Real Estate Blog

In Episode 5 of REAL TIME, we’ll join Riti Verma, real estate entrepreneur and CEO of RankMyAgent.com—with input from REALTOR® Ben Sweet—to discuss the importance of managing your online reputation as a REALTOR®. We’ll look at the impacts of online reviews, tips to get started, and how to ensure a positive experience to land and keep happy clients.


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In response to current conditions, businesses and REALTORS® need to react to a new world, though temporary, where human interaction is limited or discouraged. The real estate industry, built on relationships, will be significantly impacted. But within adverse conditions come opportunities and new human behaviours. For REALTORS®, maintaining a personal connection is crucial.


The CREA REAL TIME podcast provides an opportunity to give REALTORS® insight into how they can transform to be more adept in a digital retail environment.


Representatives from various levels within the industry provide guidance, clarity and give CREA members real world tools to implement.


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Episode 1:Terry O’Reilly – REALTORS® and the Importance of Emotional Connections


This podcast is about brand storytelling. We’ll explore the crucial connection between REALTORS® and the emotional aspects of home buying and how to use those key elements to add value to your client relationships and the sales process.


Buying or selling a home isn’t just a financial decision. It’s an emotional one. In our inaugural episode of REAL TIME, we chat with award-winning marketer and radio icon Terry O’Reilly about the changing landscape of real estate—and how brand storytelling, innovation, and emotional connections can boost your business as a REALTOR®.


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In an emergency announcement on March 13th, 2020 the Bank of Canada announced a 0.5% reduction in its trend-setting overnight lending rate from 1.25% to 0.75%. This was a further reduction from the 0.5% cut announced just 9 days earlier at the regularly scheduled interest rate announcement.


The announcement was part of coordinated action by the Department of Finance, the Bank of Canada and the Office of the Superintendent of Financial Institutions, intended to maintain the flow of funding to Canadian financial institutions in order for them to extend funds to businesses and consumers as needed.


In a follow up press release the Bank of Canada explained, “The macroeconomic situation is evolving very rapidly as the COVID-19 coronavirus spreads around the world” and although the longer-term implications of the virus were difficult to assess it clearly presented a downside risk to the economy.


In addition to the impacts of the coronavirus, the steep drop in oil prices earlier in the...

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As providers of the most accurate and timely housing data and statistics, CREA cannot credibly
update its quarterly forecast at this time.


Ottawa, ON, March 16, 2020 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up between January and February 2020.


Highlights:

  • National home sales climbed 5.9% on a month-over-month (m-o-m) basis in February.
  • Actual (not seasonally adjusted) activity was up 26.9% year-over-year (y-o-y).
  • The number of newly listed properties jumped 7.3% m-o-m.
  • The MLS® Home Price Index (HPI) advanced by 0.7% m-o-m and 5.9% y-o-y.
  • The actual (not seasonally adjusted) national average sale price climbed 15.2% y-o-y.


Home sales recorded over Canadian MLS® Systems rose by 5.9% in February 2020, marking one of the larger m-o-m gains of the past decade.


With transactions up in about 60% of all local markets in February, the big national increase was largely the result of a 15% jump in activity in the Greater...

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In line with financial market expectations, the Bank of Canada announced, on March 4, it was lowering its trend-setting overnight lending rate by 50 basis points from 1.75% to 1.25%. This was the first change in the overnight lending rate since October 2018.


This follows a day after the U.S. Federal Reserve cut the Federal Funds rate by 50 basis points in an emergency session—part of a coordinated effort by global monetary and fiscal authorities to provide support to the global economy.


The reason for the move was largely due to increasing risks of major supply chain disruptions resulting from the COVID-19 virus. According to the announcement, COVID-19, and efforts to contain the virus, are likely to cause business activity to decline. The virus has already caused a decline in global commodity prices, consequently lowering the value of Canadian exports which has knock-on effects for the rest of the economy.


In addition to the global risks associated with COVID-19, the Bank also cited...

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Ottawa, ON, February 18, 2020 – Earlier today, Minister of Finance Bill Morneau announced changes to the mortgage stress test.


The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent.


Recently, the gap between the Bank of Canada’s five-year benchmark rate and borrowers’ actual contract rates has been widening, suggesting the benchmark rate has become less responsive to changes in the market.


In October 2016, Finance Canada introduced a stress test for insured mortgages. In 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued an update to Guideline B-20, requiring uninsured mortgages to be stress-tested as of January 2018. CREA data indicates that per capita sales activity for residential units in 2018 reached its lowest point since 2001, with 2019’s final...

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Ottawa, ON, February 14, 2020 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales declined between December 2019 and January 2020.



Highlights:

  • National home sales fell by 2.9% on a month-over-month (m-o-m) basis in January.
  • Actual (not seasonally adjusted) activity was up 11.5% year-over-year (y-o-y).
  • The number of newly listed properties was little changed (+0.2%) m-o-m.
  • The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 4.7% y-o-y.
  • The actual (not seasonally adjusted) national average sale price climbed 11.2% y-o-y.


Home sales recorded over Canadian MLS® Systems declined by 2.9% in January 2020, although they remain among the stronger monthly readings of the last few years. (Chart A)


Transactions were down in a little over half of all local markets in January, with the national result most impacted by a slowdown of more than 18% in the Lower Mainland of British Columbia. While there were few notable gains in January,...

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