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November 2006 Newsletter
Canmore Market Synopsis
Continuing with a slower market trend for the second consecutive month, sales of single-family units in Canmore dropped below last month's sales by 28.57%.
Prices remain strong, evidenced by the median price in October of $810,000 which was only 26.17% above September's median. Average days on the market before sale was 46, well below the number considered to indicate a balanced market.
Condo sales represented 61% of overall sales in Canmore in October, falling below September sales by 17.86%. Unlike other market segments, the median price dropped as well, recording 7.30% lower than the month before. The median price so a Canmore condo apartment was $336,500 in October this year. The average number of days on market before sale was 74.
Sales of duplex properties picked up substantially in October. Representing 13% of sales activity, figures were up over last year by more than 66%. The median price was $740,000 and it took, on average, 60 days to sell.
A Note from Brad
Since early October I have been battling a case of pneumonia that is still slowing me down but I am getting better. During this time I have been trying to recuperate and rest and am hopefully on the road to full recovery in the near future. During my convalescence Drew Betts, my business partner, has been handling every aspect of our business with his outstanding professional knowledge and service. I am now trying to work part days with a view getting back full time as my health allows. Thank you for your understanding and well wishes.
Brad
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1214 - 15th Street
605 Silvertip Road
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517 River Road
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249 Grizzly Crescent
100, 834 - 4th Street
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Moving Up, Moving Down, Staying Put or Renovating,
Today’s 50-plus Crowd are Rocking Tradition not Chairs
TORONTO, November 2, 2006 - Retire those 'old age' stereotypes. Seventy is the new 60. Fine dining trumps early bird specials. Condo living challenges retirement home living. With more than 10-million Canadians now aged 50-plus, the shifting mindset of this demographic is resulting in significant changes within the country's housing market, and warrants special consideration, finds the Royal LePage 50-Plus Report released today.
In response to this evolution, Royal LePage Real Estate Services today announced the launch of the Royal LePage Seniors Real Estate Specialist (SRES) Designation Program. The SRES designation is a North American real estate recognized designation, and Royal LePage will be the first organization in Canada to become a certified supplier, making it available to its Realtors in response to the changing housing needs, desires and options available to the 50-plus market.
“For previous generations, retirement came in a predetermined package. However, today's savvy 50-plus demographic is rejecting this archaic model and is instead seeking choices that better embrace their lifestyles,” said Phil Soper, president and CEO, Royal LePage Real Estate Services. “Our first-to-market SRES program takes a holistic approach to servicing this demographic by empowering 50-plus clients with resources to assist in the planning, counselling and selling of their homes.”
Currently, 28 per cent of Canadians that are now aged 50-plus intend to sell their home as part of their plans for making living arrangements in old age. Of this 28 per cent who intend to sell their home, the following are the main reasons cited for selling: concerned that their house will be too hard to maintain (67%), want access to equity (46%), plan to travel and do not want the responsibility of a house (38%), concerned that they will not be able to care for themselves (30%), and cannot afford to stay in their house (23%).
Of the potential sellers in the aged 50-plus bracket, 37 per cent plan to move into a smaller, more manageable home and will use the equity from the sale of their home to support retirement (86%), to travel (48%), to give it to their children (42%), and to purchase a recreational property (7%).
Added Soper: “One way that this group continues to defy conventional notions of 'old age' is by redefining how and where they want to live. Traditionally, when the time came for the 50-plus demographic to make a move, some popular choices were to downsize, move in with their kids or move into an assisted living facility. Today, with longer life expectancies, better health and more wealth, the 50-plus group have a plethora of options available to them and there is no longer one best practice.”
The 50-plus are an extremely influential cohort and companies like Royal LePage, The Home Depot and TD Canada Trust have recognized the importance of this group.
“The 50-plus demographic represent the fastest-growing and largest single consumer group, and are changing the Canadian economic landscape and redefining the approach to business in almost every industry,” said David Cravit, senior vice-president, marketing, Canada's Association for the Fifty-Plus (CARP).
Through specialty programs, such as The Home Depot's Independent Living Program, which provides products and services to homeowners with mobility issues, and by providing installation of specific products, such as grab bars, ramps and adjustable cabinets, home modification is much more easily accessible. As such, the 50-plus generation has the flexibility to comfortably live where they choose longer than preceding generations.
Continuing with this trend, financial institutions such as TD Canada Trust, are offering many more services and products targeted to the mature property owner. The Home Equity Line of Credit, for example, allows homeowners to borrow against their home equity and can be used for renovations, investments, or even retirement needs. With the right financial approach, retirement does not have to result in delay or a drastically reduced quality of life.
Generation gap or reality check? When asked, “At what age do you plan to retire from your job?” 20 per cent of Canadians aged 30-plus said between the ages of 56 to 60, while only 12 per cent of Canadians aged 50-plus said between the ages of 56 to 60. Perhaps the closer Canadians get to 'retirement age' the less realistic it becomes.
When it comes to lifestyle, 21 per cent of Canadians aged 30-49 plan to have a significantly more modest lifestyle upon retirement, compared to 36 per cent of respondents that are currently in the 50-plus age group.
Honing in on respondents aged 50-plus, 34 per cent said that spending time with family would be their primary focus during retirement, followed by focusing on their hobbies/interest (32%) and travelling (16%).
Regional and gender differences seem to make an impact as well. Residents in the Atlantic Provinces (43%) appear the most family oriented when it comes to how they will spend their retirement years. Interestingly, 40 per cent of women said spending time with family will be their primary focus during retirement, compared to only 26 per cent of men. More men (36%) plan to focus on themselves, their hobbies and interests than women (28%).
The majority of 50-plus Canadians are content with the status quo. When asked, “If money were not an issue, how would you like to be living in your retired years?” the responses were, live just as I am now (59%), have two seasonal residences (17%), travel the world with no fixed address (11%), while buying a dream home, moving in with family and children, and relocating to another country each tied at three per cent.
What’s Happening in Canmore November
Vic Lewis Band Festival ~ November 10 – 12
Enjoy an evening concert as Canmore welcomes hundreds of some of the finest school bands in Alberta to this annual, non-competitive festival to honour the musician who introduced band music to Bow Valley students in the 1940’s. For info call 403-678-4864.
6th Annual Christmas Mountain Market ~ November 24 & 25
Enjoy your Holiday Shopping in a Warm and Cozy Market Atmosphere!
Featuring: Home Decor, Antiques and Collectibles, Jewellery, Crafts, Baking, Jams, Toys and Decorations. 100's of Gifts!!! Fundraiser for Rundle Riders Therapeutic Riding Program' (Putting Children with Disabilities on Horseback) Join us at the Canmore Miners Union Hall.
Canmore Christmas Artisans' Market ~ November 25 & 26
Over forty local crafters will be selling unique items & gift ideas.
Superb prizes in our Rocky Mountain Raffle and home made goodies from our bake table. Lunch & refreshments available. In support of the Canmore Preschool. Join us at the Canmore Senior's Centre.
THE BRAD HAWKER REAL ESTATE TEAM
Brad Hawker / Broker / Realtor
Drew Betts / Associate Broker / Realtor
www.BradHawker.com
Phone: (403) 678-7557
Fax: (403) 678-2206
Toll Free: 1-877-818-7557
Contact Via Email:
FOR ROYAL LEPAGE ROCKY MOUNTAIN REALTY'S LISTINGS PLEASE
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