RE/MAX report finds Canadian cottage owners
choosing to hold on to properties, despite interest rates and
affordability concerns
- 64 per cent of Canadian cottage owners have decided not to sell
this year.
- When it comes to a recreational property purchase, half of
Canadians prioritize affordability (46 per cent, up from 43 per
cent in 2023), followed by proximity to water (35 per cent), and
necessary amenities (27 per cent).
TORONTO, April 30, 2024 /CNW/ -- A flood of listings
hasn't hit Canada's recreational
property market this spring, and is unlikely to transpire this
year, according to insights from RE/MAX Canada's 2024 Cottage Trends
Report. Despite the affordability challenges and higher
interest rates that characterized the 2023 real estate market,
Canada's cottage owners are
choosing to hold on to their properties in 2024 rather than selling
off – a trend that's likely influenced by the desirable quality of
life alongside the prospect of future returns on recreational
property ownership. Looking ahead, RE/MAX brokers and agents in
Canada are anticipating an
increase in recreational prices by 6.8 per cent. Meanwhile, the
number of sales is expected to rise in the majority of regions
analyzed (61.9 per cent), increasing between three per cent upwards
of 50 per cent this year.
Demographic shift in the market
According to RE/MAX brokers and agents, families and young
couples have become a significant driver of activity in 59 per cent
of recreational markets across Canada. Historically, sales have primarily
been propelled by retirees, who were the dominant demographic in 91
per cent of markets analyzed by RE/MAX in 2018.
This shift can be attributed to the lifestyle and flexibility
afforded by hybrid and remote work. According to a Leger survey
commissioned as part of the report, the quality of life found in
recreational markets, and the ability to work remotely, have
prompted more than one third of Canadian recreational property
owners (38 per cent) to spend more time at these secondary
properties than they did before the pandemic. The rate is higher
among younger buyers: 55 per cent among Gen Z (ages 18-24), and 57
per cent among Millennials (ages 25-39).
To view the full report, please click
here.
"Years of research* have shown that Canadians consistently see
value in real estate ownership – both as a necessity and an
investment. Those who have already gained a foothold in the
recreational property market are determined to hold on to this
asset, despite mounting affordability concerns across the country,"
says Christopher Alexander,
President, RE/MAX Canada.
"Even the change to the capital gains tax, that will take effect
on June 25, won't spark a wide-spread
flood of new listings and sales by cottage owners trying to get in
under the wire given the narrow window," continues Alexander. "That
said, RE/MAX brokers and agents in some regions have reported a
recent uptick in listings that may be tied to the new change,
it could also prompt some Canadians to have estate planning
discussions earlier, so work with an experienced, local real estate
agent, who can advise you of current conditions in your given
market."
Recreational market policy and regulation influences
In an effort to improve the availability of housing supply,
short-term rental bans have begun to materialize in some provinces
across the country, while others look to introduce new measures to
limit allowances. In the wake of this, the Leger survey
commissioned by RE/MAX found that these restrictions have not
swayed recreational property owners to sell, with 58 per cent
remaining steadfast in their investment. By comparison, only 29 per
cent are looking to sell, due to the inability to generate the
rental income initially anticipated when they purchased their
recreational property.
Canadians are split on whether these policies have made buying
and selling more complicated, and whether they'll buy/sell as a
result (35 per cent say they won't; 31 per cent say they will).
Regional Deep Dive into Canadian Recreational Markets
RE/MAX Canada brokers and
agents were asked to provide an analysis of their local market
activity for the first quarter of 2024, as well as an outlook for
the rest of the year. Overarching regional trends pinpointed by the
RE/MAX network include:
- Families and couples are the primary drivers of activity in the
recreational property market –82 per cent and 68 per cent
respectively, retirees at 59 per cent, and investment buyers at 41
per cent .
- 54.5 per cent of regions in Western and Atlantic Canada have experienced increased
inter-provincial migration activity, while Ontario witnessed increased intra-provincial
migration activity.
To view the regional data table, click
here.
Market
|
Average Residential
Sale Price
|
YoY Percentage
Increase/Decrease
|
|
Number of
Sales
|
YoY Percentage
Increase/Decrease
|
|
Year-
End
2024
Avg.
Price
Estimate*
|
Year-End 2024
Avg. Price
Estimate*
|
Year-
End
2024
Unit
Sales
Estimate*
|
Market Type
|
Q1 2023
(January 1-
March 31,
2023)
|
Q1 2024
(January 1 -
March 31,
2024)
|
(+/-)
|
|
January 1-
March 31,
2023
|
January 1 -
March 31,
2024
|
(+/-)
|
|
(+/-) %
|
$
|
(+/-) %
|
Sellers/Buyers/Balanced
|
Whistler, BC
|
$1,633,855
|
$1,756,473
|
7.5 %
|
|
114
|
117
|
2.6 %
|
|
N/A***
|
N/A***
|
N/A***
|
Balanced
|
Tofino,
BC*****
|
Not enough
data
|
$1,001,116
|
N/A**
|
|
0
|
3
|
N/A**
|
|
-10.0 %
|
$901,004
|
-10.0 %
|
Buyer's
|
Ucluelet,
BC*****
|
$764,000
|
$676,703
|
-11 %
|
|
6
|
6
|
0.0 %
|
|
10.0 %
|
$744,373
|
10.0 %
|
Buyer's
|
North Okanagan,
BC
|
$835,193
|
$739,000
|
-12 %
|
|
15
|
14
|
-6.7 %
|
|
2.0 %
|
$753,780
|
5.0 %
|
Balanced
|
Edmonton Lakes,
AB
|
$388,772
|
$477,104
|
22.7 %
|
|
18
|
23
|
27.8 %
|
|
5.0 %
|
$500,959
|
3.0 %
|
Balanced
|
Canmore, AB
|
$962,619
|
$1,040,422
|
8.1 %
|
|
101
|
121
|
19.8 %
|
|
10.0 %
|
$1,144,464
|
5.0 %
|
Seller's
|
Sylvan Lake and Central
Alberta, AB
|
$580,357
|
$666,949
|
14.9 %
|
|
40
|
37
|
-7.5 %
|
|
5.0 %
|
$700,296
|
-3.0 %
|
Seller's
|
Muskoka, ON
|
$1,487,265
|
$1,412,237
|
-5.0 %
|
|
46
|
45
|
-2.2 %
|
|
3.0 %
|
$1,454,604
|
5.0 %
|
Balanced
|
Haliburton County,
ON
|
$816,112
|
$968,794
|
18.7 %
|
|
24
|
34
|
41.7 %
|
|
6.0 %
|
$1,026,922
|
8.0 %
|
Balanced
|
Peterborough,
ON
|
$465,000
|
$898,000
|
93.1 %
|
|
1
|
9
|
800.0 %
|
|
33.0 %
|
$1,194,340
|
50.0 %
|
Buyer's
|
The Kawarthas,
ON
|
$465,000
|
$898,000
|
93.1 %
|
|
1
|
9
|
800.0 %
|
|
33.0 %
|
$1,194,340
|
50.0 %
|
Buyer's
|
Southeast Georgian Bay,
Honey
Harbour and Port Severn, ON******
|
$1,272,917
|
$906,967
|
-28.7 %
|
|
4
|
9
|
125.0 %
|
|
N/A***
|
N/A***
|
N/A***
|
Buyer's
|
Lake Huron Area
(Bayfield and Goderich), ON
|
$730,507
|
$672,690
|
-7.9 %
|
|
35
|
30
|
-14.3 %
|
|
-5.0 %
|
$639,056
|
-10.0 %
|
Balanced
|
Sudbury, ON
|
$688,750
|
$577,862
|
-16.1 %
|
|
8
|
7
|
-12.5 %
|
|
5.0 %
|
$606,755
|
0.0 %
|
Seller's
|
Manitoulin & French
River, ON
|
$396,241
|
$409,591
|
3.4 %
|
|
29
|
47
|
62.1 %
|
|
5.0 %
|
$430,071
|
20.0 %
|
Seller's
|
Simcoe County,
ON
|
$1,800,000
|
$1,983,333
|
10.2 %
|
|
6
|
9
|
50.0 %
|
|
0.0 %
|
$1,983,333
|
20.0 %
|
Balanced
|
Grand Bend,
ON
|
$912,135
|
$839,476
|
-8.0 %
|
|
26
|
29
|
11.5 %
|
|
3.0 %
|
$864,660
|
15.0 %
|
Buyer's
|
Kenora &
Lake-of-the-Woods, ON
|
$389,066
|
$361,852
|
-7.0 %
|
|
19
|
16
|
-15.8 %
|
|
5.0 %
|
$379,945
|
15.0 %
|
Seller's
|
St. John's,
NL****
|
$354,000
|
$321,750
|
-9.1 %
|
|
4
|
8
|
100.0 %
|
|
18.0 %
|
$379,665
|
6.7 %
|
Seller's
|
Cape Breton,
NS
|
$260,686
|
$276,982
|
6 %
|
|
98
|
76
|
-22.4 %
|
|
8.0 %
|
$299,141
|
-15.0 %
|
Seller's
|
Northern Nova Scotia,
NS
|
$223,433
|
$351,958
|
57.5 %
|
|
15
|
13
|
-13.3 %
|
|
5.0 %
|
$369,556
|
10.0 %
|
Seller's
|
Charlottetown,
PEI
|
$275,000
|
$275,000
|
0 %
|
|
15
|
8
|
-46.7 %
|
|
0.0 %
|
$275,000
|
0.0 %
|
Balanced
|
Annapolis Valley,
NS
|
$229,428
|
$119,750
|
-48 %
|
|
7
|
4
|
-42.9 %
|
|
5.0 %
|
$125,738
|
-15.0 %
|
Seller's
|
*The outlooks for
2024 are estimates provided by RE/MAX Canada brokers and realtors.
Each RE/MAX office is independently owned and operated.
The estimated year-end average price change (+/-%) is relative to
Q1 2024 average price. The estimated dollar value ($) is calculated
based on the
estimated % increase/decrease provided by RE/MAX
brokers. **Unable to speculate/provide
*** The estimate cannot be provided as market conditions evolve
throughout the year based on a variety of factors.
****Broker provided numbers for properties over $200K in value
*****These outlooks are subject to a high degree of change based on
a number of variables
******Broker provided data for waterfront recreational properties
only
Historical values are sourced from CREA or Local Board statistics.
Estimates and forecasts are based on the opinion of independent
RE/MAX broker/owners and
affiliates. For more information visit REMAX.ca. Each office is
independently owned and operated. Your use or reliance on the
information above is at your own risk. The
information is provided without any warranties of any kind, either
express or implied. Neither RE/MAX nor any person associated with
RE/MAX makes any warranty or
representation with respect to the completeness, quality, or
accuracy of the information. To the fullest extent permitted by
law, RE/MAX hereby disclaims all warranties
of any kind, whether express or implied, statutory, or otherwise,
including but not limited to any warranties of non-infringement and
fitness for particular purpose.
RE/MAX also disclaims any responsibility for the content, the
materials, the accuracy of the information, and/or the quality of
the information provided. For more
information, visit blog.remax.ca
|
Western Canada
Compared to 2023 market conditions, Central Alberta, as well as Sylvan Lake and Canmore continue to favour sellers, while
Edmonton Lakes is experiencing a more balanced market Whistler, British Columbia is also gaining
balance, with an eight-per-cent listings-to-sales ratio for
single-family homes, compared to 30-per-cent listings-to-sales
ratio for affordable condominiums. Tofino and Ucluelet on the other hand, have shifted from
a balanced market to a buyer's market.
Similar to 2023, retirees are driving recreational property
sales (notably in Canmore,
Edmonton Lakes and Central
Alberta) followed by families (in Canmore, Central
Alberta, Tofino and
Ucluelet), couples (in Edmonton
Lakes, Central Alberta,
Tofino and Ucluelet) and investment buyers (in
Canmore, Central Alberta, Tofino and Ucluelet). Favoured amenities among buyers in
these regions include access to recreational activities (most
notably in Canmore, Edmonton
Lakes, Central Alberta,
Whistler, Tofino and Ucluelet), followed by functional WiFi access
(in Edmonton Lakes, Central
Alberta, Whistler,
Tofino and Ucluelet), proximity to water (in Edmonton
Lakes and Central Alberta),
close-knit communities (in Tofino
and Ucluelet), and swimming pools
(in Canmore and Whistler).
Year-over- year, 83 per cent of regions in Western Canada experienced an increase in
average recreational sale prices, including Whistler (+7.5 per cent, from $1,633,855 in Q1 of 2023 to $1,756,473 in Q1 of 2024); Tofino (+100 per cent from $0 in Q1 in 2023 due to no available inventory,
to $1,001,116 in Q1 of 2024);
Edmonton Lakes (+11.8 per cent, from $639,750 in Q1 of 2023 to $715,300 in Q1 of 2024**); Canmore (+8.1 per cent, from $962,619 in Q1 of 2023 to $1040,422 in Q1 of 2024); and Sylvan Lake and Central Alberta (+14.9 per cent, from
$580,357 in Q1 of 2023 to
$666,949 in Q1 of 2024). Meanwhile,
Ucluelet experienced a decrease in
sales price (-11 per cent, from $764,000 in Q1 of 2023, to $676,703 in Q1 of 2024).
According to RE/MAX brokers' outlook for the remainder of the
year, Western Canada regions could
see average price increase between five and 10 per cent, as demand
continues to grow. Average recreational sale prices are expected to
increase by five per cent in Edmonton Lakes, Sylvan Lake and Central Alberta, 10 per cent in Canmore, and 10 per cent in Ucluelet. On the flip side, Tofino is anticipating a 10-per-cent decrease
in sales prices due to regional limitations on short-term rentals
this year, which is prompting some recreational property owners to
divest themselves of their properties or convert them into primary
residences.
Four out of the 6 regions analyzed in Western Canada have recorded a sales increase
in the first quarter of the year, including Whistler (+2.6 per cent, from 114 in Q1 of
2023 to 117 in Q1 of 2024); Tofino
(+300 per cent, from zero sales in Q1 of 2023 to three in Q1 of
2024); Edmonton Lakes (+27.8 per cent, from 18 in Q1 of 2023 to 23
in Q1 of 2024**); and Canmore
(+19.8 per cent, from 101 in Q1 of 2023 to 121 in Q1 of 2024).
Meanwhile, sales in Ucluelet have
held steady year-over-year (six in Q1 of 2023, and six in Q1 of
2024), while Sylvan Lake and
Central Alberta experienced a
decrease in sales (down eight per cent, from 40 in Q1 of 2023 to 37
in Q1 of 2024), as a direct result of inventory shortages.
Much in line with the Leger survey data, brokers in Western Canada, with the exception of
Tofino, also reported that
recreational property owners continue to hold onto their properties
and aren't offloading as a result of affordability. Sales decisions
are more likely being driven by downsizing and aging out of the
property.
Ontario
Similar to RE/MAX report findings in 2023, there's a nearly even
split among Ontario markets
analyzed that are favouring buyers (Grand
Bend, Peterborough, The
Kawarthas and Southeast Georgian Bay, Honey Harbour and Port Severn), sellers (Sudbury, Manitoulin, French River and Kenora/Lake-of-the-Woods) or experiencing balanced
conditions (Muskoka, Haliburton County and Simcoe County). While
most Ontario recreational property
owners are holding onto their cottages, even amid affordability
challenges, RE/MAX brokers in regions such as Muskoka and
Haliburton County – two of the most popular cottage markets in the
province – have reported a flood of sales, compared to other
Ontario regions.
Demand for cottages in Ontario
is driven primarily by families in nearly all markets surveyed,
with the exception of Grand Bend.
This is followed by young couples (in 63 per cent of markets
including Muskoka, Haliburton County, Peterborough and The Kawarthas, Southeast
Georgian Bay, Honey Harbour,
Port Severn, Lake Huron Area (Bayfield, and Goderich)) and Kenora/Lake-of-the-Woods); and retirees (in 54 per
cent of markets including Peterborough and The Kawarthas, Southeast
Georgian Bay, Honey Harbour and
Port Severn; Grand Bend, Lake
Huron Area (Bayfield
and Goderich) and Kenora and Lake-of-the-Woods).
While out-of-province buyers are an increasing trend in
recreational markets in Atlantic
Canada and Alberta,
Ontario's cottage buyers are
generally local to the province, with the exception of Kenora and Lake-of-the-Woods, which sees interprovincial
buyers primarily from Manitoba,
due to its proximity to the neighbouring province.
When it comes to amenities, waterfront properties are in highest
demand in Ontario, followed by
properties with lots of outdoor and green space, and good Wi-Fi
access.
Year-over-year, 54 per cent of Ontario's cottage markets saw average prices
decline between five and 28.7 per cent, including Muskoka (down
five per cent, from $1,487,265 Q1
2023 to $1,412,237 in Q1 2024);
Kenora and Lake-of-the-Woods (down seven per cent, from
$389,066 in Q1 2023 to $361,852 in Q1 2024); Grand Bend (down eight per cent, from
$912,135 in Q1 2023 to $839,476 in Q1 2024); Sudbury (down 16.1 per cent, from $688,750 in Q1 2023 to $577,862 in Q1 2024); and Southeast Georgian Bay,
Honey Harbour and Port Severn (down 28.7 per cent, from
$1,272,917 in Q1 2023 to $906,967 in Q1 2024).
Meanwhile, regions that experienced price increases include
Manitoulin & French River (up 3.4 per cent, from $396,241 Q1 of 2023 to $409,591 in Q1 2024); Simcoe County (up 10.2 per
cent, from $1,800,000 in Q1 2023 to
$1,983,333 in Q1 2024); Haliburton
County (up 18.7 per cent, from $816,112 in Q1 2023 to $968,794 in Q1 2024); and most notably,
Peterborough and The Kawarthas (up
93.1 per cent, from $465,000 in Q1
2023 to $898,000 to Q1 2024).
RE/MAX brokers and agents in Ontario are anticipating cottage prices to
increase in 72 per cent of recreational markets by the end of 2024,
to the tune of up to 33 per cent. The outlier is Simcoe County,
where prices are expected to stay level due to the interest rate
climate.
On the sales side, some Ontario
markets are showing promise, with significant year-over-year
increases in the first quarter of 2024. Sales in Grand Bend were up 11.5 per cent (from 26
sales in 2023 to 29 in 2024); up 41.7 per cent in Haliburton County
(24 sales in 2023 to 34 in 2024); up 50 per cent in Simcoe County
(six sales in 2023 to nine in 2024); and up a whopping 800 per cent
in Peterborough and The Kawarthas
(from one sale in 2023 to nine in 2024). The sales outlook for the
remainder of the year remains focused on growth in all regions
surveyed, with an anticipated year-end sales increase of between
three to 50 per cent, except for Sudbury, which is anticipating prices to
remain steady.
Atlantic Canada
The majority of recreational markets in Atlantic Canada (80 per cent) are currently
experiencing seller's market conditions, including St. John's, NL, and Nova Scotia's Annapolis Valley, Cape Breton and northern regions. This has
remained consistent since 2023. In contrast, Charlottetown, PEI is experiencing a balanced
market, with average recreational property prices holding steady
year-over-year.
Steady year-over-year price increases have been noted in
Northern Nova Scotia (up 57.5 per
cent, from $223,433 in Q1 2023 to
$351,958 in Q1 2024) and Cape Breton (up 6.3 per cent, from
$260,686 in Q1 2023 to $276,982 in Q1 2024). Declines in average price
were experienced in Annapolis Valley (down 47.8 per cent, from
$229,428 in Q1 2023 to $119,750 in Q1 2024) and St. John's (down 9.1 per cent, from
$354,000 in Q1 2023 to $321,750 in Q1 2024).
Looking toward the summer and winter seasons ahead, demand from
families, couples and retirees, alongside limited inventory, are
expected to continue impacting home sales and prices. Average
recreational property price in Atlantic
Canada is expected to increase by year-end in St. John's (rising 18 per cent), Cape Breton (up eight per cent) Northern Nova Scotia and Annapolis Valley
(rising five per cent). Charlottetown will likely see prices holding
steady, averaging $275,000.
St. John's, NL, Annapolis
Valley and Northern Nova Scotia
have seen more demand from out-of-province buyers this year,
primarily from those relocating from Ontario and Western
Canada, but Nova Scotia's
deed transfer tax has started to dampen this activity, especially
in the northern region of the province.
In Cape Breton, the decision to
hold or sell a property is largely driven by lifestyle. For
example, seniors are typically offloading their recreational
properties to downsize, while high-net worth individuals seeking
luxury living are holding onto properties purchased in recreational
communities with amenities such as golf courses. Annapolis Valley
has also experienced some offloading due to high interest rates or
to purchase a smaller property to "age into." By comparison,
recreational property owners in Charlottetown are retaining their recreational
properties due to relative affordability in the region, with owners
little impacted by recent interest rate increases. Similarly,
recreational property owners in St.
John's and Northern Nova
Scotia continue to hold onto their properties, with both
regions anticipating only a moderate increase in the number of
sales over the next year, rising 6.7 per cent and 10 per cent,
respectively.
Despite a limited number of recreational properties available
for sale in Atlantic Canada,
buyers are holding out for waterfront, followed by properties
offering access to recreational activities, large indoor living
spaces to accommodate home offices and gyms, and good Wi-Fi access.
About Leger
Leger is the largest Canadian-owned full-service market research
firm. An online survey of 1,527 Canadians was completed
between March 8-10, 2024, using
Leger's online panel. Leger's online panel has approximately
400,000 members nationally and has a retention rate of 90 per cent.
A probability sample of the same size would yield a margin of error
of +/- 2.5 per cent, 19 times out of 20.
About the 2024 Cottage Trends Report
RE/MAX's 2024 Cottage Trends Report includes data and insights
supplied by RE/MAX brokerages. RE/MAX brokers and agents are
surveyed on market activity and local developments. The overall
outlook is based on the average of all regions surveyed, weighted
by the number of transactions in each region. Generation X is
defined as those ages 43-58, and Boomers ages 59-79. Each RE/MAX
office in independently owned and operated.
*According to a Leger survey commissioned by RE/MAX Canada for its annual Housing Market Outlook
Report in 2023 and 2024, 73 per cent of Canadians agreed that home
ownership is the best long-term investment. In 2021, 52 per cent of
Canadians agreed, while in 2022, 49 per cent shared the same
sentiment.
**Edmonton Lakes sale price figures and number of sales figures
are inclusive of data collected from residential and lakefront
property transactions.
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC
is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than
140,000 agents in over 9,000 offices with a presence in more than
110 countries and territories. RE/MAX Canada refers to
RE/MAX of Western Canada (1998), LLC,
RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions,
Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the
world sells more real estate than RE/MAX, as measured by
residential transaction sides.
RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative,
entrepreneurial culture affording its agents and franchisees the
flexibility to operate their businesses with great independence.
RE/MAX agents have lived, worked and served in their local
communities for decades, raising millions of dollars every year for
Children's Miracle Network Hospitals® and other charities. To learn
more about RE/MAX, to search home listings or find an agent in your
community, please visit remax.ca. For the latest news from
RE/MAX Canada, please visit blog.remax.ca.
Forward looking statements
This report includes "forward-looking statements" within
the meaning of the "safe harbour" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as "believe,"
"intend," "expect," "estimate," "plan," "outlook," "project," and
other similar words and expressions that predict or indicate future
events or trends that are not statements of historical matters.
These forward-looking statements include statements regarding
housing market conditions and the Company's results of operations,
performance and growth. Forward-looking statements should not be
read as guarantees of future performance or results.
Forward-looking statements are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. These risks and
uncertainties include (1) the global COVID-19 pandemic, which has
impacted the Company and continues to pose significant and
widespread risks to the Company's business, the Company's ability
to successfully close the anticipated reacquisition and to
integrate the reacquired regions into its business, (3) changes in
the real estate market or interest rates and availability of
financing, (4) changes in business and economic activity in
general, (5) the Company's ability to attract and retain quality
franchisees, (6) the Company's franchisees' ability to recruit and
retain real estate agents and mortgage loan originators, (7)
changes in laws and regulations, (8) the Company's ability to
enhance, market, and protect the RE/MAX and Motto Mortgage brands,
(9) the Company's ability to implement its technology initiatives,
and (10) fluctuations in foreign currency exchange rates, and those
risks and uncertainties described in the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q filed with
the Securities and Exchange Commission ("SEC") and similar
disclosures in subsequent periodic and current reports filed with
the SEC, which are available on the investor relations page of the
Company's website at www.remax.com and on the SEC website at
www.sec.gov. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on
which they are made. Except as required by law, the Company does
not intend, and undertakes no duty, to update this information to
reflect future events or circumstances.
SOURCE RE/MAX Canada