BY: Anne-Elise Cugliari Allegritti. Director of Communications, Royal LePage

From surging buyer demand to fluctuating interest rates, the Canadian housing market has seen its fair share of ups and downs since the onset of the pandemic. Through it all, home prices in the country’s luxury markets have stayed relatively stable, weathering the ever-evolving market landscape.

According to the 2024 Royal LePage® Carriage Trade® Luxury Market Report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.

“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”

While transaction volumes in the high-end property segment are lower relative to the mainstream residential market, luxury markets in the Prairie provinces recorded some of the largest gains in sales activity year over year in the first eight months of 2024, led by Winnipeg, with Edmonton and Calgary close behind. This is reflective of the strong state of their overall markets, especially Alberta, which has proven more resilient than most of the country over the past year. This is due to its continued strong demand from out-of-province buyers. Outside of the Prairies, Quebec City has also recorded strong luxury sales growth this year.

Looking ahead, experts in all major cities across Canada expect to see brisk activity in the fall market.

Luxury buyers feel boost of confidence, fueling sales

According to Royal LePage regional luxury market experts, buyers in this segment are discerning. In some regions, the high cost of construction is driving demand in the resale segment, where buyers are seeking fully-renovated, turn-key properties. In other areas, buyers prefer to build the custom home of their dreams, despite high cost construction costs and extended timelines.

“Luxury buyers typically have the means to be picky. Their home buying decisions are shaped by more than the desire to live in a particular neighbourhood or to enjoy very specific high-end features and amenities. Often, their decision whether to buy or not is driven by their confidence in the health of the overall economy and the direction they see housing prices headed. Our research shows those in the higher end of the housing market have a very positive outlook on the long-term stability and appreciation potential of Canada’s housing stock,” noted Soper.

“Many buyers in the luxury market segment do not require high-leverage mortgages, where the amount borrowed relative to the value of the underlying property is large. In fact, it is common to see expensive homes purchased with very substantial down payments, or even fully in cash. Thus, luxury homebuyers as a rule are not as heavily impacted by high interest rates as the average consumer. It is primarily the positive impact on macroeconomic factors that will encourage new buyers in the luxury segment.”

Here are a few highlights from the 2024 Royal LePage Carriage Trade Luxury Market Report:

• Halifax’s luxury real estate market recorded highest year-over-year median price appreciation in the first eight months of 2024, with gains of 8.6%.

• Luxury property prices in Toronto posted year-over-year increase of 3.9%, while Vancouver and Montreal recorded modest declines of 1.8% and 2.8%, respectively.

• Sales activity in Winnipeg’s luxury market recorded greatest year-over-year increase with 61.9% jump, taking into account low transaction volumes.

• 2023 foreign buyer ban has had no material impact on prices or available inventory in most markets

📊 Weekly Real Estate Stats: Halifax/Dartmouth - July 30th, 2024 📊

The latest market stats are in! Here's what's happening in Halifax/Dartmouth:
1. Total Residential Listings:

- 2024: 1068

- 2023: 807

- 2022: 776

- 2021: 601

- Trend: There has been a steady increase in total residential listings over the past four years, indicating a growing inventory in the market.

2. Average Days on Market for Sales:

- 2024: 32 days

- 2023: 25 days

- 2022: 12 days

- 2021: 22 days

- Trend: The average days on market have increased from 2023 to 2024, suggesting homes are taking slightly longer to sell. This could indicate a more balanced market compared to previous years.

3. List to Sale Ratio:

- 2024: 100.55%

- 2023: 101.81%

- 2022: 113%

- 2021: 109%

- Trend: The list-to-sale ratio has decreased slightly, indicating that homes are selling closer to their listing prices but not as high as in the past few years. This suggests a more realistic pricing strategy in the current market.

4. Monthly Sales:

- 2024: 473

- 2023: 436

- 2022: 501

- 2021: 664

- Trend: Monthly sales have increased slightly from 2023 to 2024 but are still lower than the 2021 peak. This shows a stable but not overly heated market.

5. Year to Date Sales:

- 2024: 3,078

- 2023: 2,953

- 2022: 3,688

- 2021: 4,820

- Trend: Year-to-date sales have increased from 2023 to 2024 but remain below the levels seen in 2021 and 2022, indicating a normalization of the market after a high demand period.

6. Months of Inventory:

- 2024: 2.62 months

- 2023: 2 months

- 2022: 1.51 months

- 2021: 0.77 months

- Trend: Months of inventory have increased, suggesting that there are more homes available relative to the number of buyers, leading to a more balanced market.

7. Average Sale Price:

- 2024: $580,708

- 2023: $564,364

- 2022: $560,728

- 2021: $460,201

- Trend: The average sale price has been consistently rising, showing strong appreciation and demand for properties in the area.

8. Appreciation from Previous Year:

- 2024: 2.8%

- 2023: 0.6%

- 2022: 18%

- 2021: 23.8%

- Trend: The rate of appreciation has slowed significantly compared to the sharp increases in 2021 and 2022, indicating a more stable and sustainable growth in property values.

The Halifax/Dartmouth real estate market shows signs of stabilization and balanced growth. While the number of listings and inventory have increased, indicating more choices for buyers, the average sale price continues to rise, reflecting ongoing demand. The slower appreciation rate and increased days on market suggest a shift towards a more normalized market after a period of rapid growth and high competition. This environment could benefit both buyers and sellers, offering opportunities for careful negotiation and strategic buying or selling decisions.

Chat Soon,

Sandra

If you have a home to sell, you’re probably excited to get the process started. There are many things you need to consider when selling your property, and it’s hard not to feel overwhelmed by the task. The good news is we’ve done extensive research about what you need to know about selling your home – and I've answered the questions you’re probably wondering:
 
How will you determine my home’s value?
 
To determine your home’s value and set a listing price, I will complete a Comparative Market Analysis. The CMA uses recent sales of homes close in geography, age, size, and features to yours. (A CMA is not the same as an appraisal, which a licensed appraiser can perform.)
 
Is it a good idea to start high?
 
Many sellers like the idea of “starting high” to see if they get higher offers, but this strategy isn’t usually practical. First, buyers may not see your listing if they use a price filter set to what they expect prices in the area to run. Second, you run the risk of the appraisal coming in lower than your contract price, which will require your contract to be renegotiated or canceled. Third, if your listing price puts your home higher than your neighborhood value, your home will likely sit on the market longer as buyers wait for you to make a reduction. It’s best to set a realistic listing price that will bring you buyers quickly. My goal is always to get you the highest possible price in the shortest amount of time.
 
What percentage of the listing price can I expect to get?
 
The list-to-sell ratio is determined by dividing the selling price by the listing price. The ratio is largely market-driven. In a sellers’ market, which is when inventory is low, sellers may get close to 100% or over 100% if the home sells above list price. In a market with a large inventory of homes, a buyers’ market, buyers have more negotiating power, so the list-to-sell ratio may be closer to 90%. My goal is to get you as close to a 100% list-to-sell ratio as the market will bear.
 
How soon can I get my home on MLS?
 
Once we agree to work together, I will begin entering your home information on the MLS system. I will also schedule a time for a stager and a professional photographer to take photos, videos, and floorplans of the property. As soon as all the information and pictures are uploaded items, your listing can go live on MLS.
 
What do I need to do to get ready to list?
 
For your part, it’s a good idea to begin cleaning out or organizing storage spaces, closets, and drawers and putting away some of your décor or belongings. You may also want to have the exterior pressure washed, and the landscaping cleaned up. We can talk further about specific things that will help your home show better.
 
How will showings be conducted?
 
You and I will agree on the terms you are comfortable with for showings. We want to make the home accessible to buyers without too much disruption to your personal life. We can use a showing schedule, and unless we agree otherwise, I will notify you in advance of showing requests. We use electronic lockboxes that only active members of our local Realtors Association (NSAR) can access. We can set the lockbox on a schedule, if necessary. Any time the lockbox is accessed, I receive a notification.
 
How will you market my property?
 
Marketing your listing is of utmost importance. Most buyers find their properties online through MLS (via their agent,) Realtor.ca or other search engines. Listings in our MLS system automatically show up on these sites within a day or two of becoming active. In addition, I share my listings with the agents in my network, on my website, and on my social media. We can discuss additional opportunities such as hosting open houses and marketing within your neighborhood.
 
How long will it take to find a buyer?
 
Several factors influence the time it takes to find a buyer. These include the market conditions, price range (higher-priced or luxury homes typically take longer to sell,) location (whether your home is in a desirable neighborhood or a unique location,) and the condition of the home (is move-in ready or in need of renovations?) In a balanced market, most houses, when priced accurately and without significant damage or extenuating circumstances, go under contract within thirty days. Homes sell faster in a seller’s market, while buyers take more time to look when inventory is high.
 
Will you qualify the buyer?
 
When an offer is received, I will work with the buyer’s agent to vet the buyer. All offers should be accompanied by either a pre-approval from a mortgage lender. Once you accept an offer, the buyer will have time to do their due diligence (about 10 business days). I will stay in close contact with the buyer’s agent.
 
What are the costs involved?
 
The seller usually pays for the real estate agent fees, which are divided between the buyer’s agent and the seller’s agent. There are also legal fees budget about $1500.

Can I cancel if I find my own buyer?
 
The listing agreement is a contract between you and me and/or my brokerage. It stipulates the terms for cancellation, which you are encouraged to review. Once we have signed the listing agreement, a prospective buyer who approaches you directly should be redirected to me.
 
How often will we communicate?
 
Communication is key to an easy and successful sale. I will keep you appraised of events every step of the way. You are welcome to reach out to me with questions or concerns. When we go over the listing information, we will discuss our preferred means of communication and schedules to make sure we know each other’s availability and boundaries.
Thinking of selling? I'm here to help! Shoot me a message or give me a call today.

BY: Anne-Elise Cugliari Allegritti. Director of Communications, Royal LePage

From surging buyer demand to fluctuating interest rates, the Canadian housing market has seen its fair share of ups and downs since the onset of the pandemic. Through it all, home prices in the country’s luxury markets have stayed relatively stable, weathering the ever-evolving market landscape.

According to the 2024 Royal LePage® Carriage Trade® Luxury Market Report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.

“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”

While transaction volumes in the high-end property segment are lower relative to the mainstream residential market, luxury markets in the Prairie provinces recorded some of the largest gains in sales activity year over year in the first eight months of 2024, led by Winnipeg, with Edmonton and Calgary close behind. This is reflective of the strong state of their overall markets, especially Alberta, which has proven more resilient than most of the country over the past year. This is due to its continued strong demand from out-of-province buyers. Outside of the Prairies, Quebec City has also recorded strong luxury sales growth this year.

Looking ahead, experts in all major cities across Canada expect to see brisk activity in the fall market.

Luxury buyers feel boost of confidence, fueling sales

According to Royal LePage regional luxury market experts, buyers in this segment are discerning. In some regions, the high cost of construction is driving demand in the resale segment, where buyers are seeking fully-renovated, turn-key properties. In other areas, buyers prefer to build the custom home of their dreams, despite high cost construction costs and extended timelines.

“Luxury buyers typically have the means to be picky. Their home buying decisions are shaped by more than the desire to live in a particular neighbourhood or to enjoy very specific high-end features and amenities. Often, their decision whether to buy or not is driven by their confidence in the health of the overall economy and the direction they see housing prices headed. Our research shows those in the higher end of the housing market have a very positive outlook on the long-term stability and appreciation potential of Canada’s housing stock,” noted Soper.

“Many buyers in the luxury market segment do not require high-leverage mortgages, where the amount borrowed relative to the value of the underlying property is large. In fact, it is common to see expensive homes purchased with very substantial down payments, or even fully in cash. Thus, luxury homebuyers as a rule are not as heavily impacted by high interest rates as the average consumer. It is primarily the positive impact on macroeconomic factors that will encourage new buyers in the luxury segment.”

Here are a few highlights from the 2024 Royal LePage Carriage Trade Luxury Market Report:

• Halifax’s luxury real estate market recorded highest year-over-year median price appreciation in the first eight months of 2024, with gains of 8.6%.

• Luxury property prices in Toronto posted year-over-year increase of 3.9%, while Vancouver and Montreal recorded modest declines of 1.8% and 2.8%, respectively.

• Sales activity in Winnipeg’s luxury market recorded greatest year-over-year increase with 61.9% jump, taking into account low transaction volumes.

• 2023 foreign buyer ban has had no material impact on prices or available inventory in most markets

📊 Weekly Real Estate Stats: Halifax/Dartmouth - July 30th, 2024 📊

The latest market stats are in! Here's what's happening in Halifax/Dartmouth:
1. Total Residential Listings:

- 2024: 1068

- 2023: 807

- 2022: 776

- 2021: 601

- Trend: There has been a steady increase in total residential listings over the past four years, indicating a growing inventory in the market.

2. Average Days on Market for Sales:

- 2024: 32 days

- 2023: 25 days

- 2022: 12 days

- 2021: 22 days

- Trend: The average days on market have increased from 2023 to 2024, suggesting homes are taking slightly longer to sell. This could indicate a more balanced market compared to previous years.

3. List to Sale Ratio:

- 2024: 100.55%

- 2023: 101.81%

- 2022: 113%

- 2021: 109%

- Trend: The list-to-sale ratio has decreased slightly, indicating that homes are selling closer to their listing prices but not as high as in the past few years. This suggests a more realistic pricing strategy in the current market.

4. Monthly Sales:

- 2024: 473

- 2023: 436

- 2022: 501

- 2021: 664

- Trend: Monthly sales have increased slightly from 2023 to 2024 but are still lower than the 2021 peak. This shows a stable but not overly heated market.

5. Year to Date Sales:

- 2024: 3,078

- 2023: 2,953

- 2022: 3,688

- 2021: 4,820

- Trend: Year-to-date sales have increased from 2023 to 2024 but remain below the levels seen in 2021 and 2022, indicating a normalization of the market after a high demand period.

6. Months of Inventory:

- 2024: 2.62 months

- 2023: 2 months

- 2022: 1.51 months

- 2021: 0.77 months

- Trend: Months of inventory have increased, suggesting that there are more homes available relative to the number of buyers, leading to a more balanced market.

7. Average Sale Price:

- 2024: $580,708

- 2023: $564,364

- 2022: $560,728

- 2021: $460,201

- Trend: The average sale price has been consistently rising, showing strong appreciation and demand for properties in the area.

8. Appreciation from Previous Year:

- 2024: 2.8%

- 2023: 0.6%

- 2022: 18%

- 2021: 23.8%

- Trend: The rate of appreciation has slowed significantly compared to the sharp increases in 2021 and 2022, indicating a more stable and sustainable growth in property values.

The Halifax/Dartmouth real estate market shows signs of stabilization and balanced growth. While the number of listings and inventory have increased, indicating more choices for buyers, the average sale price continues to rise, reflecting ongoing demand. The slower appreciation rate and increased days on market suggest a shift towards a more normalized market after a period of rapid growth and high competition. This environment could benefit both buyers and sellers, offering opportunities for careful negotiation and strategic buying or selling decisions.

Chat Soon,

Sandra

If you have a home to sell, you’re probably excited to get the process started. There are many things you need to consider when selling your property, and it’s hard not to feel overwhelmed by the task. The good news is we’ve done extensive research about what you need to know about selling your home – and I've answered the questions you’re probably wondering:
 
How will you determine my home’s value?
 
To determine your home’s value and set a listing price, I will complete a Comparative Market Analysis. The CMA uses recent sales of homes close in geography, age, size, and features to yours. (A CMA is not the same as an appraisal, which a licensed appraiser can perform.)
 
Is it a good idea to start high?
 
Many sellers like the idea of “starting high” to see if they get higher offers, but this strategy isn’t usually practical. First, buyers may not see your listing if they use a price filter set to what they expect prices in the area to run. Second, you run the risk of the appraisal coming in lower than your contract price, which will require your contract to be renegotiated or canceled. Third, if your listing price puts your home higher than your neighborhood value, your home will likely sit on the market longer as buyers wait for you to make a reduction. It’s best to set a realistic listing price that will bring you buyers quickly. My goal is always to get you the highest possible price in the shortest amount of time.
 
What percentage of the listing price can I expect to get?
 
The list-to-sell ratio is determined by dividing the selling price by the listing price. The ratio is largely market-driven. In a sellers’ market, which is when inventory is low, sellers may get close to 100% or over 100% if the home sells above list price. In a market with a large inventory of homes, a buyers’ market, buyers have more negotiating power, so the list-to-sell ratio may be closer to 90%. My goal is to get you as close to a 100% list-to-sell ratio as the market will bear.
 
How soon can I get my home on MLS?
 
Once we agree to work together, I will begin entering your home information on the MLS system. I will also schedule a time for a stager and a professional photographer to take photos, videos, and floorplans of the property. As soon as all the information and pictures are uploaded items, your listing can go live on MLS.
 
What do I need to do to get ready to list?
 
For your part, it’s a good idea to begin cleaning out or organizing storage spaces, closets, and drawers and putting away some of your décor or belongings. You may also want to have the exterior pressure washed, and the landscaping cleaned up. We can talk further about specific things that will help your home show better.
 
How will showings be conducted?
 
You and I will agree on the terms you are comfortable with for showings. We want to make the home accessible to buyers without too much disruption to your personal life. We can use a showing schedule, and unless we agree otherwise, I will notify you in advance of showing requests. We use electronic lockboxes that only active members of our local Realtors Association (NSAR) can access. We can set the lockbox on a schedule, if necessary. Any time the lockbox is accessed, I receive a notification.
 
How will you market my property?
 
Marketing your listing is of utmost importance. Most buyers find their properties online through MLS (via their agent,) Realtor.ca or other search engines. Listings in our MLS system automatically show up on these sites within a day or two of becoming active. In addition, I share my listings with the agents in my network, on my website, and on my social media. We can discuss additional opportunities such as hosting open houses and marketing within your neighborhood.
 
How long will it take to find a buyer?
 
Several factors influence the time it takes to find a buyer. These include the market conditions, price range (higher-priced or luxury homes typically take longer to sell,) location (whether your home is in a desirable neighborhood or a unique location,) and the condition of the home (is move-in ready or in need of renovations?) In a balanced market, most houses, when priced accurately and without significant damage or extenuating circumstances, go under contract within thirty days. Homes sell faster in a seller’s market, while buyers take more time to look when inventory is high.
 
Will you qualify the buyer?
 
When an offer is received, I will work with the buyer’s agent to vet the buyer. All offers should be accompanied by either a pre-approval from a mortgage lender. Once you accept an offer, the buyer will have time to do their due diligence (about 10 business days). I will stay in close contact with the buyer’s agent.
 
What are the costs involved?
 
The seller usually pays for the real estate agent fees, which are divided between the buyer’s agent and the seller’s agent. There are also legal fees budget about $1500.

Can I cancel if I find my own buyer?
 
The listing agreement is a contract between you and me and/or my brokerage. It stipulates the terms for cancellation, which you are encouraged to review. Once we have signed the listing agreement, a prospective buyer who approaches you directly should be redirected to me.
 
How often will we communicate?
 
Communication is key to an easy and successful sale. I will keep you appraised of events every step of the way. You are welcome to reach out to me with questions or concerns. When we go over the listing information, we will discuss our preferred means of communication and schedules to make sure we know each other’s availability and boundaries.
Thinking of selling? I'm here to help! Shoot me a message or give me a call today.