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Western Canada
Vancouver
Vancouver Westside
White Rock & Surrey
West Vancouver
Victoria
Calgary
Edmonton
Saskatoon
Regina
Winnipeg

CLICK for the full RE/MAX Upper End Property:
Press Release and Market Report

For more information:

Jackie Ostash
Public Relations Coordinator
RE/MAX of Western Canada
jackieo@remax.ca
1.800.563.3622

CLICK HERE to view the full 2012 RE/MAX Upper End Property Report

Kelowna, BC (May 16, 2012) – From red-soled shoes to designer handbags, performance automobiles to high-end real estate, the Canadian appetite for luxury products continues to escalate.

Demand for upscale homes is sweeping much of the country, with upper-end sales in the first quarter of 2012 well ahead of 2011 figures for the same period, according to a report released today by RE/MAX. The Upper End Report found that 81 per cent (13) of the 16 major Canadian centres examined—including Victoria, Edmonton, Calgary, Regina, Saskatoon, London-St. Thomas, Kitchener-Waterloo, Hamilton-Burlington, Greater Toronto, Ottawa, Quebec City, Greater Montreal, and Halifax-Dartmouth—posted an increase, with the vast majority reporting double-digit appreciation. Records were set for upper-end sales in eight markets in Ontario, Quebec and Nova Scotia.

“Canadians recognize and appreciate the stability of real estate,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Given volatility in other areas, housing has emerged as a blue-chip asset among the country’s most affluent individuals. The capital gains exempt status ups the appeal, particularly as we see ongoing fluctuations in stocks and uncertainty in Europe. All the variables have come together to support an upper end market firing on all cylinders.”

The greatest percentage increase was reported in Regina, where first quarter sales of luxury homes priced over $500,000 climbed 56 per cent year-over year (50 units vs. 32 units). Quebec City placed second, posting a significant 50 per cent upswing in activity, while Toronto followed closely with a 49 per cent gain. The mid-sized markets of London-St. Thomas (43 per cent) and Kitchener-Waterloo (39 per cent) rounded out the Top Five—demonstrating that upper-end enthusiasm is not exclusive to Canada’s larger centres.

“While the ranks of the rich expand in both population and wealth, their impact on the Canadian residential landscape is undeniable,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Their confidence abounds from coast-to-coast, irrespective of price point. Starting prices range from a low of $500,000 in markets like St. John’s and Halifax-Dartmouth to a high of $2 million in Greater Vancouver, and affluent homebuyers are still prepared to up the ante—choosing to further renovate or altogether teardown and custom build to suit their needs.”

The report also noted that although the top end of the market represents only a small proportion of overall residential sales, when measured in terms of dollar volume, luxury sales are a much larger part of the equation. As such, the strong momentum out of the gate speaks to the overall confidence in real estate. Yet, several factors have worked in tandem to fuel the surge in demand for high-end properties in 2012, among them:

 Equity Gains – Price appreciation has been a serious catalyst fueling move-up activity in major Canadian markets in the past decade, providing current homeowners with the financial wherewithal to make more significant moves. In fact, from 2000 to 2010, average price gains in major Canadian markets ranged from a low of 68 per cent in London-St. Thomas to a high of 173 per cent in Regina. The same factor has pushed an increasing share of homes into upper end price points.

 Stock market volatility – Recent volatility in the stock markets, particularly the TSX, has once again shifted the focus to bricks and mortar. Investors continue to feel the pressure of serious headwinds (Economic signals from China appear worrisome, and the fragile U.S. recovery continues be dogged by weakness in the labour markets. Rising borrowing costs have threatened Spain, while austerity measures have fallen short in the U.K., and push back continues in France and the Netherlands). With equity markets quick to react to signs of stress, some are opting to shift money elsewhere.

 Immigration – Immigration has played a key role in bolstering Canada’s population of High Net Worth (HNW) Individuals. A recent BMO Harris Private Banking study showed that Canadians of foreign decent account for almost one-third of all high net worth wealth throughout Canada and that almost all (96 per cent) keep the bulk of their wealth in Canada. In 2010, Canada admitted roughly 154,000 business and investor immigrants who reportedly inject $2 billion into the Canadian economy each year.

 Changing Fortunes – Economic tides have turned in provinces like Saskatchewan, Newfoundland and Nova Scotia—contributing to the upswing in upper-end home sales. For markets like Saskatoon, Regina and St. John’s, million-dollar home sales used to be a rare phenomenon. With changing fortunes, these markets are playing catch up, building high-end homes where there once were few.

 Rebound in global wealth – The number of high net worth individuals (HNWI), along with their overall financial wealth, increased once again in 2010, surpassing the 2007 pre-crisis peak in nearly every region, according the the Capgemini/Merrill Lynch World Wealth Report 2011. While North America is still home to the greatest portion of HNWI, the population of HNWI in Asia-Pacific is now the second-largest in the world, unseating Europe’s long-held position. The segment of Ultra-high net worth individuals is also on the upswing. The rising ranks of the world’s rich have driven up demand for all things luxury.

“The strength of the upper-end is underpinned by solid fundamentals,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “Most markets remain largely balanced across the board, with stable or modest price growth forecast in the luxury segment. Inventory levels have played a role in some multiple offer activity, with shortages notable in Montreal, throughout Ontario, and Winnipeg. While selection may be adequate in other markets, the demand and competition for quality stands out. Buyers at this price level are very discriminating. They are raising the bar nationwide, altering the Canadian housing landscape in the process.”

Highlights:
 Canadian upper-end homes are redefining luxury. When it comes to bells and whistles, toys and technology, the features homeowners are incorporating into their residences are becoming decidedly more progressive.

 While financing is not a huge concern for those spending multi-millions, purchasers at entry-level price points are ensuring peace of mind by locking in on five-year money.

 Canadian upper-end communities are an increasing reflection of Canada’s diverse multicultural and ethnic mosaic.

 Luxury condominiums continue to account for growing percentage of upper end sales, with most rivaling the grandeur of single-family product. Case in point is a unit recently listed in Toronto’s Yorkville district for $28 million.

 Greater Vancouver’s Westside is home to the most expensive properties listed and sold in Canada this year. The priciest sale, $19.8 million, occurred in Point Grey for a 10,700 sq. ft. home with ocean and mountain views. A $31.9 million palatial historic home in Shaughnessy sports the highest sticker price.

CLICK HERE to watch Elton Ash speak on each local Market!

RE/MAX is Canada’s leading real estate organization with over 18,700 sales associates situated throughout its more than 720 independently-owned and operated offices in Canada.  The RE/MAX network, now in its 38^th year, is a global real estate system operating in 87 countries, with over 6,200 independently-owned offices and over 87,000 member sales associates.  RE/MAX realtors 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:

Jackie Ostash                                                                                                                     Eva Blay/Charlene McAdam

RE/MAX of Western Canada                                                                                       Point Blank Communications

250.860.3628                                                                                                                      416.781.3911

Morningstar Golf Course, RE/MAX Anchor Realty and RE/MAX First Realty look forward to your support for their 8th annual Children’s Hospital Golf Tournament on June 23, 2012.

As in previous years, all of the proceeds from the tournament went to BC Children’s Hospital Foundation in Vancouver. Your kindness will help to make it possible for children from throughout our province to obtain the best medical care available.

This year they are adding to the event a wine, beer and food sampling reception. It will start with a steak sandwich lunch, followed by golf and then the reception with prizes being awarded and the opportunity to bid on some fabulous auction items.

The cost is $125 for golf, lunch, cart and wine reception with a discount of $10 for early bird registration. The reception can be attended at $20 per person.

Thanks for the support that you continue to provide BC Children’s Hospital Foundation, see you on June 23!

Information poster click here

To register click here

For sponsorship information click here

Click here to download the Ad.

Marie Sheppy
Senior Coordinator, Corporate Affairs
RE/MAX of Western Canada
Tel: (250) 860-3628

Join us for a Webinar on May 16, 2012

Space is limited.
Reserve your Webinar seat now at:
https://www2.gotomeeting.com/register/356682858

Please join us for a walk through of the recently launched online mail marketing tool “Precision Targeter”. Precision Targeter allows you to view in real time which postal walks to select for farming, driving traffic to open houses, and promoting developments/locations.

This 1/2 hr session will show you the basic 4 steps to getting started with your mail marketing campaigns.

Title: Canada Post webinar – New Online Mail Marketing Tool Walk Through – Exclusively for Remax
Date: Wednesday, May 16, 2012
Time: 9:00 AM – 9:30 AM PDT

After registering you will receive a confirmation email containing information about joining the Webinar.

System Requirements
PC-based attendees
Required: Windows® 7, Vista, XP or 2003 Server

Macintosh®-based attendees
Required: Mac OS® X 10.5 or newer

SUPPORT ME AT www.YESS.ORG  and follow your way through to HOMELESS FOR THE NIGHT

Sheryl Berekoff
Manager of Administration
800.275.8191 Toll Free
780.447.0807 Phone Direct