Anshu Arora LLM, MSc, PMP

Inventory levels in Canada’s major real estate markets have been declining over the past decade, and active listings in July fell below the 10-year average across the country.

In its recently released 2022 Housing Inventory Report, RE/MAX Canada examined active listings in July from 2013 to 2022 in eight major markets, including Greater Vancouver, the Greater Toronto Area, Calgary, and Montreal.

The report, which also studied Winnipeg, Hamilton-Burlington, Ottawa, and Halifax-Dartmouth, found that inventory levels fell short of the 10-year average in all but one of the markets in July 2022.

Double-digit declines were seen in six markets, including Montreal (40.16%), Calgary (26.1%), and Greater Vancouver (16.1%). Halifax-Dartmouth saw the largest drop, at 65.5%.

The housing inventory shortage was “less-pronounced” in the GTA, with supply falling just 6.8% from the 10-year average. Hamilton-Burlington was the only market to forgo the trend, with supply rising 3.2% above the 10-year average.

RE/MAX noted that several markets, including the GTA and Greater Vancouver, experienced more active July listings between 2003 and 2012 than in the following decade.

The “robust” supply in the early 2000s made for healthy sales and annual price appreciation, and created an anchor for the housing market during the Great Recession, said Christopher Alexander, President of RE/MAX Canada.

“Population growth and household formation have played a significant role in depleting inventory levels from coast to coast over the most recent decade, triggering chronic housing shortages in large urban centres that resulted in mini ‘boom’ and ‘bust’ cycles,” he said.

“If we don’t move now to build more housing in the current lull, it’s expected that this same scenario will continue to resurface over and over again.”

While inventory “remains key” to the health of Canada’s real estate market, RE/MAX said that affordable housing depends on supply.

The lack of housing supply, along with rising mortgage rates, is keeping would-be buyers in the rental market, leading to even fewer homes being put up for sale.

“Current market realities have upended the economic viability of many developments, causing new residential projects to be cancelled or put on hold indefinitely,” said Elton Ash, Executive Vice President of RE/MAX Canada.

“The trouble is that housing development is a slow process, and experience tells us the only thing slower might be government processes,” Alexander said.

“Removing barriers and cutting red tape is necessary. A crisis is looming, but the outcome is not cast in stone. There is a short runway to reverse course before the impacts become very real for Canadian homebuyers and renters.”

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It’s no secret that transit-oriented developments have huge benefits, such as easier travel between work and home, reduced GHG emissions, and healthier communities that make walking or cycling real options. It’s also no surprise that younger buyers want to be where transit is. They want to hop on a line and get anywhere.

We can’t ignore that transit plays a vital role in keeping the region moving and that there is an opportunity to do something different, to innovate and work with the construction industry, while addressing shared goals. This is also reflected in transit's 10 year plan, whcih states

• Convenient, reliable, safe and comfortable transit: goals to support local transit and bus priority to improve travel times, include increasing SeaBus and HandyDART Services and creating safer and more comfortable customer facilities
• Reliable and Fast Transit Network: Prioritize and study rapid transit projects, by creating new express corridors and improving interregional connections
• Multimodal Mobility and Strategic Priorities through creating safer roads and people-first streets; investing in active transportation (ie: more bike lanes), innovating in the areas of automation, connectivity, electrification and sharing; advancing reconciliation and resilience.

Now is the time to take advantage of transit development, and to put my knowledge and #algorithm to great use, for You!

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#billiondollarlisting

Some affordable housing projects in Victoria will now be able to skip rezonings or public hearings after city council unanimously passed a motion at a meeting Friday.

The city says the new legislation will accelerate construction for non-profit, government or co-op housing projects that are consistent with the city’s community plan and design guidelines.

Plans that meet the criteria will be delegated to staff for approval, which the city estimates will reduce project timelines by about nine months. This makes it the first municipality in the province to approve a citywide expedited process for building affordable housing. The city says it’s the first of “several major policy moves” it plans to make homes more accessible and attainable for residents.

David Eby, the attorney general and minister in charge of housing, says in a release that moves like this will make it “easier, cheaper and faster” for the province and federal government to respond to the housing crisis.

The Willow Stream opened along with the Fairmont Pacific Rim hotel back in 2010, and remains unrivaled as Vancouver’s top spa. The exquisitely designed space overlooks Coal Harbor, adding to the serene vibe of this indulgent spot nestled on the hotel’s fifth floor. Guests can peacefully drift with the their signature 90 minute Neroli Blossom Renewal body experience, followed by a 60 minute ANDA Organic Botanicals facial that includes Sibin Bian stone Gua Sha technique. The trio of services concludes with their 60 minute Pacific Rim Manicure.

The Wedgewood Hotel has been one of Vancouver’s most revered spas for decades. An oasis amid busy and bustling downtown, the Wedgewood spa is the definition of elegant luxury. They are perhaps best known for their innovative, results-driven facials from some of the most talented aestheticians in the Lower Mainland. All facials are customized to the clients needs using Epicuren’s award-winning natural skincare line — including their all-ages Winter Glow Facial focused on blood circulation and cell rejuvenation.

Circle Wellness Spa isn’t a “spa” in a traditional sense: you won’t find any services like massages or facials here. The wellness studio is a private, self-guided thermal spa that brings together the art of ancient ritual with modern, cutting edge technology. This immersive experience incorporates natural elements from the earth — like minerals, salt, wood, clay and charcoal — alongside heat, ventilation, light and sound. Begin in the salt room, which is known to be therapeutic due to its production of negative ions. From there, indulge in hydrotherapy to release stress in both the hot and cold remineralized tubs. Finish the experience in the WelPod with infrared heat to relieve inflammation and stiffness, while also getting your blood circulation going.

The Spa by JW Marriottis a quiet retreat inside the glimmering copper PARQ building (which houses both the JW Marriott Hotel and the Douglas). With 17th floor views, guests can soak up the stunning skyline of Vancouver as they unwind after a treatment. A la carte services like customized facials and massages are on the docket here, alongside several packaged “journeys” that are perfect to enjoy with friends or a partner. In particular, the Resilience Spa Journey includes two of any options including a massage, facial, and body glow exfoliation, followed by some TLC for the soul like yoga, meditation and reflexology (also comes with a glass of champagne and a one-month Eminence Organics Skincare kit).

Chi, the Spa pays tribute to its Asian heritage throughout this extravagantly designed space, located on the 5th floor at the Shangri-La Hotel. After check-in, clients are lead to a seating area with tea service. The treatment rooms at this Vancouver spa separate it from any other on this list: each guest has their own suite complete with a private steam room, tub and shower, acting as a sanctuary of sorts. Spa clients can also enjoy the outdoor pool area for a bit of bliss, or get in a sweat session at the gym, before heading back to their rooms or home.

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Enjoy

#luxurylandassembly

When first announced, Royal Caribbean International President and CEO Michael Bayley said the new project was created in partnership with the community of Vanuatu, "to showcase the distinct natural ecological beauty and diverse local culture of the island nation as well as provide employment and education opportunities."

"We believe our destinations should be sustainably designed," Bayley said. "That idea goes beyond simply protecting the ecological features of Lelepa and includes showing respect for the people and traditions that make this a special place."

When Royal Caribbean announced the project, Royal Caribbean Group Chairman Richard Fain talked about what the company is doing to reduce the carbon footprint of the destination. "There's also one, very special aspect of this project that is also worth noting. Lelapa will be the first private cruise destination in the world that achieves carbon neutrality. All of the energy consumed will be generated from renewable sources. Accomplishing that requires both major investment and major innovation, but Perfect Day at Lelapa will be rich in both."

#travel

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