Robert McLister: The Fed reassured markets this week, but Bank of Canada will want to see more Bank of Canada governor Tiff Macklem, left, and Fed chair Jerome Powell are still keeping an eye on inflation. PHOTO BY CANADIAN PRESS/GETTY IMAGES Rate markets breathed a sigh of relief this week when the world’s most powerful central banker, United States Federal Reserve chair Jerome Powell, reassured markets that peppy economic growth probably won’t upset the apple cart on 2024 rate cuts. That was music to the ears of Canada’s mortgage market, given the strong 0.92 long-term correlation between the two countries’ policy rates. It’s too early for weary borrowers to do the happy dance, though. The Bank of Canada will probably want average core inflation (now 3.15 per cent) to fall meaningfully below its three per cent control ceiling before pulling the trigger on cuts. Meanwhile, the lowest nationally advertised mortgage rates are like a well-trained dog — staying put. Lenders are just biding time until bond yields make a move. Ever-popular are three-year fixed rates. Compared to a five-year, they cost a teeny bit more. But you get warm and fuzzy payment predictability until 2027, with the option to renew sooner at potentially kinder interest rates. For default-insured borrowers, adjustable-rate mortgages continue to be a sweet spot given: They model out well in rate simulations, assuming rates fall 200-plus basis points, as implied by the bond market; Adjustable payments drop like they’re hot when prime rate dips, affording budget relief; They’re as flexible as a gymnast, with low prepayment penalties and the ability to lock into a fixed term anytime; And discount lenders sell them at 5.99 per cent or less. But floating rates aren’t for the financially timid. They saddle you with a rate premium — at least one per cent more than a three-year fixed — and they’re a much worse value for uninsured borrowers. And despite the betting odds on a Bank of Canada rate cut, higher inflation (and rates) sometimes come out of left field.

Bank of Canada data shows 6.5% of homes sold in metro area were resold within year A snow-covered sign advertising a house for sale in Calgary. (Robson Fletcher/CBC) House flipping in Calgary's red-hot real estate market has surged to the highest level of any major metropolitan area in the country, according to new data from the Bank of Canada. The latest statistics show 6.5 per cent of homes sold in the Calgary metropolitan area were resold within 12 months. That's the highest level in any major city at any point since at least 2014, which is as far back as the bank's public-facing data goes. The figures don't surprise Jayson Shmyrko, a Calgary-based real estate agent who specializes in helping clients buy houses and resell them for a profit. Asked what the market for flipping is like these days, he described it in one word: "Insane." "It's crazy right now," Shmyrko said. He started flipping houses himself about 20 years ago, often renovating the properties before reselling them. These days, however, he says that's not even necessary given how quickly demand — and prices — have risen. "We've got some clients that have bought properties and they just rented them out for a couple of years with the intention of doing something [to renovate them]," he said. "And now they're realizing that maybe they don't really have to do anything. Maybe they can just sell it and and make a reasonable profit." The Calgary Real Estate Board's latest monthly report shows double-digit price increases across various sectors of the city's housing market in the past year. Looking through real-estate listings and land title records dating back several years, it's not hard to find examples of major price increases across numerous Calgary communities. For instance, a bungalow in the southeast community of Acadia that sold for $432,500 in January 2022 just sold again earlier this month for $640,000. That's a 48 per cent increase in just over two years. In the northwest community of Montgomery, a bungalow sold for $325,000 in January 2020. A similar bungalow next door sold for $605,000 in January 2024, representing an 86 per cent increase in four years. Out-of-town buyers  Nadine Faule is a real estate agent in Calgary whose clients include investors from other provinces looking to buy in the city. She says demand for properties in Calgary has been through the roof lately, and the supply hasn't been there to match. The result is long lineups of buyers willing to pay "top dollar" for homes, she said, which has made flipping in the city quite easy. "If you have 30 buyers for every property that comes on the market and people are paying a stupid amount … then if you just hang on for a few months, without even doing any work, you can resell them and make money," Faule said. While some of her clients are starting to hesitate at the asking prices at the higher end of the market, she said the prices at the lower end, especially for condos, are still extremely attractive — especially to prospective buyers who are used to the prices in Vancouver and Toronto. "Like, anything under under $400,000 in Calgary right now is getting a stupid amount of competitive offers," she said. "I'll sell a one-bedroom condo for $30,000 above asking price in like one day." Other buyers feel the squeeze For local non-investor buyers, however, the recent trends have made navigating Calgary's real-estate market challenging. Max Maxwell is 38. He and his partner got married last summer and started looking for a condo together, but he said the hunt quickly became "disheartening" as property after property was snapped up. "Just trying to even look at places was impossible," he said. "We literally had 11 different showings of things that just hit the market cancel out on us because it had sold out from under us." They finally managed to make a purchase by taking advantage of a brief lull in activity during the Christmas holidays. "We happened to view something three days before Christmas," he said. "So instead of six offers on the first day, we only had one other offer to compete against." Duncan Stirk had been planning to buy a home in Calgary later this year, but has been watching the market with trepidation. Stirk says he's not a typical first-time buyer: he's in his 50s and has rented his whole life, largely due to a job that has taken him to different cities in several countries over the years, and plans to buy a home in cash, with no mortgage. He last lived in Victoria, B.C., but found real estate prices there too expensive and decided to come back to Calgary as a result. But he's now "quite concerned" about the trajectory of prices here. "That may totally deter me [from buying]," he said. "If it really is that tough, well, then I'm just going to wait. I'm not going to be in a place of desperation to buy, if the market's not right." Maxwell counts himself lucky for being able to buy a home in Calgary these days. He and his partner also saved up and purchased in cash, but he says lots of other people his age and younger are struggling to get a foot in the door of the current market. "I mean, there's an entire generation just utterly missing what feels like a milestone for a lot of us, you know?"

Household wealth rises but financial data from Statistics Canada show 'pressures will remain intense'   Statistics Canada released data on household finances that revealed how people are managing higher interest rates. PHOTO BY GETTY IMAGES   Canadians are wealthier thanks to stock and bond markets — or at least some of them. Total household net worth rose 1.8 per cent to $16.4 trillion “driven by strength in financial markets as both bonds and equities rallied,” Statistics Canada said in its release of data on household finances for the fourth quarter — adding the caveat that “most wealth is held by relatively few households in Canada.” But digging deeper into the Statistics Canada numbers suggests another financial reality, one where higher interest rates continue to take a toll on people’s wallets and shape consumer behaviour.   “Pressures will remain intense for many Canadian households still grappling with the delayed impact of previous interest rate hikes,” Carrie Freestone, an economist with Royal Bank of Canada, said in a note on the data.   The following five charts tell some of the tale of where household finances stand and what they could look like in the quarters ahead.   Debt to income   Canada’s household debt-to-income ratio fell to 178.7 per cent in the fourth quarter from 179.2 per cent in the third. That means that for every $1 of disposable income, Canadians owe $1.79. Growth in income, up 1.3 per cent from the quarter before, exceeded growth in debt, which was up 1 per cent. Statistics Canada cited “relatively slow mortgage borrowing” for the slower pace, and some economists expect that to continue in the near term. “We anticipate that mortgage demand will remain soft, supporting further improvements in debt metrics, until rates begin to fall around the middle of the year,” Shelly Kaushik, an economist at Bank of Montreal, said in a note. Debt service ratio The debt service ratio, measured as payments of principal and interest on debt as a share of household disposable income, edged up to 15 per cent in the fourth quarter, pulled by rising interest rates. In the fourth quarter, mortgage interest made up 66.2 per cent of total mortgage debt payments, up from 45.8 per cent in the fourth quarter of 2021, Statistics Canada said. Mortgage principal payments declined steadily through 2022 before stabilizing in the second half of 2023. They came in at $12.4 billion, unchanged from the third quarter. “On the bright side, these relative measures of mortgage debt service cost broadly stabilized in Q4 for the first time since the Bank (of Canada) kicked off the current rate hiking cycle,” Randall Bartlett, senior director of Canadian economics at Desjardins Group, said in a note. The debt-service ratio has barely moved over the last three quarters, which RBC’s Freestone attributes to higher incomes. But she doesn’t think this will last. “Moving forward, we do not expect the current pace of income growth to be sustained,” she said. “We continue to expect Canada’s debt-service ratio to rise from recent levels.” Credit market debt   Credit market debt increased by $29.5 billion in the fourth quarter, with mortgages mainly accounting for $21.3 billion of that amount.   The remainder of the increase — $8.2 billion — came from “households seeking consumer credit,” Statistics Canada said.   Consumer credit rose for the second straight quarter and the $8.2 billion was “the second-largest net origination of consumer credit since 2009,” said the agency.   That jump in borrowing could spell trouble.   “This is concerning, as it suggests many Canadian households may be increasingly stretched,” Bartlett said.       Saving rate Canada’s saving rate “remains resilient,” Statistics Canada said. At 6.2 per cent it was “little changed” from the quarter before, but well up from 5.6 per cent at the end of 2022. It was a “strong” quarter for household holdings of currency and deposits, which increased 2.4 per cent, said the agency. Bartlett at Desjardins said the reason the saving rate is “still elevated” is because there are still a large number of Canadians who need to renegotiate their mortgages this year. “We think Canadians are well aware of this looming drag on their household finances,” he said.     Total financial assets Households ended the year wealthier thanks to stock and bond markets that rallied after falling in the third quarter. As a result, the value of financial assets rose to a record high of $9.7 trillion, “surpassing the previous record set in the fourth quarter of 2021,” the national data agency said. Residential real estate, however, continued to drag on household wealth with its value falling to $157.8 billion. Toronto-Dominion Bank thinks Canadians can expect another quarter of rising wealth to start the year. “Home prices have been moving higher in the last three months, recovering from last year’s pullback as housing activity snapped back on easier financial conditions and lower mortgage rates,” Maria Solovieva, an economist at TD, said. She believes equities will continue to rise, especially in the United States, where pessimism regarding the economy is receding. “Assuming March doesn’t break the trend, we expect Q1 2024 to deliver another quarter of wealth gains, marginally supporting consumer spending,” Solovieva said.

Canadian policymakers are sprinting across the country to rain cash to stimulate homebuilding. Unfortunately, it’s not working with new housing starts actually falling further from targets in January. BMO wrote to investors to explain this is predictable, since the targets were unrealistic and will never be hit. Partially due to the lack of resources available to build at that scale, but also the fact that homebuilders build for the market, not policymakers.    Canadian Housing Starts Slowing, But Remain Robust Despite the slowdown of new home starts, builders are moving at a brisk pace. The seasonally adjusted annual rate (SAAR) of new home starts fell 10% to 224k units in January. It’s a substantial drop, continuing the trend that began after running out of steam in early 2022. However, these levels are robust and remain significantly higher than anything seen over the past two decades.  Canadian Housing Starts (SAAR) Source: CMHC; BMO.  “This is still a robust level of building activity for Canada, especially considering some of the shocks that have been thrown at the market and homebuilders,” explains Robert Kavic, senior economist at BMO.   Adding, “That said, it’s also still miles below the supply targets that policymakers have dreamed up—we maintain that those will never be hit.” Home Builders Build For The Market, Not For Policymakers The bank notes the collapse in new housing starts occurred at a somewhat ironic time. They peaked around Ottawa’s 2022 budget, which was chock full of stimulus measures to encourage more supply. Instead it marked the top of the trend, which doesn’t surprise Kavcic.  “At the end of the day, builders will respond to market conditions—they were already maxed out in 2021/22, and have since pulled back given less investment demand (presales) and higher borrowing costs,” he says. “In fact, even job vacancies in construction have fallen notably, and there’s talk that building costs are also finally coming down.”  The bank has provided no shortage of data points challenging the housing narrative. Kavcic has argued that housing supply kept up until very recently, when it was intentionally overrun. A point later confirmed by Statistics Canada in detail.  Kavcic also has said a number of times that the housing targets policymakers dreamt up are unrealistic and not rooted in reality. Even if they go on cross-country tours to repeat it over and over to the public.

Canada is seeing “early signs” of a housing market upturn and Toronto could see prices bottom out this spring, a recent report from the Royal Bank of Canada says. In the report, which was released last week, RBC said January was the second consecutive month where residential transactions increased in major markets across the country. “… it suggests the downturn that started in the spring of 2022 may have run its course,” the report, authored by economist Robert Hogue, read. “Interest rate drops for fixed-rate mortgages since November have cracked the door open for buyers. And growing expectations the Bank of Canada’s next move will be a rate cut are tentatively bolstering (low) confidence.” Hogue went on to note that a more “vigorous” and “sustained” recovery isn’t expected to happen before interest rates fall further, likely in the second half of 2024. Canada has also not yet seen any early indicators of a “spike” in sellers due to higher borrowing costs, the report states. “If anything, new listings were on the weak side, working to tighten demand-supply conditions. There’s a risk mortgage renewal payment shocks could set off a wave of distressed sales,” the report read. While prices have fallen in the majority of Canada’s major markets, Calgary has bucked that trend with prices maintaining an “upward trajectory.” RBC is predicting prices to fall one percent nationwide in 2024, with a 2.2 per cent uptick in Alberta and a two per cent drop in Ontario. According to Hogue, the housing market may be turning a corner in the Toronto area. “It could be that the recent drop in fixed mortgage rates was just what some buyers were waiting for to seal a deal. Or that unusually mild weather put them in a spring-like upbeat mood.” The report was quick to point out that “stretched affordability conditions” are likely to keep buyers out of the market until interest rates, property values, or both, fall “more meaningfully.” “For now, prices continue to drift lower,” the report continued. The average selling price of a Toronto home across all property types peaked at $1,334,062 in February 2022 before dropping to a low of $1,037,542 later that year, according to data from the Toronto Regional Real Estate Board (TRREB). Since then prices have largely held steady with the exception of a burst of activity last spring. Toronto has seen six consecutive monthly price declines since July, for a total drop of $84,000, or 7.2 per cent, the report noted. “That trend may not persist much longer if the recent tightening in demand-supply conditions is sustained,” the report read. “We expect prices will reach their bottom this spring and gradually recover over the second half of 2024.”  

  In many cities in Ontario and B.C., more than 50 per cent of home for sale are listed for more than $1 million. (Getty Images) (Pierre Longnus via Getty Images) In many cities in Ontario and B.C., more than half the homes for sale are listed for more than $1 million. That's according to a recent Point2Homes.com analysis of February real estate listings in Canada's 70 largest cities and towns. The report from the online real estate marketplace company found that 15 cities in Canada had 50 per cent of list prices at more than $1 million, based on active listings on Realtor.ca as of Feb. 19. All of them were in Ontario and B.C., home to Canada's hottest housing markets, and most of the 15 locations had benchmark prices that surpassed $1 million. Delta, B.C. boasted the highest proportion of listings over the million dollar mark, with 80.5 per cent of homes for sale surpassing $1 million. While Delta had fewer listings over $1 million in total (244 out of a total of 303 current listings), the portion of million dollar listings edged out Vancouver, where 70.5 per cent of listings were more than 1 million (1,924 out of 2,730 total). Those markets are followed by Oakville, Ont., with 69.1 per cent of listings topping $1 million (471 out of 682). Richmond Hill, Ont. had 63.5 per cent of total listings priced at more than $1 million (273 out of 430), followed by Richmond, B.C., where 63.2 per cent of homes were listed for more than $1 million (621 out of 983). Of the 70 cities analyzed in the report, St. John's, Nfld. had the lowest percentage of million-dollar listings, with just 1.5 per cent of homes crossing the $1 million mark (5 out of 337). Saguenay, Que. and Red Deer, Alta. had just 1.8 per cent (7 out of 387) and 2 per cent (5 out of 247) of listings priced at more than $1 million, respectively. While Toronto, Ont. had the highest total number of listings over $1 million (2,038 out of 5,420), those listings accounted for 37.6 per cent of total listings in the country's largest city. In Montreal, 21.9 per cent of the listings were above $1 million (1,539 out of 7,015.) A separate survey from Royal LePage released last month found that two-thirds of Canadians (64 per cent) believe that $1 million in today’s real estate market is a reasonable budget to afford a home to meet their household needs. Another 22 per cent said they believe a million dollars is "not enough", while 14 per cent of respondents said they did not know or preferred not to answer. The number of respondents who believe a million dollars is "not enough" was unsurprisingly higher in Ontario (31 per cent) and B.C. (45 per cent).  

Canada’s housing market is “starting to turn a corner,” the country’s national real estate association says. According to the latest data from the Canadian Real Estate Association (CREA) released Wednesday, the housing market has seen an uptick in activity despite interest rates being at a 22-year high. “The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there,” Larry Cerqua, CREA chair, said in a news release. “There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023.” CREA’s data showed home sales activity rose 3.7 per cent between December 2023 and January 2024, building on the 7.9 per cent month-over-month increase recorded the month prior. The association said sales activity is back on par with 2023’s stronger months, recorded over the spring and summer. However, it begins 2024 roughly nine per cent below the 10-year average. National gains in sales were once again led by the Greater Toronto Area, along with Hamilton-Burlington, Montreal, Greater Vancouver and the Fraser Valley, Calgary and most markets in Ontario’s Greater Golden Horseshoe and cottage country. “The actual (not seasonally adjusted) number of transactions came in 22 per cent above January 2023, the largest year-over-year gain since May 2021,” CREA said. “That said, with current activity still running at below-average levels, the double-digit gain was more reflective of the base effect from the comparison to January 2023, which was the worst start to almost any year in the past two decades.” The number of newly listed homes edged up 1.5 per cent on a month-over-month basis in January, although it remains close to the lowest level since last June. The activity spike comes as the Bank of Canada’s key lending rate sits at five per cent, unchanged since July after an aggressive hiking cycle. The central bank hiked rates in a bid to cool inflation, which came in at 3.4 per cent in December. Bank of Canada governor Tiff Macklem has said the central bank is aiming to get inflation down to two per cent. Macklem stressed to parliamentarians on the House finance committee on Feb. 1 that the Bank of Canada’s benchmark interest rate has little impact on housing affordability. He said one of the biggest sources of inflationary pressure right now is in the shelter component of the consumer price index, which factors in the rising costs of rents and mortgages amid higher interest rates. Macklem noted that annual inflation would instead be running around 2.4 per cent if shelter prices were stripped out. Several realtors told Reuters last week that pent-up demand, a chronic shortage of homes, a spike in rents and hopes of an interest rate cut may fuel a rally in the sector. Ottawa has introduced a slew of measures to boost housing supply, including reviving a wartime housing program that offers pre-approved designs to developers. Many economists are predicting that interest rate cuts will begin in April or June, but the central bank has not yet indicated if and when cuts to interest rates are coming. Regardless, some buyers are already coming out of hibernation. John Pasalis of Realosophy Realty told Reuters a three-bedroom townhouse his company listed for $828,000 last month in Newmarket, Ont., received 40 offers and sold for $1.06 million. “All of these multiple offers … are working now because demand is a lot higher than in the fall,” Pasalis said. Mike Moffatt, founding director of the Place Centre, a think tank focused on sustainable housing, said demand “is going to absolutely explode when rates come down and first-time homebuyers can start qualifying for mortgages again.” Are home prices on the rise? CREA said Wednesday that the Aggregate Composite MLS Home Price Index fell by 1.2 per cent on a month-over-month basis in January. This represented an acceleration from the 1.1 per cent decline recorded in December. Price declines have been predominantly in Ontario, particularly the Greater Golden Horseshoe and to a lesser extent British Columbia. Elsewhere in Canada prices are mostly holding firm or in some cases — like in Alberta and Newfoundland and Labrador — continuing to climb. The actual, not seasonally adjusted, national average home price was $659,395 in January 2024, up 7.6 per cent from January 2023. “Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower,” said Shaun Cathcart, CREA’s senior economist. “Taken together, these trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years.”  

Photo: The Canadian Press A realtors sign advertises a house as for sale or for rent, in Ottawa on June 9, 2023. THE CANADIAN PRESS/Adrian Wyld   A new report says the average asking price for a rental unit in Canada was $2,193 per month in February, marking a 10.5 per cent jump year-over-year and the fastest annual growth since September 2023. The data released Monday by Rentals.ca and Urbanation, which analyzes monthly listings from the former's network, shows the average monthly cost of a one-bedroom unit in February was $1,920, up 12.9 per cent from the same month in 2023. The average asking price for a two-bedroom was $2,293, up 11.3 per cent annually. The report says asking rents in Canada have increased overall by a total of 21 per cent, or an average of $384 per month, from two years ago, just before the start of interest rate hikes by the Bank of Canada. Alberta maintained its status as the province with the fastest-growing rents, with total average asking prices up 20 per cent annually last month to reach $1,708. British Columbia and Ontario posted the slowest growth in February, with annual increases of 1.3 per cent and one per cent, respectively. But the provinces remain Canada's most expensive for renters, with total average asking rents of $2,481 in B.C. and $2,431 in Ontario. Traditional purpose-built rental apartments posted the fastest year-over-year price growth in February with a 14.4 per cent increase, as rents averaged $2,110. Condominium rentals, with an average rent of $2,372, and apartments in houses, at $2,347, had slower annual growth of five per cent and 5.3 per cent, respectively.

As northern communities feel the pressure to build more housing to attract families and skilled workers, the Town of Cochrane is working on an incentive program that it hopes will turn some heads: land for as little as $10. (Cochrane)   The dream for aspiring homeowners may look like scoring $1 worth of land amid rising housing prices and inflation. The good news is that this dream has come true in some Canadian provinces and territories, which have offered eye-catching relocation incentives to address population decline, housing crises and affordability. Here's a look at Canadian properties and lands over the years that have been offered for low prices or with other incentives too good to pass on. Note that some of these deals may have expired or sold out. Cochrane, Ont. A northern Ontario town(opens in a new tab) is offering land for $10 in an eye-catching sales pitch to get development companies to build housing and grow the town. With up to 1,500 eligible lots, Cochrane said buyers will be responsible for developing the infrastructure on unserviced lots and committing to such development. Eager buyers spilled in with more than 3,000 calls from individuals and companies interested in the discounted land. An additional bonus for buyers is property tax relief. In an interview with CTV News Northern Ontario last week, Cochrane Mayor Peter Politis said the town needs housing for seniors and people who are on low incomes or are homeless. Politis said the incentive program, which launches in May, will eventually help drive costs down by providing enough housing and boosting competition. According to Politis, employers are also developing incentive programs to get workers from various industries to fill housing and recast the dream that Gen Zs in southern Ontario can own a home. As northern communities feel the pressure to build more housing to attract families and skilled workers, the Town of Cochrane is working on an incentive program that it hopes will turn some heads: land for as little as $10. (Cochrane) Brandon, Man. A property in southwestern Manitoba(opens in a new tab) is being offered for just $1 to help the city with its affordable housing and homelessness needs. The listing, 215 12th St. N., will be sold to a non-profit, government agency or partnering agency to turn the site into an affordable housing unit for people experiencing homelessness or precarious housing situations. Amid rising homelessness, the city's plan for the property includes 55 units, each between 150 and 200 square feet. Property buyers do not have to build a development plan identical to the city's proposed renderings. The property is listed on the city's website(opens in a new tab) and potential buyers must submit a letter of intent to the city by April 1. A map showing the location of the $1 property Saskatchewan Saskatchewan is offering post-secondary graduates a rebate(opens in a new tab) of up to $20,000 to cover tuition fees paid for those living in the province or considering moving there and filing an income tax return. The rebate amount depends on the tuition paid, ranging from $3,000 to $20,000 for a one- to four-year program. Eligible individuals must graduate from an approved post-secondary program and apply within seven years of graduation. Students in master's and PhD programs are not eligible. Reston, Man. A rural community in southwest Manitoba offered $10 housing lots(opens in a new tab) — a program that started more than 10 years ago with a 24-lot division and was down to two lots left as of 2020. The program, which was said to be an opportunity to create affordable recreation for its communities, opened the door for individuals and families who might not have been able to buy elsewhere. House in the RM of Pipestone (submitted photo Tanis Chalmers) Pipestone, Man. A southwestern town in Manitoba is offering $10 municipally owned(opens in a new tab) residential properties. Buyers must deposit $1,000 per lot in Pipestone, and will lose the deposit if the offer is not acted upon within 90 days. If the building starts within 90 days of the offer and is completed a year later, the town will return $990 to the buyer. Mundare, Alta. The town of Mundare was offering lots on Main Street(opens in a new tab) for $1 with conditions attached. Buyers had to obtain development permits, begin construction within one year and then complete the project within one year after that. According to the town, the goal was to allow commercial development for the town's downtown business district. According to the town's official website, all available lots have been sold. A waiting list is maintained for people interested in purchasing the land if previous buyers choose not to proceed. The town also outlined what was not permitted for the lot's use on its website. Vancouver A Vancouver entrepreneur in 2018 offered to build laneway houses free of charge(opens in a new tab) for homeowners with space in their backyards, in the hopes of collecting rent from the tenants for 12 years. Duane Laird told CTV News Vancouver at the time that each unit would rent for between $1,200 and $1,500 per month and be ready after four months of construction. Laird claimed he would find the tenants, collect rent and maintain the area. After 12 years, the home would be inspected, painted, and handed over to the property owner — with a potential buy-out option for those who didn't want to wait the entire 12 years. Cape Breton Island, N.S. In 2016, a local business in Whycocomagh,(opens in a new tab) a town on Cape Breton Island, offered people two acres of woodland if they would work for the business for five years. In a Facebook ad, The Farmer’s Daughter Country Store said the successful applicant(s) could set up a "tiny house" or "quaint cabin" on the land. The ad said free land would be given for the cost of "migrating it out and putting it in your name." A free local orthotics business(opens in a new tab) was also up for grabs in Sydney on Cape Breton Island in 2018, after the clinic owner announced plans to move out of town. McAdam, N.B. In 2019, a small village in New Brunswick(opens in a new tab) was offering 16 plots of land for $1 in an effort to revive its then-1,250-person population. Five lots were available in McAdam that year, and the village said it received more than 600 calls from as far as Egypt, Dubai and Pakistan. The buyers were a mix of young families and retirees, but mostly from other provinces. McAdam offers cheap land to anyone who will relocate and build a home. Saint-Louis-de-Blandford, Que. A small population community, about an hour southwest of Quebec City decided to take a creative approach(opens in a new tab) to increasing its population. The town purchased a large tract of land and subdivided it into 40 lots, which it gave away for free, beginning in 2013, to anyone willing to move there and build a house. The town's policy required buyers to put a $1,000 down payment on a lot and commit to building a house worth $125,000 within a year. The municipality then refunded the down payment. Crown Lands, Yukon Through the territory's Agricultural Lands Program, land in the Arctic was free in 2015 for agricultural purposes for people tough enough to develop in cold temperatures. Italy In 2021, Calabria, a region in Italy(opens in a new tab), offered up to $33,000 over a maximum of three years to people willing to relocate to quiet villages with fewer than 2,000 people, located near the sea and on mountainsides. A network of villages in the southern Italian region of Calabria wants to pay people up to US$33,000 to move there. Among them is Santa Severina, perched atop a hill. (Borghi Piu Belli d'Italia/CNN) New residents were to commit to starting a small business, be 40 years or younger, and relocate to their new home within 90 days of a successful application. Santa Fiora, in Tuscany, and Rieti, in Lazio, offered to pay up to 50 per cent of the rent for anyone who decided to move and work remotely(opens in a new tab) long-term. Applicants were to have an "active" job and be tech-savvy enough to work from anywhere. Life at Sea cruise In March 2023, Miray launched its Life at Sea(opens in a new tab) concept: 1,095 days sailing worldwide in a floating apartment block. Fares started at $30,000 per person per year, including accommodation, food, drinks, laundry and even health care. The cruise was abruptly cancelled two weeks before its delayed departure date of Nov. 1, 2023. Australia In 2021, the town of Quilpie, Australia, offered free residential land to anyone willing to move to the remote community of 800. To overcome a housing shortage and fill jobs in the cattle and sheep ranching industry, the town offered people the option of buying a block of land and building a house for less than US$560,000. Those who lived in it for six months would be eligible for a US$9,400 grant. With fully serviced, 1,000-square-metre (about a quarter acre) blocks selling for the same amount as the grant, the council effectively gave the land away.

Equifax Canada finds delinquency rates rose outside those provinces at a slower pace   Consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023, Equifax Canada said  The fourth quarter saw a continuation of what’s been happening for a while now as the impacts of higher interest rates and inflation continue to weigh on consumers, said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, in an interview. These effects are becoming more visible as people renew their mortgages, she said, and in areas where housing prices are more expensive in Canada.   “We’re seeing that strain start to increase, and really starting to see missed payments coming out more and more on the credit side for individuals,” said Oakes.   Mortgage delinquency rates soared in those provinces, surpassing pre-pandemic levels, the agency said.   In Ontario, the mortgage delinquency rate was up 135.2% compared with a year earlier, while B.C.’s rate rose by 62.2%.   Financially stressed homeowners in those provinces are also increasingly missing credit payments, the agency said, a trend primarily driven by homeowners who are 36 and younger.   “What we are seeing in Ontario and B.C. in particular is that as consumers are coming up to the end of their term periods on their mortgage, whether that’s fixed or variable, and they’re renewing their mortgage, there are payments shocks that are happening for individuals, and that’s something we knew was coming,” said Oakes. “And for some individuals, unfortunately … it’s a tipping point.”   Younger consumers tend to have higher mortgage amounts owing, and less savings to lean on, she said.   “As you tend to get financial stress, the credit card does tend to be one of the first things where we see missed payments coming through,” said Oakes.   “It definitely is a worrying trend.”   Housing prices are higher in B.C. and Ontario, Oakes said, contributing to the heightened levels of delinquency and missed payments in those provinces.   Outside of B.C. and Ontario, where mortgage amounts tend to be lower, Equifax Canada said mortgage delinquency rates are rising at a slower pace and are still much lower than pre-pandemic.   Mortgage delinquency rates across the country rose 52.3% in the fourth quarter compared with a year earlier, while delinquency rates for non-mortgage debts that are more than 90 days overdue rose by 28.9%.   Equifax Canada said that as homeowners continue to renew their mortgages in a much higher interest rate environment, consumers who locked in historically low rates in 2020 may struggle to maintain their monthly payments.   Post-renewal, monthly mortgage payments rose by $457 on average in the fourth quarter, said Equifax Canada. In B.C. and Ontario, that increase exceeded $680.   Upcoming mortgage renewals will be pivotal for many homeowners, said Oakes.   Total consumer debt hit $2.45 trillion in the fourth quarter, up 3.2% from the previous year. Non-mortgage debt rose by 4.1%, mainly driven by an increase in credit card debt.   The number of consumers missing payments on credit products also increased, surpassing 2019 levels.   While consumer insolvency levels are still below pre-pandemic levels, Equifax Canada said that the sharp increase in mortgage holders filing for bankruptcy is a worrying trend.   That increase was particularly sharp in Ontario and B.C., the agency said.

The 3,700-square-foot property also comes with five bedrooms, a curvy original staircase, heated floors and an in-ground pool   Location: UxbridgePrice: $2,225,000Last sold for: $2,400,000 in 2022Size: 3,763 square feet plus a 1,522-square-foot basementBedrooms: 5Bathrooms: 3Parking spots: 8Real estate agent: Astrid Willemsen and Nicoline Farrill, Chestnut Park The place A five-bedroom, three-bathroom Victorian standout on the edge of downtown Uxbridge. The home comes with a single-car garage, a driveway that fits seven, multiple decks and a bunch of fun in the backyard. It’s within walking distance of the businesses on Brock Street and several parks. And motorists are a short drive from Durham’s network of highways. The history The house was first purchased in 1885 for $2,200 by Thomas Chapple, a lawyer and member of Ontario’s legislature. In 1948, a local doctor purchased the home, using part of it as his medical office. The current owners, a family with three children, bought the house in 2022. Thanks to new work opportunities, the family is relocating and putting their home up for sale. Related: $1.95 million for Marjorie Harris’s garden escape in the Annex The tour Here’s a closer look at the façade, with its large porch and bay window. The Township of Uxbridge commissioned that plaque detailing the property’s history, but it hasn’t yet been officially designated as a heritage home. The original double doors lead to the foyer, which has heated herringbone tiles. The rest of the home is lined with engineered hardwood. In a twist on the traditional layout, the owners moved the kitchen to the front of the house. It comes with an island that seats five and walks out to a porch that does double duty as an outdoor dining room.   REAL ESTATE House of the Week: $2.2 million for a 140-year-old Uxbridge home with a backyard playground The 3,700-square-foot property also comes with five bedrooms, a curvy original staircase, heated floors and an in-ground pool BY ANDREA YU | PHOTOGRAPHY BY ALEX ROTHE |  MARCH 5, 2024     Location: UxbridgePrice: $2,225,000Last sold for: $2,400,000 in 2022Size: 3,763 square feet plus a 1,522-square-foot basementBedrooms: 5Bathrooms: 3Parking spots: 8Real estate agent: Astrid Willemsen and Nicoline Farrill, Chestnut Park The place A five-bedroom, three-bathroom Victorian standout on the edge of downtown Uxbridge. The home comes with a single-car garage, a driveway that fits seven, multiple decks and a bunch of fun in the backyard. It’s within walking distance of the businesses on Brock Street and several parks. And motorists are a short drive from Durham’s network of highways. The history The house was first purchased in 1885 for $2,200 by Thomas Chapple, a lawyer and member of Ontario’s legislature. In 1948, a local doctor purchased the home, using part of it as his medical office. The current owners, a family with three children, bought the house in 2022. Thanks to new work opportunities, the family is relocating and putting their home up for sale. Related: $1.95 million for Marjorie Harris’s garden escape in the Annex The tour Here’s a closer look at the façade, with its large porch and bay window. The Township of Uxbridge commissioned that plaque detailing the property’s history, but it hasn’t yet been officially designated as a heritage home. ADVERTISEMENT The original double doors lead to the foyer, which has heated herringbone tiles. The rest of the home is lined with engineered hardwood. In a twist on the traditional layout, the owners moved the kitchen to the front of the house. It comes with an island that seats five and walks out to a porch that does double duty as an outdoor dining room. ADVERTISEMENT JennAir appliances are all over the kitchen, including a six-burner gas cooktop, a double-door fridge and a recessed microwave. This view highlights the curvy staircase and floral-themed dining room. The dining room is equipped with a wine fridge under the window, flanked by open wine racks. Beyond the dining room is the office, with built-in shelving and a daybed. That door in the office leads to the garage.   REAL ESTATE House of the Week: $2.2 million for a 140-year-old Uxbridge home with a backyard playground The 3,700-square-foot property also comes with five bedrooms, a curvy original staircase, heated floors and an in-ground pool BY ANDREA YU | PHOTOGRAPHY BY ALEX ROTHE |  MARCH 5, 2024     Location: UxbridgePrice: $2,225,000Last sold for: $2,400,000 in 2022Size: 3,763 square feet plus a 1,522-square-foot basementBedrooms: 5Bathrooms: 3Parking spots: 8Real estate agent: Astrid Willemsen and Nicoline Farrill, Chestnut Park The place A five-bedroom, three-bathroom Victorian standout on the edge of downtown Uxbridge. The home comes with a single-car garage, a driveway that fits seven, multiple decks and a bunch of fun in the backyard. It’s within walking distance of the businesses on Brock Street and several parks. And motorists are a short drive from Durham’s network of highways. The history The house was first purchased in 1885 for $2,200 by Thomas Chapple, a lawyer and member of Ontario’s legislature. In 1948, a local doctor purchased the home, using part of it as his medical office. The current owners, a family with three children, bought the house in 2022. Thanks to new work opportunities, the family is relocating and putting their home up for sale. Related: $1.95 million for Marjorie Harris’s garden escape in the Annex The tour Here’s a closer look at the façade, with its large porch and bay window. The Township of Uxbridge commissioned that plaque detailing the property’s history, but it hasn’t yet been officially designated as a heritage home. ADVERTISEMENT The original double doors lead to the foyer, which has heated herringbone tiles. The rest of the home is lined with engineered hardwood. In a twist on the traditional layout, the owners moved the kitchen to the front of the house. It comes with an island that seats five and walks out to a porch that does double duty as an outdoor dining room. ADVERTISEMENT JennAir appliances are all over the kitchen, including a six-burner gas cooktop, a double-door fridge and a recessed microwave. This view highlights the curvy staircase and floral-themed dining room. The dining room is equipped with a wine fridge under the window, flanked by open wine racks. ADVERTISEMENT Beyond the dining room is the office, with built-in shelving and a daybed. That door in the office leads to the garage. ADVERTISEMENT The living room is on the opposite side of the main floor. The fireplace—with a dramatic tile surround—looks like a wood burner but is actually electric. There are also two walkouts to the front porch here. Take note of the ceiling detail, framed like a painting by crown moulding. This mudroom is attached to the living room and walks out to the garden. It also has heated floors and more storage. Next door is this family room, with more funky wallpaper and a view of the backyard. Now for upstairs. There are four bedrooms and two bathrooms on the second floor as well as that small balcony on the right overlooking the neighbourhood. The main bedroom has a walk-in closet and an ensuite bathroom. Here’s the U-shaped closet. There’s plenty of built-in storage here, with hanging racks and pull-out drawers. And here’s the ensuite, with a glass shower, a double vanity and more heated floors. This secondary bedroom has a built-in banquette with cabinets underneath. Many of the home’s doors have their original ornate doorknobs.   The shared bathroom comes with a clawfoot tub (not pictured), a glass shower, two single vanities and white penny-round tile flooring. There’s also a laundry room upstairs. The backyard has a saltwater pool, a hot tub, a trampoline and plenty of space to host. Finally, a look at the poolside lounge in the summer.

Higher borrowing costs keeping home sales below the February sales record reached in 2021.   Sold sign. Graeme Frisque Metroland   Housing market trends in Oakville and Burlington are taking a different turn as we head into spring, with prices, sales and new listing increasing. These are some of the highlights in the Toronto Region Real Estate Board's (TRREB) February report, which shows both municipalities are trending in similar directions, which is a different outlook than previous reports. House prices overall are up in both Oakville and Burlington, the report shows. In Oakville, the average sale price of a home in February was $1,575,436, up from $1,451,707 in January (an eight per cent increase). In Burlington meanwhile, house prices went up 14 per cent, from $969,008 in January to an average selling price of $1,117,004 last month. Home sales also shot back up in both municipalities, with Oakville seeing 214 sales last month compared to just 150 in January. There's a similar trend in Burlington, with 203 sales in February compared with 144 sales in January, according to the TRREB report. New listings also saw a big increase, with 334 in Burlington compared to 253 in January. In Oakville, there were 489 new listings last month compared to 293 in January. Overall, GTA home sales and new listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier, TRREB said. Population growth and a resilient regional economy continued to support the overall demand for housing, with higher borrowing costs keeping home sales below the February sales record reached in 2021, the report states. “We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates," said TRREB president Jennifer Pearce. "Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said Pearce. Realtors reported 5,607 GTA home sales through TRREB’s MLS System in February 2024 – an increase of 17.9 per cent compared to February 2023. Even after accounting for the leap year effect, sales were up by 12.3 per cent year-over-year, TRREB said in a release. New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers, TRREB said. “As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing," said TRREB Chief Market Analyst Jason Mercer. "First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said Mercer.  

As usual, the real estate market is getting more active as springtime approaches. According to the Central Lakes Association of Realtors, sales of single family houses in Belleville increased to 54 in February, up from 34 in January. The average price also increased to $541,000 from $537,000 the month before. In Quinte West, 39 houses changed hands in February, up from 27 in January. And the average price was also higher at $605,000.  In January the average was $576,000. And 17 single family homes sold in Prince Edward County, up from January’s 13. The average price jumped to $830,000 from $718,000 in January.

Copperfield: A Calgary Neighborhood Offering a Vibrant LifestyleNestled in the southeast quadrant of Calgary, Copperfield is a charming and family-friendly neighborhood that offers an ideal balance between urban amenities and peaceful suburban living. With its well-planned community, abundant green spaces, and proximity to modern conveniences, Copperfield has become a highly sought-after destination for homebuyers looking for a place to call home in Calgary.One of the standout features of Copperfield is its strong sense of community. The neighborhood boasts a variety of housing options, including single-family homes, townhouses, and condos, making it an attractive choice for individuals and families of all sizes. The development itself is designed with careful attention to detail, incorporating beautiful landscaping, tree-lined streets, and charming architecture that exudes character and charm.Copperfield offers an array of amenities within its borders, ensuring that residents have everything they need right at their fingertips. The Copperfield Commercial District is a central hub of the neighborhood, featuring a wide range of retail stores, restaurants, and professional services. Whether you're looking for a quick bite to eat, a place to grab your morning coffee, or a local boutique to shop at, Copperfield has it all.Nature enthusiasts will feel right at home in Copperfield, thanks to its abundance of green spaces and recreational facilities. The community is surrounded by expansive parks, walking paths, and playgrounds, providing ample opportunities for outdoor activities and family fun. The nearby Fish Creek Provincial Park, one of North America's largest urban parks, offers even more space for hiking, biking, picnicking, and wildlife spotting. For those who enjoy golfing, the Blue Devil Golf Club is just a short drive away, offering a challenging course and breathtaking views.Copperfield's location also offers easy access to major transportation routes, including Deerfoot Trail and Stoney Trail, making it a breeze to commute to other parts of the city. The neighborhood is also well-serviced by public transportation, with several bus routes connecting residents to the rest of Calgary. Additionally, the proposed Southeast Transitway expansion will further improve transit options for Copperfield residents, bringing even more convenience to their daily lives.When it comes to education, Copperfield does not disappoint. The neighborhood is home to two elementary schools, St. Isabella Catholic School and Copperfield School, ensuring that young learners have access to quality education within the community. For those pursuing higher education, several reputable schools and colleges are located nearby, making Copperfield an ideal place for families and students alike.In conclusion, Copperfield offers a vibrant and inclusive lifestyle that caters to the diverse needs of its residents. With its strong sense of community, abundance of amenities, and beautiful green spaces, it's no wonder that Copperfield is a top choice for those looking to buy real estate in Calgary. So, if you're in the market for a new home, consider Copperfield – a neighborhood that perfectly blends modern convenience with a peaceful suburban atmosphere.

Copperfield, located in the southeast quadrant of Calgary, is a vibrant and family-friendly community known for its excellent local schools and educational opportunities. With a range of educational institutions in the area, Copperfield is an ideal neighborhood for families looking for a strong education system for their children. In this blog post, we will explore why local schools and education options make Copperfield a desirable place to live and raise a family.One of the key factors that contribute to Copperfield's appeal is its proximity to high-quality schools. Families in Copperfield have access to several reputable elementary, middle, and high schools, ensuring that children receive a top-notch education close to home. Copperfield School, a public elementary school located within the community, offers a comprehensive curriculum and a supportive learning environment. This school provides a strong foundation for young learners and is highly regarded by parents in the area.Additionally, Copperfield is also home to St. Isabella School, a Catholic elementary school. St. Isabella School is known for its commitment to academic excellence and its nurturing and inclusive environment. With a focus on spiritual growth and community engagement, St. Isabella School provides a well-rounded education for its students.For families with older children, Dr. Martha Cohen School is a popular choice. This state-of-the-art middle school is known for its innovative programs and its commitment to preparing students for the future. Dr. Martha Cohen School offers a wide range of extracurricular activities and advanced placement courses, ensuring that students have access to a well-rounded education.For high school students, attending Lord Beaverbrook High School is a great option. Located nearby in Acadia, Lord Beaverbrook High School offers a diverse curriculum and numerous clubs and sports teams for students to get involved in. With a reputation for academic excellence and a strong sense of community, Lord Beaverbrook High School prepares students for success in post-secondary education and beyond.Aside from excellent local schools, Copperfield also offers various educational resources for families. The community is home to a public library branch, providing residents with easy access to a wide range of books, educational materials, and programming. This resource is invaluable for both students and lifelong learners in Copperfield.Beyond the educational opportunities, Copperfield offers a fantastic lifestyle for families. The community features numerous parks, playgrounds, and green spaces, providing ample opportunities for outdoor activities and recreation. With an extensive pathway system, residents can enjoy leisurely walks or bike rides while taking in the beautiful surroundings. Copperfield also boasts a vibrant community association that organizes events and activities for all ages throughout the year, fostering a strong sense of community spirit.In conclusion, Copperfield is a neighborhood that offers excellent local schools and a strong commitment to education. Families in Copperfield have access to a range of educational institutions, ensuring that children receive a high-quality education close to home. Combined with its attractive lifestyle and community amenities, Copperfield is a fantastic place for families to call home. Whether you're looking for a welcoming community, top-notch schools, or numerous recreational opportunities, Copperfield has it all.

Copperfield, a charming suburban neighborhood located in the southeast corner of Calgary, offers its residents a plethora of amenities and attractions. One of the standout features of this community is its dedication to preserving green spaces and providing access to local parks. In this blog, we will explore the various parks and green spaces in Copperfield that contribute to its overall appeal as a desirable place to live.One of the most prominent parks in Copperfield is Copperfield Park, situated in the heart of the community. This beautiful park features a large open field, perfect for picnics, playing sports, or simply enjoying a leisurely stroll. The playground area is a hit with families, as it provides a safe and fun environment for children to play and interact with their peers. Additionally, the park offers a network of walking paths, making it an ideal spot for joggers and dog walkers to enjoy the outdoors.For those seeking a more tranquil setting, the adjacent St. Isabella Catholic School Park provides a serene escape. This green space boasts lush trees, well-maintained lawns, and benches for those looking to relax and unwind. The park's peaceful ambiance makes it a popular spot for individuals seeking solitude or a quiet place to read a book.Copperfield also offers residents easy access to the stunning natural beauty of the nearby Bow River Valley. The picturesque area features several green spaces, including the expansive Fish Creek Provincial Park. Known as one of the largest urban parks in Canada, Fish Creek offers an array of recreational activities for visitors of all ages. With over 80 kilometers of pathways, it's a paradise for cyclists, joggers, and nature enthusiasts. The park is also home to numerous picnic areas, making it an ideal destination for family gatherings and outdoor celebrations.Another notable green space near Copperfield is the McKenzie Meadows Golf Club. This premier golf course is surrounded by rolling green hills, providing a serene backdrop for a round of golf. Golf enthusiasts of all skill levels can enjoy the beautifully landscaped fairways and impressive views of the surrounding area. The club also offers dining options and event spaces, making it a popular venue for weddings and other special occasions.Living in Copperfield means having access to these fantastic parks and green spaces right on your doorstep. Whether you're seeking outdoor activities, a peaceful retreat, or simply a place to connect with nature, Copperfield has it all. The community's commitment to preserving and enhancing its green spaces contributes to its overall desirability and makes it an attractive place to call home.In conclusion, Copperfield in Calgary offers an abundance of local parks and green spaces for residents to enjoy. From Copperfield Park and St. Isabella Catholic School Park within the neighborhood to the vast offerings of Fish Creek Provincial Park and the McKenzie Meadows Golf Club nearby, there is something for everyone. So, whether you're an avid outdoor enthusiast or simply value the tranquility that nature provides, Copperfield's parks and green spaces are sure to delight.

Nestled in the heart of northwest Calgary, Copperfield is a charming neighborhood that offers residents a unique blend of modern amenities and historical features. With a rich history dating back to the early 1900s, this community has seen significant growth and development over the years. In this blog, we will explore some of the historical features that make Copperfield Calgary a truly special place to call home.One of the most notable historical features in Copperfield is the presence of several heritage homes. These beautifully preserved houses showcase architectural styles from the early 20th century, reflecting the rich history of the area. Walking through the tree-lined streets, you'll find stunning examples of Craftsman, Victorian, and Edwardian homes that have stood the test of time. These properties not only add character to the neighborhood but also serve as a reminder of the community's roots.Another historical feature that has shaped Copperfield is the presence of historical landmarks. The area is home to numerous sites that have played a significant role in Calgary's history. One such landmark is the Inglewood Bridge, a historic steel truss bridge that was originally built in 1908. This iconic structure not only connects Copperfield to neighboring communities but also serves as a reminder of the city's industrial past.In addition to preserving historical architecture and landmarks, Copperfield also embraces its heritage through various community events and festivals. For example, the annual Inglewood Sunfest, held in nearby Inglewood, brings together residents from all over Calgary to celebrate the area's rich history and culture. With live music, local vendors, and historical exhibits, this event showcases the unique charm of Copperfield and its surrounding neighborhoods.Copperfield's historical features are not just limited to the physical aspects of the community. The neighborhood also boasts a strong sense of community and belonging, which can be traced back to its early settlers. Many of the families who first established Copperfield have continued to live in the area for generations, creating a tight-knit community that values its roots. This sense of history and tradition is evident in the warm and welcoming atmosphere that permeates the neighborhood.Although Copperfield has a deep connection to its history, the neighborhood also offers residents a range of modern amenities. From trendy cafes and restaurants to shopping centers and recreational facilities, there is no shortage of conveniences. Additionally, with easy access to major transportation routes, residents can easily explore the rest of Calgary and beyond.In conclusion, Copperfield Calgary is a neighborhood that seamlessly blends historical features with modern conveniences. From its well-preserved heritage homes and landmarks to its vibrant community events, this area offers residents a truly unique living experience. Whether you're strolling down the streets admiring the architectural beauty or immersing yourself in the rich history, Copperfield is a place that captures the essence of Calgary's past while embracing its future.

Copperfield Calgary: A Thriving Community with Exciting Real Estate OpportunitiesLocated in the southeast quadrant of Calgary, Copperfield is a vibrant community that offers residents a wonderful mix of urban amenities and natural beauty. With its picturesque landscapes, top-notch amenities, and a strong sense of community, Copperfield has become an increasingly popular choice for both families and young professionals looking to settle down in Calgary.Market Update:The real estate market in Copperfield has been experiencing steady growth in recent years. The demand for housing in this community has been on the rise, attracting both buyers and investors. The average home price in Copperfield has seen a modest increase, making it an attractive market for those looking to invest in real estate.One of the key factors contributing to the increasing popularity of Copperfield is its affordable housing options. The community offers a diverse range of housing types, including single-family homes, townhouses, and condominiums, catering to a wide range of budgets. This affordability, combined with the community's excellent amenities, has made Copperfield an attractive option for first-time homebuyers.Neighborhood:Copperfield is known for its family-friendly atmosphere and close-knit community. The neighborhood boasts a range of amenities designed to enhance the quality of life for its residents. With numerous parks, playgrounds, and green spaces, there are plenty of opportunities for outdoor activities and recreation. Residents can enjoy walking trails, bike paths, and even a skating rink during the winter months.The community also offers easy access to essential amenities such as schools, shopping centers, and healthcare facilities. The Copperfield Commercial District is home to a variety of shops, restaurants, and services, ensuring that residents have everything they need right at their doorstep.In addition to the amenities within Copperfield, residents can also take advantage of the neighboring community of McKenzie Towne. This master-planned community offers even more amenities, including a community center, outdoor sports fields, and an extensive network of walking paths and ponds.Real Estate:Copperfield offers a wide range of housing options to suit every lifestyle and budget. Whether you're looking for a spacious single-family home with a backyard or a low-maintenance condominium, you'll find it in Copperfield. The community is known for its high-quality construction and modern architectural designs, ensuring that residents have access to comfortable and stylish homes.With its well-maintained streets and beautiful landscaping, Copperfield offers a visually appealing environment to call home. The community's commitment to maintaining a high standard of living is evident in the pride residents take in their properties.In conclusion, Copperfield Calgary offers an exciting real estate market and a welcoming community for those looking to settle down in Calgary. With its affordable housing options, excellent amenities, and strong sense of community, Copperfield has become a sought-after destination for families and professionals alike. If you're considering buying a home or investing in real estate, Copperfield is definitely worth exploring further.

Many of those who bought a single-family home in 2022 may be dealing with a rude awakening of their investment losing value as of last year. Point2 analyzed 67 Canadian cities and found the values of single-family homes in 18 of them, along with condominiums in 26, were lower year-over-year. These Ontario cities faced the biggest losses   The report shows that single-family homeowners who bought at the end of 2022 lost $163 every day for a year — meaning, their home is now worth nearly $60,000 less than what they paid. New condominium owners in Mississauga were hit the hardest in this housing type, losing about $100 per day or $36,600 in total value. Kitchener and Markham came close to this.   Other parts of Canada took a hit   While Ontario cities faced the biggest losses for single-family homeowners, other Canadian cities were affected similarly, namely those in Kelowna, British Columbia, Victoria, B.C. and Regina, Saskatchewan.   Current buyers’ market with no buyers: “A very healthy correction”   Not so long before, these very locations were growing strong. Now, Benjamin Tal, deputy chief economist at CIBC World Markets calls them areas of “very healthy correction”, the report notes. In an interview for BNN Bloomberg, he states: “We have more supply and less demand. This is becoming a buyers’ market — a buyers’ market with no buyers … It’s a very weak market. A dearth of listings had previously been propping prices up, but listings have increased as high interest rates and other costs put pressure on homeowners. Prices went up by 45 per cent over the course of breakfast during COVID-19, so what you’re seeing now is a very healthy correction.” On top of this, the report notes that Canadian Real Estate Association (CREA) data from as early as October show an activity slowdown, with no signs of changing until spring.   All hope not lost   Contrary to the severe losses faced by many Canadian homeowners, five B.C. cities saw increased values by over $100,000, some over $200,000. These were Vancouver, Richmond, Burnaby, Langley and Delta. As well, condominiums in Coquitlam, B.C., Halifax, Nova Scotia, Richmond, B.C. and Calgary, Alberta saw earnings of over $50,000 from 2022 to 2023.

A Sold sign sits in front of a house in Toronto on Tuesday July 12, 2022. THE CANADIAN PRESS/Cole Burston Multiple offers are mounting for houses under the $1 million mark in Toronto while prices stay steady and competition moves faster and fiercer, according to real estate agents in the city. That became apparent for Toronto realtor Anya Ettinger when 27 offers were put forward on a Bloor West house listed for just under $1 million that sold for $400,000 more than its asking price earlier this month. “It’s happening more and more frequently,” Ettinger, who represented buyers who put forward an unfruitful bid, said. Since the third week of January, Ettinger said she’s been noticing multiple offers climbing – on average, between four and twelve – particularly for houses listed under $1 million. That price point will increase the likelihood of multiple offers, Toronto real estate broker Erica Reddy-Choquette explained. “It’s not Toronto market wide,” she said. “As much as multiple offers are back, the actual sale price is not actually staggering.” Shock waves rippled through the real estate community when a staggering 85 offers were placed on a house in Mississauga that sold for just under $1 million last month. Justin Bregman, the real estate agent representing the sellers in that transaction, said the market is much more competitive than just a few months ago, and houses are selling much faster as a result. “Under that $2 million mark, and certainly under the $1 million mark, we are seeing a barrage of showings and offers and competition across the board,” Bregman said. In October, November and December the market was slow and sellers were struggling to get offers through the door, paving the way for negotiations rather than bidding wars, he said. “Anybody that purchased in October, November and December is looking like a genius right now,” Bregman said. But now, Bregman said it is possible that prices could start to rise in lockstep with expected interest rate cuts that many economists expect to begin in June. The Toronto Region Real Estate Board (TRREB) is predicting that the average home price in the city will rise to $1,170,000 in 2024, as more buyers return to the market. Prior to months of consecutive interest rate hikes, the average selling price of a Toronto home peaked at $1,334,062 in February 2022 before dropping to a low of $1,037,542 later that year, according to TRREB. “So, you have people trying to get in now before they think that the prices are going to rise more,” Bregman said.