Record-low interest rates and high foreign demand aside, Donald
Trump may be another factor driving Canadian home prices
higher.
In its quarterly housing price survey released early Thursday
morning, Royal LePage cited the bombastic billionaire’s rise to the
forefront of the Republican nomination race for United States
president as a positive for Canada’s brand. Royal LePage CEO Phil
Soper credited the “economic miracle that is contemporary Canada”
to the country’s ability to attract and retain immigrants.
“While this is not new news, the possibility of a Donald Trump
presidency has put renewed global focus on the often stark
differences in opportunity and attitude that exist on either side
of our huge border,” Soper was quoted as saying in the 12
thparagraph of the survey release. “In what started as a media
prank, Canada’s attractiveness as a more realistic place to pursue
life, liberty and happiness is gaining traction even in
America.”
The so-called “pranks” began in earnest last month following
Trump’s victories in the primaries of several U.S. states. Rob
Calabrese, a radio DJ in Nova Scotia, created the “Cape Breton if
Donald Trump Wins” website that jokingly told Americans “if you
decide to get the hell out of there, might I suggest moving to Cape
Breton Island!”
The joke quickly faded as visits to the Destination Cape Breton
website, which features links to local tourism and real estate
pages, surpassed 450,000 during the period from Feb 15
thto March 4
th. The website garnered less than 10,000 views during the same
period last year
Royal LePage found the average Canadian home price climbed
nearly eight per cent to more than $512,000 in the first quarter;
with two-story homes registering a year-over-year increase of more
than nine per cent to an average of $629,000. However, the survey
warned of “extreme regional disparities” as prices continued to
grow dramatically in the hottest markets of Vancouver and Toronto,
while markets hit hardest by the mass layoffs from the crash in
crude oil prices – Alberta and Newfoundland in particular –
experienced broad price declines.
Unlike the situation in the early part of the decade and during
the mid-2000s when a booming energy sector led to huge inflows of
interprovincial migrants into Alberta, Royal LePage found the trend
had reversed; with British Columbia and Ontario becoming the main
recipients of families unable to find work in the oil and
gas-producing regions. The redistribution of labour is “further
reinforcing” those extreme disparities among Canada’s housing
markets, Soper said.
He also argued those looking to move to North America from
elsewhere have an increased incentive to choose Canada over the
United States due to the perception of rising xenophobic sentiment
south of the border. The Trump campaign has recently fanned the
flames of that sentiment.
Trump has placed significant focus on his anti-immigrant
proposals, including a ban on all Muslims even traveling to the
United States and the forced removal of all undocumented immigrants
in the country. The latter proposal – deporting some 11 million
American residents – would amount to the largest forced migration
in human history.
Soper said responses like the move-to-Cape-Breton campaign, as
well as a widely reported 350 per cent spike in American searches
on Google for “how can I move to Canada” in the 24-hour period
immediately following Super Tuesday, “reinforces the worldwide
strength of brand-Canada as a prosperous and tolerant place to
raise a family
"...the worldwide strength of brand-Canada..." Good one. That's
the kind of blather you get before the bottom falls out. That
housing bubble is so precarious with oil in the '40s.
When you elect a guy like Trudeau and after the budget he
released still get good approval numbers, that explains a lot about
"denial" and living in fantasy land ... Personal debt is sky
rocketing in Canada ... Real Estate in going vertical in Toronto
and Vancouver ... and hasn't correct much in Alberta yet ...
I've been eye balling some real estate in Canmore for awhile now,
which has a VERY overpriced market and lots of secondary homes ...
price are nowhere close to reflect reality ... The disco ball is
still lit, but the punch bowl is running low ... carry on
:D
It also doesn't mention reality. I lived in Toronto for
many years. Beautiful city. Awesome restaurants.
Nice people...but the weather....Yikes...6 months of
winter - cold and gray. And that is a lot better than
other cities such as Ottawa, Edmonton, Winnigpeg etc etc...oh and
you've got to love socialism.
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Realtors warn Trump could drive even more demand for housing in Canada
Posted by polish1 on 7th of Apr 2016 at 10:01 am
Record-low interest rates and high foreign demand aside, Donald Trump may be another factor driving Canadian home prices higher.
In its quarterly housing price survey released early Thursday morning, Royal LePage cited the bombastic billionaire’s rise to the forefront of the Republican nomination race for United States president as a positive for Canada’s brand. Royal LePage CEO Phil Soper credited the “economic miracle that is contemporary Canada” to the country’s ability to attract and retain immigrants.
“While this is not new news, the possibility of a Donald Trump presidency has put renewed global focus on the often stark differences in opportunity and attitude that exist on either side of our huge border,” Soper was quoted as saying in the 12 th paragraph of the survey release. “In what started as a media prank, Canada’s attractiveness as a more realistic place to pursue life, liberty and happiness is gaining traction even in America.”
The so-called “pranks” began in earnest last month following Trump’s victories in the primaries of several U.S. states. Rob Calabrese, a radio DJ in Nova Scotia, created the “Cape Breton if Donald Trump Wins” website that jokingly told Americans “if you decide to get the hell out of there, might I suggest moving to Cape Breton Island!”
The joke quickly faded as visits to the Destination Cape Breton website, which features links to local tourism and real estate pages, surpassed 450,000 during the period from Feb 15 th to March 4 th . The website garnered less than 10,000 views during the same period last year
Royal LePage found the average Canadian home price climbed nearly eight per cent to more than $512,000 in the first quarter; with two-story homes registering a year-over-year increase of more than nine per cent to an average of $629,000. However, the survey warned of “extreme regional disparities” as prices continued to grow dramatically in the hottest markets of Vancouver and Toronto, while markets hit hardest by the mass layoffs from the crash in crude oil prices – Alberta and Newfoundland in particular – experienced broad price declines.
Unlike the situation in the early part of the decade and during the mid-2000s when a booming energy sector led to huge inflows of interprovincial migrants into Alberta, Royal LePage found the trend had reversed; with British Columbia and Ontario becoming the main recipients of families unable to find work in the oil and gas-producing regions. The redistribution of labour is “further reinforcing” those extreme disparities among Canada’s housing markets, Soper said.
He also argued those looking to move to North America from elsewhere have an increased incentive to choose Canada over the United States due to the perception of rising xenophobic sentiment south of the border. The Trump campaign has recently fanned the flames of that sentiment.
Trump has placed significant focus on his anti-immigrant proposals, including a ban on all Muslims even traveling to the United States and the forced removal of all undocumented immigrants in the country. The latter proposal – deporting some 11 million American residents – would amount to the largest forced migration in human history.
Soper said responses like the move-to-Cape-Breton campaign, as well as a widely reported 350 per cent spike in American searches on Google for “how can I move to Canada” in the 24-hour period immediately following Super Tuesday, “reinforces the worldwide strength of brand-Canada as a prosperous and tolerant place to raise a family
"...the worldwide strength of brand-Canada..."
Posted by a_l_ on 7th of Apr 2016 at 10:56 am
"...the worldwide strength of brand-Canada..." Good one. That's the kind of blather you get before the bottom falls out. That housing bubble is so precarious with oil in the '40s.
Disconnected from reality
Posted by pwb8 on 7th of Apr 2016 at 11:02 am
In my view, housing is set to drop at least 30 to 40% here in Alberta. Canadians seem quite good at denying reality.
denying reality in Canada ...
Posted by mla127 on 7th of Apr 2016 at 11:08 am
When you elect a guy like Trudeau and after the budget he released still get good approval numbers, that explains a lot about "denial" and living in fantasy land ... Personal debt is sky rocketing in Canada ... Real Estate in going vertical in Toronto and Vancouver ... and hasn't correct much in Alberta yet ... I've been eye balling some real estate in Canmore for awhile now, which has a VERY overpriced market and lots of secondary homes ... price are nowhere close to reflect reality ... The disco ball is still lit, but the punch bowl is running low ... carry on :D
It also doesn't mention reality.
Posted by wowten on 7th of Apr 2016 at 11:02 am
It also doesn't mention reality. I lived in Toronto for many years. Beautiful city. Awesome restaurants. Nice people...but the weather....Yikes...6 months of winter - cold and gray. And that is a lot better than other cities such as Ottawa, Edmonton, Winnigpeg etc etc...oh and you've got to love socialism.