Event Coverage
SILVAR Members Explore Canada
Top row left to right are speakers Tricia Lehane, Pauline Aunger and Sharon von Schoenberg. Bottom row left to right are SILVAR President-elect and Global Business Council Chair Joanne Fraser and NAR Global Ambassador to the Philippines Vicky Silvano, who attended along with many members of the Philippine Chamber of Real Estate & Builders Association (CREBA). SILVAR is NAR's Ambassador Association to the Philippines.
Yesterday's "Let's Go Global and Explore Canada!" a program offered by the SILVAR Global Business Council, had real estate professionals from across the U.S. and Asia, including members of the Chamber of Real Estate & Builders Association in the Philippines, SILVAR's Cooperating Association in the Philippines. All were interested to learn more about Canadian real estate from Tricia Lehane, a REALTOR® with RE/MAX Excalibur in Scottsdale, Arizona, who serves on the National Association of REALTORS® Global Business and Alliance Committee and Global Committee of the Canadian Real Estate Association (CREA). Tuning in virtually from Ontario, Canada were Pauline Aunger, 2015 President of the CREA and 2009 President of the Ontario Real Estate Association, and Sharon von Schoenberg, CREA product manager for Global Services.
The speakers entertained members with a couple of brief fun videos on Canada, along with fun facts, information on how Canada has fared with the pandemic, buying and selling property there, and information on CREA. Here are some facts members and guests learned:
* Canada has a population of 38 million people, 80 percent of whom are Caucasian. The median age is 42 years old - 41 for males and 43 for females.
* The country follows the metric system. The exchange rate is about $1 Canadian dollar = $1.34 US dollar.
* Like other countries, Canada's real estate market was booming until the country was hit hard by the pandemic and buyers and sellers retreated to the sidelines. In April, sales dropped 56.8 percent - the lowest sales activity since 1984. Listings fell 57 percent, the average home sales price dropped 1.3 percent.
* A few months later, the Canadian market has recovered as restrictions were lifted and buyers and sellers returned to the market in high numbers. In August, sales increased 18.5 percent year-over-year, and like the U.S., due to limited inventory, prices have continued to rise.
* The national average price of a single-family home in Canada is $586,000 CND.
* Since 2016, there has been an increase of American citizens applying for permanent residency in Canada.
* 69 percent of homebuyers are recent immigrants or temporary visa holders.
* The average price of a home bought by international buyers is $728,762 CND. Most international buyers prefer properties in urban areas and are buying property as a primary residence.
* From April 2019 through March 2020, Canada was second only to China in the purchase of U.S. properties. Canadian buyers purchased $9.5 billion in residential property in the U.S. Nearly two-thirds of Canadian buyers - 66 percent - made all-cash purchases, the highest share among foreign buyers.
* Many Canadians are looking to buy property in the U.S. Aunger noted, "As long as there is snow in Canada, there will be Canadians going to California."
* 98 percent of real estate practitioners in Canada are REALTORS®.
* All Canadian property listings feed in Realtor.ca, which is owned by CREA. Realtor.ca has no ads and does not charge fees for listings.
If you have questions about Canadian real estate, Tricia Lehane at tricia@arizonacanadianconnection.com; Aunger at paulineaunger@royallepage.ca; or von Schoenberg at sharon@sharondauskardt.com.
View Let's Go Global and Explore Canada! Presentation
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
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