🇨🇦 What do the latest Canadian economic numbers mean for housing, jobs and mortgage stress?

Cortez Ranieri goes solo to break down the newest market data through a real estate lens, with a particular focus on Ontario and the Greater Toronto Area.

🏡 Topics covered in this episode include:

• Ontario’s HST relief for new-home buyers
• New construction compared with resale homes
• Signs that Canadian population growth has peaked
• The potential effect on home prices and rents
• Canada’s strength in critical natural resources
• July’s Canadian jobs report
• The rapid rise in reverse mortgages
• Increasing mortgage delinquencies and forced sales
• Mark Carney’s Build Canada Homes announcement
• Current housing and condo conditions across the GTA

Cortez explains why tax relief may help some pre-construction buyers without fixing Ontario’s broader affordability problem. He also explores whether slowing population growth, weaker investor activity and rising financial stress could continue putting downward pressure on housing.

📊 His current GTA market read: slow summer conditions, weak condo demand and the strongest resale activity below $1 million in desirable neighbourhoods.

⏱️ CHAPTERS

00:00 – Introduction and market-update preview
00:33 – Ontario HST relief and new-home sales
01:02 – Ontario’s affordability problem
02:06 – Telco data and population growth
03:03 – Has Canadian population growth peaked?
04:48 – Canada’s reverse-mortgage boom
06:16 – Canada’s natural-resource advantage
07:16 – July’s Canadian jobs report

📞 Book a free consultation:
https://calendly.com/cortezranierirealestate/seller-consult

📱 Call or text: 289-795-5773
📧 [email protected]
💻 https://cortezranieri.ca

🏠 Is Canada’s real estate market beginning to shift in favour of buyers?

In this episode, Cortez Ranieri and Brooke examine the Summer 2023 real estate market across the Greater Toronto Area and explain how changing economic conditions and government policies are affecting buyers, sellers, and investors.

They discuss rising housing inventory, declining condo prices, slower new-home sales, and creative transactions such as property swaps and conditional sales. They also explore CMHC financing for multi-unit buildings, Canada’s GDP growth, immigration policy, rental demand, HST rebates, and declining activity within the real estate industry. 🇨🇦

🔑 Topics covered:

• Shifting market conditions across the GTA
• Creative property swaps and conditional transactions
• CMHC financing strategies for multi-unit properties
• Canadian GDP growth and the economic outlook
• Immigration policy and its effect on housing and rental demand
• Falling condo prices and pre-construction affordability
• Declining realtor activity and new-home sales
• HST rebates and their effect on property costs
• Boutique developments versus mass-market condos
• Opportunities and legal considerations for buyers and investors

Whether you’re buying, selling, investing, or following the Canadian economy, this episode offers a practical look at the trends shaping the housing market. 📊

📅 BOOK A FREE CALL WITH US 🏡👇🏼

https://calendly.com/cortezranierirealestate/seller-consult

🤝 CONTACT INFORMATION

📱 Call or text: 289-795-5773
📧 Email: [email protected]
💻 Cortez: https://cortezranieri.ca
💻 Brooke: https://www.brookehicks.ca

⭐ Follow the podcast and leave a rating if you enjoyed the episode.

⚠️ Disclaimer: This episode is for general information and discussion only. It does not constitute financial, investment, tax, or legal advice. Consult a qualified professional before making a real estate or investment decision.

🏡 Canada's Housing Market, Interest Rates, Healthcare & the Economy 🇨🇦

This week, we take a deep dive into Canada's housing market and the broader economy, discussing what we're seeing on the ground and what it could mean for buyers, sellers, investors, and homeowners over the coming months.

📉 We break down why home sales are beginning to improve while prices continue to soften, why some markets are recovering faster than others, and why investor-heavy cities like Kitchener-Waterloo and Hamilton have experienced some of the largest price declines. We also discuss the impact of Ontario's recent wildfire smoke on market activity, the slowdown in condo construction, and the growing focus on purpose-built rental developments.

📊 Beyond real estate, we cover the Bank of Canada's latest interest rate decisions, mortgage renewals, inflation, government policy, Canada's growing debt, healthcare challenges, global economic uncertainty, and even finish the episode with our predictions for the upcoming World Cup. ⚽

Whether you're buying your first home, investing in real estate, renewing a mortgage, or simply interested in Canada's economy, this episode offers practical insights into what's happening today and what to watch going forward.

00:00 – 👋 Welcome & episode overview

00:12 – 🏠 Looking back at the advantages previous generations had in the job and housing markets

00:28 – 🤖 AI, ChatGPT, and how technology is changing everyday life

00:43 – 🔥 Wildfires and smoky conditions affecting Ontario's real estate market

01:19 – 🌞 Summer slowdown and current market activity

02:07 – 📈 Has the housing market stabilized?

02:42 – 🗺️ Regional housing trends and migration across Canada

03:22 – 📉 Why prices are falling even as sales increase

04:22 – 🏘️ Which Canadian housing markets may recover first

04:46 – 🚚 Population shifts from Ontario to other provinces

05:18 – 💰 Why investor-heavy markets like Hamilton and Kitchener have declined the most

06:18 – 🏡 Investor activity and housing affordability

07:15 – 📉 Understanding negative equity

07:55 – 💵 Mortgage down payment requirements explained

08:43 – 🏠 Selling in a declining housing market

09:15 – 🔑 Renting your property instead of selling

10:24 – 🏗️ Rental market trends and new construction

12:20 – 🏢 Purpose-built rentals and government incentives

13:34 – 🚧 Why condo construction is slowing

16:09 – 👨‍👩‍👧‍👦 Policies aimed at encouraging families and population growth

17:34 – 🌍 Global tensions and economic risks

18:10 – 💳 The year of mortgage renewals

19:01 – 🏅 Changing sports culture among younger generations

19:49 – ⚽ World Cup predictions

20:56 – 🏦 Bank of Canada rate decisions and what comes next

22:49 – 📊 Why predictability matters for the economy

23:16 – 🛢️ Oil prices and global energy markets

24:05 – 🌎 Canada's dependence on the global economy

27:01 – 💸 Government spending, debt, and healthcare

30:34 – 🏥 Personal experiences with Canada's healthcare system

31:33 – 🗳️ Political divisions and economic policy

32:04 – 👋 Closing thoughts and what's next for Canada's housing market

🏡 Book a FREE Real Estate Consultation
📅 https://calendly.com/cortezranierirealestate/seller-consult

📱 Call or Text: 289-795-5773

📧 Email: [email protected]

🌐 Cortez Ranieri
https://cortezranieri.ca

🌐 Brooke Hicks
https://www.brookehicks.ca

❤️ Thanks for listening! If you enjoyed this episode, please follow the podcast, ⭐ leave a 5-star rating, and share it with someone who wants to stay informed about Canadian real estate, investing, and the economy.

🇨🇦🏡📈

⏱️ Episode Breakdown🤝 Connect With Us

#canadianrealestate #canadianeconomy #realestateagents👇 **Book a FREE Real Estate Strategy Call** 🏡https://calendly.com/cortezranierirealestate/seller-consult🤝 **Connect With Us**📱 Call or Text: **289-795-5773**📧 Email: **[[email protected]](mailto:[email protected])**🌐 https://cortezranieri.ca🌐 https://www.brookehicks.ca━━━━━━━━━━━━━━━━━━━━━━🏡 **Ontario Real Estate Update: Is the Market Finally Turning? | Alberta's Boom, Migration Trends & Interest Rates**Is Ontario's housing market finally showing signs of life, or are home prices still headed lower? 📉📈In this episode, we break down the latest Ontario real estate data, discuss why thousands of Canadians are moving to Alberta, and examine how major investments—like Meta's new Alberta data centres—could reshape Canada's economic future. We also discuss the upcoming Bank of Canada interest rate decision and what it could mean for buyers, sellers, investors, and homeowners.Whether you're buying your first home, selling, investing, or simply staying informed, this episode provides practical insights, current market trends, and expert analysis to help you navigate today's Canadian housing market.🎙️ **In This Episode**✅ Latest Ontario real estate market update📊 Why home sales are beginning to increase despite slower market conditions🏠 Ontario home prices and current year-over-year trends👨‍👩‍👧 Why the average first-time homebuyer is now 40 years old🚚 Thousands of Canadians relocating from Ontario to Alberta and British Columbia💼 How Alberta's economic growth is attracting businesses and investment🏗️ Meta's multi-billion-dollar Alberta data centre investment and what it means🏦 The upcoming Bank of Canada interest rate announcement and its potential impact💡 Practical strategies for buyers and sellers navigating today's market🎯 Why pricing, presentation, and negotiation matter more than ever⏱️ **Timestamps**00:00 🏡 Market overview and recent activity02:30 📈 Sales increase and historical comparison03:46 📋 New listings, inventory, and price trends05:01 📊 Demand and days on market06:02 🔮 Outlook for the remainder of 202608:28 👶 First-time homebuyers now averaging 40 years old10:16 🚚 Migration from Ontario to Alberta and BC13:02 💻 Meta's Alberta data centre investment15:34 🌾 Alberta's economic growth and policy discussion16:38 🏘️ Inventory levels and future housing demand19:26 🤝 Advice for buyers and sellers in today's market22:24 💰 Pricing strategies and buyer behaviour25:01 📝 Negotiation tips and accurate pricing👍 **Enjoyed this episode?**✔️ Like the video✔️ Subscribe for weekly Canadian real estate updates✔️ Leave a comment with your thoughts or questions—we'd love to hear from you!🔔 New episodes cover:• Ontario Real Estate• Canadian Housing Market Updates• Interest Rates & Mortgages• Investing & Wealth Building• Economic Trends• Buying & Selling Strategies#OntarioRealEstate #CanadianRealEstate #CanadianEconomy #HousingMarket #TorontoRealEstate #GTARealEstate #OntarioHousing #BankOfCanada #InterestRates #Alberta #RealEstateInvesting #CanadianHousing #HousingMarketUpdate #HomeBuying #HomeSelling

🇨🇦 Trade War Uncertainty, Ontario Real Estate, and What Happens Next

Could trade uncertainty become a bigger problem for Ontario real estate than interest rates or affordability?

Cortez Ranieri and Brooke break down the stalled Canada–U.S. trade deal, the retaliatory tariff response, and what continuing uncertainty could mean for jobs, inflation, consumer confidence, and the housing market. 🏠

They also examine GTA market data, first-time buyer activity, family assistance, mortgage renewals, delinquency risks, and the debate over where the market goes from here. 📊

🔥 In this episode:

• How Canada–U.S. trade negotiations broke down
• The CUSMA clause changing the sovereignty debate
• Why retaliatory tariffs can hurt both countries
• How job security and buyer confidence affect real estate
• The financial pressures facing younger Canadians
• Why first-time buyers are leading parts of the GTA market
• How parents and co-signers are helping buyers qualify
• Why median mortgage-renewal data may tell a different story
• How credit-card and utility delinquencies can precede mortgage trouble
• Whether the GTA is approaching further downside or a market turn

⏱️ Timestamps:

00:00 – Trade deal disappointment and the search for clarity
01:50 – CUSMA and the sovereignty debate
03:04 – Why retaliatory tariffs hurt Canada too
04:38 – How young Canadians lose in a trade war
06:08 – Housing pressure, politics, and AI anxiety
07:31 – Trade uncertainty and Ontario real estate
08:18 – Why the job market matters most
09:28 – First-time buyers lead the GTA market
11:48 – Parental help and co-signers
12:50 – The mortgage-renewal wall
14:00 – The path toward mortgage delinquency
15:56 – Retaliatory tariffs and consumer confidence
18:03 – Inflation, rate holds, and affordability
19:23 – Balanced GTA market conditions
20:09 – A listing stalled by trade uncertainty
21:34 – Real estate industry turnover
22:45 – Buy the location, not appreciation
24:00 – Politics, approvals, and trade barriers
25:48 – GTA inventory levels
26:16 – The case for a seller’s market
27:34 – The case for continued downward pressure
28:30 – Solutions, optimism, and what comes next

💬 Notable quotes:

“It’s the job market, man.”

“Appreciation is not a business plan.”

“Hope is not a strategy, they say, but I have hope.”

📞 Connect with Cortez Ranieri

📱 Call or text: 289-795-5773
📧 [email protected]
🌐 https://cortezranieri.ca
📅 Book a free consultation: https://calendly.com/cortezranierirealestate/seller-consult
📸 Instagram: @cortezranieri

❤️ Referrals are the heart of my business. Thank you for thinking of me whenever friends or family need a trusted real estate professional.

⭐ Follow the show so you never miss an episode.

#CanadianRealEstate #OntarioRealEstate #GTAMarket #TradeWar #MortgageRenewals #FirstTimeHomeBuyer

🏡 Canadian Housing Market Update: Recession Fears, Mortgage Rates & Home Prices

Is Canada's housing market headed for a deeper correction, or are we simply experiencing a temporary slowdown before the next growth cycle? 📉📈

In this episode, Brooke and Cortez break down the latest Canadian real estate trends, including recession concerns, buyer sentiment, mortgage rates, affordability challenges, population changes, and what it all means for homeowners, investors, and first-time buyers.

🎙️ We discuss:

✅ Why many markets are slowing down

✅ How sellers need to adjust in a buyer's market

✅ Why some regions are outperforming others

✅ Whether lower home prices actually improve affordability

✅ What buyers should watch over the next 12–24 months

🏡 Book a Free Real Estate Consultation
👇
https://calendly.com/cortezranierirealestate/seller-consult

🤝 Connect With Us

📱 Call or Text: 289-795-5773

📧 Email: [email protected]

💻 Website: https://cortezranieri.ca

🌐 Brooke's Website: https://www.brookehicks.ca

━━━━━━━━━━━━━━

🎯 What You'll Learn

📉 Why recession fears are impacting buyer confidence

🏷️ How pricing strategies are changing in today's market

👀 Why showings and marketing activity matter more than ever

👥 How immigration and population trends influence housing demand

🏙️ Why some Canadian cities are outperforming others

🏦 Current mortgage rate trends and fixed vs. variable considerations

💰 The relationship between home prices, interest rates, and affordability

🏠 Renting vs. buying in today's market

📈 The long-term outlook for Canadian real estate

━━━━━━━━━━━━━━

⏱️ Timestamps

00:00 – Current Canadian housing market overview

02:09 – Recession fears and declining buyer confidence

03:23 – Pricing strategies in a changing market

04:20 – Why showings and buyer activity matter

05:26 – Adapting to a market correction

06:44 – Population decline and immigration impacts

08:13 – GTA vs. Winnipeg: Regional market differences

10:17 – Why real estate corrections vary across Canada

12:43 – Mortgage rates: Fixed vs. Variable

14:32 – How rate hikes affect affordability

16:10 – House prices, interest rates, and monthly payments

18:20 – Renting vs. Buying: Which makes more sense?

19:17 – Long-term Canadian housing outlook

21:19 – Shifting priorities beyond real estate

22:35 – Global events and their influence on Canadian markets

23:42 – How to connect with Brooke & Cortez

━━━━━━━━━━━━━━

👥 Who This Episode Is For

🏡 Home Buyers

🏠 Home Sellers

💼 Real Estate Investors

🔑 First-Time Buyers

🏦 Mortgage Shoppers

📊 Anyone interested in Canadian housing market trends

━━━━━━━━━━━━━━

👍 Enjoyed this episode?

⭐ Follow the podcast for weekly Canadian real estate updates

🔔 Share this episode with someone buying or selling a home

💬 Let us know your thoughts on where the Canadian housing market is headed next

#CanadianRealEstate #CanadianEconomy #RealEstateAgents #HousingMarket #MortgageRates #CanadianHousing #GTARealEstate #RealEstateInvesting #CanadaHousingMarket #InterestRates

🏡 Is Canada's housing market heading for a recession-driven correction, or is this creating one of the best buying opportunities in years?In this episode, Cortez Ranieri and Brooke Hicks break down the latest Canadian real estate trends, mortgage rate changes, recession concerns, housing affordability challenges, and what buyers and sellers should expect in the months ahead.We discuss what's happening across Ontario, the GTA, Brampton, the condo market, and smaller Canadian markets while examining how interest rates, immigration, inventory levels, and economic uncertainty are influencing home prices.👇 Let us know in the comments:**Would you buy, sell, or wait in today's market?**🔔 Subscribe for weekly Canadian real estate market updates, housing news, mortgage insights, and economic analysis.━━━━━━━━━━━━━━━━━━━━📅 BOOK A FREE REAL ESTATE CONSULTATION🏡 Sellers Consultation:https://calendly.com/cortezranierirealestate/seller-consult━━━━━━━━━━━━━━━━━━━━📞 CONTACT USCortez Ranieri📱 289-795-5773📧 [[email protected]](mailto:[email protected])🌐 https://cortezranieri.caBrooke Hicks🌐 https://www.brookehicks.ca━━━━━━━━━━━━━━━━━━━━⏰ TIMESTAMPS00:00 - Canadian Real Estate Market Overview01:21 - Why the Condo Market Is Struggling02:45 - Pricing Challenges in Today's Market04:01 - Ontario Listings Rise While Sales Fall05:25 - Is Homeownership Becoming More Affordable?08:00 - Ontario-Wide Home Price Declines08:55 - Recession Fears and Buyer Psychology10:43 - Canada's Economic Challenges13:42 - How Recession Headlines Affect Markets15:15 - Banking Sector Trends to Watch16:45 - Interest Rates & Mortgage Strategies18:27 - Pricing Adjustments for Sellers20:35 - Brampton's Housing Market Decline22:21 - Supply Constraints & Housing Cycles24:41 - Looking Back at the Market Peak26:08 - Real Estate Success Stories28:01 - Negotiation & Leverage Strategies30:21 - Final Thoughts & Predictions━━━━━━━━━━━━━━━━━━━━📈 TOPICS DISCUSSED• Canadian Real Estate Market 2026• Ontario Housing Market Update• GTA Real Estate Trends• Brampton Housing Market• Condo Market Analysis• Interest Rates & Mortgages• Recession Impact on Housing• Housing Affordability in Canada• Immigration and Housing Demand• Buyer & Seller Strategies• Real Estate Investing• Bank of Canada Outlook━━━━━━━━━━━━━━━━━━━━📚 RESOURCES• HouseSigma• Canadian Real Estate Association (CREA)• TRREB Market Reports• Bank of Canada• Statistics Canada• Canadian Immigration Data⚠️ The information discussed in this video is for educational and informational purposes only and should not be considered financial, legal, mortgage, or investment advice. Always consult qualified professionals regarding your specific situation.#CanadianRealEstate #OntarioRealEstate #GTARealEstate #HousingMarket #CanadianEconomy #MortgageRates #RealEstateInvesting #BramptonRealEstate #TorontoRealEstate #InterestRates #HomeBuying #RealEstateAgent

#canadianrealestate #canadianeconomy #realestateagents1. Book A Call With Us Here (It's absolutely free) 🏡 👇🏼https://calendly.com/cortezranierirealestate/seller-consultOther Contact Information 🤝📱 call or text 289-795-5773📧 email: [email protected]💻 website: https://cortezranieri.cawww.brookehicks.caJoin Cortez Ranieri and Brooke for a lively discussion on current trends in the Canadian real estate market, economic insights, and local events. Whether you're a buyer, seller, or industry professional, get actionable insights and market context in this episode.Key Topics:Impact of FIFA and summer activities on Toronto's real estate and local economyCurrent state of the Spring 2023 Canadian housing market: buyer's market, price adjustments, and neighborhood trendsThe role of co-signers and family help in home affordabilityNotable legal cases affecting real estate transactions, including damages for non-complianceMarket strategies: listing timing, price setting, and managing client expectationsDown payment statistics across provinces and the influence of parental giftsUnique scenarios like land severance, lawsuits, and the importance of contractual integrity in real estate dealsTimestamps:00:00 - Introduction and summer activity overview in Toronto00:45 - FIFA fan festival, event schedule, and city busy-ness01:37 - Real estate market vibe: slowing spring market, neighborhood trends02:23 - Market data: listing volumes, neighborhood activity, and regional hotspots03:24 - Buyer’s market implications: price reductions, seller strategies04:36 - Challenges with pricing, offers, and competition in condo and detached markets05:35 - Market statistics: sale-to-list ratios, buyer's outreach, and real estate opportunities06:35 - Market valuation changes: detached vs townhouse prices, strategic moves07:44 - The importance of listing first and managing sales contingencies08:30 - Buying and selling simultaneously: planning and negotiation tactics09:18 - Unique property case: land severance and legal disputes10:03 - Real estate legal case: damages from buyer withdrawal, court outcomes11:15 - Navigating listing stagnation and seller pressure on pricing12:09 - Aging homeowners' perspectives on market value and pricing stubbornness13:02 - Down payment help: regional differences, parental gifts, and affordability14:25 - Role of co-signers and family support in qualifying for mortgages15:14 - Impact of non-traditional income, self-employment, and alternative financing16:09 - Market's creative solutions: co-signers, land help, and unconventional strategies17:03 - Real estate legal nuances: double-ending, agency agreements, and conflicts of interest18:35 - Personal stories: investment property purchases, renovation surprises, and market opportunism21:15 - Summary on market outlook: slow summer, potential fall pop, and industry tips

#canadianrealestate #canadianeconomy #realestateagents1. Book A Call With Us Here (It's absolutely free) 🏡 👇🏼https://calendly.com/cortezranierirealestate/seller-consultOther Contact Information 🤝📱 call or text 289-795-5773📧 email: [email protected]💻 website: https://cortezranieri.cawww.brookehicks.ca

Summary

In this episode, Cortez and Brooke discuss the complexities of the HST rebate process, mortgage arrears, power sales, and market trends, providing valuable insights for real estate professionals and investors.

Key Topics

HST rebate complexities and legal considerations

Mortgage arrears and unemployment trends

Power sales increase and market implications

Market pivot to alternative developments like self-storage and pickleball courtsTakeaways

The HST rebate process is highly complex and not clearly defined, causing delays and legal confusion.

Mortgage arrears are increasing alongside unemployment, signaling potential market stress.

Power sales have increased significantly, up 70% since last year, indicating rising distress among property owners.

Developers are pivoting to alternative projects like pickleball courts and self-storage due to a slowdown in condo construction.

Chapters

00:00 Navigating the HST Rebate Complexity

05:53 Understanding Mortgage Arrears and Unemployment Trends

12:01 The Risks of Overleveraging in Real Estate

14:31 Lessons Learned from Market Fluctuations

14:35 The Shift in Real Estate Trends

16:16 Investing Strategies: Real Estate vs. Stock Market

20:05 Navigating the Current Market Landscape

25:52 The Future of Real Estate: Predictions and InsightsSound Bites"It's just not clear is what it is""Second mortgages carry significant risks""Overpricing can cost you a sale"

#canadianrealestate #canadianeconomy #realestateagents1. Book A Call With Us Here (It's absolutely free) 🏡 👇🏼https://calendly.com/cortezranierirealestate/seller-consultOther Contact Information 🤝📱 call or text 289-795-5773📧 email: [email protected]💻 website: https://cortezranieri.cabrookehicks.caIn this episode, Cortez and Brooke break down the latest data and emerging trends across the Canadian and Toronto real estate markets 🇨🇦—covering everything from home sales and pricing to rental dynamics and major industry shifts.Whether you're a buyer, seller, investor, or real estate professional, this episode gives you a clear snapshot of what’s happening right now—and what it means for you.📊 What We CoverNational & GTA real estate stats (March–April 2023)Inventory shortages & rising days on marketToronto vs. GTA market trendsRental market shifts & purpose-built housing 🏢Decline in realtor memberships & brokerage consolidationMortgage delinquencies & power of sale trends ⚠️Home price changes across Canadian provinces💡 Key InsightsGTA sales dropped ~3% in March, while days on market rose 32% 📉Toronto saw sales increase slightly (+1.7%), but prices fell nearly 7%Inventory remains tight—but prices are still trending downward (buyer-friendly conditions)Rent growth is slowing as new supply enters the market 🏗️Since the March 2022 peak:Ontario home prices ↓ ~25%BC ↓ ~15%Other provinces remain relatively stableRising mortgage delinquencies and power of sale listings, especially in areas like Brampton~10,000 real estate agents have exited the industry since the 2023 peakMajor brokerage shifts, including Remax being acquired by The Real Brokerage⏱️ Timestamps00:00 – Market overview: rentals & national trends01:25 – GTA March stats: sales, listings & affordability02:59 – Toronto vs. GTA comparison04:16 – Price trends & market direction05:36 – Post-COVID market shifts06:34 – Rental market update08:33 – National home price declines11:39 – Mortgage delinquencies & power of sale surge13:01 – Why the market is slowing14:22 – Industry changes & outlook20:00 – Challenges for real estate agents23:01 – Fees, competition & new brokerages27:54 – Final thoughts & what’s next🔗 Resources & LinksToronto Regional Real Estate Board (TRREB)Statistics Canada Home Price IndexRE/MAX CanadaThe Real Brokerage