with over 17,500 sales associates situated throughout its more than 680 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 37th year, is a global real estate system operating in more than 70 countries. Over 6,500 independently-owned offices engage over 115,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.
For more information:

Marie Sheppy
RE/MAX of Western Canada
Office: (250) 860-3628
www.remax-western.ca

Occasionally, one can see “For Sale By Owner” signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Realtor©. Before you decide to take on this very important and legally complicated process…remember not even most Real Estate Lawyer’s recommend selling your own home yourself in today’s market. Here are a few of the reasons why:

1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.

2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long… there must be something wrong with the home.

3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor… and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate sales representative does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. If the buyer is represented by a real estate professional Realtors© are trained on how to overcome buyers remorse–a very common occurrence.

4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible, to generate the highest price possible.

5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.

6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.

7. The majority of qualified buyers are working with experienced real estate professionals.

8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in the real estate mainstream, this can some times make them wary.

9. As most local buyers now retain an experienced real estate sales person to represent them as their buyer-agency, you will probably be negotiating against an experienced professional.

10. Expected savings in broker’s fees will also be greatly reduced if you offer a selling commission to entice real estate sales representatives to bring potential buyers.

11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer’s fees will be considerably higher.

12. Only real estate sales representatives have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to real estate sales people. Further, real estate sales representatives are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.

13. You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.

14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems on closing. At times, expecting the Buyers and Sellers Lawyer’s to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Realtor© can act as a great mediator. Lawyers MUST act only on their client’s instructions and are not paid to negotiate.

Regards,

Al Dredge

Associate Broker

RE/MAX Real Estate – Southeast

aldredge@remax.net

With a full month of data to go on, the Realtors® Association of Edmonton has released its first Market update for the year.

Before we get into that, let’s review their forecast for 2010 as presented at their Annual Housing Seminar on December 13^th.  Association President Larry Westergard stated in his keynote address an expectation of sales to climb 10.5% from 2009 numbers to a figure of approximately 21,000.  Prices, he said, would experience seasonal variations but would trend upwards especially for single family homes which could expect to see a year over year increase of about 5%.  Condo prices though are expected to remain fairly stable with little or no year over year increase.  The end of year pricing in both categories is expected to be $385,000 (SFD) and $244,000 (Condo).  The one note of caution expressed was with respect to inventories – Westergard noted that the number of properties currently available hovered around 4,000 and the Association would be more comfortable with a number closer to 6,000 in order to alleviate any upward pressure on prices spiking, much as it did in 2006.

So, how did the year start off?  From a price point of view the RAE reports that there was little variation in single family homes – only an increase of $1,000 from December – condos on the other hand saw a 2% decrease (about $5,000) from December.  The number of transactions also was down in December, but the year over year comparison shows that January 2010 saw an increase of 154 units.  The biggest surprise was a doubling of the number of homes listed on MLS® bringing the inventory up to just below 5,000.  This indicates that the market in Edmonton remains robust.

Low interest rates and stable prices make for many great opportunities for Buyers, and the still too low inventory totals means that Sellers can still expect good activity on well priced and well looked after homes.  The one fact to remember is that with all of this information, the time tested mantra of real estate still holds – Location, location, location! – real estate is most effected by what is happening around it in its own community.  To get a better idea as to what your local real estate conditions are call one of our  RE/MAX Real Estate Associates for a one on one discussion of your real estate needs and the conditions of your micro-market at 780-462-5000 or email remax.re@shaw.ca

For RE/MAX Real Estate (Edmonton) – Southeast Branch

Leanne Tougas

Office Website Coordinator

Stay tuned for new and upcoming information from our office.