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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Reimagining commercial bathroom design to boost water savings

‘Reimagining our future’ – the theme for this year’s Water Week is truly inspirational, especially for architects who have an important role to play in mitigating global concerns about water security.

The ongoing climate change crisis makes it imperative for all stakeholders to invest more in water saving technologies across all parts of society.

By reimagining water usage in commercial bathrooms, architects and designers can future-proof their projects – with a little help from Uridan Waterless Solutions, and their latest touchless and sustainable waterless urinals.

The waterless urinal of choice since 2003, Uridan combines stunning industrial design with sustainable management of water and energy. With a single installation of a Uridan waterless urinal, a building can save up to 60,000 litres of clean drinking water per year, which would have otherwise been flushed out in a conventional urinal.

By using no water, the Uridan collection makes for a more environment-friendly option for any commercial bathroom fit-out as well as a real solution for contact-free servicing.

The new Intelligent DrainCover revolutionises waterless urinal functionality, creating not only best-practice solutions for commercial amenities but also reimagining bathroom functionality with a completely touchless solution. This is especially important in these times of heightened awareness around the transmission of infection.

It’s time for all of us to reimagine our future and rethink water usage in commercial bathrooms.

It’s time to choose Uridan waterless urinals. 

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Homes prices are crazy, but I want to drain my savings and buy

Dear Penny,

I live in the Philadelphia suburbs. I recently retired as an orchestra teacher in the public school system. I will be on Medicare in December.

I sold my large home and live in a modest apartment for $1,300 per month rent. So I’m comfortable financially and easily making ends meet.

HOWEVER, I really want to buy a small home. The real estate market is off the charts right now and prices are insane. I would also use most of my savings and have a mortgage. My payments would be about the same.

I have $200,000 in an IRA invested in stocks and bonds, $14,000 in a Roth IRA that I just opened last year and $80,000 in savings. I am debt-free and own a brand-new car.

I am collecting a monthly pension of $3,000 and $2,000 in Social Security after taxes and Medicare supplemental payments. My pension plan is a defined-benefit plan with a $900,000 death benefit.

Can you offer any advice as to whether or not I should buy a home?


Dear M.,

You can clearly afford to buy a home.

Normally I’d start the finger-wagging if you told me you wanted to spend most of your savings for a home purchase.

If you were still working, I’d ask you what would happen if you lost your job. And if you were a retiree who depended mostly on investment income, I’d warn you that a stock market crash could temporarily wipe out much of your nest egg.

But you have no debt and $5,000 of monthly after-tax income that’s guaranteed for life. Your income isn’t contingent on a salary or the stock market’s performance. So you can afford to spend a lot of your savings to buy a home.

Plus interest rates are historically low. That’s

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Plight of the ‘Physical Worker’: Worn-out bodies and little savings

Shawn McCadden began working for his father’s handyman business in Massachusetts in 1970, when he was 11. At 32, he started his own building company. Just three years later, his back told him it was time to find a new line of work.

McCadden, now 61, has sciatica. Both of his legs get weak by the middle of the day, he said, even though he hasn’t swung a hammer professionally since the mid-1990s. His father, John McCadden, 87, is feeling the effects of decades of physical labor, too: “Like a lot of us, he abused his body when he was young,” Shawn McCadden said. “He’s hurting.”

The McCaddens, both retired, each accepted physical wear and tear as a side effect of earning a living when they entered the home remodeling field. But what the younger McCadden refused to accept by the time he turned over day-to-day operations of his business, Custom Contracting, to a manager in 1996 was financial pressure to keep toiling past his body’s breaking point. And in that, he may be unusual.

“Workers in physically demanding jobs are a vulnerable group, and they’re not getting adequate attention,” said Catherine Collinson, chief executive and president of the Transamerica Center for Retirement Studies, a Los Angeles nonprofit.

Making them vulnerable, suggests a global study that Transamerica co-published last year, is the lack of a safety net once stiffening joints and other normal signs of aging kick in. The toll taken on the body by strenuous occupations leaves workers at risk of aging out of a paycheck before they are financially ready to retire — or before they qualify for Social Security and Medicare.

“What we saw is that many are being overly optimistic about remaining in their positions until they reach retirement age,” Collinson said.

The age of the

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