Archive for October, 2019

Canadian housing activity benefits greatly from population growth

Thursday, October 10th, 2019

Population growth continues to drive Canadian condo market activity

Ephraim Vecina
Canadian Real Estate Wealth

A significant driver of Canada’s housing dynamism is its population growth, taking into account the latest sales figures from major markets.

Statistics Canada data showed that the national population expanded by 531,497 to roughly 37.6 million in July, ending up as the greatest year-over-year increase registered since the 1970s.

A RE/MAX survey conducted by Leger earlier this year found that Toronto, Vancouver, and Calgary have all been ranked among the 10 best cities to live in across the world. Much of their attractiveness lies in their population growth and other positives like healthcare, education, retail availability, and ease of transport.

These factors tend to outweigh the impact of higher prices, according to RE/MAX of Ontario-Atlantic Canada executive VP Christopher Alexander.

“While price and value are always top of mind for buyers, there are some aspects about a home that you can’t change,” Alexander stated at the time. “These liveability factors are what make your home more than just the place you live.”

Condo markets in these leading Canadian cities have accelerated significantly this fall, especially when compared to other major cities south of the border.

Last month alone, benchmark prices in Toronto went up by 5.2% annually to $805,500. This was only about $10,000 below the record highs achieved around two years ago, Bloomberg reported.

And even though Vancouver prices have exhibited a downward trend over the last few months, sales activity intensified by a massive 46% year-over-year, making September the third straight month of sales growth.

Even Calgary, which is still recovering from the catastrophic effects of the oil industry turmoil seen from 2015 onwards, enjoyed an 8.2% annual increase in sales in September.

To compare, the traditionally hot Manhattan market has been labouring under a steady sales slowdown over the past two years. During the third quarter, resale prices for Manhattan condos and co-ops shrunk by 8% annually.

Copyright © 2019 Key Media Pty Ltd

This year’s sales continue to outstrip 2018’s, amid weaker starts

Thursday, October 10th, 2019

Slow housing starts not affecting sales

Ephraim Vecina
Canadian Real Estate Wealth

Despite signs of housing starts losing steam, Canada’s home sales remain stronger compared to last year and the early months of 2019.

“This continues to reflect strong demographic demand, both from international inflows and new households created within Canada,” Bank of Montreal senior economist Robert Kavcic told The Canadian Press.

“There’s a lot of homebuilding activity going on across the vast majority of Canada.”

The number of transactions is expected to continue growing, amid significant boosts from lower rates and a growing consumer population.

The Canadian Real Estate Association recently adjusted its 2019 resale forecast up to 482,000 units, around 5% higher from 2018.

“Canada’s housing sector is back on the front foot with resales picking up as the year progresses and homebuilding activity clearly displaying some momentum,” RBC senior economist Josh Nye stated.

“Ontario, the Prairies and Atlantic Canada are on the rebound while the trend in BC and Quebec remains strong despite slower starts in the last month or two.”

The pace of Canadian housing starts in September was markedly lower on a month-over-month basis, according to data from the Canada Mortgage and Housing Corp.

The seasonally adjusted annual rate of new home construction stood at 221,202 units in September, decelerating by 2.5% from August’s 226,871 reading.

Experts have earlier predicted an annual pace of 214,500 for the month, according to financial markets data firm Refinitiv.

Urban starts also declined by 2.4% to 208,503 units, although apartments, condos, and other multi-unit developments ticked down by just 0.2% to 159,742. Meanwhile, single-detached starts in urban markets fell by 9.2% to 48,761 units.

Copyright © 2019 Key Media Pty Ltd

Parasitic housing could become infectious

Thursday, October 10th, 2019

Tiny homes built on other buildings an architectural option for crowded urban centres

JESSICA GODDARD
The Province

Picture Toronto’s CN Tower covered in clusters of barnacle-like pods, extending upward on one of Canada’s most celebrated tourist attractions.

A 2017 conceptual proposal by Toronto architectural firm Quadrangle would see prefabricated wooden cubes clinging to the tower’s concrete, creating residential units of varying sizes and layouts, offering unparalleled views of the city and Lake Ontario.

As affordability grows as a concern in dense urban centres all over the world, so-called parasitic homes — those that latch onto, in between or inside existing structures — could become the way of the future.

Earlier this year, Ecuadorean firm El Sindicato built a little house of glass and steel on the rooftop of another building in the Quito neighbourhood of San Juan. It includes a bed, bathroom, kitchen, storage space and living space in 12 square metres.

Marc Richard, a freelance graphic designer, lives in a similarly sized shed within a decommissioned factory in the Battersea district of London. For Richard, the experience has made him rethink the future of city living and the idea of home.

“Things could be on wheels, like the shed, or you could have flexible spaces, adaptable spaces, perhaps buildings which are modular and you could shrink them down when you need to,” Richard told the BBC.

While expanding on available external or internal space of buildings is not new, parasitic additions contrast deliberately from their host structures by purposefully introducing different colours, materials and styles to stand out.

“This is what the idea of parasiting the city is about,” said Teresa Bardzinska-Bonenberg, an architectural historian at Poland’s University of Arts in Poznan.

“People have now much more inspiration, materials, tools and courage to express themselves.”

She said as more and more city structures earn heritage designations and become exempt from alterations, less space is available for affordable housing, which means architects have to get creative.

While the CN Tower isn’t in danger of becoming a makeshift condo any time soon, one can only imagine what the future of modular housing will look like for Canada’s growing urban centres.

And what a small wooden box attached to the side of a building in Toronto would cost.

© 2019 Postmedia Network Inc.

Stratas obliged to ensure safe access for all residents

Thursday, October 10th, 2019

Stratas obliged to ensure safe access for all

Tony Gioventu
The Province

Dear Tony:

I live in a condo apartment building that was completed in 1995. We have 48 units over eight floors.

Our family has lived in the building since day one, but our community is rapidly aging and we find ourselves facing some new challenges.

Our underground parking is easily accessible off the main street and anyone with a walker or wheelchair uses the main gate to our parking garage, but we do not have an isolated walkway area or separate door for access. Owners are growing more concerned each day that the age and physical limitations of the owners, and the lack of lighting and shelter over the garage entry present safety risks and it is only a matter of time before a resident is injured. 

Several owners have requested a modification to our front entry to ensure owners have safe, well-lit access in a covered area that also has a security camera.  This would require a minor modification to our front area to level the walk to eliminate one small step and the installation of an automatic front entry door system. 

We took this to a meeting of the owners with a total estimate for the cost of $18,500, including the door activator to our front lobby and the parking garage lobby, security FOBS and the concrete grading of our walk to eliminate the step to meet the building code. 

One owner insisted that people who can’t make the step or open the door shouldn’t be living in our building and convinced enough owners to vote against the alterations. 

How do we resolve this issue before a resident suffers the consequences? 

Elizabeth Millar

Dear Elizabeth:

Every strata corporation in B.C. must comply with the provisions of the B.C. Human Rights Code. Part of that code has the requirement, up to the point of undue hardship on the owners, to accommodate access to facilities and common property of the strata corporation. 

Undue hardship is measured as an extreme financial imposition or condition that would not be reasonable or possible for the owners to meet. An example of that may be the installation of an elevator in a building where no such elevator existed and the cost would be excessive and cause a hardship to the owners.

There are many examples of access or accommodation for special needs that have been ordered by the Human Rights Tribunal and your building would be no exception. Conversions of doors handles to levers, installation of FOB-activated door entries, alterations to strata lots exempt from bylaws, modifications for access of common areas and main entries of buildings, and continuous operation of the remote door activation system are all decisions where strata corporations have been ordered to permit an alteration or pay for the alteration to ensure access. 

Whether an owner or occupant knew about the limitations before they moved in or their physical conditions have changed is irrelevant. It is the obligation of the strata corporation to accommodate wherever possible to ensure safe access.

Like all conflicts, whether they relate to maintenance and repair of buildings, fair treatment of owners, tenants and occupants or access to common property and strata lots, the most prudent and inexpensive course of action is for your strata corporation to make this decision before an owner or tenant files a complaint.

Every time a strata corporation fails to meet a lawful obligation, with the result of a tribunal or court intervention, the costs simply balloon. Take control of the matter and make the decision. 

Your building is not unusual. There are many strata corporations that refuse to upgrade their entry systems and force the occupants to use the parking garage driveway and underground for direct access. They are essentially treating persons with limited accessibility as different classes of persons. No one should be intimidated into feeling guilty because they are requesting their strata upgrade access to their homes.

© 2019 Postmedia Network Inc.

New rules could spell doom for tax havens

Wednesday, October 9th, 2019

Firms, foreign investors will no longer enjoy many perks as regulations change

JULIUS MELNITZER
The Vancouver Sun

Foreigners looking to Canada as a tax haven and Canadians seeking havens abroad will have to deal with a whole new set of rules when the Organization for Economic Co-operation and Development’s Multilateral Instrument (MLI) rule takes effect Dec. 1.

“Foreign investors will have to rethink the extent to which their investments will be subject to Canadian tax and the extent to which it affects their return on investments and on their disposition,” says Darren Hueppelsheuser, a tax lawyer in Norton Rose Fulbright Canada LLP’s Calgary office.

“A lot of opportunities for tax-advantageous structuring will no longer be available to foreign investors in Canada — and for that matter, to Canadian companies investing abroad in the countries (that) have adopted the MLI.”

The MLI requires participating countries that have signed the agreement to include the minimum standards against treaty shopping and abuse found in the OECD’s Base Erosion and Profit Shifting (BEPS) project in “covered tax agreements” (CTA) — in which both parties to a double taxation treaty have ratified the MLI and notified the OECD that their agreement is “covered.”

Most significantly, the MIL modifies all CTAs by incorporating a broad anti-avoidance rule known as the principle purpose test (PPT).

The PPT provides that treaty benefits may be denied where it’s reasonable to conclude that one of the principal purposes of any transaction was to obtain such a benefit. The most obvious example involves the use tax avoidance structures or arrangements such as holding or shell companies set up “principally” to take advantage of a double taxation treaty.

To date, some 89 jurisdictions that are parties to more than 1,400 double taxation treaties have signed the MLI, and 26 (including Canada) have formally ratified them.

Five of Canada’s most important trade partners in 2018 — China, the United Kingdom, Japan, Mexico, and South Korea — have signed the treaty although only the U.K. and Japan have ratified so far.

Canada has advised the OECD that it is amenable to having 84 of its 93 double taxation treaties subject to the MLI when and if the various countries involved also ratify them and designate them as CTAs.

Notable exceptions are the U.S., Germany and Switzerland, with whom Canada has double taxation treaties but who have not signed the MLI.

However, Canada has engaged these countries in bilateral treaty negotiations that are expected to mirror the convention’s provisions.

Ecuador, Guyana, Kyrgyzstan, Taiwan, Uzbekistan and Venezuela are the other countries that have treaties with Canada but are not MLI signatories.

The upshot is that, as of Jan. 1, 2020, the MLI will affect withholding taxes under Canada’s tax treaties with countries that have ratified the MLI.

It will impact other taxes, including capital gains taxes, for the tax year beginning on or after June 1, 2020. Other treaties will be affected when Canada’s partners ratify the MLI.

What is certain is that the impact on withholding taxes could be significant.

“If the treaty benefits don’t apply because of the PPT test, the withholding tax in the case of dividends could rise from as little as five per cent to 25 per cent,” Hueppelsheuser says.

“So in some cases it may be better for investors to structure their investments to produce an interest stream rather than a dividend stream.”

According to the lawyer, foreign investors with inherent gains who may be caught by the MLI should at least look into selling their interests before the convention takes effect.

“While the MLI is not retroactive, it does capture the entirety of the gain on the date of disposition,” Hueppelsheuser says.

The biggest issue may be the uncertainty created by the PPT.

“It’s not at all clear how Canadian courts will deal with PPT and its effect on our GAAR (general anti-avoidance rule), which our courts have interpreted for decades and whose approach we understand,” says Patrick Marley, a tax lawyer in Osler, Hoskin & Harcourt LLP’s Toronto office.

“There’s also some concern about how Canadian courts will deal with foreign decisions interpreting the MLI, because the identical rule will be found in many treaties.”

© 2019 Postmedia Network Inc.

Another major financial organization has reportedly been hacked

Wednesday, October 9th, 2019

TransUnion was hacked in July

Steve Randall
REP

The personal and financial data of around 37,000 Canadians has been compromised in a cyber incident according to a report by HuffPost Canada.

The news outlet says that credit ratings firm TransUnion was the target of a hack over the summer with the attackers using an access code of one of a TransUnion customer business.

“The unauthorized access was not the result of a breach or failure of TransUnion’s systems or our customer’s systems,” a TransUnion spokesperson said in a statement emailed to HuffPost Canada.

The firm’s spokesperson added that the customers affected have been informed.

The incident was originally reported by BleepingComputer.com which has posted screenshots of the letter sent to TransUnion customers.

The report says that, once the hackers were able to access the firm’s portal, they could perform credit searches using a consumer’s name, address, DOB, or Social Insurance Number.

The unauthorized access to the portal took place between June 28th and July 11th, 2019.

“While the unauthorized access was not the result of a breach or failure of TransUnion’s systems or our customer’s systems, the protection of consumer information is our top priority, and we therefore proactively notified the population whose information may have been accessed,” TransUnion told Bleeping Computer in an email.

Copyright © 2019 Key Media Pty Ltd

Population growth continues to drive Canadian condo market activity

Wednesday, October 9th, 2019

There is a demand for lower-cost housing in Vancouver

Ephraim Vecina
REP

Steady demand for lower-cost housing in Toronto, Vancouver, and Montreal has impelled much-intensified condo market activity this fall, if the latest figures from these cities’ real estate boards are any indication.

A significant factor in this acceleration is the country’s population growth. Statistics Canada data indicated that the national population increased by 531,497 to roughly 37.6 million in July, ending up as the greatest annual gain registered since the 1970s.

As of September, benchmark prices in Toronto went up by 5.2% year-over-year to $805,500. This was only about $10,000 lower than the historic peaks reached around two years ago, Bloomberg reported.

And even though Vancouver prices have exhibited a downward trend over the last few months, sales activity intensified by a massive 46% year-over-year, making September the third straight month of sales growth.

Even Calgary, which is still recovering from the catastrophic effects of the oil industry turmoil seen from 2015 onwards, enjoyed an 8.2% annual increase in sales in September.

These trends stood in stark contrast to other major markets south of the border.

For instance, the traditionally hot Manhattan market has suffered a consistent slowing in sales activity over the past two years. During the third quarter, resale prices for Manhattan condos and co-ops shrunk by 8% annually.

A RE/MAX survey conducted by Leger earlier this year found that Toronto, Vancouver, and Calgary have all been ranked among the 10 best cities to live in worldwide, due to their population growth, housing supply, access to retail outlets, and many other desirable fundamentals.

Such market strengths almost always outweigh the impact of higher prices, according to RE/MAX of Ontario-Atlantic Canada executive VP Christopher Alexander.https://ca.res.keymedia.com/files/image/iStock-toronto-condo-building-2.jpg

“While price and value are always top of mind for buyers, there are some aspects about a home that you can’t change,” Alexander stated at the time. “These liveability factors are what make your home more than just the place you live.”

Copyright © 2019 Key Media Pty Ltd

Vancouver housing market easing towards more balanced conditions

Tuesday, October 8th, 2019

Increased supply and more demand is moving the Vancouver market to normal levels

Ephraim Vecina
Canadian Real Estate Wealth

With much-boosted supply offsetting intensified demand, Vancouver’s housing market is steadily moving towards better balance, according to the Real Estate Board of Greater Vancouver.

A total of 4,866 homes were newly listed in September, amounting to a 29.9% increase compared to August, and a 7.8% year-over-year drop.

Sales transactions swelled by 46.3% annually last month, with a total of 2,333 homes sold. This was just 1.7% lower than the 10-year average for September, and a massive increase from the 1,595 deals closed during the same time last year.

At the same time, overall prices veered lower. The composite benchmark price across all housing types in Metro Vancouver declined by 7.3% annually and 0.3% monthly in September (to $990,600).

Single detached homes saw their benchmark price drop by 8.6% year-over-year, while condos had a 6.5% decrease. Attached home prices went down 7.2%.

Over the past few months, Vancouver prices have experienced decreases, while much of Canada has gone up.

The Teranet – National Bank of Canada House Price Index released last month showed that Vancouver’s average housing price (across all asset classes) fell by 6.63% year-over-year in August, bringing composite prices down by 6.96% from the peak seen in July 2018.

“The city’s index has shown negative growth every month this year,” Better Dwelling stated in its analysis of the data – an observation that has been echoed in a CREA study.

“In recent months, home prices have generally been stabilizing in British Columbia and the Prairies, a measure which had been falling until recently,” the CREA noted recently.

Copyright © 2019 Key Media Pty Ltd

Touring the home of Ukraine’s deposed president Viktor Yanukovych

Tuesday, October 8th, 2019

Secret home of former Ukraine president now a tourist attraction

Diane Slawych
REM

Officially the home is called Mezhyhirya, but locals sometimes refer to it as the ?house of corruption?.

?We didn?t allow people to steal or crush everything, that?s why a lot was preserved here,? the Ukrainian caretaker told our translator.

The piano in the living room. Note the inlaid wood floor.

The newest tourist attraction in Ukraine’s capital Kyiv is the secret home of the country’s former president, Viktor Yanukovych.

Officially it’s called Mezhyhirya, but locals sometimes refer to it as the “house of corruption” because they cannot fathom how a man whose previous government salary had never exceeded $2,000 a month could afford to purchase 137 hectares of prime real estate and build a five-storey mansion valued at $100 million.

 “When we are inside, you will see crystal chandeliers and Lalique tables,” says local guide Diana Borysenko on the drive to the property. “If this is what he left behind, imagine what he took with him.”

Yanukovych was ousted in the Euromaidan Revolution in 2014 after citizens blamed him for everything from lavish spending, including six million Euros of public money on a helicopter for his personal use, to the deaths of protesters.

While in office Yanukovych gave the impression he led a modest life, occasionally inviting journalists to a small home that he claimed was his only residence. No one knew he took over the Mezhyhirya estate.

“From Google Maps, it was impossible to see what was going on there because the signal was blocked…and he had security guards around the house, so he was super, super protected,” says Borysenko.

What he created has been described as a city within a city. Mezhyhirya was largely self-sufficient. The ex-president kept farm animals for food, while fruits and vegetables were grown in greenhouses that mimicked 20 different climatic zones. He also had his own medical centre, a gas station and helicopter pad.

No expense was spared when it came to recreation. There was an 18-hole golf course, a rare breed dog kennel, an underground shooting range, a riding club with an indoor exercise space, stables for the horses that were apparently gifts from the presidents of Poland and Turkmenistan, a tennis court, spa facilities, a zoo and an impressive collection of antique vehicles.

The property has a long history. “It’s one of the sacred places for us because one of the first Christian Orthodox churches was built here in the 10th century and then there was a monastery for a couple of centuries,” says Borysenko.

“But when the Soviets came, it was a residence of communist officials… and when Ukraine gained independence, they started sharing the territory and Yanukovych was the one who really wanted that spot.”

When he secured it for himself, Yanukovych hired the Finnish company Honka, a world leader in the construction of wooden buildings, to erect a five-storey mansion facing the Dniper River and fronted by a landscaped garden with decorative plantings and fountains.

A general admission ticket allows visitors to wander the grounds, where deer and other animals roam freely, but seeing the inside of the mansion requires an appointment with a man named Petrov, one of the protesters from the Maidan, who now acts as the caretaker and guide.

Draped in a red and black flag, he welcomes us through a side entrance. As we put protective slip covers over our shoes as instructed, I look up and realize we’re in a bowling alley!

From here we are ushered through a quick succession of rooms – the winter garden (with taxidermy lions); the spa facility (including a hyperbaric chamber, a hammam and even a salt therapy room); a movie room, a gym with a boxing ring and brand-new exercise equipment.

A long underground corridor, decorated with paintings, leads to the main house. When we’re shown the elaborate indoor air purification room, I suddenly become aware of the excellent air quality. The specialized equipment, we are told, creates a microclimate around the house and helps preserve the home’s precious wood – including the stunning inlaid wood floors.

On the second level, which has a beautiful private church room, Petrov occasionally points out the odd juxtaposition of high-end features such as imported marble, mosaics or Italian crystal alongside cheap vases, or, in one case, a $10 wall clock.

Enlivening the space is the sound of cheerful bird song – emanating from canaries in various cages on the main floors. Two near identical bedrooms – one for Yanukovych and another for his mistress, both have ensuite bathrooms, walk-in closets and balconies offering views over the garden.

Yanukovych’s wife remained in eastern Ukraine and never appeared with him officially, while he took up residence with his mistress, a woman who previously worked at Mezhyhirya as a waitress. She would test his food after he became paranoid about being poisoned.

“You realize the way he organized everything in the house he was planning to live there forever,” says Borysenko. “But he lived there for only two years and then he had to run away.”

As we walked from room to room, the guide occasionally points out little stickers above the doorways verifying the home had been officially blessed. While it didn’t help its occupants, it may have conferred a measure of safety on the house itself, especially when you consider how the homes of other recently deposed world leaders (think Libya and Iraq), were ransacked by angry citizens.

“We didn’t allow people to steal or crush everything, that’s why a lot was preserved here,” the Ukrainian caretaker told our translator. While he acknowledges “little things may have been stolen,” he adds that a lot of valuables were saved.

Some are now in Ukrainian art museums in Kyiv, some were put in storage for safe keeping and others such as sculptures, a rare piano and an elegant and rare music box, remain in the mansion.

Outside, where people explore the grounds on foot or by bicycle (which you can rent here), we hop on an electric-powered vehicle to get a sense of the size of the well-manicured property.

Along the smoothly paved tree-lined road, our guide points out the yacht club; a large boat that functioned as a restaurant; and Yanukovych’s personal chemical lab where food was checked to ensure it wasn’t poisoned. There were buildings for security guards and a canteen and gym for workers. It took a staff of 2,000 to keep everything running.

Volunteers looking after the property, which had been a national sanctuary, hope it will be nationalized. But Yanukovych was thinking ahead, our guide explains. “While in power as a deputy before becoming president, he registered the property deeds to third parties.” The matter has become difficult to unravel and is mired in the courts. “If you come back one day, it could be closed,” laments Borysenko, referring to what may happen if the issue is not resolved in the national interest.

As for Yanukovych’s current whereabouts? In February, he was convicted of treason by a Ukrainian court and sentenced to 13 years in prison. But he did not appear at his trial and now reportedly lives in Russia.

“During the night he put valuable things in the trucks and jumped into the helicopter (the $6-million Euros one) and flew away. It was quite easy for him,” says our guide. (Meanwhile, tourists who want to see the house and don’t have their own private aircraft can at least take advantage of direct flights between Toronto and Kyiv twice a week with Ukraine International Airlines.)

Judging by some of the souvenirs outside the gate to the property, some locals envision another, more appropriate place that their former president could spend his days. One fridge magnet shows Yanukovych behind bars in a jail cell with the caption: “Finally I’m home.”

© 2019 REM Real Estate Magazine

Canada’s condo markets intensify, outstripping the rest of NA

Tuesday, October 8th, 2019

Vancouver condo market showing increase sales

Ephraim Vecina
Mortgage Broker News

Condo markets in Toronto, Vancouver, and Montreal have accelerated significantly this fall, especially when compared to other major cities south of the border.

Last month alone, benchmark prices in Toronto went up by 5.2% annually to $805,500. This was only about $10,000 below the record highs achieved around two years ago, Bloomberg reported.

And even though Vancouver prices have exhibited a downward trend over the last few months, sales activity intensified by a massive 46% year-over-year, making September the third straight month of sales growth.

Even Calgary, which is still recovering from the catastrophic effects of the oil industry turmoil seen from 2015 onwards, enjoyed an 8.2% annual increase in sales in September.

To compare, the traditionally hot Manhattan market has experienced a steady decline in sales activity over the past two years. During the third quarter, resale prices for Manhattan condos and co-ops shrunk by 8% annually.

A significant driver of the Canadian trend is the country’s population growth. Statistics Canada data indicated that the national population expanded by 531,497 to roughly 37.6 million in July, ending up as the greatest year-over-year increase registered since the 1970s.

A RE/MAX survey conducted by Leger earlier this year found that Toronto, Vancouver, and Calgary have all been deemed among the top 10 best cities to live in worldwide, due to their population growth along with other positives.

Calgary has proven to be especially attractive destination, with RE/MAX stating that the city ranked high in nearly two-thirds of the liveability benchmarks polled. Such criteria include population growth, housing supply, and access to retail outlets.

Vancouver boasted of particularly strong public transit options, including the Skytrain and bus system. The city also ranked high in RE/MAX measures of walkability, especially in Yaletown.

Meanwhile, Toronto ranked medium in terms of access to green spaces/parks, and high in population growth, retail store availability, and healthcare access.

Such factors tend to outweigh the impact of higher prices, according to RE/MAX of Ontario-Atlantic Canada executive VP Christopher Alexander.

“While price and value are always top of mind for buyers, there are some aspects about a home that you can’t change,” Alexander stated at the time. “These liveability factors are what make your home more than just the place you live.”

Copyright © 2019 Key Media