As we start April and look ahead at the spring market, here's the number from the first quarter of the year!
Listing inventory is still hard to find, with almost a 40% drop in listings in Grand Bend for the first 3 months of this year compared to last year. Sales remain high with almost everything selling!
Prices continue to climb with almost a 35% increase year over year for Grand Bend and Port Franks. North of Grand Bend both lakefronts and lakeside saw just under a 20% increase. Lakefronts in Grand Bend along Southcott, Beach O'Pines and Oakwood continue to demand the large price tags with the average price taking into account some of the lower priced sales and not truly representing the increase in value.
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2021 RE/MAX Renovation Investment Report
A new report by RE/MAX Canada is shedding light on shifting consumer trends in home renovations and the perceived return on investment (ROI), as impacted by COVID-19 and historically tight conditions across the Canadian real estate market. The RE/MAX 2021 Renovation Investment Report found that more than half of Canadians renovated their home last year for personal or “non-ROI” purposes, with three in 10 (29 per cent) choosing to renovate for non-essential “lifestyle” reasons, such as recreation-inspired projects.
A Leger survey conducted on behalf of RE/MAX Canada found lifestyle impact to be the top reason for renovating during the course of the pandemic, ahead of motives such as making essential renovations to accommodate life in lockdown (17 per cent), or to increase the value of the home with the intention of selling in the next one to three years (16 per cent).
Despite the trend of home renovations for personal use and enjoyment, 59 per cent of Canadians still said they always consider the return on investment that a renovation will have on their home’s overall market value, so while there is a current renovation trend based on lifestyle aspirations, practicality is never far from the surface.
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