RE/MAX Report: Canadian Prices Almost Double in Decade The past decade has been one of the best on record for housing in Canada - and RE/MAX wasted no time spreading the good news.
The RE/MAX Decade in Review Survey shows that average home prices nationally have nearly doubled in the past 10 years, from $154,606 in 1997 to $307,265 in 2007.
The RE/MAX regions in Canada worked together to research data for the report, which surveyed 19 different markets. The survey's Feb. 21 release to the news media generated prominent coverage for RE/MAX and its Associates.
Marie Selby, Advertising and Public Relations Coordinator for RE/MAX of Western Canada, says the exposure illustrates advertising dollars at work.
"In Canada, RE/MAX has more than 50 percent share of voice," Selby says. "We release five or six market reports each year. As RE/MAX is the most trusted name in real estate, the media outlets look forward to our reports. As a result of our reports, we are regularly used as a source of opinion when other agencies or corporations release real estate reports."
Nearly 20 national and regional newspapers such as the Calgary Herald, the Vancouver Sun, the Edmonton Sun and the National Post ran stories about the report. That exposure, coupled with TV, radio and Web reports resulted in 3.6 million media impressions within a few days.
Several news outlets localized the story by interviewing RE/MAX Associates in their areas.
Lowell Martens, Broker/Owner of RE/MAX Real Estate (Mountain View) in Calgary, was pictured and quoted in the Calgary Herald, saying, "The booming energy sector and a business-friendly environment have lured people to Calgary and added to house price increases."
Another Broker/Owner, Cliff King of RE/MAX Executives Realty in Winnipeg, was interviewed by the Winnipeg Sun, saying the local market favors sellers.
The report itself quotes Michael Polzler, Executive Vice President of RE/MAX Ontario-Atlantic Canada and Elton Ash, Executive Regional Vice President of RE/MAX of Western Canada.
"Never before have we seen such a continuous run-up in Canadian real estate," Polzer says. "Clearly, strength in all markets has been directly linked to solid growth in local, provincial and national economies. Low interest rates, job security, and consumer confidence have all served to further bolster home-buying activity across the nation."
Ash says that sales volumes have increased concurrently with climbing house prices, but will see a leveling off this year.
"Realtors here are prepared for a flattening of the market and have expressed an expectation for overall real estate volumes to be roughly equal to 2005 volumes," Ash says. "We'll see a return to balance in many of our markets."
Copyright © 2008 RE/MAX International Inc. 3/4/08