Local pride will be more important than
ever in restoring liveability
TORONTO and KELOWNA, BC, April 30,
2020 /CNW/ - While Canadians from coast to coast to coast
isolate themselves from the many local enjoyments they derived
from their neighbourhoods prior to COVID-19, their genuine love for
their local community offers many glimmers of hope in the months
ahead.
According to a Leger survey conducted on behalf of RE/MAX prior
to the outbreak, 82 per cent of Canadians say they would sacrifice
at least one desirable attribute in order to live in the
neighbourhood they believe meets their liveability "must-haves" and
90 per cent of Canadians love the neighbourhoods they live in.
Liveability is about quality of life at a local level. A
neighbourhood's dynamism, or lack thereof, involves a delicate
convergence between independent small businesses, public
institutions, arts and culture, green spaces and housing, to name a
few. The COVID-19 tragedy will impact neighbourhood ecosystems
differently across the country, just as the virus itself has. Yet,
civic/local pride has been proliferating throughout this crisis in
inspiring ways, giving Canadians hope that micro-economies,
including real estate, have the resilience to be restored in the
near and mid-term.
"For the benefit of local small businesses and the capacity of
residents to restore a high quality of life, or liveability, to
their respective communities, the degree of local pride should give
us all optimism," says Christopher
Alexander, Executive Vice President and Regional Director,
RE/MAX of Ontario-Atlantic Canada. "We have to remind ourselves
that this underlying pride and the remarkable local relief efforts
in aid of small businesses are ultimately what we believe will help
our neighbourhoods return to the dynamism we have all come to
highly appreciate, and I'm confident we'll be successful."
Alexander adds, "While we've seen transactions across the
country drop considerably in the last six weeks, I am hopeful that
housing prices and demand will remain steady with the help of local
resilience and local activity in the months ahead."
The 2020 RE/MAX Liveability Report explores the qualities
that give each homeowner the true satisfaction of living in their
neighbourhood, such as access to green spaces or restaurants and
entertainment. According to the report, 91 per cent of Canadians
have at least one important liveability factor that's very
important to them when it comes to the neighbourhood they live in
now or would like to live in, in the future.
Not surprisingly, housing affordability came in at the top at 61
per cent, followed by:
- Walkability (37 per cent)
- Proximity to work (34 per cent)
- Low density neighbourhoods (30 per cent)
- Proximity to transit (30 per cent)
- Access to green spaces/dog parks (30 per cent)
With affordability as the top liveability criteria for
Canadians, this lowered the overall liveability score for
neighbourhoods in hot markets such as Vancouver and Toronto, despite both having high liveability
rankings in other categories.
Canadian homebuyer lifestyles were also considered in
determining the best neighbourhoods for their specific needs and
tastes, based on a specific set of liveability factors. Location
scores provided by Local Logic, a Montreal-based data analytics company who
partnered with RE/MAX for this report, were leveraged to determine
the top neighbourhoods in Canada
for each lifestyle based on the liveability factors that Canadians
deem most important to them.
City lovers, both with and without children, enjoy liveability
criteria such as proximity to transit, access to green spaces and
parks, proximity to good schools and neighbourhood vibrancy (access
to art and culture). According to data from Local Logic, various
neighbourhoods in Toronto,
Calgary and Winnipeg best suit their overall needs.
Neighbourhoods such as Old Town Toronto, Beltline in Calgary and Central Park in Winnipeg are ideal for city lovers.
Winnipeg and Edmonton both rank high for suburban families
and move-up buyers who tend to look for low density neighbourhoods,
access to green spaces, proximity to transit and affordability. For
luxury seekers looking for proximity to restaurants and bars,
vibrancy and access to green spaces, regions such as Vancouver and Toronto rank high. Top neighbourhoods in
Toronto include West Don Lands and
City Place, with West End and the Downtown area of Vancouver ranking high in the west.
When it comes to retirees, neighbourhoods in Edmonton and Halifax rank high for their respective
vibrancy, access to green spaces and walking paths, proximity to
health care or pharmacies, and quietness. Mill Woods Park in
Edmonton and Melville Cove in Halifax are among the top neighbourhoods in
Canada for retirees.
For buyers who are looking elsewhere because they are priced out
of major cities and want an affordable compromise, Winnipeg and Edmonton are top regions for affordability. In
Ontario, those looking for an
affordable compromise can look to regions like Ottawa, Windsor and Durham.
"All Canadian homebuyers have their own needs and wants," says
Vincent Charles-Hodder, co-founder
and CEO of Local Logic. "Using location score technology makes the
location hunt much easier, helping Canadians find the perfect
neighbourhood to suit their liveability must-haves."
According to data from Local Logic, cities like Calgary, Edmonton and Winnipeg rank high for liveability; however,
across Canada, there are
neighbourhoods to suit a variety of lifestyles and liveability
factors.
"Canada's neighbourhoods are
rich in liveability," says Elton
Ash, Regional Executive Vice President, RE/MAX of
Western Canada. "Given the current
situation, Canadians are craving access to their tight-knit
communities and various neighbourhood features that contribute to
their quality of life. I'm hopeful that our communities will soon
bounce back and liveability, as well as the real estate market,
will be restored."
RE/MAX brokers were also asked to evaluate their city's
neighbourhoods on a set of liveability criteria, including
availability of public transit, walkability and housing supply,
among other factors. While Toronto
and Vancouver both rank low for
various lifestyles due to lack of affordability, both cities are
still home to many liveable neighbourhoods such as Trinity
Bellwoods, the Junction and Corktown in Toronto, and Kitsilano, Main Street and
Yaletown in Vancouver. In
Alberta, Calgary and Edmonton rank as the top most-liveable cities
– many neighbourhoods in each city had high location scores
according to Local Logic, and liveability is expected to improve in
each region with more forward-thinking city planning in the years
ahead.
Other Canadian cities examined include Ottawa, with neighbourhoods such as Centretown
and Lower Town scoring high for city lovers. In Victoria, the most up-and-coming
neighbourhoods are also some of the most affordable in the region,
including Colwood and Langford. Winnipeg also ranks as one of the most
liveable cities in Canada, thanks
to neighbourhoods like Bridgwater Forest, Charleswood, and Devonshire Park. All have
access to green spaces and close proximity to retail.
Despite the current state of the pandemic and Canadians
continuing to practice physical distancing, the effort to restore
liveability and a sense of community is still prominent.
Neighbourhoods across the country show appreciation for front-line
workers by clapping and banging pots at 7:30
p.m. on a daily basis. Positivity and solidarity are shown
through rainbows in the window and chalk art. In an effort to
support local restaurants, Canadian restauranteurs and chefs have
backed an initiative called "Take out Wednesdays." These
neighbourhood initiatives, intended to spread positivity, only
prove that Canadians love and have pride in where they live.
Results from the 2020 Liveability Report Survey by
Leger
- Nine in 10 (91 per cent) say there is at least one good factor
that is important to them in the neighbourhood they live in or wish
to live in
-
- 61 per cent ranked affordability
- 37 per cent ranked easily walkable
- 34 per cent ranked proximity to work
- Most respondents say they like their quality of life and
liveability in the neighbourhood they currently live in (90 per
cent)
-
- 62 per cent say they like it a lot
- Eight in 10 (82 per cent) would make at least one sacrifice to
live in the neighbourhood that meets their liveability
"must-haves"
-
- 30 per cent would sacrifice dog park
- 29 per cent would sacrifice arts and culture
- 26 per cent would sacrifice property size
- 26 per cent would sacrifice proximity to parking options
(carpool lots, parking garages
- Seven in 10 (72 per cent) would look on the internet (i.e.
Google search) when looking for information about new
neighbourhoods they are interested in moving to
-
- 39 per cent would ask a real estate agent
- 38 per cent would go by word of mouth
- 15 per cent would rely on news and market trends reported in
the media
About the 2020 RE/MAX Liveability Report
The 2020
RE/MAX Liveability Report includes data from RE/MAX brokerages.
RE/MAX brokers and agents are surveyed on insights and local
developments. Regional summaries with additional broker
insights can be found at RE/MAX.ca.
Methodology for Local Logic data
Liveability scores
are based on 2019 housing market data, census data, and Local
Logic's Location Score data, which are calculated using thousands
of open, commercial, and proprietary datasets. One of the major
criteria in the liveability scores is affordability; this was
calculated, for any given neighbourhood, as the percentage of
properties on the market with a monthly mortgage/rent payment of
less than 30 per cent of the median household income for the
corresponding metropolitan area.
About Leger
Leger is the largest Canadian-owned
full-service market research firm. An online survey of 1,571
Canadians was completed between February
28 – March 2, 2020, using
Leger's online panel. Leger's online panel has approximately
400,000 members nationally and has a retention rate of 90 per cent.
A probability sample of the same size would yield a margin of error
of +/- 2.5 per cent, 19 times out of 20.
About the RE/MAX Network
RE/MAX was founded in 1973
by Dave and Gail Liniger, with
an innovative, entrepreneurial culture affording its agents and
franchisees the flexibility to operate their businesses with great
independence. Over 130,000 agents provide RE/MAX a global reach of
more than 110 countries and territories. RE/MAX
is Canada's leading real estate organization with more
than 20,000 Sales Associates and over 900 independently-owned and
operated offices nationwide. RE/MAX, LLC, one of the world's
leading franchisors of real estate brokerage services, is a
subsidiary of RE/MAX Holdings, Inc. (NYSE: RMAX). With a
passion for the communities in which its agents live and work,
RE/MAX is proud to have raised millions of dollars for Children's
Miracle Network® and other charities. For more information about
RE/MAX, to search home listings or find an agent in your community,
please visit www.remax.ca.
About Local Logic
Local Logic develops vertical AI
software to optimize real estate investment for consumers and
professionals. We leverage alternative data to create new insights
that expose market trends for real estate assets with property
level precision. We understand the world, and its cities to better
forecast the future and make the real estate market more
transparent and efficient.
Forward looking statements
This report includes
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as "believe," "intend,"
"expect," "estimate," "plan," "outlook," "project" and other
similar words and expressions that predict or indicate future
events or trends that are not statements of historical matters.
These forward-looking statements include statements regarding
housing market conditions and the Company's results of operations,
performance and growth. Forward-looking statements should not be
read as guarantees of future performance or results.
Forward-looking statements are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Such risks and
uncertainties include the global outbreak of the coronavirus
(COVID-19), which poses significant and widespread risks. The
Company has already experienced significant disruption to its
business as a result of the COVID-19 pandemic. The magnitude and
duration of the negative impact to the Company's business from the
COVID-19 pandemic cannot be predicted with certainty, but the
Company believes COVID-19 is likely to result in an adverse impact
on its business, liquidity, results of operations and financial
condition. Other important risks include, without limitation, (1)
changes in business and economic activity in general, (2) changes
in the real estate market, including changes due to interest rates
and availability of financing, (3) the Company's ability to attract
and retain quality franchisees, (4) the Company's franchisees'
ability to recruit and retain real estate agents and mortgage loan
originators, (5) changes in laws and regulations that may affect
the Company's business or the real estate market, (6) failure to
maintain, protect and enhance the RE/MAX and Motto Mortgage brands,
(7) fluctuations in foreign currency exchange rates, (8) the
Company's ability to obtain any required additional financing in
the future on acceptable terms or at all, as well as those risks
and uncertainties described in the sections entitled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in the most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission ("SEC") and
similar disclosures in subsequent SEC filings. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date on which they are made.
Except as required by law, the Company does not intend, and
undertakes no duty, to update this information to reflect future
events or circumstances.
SOURCE RE/MAX Canada