12 Charts About Canadian Housing That Will Make You Go WTF
12 Charts About Canadian Housing That Will Make You Go WTF – article by Huffington Post. Although Canada has never built as many condos, RBC who created many of the charts here are not concerned as there’s still a housing shortage in Toronto and Vancouver where a lot of the construction is concentrated.
In contrast single family home construction is near record multi year lows attributed to the lack of space in Toronto and Vancouver as illustrated in the RBC chart below. This short supply may help explain why single-family home prices have risen much faster than condo prices.
In terms of affordability, “Toronto’s Home Affordability Is The Worst It’s Been In A Quarter Century”.
And the situation in Vancouver is even worse:
“It costs five times as much to upgrade from a Toronto condo to a house as it did five years ago”
“By 2016, the gap had increased to some $500,000. It now costs more to upgrade from a Toronto condo to a house than it did just to buy a house five years ago.”
“Despite that, the average house price — as measured by the MLS Home Price Index — rose 28 per cent, much faster than inflation or wages.”
Montreal has the same housing “shortage” as Toronto. So why aren’t Montreal house prices soaring?
Vancouver and Toronto are more expensive than Paris, New York and Tokyo
“When you take the suburbs into account, Toronto is more expensive than Paris, New York or Tokyo. (Here’s the proof if you don’t believe it.) And Vancouver is, additionally, more expensive than London and Los Angeles. Note also that Victoria, B.C., metro population 344,000, is more expensive than New York, Miami or Singapore.”
You can read the full article by the Huffington Post Canada below;
The evidence is building that Canada’s housing markets – particularly Toronto and Vancouver – are going out of whack. “No duh,” you say, “you noticed prices soaring insanely too, huh?” Well it’s not just that. It’s that these housing markets seem to be violating some basic economic principles.
The heart of our homes is the kitchen without a doubt! I’m not sure about you, but after living over 20+ years in my home with my family of three kids, who by the way, still live at home, the kitchen and family are the two rooms we spend most of our time in!
After years of selling real estate, the kitchen can either make or break the sale of the home. For a buyer to fall in love with the home, most of the time, the kitchen has something to do with it. There’s so many incredible kitchen designs today and it’s easy to be inspired. I thought I would share this great selection of twenty kitchen designs featured on DWELL.
Here are 20 well-designed versions that offer an ideal setup for entertaining a group of friends, whipping up an after-school snack, or enjoying dinner-for-one. Join the Kitchen Mailing List Get carefully curated content filled with inspiring homes from around the world, innovative new products, and the best in modern design
Frank Lloyd Wright Designed House Asks $1.4 Million
This Frank Lloyd Wright Designed House is asking $1.4 Million by the original owners after having lived there for almost sixty years! To begin with, it’s rare to have a home designed by Frank Lloyd Wright on the market.
“Located on 3.77 acres in Minnesota’s Lake Forest neighborhood is a 2,647-square-foot, three-bedroom home that was designed by Wright in the late-1950s. When Paul and Helen Olfelt commissioned Wright to design a home for their family in 1957, he worked on the project until he passed away in 1959. After moving into the final result by 1960, they settled in, and ended up raising four children there over the years.”
Sitting on a quiet cul de sac, this gorgeous home is made up of almost entirely brick, glass and stone. This rare find is one of just nine surviving homes in Minnesota that were designed by Wright.
Though this home is close to downtown Minneapolis, it sits on a quiet, 3.77-acre piece of land. When you approach the brick home, it immediately becomes clear that it’s a Frank Lloyd Wright-designed home-thanks to its wing-like shape and Cherokee Red-painted steps.
According to the greater Montreal Real estate Board there were 5,057 residential sales in May, a 15 per cent increase from last year. The median cost of a single family home increased to 6 per cent from last year to $319,000.
“As I understand it, non-resident buyers have been a growing factor in Montreal for some time,” said Doug Porter, chief economist with the Bank of Montreal. “It hasn’t been obvious since the inflows are not as significant as in Vancouver or Toronto, and the underlying market simply isn’t nearly as tight as in those other two cities, so prices have remained well contained. In fact, Montreal appears highly affordable globally, and that by itself may slowly generate more foreign buyer interest. While it’s early to say, certainly there is a good possibility that some flows may now gravitate to Montreal from the GTA”
Mathieu Bedard, an economist with the Montreal Economic Institute asks the question, “I think the question is, does a foreign buyer tax really have an effect? We saw in Vancouver the market slow down after the tax and then started coming up again. These types of taxes have no long-term effect. It’s only politicians trying to give the impression of taking care of problems but it doesn’t affect the fundamental reason why prices are up and that’s a supply problem.”
According to Gary Marr from the Financial Post, “Vancouver is now seeing cost and sales elevating again after the province put a 15 per cent tax on foreign buyers in August, 2016. Sales in Greater Vancouver in May jumped 22.8 per cent from April, while prices rose 8.8 per cent in May from a year ago and 2.8 per cent from April.”
In the meantime, Carlos Leitao, the Quebec finance minister, said his department has no short term plans of implementing a foreign buyer’s tax, so Montreal is safe for now!
Here are the sales stats for Montreal Real Estate Residential Market May 2017 via the QFREB
Paint Your Bathroom This Color And Boost Your Sales Price!
Boost your sales price by $5440.00 by painting your bathroom blue, and this is the data behind it!
Who knew that painting your bathroom blue could significantly increase your sales price! According to Zillow, after analyzing the sales of 32000 homes, they found that ” homes with blue bathrooms — specifically light shades like powder blue or periwinkle — fetched $5,400 more than expected when sold.”
To get a look at just how much money was realized by room and paint color, check out this chart:
Other colors that made a difference were beiges and grays, “Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray not only make a home feel larger, but also are neutral enough to help future buyers envision themselves living in the space,” said Zillow chief economist Svenja Gudell in the report.
According to this chart, painting your dining room brick red will apparently cause you to fetch $2000 less on your home sale and a white bathroom is even worth with approximately, $4000 less. Brown, yellow and pink, don’t seem to fair well either.
Watch this slideshow from MoneyWatch on;
7 Paint Colors That Can Boost The Value of Your Home
No Plans For A Foreign Tax In Montreal means that Montrealers can relax safe in the knowledge that there are no plans to implement a tax on foreign buyers that wish to buy Montreal real estate. Vancouver implemented their tax about a year ago, Ontario, in April 2017. Many feared that Montreal would follow suit, but the truth is our real estate market never became overheated like Vancouver or Toronto’s.
According to the article written by CTV News:
“The average prices of all homes in the Montreal area was $364,373 in April, roughly a third of what they are in Vancouver and 40 per cent of property prices in Toronto. And while that represents a year-over-year rise of 7.9 per cent, that still lags the national increase of 10.4 per cent over the last year.
The number of homes purchased by foreigners in Montreal increased by 62 per cent during the first nine months of 2016, but they still only account for about 1.5 per cent of all transactions, according to the Canada Mortgage Housing Corp.”
Based on these numbers, Montreals don’t have to worry about a real estate foreign tax, at least for NOW!
You can read the full CTV News article by clicking on the link below,
Quebec’s finance minister says he has no plans in the near term to introduce a foreign buyer’s tax on Montreal homes but is open to the idea if one is needed. Carlos Leitao says his department is closely monitoring whether a 15 per cent tax on foreign buyers in the Greater Toronto Area will have a large spillover effect on Montreal real estate prices.
A Garden Of Eden In Quebec is about an organic permaculture farm in Quebec that really is like the garden of eden! This special place, is called Miracle Farms. It has an abundance of beautiful produce is open for a short time during the summer and early fall. A 60$ membership, gets you:
$20 of UPick foods included
One free tour with a guest per year
The opportunity to order our grass raised meat
The opportunity to come to the farm during our “members only” open days
But most importantly, it gives you the chance to reconnect with nature, the sacredness of our food and the earth! To learn more about Miracle Farm, here’s the link to their website.
To really get an idea of what I mean when I say, “a garden of Eden”, you have to watch the video. Especially if you’re a foodie like I am and are always dreaming about what you’re going to eat next, every half hour!!
The Montreal Market Update 2017 – It’s hard to believe but the year is halfway over! Some of the stats are in and Montreal’s real estate market has been performing extremely well. I thought I would share the QFREB’s latest market report called “The Economist”.
According to “The Economist”, “The resale market in Québec had a much better start to the year than we had anticipated. In the first four months of 2017, the increase in residential sales stood at 3 per cent.”