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The spring market that never was: Canadian real estate remains in prolonged catch-up period as buyers idle on the sidelines

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According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Canada increased 1.9 per cent year over year to $824,300 in the second quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price increased 1.5 per cent, despite a slowdown in activity in the country’s most expensive markets.
“Canada’s housing market is struggling to find a consistent rhythm, as the last three months clearly demonstrated,” said Phil Soper, president and CEO, Royal LePage. “Nationally, home prices rose while the number of properties bought and sold sagged; an unusual dynamic. The silver lining: inventory levels in many regions have climbed materially. This is the closest we’ve been to a balanced market in several years.
“This trend dominates activity in two of the country’s largest and most expensive markets, the greater regions of Toronto and Vancouver, where sales are down yet prices remain sticky,” Soper continued. “There are exceptions. In the prairie provinces and Quebec, low supply and tight competition persist.”

________________________________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.

Despite the Bank of Canada’s move to cut the overnight lending rate by 25 basis points on June 5th, from 5.0 per cent to 4.75 per cent,2 buyers did not immediately rush back to the market as initially expected.
“This spring, with bank rate cuts highly anticipated, we saw some buyers race to get a deal done ahead of an expected spike in demand. Yet, when that first cut finally occurred in early June, market response was tepid,” said Soper.
“A change in monetary policy drives consumer behaviour in two important ways. Lower rates mean lower monthly payments, opening the door to some families previously shut out of the market. Secondly is the psychological signal broadcast to sidelined buyers that the tide is turning, and that market activity is about to pick up again,” added Soper. “Not surprisingly, the quarter-point cut to the bank rate didn’t substantially improve the affordability picture. As for consumer sentiment, our early year research indicated that only one in ten potential homebuyers would be motivated by a tiny rate drop. The tale the market tells as rate cuts get to the point of a material reduction in the cost of borrowing should be a very different one.”
According to a Royal LePage survey, conducted by Leger earlier this year,3 51 per cent of sidelined homebuyers said they would resume their search if interest rates reversed. Ten per cent said a 25-basis-point drop would prompt them to jump back into the market, 18 per cent said they are waiting for a cut of 50 to 100 basis points, and 23 per cent said they need to see a cut of more than 100 basis points before they will consider resuming their search.
The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 2.2 per cent year over year to $860,600, while the median price of a condominium increased 1.6 per cent year over year to $596,500. On a quarter-over-quarter basis, the median price of a single-family detached home increased 1.8 per cent, while the median price of a condominium increased 0.8 per cent. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.
The national aggregate home price remains well above pre-pandemic levels. In the second quarter of 2024, the aggregate price of a home in Canada recorded an increase of 30.8 per cent over the same period in 2019.
“2024 marks the fifth year since the pandemic and post-pandemic rebound began to wreak havoc on real estate prices. Yes, values remain well above 2019 levels, yet a thirty per cent rise in home values spread over five years, or six per cent annually, is approaching long-term norms for Canadian residential property appreciation. The market has a way of correcting mistakes.”

______________________________2 Bank of Canada reduces policy rate by 25 basis points, June 5, 20243 Half of sidelined homebuyers waiting for interest rate cuts to resume their purchase plans, February 27, 2024

Inflation and interest rates
For the last two years, the national housing market has seen home prices fluctuate between modest declines and increases – with some regional exceptions – as a result of the impacts of higher interest rates. As the Bank of Canada cautiously navigates the delicate balance between lowering the key lending rate and keeping inflation in check, some segments of Canada’s housing market have stalled.
“Canada’s housing market faces pent-up demand after two stifling years of high borrowing costs. While inflation control is crucial, persistently high rates are increasing the risk of a surge in demand when buyers inevitably return. New household formation and immigration keep fueling the need for housing, and a sudden release could create much market instability. This highlights the need for a more nuanced approach that balances inflation control with economic vitality,” added Soper.
“It is worth noting that once you remove the impact of high mortgage rates themselves from Canada’s Consumer Price Index calculation, inflation today sits well below the two per cent target.”
According to Statistics Canada’s latest report, Canada’s inflation rate rose to 2.9 per cent in May, up from 2.7 per cent in April.4 When shelter costs are removed, that figure dips to 1.5 per cent.
Increased borrowing costs slow new home construction
Elevated borrowing rates are not only dampening housing market activity but also stifling the construction of new homes. Builders, who rely heavily on lending, are finding it increasingly difficult to finance new projects, exacerbating the country’s shortage of housing at a time when our population continues to grow.
“Gradual interest rate reductions could unlock a housing supply logjam,” said Soper. “Lower rates would not only empower buyers but also incentivize builders, who rely on borrowing for development. This is crucial to meet the diverse needs of our growing population. We need affordable options for first-time buyers, growing families, and downsizing retirees. Incremental rate adjustments are key to achieving a balanced and inclusive housing market. Without a significant supply boost, prices will continue to rise, impacting both those who seek home ownership and the one-third of Canadians in rental markets.”
The Canada Mortgage and Housing Corporation (CMHC) reported a month-over-month increase in national housing starts in May, following two months of decline.5 In Vancouver, where competition for housing remains extremely tight, housing starts declined, while Toronto and Montreal posted a lift in starts. Still, the rate of new construction remains well below what is required to satisfy demand.

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________________________________4 Consumer Price Index, May 2024, June 25, 20245 Monthly Housing Starts and Other Construction Data Tables, June 17, 2024

“Canada’s housing market faces complex challenges. While raising interest rates was crucial to fighting inflation, it has unintentionally choked off the essential flow of new housing supply. Higher borrowing costs, coupled with labour shortages in the construction trades and rising material prices, have made it economically unsustainable for developers to launch new projects. This creates a perfect storm – our population is growing steadily, yet we’re building far fewer homes than what’s needed to meet that demand. This situation urgently needs innovative solutions to ensure Canadians have access to affordable housing options,” concluded Soper.
Forecast
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. Nationally, home prices are forecast to see continued moderate price appreciation throughout the second half of the year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
REGIONAL SUMMARIES
Greater Toronto Area
The aggregate price of a home in the Greater Toronto Area (GTA) increased 0.9 per cent year over year to $1,190,600 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the GTA rose 1.1 per cent.
Broken out by housing type, the median price of a single-family detached home increased 1.3 per cent year over year to $1,466,400 in the second quarter of 2024, while the median price of a condominium increased 1.4 per cent to $741,500 during the same period.
“Sales activity in the GTA was unseasonably low this spring. Almost all of the price appreciation we’ve seen year to date occurred in the first quarter, followed by a virtual flatline. New listings are up double digits compared to this time last year, and active listings are the highest they’ve been in more than a decade,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “While many buyers appear to be sitting on the sidelines, this will be good news for them when they resume their home buying plans. The region has been starved for housing inventory for some time. Once consumers regain the confidence to re-enter the market – likely following several more interest rate cuts – this boost in supply will be a welcome improvement to market conditions.”
In the city of Toronto, the aggregate price of a home decreased modestly by 0.5 per cent year over year to $1,215,300 in the second quarter of 2024. However, the aggregate price of a home in Toronto increased 4.8 per cent quarter over quarter. The median price of a single-family detached home declined 0.9 per cent year over year to $1,763,200, while the median price of a condominium decreased 2.4 per cent to $711,500.
“This time last year, sales activity and home prices ramped up following the first rate hold by the Bank of Canada, the first signal of relief since the start of its aggressive campaign to tamp down inflation. By comparison, prices recorded in the second quarter of this year are hovering around flat or showing modest decreases,” said Yolevski. “However, the trendline from the start of 2024 shows moderate, incremental gains. Despite a marked slowdown in activity, home prices are not trending downward, as most sellers have demonstrated they have the ability to hold out for the right buyer.”
Yolevski added that activity has slowed across all segments and housing types, not only in the resale market, but in pre-construction as well.
“Consumers’ ability to purchase a new construction property – whether investors or end-users – has been blunted by the fast and furious rise in interest rates over the last two years, as the value of pre-construction units are not increasing at the same pace as mortgage costs in the time between purchasing and closing. This drop in demand has in turn diminished builders’ confidence to launch new products in the near-term,” said Yolevski. “The high cost of borrowing continues to be a major roadblock for builders in this city, and across the country.”
Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 10.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. The GTA is set to see the greatest price appreciation of all major markets.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
Greater Montreal Area
The aggregate price of a home in the Greater Montreal Area increased 4.8 per cent year over year to $599,400 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region rose 3.5 per cent.
Broken out by housing type, the median price of a single-family detached home increased 5.8 per cent year over year to $681,300 in the second quarter of 2024, while the median price of a condominium increased 0.9 per cent to $465,800 during the same period.
“It’s still too early to measure the full impact of this first rate cut on June 5th, but it is fair to say that the decision signals a change in tone by the central bank. Even if the 25-basis-point cut is immaterial in enlarging buyers’ budgets, it has certainly strengthened their resolve to resume the process,” said Dominic St-Pierre, executive vice president of business development, Royal LePage. “We may only see the effects of this easing of monetary policy on real estate transactions in a few months’ time, when subsequent reductions to the key interest rate are likely to have taken place. We expect activity to pick up, slowly but surely, between now and the end of the summer period.”
In Montreal Centre, the aggregate price of a home increased 6.1 per cent year over year to $736,600 in the second quarter of 2024. During the same period, the median price of a single-family detached home increased 4.6 per cent to $1,139,000, while the median price of a condominium increased 1.7 per cent to $573,000.
At the beginning of 2024, buyers were present, motivated by expectations of lower interest rates. However, the number of sellers was limited, creating increased pressure on property prices. With more inventory in the second quarter, sales accelerated.
“The year started off like a lion, with buyers rushing in even before the Bank of Canada changed course on its monetary policy,” noted Marc Lefrançois, chartered real estate broker, Royal LePage Tendance. “In the first quarter of the year, sellers returned to the market, but in smaller numbers than buyers, putting upward pressure on property prices. Then, in the second quarter, sellers made a stronger comeback, increasing the supply on the market and encouraging a rise in transactions.”
Despite some rebalancing of supply and demand last quarter, the chronic housing supply shortage in Quebec remains a challenge. Rising borrowing costs over the past two years have not only put home ownership out of reach for some buyers, but also curbed builders’ borrowing capacity.
“2023 was marked by a record decline in housing starts in Quebec,” points out St-Pierre, citing the rising interest rate environment as the main cause. “As the Bank of Canada implements its plan to reduce its key lending rate, we should begin to see a recovery of new construction projects across the province. At the same time, the various regulatory and permitting bodies in Quebec municipalities must work together to accelerate the pace of construction in order to alleviate the housing crisis we are experiencing.”
Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 8.5 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
Greater Vancouver
The aggregate price of a home in Greater Vancouver increased 3.9 per cent to $1,251,200 year over year in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 1.0 per cent.
Broken out by housing type, the median price of a single-family detached home increased 2.6 per cent year over year to $1,783,000 in the second quarter of 2024, while the median price of a condominium increased 1.0 per cent to $777,100 during the same period.
“The Vancouver housing market has been treading water as of late – activity is lower than the 10-year average, but is not at a total standstill. The highly-anticipated rate cut by the Bank of Canada in June did not lead a materially greater number of buyers back to the market, a factor that is keeping home prices relatively flat,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “We continue to see consumers sitting on the fence, taking their time with their real estate purchase decisions. Inventory has continued to grow, giving prospective buyers some much-needed choice and keeping market conditions balanced. As is normally the case for this time of year, buyers and sellers have hit pause to enjoy the summer months.”
Ryalls added that many developers continue to pump the brakes on new project launches. Elevated borrowing costs, coupled with labour shortages and high material prices, are making it difficult for builders to break even on new housing developments. Meanwhile, the provincial government is actively trying to incentivize the creation of new home supply, particularly near transit centres, in an effort to bring housing affordability under control.
In the city of Vancouver, the aggregate price of a home increased 0.3 per cent year over year to $1,438,700 in the second quarter of 2024. During the same period, the median price of a single-family detached home increased 4.6 per cent to $2,293,600, while the median price of a condominium increased 3.7 per cent to $852,100.
“In the months ahead, I expect we will see a typical sleepy summer market. If inventory levels continue to rise at the rate we’ve been seeing, those who are under tight pressure to sell may need to consider lowering their list price in order to attract buyer attention,” said Ryalls. “Even if the Bank of Canada makes another rate cut in July, it’s unclear if it will stimulate buyer demand. It would take a much more profound decrease to interest rates to reverse the trends we are currently experiencing.”
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 5.5 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
Ottawa
The aggregate price of a home in Ottawa increased 2.1 per cent year over year to $777,400 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 2.6 per cent.
Broken out by housing type, the median price of a single-family detached home increased 2.3 per cent year over year to $896,200 in the second quarter of 2024, while the median price of a condominium increased 1.0 per cent to $404,300 during the same period.
“Many would-be homebuyers continue to sit on the sidelines, an indication that the recent 25-basis point rate cut by the Bank of Canada has not convinced many purchasers to return to the market. Meanwhile, the expectation of a rate drop and a subsequent upswing in market activity, prompted many sellers to list their homes throughout the spring,” said John Rogan, broker of record, Royal LePage Performance Realty. “While demand has slowed, it is likely to pick up again in the fall, especially if we see further rate cuts. However, the summer months will be relatively quiet, as is typical for this time of year.”
Rogan noted that Ottawa’s healthy job market and ample number of dual-income households is largely preventing homeowners from being forced to sell in order to cope with higher carrying costs.
“Thankfully, we have not seen many sellers list their homes under the duress of an unaffordable mortgage renewal,” added Rogan. “Buyers are proceeding with caution and sellers are holding out for the right offer. Many buyers are trying to navigate higher interest rates and the elevated costs of carrying a mortgage. Until we see a series of cuts to the overnight lending rate, I expect buyer hesitation will continue.”
Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 4.5 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
Quebec City
The aggregate price of a home in Quebec City increased 10.4 per cent year over year to $387,000 in the second quarter of 2024, the strongest price appreciation recorded among the country’s major real estate markets. On a quarterly basis, the aggregate price of a home in the region increased 5.5 per cent.
Broken out by housing type, the median price of a single-family detached home increased 9.7 per cent year over year to $405,300 in the second quarter of 2024, while the median price of a condominium increased 12.7 per cent to $290,200 during the same period.
“The Quebec City real estate market is still very buoyant, stimulated by a low number of properties for sale, strong demand and affordable home values compared to many other markets in Quebec and Canada,” says Michèle Fournier, vice president and chartered real estate broker, Royal LePage Inter-Québec.
Moreover, Quebec City is the most popular destination for Montrealers looking for affordability in the housing market, according to a survey conducted in May by Royal LePage.6
“Unlike other markets in the province, multiple-offer scenarios are still the order of the day, when the price is justified and the property is well-presented. With the downward trend in interest rates, we find ourselves in the midst of a perfect storm for real estate price growth.”
Royal LePage is forecasting that the aggregate price of a home in Quebec City will increase 9.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised upwards to reflect current market conditions.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024

________________________________6 Half of residents in Canada’s largest urban centres eyeing move to more affordable real estate markets, May 29th, 2024

Calgary
The aggregate price of a home in Calgary increased 7.9 per cent year over year to $694,000 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 2.6 per cent.
Broken out by housing type, the median price of a single-family detached home increased 8.3 per cent year over year to $797,200 in the second quarter of 2024, while the median price of a condominium increased 8.6 per cent to $273,600 during the same period.
“Sales activity remains strong in Calgary, with many homebuyers competing for properties in multiple-offer scenarios. The June interest rate cut, however, did not add fuel to the already red-hot market. So far, the long-awaited rate drop has only really benefited variable-rate mortgage holders, who are now seeing some relief on their monthly mortgage payments,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “Inventory has seen some recent growth, but not enough to keep up with current demand levels. Attached and row homes, which are appealing property types for those who can’t get on the single-family detached property ladder, are popular among entry-level buyer hopefuls. Consistently, there has been approximately one month’s worth of supply available for all property types.”
Lyall noted that new supply continues to come on the market through the development of townhomes and condominiums. Increasingly, developers are opting to build multi-unit properties on single lots, adding more density and much-needed entry-level supply to the market.
“In the months ahead, we should see a gradual slowdown as consumers take a break for the summer, before activity picks up in the fall again,” said Lyall. “The late third quarter and fourth quarter of this year could be particularly strong for sales if interest rates continue to decline. My hope, however, is that rate cuts will roll out gradually so that supply levels have enough time to be replenished ahead of rising buyer demand.”
Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 8.0 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
Edmonton
The aggregate price of a home in Edmonton increased 3.7 per cent year over year to $450,600 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 1.9 per cent.
Broken out by housing type, the median price of a single-family detached home increased 5.5 per cent year over year to $497,200 in the second quarter of 2024, while the median price of a condominium increased 4.2 per cent to $201,600 during the same period.
“The first half of the year has been very strong in terms of sales activity, and I expect we will even surpass the high volume of transactions recorded during the height of the pandemic real estate boom. In fact, were it not for the constraints of extremely low supply, we’d likely see even more deals getting done,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Right now, every home to hit the market that’s well-maintained and appropriately-priced is getting scooped up. Essentially, the only properties that are languishing are overpriced or still in the pre-construction phase.”
Shearer expects strong buyer demand to continue through the summer and fall, and activity to dip in the winter, as is typical for the region. However, he does not expect further interest rate cuts to materially increase the number of buyers in the market, but believes those who are already active will have greater buying power as a result.
“There is something for everyone in Edmonton, regardless of the area, size, price point or type of property you are looking for,” Shearer added. “Newcomers to the province – both from inter-provincial migration and international immigration – continue to drive demand and price appreciation in the city centre and surrounding regions. And, employment opportunities in the oil and gas industry are not the only reason people are choosing to live in the area. It’s a combination of factors, including the lifestyle, affordability and access to nature Edmonton has to offer.”
This was clear in a recent survey by Royal LePage, which identified the 15 most affordable Canadian cities based on the percentage of income required to service a monthly mortgage payment. Edmonton topped the list of cities residents in Toronto and Vancouver would be willing to relocate to, if they could find a job or work remotely.7
Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 6.5 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024

_______________________________7 Half of residents in Canada’s largest urban centres eyeing move to more affordable real estate markets, May 29, 2024

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Halifax
The aggregate price of a home in Halifax increased 3.7 per cent year over year to $513,700 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 1.1 per cent.
Broken out by housing type, the median price of a single-family detached home increased 4.1 per cent year over year to $582,500 in the second quarter of 2024, while the median price of a condominium increased 2.0 per cent to $412,600 during the same period.
“On the whole, there doesn’t seem to be a sense of urgency among Halifax homebuyers at the moment, as many wait to see how falling interest rates will influence the market. The June interest rate cut by the Bank of Canada did not bring the wave of activity some may have been anticipating,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “The exception to this is the entry-level segment of the market, which remains highly active thanks to first-time homebuyers. High and fast-rising rental costs are pushing many tenants into the resale market sooner than they planned, given that the monthly carrying costs of home ownership are now less than or equal to leasing in some cases.”
Honsberger added that new resale inventory continues to rise from record lows, but remains below historical norms. New developments in areas surrounding downtown Halifax continue to pop up, with a wide variety of housing types being built. This will bring some much-needed supply to the region.
“If interest rates continue on a downward trajectory and housing affordability improves as a result, we could see a surge in buying and selling activity come the fall. Consumers who have been waiting out high interest rates will be motivated to move off the sidelines and into the market once again if the overnight lending rate comes down substantially. This includes move-up buyers, who have remained somewhat inactive – activity from this segment will bring more supply to the market,” said Honsberger. “A boost in transactions will result in upward pressure on home prices, but nothing like the intensity we experienced in recent years when borrowing rates were at all-time lows.”
Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 6.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
Winnipeg
The aggregate price of a home in Winnipeg increased 4.3 per cent year over year to $403,400 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 3.2 per cent.
Broken out by housing type, the median price of a single-family detached home increased 3.7 per cent year over year to $442,300 in the second quarter of 2024, while the median price of a condominium increased 4.8 per cent to $265,200 during the same period.
“Winnipeg experienced a robust spring market, with activity levels significantly ahead of this time last year,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “However, the first few weeks of the summer have been uncharacteristically slow, signalling an early seasonal plateau. The interest rate cut did not factor much into our market nor buck any seasonal norms. Inventory levels still cannot satisfy the strong demand for housing, despite some buyers opting to wait for further interest rate drops.”
Despite a slowdown towards the end of the second quarter, the housing market in Winnipeg remains strong. Froese noted that demand is largely centred on single-family detached homes. However, there has been an increased interest in attached homes and condominiums of late.
“Buyers are eager to enter the market at any price point they can. Many developers are also adding secondary suites to properties, driven by demand from young buyers looking to offset their mortgage payments with rental income,” added Froese. “More than 40 per cent of homes sold over list price in June, compared to the third of properties that were sold over list in the same month last year. This suggests that the sellers’ market we’ve been experiencing will continue throughout the summer, keeping prices buoyant.”
Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 7.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
Regina
The aggregate price of a home in Regina increased 2.6 per cent year over year to $384,800 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 1.3 per cent.
Broken out by housing type, the median price of a single-family detached home increased 3.9 per cent year over year to $420,400 in the second quarter of 2024, while the median price of a condominium increased 2.2 per cent to $231,200 during the same period.
“Regina’s housing market is currently facing significant inventory shortages, which has resulted in increased competition and multiple-offer scenarios. The market is highly active across all property types. This includes condominiums, which have typically stayed on the market for longer periods of time, but have recently been selling much quicker” said Shaheen Zareh, sales representative, Royal LePage Regina Realty. “I anticipate activity will continue to ramp up throughout the summer months, especially if interest rates continue to drop. This may drive home prices upward.”
Zareh noted that current market conditions are making it especially challenging for first-time homebuyers. However, driven by escalating rental rates and the looming prospect of higher housing prices from increased competition, these buyer hopefuls are still eager to enter the market.
“With rental prices pushing more residents towards home ownership, and interest rates set to drop further, I expect these trends to continue and even intensify as the year progresses,” Zareh added. “The wildcard factor that we are watching closely is mortgage renewals. If a large number of homeowners move to sell when their loans come up for renewal, inevitably at a higher rate, a surge of inventory could hit the market. Still, these sellers will continue to face ongoing inventory and affordability challenges.”
Royal LePage is forecasting that the aggregate price of a home in Regina will increase 6.5 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised upward to reflect current market conditions.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2024Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2024
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4 Days of Family Fun at Cotai Expo – Free-Admission Sands Shopping Carnival Open Now

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Sands China’s annual signature event, the 2024 Sands Shopping Carnival, kicked off Thursday at The Venetian® Macao with an opening ceremony attended by representatives from the government, finance, business, and community services sectors.
Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: “The Sands Shopping Carnival is celebrating its 5th anniversary this year. Over these five years, Sands China has maintained a steadfast partnership with the Macao SAR Government, the Macao Chamber of Commerce, and other supporting entities, providing relentless support to small and medium-sized enterprises (SMEs) through this platform without seeking any financial return. Together, we have successfully created nearly 2,800 exhibition booths over the years. This year also marks the momentous 20th anniversary of Sands Macao. As a long-standing pillar of Macao’s business landscape, we have deep ties with the local community. Our commitment to supporting local SMEs is unwavering, and we embrace the philosophy of growing with SMEs. Year after year, we have organised the Sands Shopping Carnival, fostering mutual assistance and collaboration across various sectors in Macao.”
Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office, said: “Shopping is a key component of tourism. In the first quarter of this year, 48 percent of visitor expenditure in Macao was dedicated to shopping, which constituted the largest category of tourism expenditure, followed by accommodation and dining. Delivering exceptional shopping experiences is therefore crucial for enhancing the overall travel experience of tourists. It is essential for the retail service industry to catch up with market demands by continuously introducing products that cater to customers’ preferences and providing meticulous and personalised services.”
U Kin Cho, vice president of the board of directors of the Macao Chamber of Commerce, said: “Sands China is committed to supporting the Macao SAR government’s initiatives to promote the growth of SMEs. For five consecutive years, they have organised the Sands Shopping Carnival, a remarkable event that serves as a free business platform for SMEs. This event helps them expand their market presence and create new business opportunities. The Sands Shopping Carnival has been a resounding success, attracting over 100,000 participants annually. It has become one of the largest discount sale events in Macao and a renowned signature event in the local retail industry. We firmly believe that with the active involvement of major corporations like Sands China, and the determined efforts of SMEs in their own transformation and upgrading, Macao will undoubtedly regain its economic vitality.”
The Sands Shopping Carnival offers a free business platform for local SMEs and Sands retailers, helping them create more business opportunities, while providing a fun weekend destination hotspot for local residents and tourists in support of the Macao government’s ‘tourism+’ initiative. It is the fifth year that Sands China is running the shopping and leisure hotspot, with total visitation for the last four carnivals surpassing 420,000.
The carnival is free-admission, and is the largest sale event in Macao. It is open from noon to 10 p.m. daily, Thursday-Sunday, July 18-21 at Cotai Expo Halls A and B, with a special invitation-only preview session on the first day. The carnival features more than 580 booths, with a record-breaking 325 booths dedicated to local SME suppliers. Additionally, the carnival offers nine exhibition zones across 21,000 square metres: Sands retailers; household products; parenting and family; gourmet and wine; food court; green living; Macao cultural and creative; play and fun; and Macao specialties and souvenirs. Among the more than 260,000 products, the 2024 Sands Shopping Carnival features a limited number of special daily MOP 1 items each day for shoppers.
Furthermore, the Sands Shopping Carnival has witnessed a continuous increase in the number of participating community organisations, encompassing a wide range of areas including culture and creativity, as well as food and beverage. This trend reflects the transformation of the carnival into a grand shopping extravaganza, uniting all sectors within Macao. As part of Sands China’s long-standing efforts to promote social inclusion, Sands Cares Ambassadors are providing on-site support to local community organisations participating in the carnival, such as by helping man their booths.
The carnival features free parking as well as complimentary shuttle buses running routes to and from various locations throughout the city: Luso International Bank Building at Nam Van, Hong Kong-Zhuhai-Macao Bridge Frontier Post at Macao Port, Border Gate, and Hengqin Port (Macao side).
The Sands Shopping Carnival features a variety of shopping, an international-cuisine food court area, and family-friendly entertainment, activities and games. Carnival highlights include:

Over 580 booths offering more than 260,000 products and some of the best deals in town, including special daily MOP 1 products and huge discounts of up to 90 per cent off; visitors are encouraged to support sustainability by bringing their own shopping bags
BOC Smart Kids Presents: Little Master Chef Workshop, a free food-prep and decorating activity for children, led by Sands China’s food and beverage team, featuring Mexican Tacos, Vietnamese spring rolls, handmade sushi, and more
ICBC ePay Presents: National Essence: Hanfu Styling Contest, with adults aged 18 or above from cities in the Greater Bay Area competing Saturday for the Excellence Award and a judging panel awarding prizes on the same day
Bank of Communications Presents: Rising Stars: 2024 Kids Talent Showdown, providing a platform for children aged 5 to 12 years old in cities in the Greater Bay Area to showcase their talents on stage on Sunday; outstanding individuals and teams will be awarded an Excellence Award on the same day
Food Court featuring a variety of regional and international choices, with free eco-friendly utensils available

The 2024 Sands Shopping Carnival is organised by Sands China Ltd. and co-organised by the Macao Chamber of Commerce, with the full support of the Economic and Technological Development Bureau, the Macao Government Tourism Office, and the Commerce and Investment Promotion Institute. It is sponsored by BOC Macau, ICBC (Macau), Bank of Communications Co., Ltd. Macau Branch, and BNU.
The carnival’s opening ceremony on Thursday was officiated by Dr. Wong; Maria Helena de Senna Fernandes; Tai Kin Ip, director of the Economic and Technological Development Bureau; U U Sang, chairman of the board of directors of the Commerce and Investment Promotion Institute; Sun Yaohua, director of the Economic Affairs Department of the Liaison Office of the Central People’s Government in the Macao SAR; U Kin Cho; Grant Chum, chief executive officer and executive director of Sands China Ltd.; Dave Sun, senior vice president and chief financial officer of Sands China Ltd. and managing director of Venetian Macau Limited; Stephen Ieong, managing director of Bank of China Macau Branch; Huang Xianjun, deputy chief executive officer of ICBC Macau; Xia Ying, vice president of Bank of Communications Co., Ltd. Macau Branch; and Carlos Cid Alvares, chief executive officer of BNU.
More information about the 2024 Sands Shopping Carnival is available at the event’s official website at https://en.sandsresortsmacao.com/sands-lifestyle/events/sands-shopping-carnival-2024.html.
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CMA CGM Embarks on a Strategic Partnership with Google to Deploy AI across all Shipping, Logistics, and Media Activities

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CMA CGM, a global leader in sea, land, air and logistics solutions, and Google today announced a strategic partnership to accelerate the integration of artificial intelligence (AI) across CMA CGM’s operations worldwide.
By leveraging Google’s proven AI solutions and insights from experts, CMA CGM will help empower its employees’ decision-making. In fact, every program and tool developed within the partnership will be designed to assist users in their decision-making processes across several key workflows.
This comprehensive collaboration aims to revolutionize shipping by enhancing efficiency, responsiveness, and adaptability to market fluctuations and disruptions, resulting in faster and more responsive customer service. As part of the partnership, CMA CGM will actively seek to optimize vessel routes, container handling, and inventory management to ensure efficient and timely delivery of goods while minimizing costs and carbon footprints.
CEVA Logistics, the logistics arm of CMA CGM, will pioneer the data-driven future of logistics, focusing  first on warehouse smart management aimed at better operating its 10.3 million square meters of warehouse space. The smart management tool, built on Google technology, will allow CEVA Logistics to better anticipate and plan its operations thanks to an enhanced volume & demand forecasting.
Furthermore, the partnership will extend to CMA Media, providing an edge for CMA in the media landscape. Google’s AI expertise in this field will help CMA Media develop critical tools to assist its journalists in their day-to-day work, such as synthesizing and translating documents, generating media snippets for social networks, or digitizing and referencing archives from articles, photos, or videos.
The partnership will eventually benefit all CMA CGM associates thanks to dedicated high-impact training sessions at TANGRAM, the Group’s excellence centre for learning and innovation.
This collaboration is part of CMA CGM’s overall strategy to transform its business through AI innovation. It follows key moves such as CMA CGM’s investment in Mistral AI, PoolSide, and Dataiku, as well as the launch of open science lab, Kyutai.
Rodolphe Saadé, Chairman and CEO of CMA CGM, stated:
“I am pleased to announce this global partnership between the CMA CGM Group and Google to accelerate AI adoption across our operations. This collaboration aligns with our digital roadmap and investments, marking a crucial step in our transformation strategy. Together with Google, we will lead the digital revolution in shipping, logistics and media, optimize our processes, and enhance our competitive edge. We are committed to driving innovation with tangible benefits for our staff members and our customers.”
Sundar Pichai, CEO of Google and Alphabet
“By combining CMA CGM’s deep expertise in shipping and logistics with Google’s AI tools and secure infrastructure we can help CMA CGM digitally transform its own operations and those of its customers. This  partnership is a prime example of how AI can assist employees, improve outcomes for customers, and revolutionize industries.”
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BioWorld by Clarivate Celebrates Nine Wins at 2024 APEX Awards

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BioWorld published by Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, has been honored with nine 2024 APEX Awards for Publication Excellence. This achievement underscores the BioWorld mission to deliver superior journalistic excellence, data-driven analysis and cutting-edge digital publishing.
The APEX Awards, now in their 36th year, recognize outstanding work by professional communicators in areas such as graphic design, editorial content, and overall communications excellence. With over 1,100 entries this year, the competition was fierce, making these nine wins a testament to the continued leadership and innovation in the field by BioWorld.
Lynn Yoffee, Publisher, BioWorld, said: “This recognition from the APEX Awards is a testament to our team’s unwavering dedication to journalistic excellence. In a fast-paced and ever-changing industry, BioWorld remains a leader through our insightful analysis and compelling storytelling, providing crucial insights into the development of therapeutics and devices, the companies driving these innovations, the business deals shaping the market, and the regulatory challenges that safeguard the process. We are proud to be at the forefront of delivering critical information that drives innovation and improves lives worldwide.”
Henry Levy, President, Life Science and Healthcare, Clarivate, said: “The BioWorld suite of news services delivers actionable intelligence on the most innovative therapeutics and medical technologies in development. They also make all of our products across Cortellis and our RWD solutions stronger by aligning to the key occurrences in the market.  The accolades received from the APEX Awards reflect the ongoing dedication of the BioWorld team to producing award-winning journalism that resonates with readers and the publishing industry alike.”
APEX Grand Awards honor outstanding works in each main category and Awards of Excellence recognize exceptional entries in the sub-categories. BioWorld has been recognized in the following 2024 APEX Awards categories:

Grand Award – Writing Category:Annette Boyle, BioWorld MedTechCytovale gets FDA nod for 10-minute sepsis testCytovale Inc. received U.S. FDA 510(k) clearance for its Intellisep sepsis test, which can aid in the diagnosis of the often-fatal condition within 10 minutes. Cytovale is one of several companies and collaborations that aim to sharply reduce the time to diagnosis and the mortality rate for sepsis by providing quicker, more informative test results and standardizing protocols.
Grand Award – Writing Category:Nuala Moran, BioWorld MedTech, BioWorld, and BioWorld ScienceLet there be walk: Onward Medical sees first use of movement-restoring leadThe researchers who enabled patients with spinal cord injuries to walk independently after implanting programmable electrodes below their lesions have now taken things one step further, restoring direct communication from the brain to the spinal cord, enabling the brain rather than an external computer to direct leg movements.
Award for Publication Excellence – Writing the Entire Issue Category:Jennifer Boggs, Karen Carey, Anette Breindl, Mari Serebrov, Marian Chu, Vinod Kamalakannan, Lee Landenberger, Harini Mathavan, Randy Osborne, Caroline Richards, Tamra Sami, Ann Marie Griffith, Amanda LanierBioWorld – June 6, 2023This issue exemplifies the typical content delivered every business day, featuring nine stories and a podcast covering global industry news. Highlights include a series A financing for a gene therapy company, phase III data from the American Society of Clinical Oncology conference, an M&A that took a public company private, and a comprehensive infographic on R&D spending.
Award for Publication Excellence in Design & Illustration – Infographics Category:Ann Marie Griffith and Amanda Lanier, BioWorld Top trends in 2023’s post-pandemic economyThis infographic provides a visual illustration of the impact that financial investment, licensing deals and M&As have on the biopharma industry’s ability to advance innovation. It gives a historical perspective of how 2023 fits into the bigger picture and includes expert commentary and graphics packed with data, assessing the biopharma industry’s overall health.
Awards for Publication Excellence in Writing – Series Category:Tamra Sami and Mari Serebrov, BioWorld, Anette Breindl, BioWorld ScienceRadiopharmaceuticals: The next big disrupter?Radiopharmaceuticals have been used for a long time for diagnostics, but radiopharma therapies are entering a new era in which they are becoming widely accepted as a key tool in the oncology armamentarium potentially providing patients with a big bump in efficacy with fewer side effects and less damage to healthy tissue. In this eight-part series, BioWorld takes a deep dive into this new treatment modality to explore what the new uses or alternatives are and what the future of radiopharmaceutical therapy might look like.
Awards for Publication Excellence in Writing – News Category:Karen Carey, BioWorld Wegovy wows investors, sends ripples throughout GLP-1 developer spaceInvestors have known for some time that the GLP-1 receptor agonist class offers tremendous promise for treating the underserved obesity population worldwide, but news from Novo Nordisk A/S on cardiovascular outcomes data sent a shiver throughout the space.
Awards for Publication Excellence in Writing – Mental Health Category:Anette Breindl, BioWorld ScienceECNP 2023: Boosting fear unlearning is one avenue toward treating PTSDFor most psychiatric illnesses, the precipitating event is mysterious. Many conditions are thought to result from a mix of genetic risk and environmental factors, but the specific trigger remains unknown. In post-traumatic stress disorder (PTSD), the environmental trigger is usually clear. In many cases, it is all the affected individuals can think about. “Intrusive reliving” of the triggering situation is one of the core features of PTSD.
Awards for Publication Excellence in Writing – Financial and Investment Category:Amanda Lanier, BioWorldLarger value, fewer transactions: biopharma deals up modestly while M&As soar 80% in 2023The landscape of biopharma deals and M&As has seen a transformative shift, with a year-over-year drop in transaction numbers while value has increased. Overall, biopharma deals saw an uptick in value of nearly 6%, and biopharma M&As concurrently soared 80% higher in value than the previous year.
Awards for Publication Excellence in Writing – Economics/The Economy Category:Marian (YoonJee) Chu and Tamra Sami, BioWorldAsia biotech ecosystems roaring back in 2023If the COVID-19 pandemic shocked countries to build self-reliance in biomedical ecosystems, the re-opening of borders in 2023 kickstarted international collaborations to grow major biohubs in Asia. Countries in the Asia Pacific region – including Singapore, China, Japan, Korea and Australia – increasingly drew overseas investors and collaborators, helping each country grow national biotech capabilities and expertise.

Join the conversation and mention BioWorld on X at BioWorld, BioWorldMedTech and BioWorldScience or on LinkedIn  at BioWorld, BioWorld MedTech and BioWorld News. Connect with Clarivate for Life Sciences & Healthcare on X and LinkedIn.
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