Artificial Intelligence
Royal LePage: Canadian home price forecast revised upward to 16% as roaring spring market eases into summer
According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Canada increased 25.3 per cent year-over-year to $727,000 in the second quarter of 2021, as inventory shortages continue across the country. Eighty-nine per cent of the regions surveyed saw year-over-year double-digit aggregate price gains, driven largely by increases in the single-family detached property segment. However, the level of competition seen in recent months is beginning to slow.
The Royal LePage National House Price Composite is compiled from proprietary property data, nationally and in 62 of the nation’s largest real estate markets. When broken out by housing type, the median price of a single-family detached home rose 27.1 per cent year-over-year to $765,000, while the median price of a condominium increased 11.7 per cent year-over-year to $525,000. 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.
During the second quarter, the company revised its House Price Survey methodology, including geographical boundaries and housing types. Royal LePage’s aggregate prices are calculated using a weighted average of the median values of all housing types collected. This improves accuracy as surges of transactions in the upper end or lower end of the real estate market are less likely to skew results.
“After a year of record growth in the Canadian housing market, we appear to have passed the peak of price appreciation,” said Phil Soper, president and CEO of Royal LePage. “While current home price gains are expected to be sustained due to chronically low inventory and new demand from growing household formation, investors and newcomers, the torrid pace of home price appreciation has begun to moderate.”
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1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build. |
Forecast
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 16 per cent to $771,500 in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market. While the rate of price appreciation is decelerating, a boost in demand is expected in the fall from foreign students, newcomers and investors as pandemic-era restrictions are lifted and the effects of the global health crisis wane.
“Over the past six months, soaring prices and intense competition for the limited supply of homes for sale have left many Canadians frustrated with their inability to improve their housing situation. As home prices stabilize, many of these potential buyers, who will have had time to build up a larger down payment, should have an opportunity to transact,” said Soper.
With COVID-19 cases on the decline and rates of full immunization rapidly rising, a return to pre-pandemic life seems imminent. This will mean a boost in immigration, the return of jobs in the hospitality and tourism industries, and the return of foreign students.
“Household formation will undergo another major shift before the end of the year, with many young Canadians who chose to move in with parents during the lockdowns looking for their own places to live. As the hospitality industry reopens and employment opportunities abound, new sources of housing demand will emerge. Finally, we will welcome back hundreds of thousands of foreign students and a new wave of immigration. All of these people need to put a roof over their heads, which will encourage a wave of entrepreneurial landlords – investors eager to provide rental accommodation.
“These new sources of demand should sustain the housing market at buoyant levels through the all-important spring market in 2022,” Soper concluded.
Housing supply and government policy
A systemic housing supply shortage remains the biggest threat to Canadians’ dreams of home ownership, or even a decent home to rent. Driven by the country’s ambitious economic growth plans, the population will continue to expand. With a lack of housing inventory in markets from coast to coast, competition for available property will remain acute and home prices will continue to rise.
“Policy makers in this country have struggled for years to address our housing supply crisis,” stated Soper. “All too often our political leaders fall into the ‘quick fix’ trap, throwing new taxes or regulations at the housing economy which do little but temporarily push people to the sidelines, creating pent-up demand. That temptation looms large now. Yet, what Canadians do not need are pandemic-era policies in a post-pandemic economy. We need to address the fundamental flaws in our development approval processes, so we may someday have the homes our people require. It is our only hope to address housing affordability.”
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
REGIONAL SUMMARIES
Greater Toronto Area
The aggregate price of a home in the Greater Toronto Area increased 18.2 per cent year-over-year to $1,035,000 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 28.2 per cent to $1,301,000, while the median price of a condominium increased 8.6 per cent to $630,000 during the same period.
“Until a real solution to the chronic housing supply shortage is implemented, prices will continue to rise,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “We may see a slight slowdown over the summer, but demand is expected to rise again in the fall with the return of students to in-person learning, the revival of the tourism and hospitality industries, and an increase in immigration. That demand will increase competition and continue to push prices upward.”
In the city of Toronto, the aggregate price of a home increased 8.3 per cent year-over-year to $1,115,000 in the second quarter of 2021. During the same period, the median price of a single-family detached home increased 14.8 per cent to $1,550,000, while the median price of a condominium increased 5.8 per cent to $695,000.
Yolevski added that while the pandemic has driven demand in the suburbs and rural areas, the return to normal socialization habits will once again draw Canadian home buyers to the city centres.
“Young people will always be drawn to the downtown core. The walkability, access to restaurants and entertainment, and the diversity of different neighbourhoods will once again become top priorities for potential buyers once the fear caused by the pandemic diminishes,” noted Yolevski.
Toronto City Council is currently reviewing a report outlining possible revenue tools, including an increase to the land transfer tax on homes valued at $2 million or more. Royal LePage president and CEO, Phil Soper, says that in a city where homeowners already pay two land transfer taxes, one to the province and one to the municipality, any increase would only exacerbate the region’s inventory shortage issue.
“Land transfer taxes restrict the free movement of people and businesses, and have the ability to damage the city’s economy,” said Soper. “An increase to the tax could further reduce the already paper-thin supply of housing in Toronto, by preventing people from choosing to move for a better job or quality of life.”
Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 14.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Greater Montreal Area
The aggregate price of a home in the Greater Montreal Area increased 21.7 per cent year-over-year to $514,000 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 25.5 per cent to $559,000, while the median price of a condominium increased 14.1 per cent to $405,000 during the same period.
“We’re still seeing extremely high home price appreciation rates this quarter, but we believe the peak of home price increases should be behind us,” said Dominic St-Pierre, vice president and general manager of Royal LePage for the Quebec region. “The vaccination rate in the province is on track, which allows people to look beyond their life at home and focus on travelling and enjoying activities with family and friends. Also, many potential first-time homebuyers postponed their purchase hoping to face less competition in the next six to 12 months.”
In Montreal Centre, the aggregate price of a home increased 14.3 per cent year-over-year to $643,000 in the second quarter of 2021. During the same period, the median price of a single-family detached home increased 24.3 per cent to $1,050,000, while the median price of a condominium increased 9.3 per cent to $500,500.
“Real estate, like many other economic drivers, is cyclical,” said St-Pierre. “This record home price appreciation period was spurred by an unprecedented health crisis. The return to more moderate appreciation rates will occur naturally as the economy regains balance and people develop post-pandemic consumer habits.”
Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 17.5 per cent in the fourth quarter of 2021, compared to the same quarter last year, the highest of all forecasted regions in the country. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market.
“The second half of the year should post a more moderate growth than what we have seen in the first half of 2021,” concluded St-Pierre.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Greater Vancouver
The aggregate price of a home in Greater Vancouver increased 19.6 per cent year-over-year to $1,202,500 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 24.9 per cent to $1,625,000, while the median price of a condominium increased 9.4 per cent to $700,000 during the same period.
“While inventory is up slightly and demand seems to be decreasing heading into the summer months, Vancouver is still experiencing a seller’s market,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “Although not at the levels seen in April, competition remains high and continues to put upward pressure on prices. This is especially true in the single-family segment, where demand from local move-up buyers is strong.”
In the city of Vancouver, the aggregate price of a home increased 11.5 per cent year-over-year to $1,305,000 in the second quarter of 2021. During the same period, the median price of a single-family detached home increased 14.6 per cent to $2,350,000, while the median price of a condominium increased 4.4 per cent to $774,000.
Ryalls added that the market may see some relief in the summer, as widespread buyer fatigue sets in and health restrictions are lifted.
“I expect many Canadians will take advantage of the country’s reopening in the coming months, creating a bit of breathing room in the housing market. That’s normal for this time of year, but the fall will likely be another busy and competitive time to buy a property,” noted Ryalls.
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 15.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Ottawa
The aggregate price of a home in Ottawa increased 26.9 per cent year-over-year to $718,000 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 31.2 per cent to $846,250, while the median price of a condominium increased 16.9 per cent to $421,000 during the same period.
“The supply of homes is increasing and properties are staying on the market a little longer, compared to the height of activity earlier this year, allowing buyers a bit more time to consider their purchase,” said Jason Ralph, managing partner, Royal LePage Team Realty. “But demand remains high and I don’t expect we’ll be in a balanced market anytime soon.”
Ralph noted that the Ottawa real estate market, like many in Canada, is cyclical. He expects another wave of strong demand in the fall, when the new school year begins.
“I anticipate a steady flow of inventory over the summer,” continued Ralph. “With many potential buyers not able to transact due to high competition and being priced out of multiple-offer scenarios, I expect this fall will bring a rush of buyers back to the market, even more than in years past.”
Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 17.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Calgary
The aggregate price of a home in Calgary increased 9.7 per cent year-over-year to $568,500 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 10.4 per cent to $638,000, and the median price of a condominium increased 4.1 per cent to $226,000 during the same period.
“Spring demand has continued into the summer. Inventory selection has improved and the pipeline of buyers who weren’t successful purchasing earlier this year have come back,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “While we are seeing a healthy amount of new listings, it’s still below two and a half months of supply and homes in the entry-level segment are very competitive.”
Lyall added that an increase in competition is coming from buyers relocating from large Canadian cities where home prices are now out of reach.
“We have not seen this many buyers from Toronto since 2014. Young couples and professionals are attracted to Calgary’s affordable real estate, lifestyle and access to the great outdoors. It’s a great city to work and raise a family in,” said Lyall. “The cost of a typical family home in Toronto can buy a beautiful home in an established Calgary neighbourhood.”
Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 7.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Edmonton
The aggregate price of a home in Edmonton increased 11.3 per cent year-over-year to $430,000 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 16.1 per cent to $467,000 and the median price of a condominium increased 12.9 per cent to $201,000 during the same period.
“The shift in demand remains towards value and it’s putting significant upward pressure on home prices in Edmonton’s suburbs and neighbouring communities. Purchases made during the pandemic tend to prioritize space to increase quality of life while at home,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “However, as the city-centre comes back to life, restrictions are lifted and pandemic fears subside, we expect buyers to return to the vibrant downtown core.”
Shearer added that condominiums located in the heart of the city have exceptional value. With students coming back in the fall, the region should expect increased demand from investors looking to buy rental units.
Looking to the remainder of the year, Shearer anticipates high demand in the current market to spur summer sales.
“Real estate activity in Edmonton has not been this brisk in 15 years. Buyers who have not been able to find what they are looking for or who have not been successful with offers are hoping that the summer months will be less competitive,” said Shearer.
Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 7.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Halifax
The aggregate price of a home in Halifax increased 26.6 per cent year-over-year to $462,000 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 26.4 per cent to $529,000, while the median price of a condominium increased 23.2 per cent to $379,500 during the same period.
“Towards the second half of the quarter, we started to see a slight lift in inventory and while homes continue to receive multiple offers, they are more likely to see five or six and not 30,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Halifax remains a seller’s market but for those looking for homes priced over $750,000, they are finding less competition with improved selection compared to earlier this spring.”
Honsberger added that the most competitive segment is suburban homes, where well-priced listings in popular neighbourhoods are attracting significant attention and selling quickly.
Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 9.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised modestly upward to reflect the current state of the market.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Winnipeg
The aggregate price of a home in Winnipeg increased 16.9 per cent year-over-year to $352,000 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 18.9 per cent to $390,750 in the second quarter of 2021, while the median price of a condominium increased 15.2 per cent to $242,000 during the same period.
“Winnipeg home price gains are up double-digits but it’s important to note that the gains are still considerably lower than the national average,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Compared to other urban centres in Canada, Winnipeg remains an affordable city where people can pay their mortgage and not sacrifice on other major purchases.”
Froese added that, similar to the rest of the country, activity towards the end of the quarter was more muted than April and May. This is attributed to buyer fatigue, lack of inventory selection and a desire to enjoy the summer after a challenging year dealing with the pandemic.
“While activity has dipped slightly as we head into the summer, inventory is not arriving fast enough to provide relief to potential buyers. Until we see supply levels rise, prices will continue to go up,” Froese added. “Inventory in the detached segment is down significantly and new listings are scarce.”
Froese said that the lift in condo prices reflects first-time buyers purchasing condominiums after struggling to purchase detached homes.
“Younger buyers are seeing prices go up and low inventory. They want to get on the real estate ladder and condos offer the opportunity of better selection, good locations and a very affordable price point,” said Froese. “In our current real estate market, buyers are realizing it’s better to be in the market than not at all.”
Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 8.5 per cent in the fourth quarter of 2021, compared to the same quarter last year. This forecast is consistent with the company’s previous update in April, 2021.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
Regina
The aggregate price of a home in Regina increased 8.2 per cent year-over-year to $342,000 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 9.3 per cent to $365,000, while the median price of a condominium increased 5.5 per cent to $196,500 during the same period.
“Following a very busy first quarter, the Regina real estate market is beginning to show signs of becoming balanced, with inventory at near normal levels,” said Mike Duggleby, broker and owner, Royal LePage Regina Realty. “The weather does have an impact on activity, so the hot summer months will cool demand, at least temporarily, but will not affect prices.”
Duggleby noted that while competition remains strongest in the single-family detached segment, condominium demand is beginning to ramp up, and expects that will continue to grow in the fall.
“We haven’t reached pre-pandemic levels yet, but it’s obvious demand is building in the condo market. The return of foreign students to Regina ahead of the new school year will only add to the growing demand in this segment of the market,” said Duggleby.
Royal LePage is forecasting that the aggregate price of a home in Regina will increase 9.0 per cent in the fourth quarter of 2021, compared to the same quarter last year. The previous forecast, released in April, 2021, has been revised upward to reflect the current state of the market.
Royal LePage Home Price Data:
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2021
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2021
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- Media room: rlp.ca/mediaroom
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Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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