Is it Worth the Wait? Experts Predict a Decline in Canada's Recreational Property Prices in 2023
Royal LePage's recent report suggests that recreational property prices in Canada will decline over the next year due to a lack of supply and economic uncertainty. The aggregate price of a single-family home in recreational regions is expected to drop to $592,005 in 2023, a 4.5% year-over-year decrease.
The decline will be seen in various regions across the country, with Quebec expected to see the largest price drop at 8.0%, followed by Ontario (5.0%), Atlantic Canada (3.0%), the Prairies (3.0%), and British Columbia (2.0%). However, Alberta will reverse the trend with a 0.5% increase in prices.
Although prices had surged in the past two years, with a 26.6% year-over-year increase in 2021 and an 11.7% rise in 2022, the expected decline comes as a relief to buyers who were priced out of the market during the pandemic.
The national aggregate price of a single-family recreational property is predicted to remain 32% higher than 2020 levels, despite the fall. The aggregate price of a single-family waterfront property rose 9.5% year-over-year in 2022 to $736,900, while the aggregate price of a condo in recreational markets increased 16.6% annually to $432,000.
Royal LePage's report is based on forecasts and figures from 50 markets and a survey of over 200 brokers and sales representatives. A significant 57% of respondents reported less inventory in 2023 compared to the previous year, while 51% saw a decline in demand. Compared to the pre-pandemic market, 65% thought supply had dropped, while 38% believed demand had increased.
According to Phil Soper, president and CEO of Royal LePage, the decline is due to a severe lack of inventory and general consumer inflation. While interest rate hikes have less impact on recreational property markets than homes in urban areas, Soper suggests that buyers are willing to wait for the right property, which is a stark contrast to the pandemic's frenzy.
Despite Quebec's predicted fall in prices, the province experienced one of the largest jumps in prices from 2021 to 2022, at 16.1%, with only Atlantic Canada seeing a more significant increase at 17.2%. The Prairies posted a 6.0% year-over-year increase in 2022, the smallest of any province, with an aggregate price of a single-family home at $271,300. The highest aggregate price is found in Alberta, at $1,165,500, largely due to the luxury properties in the Canmore market near Banff National Park.
As the world returns to normal, families are moving back to urban and suburban areas. While 56% of those surveyed reported that homeowners are not moving back, Soper points out that the long commute poses a challenge for those who do. The report suggests that living in recreational regions will return to being viewed as a weekend and summer escape from urban living.
What do you think of the expected decline in recreational property prices in Canada? Do you believe it's a good time to buy a recreational property? Share your thoughts in the comments below.
Holy smokes, have you heard the news? There's a new shape in town, and it's causing quite a stir in the world of math! Mathematicians have recently discovered a super cool shape that's been nicknamed "the hat," and it could revolutionize the way we think about tiles in our homes.
Mathematicians have recently discovered this funky 13-sided shape, which looks like a twisted prism with one end wider than the other. It's got some interesting properties that make it a great candidate for use as kitchen backsplashes or floor tiles.
The hat is super stable and has a large surface area, which means it could potentially support a lot of weight without breaking. Plus, its asymmetrical design is seriously cool and unique, making it a real statement piece in any room.
And get this: it might be easier to manufacture than you'd think! Traditional manufacturing techniques like injection molding or 3D printing could be used to make a ton of these tiles at once, which could make them relatively affordable.
So could the hat shape be a total game-changer in the world of home decor? Only time will tell! But if you're on the hunt for something fresh and modern to spice up your living space, it might be worth considering. The hat's funky design is sure to turn heads, and its unique properties could make it a durable and practical choice for high-traffic areas.
In conclusion, the discovery of the hat shape is a super cool development in the world of math, but it's also got some serious potential as a decorative element in our homes. Whether or not it actually becomes a game-changer remains to be seen, but there's no denying that it's got some seriously fun and funky properties that could make it a great choice for those looking to add a bit of flair to their space. So... who's going to be the first to manufacture a tile with this shape and who's going to be the first to install it in a home? Maybe you? Let us know in the comments!
Major Shift in Home Improvement Retail: Lowe's Canadian Business Sold to Rona and Rebranded – What Does It Mean for the Market?
Lowe's, the well-known home improvement retailer, has completed the sale of its Canadian business to Rona, a leading Canadian home improvement company. The deal, worth $3.2 billion, was announced in November 2021 and has now been finalized.
Under the terms of the deal, Lowe's will receive $2.3 billion in cash and $900 million in Rona's common shares. Lowe's originally entered the Canadian market in 2007, but struggled to gain a foothold against established competitors such as Rona and Home Depot. The sale of its Canadian business is part of a broader strategy to focus on its core operations in the United States.
As part of the deal, Lowe's stores in Canada will be rebranded as Rona locations. Rona currently operates over 400 stores in Canada, and the addition of Lowe's stores will significantly expand its footprint in the country. The acquisition will also allow Rona to better compete with Home Depot, which has a strong presence in the Canadian market.
The sale of Lowe's Canadian business marks the end of the company's 14-year tenure in Canada. However, the move is expected to be a positive one for both Lowe's and Rona. Lowe's will be able to focus on its U.S. operations, while Rona will be able to expand its presence in the Canadian market and compete more effectively with Home Depot.
In conclusion, the sale of Lowe's Canadian business to Rona marks a significant development in the home improvement retail sector in Canada. What are your thoughts on this acquisition? Do you think the rebranding of Lowe's stores as Rona locations will have a positive impact on the Canadian market? Share your views in the comments section below!
Masterfully designed for chic, contemporary living, 4 Douglas Crescent offers approximately 4,200 square feet of naturally bright interiors over three levels in prime Rosedale—one of Toronto’s most desirable neighbourhoods. Encompassing 5 bedrooms, 5 baths and a versatile lower level, this newly finished home is filled with thoughtful design features and modern amenities that answer and exceed every need—all steeped in a sleek, modern West Hollywood-meets-Toronto style.
A Warm Welcome
Arrive to a grand, oversized cherry wood front door, which opens to reveal the home’s sunlit main level with radiant heated hickory hardwood flooring, soaring ceilings, floor-to-ceiling windows and a modern floating staircase crafted with tempered glass and maple handrails.
The open-plan kitchen boasts glossy wood-paneling, an eat-in island, white quartz countertops, a Dacor smartfridge, Liebherr full-height wine fridge, Asko dishwasher, built-in Miele coffee machine, Fisher & Paykel dishwasher drawer, wireless countertop charger, Wolf smart oven, microwave, warming drawer, 5-burner stovetop and industrial hood vent. Distinctively modern aluminum and acrylic glass light fixtures add a feeling of sophistication. The kitchen’s adjacent living area faces an 8-foot-long electric fireplace and opens to the illuminated outdoor deck.
Retreat and Recharge
Ascend to the second level to find 4 bedrooms, including the primary suite, which is replete with a hidden dressing room closet and a sophisticated, spa-like bath designed with custom quartz-topped vanities with Franz Viegener faucets, an oversized rainfall shower with Italian fixtures, a BainUltra Smart Jacuzzi tub and more. The primary suite also opens to a Juliet balcony. All additional baths are equipped with Mysa Smart Home heated floors and motion sensor lighting.
Adding another level of luxury and privacy, all windows and skylights throughout the home are designed with clear glass that turns opaque at the touch of a button.
Host, Rest, Repeat
Versatile and inviting, the home’s lower level is crafted for easy entertaining. The space presents an additional bedroom, bath with a steam unit, 8 to 10-foot-high ceilings, a Nortwood accent wall, a movie theater set up, Smith & Hanks wine fridge and bar, a Sharp drawer microwave and Whirlpool dishwasher.
Outside, the radiant heated driveway leads to the attached garage, outfitted with a car lift, heated epoxy floors. Additional home features include a Bryant furnace, Aprilaire humidifier, oversized Whirlpool stackable washer and dryer, three Smart Home sump pumps with backup batteries, two tankless water heaters, a VanEE Fresh Air System, two three-ton AC units, Ecobee thermostat, built-in interior and exterior Paradigm speaker system and Iron Link security system.
Pairing privacy and high style with total convenience, 4 Douglas Crescent is nestled away on a tree-lined street in Rosedale, mere moments from Toronto’s top private schools, parks, trails, restaurants, shops, Evergreen Brick Works, and only 20 minutes into the heart of downtown Toronto.
It is the only sky library you will ever need, compatible with Adobe Photoshop, Skylum Luminar and any photo editing software that supports sky replacement.
Set in an imaginary dystopian future where earth is nothing but a wasteland–a garbage heap–where humans heave mass-produced and consumed themselves into a lonely existence.
You already know that video should play a starring role in your real estate marketing efforts (and if you haven’t gotten behind the camera yet, let us remind you why realtors need video content).
Hopefully you’ve already got a library of video content, including video tours for your listings, as well as an introduction video and a client experience video.
Not sure what to shoot next? We hear you. And we’ve got you covered!
Find below our list of 201 topic ideas for your next real estate content videos! Feel free to save this list for a handy reference whenever you need some video inspiration.
[RELATED: How Video and Reels can impact your Real Estate Business]
As a real estate agent, you know that the world of property is a competitive one. With so many agents vying for the same listings and buyers, it's important to do everything you can to stand out from the crowd. One way to do this is by investing in video and social media reels.
First and foremost, video and social media reels allow you to showcase your personality and expertise in a way that text and photos just can't. By creating short, engaging videos, you can give potential clients a glimpse into your work style and personality, which can go a long way in building trust and rapport. Plus, who doesn't love a good personality-filled reel? They're like the real estate equivalent of popcorn – you can't stop watching!
In addition to showcasing your personality, video and social media reels also allow you to highlight your listings in a dynamic and visually appealing way. With the use of video, you can take potential buyers on a virtual tour of the property, highlighting all of its best features and giving them a feel for the layout and flow of the home. This is especially helpful for out-of-town buyers or those who may not be able to physically visit the property in person.
But the benefits of video and social media reels don't stop there. They can also help you to reach a wider audience and attract new clients. By sharing your videos on social media platforms like Instagram and Facebook, you can expand your reach and get your listings in front of a whole new group of potential buyers. And with the use of hashtags and tagging relevant accounts, you can even tap into the power of influencer marketing to further promote your brand.
So if you're a real estate agent looking to stand out from the competition and attract new clients, it's time to invest in video and social media reels. Contact us – your listings (and your business) will thank you!
[RELATED: 201 DIY Video Content Ideas for Real Estate]
How To Fix "Another Device On The Network Is Using Your Computer’s Ip Address" Error - Mac OS 13 Ventura
This super annoying wifi error getting you down on a Mac running Ventura? I got you! Try following these steps below to fix.
STEP 1: Stay connected to the wifi network that is displaying the error, then:
Finished these steps and still not working?
If so, you need to call your internet service provider and ask them to reset your modem to factory settings and set up your network fresh, as the modem is malfunctioning and creating duplicate IP's for devices. After a factory reset and reconfiguration is complete if the problem STILL persists, last resort is to swap your modem for a new one.
In light of P.K. Subban announcing his retirement from the NHL today (after 13 seasons, a Norris Trophy for defence, olympic gold medal and more), I wanted to take a moment to look back at my photo shoot with him!
It was 2010 when I got the call to shoot some portraits of P.K. for 4th Period Magazine. The shoot took place at 82 Bathurst St. near the southwest corner of King/Bathurst, a relatively small brick building panted all black which was home to the Salt & Pepper ad agency at the time. If you recognize the address or the building, it’s because you might be familiar with its later iterations: The Drake Hotel Store, Chill House and, most recently, Gatsby's Speakeasy. The back room at Salt & Pepper was a photographer's play area – transformed into a 2-storey photo studio with white infinity wall.
Leading up to the start of the shoot as I was setting up (and as was customary at these shoots) the magazine editor David and creative team were briefing me on the rising star that was P.K., freshly acquired by the Montreal Canadiens.
When P.K. arrived he greeted me with the largest smile you could imagine and his energy on set was contagious. Everyone on set completely enjoyed working with him, he was eager to pose and took direction really well. We had some good laughs during the shoot!
The 4th Period had a very specific vision for the shoot in mind with the white backdrop setting the tone for it (see outtakes below) for use in an article inside the magazine. To be honest with you, I wasn’t loving the plain backdrop vibe and even though P.K. was so great and easy to work and the shots were looking "nice" and would serve well inside the magazine, I felt like they were lacking a connection to the viewer and were not representative of my personal shooting style at the time. As an editorial portrait photographer back in the day, my preference was always to capture my subjects in natural or more candid environments than a studio.
As our time with P.K. at the Salt & Pepper photo studio was ending, he changed back into his street clothes and we all said our goodbyes. As I was packing up my gear and tossing it into my car parked in the side alley, P.K. came out the side door, duffle bag over his shoulder heading for his ride and I couldn’t help but ask politely if I could snap a couple more shots of him just chilling outside the all-black brick wall with the Bathurst streetscape behind him. Those casual side alley shots, which I intentionally kept for my own portfolio, ended up being my favourite shots of the day and I was so proud to share them on my personal website when the time was appropriate to do so.
A few years went by and out of the blue one day in 2013 I received an email from another magazine interested in shots of P.K. - except this time it was Montreal En Sante (a hospital health magazine published by the MUHC hospitals in Montreal) doing a story on the fundraising P.K. launched to benefit local kids who couldn’t afford hockey equipment. They weren’t interested in doing a new shoot, instead they were interested in licensing the images I published on my website – the ones I took of him in the side alley at Salt & Pepper! Long story short and a few negotiations over email later, they decided P.K. would be the cover story of this edition and my photo of him would be on the cover - the first cover in my career.
Thanks again to P.K. and to all those involved in the photo shoot and decision-making at both magazines; it was my honour to be involved. Congrats, P.K., on an outstanding hockey career and all the best in your future endeavours.
– Matt Vardy.
Montreal en Sante Magazine Cover Autumn 2013:
P.K. Subban outtakes from 4th Period Magazine shoot 2010: