Every month, REM is committed to sharing Realtor moves, brokerage conversions and other notable announcements from the industry. Send your news to editor@realestatemagazine.ca with the subject line “The Real Deal” by the 26th of every month to be considered. Unedited photos are also welcome; please ensure they don’t include branding or other graphics. 

Industry moves

Royal LePage celebrates new addition

In brokerage news, Royal LePage welcomed its newest addition, Royal LePage Hometown Real Estate, in Alberta. Led by Jean-Luc and Shaylie Lamoureux, the team specializes in residential, recreational, farm, and commercial properties across St. Paul, Elk Point, Bonnyville, Smoky Lake, and Mannville. 

Re/Max President Realty expands in Brampton

Re/Max President Realty has opened a second office in Brampton, Ont., near the Mount Pleasant GO Station. The new office offers state-of-the-art facilities designed to foster collaboration and innovation for agents. President and Broker of Record Garry Bhaura says this expansion underscores the company’s commitment to growth and excellence. 

Century 21 Masters broadens reach across Alberta

Century 21 Masters has expanded its operations with offices in Edmonton, Calgary, Airdrie, Drumheller, Strathmore, Stony Plain, and St. Albert, reaching over 50 communities across Alberta. The leadership team includes 2024/25 CREA chair James Mabey, Geneva Tetreault, and Bob Sheddy.

Living Realty joins Keller Williams

Living Realty, a Markham-based brokerage with 550 agents, is transitioning to Keller Williams (KW) as KW Living Realty. According to a company press release, the brokerage, which has reached over $1.1-billion in sales since 2023, will officially rebrand on Mar. 3. David Wong has been named team leader, while Kelvin Wong will serve as operating principal. 

Sutton Group welcomes Kings Cross franchise

Sutton Group has introduced Sutton Group Kings Cross, a new franchise serving King City and Newmarket, Ont. Led by Marc Cioffi, a detective sergeant in his local police force, the brokerage focuses on real estate solutions for first responders. Previously operating as Kinsby Real Estate, the partnership with Sutton includes plans to launch a national first responder program. Cioffi, who transitioned to real estate in 2023.

Re/Max Hendriks Team Realty aligns with Re/Max Hallmark

Re/Max Hendriks Team Realty has joined forces with Re/Max Hallmark, the world’s largest Re/Max brokerage. Led by industry veteran Jerry Hendriks, the brokerage will continue to service Ontario’s Niagara and Hamilton regions. 

Century 21 Assurance Realty Ltd. expands Into Creston, B.C.

Century 21 Assurance Realty Ltd. has expanded its operations to Creston, B.C., through a merger with the long-standing Century 21 Veitch Realty. The Veitch family has worked in real estate for over five decades in the region. Scott and Shannon Veitch will continue to play key roles in the Creston office. With this addition, Century 21 Assurance Realty now operates offices in Kamloops, Salmon Arm, Vernon, Kelowna, Castlegar, and Creston.

Announcements and notable mentions

Canadian leaders on the SP 200

Phil Soper, Royal LePage President and CEO, has ranked as the top Canadian leader on T3 Sixty’s Swanepoel Power 200 (SP 200) reaching number 12 on the prestigious list. Chief Operating Officer of Royal LePage, Carolyn Cheng, has also been named for the sixth year in a row (#141). Other notable Canadian leaders on the list include TRREB CEO Jon DiMichele (#53), Re/Max Canada President Christopher Alexander (#55), Century21 President and CEO Martin Charlwood  (#57) and CREA CEO Janice Myers (#161)

REM Editorial Team

realestatemagazine.ca

The post The Real Deal: Industry highlights for January 2025 appeared first on REM.

REM Editorial Team

realestatemagazine.ca

The post Royal LePage upgrades 2023 price outlook, anticipates 8.5% year-over-year growth in Q4 appeared first on REM.

But recently, B.C.-based brokerage Little Oak Realty joined Royal LePage after Re/Max Canada ended their 30-plus year partnership, which began in 1992.

Little Oak will continue to operate under the leadership of Andrew Bracewell and Ray Yenkana.

“We became incredibly dissatisfied with a lot of things with our previous franchisor,” said Bracewell.

Yenkana added, “We had a difference of opinion on the vision of where we’re going, on where they’re going. And they made the decision to de-franchise us.” 

Bracewell explained the differences of opinion included the fact that they felt decisions were being made at a leadership level from the top down in the Re/Max organization as well as the strategies being used for the greater brand.

“We…continued to disagree on some of these issues, and then we made decisions that were in the best interest of our company, and Re/Max didn’t like the decisions that we made, and they ended the relationship,” he said.

A difference in vision

Yenkana said the brokerage originally started in 1977 as an independent and joined Re/Max in 1992. He bought it in January 2000. Bracewell became a partner in 2018 after being one of the brokerage’s agents for years. Little Oak Realty started with one office in Abbotsford with 25 agents in 2000 and grew by taking over an office in Mission in 2006. It then opened offices in Surrey in 2009 and Langley in 2012.

At the time of transition on May 15, Little Oak Realty had about 175 agents. However, Elton Ash, Executive Vice President of Re/Max Canada said at least 45 agents decided to stay with the brand.

Ash said the decision to end the affiliation with Little Oak was a long discussion.

“It was months of deliberation between the parties . . . Ultimately, it was a difference in vision as to the future direction of what they felt their goals and aspirations were as franchisees and that differed from our vision of fitting into the Re/Max model,” said Ash. “It was a difference of vision and thought, and the parties had different points of view on how long-term goals could be achieved. Specifically, from their point of view, they felt our vision didn’t match their vision for long-term success. We felt the same way, I guess.

Re/Max Canada stresses uniformity in franchise agreement, unable to accommodate modifications 

Ash emphasized the significance of Re/Max’s franchise agreement, stating that all 270 offices in Western Canada operate under the same terms. He explained that when some franchisees desired modifications to align with their future goals, it was not feasible to accommodate their requests without compromising the integrity of the other franchisees in the region.

“A lot of the sales associates were quite unhappy about it. About the move to Royal LePage . . . 45 to this date have stayed with us, and there’s going to be more. They don’t want to go to LePage. They want to stay with Re/Max.”

Ash said Re/Max sold another franchise in Abbotsford earlier in the Spring when the non-renewal occurred and another in Mission. 

“The retention factor from the sales associate point of view for us, we’re quite frankly very pleased with it,” said Ash.

Neither Ash, nor Bracewell and Yenkana elaborated on how their visions were misaligned.

Little Oak Realty transitions to Royal LePage

Phil Soper, President and CEO of Royal LePage, described Little Oak Realty as a “long-standing, leading real estate brokerage” in the Fraser Valley. 

Royal LePage Little Oak Realty will continue to service the Fraser Valley and Lower Mainland, Grand Forks, and the West Kootenay and Okanagan regions.

“They called us, which is always fun to get a phone call from someone saying we’re looking to take our great big real estate company in a new direction, and we like what we hear,” said Soper. 

“Part of the attraction was we’re a Canadian firm, and we do a lot of tech investment and development in Canada for a Canadian real estate company. And a lot of the real estate firms in Canada are American, and they port what they built for American real estate into the businesses they have in Canada, which is not always successful. Real estate across the border is similar, but it’s not identical. There are differences. So that definitely attracted them to us as the big Canadian firm.”

Royal LePage’s Canadian focus and technological leadership attract Little Oak Realty

Bracewell said they were impressed by how well-positioned Royal LePage is to be the leaders they need to be in the real estate space in Canada for years to come.

“That’s evident in addressing the two areas we were dissatisfied with. Their leadership, from Phil Soper all the way down, we feel are the best people in the country out of any brand. We think they’ve got the best people,” he said.

“And then the decisions they’re making specifically in the technology space and in the way they’re attacking internet search engine optimization and web presence, they’re the leaders statistically by a mile in those two areas out of all brands in Canada, and we’re really excited to be aligned with people who are the leading Canadian brand, it’s built by Canadians made for Canadians, and that translates into Canadian value for our agents. And that is a significant difference from what we’ve experienced in the past, having been affiliated with an American-based, international company that develops strategies and programs for a multitude of countries rather than just the country we work in.”

Yenkana said Royal LePage is bending over backwards to help the brokerage expand and be profitable and doing the same kind of thing for the agents in terms of technology to make their businesses run smoother and better.

Mario Toneguzzi

Mario Toneguzzi is a contributing writer for REM. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He now works on his own as a freelance writer for several national publications and consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

The post Re/Max and Little Oak Realty split: Clash of visions leads to de-franchising decision appeared first on REM.

In a report released Thursday, Royal LePage is forecasting home prices in Canada will increase 4.5 per cent year-over-year in the fourth quarter of 2023, a steep increase from the company’s December prediction that the national aggregate home price would end the year one per cent below Q4 2022. 

On a quarter-over-quarter basis, Royal LePage expects prices to continue rising modestly but steadily over the next nine months.

“Coming out of a correction, it is common to underestimate the speed at which the market will turn itself around. As market activity is rebounding quicker than anticipated, we are looking ahead with a sense of cautious optimism,” noted Phil Soper, CEO, Royal LePage. 

“While we do not expect huge price gains this year, some sense of normalcy is returning to the market.”

Source: Royal LePage

Canadian market begins to recover after downturn

The Royal LePage House Price Survey showed that home prices in Canada decreased by 9.2 per cent year-over-year to $778,300 in Q1 2023. 

However, there has been a 2.8 per cent quarter-over-quarter increase following the Bank of Canada’s decision to pause interest rate hikes, which prompted many buyers to return to the market. 

“We have turned the corner, and the housing economy is growing again; none too soon for many buyers, who have been waiting patiently for prices to bottom out,” says Soper.

The national median price of a single-family detached home fell 10.7 per cent year-over-year to $808,700, while the median price of a condominium fell 6.7 per cent year-over-year to $571,700. Quarter-over-quarter, median prices rose for these two property segments by 3.4 per cent and 1.8 per cent, respectively.

“Sanity is slowly returning to the housing market,” added Soper. “While some buyer hopefuls will remain sidelined by a reduced capacity to borrow in this higher rate environment, our market data shows that many of those who chose to pause their search to see where prices and interest rates would land have resumed their home buying plans.”

While sales have been trending upward since the start of the year, the number of listings remains too low to satisfy demand. 

Source: Royal LePage

Soper explains that the challenge now is the severe supply shortage: “We are grappling with a growing problem here that once was the burden of our largest cities but is increasingly being felt in secondary markets as well.”

He adds, “Yes, governments are adopting policies intended to address the problem, yet the pace of progress is far from encouraging. And challenges facing developers—such as the increased cost of materials and labour, and a shortage of skilled tradespeople— persist.”

Public policy

The report notes the Office of the Superintendent of Financial Institutions’ (OSFI) proposed changes to Canada’s mortgage stress test that would impose more restrictive access to mortgage financing in an effort to mitigate risk for major banks against potential consumer default. 

However, Soper warns against tightening restrictions in an environment where rates are high and likely to fall. He believes such a move could do more harm than good, forcing families into the unregulated B-lender market. 

“Despite a year of rapidly-rising interest rates, we see that the number of Canadian homeowners who have failed to meet obligations to their financial institution remains exceptionally low,” Soper says. “Our banks have managed their mortgage portfolios well, and it helps that unemployment is very low.”

B.C.’s Home Buyer Rescission Period 

Royal LePage says British Columbia’s newly-implemented Home Buyer Recission Period (a cooling-off period that allows buyers to rescind an offer within three business days of fan APS being signed) has not “proven to be useful.” 

“Few B.C. buyers are exercising their right to use the cooling-off period the way it was intended—to allow them an ‘out’ after a rash decision to purchase a property. 

“Unfortunately, we are seeing people blatantly abusing the program by making offers on multiple homes as they shop around, locking up scant housing inventory as if clothing in a retail store. The legislation is harmful, not helpful, and should be amended or scrapped.”

Interest rates

The Bank of Canada’s made the decision Wednesday to maintain its overnight lending rate at 4.5 per cent and has indicated it will continue to main the rate if inflation continues to come down. 

“This was the signal that so many Canadians were waiting for. The Bank of Canada’s rate hold was the green light that stability is returning to the market, and it has had a swift and significant impact on buyer demand,” said Soper.

According to a recent survey by Royal LePage, found that one in four Canadians was in the market for a new home over the last year, and rising interest rates caused 63 per cent of them to postpone their plans, but 26 per cent of those planned to resume their search this spring and another 36 per cent said they would return to the market in the near future once the central bank paused rate hikes for several consecutive months. 

Read the full report from Royal LePage, including regional breakdowns, here.

REM Editorial Team

realestatemagazine.ca

The post Royal LePage revises 2023 price forecast, predicts 4.5% increase by Q4 appeared first on REM.

“Thousands of the Royal LePage faithful, their families, their clients and their friends worked together during this challenging pandemic year to support women and children in desperate need of safe shelter,” says Phil Soper, president and CEO, Royal LePage. Soper was among the 60 Royal LePage members who participated in the 2021 Challenge for Shelter, held this year over multiple days, climbing British Columbia’s Purcell Mountains. The bi-annual fundraiser has raised $3 million to date.

Soper adds, “Our foundation is the largest of its kind in Canada dedicated to eradicating violence in our communities and supporting the women and children seeking safe shelter and a life free of abuse. Together with hundreds of local shelter partners, the Canadian Women’s Foundation, Women’s Shelters Canada, the Assaulted Women’s Helpline, TD Bank, Sagen and other critically important organizations, we are working to make home a safer place for everyone.”

Violence against women and girls remains largely unreported due to the impunity, silence, stigma and shame surrounding it, says UN Women. Canadians agree the issue is serious. A recent Environics Institute poll found that 86 per cent of  women and 80 per cent of men believe violence against women to be the most serious issue affecting women today. In a time of greater isolation, due to COVID, there have been widespread reports of an increase in intimate partner and other forms of violence, as well as unprecedented barriers for those seeking help, says Royal LePage in a news release.

“Royal LePage offices across Canada partner with local women’s shelters to provide much-needed financial and in-kind support,” says Lisa Gibbs, executive director of the foundation. Funds raised by Royal LePage brokerage offices are raised locally and remain in their communities.”

Royal LePage pays all administration costs of the foundation so that 100 per cent of funds raised go directly towards the cause.

“I know a number of Royal LePage agents who say that the Royal LePage Shelter Foundation is a factor for joining the brand and a point of pride, and I definitely include myself within that group,” says Lisa Suarez, an agent with Royal LePage Lifestyles Realty in Lacombe, Alta. She  was recently presented with the Royal LePage Shelter Foundation Individual of the Year – Alberta award for 2021 in recognition of her fundraising  and passion for promoting the foundation.

REM Editorial Team

realestatemagazine.ca

The post Royal LePage Shelter Foundation raises $3.3 million in 2021 appeared first on REM.

This year’s event raised more than $750,000, says Carly Neill, fundraising and communications manager for the foundation.

“Our top fundraiser, Chris Pennycook with Royal LePage Dynamic Real Estate in Winnipeg, personally raised over $120,000,” which is a foundation fundraising record, says Neill. “All funds raised were directed to the women’s shelter in each participant’s community as well as national programs that help today’s youth learn how to build healthy relationships and avoid violence in their lives.”

Chris Pennycook (left), the top fundraiser, arrives back from the adventure with fellow trekker and Royal LePage president and CEO, Phil Soper. Photo: Carly Neill

She says women’s shelters across the country have incurred significant costs as a result of the COVID-19 pandemic and many fundraising events have been cancelled since March 2020. “Shelters have also seen an alarming rise in the need for their services, as women have been trapped 24/7 with abusive partners. Unfortunately, this trend is expected to continue as restrictions are lifted,” says Neill.

Previous treks went to Machu Picchu (2015), Iceland (2017) and the Sahara Desert (2019). “While we were delighted to trek for the first time on Canadian soil, right up until the day we departed, the pandemic created a level of uncertainty,” says Neill. “Very strict safety measures, including a rapid testing protocol and small-group bubbles were put in place and participants rallied around our ultimate shared priority – to raise much-needed awareness and funds for shelter organizations that desperately needed support. It speaks to the commitment and the character of our agents that they were willing to fundraise a minimum of $5,000 and pay for all of their trek expenses out-of-pocket, not knowing if the hiking adventure would be possible come August.”

Purcell Mountains Challenge for Shelter trekkers hike cautiously down a mountain of shale. Photo: Sebastian Albrecht

She says the Purcell Mountains trek “was undoubtedly the most physically demanding and technical challenge we’ve undertaken. For six days and five nights, trekkers carried 30-lb. packs with their personal belongings and gear across some of Canada’s most rustic and gruelling terrain, much of which has been largely untouched for decades. There were rarely paths to follow, dense forest to bushwhack, steep climbs and harrowing descents. Oftentimes, we faced harsh weather conditions, including windy alpine passes, scorching daytime heat, freezing temperatures at night and smoke from distant forest fires that made breathing more laboured,” says Neill. “Our hard work was rewarded though, with some of the most majestic scenery and vistas trekkers have ever witnessed.

“In stepping well outside their comfort zones and undergoing a truly challenging experience together, our trekkers were also blessed to develop deep and meaningful bonds with one another. Royal LePage president and CEO and fellow trekker Phil Soper and I agreed that wonderful camaraderie between trekkers was on full display throughout our trip. We saw this in  grand gestures like carrying someone else’s pack to provide them a few moments of respite, sharing gear and hiking tips, or simply offering quiet words of encouragement during a difficult moment. Watching these lifelong friendships form is one of the most special parts of our Challenge for Shelter experiences.”

REM Editorial Team

realestatemagazine.ca

The post Royal LePage trekkers raise $750,000 climbing the Purcell Mountains appeared first on REM.

Affordability is the surface issue that gets consumer’s blood boiling, and a lightning rod for vote-seeking politicians. Royal LePage research reveals that 57 per cent of Canadians aged 18-34 say that a candidate’s position on tackling housing affordability will influence their vote this fall. Further, we found that 84 per cent of Canadians are fearful that an increasing number of people will never own a home.

Yet affordability is simply the symptom – the result of the underlying malady. If you insist on dancing barefoot on sharp rocks, buying Band-Aids is folly. You need to buy shoes to stop the bleeding. Canada’s crisis is our meager housing supply. We have far too few roofs to shelter our people.

This is at least a decade-old problem; one that is getting progressively worse. Our millennials, the most populous generation in Canadian history, have driven unprecedented levels of demand for new housing. Newcomers, driven by the most economically successful immigration program in the world, need homes too. Instead of rising to the challenge, public housing policies at all levels of government have been a barrier to progress. Our bureaucracy has created slow and expensive regulations.

A recent Scotiabank report found that Canada’s persistent under-building has resulted in a shortage of some 1.8 million homes in this country, the lowest number of housing units per capita of any G7 country. Crisis is not too strong a word.

Thankfully, the major parties are waking up to the fact that adequate housing supply is the solution to affordability. Policy proposals include a number of new program ideas to increase the speed with which we build homes in Canada. We must hold the new government accountable to delivering on these promises.

Farther from the core housing shortage issue, the real estate brokerage process itself has found its way into stump speeches. Erroneously, some politicians (and too many consumers) have been led to believe that the way homes are sold is actually responsible for driving prices higher.

The current brokerage practice of sharing with prospective buyers the number of registered bids but not disclosing the value of those bids does not artificially inflate home prices.

Openly sharing the value of competitive bids would not materially impact home prices either. The brokerage process does not drive changes in property values. As Syrus wrote in the first century B.C., “Everything is worth what its purchaser will pay for it.” And in a market with escalating demand and limited supply, houses are worth more. Much more.

Importantly, while we recognize the fact that the brokerage process doesn’t hurt consumers, failing to evolve how we service clients would be a lost opportunity for our industry. We should and must continue to improve how we help families buy and sell homes. We need to embrace openness because our clients are demanding openness.

In the 2000s there was a series of emotional battles within the industry. Some Realtors fought our move to provide quality online images of a property’s features and detailed website mapping, arguing, “What will they need me for if they know where the house is and can see property features?” Of course these fears proved completely unwarranted. Even the Competition Bureau-triggered opening of the MLS system to limited service brokerages (mere posters) has done nothing to diminish the desire of clients to work with highly trained, licensed real estate professionals. FSBO-like services have smaller market share today than they did a decade ago.

In my business career, I have seen again and again that restricting a customer’s access to information they consider vital always backfires. As honest property brokers, we must move steadily towards the next stage of information sharing. The value of previously sold properties must be available online. And the competitive bidding process must become more open.

Transparency equals trust. And trust is good for business.

Phil Soper

Phil Soper is President & CEO of Royal LePage and Bridgemarq Real Estate Services. With over 21,000 agents in its Royal LePage, Royal LePage Commercial, Johnston & Daniel, Via Capitale and Proprio Direct businesses, it is the largest real estate brokerage firm in Canada. In the 2023 comprehensive ranking of industry leadership in North America, the Swanepoel Power 200, Soper was again, for the tenth consecutive year, named the most influential leader in Canadian real estate and 10th worldwide.

The post Phil Soper: Canada needs to get housing right appeared first on REM.

Held virtually for the first time, the event featured eight local contestants performing elaborate lip syncing routines from the Greg Frewin Theatre. An enthusiastic audience live-streaming the event cheered and used thumbs-up signs to vote for their favourite acts.

Local talent Cathalina took home this year’s trophy with performances of Rick Springfield’s Jessie’s Girl and Raise your Glass by P!nk. Royal LePage president and CEO Phil Soper also took part via video from Toronto, performing Dark Necessities by the Red Hot Chili Peppers and Neil Diamond’s Sweet Caroline.

“The way everyone came together virtually to support our local shelter was just so heartwarming,” says Layton. “I’m immensely grateful to everyone who made this year’s event such a success – our sponsors, performers and donors are such a special group of people.”

All proceeds will benefit Women’s Place of South Niagara, an organization providing safe shelter and counselling to women and children experiencing domestic violence.

To date, the Lip Sync Battle Niagara has raised $30,000 for the cause.

REM Editorial Team

realestatemagazine.ca

The post Lip Sync Battle Niagara goes virtual for the Royal LePage Shelter Foundation appeared first on REM.

The “powerful” cloud-based system “just allows the broker and the agent to deliver much better service to the consumer,” says Carolyn Cheng, Royal LePage’s chief operating officer.

Carolyn Cheng

The integrated platform, which customizes and Canadianizes the company’s kvCORE real estate platform, enables agents and brokers to create strong websites, improved lead generation and client insight and an automated client nurturing system.

It allows brokers and agents to build customizable websites with search options that include searches by drive time or by school catchment area and lifestyle information.

Phil Soper

“We saw an opportunity to use emerging technologies that could be imported to any platform,” adds Royal LePage president and CEO Phil Soper. Realtors can access data anywhere on any device.

Cheng says there has been a great deal of interest and excitement in the real estate industry about technology in recent years. However, “the technology has finally coalesced to a point where we actually have these integrated platforms, so you can completely digitize the broker platforms (and create) everything from powerful lead generating websites to different lead generating tools,” she says. “This was the right time to make the investment so that our brokers and our agents could have this advantage. “

RlpSPHERE has been rolled out by region, to ensure there is enough customer support available to agents and brokers, she says. The rollout began in May, starting with the Atlantic provinces, followed by Western Canada and Ontario. In Quebec, the broker rollout is planned around the end of the year, with the rollout to agents in early 2021.

Online training and coaching is available to ensure the technology is used effectively. Otherwise, “it becomes a shiny toy and not a useful business tool,” Soper says.

He says a challenge in running a real estate company is that agents are very independent-minded.  As a result, “we decided we had to give them best-of-breed end-to-end tools so that they get an actual contemporary customized website for free, which is embedded in a contemporary leading brokerage website that’s configurable, which is embedded in the actual technical umbrella.”

While it is difficult to drive consistency at a large coast-to-coast company, if “you give it to them for free and you make it incredibly compelling, you get a higher level of adoption.” Reviews from early adopters have been solid, Soper says.

Although the idea for rlpSPHERE was cooked up about 18 months ago, its launch timing during the pandemic turned out to be “very fortuitous,” Soper says, as the platform allows people to work from anywhere they want without suffering drawbacks.

Meanwhile, Soper believes that virtual open houses are here to stay post-pandemic but that the traditional open house will not disappear.

“The message we’ve taken to our people is that you can actually hold several open houses on a Saturday if they’re virtual. If they’re in person, the work that has to go into setting up the property really confines you to one a day.”

He notes “there are agents who are set in their ways” who love open houses, love sitting in the property they’re trying to sell and love meeting people face-to-face. “So when it’s safe to do so, they’ll continue to do that. I don’t see the open house disappearing, but I see it as a slower and less effective way to utilize an agent’s time. It’s not a really useful way to spend a prime three or four hours on a weekend.”

On the other hand, it is totally unreasonable to expect people to buy a home without seeing it in person, Soper says. “People do buy properties sight unseen with just photographs and video tools, but it’s pretty rare. Most people want to have a visceral feel for what living there would be like.”

So even though virtual showings will speed the process and be more efficient for both the agent and the client, the vast majority of buyers will visit a property before the sale is concluded.

Virtual training, which “is just so efficient,” is also here to stay, he says. However, in-person training and sales rallies will not disappear once the pandemic is in the rear-view mirror. “Just like people aren’t going to be satisfied just with Netflix specials to replace travel, they’re not going to be satisfied with virtual interactions on a permanent basis,” Soper says.

While Royal LePage has been able to deliver specialized and targeted training during the pandemic, the company will have to see how it can balance online and in-person training post-pandemic. “With in-person training, you are able to target the individual’s needs and get more feedback,” Cheng says.

Soper says in normal times he tries to travel to meet Royal LePage people from coast-to-coast, something that can take years to do given the country’s size. Zoom meetings are “very efficient – you can cover a lot of geography in a very efficient timeframe – but are not a replacement for face-to-face gatherings.”

With online sessions, “you can literally start in the morning and march around the country.”  But he doubts people soak up information online as well as they do in person.

Mix and mingle sessions, conversations and networking online are not the same thing, even though the company tries to use virtual breakout rooms and virtual networking events.

Still, “it’s the way we’re going to operate in 2021 we believe, because that is just the way the pandemic management appears to be rolling out.”

Danny Kucharsky

Danny Kucharsky is a contributing writer for REM.

The post New Royal LePage platform rlpSPHERE integrates emerging technologies appeared first on REM.

“The impact of COVID-19 on the Canadian economy has been swift and violent, with layoffs driving high levels of unemployment across the country,” says Royal LePage president and CEO Phil Soper. “While is it sad that these people skewed strongly to young and to part-time workers, for the housing industry, the impact of these presumably temporary job losses will be limited as these groups are much less likely to buy and sell real estate.”

In explaining why the company doesn’t foresee a large price drop, Soper says, “Home price declines occur when the market experiences sustained low sales volume while inventory builds. Currently, the inventory of homes for sale in this country is very low, matching low sales volumes as people respect government mandates to stay at home.

“It is easy to mistakenly equate a handful of transactions at lower prices to a reset in the value of the nation’s housing stock. Distressed sales that occur during an economic crisis are a poor proxy for real estate value,” says Soper.

“As we ease out of strict stay-at-home regimens, sales volumes will return; traditional home sales practices will not,” he says. “The popular open house gathering of buyers on a spring afternoon is gone, and it won’t be coming back any time soon. The industry is leveraging technologies that allow a home to be shown remotely and social distancing protocols, where we restrict client interaction with our Realtors to limited one-on-one or two meetings, will continue for months and months. This process is inherently safer than a trip to the grocery store.”

Looking ahead, “If the fight against the coronavirus requires today’s tight stay-at-home mandates to remain in place for several months more, with no semblance of normal business activity allowed, temporary job losses will become permanent and consumer confidence will be harder to repair,” says Soper. “This would place downward pressure on both home sales volumes and prices.

“Equally, if the collective efforts of Canadians slow the spread of the disease to manageable levels, and if promising science and therapeutic drugs are announced, people will return to their jobs, market confidence will bounce back quickly, and we could see Canada’s real markets roar back to life, with 2020 transactions delayed but not eliminated.”

REM Editorial Team

realestatemagazine.ca

The post Royal LePage forecasts ‘remarkably stable’ home prices during pandemic appeared first on REM.