spike

Pandemic-shift: spike in savings diverted into housing driving national median home prices up 8.6%, according to Royal LePage | Nachricht

Despite second wave worries, the median price of a home in Canada forecast to finish year 7.0% higher than year-end 2019

  • Delayed spring market extends through Q3 as pent up demand fuels prices and sales
  • 97% of regions surveyed post price appreciation in third quarter despite economic shock of COVID-19
  • Ontario and Quebec real estate markets dominate list of highest appreciating regions, with Windsor in the top spot at 17.0%

TORONTO, Oct. 14, 2020 /CNW/ – According to the Royal LePage House Price Survey and Market Survey Forecast released today, the aggregate1 price of a home in Canada increased 8.6 per cent year-over-year to $692,964 in the third quarter, as high demand and low inventory continued to fuel a seller’s market.

The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a standard two-storey home rose 10.0 per cent year-over-year to $819,906, while the median price of a bungalow increased 7.0 per cent to $570,701. The median price of a condominium increased 5.3 per cent year-over-year to $510,365. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.

“Typical consumption patterns have been disrupted in 2020 as the pandemic has driven the household savings rate to levels not seen in decades,” said Phil Soper, president and CEO of Royal LePage. “Most Canadians have sharply reduced spending on discretionary goods and services involving a great deal of human interaction, and with mortgage rates at record lows, many have refocused on housing investments, be it renovations to accommodate work-from-home needs, a recreational property or a new

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Upcoming home improvement show at Expo Center to meet spike in projects during pandemic

ROYAL PALM BEACH — Taking advantage of this prolonged stretch at home to make some changes to your surroundings? 



a group of people standing in front of a store: The Expo Center at the South Florida Fairgrounds, seen here during an Antiques Festival in 2009, will play host to the Home Improvement and More Show on Oct. 23-25.


© Palm Beach Post File Photo
The Expo Center at the South Florida Fairgrounds, seen here during an Antiques Festival in 2009, will play host to the Home Improvement and More Show on Oct. 23-25.

You’re not alone, and the staff of the South Florida Fair wants to help.

The Home Improvement and More Show is Oct. 23-25 at the fairgrounds’ Expo Center, 9067 Southern Blvd. The event features more than 60 vendors across 35 categories related to home improvement, said Tim Pachis, corporate sales manager for the South Florida Fair.

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The show will be open 10 a.m. to 5 p.m. Friday, Oct. 23 and Saturday, Oct. 24 and 10 a.m. to 4 p.m. Sunday, Oct. 25. Admission and parking are free. 

The expo comes as recent surveys show a spike in home improvement projects in the U.S. since the country essentially shut down in late March because of the novel coronavirus pandemic. 

A Porch.com study released in July found that nearly 80% of homeowners in the U.S. plan to launch a home improvement project in the next year.

More: This Wellington business opened during the pandemic — and it’s thriving

Most home shows since the pandemic were canceled, Pachis said, making the Home Improvement and More Show a rare standout.

While keeping an eye on the increase of demand for home improvement services and products, organizers have the coronavirus in mind for other reasons.

Attendees are required to wear masks, and social distancing is encouraged in the Expo Center, said Vicki Chouris, president and CEO of the South Florida Fair and Palm Beach County

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