Real Estate - Mohini Persaud - Grappling Home Realty Inc.

MOST RECENT BLOGS

Mid-Year Brampton and Toronto Real Estate Market Update for 2024: What Buyers and Sellers Need to Know

Once again, the number one story in Brampton, Toronto and Canadian real estate this summer is mortgage rates. But unlike last year, when a surprise series of rate hikes from the Bank of Canada sent skittish buyers back to the sidelines, all signs now point to the opposite scenario. Instead of market-chilling rate hikes, economists now expect market-quickening rate cuts—possibly starting as soon as this month.1 That means the housing market is likely to get interesting over the next few months. If fixed mortgage rates continue to drop in anticipation of a lower policy rate, more buyers are expected to show up looking for a deal before home prices take off in 2025 and 2026.2 Listings are also on the upswing and homeowners are feeling increasingly optimistic that their home values will rise over the next year, per a new Canada Mortgage and Housing Corporation (CMHC) study. So we could see more sellers-in-waiting regain the confidence to list their homes at strong but realistic prices.3,4 With pent-up demand continuing to build, housing market activity could pick up significantly. As TD Bank Economist Rishi Sondhi noted in an interview with The Canadian Press, Canada's housing market is “akin to a bit of a coiled spring.” Often when there's a market-moving event like a rate cut, home sales and prices jump quickly.5 What does that mean for you? Read on for our take on this year's most important real estate news and get a sneak peek into what analysts predict is around the corner for 2024. MORTGAGE BORROWERS SHOULD FINALLY GET SOME RATE RELIEF After more than a year of shifting forecasts and delays, it's finally happening: the Bank of Canada's first rate cut since 2020 is nearly here. The central bank is gearing up for two back-to-back meetings this summer to discuss monetary policy, plus three more meetings before year-end. Most experts think we'll see our first rate cut as early as June 5 or in late July.6 But with inflation still elevated in the U.S. and the job market showing surprising gains here at home, the total number of rate cuts we'll see in 2024 is anyone's guess.6 Market watchers are nervously eyeing warmer-than-expected economic data from both sides of the border, with some now second-guessing whether rates will fall as much as hoped.6,7 Previously, many economists thought federal rates would fall by at least a point this year.8 Sticky inflation down south is already putting pressure on bond yields, which help determine the fixed rates lenders charge.7 If the U.S. economy stays hotter than expected, the Bank of Canada may be forced to delay additional rate cuts, which could further impact mortgage rates. 9 As Bank of Canada Governor Tiff Macklem cautioned, Canada's central bank is ready and willing to cut rates before the U.S. Federal Reserve. But there's “a limit” to how much faster they can go. If too much daylight exists between the countries’ key interest rates, that could weaken the Canadian dollar and further boost inflation.9 What does it mean for you? If Canadian homebuyers' past behaviour is any indication, any drop in the Bank of Canada’s policy rate—even a delayed one—is likely to fuel enthusiasm and spark competition. But with lenders already pricing in the first rate cut expected this summer, it could be a while before fixed mortgage rates drop further. If you're a buyer, ask us to refer you to a mortgage broker so you can lock in a competitive rate. It's been a tough year for mortgage originations, so lenders are hungry for new business and may be more willing to cut you a deal. PENT-UP DEMAND COULD SOON BURST INTO VIEW With at least one quarter-point rate cut in the cards and potentially a few more on the way, the last six months of 2024 are unlikely to mirror the first half of the year. As the Canadian Real Estate Association (CREA) noted in a recent market forecast, housing markets throughout the country have been unusually “quiet” this year thanks to still-high rates and lingering uncertainty. But that doesn't mean home sales will stay soft going forward.10 On the contrary, market activity is expected to pick up once rates recede.2,7 According to new research from BMO, aspiring homebuyers' financial readiness is looking up. But 72% say they're waiting for lower rates before they get serious about buying a home.11 New federal measures could also juice the housing market by boosting demand from first-time buyers. New homebuyers, for example, can now borrow up to $60,000 from their RRSP to fund a down payment—$25,000 more than the Home Buyers' Plan previously allowed. Beginning August 1, first-time buyers with insured mortgages will also be allowed a 30-year mortgage term if they purchase new construction.12 Affordability constraints will still be a major sticking point, though, for many Canadian homebuyers, which could dampen sales if buyers and sellers continue to butt heads over prices.13 What does it mean for you? Get ready to move quickly. Increased competition almost always means faster home sales—and a need for quick decision-making. If you're a buyer, make sure your papers are in order and you have cash ready for a deposit. And if you're a seller, consider listing now before pent-up supply leads to an uptick in inventory. After all, budget-conscious homebuyers aren't the only ones who have been sitting on the sidelines for the past two years. PROPERTY VALUES WILL CONTINUE TO INCREASE The good news for homebuyers: Today's home prices are down significantly from where they were toward the tail end of the pandemic. The bad news: That's probably not going to last. Experts say that home prices have almost certainly bottomed out.14, 15 In fact, the CMHC thinks home values could return to peak levels as early as next year before hitting an all-time record high in 2026. As the CMHC notes, home prices and sales declined significantly after rates began to jump in 2022. But in the years since, Canada's population boomed at a record pace, while many people saw their incomes and savings increase. As a result, there's now a bigger pool of potential homebuyers.16 That doesn't mean, though, that home sales will be so strong that sellers can expect the same level of price gains they saw before. As researchers at TD Bank note, rate cuts will help boost prices for now. But “affordability pressures will likely keep the gains from being even stronger.”15 The CMHC projects that lower-priced homes will enjoy the fiercest competition. But overall sales activity will be more modest than in 2020 and 2021 when rock-bottom rates made mortgage payments more affordable.16 What does it mean for you? Even with rate cuts, a typical mortgage payment will be difficult for the average household to absorb, so expect affordability issues to limit overall price growth. Sellers will need to be realistic with their asking price and negotiation tactics—especially if they're looking to close quickly. Buyers, on the other hand, might not want to wait long if they can afford to make a deal. Increased competition could lead to a bigger-than-expected price surge. EVEN WITH MORE HOMES FOR SALE, INVENTORY WILL BE TIGHTAccording to a winter survey by Dye and Durham Ltd., more than a quarter of Canadians have been holding out for a rate cut before buying or selling a home. So we could see a lot more homes go up for sale this year once rates decline.17Already, inventory is picking up as more sellers come to market, giving new buyers more choices when comparing homes. The spring market, in particular, saw a notable jump in listings.3,15But even if more homes come to market this summer and fall, the total number of Canadians who want to buy a home will still surpass the number of homes available. So both the resale market and new home market are likely to remain squeezed for some time.18In fact, TD Economics estimates that Canada will be short of more than 300,000 homes between 2023 and 2025. Adding to the problem: Housing construction continues to lag population growth and, despite some recent improvements, it is still far from catching up.18Persistently high rates are also discouraging builders from starting new projects. So the inventory of available homes is likely to get tighter. The CMHC expects housing starts to decline in 2024 and drop even more significantly in 2025.16 What does it mean for you? With inventory increasing and many prospective homebuyers still priced out of the market, buyers who can afford it may be able to retain some bargaining power—especially for premium homes. However, total inventory is expected to remain tight, so sellers are still more likely to have the upper hand. Competition for more affordable homes will be especially steep. WE’RE HERE TO GUIDE YOUWith nationwide news like rate cuts still playing a big role in today’s housing market, it can be useful to get a high-level overview of what’s happening across Canada. But the most important factors behind most real estate transactions are local. So on-the-ground expertise is essential.As local market experts, we can help you navigate your neighbourhood’s housing market with ease and understand what’s driving home values and sales. If you’re considering buying or selling a home, contact us for a free consultation so we can help you build a successful plan. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.Sources: Nesto.ca –https://www.nesto.ca/mortgage-basics/mortgage-rates-forecast-canada/ MPA Magazine –https://www.mpamag.com/ca/mortgage-industry/market-updates/what-will-happen-to-canada-house-prices-in-2024/485143 RBC –https://thoughtleadership.rbc.com/spring-brings-sellers-out-buyers-remain-hesitant/ CMHC –https://www.newswire.ca/news-releases/interest-rates-hit-hard-for-renewers-and-homebuyers-cmhc-2024-mortgage-consumer-survey-867458082.html Yahoo! Finance –https://ca.news.yahoo.com/spring-housing-market-surge-unlikely-080000289.html Global News –https://globalnews.ca/news/10487369/canada-unemployment-april-2024/ RBC –https://thoughtleadership.rbc.com/its-hard-to-leave-when-you-cant-find-the-door// Reuters –https://www.reuters.com/markets/rates-bonds/boc-start-cutting-rates-june-greater-risk-is-delay-2024-04-05/ Global News –https://globalnews.ca/news/10465424/bank-of-canada-us-fed-tiff-macklem CREA –https://www.crea.ca/media-hub/news/crea-forecasts-rebound-in-residential-property-sales/ BMO –https://newsroom.bmo.com/2024-04-29-BMO-Survey-72-of-Aspiring-Homeowners-are-Waiting-for-Rate-Cuts-Before-Buying Forbes Advisor Canada –https://www.forbes.com/advisor/ca/personal-finance/federal-budget-what-you-need-to-know/ RBC –https://thoughtleadership.rbc.com/toughest-time-ever-to-afford-a-home-as-soaring-interest-costs-keep-raising-the-bar CREA –https://stats.crea.ca/en-CA/ TD Stories –https://stories.td.com/ca/en/article/renting-vs-buying-canada CMHC –https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook Dye and Durham –https://dyedurham.ca/wp-content/uploads/2024/04/Q1-2024-Canadian-Pulse-Report-1.pdf TD Stories –https://stories.td.com/ca/en/article/canada-housing-supply
Upgrade Your Home With These 2024 Design Trends

One of the best parts of owning a home is the freedom to make it truly your own with design choices that reflect your personality and lifestyle. Whether you lean toward contemporary design or a farmhouse aesthetic, your home is your canvas. Even so, it’s always smart to think about the long-term impact those decisions might have on your home’s value. Choosing over-personalized or unpopular materials and finishes could make your home less appealing to future buyers. And selecting out-of-style or overly-trendy elements could cause your home to feel dated quickly. To help inspire your design choices, we’ve rounded up some of the top trends we’re watching in 2024. Keep in mind, not all of these will work well in every house. If you plan to list or renovate your property, give us a call. We can help you realize your vision and maximize the impact of your investment. Spa-Like Bathrooms We could all use a little more relaxation in our lives—so why not bring the spa into your home? In 2024, more homeowners will remodel their bathrooms to turn them into personal oases.1,2 If you’re undertaking a renovation, consider upgrading fixtures and materials. Handmade tile and custom cabinetry can add a touch of style and luxury. Trade stark whites for warm neutrals to create a more relaxed feel—think light wood tones, creams, and beiges.3 Complete the look with soft ambient lighting from a backlit mirror or pair of decorative sconces.2,3 If you want to maximize the mind-body benefits of a relaxing bathroom (and have the budget to spare), you might consider installing a steam shower, infrared sauna, or cold plunge tub. Not looking to spend as much? Even minor upgrades like a massaging showerhead or heated towel bar can add some pampering to your morning routine.3 But remember, if you’re modifying your bathroom, it’s always wise to work with experienced and licensed professionals to avoid water damage that could lead to costly repairs. We can refer you to a trusted contractor for help. Photo by - Browse bathroom photos" alt="" />Photo%20by%20%20-%20Browse%20bathroom%20photos"> Maximalist Decor In 2024, maximalism is back in vogue, contrasting the neutral aesthetic that dominated design in recent years.4 While maximalism can be summed up as “more is more,” there’s nothing sloppy or cluttered about this look. Instead, it’s all about intentional curation.5 Hallmarks of maximalist style include rich and saturated colours, bold wallpaper, statement rugs and furniture, and lots of art. And forget matching—maximalist interiors often include plenty of contrasting colours, textures, and patterns selected to complement one another.5 If you’re trying to embrace maximalism on a budget, check out thrift stores. They’re often a great place to find unique furniture, colourful rugs, and interesting art or collectibles. Before you invest in rolls of vintage wallpaper, though, it’s important to note—if you plan to sell your home in the near future, the maximalist look won’t appeal to every buyer. We typically advise sellers to remove clutter and personal items to help buyers imagine their own future lives within the home. Sometimes, that means repainting or redecorating in a more neutral palette. Of course, this shouldn’t stop you from embracing your own style now—just be aware that you may need to walk back your aesthetic prior to selling. We can advise you when the time comes. Japandi Style Not quite ready to embrace maximalism? Japandi style, which blends Japanese and Scandinavian influences, offers a more subdued approach that still has plenty of character. The look dates back about 150 years to a time when many Scandinavian designers were travelling to Japan for inspiration.6 Japandi style brings together clean lines, simplicity, and a focus on natural elements and light. It emphasizes the beauty in imperfection, or “wabi sabi,” and a deep connection to Mother Earth. And like Scandinavian decor, the look prioritizes comfort and a sense of sanctuary in the home.6 Interested in playing with Japandi? Common features include calming colour palettes and organic materials like raw wood and bamboo. Try softening harsh edges with softer textures, like cozy blankets and ceramic pieces. The look also minimizes clutter, but that doesn’t mean you need to be a minimalist. Instead, Japandi style embraces storage solutions like baskets, folding screens, and sofas with built-in storage to give everything a place.7 If you’d like some help implementing Japandi-style organization in your home, contact us for a list of recommended professionals. Mixed Metals Mixing metals used to be a “no-no.” But in 2024, it’s definitely a “yes.” According to designers, mixing the colours and finishes of metal fixtures and hardware can bring visual interest to a room—as long as you go about it the right way.1,8 The most important rule to keep in mind is to stay away from near matches, like brass and gold—that’s more likely to look accidental than intentional. Instead, go for bold contrast: Think polished nickel and matte black.8 Some designers recommend using each metal at least twice in a room to make it look cohesive. Another good rule of thumb is to stick to two types of metals in a small room and two to three in a larger space.8 Finally, you might think about playing with undertones (brass is warm, chrome is cool) to change the “temperature” of a room. And don’t be afraid of a little shine—many designers predict that a retro, high-polished look will replace matte finishes in 2024.9 Want some help sourcing fixtures and hardware in a variety of finishes? Reach out for a list of our favourite retailers. Wood Cabinetry And Accents The all-white kitchen has been ubiquitous in recent years. But in 2024, classic wood cabinetry is back in a big way.10 In fact, industry professionals surveyed by the National Kitchen & Bath Association predict that wood cabinets will be more popular than white in the next three years.11 Natural wood tones offer a sense of warmth and natural beauty. And today’s cabinets aren’t anything like the heavy, dated versions of the past. Instead, light to medium versions—like white oak and walnut—and warmer undertones are trending.12 The addition of wood-grain accents to painted kitchen cabinets—like with a contrasting island or range hood—is another popular option. And wood continues to be a favoured choice for flooring. A recent survey found that 40% of homeowners opted for either hardwood or engineered wood when renovating their kitchen floors.13 You can also expect to see more wood in bathrooms in 2024. According to Houzz, last year, wood vanities surpassed white in popularity for the first time in recent years, and designers expect the trend to continue.14 While white countertops and walls still dominate bathrooms, a wood-grained vanity brings a relaxed, organic element into the space. Dreaming about new cabinets or hardwood floors? We’d be happy to share a list of recommended trade professionals who can help. Timeless Renovations In its latest Kitchen Trends Study, Houzz found that “nearly half of homeowners (47%) opt for a timeless design as a sustainable choice during renovations.” Respondents cited long-term cost-effectiveness and environmental consciousness as their main motivators.15 In a rapidly changing, technology-driven world, it’s no surprise that homeowners want a nurturing space with lasting appeal—especially if they plan to stay in their homes for years to come.14 Traditional materials and quality craftsmanship lie at the core of timeless design, which some designers are calling “quiet luxury.”16 Think of enduring classics, like hardwood floors, hand-crafted tiles, and marble countertops.14 A timeless colour palette will also often include warm neutrals and muted shades of blue and green.17 If you’re thinking about remodelling, it’s wise to incorporate as many classic elements as you can. These stylistic choices tend to hold up well over time, which can prolong the life of your investment and make it easier to sell your home down the road. If you’d like advice on an upcoming project, contact us for a free consultation. BEAUTIFY YOUR HOME WHILE BOOSTING ITS VALUE If you’re thinking about making design changes—whether that’s repainting or a full remodel—it’s important to be informed about how your choices could impact your home’s resale potential. Buyer preferences can vary significantly based on your home’s neighbourhood and price point. Before you begin your project, reach out to discuss your plans and how they could impact the value of your home. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: HGTV - https://www.hgtv.com/design/decorating/design-101/2024-home-and-garden-design-trends The Spruce - https://www.thespruce.com/2024-design-trends-8411457 The Spruce - https://www.thespruce.com/2024-bathroom-design-trends-8380169 Calgary Real Estate Board - https://www.creb.com/News/CREBNow/2024/January/interior_design_trends_2024/ Homes and Gardens - https://www.homesandgardens.com/interior-design/maximalist-decor-ideas The Spruce - https://www.thespruce.com/japandi-design-4782478 House Beautiful - https://www.housebeautiful.com/room-decorating/a45851530/japandi-interior-design-style/ The Spruce - https://www.thespruce.com/4-rules-designers-say-you-should-follow-or-ignore-when-mixing-metals-in-a-room-5199031 The Spruce - https://www.thespruce.com/2024-lighting-trends-8365056 Toronto Sun -https://torontosun.com/life/homes/2024-trends-youll-see-everywhere Good Housekeeping - https://www.goodhousekeeping.com/home/decorating-ideas/a45576463/wood-kitchen-cabinet-trend-2023/ Better Homes and Gardens - https://www.bhg.com/2024-kitchen-trends-840656 Houzz - https://www.houzz.com/magazine/10-kitchen-trends-to-watch-in-layouts-features-and-more-stsetivw-vs~165050822 Houzz - https://www.houzz.com/magazine/28-home-design-trends-that-will-define-2024-stsetivw-vs~172317389 Houzz - https://www.houzz.com/magazine/2023-u-s-houzz-kitchen-trends-study-stsetivw-vs~164970160 Better Homes and Gardens - https://www.bhg.com/quiet-luxury-home-trend-7554026
Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024

Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024 Home buyers surprised everyone last spring when they shook off higher borrowing costs and showed up to new home sales in droves. The surge in competition for a still-limited pool of properties helped home prices pop and renewed sellers' confidence in their ability to get top dollar for a home. But experts caution that the 2024 housing market could unfold quite differently, especially if Canada's economy experiences another dip later this year.1 Ever since the Bank of Canada hiked interest rates last summer, home sales have dropped in many areas as buyers and sellers alike struggle to close deals.2 Canada’s economy has also softened, prompting some home buyers to move forward more cautiously.3 But with the Bank of Canada now widely expected to cut rates in the spring, competition could reheat quickly.4 Not every neighbourhood is cooling at the same rate either, making the familiar adage that “all real estate is local” especially relevant.5 With a market this fluid, the home buyers and sellers with an edge will be those who proactively leverage a real estate agent’s on-the-ground expertise and stay flexible so that they can quickly adapt to hyper-local changes. What does that mean for you? Read on to learn more about the current state of the Canadian housing market, the potential opportunities for buyers and sellers, and economists’ predictions for the coming year. MORTGAGE RATES MAY DROP SOONER THAN EXPECTED The best news we've got incoming for 2024? The extra high mortgage rates that have weighed heavily on Canadian real estate for some time may finally be headed south. Citing a global economic slowdown and improving inflation, policymakers at the Bank of Canada opted to leave the central bank's key rate unchanged in December after pushing rates to a 22-year high last summer.6 The feds cautioned that another rate hike was still possible in 2024. But now that Canada's economy is slowing down, market watchers widely predict that the central bank is more likely to cut rates instead—possibly as soon as March.7 Fixed mortgage rates could slide even more quickly. Market expectations have a big impact on bond yields. So, if traders expect a rate cut from the feds, bond yields are likely to drop even further. “It's all about expectations,” said Ratehub CEO James Laird to Global News.8 Already, the bond market has cooled significantly since autumn. As a result, Canadians with great credit may now be able to secure rates closer to 5% than 6%—and possibly even lower.9 If rates fall as expected, that could have an energizing effect on the housing market. As mortgage expert Clay Jarvis told Nerdwallet in 2023: “If fixed rates dip below 5% next year—and we’re not in a full-blown recession—it’s likely Canadians will return to the market fairly enthusiastically. The pent-up demand and FOMO will be too strong for many to resist.”10 What does it mean for you? If you're a prospective home buyer, declining mortgage rates could give you the opening you've been waiting for to purchase a home with a more affordable monthly payment. And if you buy before the market reheats, you could secure an especially good deal. To find the lowest rate, it pays to compare lenders. Ask us to refer you to a mortgage broker who can negotiate a competitive mortgage rate. Sellers also have reason to celebrate buyers' lower interest rates: As the barriers for entry to the housing market decline, sellers could enjoy more or better offers. Reach out to discuss how we can help you maximize your home’s sales potential. DESPITE LOWER RATES, A WEAKENING ECONOMY COULD CHILL DEMAND As pent-up demand continues to build, surveys show that Canadians are still deeply interested in real estate. For example, a recent survey by Dye and Durham found that a growing number of Canadians are thinking seriously about buying a home in 2024.11 But with interest rates so high, buyers with typical household incomes often need either a substantial amount of cash saved or a lot of home equity to buy at today's prices. And the softening economy may be shaking buyers' confidence. According to the Conference Board of Canada, Canadians are feeling more pessimistic about their employment and finances.12 Meanwhile, many home sellers remain stuck in the recent past and are slow to let go of outdated prices. As a result, home buyers and sellers in many regions are locked in a persistent stalemate and the volume of home sales has dropped considerably.5 According to the Canadian Real Estate Association (CREA), new listings are now outpacing purchases in some of the country's biggest housing markets as market loosening spreads.13 However, the softening is uneven, with some areas still highly competitive.5 As rates continue falling, experts predict that demand for housing will increase, helping fuel a tighter market. But a slowdown in Canada's economy could complicate that scenario. “We now think that most major markets will experience softer sales and prices through the spring months, as weakness has spread significantly,” forecast economists at Desjardins.14 What does it mean for you? The days of easy home sales with minimal, if any, prep work are long gone––at least until the market rebounds. Instead, home sales are more likely to take some legwork and planning to stand out from the competition. We can help you maximize your home’s appeal to attract serious buyers. Home buyers, on the other hand, will have a distinct advantage in the coming months––especially if they jump into the market early while competition is limited. Call us for a consultation so we can help you plot your strategy. HOME PRICES WILL FACE HEADWINDS, BUT MAY CLIMB WITH LOWER RATES Home buyers who have faced both persistently high prices and historically high rates may finally get a much-needed break this year. With Canada's economy cooling, experts are now actively revising their pricing forecasts. For example, economists at TD predicted in November that home prices would drop 10% in the first quarter of 2024 compared to the third quarter of 2023––twice what they had previously forecast.15 As sales dwindle, the home buyers who are still around “are taking advantage of their stronger bargaining position,” said economists from RBC. “They’ve successfully extracted price concessions from sellers.” As a result, the MLS Home Price Index is slipping.16 Analysts still expect home prices to remain higher than they were before the pandemic. However, fewer sales amid rising levels of inventory could dampen prices in some regions.16 In fact, eagle-eyed home buyers may find the best bargains in previously hot neighbourhoods that had overheated amid frenzied competition. But with Canada’s historic supply crunch still ever-present, home buyers who wait too long to score a deal could wind up settling for a bigger mortgage in the future. As CIBC's Tal put it: “A year to two years from now when things will be back to normal—and they will be back to normal, with one million newcomers and non-permanent residents—guess what will happen? The supply will not be there, the demand will be there. The market will be crazy.”17 What does it mean for you? Homeowners with a property to sell may want to put it on the market sooner than later while there are relatively few homes for sale. We can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value. Reach out to schedule a free consultation. Meanwhile, savvy buyers with an eye for opportunity will be thrilled to know that the affordability challenges that have made home buying so difficult are expected to ease significantly. In fact, there could be a brief window when mortgage rates and home prices are both on the decline, giving home buyers who are ready to pounce a rare opportunity. Contact us if you’re ready to begin your home search. BUYERS SHO ULD HAVE MORE CHOICES, BUT A SUPPLY SHORTAGE WILL PERSIST Home buyers who are eager for options should have more homes to choose from this year than they did in 2023. The share of existing homes for sale is already up in many regions as new listings outpace purchases, and more inventory could be added to the market in the coming months.13 Many sellers out there have been sitting on the sidelines, waiting for rates to fall or for the market to pick up. If a greater share of those sellers decide they can no longer wait, the number of resale homes on offer could quickly increase. In addition, a growing number of Canadian mortgage holders are expected to experience some payment shock in the coming year as they renew with rates that are several points above their current rates.1 If more homeowners then default on their loans or choose to list because they can no longer afford their monthly payments, that could also lead to an uptick in homes for sale. But given Canada's severe housing supply crunch, the chances of a market oversaturation are low. As economists at TD Bank note: “Canada could be short over 300,000 housing units from 2023-2025 as population growth collides with a slower pace of homebuilding.”18 What does it mean for you? With the market cooling this winter, there's more supply opening up. In the short term, buyers who can afford to jump quickly should benefit from this winter's temporary buyer's market. Contact us to discuss your goals and budget, and we can help you make an informed decision about the right time to buy. While sellers will continue to benefit from the overall supply shortage, they should be prepared for increased competition. We can help you prep your property for the market and highlight the features most likely to appeal to today’s buyers. WE'RE HERE TO GUIDE YOU While national real estate forecasts can give you a “big picture” outlook, real estate is local. And as local market experts, we know what's most likely to impact sales and drive home values in your neighbourhood. As a trusted partner in your real estate journey, we'll keep our ears to the ground so that we can guide you through the market's twists and turns. If you’re considering buying or selling a home in 2024, contact us now to schedule a free consultation. Let’s work together and craft an action plan to meet your real estate goals. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Financial Post - https://financialpost.com/news/economy/canada-mortgage-math-means-crisis-looming Financial Post - https://financialpost.com/news/canada-housing-market-sales-prices-fall-further Global News - https://globalnews.ca/news/10068567/statistics-canada-jobs-report-oct-2023/ Canadian Mortgage Trends - https://www.canadianmortgagetrends.com/2023/12/bank-of-canada-preview-rate-hold-expected-as-attention-shifts-to-rate-cuts/ Global News - https://globalnews.ca/news/10098594/canada-housing-market-home-sellers-fall-2023/ Bank of Canada - https://www.bankofcanada.ca/2023/12/fad-press-release-2023-12-06/ The Globe and Mail - https://www.theglobeandmail.com/business/article-bank-of-canada-interest-rate-live-december/ Global News - https://globalnews.ca/news/10142334/bond-yields-canada-mortgage-interest-rates/ Canadian Mortgage Trends - https://www.canadianmortgagetrends.com/2023/12/mortgage-rates-under-5-theyre-coming-back-as-lenders-slash-fixed-rates/ Nerdwallet - https://www.nerdwallet.com/ca/personal-finance/financial-trends-that-could-shape-2024 Dye and Durham - https://dyedurham.ca/new-data-shows-canadians-remain-concerned-about-looming-recession/ Conference Board of Canada - https://www.conferenceboard.ca/focus-areas/canadian-economics/housing-market-update/ CREA - https://www.crea.ca/media-hub/news/canadian-home-sales-see-downward-trend-continue-in-october/ Desjardins - https://www.desjardins.com/en/savings-investment/economic-studies/canada-housing-outlook-nov-2023.html Global News - https://globalnews.ca/news/10110607/canada-real-estate-td-housing-price-forecast/ RBC - https://thoughtleadership.rbc.com/ontario-leads-canadas-housing-market-cooldown/ RENX - https://renx.ca/interest-rates-are-coming-down-soon-benjamin-tal TD Economics - https://stories.td.com/ca/en/article/canada-housing-supply
Celebrate Sustainably: 5 Ideas for an Eco-Friendly Holiday at Home in The Greater Toronto & Brampton Area

It's the most wonderful time of the year. But for many families with festive plans and hectic schedules, it's also the most wasteful. According to one survey, for example, 60% of respondents admitted to throwing away more than usual during the holiday months as they filled up their trash bins with uneaten food, wrapping paper, gift bags, and commercial packaging.1 The reality is, Canadians routinely toss about 25% more trash during the holidays, according to Zero Waste Canada.2 In fact, we throw away so much wrapping paper that the waste, combined with castoff shopping bags, is estimated to weigh as much as 100,000 elephants.2,3 As our holiday schedules grow busier, many of us also forget to take simple steps at home to shrink our carbon footprints or prepare for a more energy-efficient winter. Luckily, it’s not that hard to shift our habits and plan for a more sustainable and environmentally-friendly celebration. Here are five ideas for ringing in the holidays this year without overstressing Mother Nature. PREP YOUR HOME FOR WINTER Depending on the amount of time and resources you have available, you could cut your carbon emissions significantly this season just by winterizing your home. According to Natural Resources Canada, around 61% of the average home's energy usage goes to heating.4 Investing in a more sustainable way to warm up your surroundings, such as a conventional or cold climate heat pump, could be especially impactful if your current HVAC is underperforming. The Canadian Climate Institute's Heat Pump Calculator estimates that homeowners can potentially save hundreds of dollars a year by switching from a gas furnace to a more energy-efficient heat pump.5 Replacing old appliances or things like chronically leaking windows with newer, more energy-efficient solutions can also save you money over the long term.6 Plus, you may qualify for a federal grant or loan to help fund certain upgrades.7 You don't necessarily have to spend a lot upfront, though, to prep your home for winter. Even simple tweaks—such as sealing windows and doors or upgrading to more energy-efficient window coverings—can lower your energy consumption and reduce your carbon footprint.8 Incorporating environmentally healthier habits into your routine can also make a meaningful difference. For example, Natural Resources Canada recommends dialling back your thermostat to 17 C when you're sleeping or away and otherwise leaving it at 20 C.4 Consider an EnerGuide home evaluation to help you pinpoint what needs fixing and see if you qualify for a federal grant. An energy advisor registered with Natural Resources Canada will audit your home's energy efficiency and provide you with a report and score.9 DECORATE SUSTAINABLY Decking your home's halls is one of the most jolly seasonal activities of all. There's something special about gathering 'round with friends and family and relaxing in the comforting glow of a festively decorated space. But since so much of the holiday-themed decor that's sold in stores is notoriously disposable, it can be a challenge to spruce up your home sustainably. Cheaply produced and rarely recyclable, store-bought decorations are often made with plastic, styrofoam, and other environmentally unfriendly materials that can crowd landfills for generations.10 Luckily, you don't have to trade style for sustainability when making your holiday decor. Thrifting is still in vogue, so consider crafting new and on-trend decorations out of secondhand finds or upcycling items already in your closet. For example, you could transform an ill-fitting sweater into a holiday-themed pillow, turn teacups into candles, or turn leftover shipping boxes into creative decorations. Alternatively, natural decor foraged from your yard—such as dried leaves, flowers, pine cones, and branches—can make for especially beautiful wreaths and centrepieces. If you do purchase store-bought decor, proactively look for the most environmentally friendly options. LED lights are now ubiquitous in stores and use far less energy than incandescent versions.11 Similarly, if you celebrate with a Christmas tree, think twice about choosing an artificial option. Plastic trees may be reusable, but natural trees are generally thought to have a smaller carbon footprint.2 CUT BACK ON HOLIDAY SHOPPING Shopping online or at the mall may be convenient, but it can be costly for the environment. The greenhouse emissions from shipping and transportation alone add up fast, as do the emissions that are produced when an item is first made. According to the online consignment and thrift store, thredUp, around 4.5 billion pounds of carbon emissions could be saved if every consumer bought just one used item instead of new this year.12 Splurging on brand-new products also makes it more likely that the gently used but still functional items that you've got at home will wind up in the trash. Rather than buy new, check vintage stores and consignment shops for unique gifts that you and your recipient can both feel good about. According to research by thredUp, most people are open to receiving gently-used presents, especially if they're socially-conscious members of Gen Z.12 In fact, research by Value Village found that at least 80% of Gen Z members in Canada and the U.S. have already bought second-hand clothing.13 Alternatively, consider regifting items that you haven't used, upcycling something you own, or try crafting gifts by hand. Giving away special experiences, such as concert tickets or community memberships, may also be a more eco-friendly option. So is donating to a favourite charity in a gift recipient's name or offering gifts of time, such as promising to help a loved one clean out their garage or fill their freezer with home-cooked meals. Research shows that gift recipients often value thoughtful gifts with sentimental value, especially if they're homemade or nostalgic or will provide them with a unique experience.14 And if you prefer to buy something tangible, look to local businesses that source or manufacture their goods nearby. Craft fairs and community markets are a great place to start. Or, give us a call and we’d be happy to share a list of our favourite local stores, depending on the type of gift and your budget. We make an effort to patronize the independently-owned shops and restaurants around town and would love to share our recommendations. GREEN YOUR HOLIDAY DINNER Do you hail from a family of passionate carnivores? If so, trading your meat for a vegetarian option may seem like a step too far—especially for a holiday dinner. But swapping your meat for beans isn't the only way to “'green” your holiday meal. For example, you can consciously source your meat from ethical sellers, prioritize local producers for seasonal sides, and serve enough filling vegetables to satisfy a large portion of your appetite. You can also minimize food waste by planning ahead so that you don't cook more than necessary. According to MoneySense, the average Canadian family of four tosses roughly 10% of their groceries in the trash, adding up to hundreds of dollars in wasted spending.15 To avoid buying more than necessary and throwing out good food too soon, check out Good Harvest's Still Good to Eat Guide.16 The Natural Resources Defense Council's dinner party “Guest-Imator” can also help you narrow down how much food you and your guests will actually need.17 Once you're finished eating, clear the table immediately and either freeze the leftovers you'd like to keep or send guests home with reusable containers. Or, if you have untouched food that's still whole or in unopened packaging, take it to a local food bank or homeless shelter. We’d be happy to share a list of options in our area. DONATE OR RECYCLE WHAT YOU CAN Once the festivities are over, the real work on behalf of Mother Nature begins. This is the time when taking a few minutes at the end of your holiday celebration to swiftly collect wrapping paper and ribbons, unwanted packaging, and other discarded items can make a real environmental difference by reducing what you send to landfills. Your goal should be to reuse what you can and compost or recycle what's left over. For example, if you upgrade any electronic gadgets over the holidays, you can conserve resources and limit pollution by donating or properly recycling your old versions. According to researchers at the University of Waterloo, the average Canadian generates about 25.3 kg of e-waste every year, including discarded cell phones, laptops, and appliances.18 But you can help trim that number by repairing or refurbishing products instead. It can also help to reimagine new ways to make old traditions more eco-friendly. For instance, if lighting candles is part of your holiday celebration, consider choosing beeswax candles this year instead of the typical paraffin wax, which is a petroleum derivative. Not only are they cleaner burning and less toxic, but the leftover wax is biodegradable and can be composted, unlike traditional candle wax.19 There are also plenty of earth-friendly ways to dispose of a natural Christmas tree without kicking it to the curb. Trees that are sent to landfills release a potent greenhouse gas called methane.2 So, it’s important to properly dispose of a live tree, if you have one, so it can be recycled or composted. If you’re not sure how, reach out for a list of local options. BOTTOMLINE We can still celebrate a fun and festive season without draining our community’s resources or sending leftovers to the landfill. And remember, we’re here to lend a helping hand, now or in the new year. This is the perfect time to strategize your next move or set some real estate resolutions with personalized guidance from an expert. Reach out today to schedule a free consultation. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Eco Watch - https://www.ecowatch.com/sustainable-decor-winter-holidays.html CBC - https://www.cbc.ca/radio/whatonearth/holidays-recycling-christmas-tree-composting-1.6688865 Global News - https://globalnews.ca/news/6229467/we-toss-540k-tonnes-of-wrapping-paper-after-the-holidays-heres-how-to-give-without-the-garbage/ Natural Resources Canada - https://natural-resources.canada.ca/energy-efficiency/spotlight-energy-efficiency/2020/11/05/winter-coming-top-tips-heat-your-home-for-less/23141 Canadian Climate Institute - https://heatpumpcalculator.ca/ Natural Resources Canada - https://natural-resources.canada.ca/energy-efficiency/homes/make-small-changes-add/21850 Natural Resources Canada - https://natural-resources.canada.ca/energy-efficiency/homes/canada-greener-homes-initiative/24831 Canadian Geographic - https://canadiangeographic.ca/articles/keeping-the-heat-in-and-the-cold-out-live-net-zero-families-take-on-home-envelope-challenge/ Natural Resources Canada - https://natural-resources.canada.ca/energy-efficiency/energuide/energuide-energy-efficiency-home-evaluations/after-your-energuide-home-evaluation/20572 Architectural Digest - https://www.architecturaldigest.com/story/best-holiday-and-seasonal-decor-for-the-environment Statistics Canada - https://www.statcan.gc.ca/o1/en/plus/2605-northern-electric-lights-stats-brighten-your-day-and-night ThredUp - https://newsroom.thredup.com/news/thredup-releases-thrift-for-the-holidays-report-revealing-that-new-waves-of-consumers-are-planning-to-gift-secondhand-this-year BNN Bloomberg - https://www.bnnbloomberg.ca/pre-loved-doesn-t-mean-second-best-young-canadians-thrift-holiday-gifts-1.1858787 The Conversation - https://theconversation.com/the-4-biggest-gift-giving-mistakes-according-to-a-consumer-psychologist-195169 MoneySense - https://www.moneysense.ca/spend/shopping/how-to-keep-food-costs-down-watch-for-food-waste/ Good Harvest - https://www.secondharvest.ca/resources/still-good-to-eat Natural Resources Defense Council - https://savethefood.com/guestimator University of Waterloo - https://uwaterloo.ca/news/media/canadian-e-waste-has-tripled-new-study-finds com -https://canicompostit.com/candle-wax/
35 Tips to Furnish Your New Home for Less

Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer letter. But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could affect your credit rating and, thus, impact your mortgage terms.1 Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget. But don’t worry! There are plenty of ways to save on home essentials, and we’ve rounded up some of our favourites to share with you. PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING According to the nonprofit Furniture Bank, you could spend around $8,300 to outfit a one-bedroom apartment with the essentials, and the costs only go up from there for larger homes and higher-end items.2 That’s why we recommend starting with a thorough assessment of what you already have and what you actually need to start life in your new place. Here are some steps to help you prioritize your purchases and keep spending in check. Make a list of everything you need. Going room by room could help you brainstorm—for example, you might list items ranging from a mattress to blackout curtains for your new primary bedroom. Inventory what you already have. Cross the big (dining table) to the small (kitchen knives) off your list as you go. Divide the remaining items into three groups: things you need right away (a mattress), items you’d like to have in the near future (a coffee table for your living room), and pieces that can wait (an area rug). Calculate your budget. Figure out how much money you’ll have available for immediate purchases after the sale has closed, and start researching the items on your priority list to understand how they’ll fit into your budget. Don’t rush the process. Bringing older items to your new space doesn’t mean you need to keep them forever. Consider hanging onto pieces that can tide you over for a year or two until your bank account has recovered from the costs of a home purchase. Before you start shopping, make sure you know which appliances and fixtures are included with your home purchase. We can inform you of the standard contract terms when you’re making an initial offer and note any additional items that you would like to request. TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES Did you know that some home items predictably go on sale at certain times of the year? If you can wait to buy these pieces when prices are lower, you could save significantly. Here are some of the best times to buy household essentials:3 Carpeting: January Indoor furniture: January and July Linens: January TVs and home theatres: February and November Appliances: May and September Office furniture: May Mattresses: May Tools: June Flatware and dishes: June Outdoor furniture: September Electronics: November Generally speaking, holiday weekends (as well as Black Friday and Cyber Monday) tend to be great times to find deals. If the item you’re looking for is seasonal—like patio furniture or holiday decorations—waiting until the end of that season usually pays off. FIND ALTERNATIVE SHOPPING SOURCES Can’t wait for a sale? It’s time to think outside of the box (the big-box stores, that is). There are plenty of surprising places to find great furniture and houseware deals. Check out overstock and liquidation stores. These stores purchase items other retailers haven’t sold and offer them at a steep discount. The inventory can be hit or miss, but you can often get a great deal if you find what you’re looking for.4 Try private membership/warehouse stores. These retailers often have great deals on home goods. If you’re not already a member, ask family or friends if they are willing to take you to look around before you commit. Consider open-box items. When buyers return items like furniture or electronics, retailers can’t always sell them as new, even if they haven’t truly been used. Look online for open-box deals from retailers like Wayfair and Amazon Warehouse or visit local retailers to see what they have in stock. Give scratch-and-dent appliances a chance. These appliances are brand new but sold at deep discounts because their external packaging was damaged. Typically, this means that flaws are purely cosmetic—but it’s always possible that the merchandise has suffered more serious damage. So, be sure to check out the appliances carefully and ask about included warranties.5 Expand your window treatment search. Window treatments can be surprisingly expensive, but it’s often possible to save by buying off-the-shelf offerings in standard sizes. If you need a custom size or material, consider ordering online from a discount supplier and installing them yourself. Shop secondhand. In addition to thrift stores and garage sales, Facebook Marketplace, NextDoor, and Kijiji are all great places to find deals in your area. Are alternative shopping sources still a stretch for your budget? Check out local Freecycle or “Buy Nothing” groups, which are often hosted on Facebook. Participants offer big and small items they no longer need—everything from furniture to clothing hangers—for free to other members.6,7 DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL Many people don’t realize that prices for home goods, from furniture to appliances, are often negotiable. While asking for a discount can be intimidating, it’s common practice in many industries, although more so at independently-owned stores than chains. Here are a few tips:8,9 Comparison shop before you walk into a store. If you can find a lower price for the same item elsewhere, many retailers will match it. Ask the store associate or manager for the best price available. They may be able to offer additional discounts or coupons. If you can pay in cash, ask if you can get a discount for doing so. The seller may be happy to offer a small price reduction to avoid paying processor fees. Call ahead to ask about applicable discounts. Some retailers offer price reductions for active military, veterans, teachers, first responders, or senior citizens on certain days or times of the year. Point out scratches or dings to the sales associate. They may be willing to offer a discount to compensate for the imperfection. Ask about floor models. Many stores offer these pieces at a lower price, even if they’re in like-new condition. After you’ve negotiated a killer deal, don’t forget to ask for free or discounted delivery! Sometimes furniture and appliance stores will offer complimentary delivery or installation if you spend a certain amount or purchase multiple items. MAKE THE MOST OF REWARD PROGRAMS AND COUPONS Every penny counts when you’re on a budget—and spending a little extra time maximizing reward programs and discounts is usually worthwhile. Make sure you never miss a sale. Sign up for your favourite retailers’ email lists and follow them on social media for discounts and sale alerts. Take advantage of loyalty programs. If you’re making a big purchase or getting multiple items from one store, ask about free loyalty programs. Signing up often comes with an introductory coupon. Consider store credit cards (carefully). Store credit cards can offer significant discounts—but only charge items you can pay off right away to avoid interest, and never open new lines of credit until your home purchase is complete, since it can affect your credit score. Enroll in coupon and cashback programs. When you’re shopping online, programs like Rakuten and Great Canadian Rebates can help you find coupon codes and give you cash back on purchases. While you’re at it, why not set up a housewarming registry?10 You can share the link with family and friends if they ask what you need—and you can also use it to score discounts. Many stores offer a percentage off to help you buy unpurchased items on your registry. GET CREATIVE If you want to avoid a cookie-cutter home aesthetic—and save a few bucks—try reimagining your existing furniture and how it could fit into your new space. Here are a few of our favourite strategies. Repurpose what you have. Instead of buying a new item to fit a specific purpose, ask yourself if you can use what you have in a different way. For example, repurpose an old dresser as a television stand or use a mismatched dining chair in your home office. Upgrade existing items. Sometimes, a new coat of paint or varnish, or simply swapping out drawer pulls and handles, can lend a new lease on life to an old piece of furniture. You can also keep this strategy in mind if you see second-hand items that would be just right if they were a different colour or had nicer fixtures. Reupholster instead of buying new. If you have a tired-looking sofa or chair that’s still comfortable and stable, think about getting it reupholstered in new fabric instead of replacing it. Get handy. Building furniture is certainly not for everyone, but with some basic tools and help from the internet, you may find that simple items like headboards are well within your grasp. You might also be able to repair pieces you already have and avoid shopping altogether. Do-it-yourself projects can be fun, but they aren’t for everyone. If you’d like some professional help, reach out for a list of our recommended service providers. WE’RE HERE TO HELP We know budgeting for a new home can be overwhelming, and we want to make the process easier for you. If you’re considering a home purchase, we can advise you on a realistic budget and help you review your options. We can also offer insights on other financial considerations and programs and incentives that can help make homeownership more attainable. Reach out for a free consultation. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Financial Consumer Agency of Canada -https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/improve-credit-score.html Furniture Bank - https://www.furniturebank.org/how-much-does-it-cost-to-furnish-an-apartment/ Global News -https://globalnews.ca/news/3973885/buy-stuff-on-sale-canada/ Business Insider -https://www.businessinsider.com/personal-finance/strategies-to-save-money-on-furniture-for-my-new-home?r=US&IR=T CNET -https://www.cnet.com/home/kitchen-and-household/buy-scratch-and-dent-appliances/ Global News -https://globalnews.ca/news/9298486/buy-nothing-groups-canada/ Freecycle - https://www.freecycle.org/ Consumer Reports -https://www.consumerreports.org/cro/magazine/2013/08/how-to-bargain/index.htm com -https://www.realtor.com/advice/home-improvement/furniture-stores-money-saving-tricks/ Taste of Home -https://www.tasteofhome.com/article/housewarming-registry/
Income Properties Are Trending, But Is Landlord Life for You

Income Properties Are Trending, But Is Landlord Life for You If the thought of investing your money into brick and mortar—or perhaps some stylishly-painted siding—excites you, join the club. Investing in real estate has long been one of Canadians' favourite ways to grow their wealth. According to a poll by CIBC, 15% of Canadian homeowners already earn some rental income, while another 11% aspire to it. What's more, over a third of current homeowners (37%) say they'd look for a property with income potential if they were buying a new home.1 Baby boomers over the age of 55 are especially likely to own an income property these days.2 But according to Statistics Canada, a growing share of millennials in their 30s and 40s have also cashed in on the real estate investment trend.3 The Bank of Canada estimates that at least 20% of newly purchased homes are now owned by individual investors, up from 18% in 2015.4 Canadians have historically embraced real estate, in part, because of the strong return on investment it can offer—especially to investors willing to stick with a property over time. It's also a popular way to hedge against inflation since both rental income and property values tend to rise in tandem with overall prices.5 But how do you know if you’re well-suited to take advantage of real estate investment opportunities? Here are three signs that owning a rental property could be right for you. YOU'RE A HOMEBUYER WHO WANTS HELP COVERING THE MORTGAGE If you're looking for a creative way to buy a home without overspending, “house hacking” could be the answer. Increasingly popular with first-time homebuyers and budget-conscious investors, house hacking simply means buying a home that you intend to live in while renting out a portion of it to one or more tenants.6 In addition to padding your monthly income, buying a home with a self-contained income suite can make it easier for you to qualify for a mortgage. If a secondary dwelling is move-in ready, a lender may be willing to add half of the rental payments you can plausibly collect from future tenants to your qualifying income, making it easier to pass the mortgage stress test.7 House hacking also tends to be simpler to break into than traditional real estate investing since you don't need as large a down payment to qualify for a mortgage. For example, if you buy a home you only intend to rent, you'll need to put down at least 20%, regardless of whether or not your mortgage is insured. But if you intend to move into the property yourself and only rent out a part of it, you can put down as little as 5%.7 Plus, your mortgage rate will be lower and you may still qualify for a principal residence exemption for some or all of the home if you later sell it.7 8 When it's time to start your search, we can help you find a property that's ideal for house hacking, such as a house with a walkout basement, a multifamily unit, or a home with enough outdoor space to build a laneway or garden suite. YOU'RE AN INVESTOR LOOKING FOR STEADY AND RELIABLE INCOME If you’re not crazy about the idea of a live-in tenant but still desire an additional stream of income, a dedicated long-term rental property could be a better option for you. Besides the monthly proceeds, purchasing a rental home can also add diversity and long-term stability to your investment portfolio and help you build wealth over time.9 According to data from the Canadian Real Estate Association, real estate owners have historically prospered. In early 2020, for example, the average home price was 120% higher than just 15 years prior. Then, during the pandemic-era real estate boom, average home prices grew at an especially frenzied clip, climbing by more than 60% in less than two years.10 However, the rate of appreciation can be hard to predict, so it’s prudent to invest in a property that also offers positive cash flow, which means the rent you take in exceeds your expenses. This strategy helps to ensure that you’ll put money in your pocket each month, even if the property’s value takes time to grow. While today’s higher mortgage rates can make it more challenging for landlords to turn a profit, a tighter rental market also means you can demand higher rents. Turnover on your rental unit may also be lower as many would-be buyers remain priced out of the purchase market.9 Plus, research by Statistics Canada suggests that many landlords now earn significantly more than they once did. In 2020, for example, more than 76 percent of independent landlords reported earning more rental income that year than they spent on upkeep, taxes, mortgage payments, and other annual expenses. That's up from 63 percent in 2008.3 If you want to explore opportunities for a residential rental property that's good for your wallet and attractive to renters, we can help. YOU'RE AN EXPERIENCED INVESTOR LOOKING TO MAXIMIZE YOUR POTENTIAL RETURNS Another increasingly popular way to draw income from an investment property is to convert it to a short-term vacation rental. But beware: This strategy can be riskier as some municipalities have tightened rental restrictions and others are suffering from market oversaturation.11 With that said, if you're an experienced investor who can afford to take on some uncertainty, then investing in a short-term rental could make sense for you. If you find the right property, for example, you could earn significantly more renting it short-term on a platform like Airbnb than if you rented the home to a long-term tenant.12 The key is to keep it occupied as much as possible at a premium nightly rate. To do that, you’ll need some marketing savvy, hospitality skills, and business acumen. Of course, you can always hire a professional property manager, but you’ll need to factor the cost into your budget. Vacation rentals have boomed in recent years, and some inexperienced investors are finding they bit off more than they can chew.13 As a result, there's an opportunity to snap up some of these properties, but you'll need some cash on hand and a willingness to learn the business. We can help you scout opportunities in our local market or, if you’re interested in investing in another area, we can refer you to an agent there for assistance. BOTTOMLINE Investing in real estate can be a great way to build your wealth long-term and earn some extra income. But to make the most of your investment, it pays to be strategic. Call us for a consultation so we can discuss your goals and budget. We'll help you discover neighbourhoods with the best income potential, point out the homes most suited to renting, and help you brainstorm the best investment strategy for you. Before you take the plunge, make sure you can answer “YES” to these three questions: Are you ready to be a landlord? Owning a rental property can take a lot of time and energy. You're not just buying passive income, you're also building sweat equity since the time you spend maintaining, marketing, and managing your rental can add up quickly. So be prepared to do some soul-searching to ensure you’ll not only flourish as a landlord, but actually enjoy it. If you want to invest in real estate but aren’t prepared to put in the day-to-day effort required, we can refer you to a property management service for help. Can you afford to invest in real estate? The last thing you want is to get over-extended with your new real estate venture. Besides the cost of purchasing the property, you’ll need to consider additional expenses, like property taxes, insurance, administrative costs, and maintenance and repairs. You will also need a cash reserve for unexpected issues or potential vacancies. We can help you run the numbers to determine if you can charge enough rent to offset your expenditures. Have you found the right income property? Even if you’ve got your finances in order and are emotionally ready to invest, your success as a landlord will also depend on the property you buy. The criteria for a good rental home and a good family home are often different, so it’s important to lean on professionals for advice. We can help you find an ideal rental property, taking into account your budget, risk appetite, and investment goals. If you decide to invest in a different area, we'll connect you with an agent who's more plugged into that community. Reach out today to schedule a free consultation. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: CIBC - https://www.cibc.com/content/dam/personal_banking/advice_centre/tax-savings/landlords-en.pdf Statistics Canada - https://www150.statcan.gc.ca/n1/pub/46-28-0001/2023001/article/00002-eng.htm Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/221102/dq221102b-eng.htm Bank of Canada - https://www.bankofcanada.ca/2022/01/staff-analytical-note-2022-1/#chart4 Canadian Real Estate Magazine - https://www.canadianrealestatemagazine.ca/news/the-relationship-between-inflation-and-real-estate-335369.aspx ca - https://www.hgtv.ca/expert-tips-that-will-help-you-become-a-homeowner-before-40/ ca - https://wowa.ca/rental-property-mortgage CTV News - https://www.ctvnews.ca/business/selling-a-home-how-to-know-if-you-qualify-for-a-capital-gains-exemption-1.6249394 MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/guides/real-estate-investing-in-canada-where-to-put-your-money/447803 Canada Real Estate Association (CREA) - https://stats.crea.ca/en-CA/ The Canadian Press - https://ca.finance.yahoo.com/news/more-canadians-turn-short-term-151015862.html TurboTax Canada - https://turbotax.intuit.ca/tips/the-ultimate-guide-to-the-tax-implications-of-renting-your-property-on-airbnb-14945 Statistics Canada - https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2023008-eng.htm
Top 7 Tips To Attract the Best Offers for Your Greater Toronto and Brampton Home

Top 7 Tips To Attract the Best Offers for Your Home Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Bank of Canada shut down the party when it began raising interest rates last year.1 Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are much more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value. The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount. If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize your real estate returns. 1. UNDERGO A PRE-LISTING INSPECTION Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market? Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing.2 Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of repair credits, a delayed closing, or a cancelled sale. We can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, we can advise on which items need attention before you list your home. 2. CONSIDER STRATEGIC UPGRADES Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers. For example, new flooring can generate up to a 150% return on investment at resale and a countertop upgrade could pay for itself.3 Similarly, research shows landscaping features can increase a home’s value by up to 12%.4 Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral colour, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best. But before you make any changes to your home, reach out. We know what buyers in your neighbourhood are looking for and can help you decide if a particular investment is worthwhile. 3. HIRE A HOME STAGER To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space. That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses. According to the U.S.-based National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.5 There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of our recommended home stagers who can help your property show its full potential. 4. EMPLOY A COMPETITIVE PRICING STRATEGY While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers.6 Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions. To help you list at the right price, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighbourhood. Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, we’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin. 5. OFFER ALTERNATIVE FINANCING Conventional mortgages, while widely used, may not be accessible to everyone. For example, higher mortgage rates and home prices have made it difficult for some homebuyers to pass the required mortgage stress test. Consequently, certain alternatives, like vendor take-back (VTB) mortgages, are becoming increasingly popular.7 A VTB mortgage is a unique financing arrangement in which the seller of a property provides a loan to the buyer for all or a portion of the purchase price. Buyers who don’t qualify for a traditional mortgage can be highly motivated to purchase from a seller offering a VTB loan. Sellers, consequently, can benefit too, by commanding a higher price or collecting more interest on their capital than they could from a standard investment. Depending on the seller's circumstances, there may also be certain tax advantages.8 It’s important to note, however, that there are risks involved. Therefore, both buyers and sellers should seek legal and financial advice before entering into a VTB mortgage agreement to ensure all aspects are properly structured and understood. If interested, we can refer you to the appropriate professionals for help. 6. USE A PROVEN PROPERTY MARKETING PLAN Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible. The truth is, buyers who don’t know about your house can’t make an offer. That’s why we utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value. We then use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results. Our proven approach can have a big impact on the success of your sale. Reach out to learn more about our multi-step marketing plan and discuss how we can use it to generate interest and offers for your home. 7. WORK WITH AN AGENT WHO UNDERSTANDS YOUR AREA To get the best offers possible, you need a real estate agent who knows your area inside and out. Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. We have our fingers on the pulse of the local market because we’re working directly with sellers like you. We also represent local buyers who are active in the market, searching for homes like yours. That puts us in an ideal position to help you price your home for a quick sale and maximum profit. And since we hear first-hand what local buyers want, we can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, we can use our extensive network of local agents to solicit feedback and get your home in front of more potential buyers. All of these factors can add up to a significant difference in your profit: According to a U.S.-based study, in 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales.9 LET’S GET MOVING Are you ready to get a great offer for your home? Our multifaceted approach can help you maximize your real estate returns. Reach out for a free home value assessment and customized sales plan to get started! The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: National Post -https://nationalpost.com/moneywise-pro/high-interest-rates-are-still-a-problem-for-potential-homebuyers-here-is-advice-for-navigating-the-real-estate-market Bankrate -https://www.bankrate.com/real-estate/prelisting-inspection/ RE/MAX Canada -https://blog.remax.ca/best-home-renovations-biggest-roi/ Journal of Real Estate Research -https://www.researchgate.net/publication/5142154_Landscaping_and_House_Values_An_Empirical_Investigation National Association of Realtors -https://www.nar.realtor/infographics/staged-for-success The Balance -https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671 Real Estate Magazine - https://realestatemagazine.ca/the-return-of-the-vendor-take-back-mortgage/ RE/MAX Canada - https://blog.remax.ca/how-to-take-advantage-of-the-vendor-take-back-mortgage/ National Association of Realtors -https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
How to Become a Homeowner on a First-Time Buyer’s Budget

How to Become a Homeowner on a First-Time Buyer’s Budget It's not easy being a first-time home buyer right now. At the end of last year, housing affordability hit an all-time low.1 Additionally, mortgage rates have risen significantly since 2021, while inventory remains tight for many property categories, but especially for starter homes. Even lower-priced condos are harder to snag these days, as investors and downsizers muscle out first-timers by offering stronger, often cash-heavy bids.2 As a result, many first-time home buyers are finding that they need to get creative to afford a home or risk renting for longer than they planned. If you, too, are struggling to afford homeownership, here are some workarounds to consider as you plot your first home purchase. Try House Hacking “House hacking” is a real estate investment strategy in which participants use their homes to generate income in order to offset their expenditures. For example, renting out a basement apartment or accessory dwelling unit (ADU)—such as a detached garage that's been outfitted with a washroom and small kitchen—counts as house hacking. So does splitting housing costs with a roommate or converting a part of your home into an Airbnb. House hacking isn’t new. But, it’s grown in popularity as a new crop of digital platforms has entered the market and made it easier than ever for homeowners to generate income from their property. In some cases, house hacking may make it possible for you to qualify for and afford your first home. A lender, for example, may approve you for a larger mortgage if you purchase a home with immediate income potential, such as a legal duplex or a property with a secondary suite that has a kitchen and full washroom.3 In addition, house hacking could help you pay your mortgage once you move in. Here are just a few of the ways you could use your home to earn some extra cash if your neighbourhood or municipality allows it: Offer paid parking in your driveway on a site like CurbFlip or SpotHero. Rent out your swimming pool for a few hours on Swimply. Make your home available for photoshoots or events on Giggster or Peerspace. Turn your backyard into a pay-by-the-hour dog park on Sniffspot. List your garage space on Kijiji. But before you make plans to house hack, make sure you fully understand an area's bylaws and homeowner restrictions. We can help you find a property with income potential in a neighbourhood with more flexible rules or less restrictive zoning. Team Up With Friends or Family If you aren't wild about the idea of welcoming strangers to your home, you may want to consider co-purchasing with a friend or family member instead. This unconventional housing arrangement is also growing more popular as friends and family members cope with higher living costs by pooling resources. According to Statistics Canada, multigenerational households in Canada have nearly doubled since 2001. Meanwhile, the number of households shared by roommates has grown even more rapidly, climbing by more than 50% during the same period.4 Arrangements can be customized to fit your circumstances. For example, you could purchase a home and then rent a portion of it to a loved one. Or you might consider co-buying a home with friends or family members so that you can step onto the property ladder and start building equity together. Co-ownership could work out especially well for you long-term if it helps you to buy a home that's bigger, has more investment potential, or is located in a high-demand area and so appreciates at a faster rate. Plus, you'll get to see your loved ones more often and enjoy the coziness of shared living with people you like having around. On the other hand, sharing a big financial responsibility, like a mortgage, with friends or family could get messy—especially if you don't create a clear-cut co-ownership agreement beforehand that outlines your mutual expectations. So plan carefully before you proceed. In addition, you may need to rethink the type of home you pursue. For example, a smaller home might be cheaper, but do you really want that much togetherness all the time? We can help you set priorities and search for a suitable property. Tap Your Network for Help With Funding Another established method for affording a first home is to lean on family or friends for financial help. Getting assistance with the down payment or other borrowing costs can go a long way toward making your homeownership dreams come true. As long as you don't mind asking for help, a free-and-clear gift that's intended for your down payment is an ideal arrangement, since it will allow you to borrow less overall. Or, if that’s too big an ask, your loved ones could pitch in toward closing or moving costs. Alternatively, your loved ones could help by co-signing your loan. For example, if their credit score is a lot higher than yours, it could enable you to secure a lower interest rate so that your monthly payment is more affordable. You certainly wouldn't be the only one leaning on family to help afford a home at today's prices. According to the Canada Mortgage and Housing Corporation's latest Mortgage Consumer Survey, around a third of recent home buyers used gift money to help buy their homes. What's more, 22% admitted that they wouldn't have been able to afford to buy without it.5 Meanwhile, a CIBC study from 2021 found that many parents are gifting increasingly large amounts to their children to help fund down payments.6 Just be sure your parents or other generous loved ones are aware they're giving a gift, not a loan, and are willing to put that in writing. A lender will want proof that this money isn't adding to your debt burden and may require documentation from your benefactors. Another way to tap your network for help is to crowdfund part of your down payment or ask for monetary gifts instead of tangible ones. For example, if you're getting married soon, you could skip the wedding gift registry and ask guests to contribute funds to your hoped-for home purchase instead. Look for Special Programs and Assistance You could also cut some of your upfront mortgage costs by taking advantage of government programs, tax rebates, and other funding opportunities. For example, the Government of Canada's new First Home Savings Account (FHSA) initiative could help you trim your next year's tax bill as you gather money for your down payment. When you open an FSHA, you can route up to $8,000 per year of income to the account, tax-free (up to a maximum of $40,000).7 And if you co-buy with a partner and you both open FHSA accounts, you can squirrel away a combined $16,000 per year. You may also be eligible for a First Time Home Buyers' Tax Credit up to $1,500, as well as other home buyer rebates, depending on the type of home you buy and where you move. For example, you could get a substantial rebate on some of the GST/HST taxes you pay when you buy a newly-constructed or heavily-renovated home.7 First-time home buyers can also borrow up to $35,000 tax-free from their individual Registered Retirement Savings Plans (RRSPs) to help beef up their down payments.7 And eligible buyers can take advantage of the Government of Canada's First-Time Home Buyer's Incentive, which offers 5% to 10% of a new home's purchase price in exchange for a cut of the home's equity.8 We can connect you with a lender or mortgage broker who can educate you about your options and help shepherd you through the process. Expand Your Home Search If you’re having trouble finding a home within your budget, consider broadening your search criteria. You may be surprised by the kinds of deals that are available when you're willing to compromise. For example, if you're struggling to find an affordable home in your target neighbourhood, expand your search area and consider homes that are further out of town or that are located in up-and-coming areas with lower starting prices. We would be happy to introduce you to some great but lesser-known neighbourhoods that we consider hidden gems. You could also save money on your home purchase simply by dropping or revising some of your must-haves and settling for OK-to-haves instead. For example, do you really need two washrooms and a large backyard? Or could you settle for a single washroom with space to add a second one in the future? And would a small garden, cozy balcony, or rooftop terrace still give you the outdoor time you crave? These types of compromises can sometimes shave tens of thousands off your purchase price. Similarly, if you don't mind rolling up your sleeves or working with a contractor on minor jobs, you can look for homes that need a little TLC. Just because a house looks dated doesn't mean it's destined to stay that way or that it will take a ton of money to spruce up. In fact, a home with good bones but cosmetic flaws could be a perfect match: With less competition, you'll have a better chance of purchasing the home at an affordable price. You can then take your time to save more and fix it up to your taste. Keep in mind, starter homes are rarely forever homes, but merely a first step onto the property ladder. By gaining a foothold in the real estate market now, you can set yourself up to afford a more expensive property in the future. According to Statistics Canada, the net worth of a typical Canadian homeowner has more than doubled since the start of the new millennium, climbing from $323,700 in 1999 to $685,400 by 2019. The average renter's net worth, by contrast, grew far more slowly during the same period, rising from $14,600 to just $24,000.9 We can help you find an affordable first home so you can start building equity to reach your long-term financial and real estate goals. YOU CAN DO IT—AND WE CAN HELP Buying a first home is challenging, but it's not impossible—especially when you have a savvy real estate professional in your corner. We will work with you to devise a plan to overcome your financial constraints. Then, we’ll help you find a home that not only excites you but also fits your budget and lifestyle. Give us a call to get started with a free exploratory consultation. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Financial Post - https://financialpost.com/executive/executive-summary/housing-affordability-crisis-canada-worse CBC - https://www.cbc.ca/news/canada/british-columbia/housing-investors-canada-bc-1.6743083 MoneySense - https://www.moneysense.ca/spend/real-estate/income-properties/legal-secondary-suite-or-basement-apartment/ Statistics Canada -https://www150.statcan.gc.ca/n1/daily-quotidien/220713/dq220713a-eng.htm Canada Mortgage and Housing Corporation (CMHC) - https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/housing-research/surveys/mortgage-consumer-surveys/survey-results-2022 CIBC - https://economics.cibccm.com/cds?flag=E&id=9dc124d8-9764-4c1d-83b4-9e89a5d568b8 Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/buying-home.html A Place to Call Home - https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/220921/dq220921b-eng.htm
Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households

Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks. The effort is worthwhile, however. A sanitary environment can keep you and your family healthier by minimizing your exposure to germs and allergens.1 Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.2 The reality is, we enjoy our homes more when they are in good order. It’s much easier to relax without piles of unopened mail or a messy kitchen reminding us of work to be done. And don’t we all feel more inclined to entertain family and friends when our homes are well-kept? That’s why we’ve rounded up our favourite tactics—from overall strategies to little tips and tricks—for keeping things tidy without spending all our spare time cleaning. Set a Schedule for Daily and Weekly Cleaning We’ve all been there—you put off vacuuming or mopping your floor for a few days, only to realize that weeks have passed. Creating a cleaning schedule that works for you is the best way to stay on top of things and avoid overwhelm. Here are a few of our favourite strategies: Designate a day of the week for each task—then, add them to your calendar so you can’t forget. Create a shared schedule that assigns specific responsibilities to each member of the household. Post it in a prominent place, like on the refrigerator, or create a shared digital calendar. Carve out 15 minutes a day for cleaning and decluttering. Set a timer on your phone and get as much done as you can before it goes off. It may take some trial and error to find the tactics that work best for you. The most important thing is to make a habit of cleaning so that clutter and grime don’t have a chance to build. And if you’d like some professional help, reach out for a referral to one of our favourite cleaning services! Tackle Bigger Chores Seasonally Many home care tasks are seasonal by nature and only need to be completed once or twice a year. But when we don’t have a plan to tackle them, it’s all too easy to put them off. Here are a few tips to stay on top of these chores: Mark days on your calendar in advance to attend to annual or semi-annual chores, like cleaning gutters, washing windows, turning mattresses, and shampooing carpets Schedule just one primary task each weekend instead of blocking out a full two days. This will help ensure a good balance between chores and relaxation. Designate a date two to four times a year, depending on your lifestyle, to put away out-of-season items like clothes, holiday decorations, and sporting goods. Take some time to sort through your seasonal items when you pack them away. Then you can toss, sell, or donate things that you no longer need or enjoy. Remember—breaking down these larger tasks can make them less overwhelming. If you space them out so that you can handle them one by one, even the most time-consuming chores become a lot more manageable. And since all your time is valuable, don't hesitate to delegate these larger home care tasks to professionals. Give us a call for a list of our recommended service providers. Reduce the Barriers to Cleaning Set yourself up for success by ensuring you have the tools on hand to tackle small tasks with ease. Here are a few ways to make your cleaning supplies more accessible: Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach. Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down. Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash. Keep a paper shredder and recycling bin handy so you can dispose of unwanted mail as it’s opened. By strategically placing your tools and supplies in the locations where you’re most likely to need them, you’ll make cleaning less of a chore and more of a habit. Stop the Clutter Before It Starts From coats to shoes to mail, it’s all too easy to find clutter taking over your home. Once these piles start to form, they can feel overwhelming—which only makes it harder to address them. To avoid this problem, stop the clutter before it starts. Assign every item a home and create storage spaces and “drop zones” in key locations.3 Here are a few ideas to get you started: Install coat hooks and shoe racks in the entryway for easy access. Add a key caddy or shelf for essential items to get you out the door. Hang a letter bin to capture mail and newspapers as soon as you walk into the house. Place a donation box in each closet for items you no longer want or need. It can take a little time to get in the habit of returning items to their assigned space. But once you do, staying on top of clutter will become far more manageable. Are you considering a larger organizational upgrade, like a custom closet or pantry system? Reach out for a free consultation to find out how the investment could impact the value of your home! Tackle Small Tasks Right Away Sometimes, the mental load of thinking about a chore you need to do is worse than the chore itself. Plus, handling small tasks right away can reduce the need for lengthy cleaning sessions.3 Try working these changes into your routine: Learn to clean as you cook, rather than piling it all up for later. As you wait for water to boil or food to cook through, wash the bowls and utensils you used for prep. Hang bath towels on a bar immediately after use. By allowing them to properly air dry, you can cut down on the frequency of laundering. Bring items with you when you leave a room. For example, return plates and cups to the kitchen right away rather than letting them stack up in your home office. Take out the trash when you leave for work, school drop-off, or errands. This will save you the time and hassle of a second trip. If you implement these small changes, your home will stay neater—and you’ll minimize the number of dedicated cleaning sessions you need to take on each week. Embrace an Evening “Shutdown” Routine Kitchens can get dirty and cluttered fast. But a few minutes spent cleaning up each evening can prevent the mess from getting out of control.4 Imagine your kitchen is a restaurant and you’re tidying it up before closing down for the night. These simple steps will prepare you for the morning rush: Wipe down all surfaces, including countertops, stove, microwave, and sink. Then toss your soiled washcloth in the hamper and lay out a fresh one for tomorrow. Load and run the dishwasher every night so you can empty it the next morning. Prepare for breakfast by programming your coffee pot and setting out some grab-and-go options. We all know it can be hard to find the energy for chores in the evening. But if you complete these small tasks each night, you’ll start the next day off right in a tidy, clean kitchen. Think Outside of the Box When It Comes to Storage Most of us have limited storage space. Unfortunately, without the right spots to stash our items, it’s easy to become disorganized. But we’ve found that using household items in innovative ways can help keep mess and clutter under control.5 Here are a few of our favourite swaps: Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards. Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items. Separate dress and athletic socks by turning an old shoe box into a drawer divider. Repurpose jam jars by using them to store office supplies or bathroom essentials. Store out-of-season clothes inside rarely-used suitcases, so all that space doesn’t go to waste. A little creativity goes a long way when it comes to making the most of your space. Just be sure that you’re creating systems you can stick with and not putting things where you might forget about them later! WE’RE HERE TO HELP YOU MAKE THE MOST OF YOUR HOME Keeping your home clean and organized can be a continuous struggle—there’s no need to feel ashamed of that. But taking the time to implement systems that work for you can make life more pleasant and less stressful in the long run. Remember, we’re not just here to help you buy or sell a home. We want you to love living in it, too. Reach out if you need referrals for house cleaners, window washers, or other service providers that can help you make the most of your space. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Healthline -https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning Forbes - https://www.forbes.com/health/mind/mental-health-clean-home/ My Domaine - https://www.mydomaine.com/house-cleaning-schedule Housewife How-Tos - https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/ Better Homes and Gardens - https://www.bhg.com/decorating/storage/projects/simple-solutions/
My Home Didn’t Sell! Now What?

My Home Didn’t Sell! Now What? When it comes to listing your home, most home sellers want three things: 1) to make a lot of money, 2) to put in minimal time and effort, and 3) to sell quickly. But the reality is, selling a home is rarely that simple. And homeowners who try to do it themselves—or receive bad advice—can end up stuck (months later) with a property that hasn’t sold. If that’s you, don’t panic! We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues. Not sure why your property didn’t sell? If you’re not already working with an agent or your listing has expired or been withdrawn, give us a call! We’d be happy to offer a free, no-obligation assessment and create an action plan to get your home SOLD. This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker. 1. BAD TIMING If your home didn’t sell after several months on the market, timing could’ve been a factor. Markets are driven by the law of supply and demand, and real estate is no exception. When there are a lot of people who want to buy homes (demand) and a shortage of inventory (supply), it’s considered a seller’s market. During a seller’s market, listings tend to get snapped up quickly. In a buyer’s market, however, there are more homes for sale than active buyers. This can cause homes to sell for less money and to sit on the market for a longer period of time before receiving an offer. What causes the shift between a seller’s market and a buyer’s market? Economic factors like interest rates, affordability, domestic growth, and the unemployment rate can all impact buyer demand. Over the past year, for example, higher mortgage rates have not only made it harder for some borrowers to qualify for a home loan, they have also sharply pushed up homebuyers' anticipated monthly payments.1 So even if a buyer was interested in your home, they may have passed on it if they couldn’t qualify for a mortgage at your asking price. Seasonal factors like weather, holidays, and school schedules can also increase or dampen the activity and motivation of buyers. Additionally, unexpected events, such as a natural disaster or a stock market crash, can cause some buyers to put their purchasing plans on hold until conditions normalize. Now What? If timing does appear to be a factor, it may be advisable to delay relisting your property. Of course, that’s not feasible (or desirable) for every seller. In most cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. Where there’s a will to sell, there’s usually a way. Fortunately for sellers, people will always need a place to live, and there will be a percentage of the population that is motivated to buy quickly. If you suspect timing played a role in your inability to sell, consult with a knowledgeable real estate agent. We’re in the field every day and have access to the latest market data. We can estimate how long a home like yours should take to sell given current market conditions and help ensure that your asking price is competitive. 2. INEFFECTIVE MARKETING Did your home get a steady stream of showings when it was on the market? If not, you may need to try a new promotional strategy. Take a look at the listing description. Did it entice buyers to visit your property? A well-written description should be clear and compelling while highlighting your home’s most desirable features. Additionally, it should have utilized best practices for search engine optimization (SEO) to ensure that it was found by buyers who were looking for homes online. And how well did the listing photos showcase your property? Many buyers use photos of a home to decide whether or not to visit it in person. In fact, in an American survey, 85% of buyers who browsed online found photos “very useful” in their home search.2 Poor quality or a low quantity of listing photos could have kept potential buyers from stepping through your door. Another factor to consider is whether your listing reached the right audience. This can be especially important if you have a unique or highly-customized home. Working with your agent to make your listing available through your local Multiple Listing Service® System is a great place to start, but some properties require a more robust marketing approach. Now What? If you suspect ineffective marketing, consider turning to a skilled professional with a proven approach. We employ a strategic Property Marketing Plan that uses the latest technologies to seed the marketplace, optimize for search engine placement, and position your home for the best possible impression right out of the gate. For example, we know what buyers in this market want and can craft a persuasive description to pique their interest. And since good listing photos are so crucial, we work with the top local photographers to ensure each shot is staged to your home’s advantage. We also know how to get your listing in front of the right audience—one that will appreciate its unique features. By utilizing online and social marketing platforms to connect with consumers and offline channels to connect with local real estate agents, your property gets maximum exposure to your target market. Want to learn more about our multi-step marketing strategy? Reach out for a copy of our complete Property Marketing Plan. 3. POOR IMPRESSION If your property received a lot of foot traffic but no offers, you may need to examine the impression you made on buyers who visited your property. Start with your home’s structure and systems. Are there large cracks in the foundation? How about doors and windows that don’t properly close? Are there water stains on the walls or ceiling that could signal a leak? These can be major “red flags” that scare away buyers. Next, examine your curb appeal. Does the yard need mowing or do the hedges need trimming? Are there oil stains on the driveway? Any peeling paint or rotted siding? If your home’s exterior looks neglected, buyers may assume the entire house has been poorly maintained. Now move on to the interior of your home. Is it clean? Is there a noticeable odour? Have you taken the time to depersonalize and declutter each room? Buyers need to be able to picture their items in your home, but that’s difficult to do amongst your family photos and personal collections. And oversized furniture and packed closets can make a space seem small and cramped. Now What? When we take on a new listing, we always walk through it with the homeowner and point out any repairs, updates, or decluttering that should be done to maximize its sales potential. We also share tips on how to prep the property before each showing. In some cases, we will recommend that you utilize staging techniques to highlight your home’s best features and help buyers envision themselves living in the space. Home staging is one of the hottest trends in real estate—because it works! According to stagedhomes.com, for example, staging could cut in half the amount of time it takes to sell and bump up your sale price by as much as 20%.3 In addition, a survey of American real estate agents suggests that staging not only helps spark buyers' imaginations, it can also inspire higher quality offers.4 Some sellers choose to hire a professional home stager, while others opt to do it themselves, using guidance from their agent. We can help you determine the appropriate budget and effort required to get your home sold. 4. PRICE IS TOO HIGH Many homeowners are reluctant to drop their listing price. But the reality is, buyers may not seriously consider your property if they think your home is overpriced. Attitudes have changed since the Bank of Canada started hiking interest rates. Many of today's homebuyers are no longer willing or able to pay as high a price on a new home as they might have when borrowing costs were lower.5 If your home’s original asking price was set using sales data from the market's peak, then you may need to rethink your pricing strategy. Economic factors aren't the only reasons, though, for why a home's asking price might not match its market value. Pricing a home can be tricky, regardless of the economic climate, because so many factors can impact how much buyers are willing to pay. For example, unique, highly customized, and luxury properties are particularly difficult to price because there aren’t a lot of comparable homes with which to compare them. Regardless, if your home sat on the market for months without an offer, then chances are good that your asking price needs to be reevaluated. Now What? If you aren’t in a rush to sell your home, adjustments to timing or marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original list price. However, if you need to sell quickly, or you’ve already exhausted those options, a price reduction may be necessary to get your home the attention it needs to sell. We are local market experts and have access to the latest market data and comparable sales in your neighbourhood. We can help you determine a realistic asking price for your home given today’s market conditions. Just reach out for a free home value assessment! 5. YOU HIRED THE WRONG AGENT (OR WORSE, NO AGENT AT ALL) If you suspect that your previous real estate agent didn’t do enough—or used the wrong approach—to sell your home, you’re not alone. Many sellers whose listings languish until they expire or are withdrawn feel this way. While most agents have the best of intentions, not all of them have the skills, experience, instincts, or local market expertise to devise a winning sales strategy in this challenging market. Or, perhaps you chose not to hire a listing agent at all and have been trying to sell your home yourself. This can be an equally frustrating endeavour. Although selling your home independently can help cut some costs, it can also be extremely risky and may even lose you money in the long run. For example, research by the Canadian real estate intelligence firm, Insightt, found that For Sale By Owner (or FSBO) homes took more than twice as long to sell in some real estate markets as homes represented by an agent. Insightt's data also showed that FSBO homes were more likely to sell for less than asking price.6 Now What? If either of these scenarios sounds familiar, you need to ask yourself: “Would I still be interested in selling my home if I could get the right offer?” If so, we should talk. We understand how frustrating it can be when you’ve put a lot of time, money, and effort into prepping your property for the market and it doesn’t sell. We also empathize with how disruptive a delayed home sale can be to your life. By now, don’t you owe yourself more than the status quo when it comes to your real estate representation? Our multi-step Property Marketing Plan can help you sell your home for the most money possible, and in the process re-connect you with the excitement you originally felt upon first listing. It’s time for a new agent, new marketing, new buyers, and most of all… new possibilities. READY TO MAKE A MOVE? Let's talk. We can help you figure out why your home didn’t sell and how to revise your sales strategy and set your home up for success. The housing market has experienced a shift and the waters may be choppier than usual for a while. But there's still plenty of opportunity in the current market: You just need a guide who knows where to look and how to find it. This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Sources: Financial Post - https://financialpost.com/executive/executive-summary/bank-of-canada-interest-rate-impact-housing-mortgage National Association of Realtors - https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/ CREA - https://www.creacafe.ca/is-home-staging-necessary-when-listing-a-property/ Money Sense - https://www.moneysense.ca/spend/real-estate/what-home-sellers-should-know-about-staging/ The Globe and Mail - https://www.theglobeandmail.com/real-estate/toronto/article-opportunistic-real-estate-buyers-step-to-the-stage-as-prices-decline/ Real Estate Magazine - https://realestatemagazine.ca/putting-for-sale-by-owner-into-perspective/
Top 6 Home Design Trends To Watch in 2023

Top 6 Home Design Trends To Watch in 2023 Over the past few years, many of us have spent extra time at home—and that means we appreciate the personal design touches that make a house cozy and comfortable more than ever. Some of us have adapted our dwellings in new ways, from creating functional home offices to upgrading the appliances we use most. But while it’s important to make your home your own, it’s also smart to think about the long-term impact your renovations could have on its value. Choosing highly-personalized fixtures and finishes can make it harder for future homebuyers to envision themselves in the space. Even if you don’t plan to sell your home soon, investing in popular design choices that are likely to stand the test of time will make things easier down the road. And if you’re in the market for a new home, it’s wise to keep an eye out for features that might need to be updated soon so you can factor renovation costs into your budget. We’ve rounded up six trends that we think will influence interior design in 2023, as well as ideas for how you might incorporate them in your own home. Remember, before taking action, it’s always wise to consult with a real estate professional to understand how specific updates and upgrades will affect your property’s value in your local market. 1. Separate Kitchen, Dining and Living Areas For years, home design has been dominated by open-concept floor plans, particularly for kitchen, dining, and living areas. However, as the pandemic forced families to work and study from home, many struggled to find the privacy and separation they needed. As a result, designers report that more families are choosing to bring back walls to break up the space and create quieter areas.1 That doesn’t mean that we’re returning to an era of dark and cramped spaces, however. Even as walls make a return, it’s important to take care to retain a sense of flow and openness within the home and to prioritize natural light. If you’re buying or building a new home, consider how you will use the space and whether or not an open floor plan will suit your needs. If you already live in a home with an open floor plan and it isn’t working for you, try rearranging furniture and strategically placing pieces like bookshelves, room dividers, or rugs to create distinct areas within the home and reduce noise. Photo by LDa Architecture & Interiors - Browse dining room photos 2. Nature-Inspired Design In the past few years, we’ve seen the “biophilia” trend explode, and there are no signs that it will be any less popular in 2023. This trend is all about bringing the outside in by adding natural touches throughout your home.2 This year, design experts predict that natural, sustainable materials like bamboo, cork, and live-edge wood will lend character without being overwhelming. Natural-wood cabinets and accents are also back in vogue.3 Designers emphasize that you shouldn’t be afraid to mix contrasting tones, like white oak and rich walnut, to create a custom and inviting look.1 Colours inspired by nature (think mossy greens and desert hues) will also play into this trend and will blend seamlessly with wood tones. We’re also seeing a return to natural stone countertop materials like quartzite, marble, and soapstone.4 If you’re planning to add new shelving or redo your kitchen, consider turning to these materials to embrace the biophilic look. Or, incorporate elements of the trend by choosing nature-inspired paint colours and adding to your houseplant collection. Photo by Savant Design Group - More living room ideas 3. Lighting as a Design Feature Spending more time at home has shown us the importance of having the right lighting for specific tasks and times of the day. As a result, many homeowners are reconsidering the ways they light their homes and using light fixtures to change the usability and mood of their spaces. In particular, homeowners are rejecting bright, flat overhead lighting and replacing it with lamps and task-specific options. A layered approach to lighting—such as using a combination of under-cabinet, task, and ambient lighting in a kitchen—enables homeowners to tweak the level of light they’re using based on the time of day and what they are doing.4 In 2023, we expect to see more statement chandeliers, pendants, and wall sconces in a variety of shapes and materials.5 Thinking about switching up the lighting in your home? Start by adding floor or table lamps and swapping out fixtures before you invest in rewiring your space. Take note of what works and what doesn’t and watch how the light in your home changes throughout the day. You can then use that information to make lighting decisions that require a bigger investment. Photo by The Brooklyn Studio - Search living room design ideas 4. More Vibrant Colour Palettes After the long dominance of whites and grays, more vibrant colours are coming back as a way to add character and dimension to homes. This year, warm and earthy neutrals, jewel tones, and shades of red and pink are particularly popular.6 If your style tends toward the subtle, consider options like light, calming greens, blues, and pastels. Major paint brands have responded to these homeowner preferences with their newest releases. Sherwin William’s 2023 colour of the year, Redend point, is an earthy blushing beige, while Dulux is embracing jewel tones with Vining Ivy, a rich teal.7,8 Behr’s choice of the year, Blank Canvas, is a creamy off-white that's a warmer version of the stark whites that have been trending over the past few years.9 If you’re planning to put your home on the market soon, it’s better to play on the safer side and avoid extremely bold or bright colour choices when it comes to paint or fixed finishes like tile and countertops. Instead, try incorporating pops of colour through throw pillows, art, and accessories. Photo by Touch Interiors by Bronwyn Poole - Discover bedroom design ideas 5. Curved Furniture and Architectural Accents Goodbye, sharp corners. In 2023, arches and curves lend a sleek feel that draws on classical design and retro trends while remaining modern.6 Rounded corners feel more relaxed and natural than sharp edges, lending more of a sense of flow and comfort to a home. If you want to incorporate the trend into your new build or remodelling plans, curved kitchen islands and bars and arched alcoves are all good options—or you can take it a step further with arched windows and doorways. You can also carry this trend through to your light fixtures by incorporating a bubble chandelier or globe pendants. It’s easy to embrace this look without renovations, too. Look for a softer feel in furniture, with sofas, chairs, and tables that showcase curved edges. Or, break up your space with an arched folding screen and a circular rug. Photo by Wilson Lighting - Look for living room pictures 6. Art Deco Revival Art Deco, the architecture and design style that took hold in the 1920s and ’30s, is enjoying a resurgence.1 As a style, Art Deco is marked by bold geometry, textures, and colours, as well as an emphasis on art. But the 2023 interpretation of this style is likely to be a bit less splashy than its historical roots. Designers predict that instead of incorporating all of the elements of the style, which could feel overwhelming, homeowners will pick bursts of colour or bold accessories to bring some whimsy to their space. Keep an eye out for vintage mirrors, lamps, or vases that bring a touch of Art Deco glam to your home, or embrace bold colours and fabrics like velvet. Choose pillows and throw blankets in bright colours and geometric patterns to nod to the look without diving in all the way. Photo by Favreau Design - Browse living room photos DESIGNED TO SELL Are you thinking about remodelling or making significant design changes to your home? Wondering how those changes might impact your future resale value? Buyer preferences vary significantly based on your home’s neighbourhood and price range. We’re happy to share our insights on the upgrades that will make it easier (or more difficult!) to sell your home. Give us a call for a free consultation! The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: ca -https://www.realtor.ca/blog/design-trends-to-watch-out-for-in-2023/29256/1367 com -https://www.sudbury.com/village-life/15-major-interior-design-trends-for-2023-6301745 Home Builder Canada -https://www.homebuildercanada.com/news/news221123-Kitchen-trends.htm ca -https://www.realtor.ca/blog/8-kitchen-trends-to-watch-for-in-2023/29442/1367 The Spruce - https://www.thespruce.com/2023-lighting-trends-6891412 ca -https://www.hgtv.ca/2023-home-decor-trends/ Sherwin Williams - https://www.sherwin-williams.com/content/colorforecast/colormix-2023/color-of-the-year-2023 Dulux -https://www.dulux.ca/pro/colour/2023-paint-colour-design-trends Behr -https://www.behr.com/consumer/inspiration/2023-coty/
2023 Real Estate Market Outlook (And What It Means for You)

2023 Real Estate Market Outlook (And What It Means for You) Last year, one factor drove the real estate market more than any other: rising mortgage rates. In March 2022, the Bank of Canada began a series of interest rate hikes in an effort to pump the brakes on inflation.1 And while some market sectors have been slow to respond, the housing market has reacted accordingly. Both demand and home prices have softened, as the primary challenge for buyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many Canadians, it should ultimately lead to a more stable and sustainable real estate market. So what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While no one can forecast the future with certainty, here’s what several industry experts predict will happen to the Canadian housing market in the coming year. MORTGAGE RATES WILL EVENTUALLY STOP CLIMBING Over the course of 2022, we saw the benchmark rate rise at a record pace—a whopping 400 basis points in just nine months. Fortunately, there are signs that the central bank’s series of rate hikes may be coming to an end.2 After last month’s half-point rate increase, Bank of Canada officials struck a noncommittal tone about future rate hikes, prompting economists to speculate that the central bank may pause hiking rates by early spring, if not sooner.3 According to Stephen Brown, a senior economist at Capital Economics, the central bank is likely to hike rates at least one more time before it shifts gears. “We would not rule out a final 25 basis point interest rate hike in January,” said Brown in a client note. “But the Bank is very close to the end of its tightening cycle.”3 What impact will this have on mortgage rates? Variable mortgage rates could finally stabilize. However, buyers hoping for a big drop later in the year may be disappointed. Although some market analysts are betting on lower rates, CIBC economist Benjamin Tal thinks that's unlikely as long as inflation remains a factor. “I think that the Bank of Canada is determined to make sure that they will not touch interest rates in terms of cutting them before inflation is totally dead,” said Tal in an interview with Canadian Mortgage Professional.4 Fixed mortgage rates, on the other hand, could continue to trend lower as bond yields crumble.5 James Laird, co-CEO of Ratehub.ca, predicts that Bank of Canada’s benchmark rate will hold steady through 2023, but fixed mortgage rates may tick down because of bonds. “Bond yields will decrease throughout the year, allowing fixed rates to follow suit,” said Laird in an interview with Canadian Mortgage Professional.6 However, those rate decreases may be fairly muted as long as banks’ borrowing costs stay higher overall. It's also possible that rates on both variable and fixed-rate mortgages will climb instead. Bank of Canada Governor Tiff Macklem has made clear that the central bank is prepared to keep hiking rates aggressively if inflation fails to dissipate. “If high inflation sticks, much higher interest rates will be required to restore price stability,” said Macklem in a recent speech to business leaders.7 What does it mean for you? While no one can predict the future of mortgage rates with certainty, an end to interest rate hikes could bring some much-needed relief for borrowers. If you have plans to buy a home or renew your mortgage in the coming year, you’ll want to weigh your options carefully when deciding between a variable or fixed rate. Reach out for a referral to a mortgage professional who can help. BUYERS WILL RETURN TO THE MARKET The pace of home sales fell steeply last year as higher mortgage rates priced would-be buyers out of the market. However, some industry experts predict that the Canadian housing market is poised to turn a corner. Although many buyers and sellers are currently in a stalemate over housing prices, market dynamics may shift this spring as more homes go up for sale. “Zooming in on demand and supply conditions, the drop in unit sales has been the steepest on record, but the pace of the decline is starting to slow,” write CIBC economists, Benjamin Tal and Katherine Judge, in a recent forecast.8 Douglas Porter, chief economist at BMO Capital Markets, projects that existing home sales will fall through the first half of 2023 and then reverse course and begin to rise in Q3.9 Victor Tran, mortgage expert at Ratesdotca, also speculates that a stabilization in mortgage rates will bring home buyers back out. He told the Financial Post in a December interview: “We may be seeing the bottom of the housing market trough before buyers begin to enter the market in spring of 2023.”10 Buyers’ purchasing power will still be constrained by higher mortgage rates, though, as well as by a stringent mortgage stress test for uninsured mortgages and a hefty monthly payment for insured ones. So a buyer’s ability to participate in the market will depend, in part, on a seller’s willingness to negotiate. What does it mean for you? If you’re a buyer who has been waiting for conditions to normalize, now may be an ideal time to start your home search. As more buyers begin to enter the market, you’ll face steeper competition and reduced negotiating power.And if you’ve delayed selling your home, this could be the year to make a move. Reach out to schedule a free consultation and home value assessment. HOME PRICES WILL STABILIZE LATER THIS YEAR Canadian home prices have fallen roughly 10% from their peak, and analysts expect they could fall further before moderating in the second half of this year.11 A Reuters poll of industry experts found a wide range of predictions. But on average, the analysts surveyed project that home prices could fall another 7.5% or so. However, the majority report that the risk of a market crash is low.11 A nationwide housing shortage is expected to prop up prices even as sales volume falls. According to Robert Kavcic, senior economist at BMO Capital Markets, “We have a unique situation where demand has cracked and buyers can’t qualify for, or afford, early-year prices. But, outside some areas, there’s not a bounty of listings to choose from, and sellers are still able to say ‘no thanks.’”11 Economists at CIBC speculate that home prices will hit a floor in the coming months: “A lower 5-year rate and pent-up demand amplified by demographics will work to establish a bottom in prices by the spring of 2023,” write Benjamin Tal and Katherine Judge.8 RBC Assistant Chief Economist Robert Hogue offers a similar projection: “We expect prices will keep falling until a bottom [this] spring. Our forecast calls for the national benchmark price to drop 14% from (quarterly) peak to trough.”12 What does it mean for you? It can feel scary to buy a home when there’s uncertainty in the market. However, real estate is a long-term investment that has been shown to appreciate over time. And keep in mind that the best bargains are often found in a slower market, like the one we’re experiencing right now. Contact us to discuss your goals and budget. We can help you make an informed decision about the right time to buy. And if you’re planning to sell this year, you’ll want to chart your path carefully to maximize your profits. Contact us for recommendations and to find out your home’s market value. RENT PRICES WILL CONTINUE TO CLIMB While home prices have fallen, rent prices have surged—rising around 12% year-over-year, according to data from Rentals.ca.13 The average monthly cost to rent a home in Canada is now higher than ever and some analysts are growing increasingly concerned that renters won't be able to keep up with the higher payments. “We're getting close to a point where rents are just simply becoming unaffordable for renters,” said Urbanation president, Shaun Hildebrand, to CBC News.14 But that's not stopping landlords from collecting higher rents. In 2023, affordability challenges for would-be buyers, inflationary pressures, and an overall lack of housing are expected to continue driving up rent prices in much of the country. “Interest rates are actually working to elevate rent inflation because many people are not buying, so they are renting more,” CIBC Economist Benjamin Tal told CBC News.13 And according to Tal, the higher rates have also disincentivized builders and developers from investing in rental properties. That, in turn, has exacerbated the undersupply of available units.13 It's possible rent prices could ease if Canada's economy deteriorates, says Urbanation's Hildebrand. “But over the medium and longer term with aggressive immigration targets and rental construction that's been stalling recently due to high costs, it's pretty clear that rents are going to continue to rise higher.”14 What does it mean for you? Rent prices are expected to keep climbing. But you can lock in a set mortgage payment and build long-term wealth by putting that money toward a home purchase instead. Reach out for a free consultation to discuss your options. WE’RE HERE TO GUIDE YOU While national real estate forecasts can provide a “big picture” outlook, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the issues most likely to impact sales and drive home values in your particular neighbourhood. If you’re considering buying or selling a home in 2023, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: CP24 News -https://www.cp24.com/news/the-bank-of-canada-has-raised-rates-again-here-s-a-timeline-of-how-we-got-here-1.6125268# Reuters -https://www.reuters.com/markets/bank-canada-set-hike-rates-may-signal-it-is-near-end-tightening-cycle-2022-12-07/ CBC - https://www.cbc.ca/news/business/bank-of-canada-1.6677004 Canadian Mortgage Professional - https://www.mpamag.com/ca/mortgage-industry/market-updates/bank-of-canada-could-be-done-on-hikes-for-now-cibcs-tal/430005 Reuters - https://www.reuters.com/business/finance/bank-canadas-inflation-fight-made-harder-bond-yields-fall-2022-12-15/ Canadian Mortgage Professional - https://www.mpamag.com/ca/news/general/whats-the-bank-of-canada-rate-likely-to-be-in-2023/430755 Global News - https://globalnews.ca/news/9341825/bank-of-canada-tiff-macklem-speech-dec-12/ CIBC Capital Markets -https://economics.cibccm.com/cds?id=6f402711-69b3-46a5-afc8-91ede34fe1fd&flag=E BMO Capital Markets -https://economics.bmo.com/media/filer_public/04/01/040155ce-0cb2-49ac-b63e-def8e66d4c05/outlookcanada.pdf Financial Post -https://financialpost.com/real-estate/mortgage-rates-soar-higher-interest-rate-increase Financial Post - https://financialpost.com/real-estate/canada-house-prices-to-tumble RBC Special Housing Reports -https://thoughtleadership.rbc.com/quiet-fall-housing-market-across-canada/ CBC News -https://www.cbc.ca/news/business/rent-inflation-november-1.6650777 CBC News - https://www.cbc.ca/news/canada/toronto/rental-costs-canada-1.6685602 Contact us to find out what your home could sell for in today's market.
Home for the Holidays: How To Stretch Your Budget in a Season of Inflation

Home for the Holidays: How To Stretch Your Budget in a Season of Inflation You don't have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything from food to gifts to decorations, but there are still plenty of opportunities to eke out extra savings. For example, you can trim your energy bills by up to 20% just by sealing air leaks in your home.1 Other small fixes—such as swapping old light bulbs for LEDs and plugging electronics into a powerstrip—can boost your yearly savings enough to pay off some of your holiday budget. And thanks to a pandemic-era boom in online shopping, it is easier than ever to find deals on new and pre-owned furniture, thrifted gifts, DIY decor, and more. Even secondhand stalwarts like Goodwill have joined the digital fray, making it a cinch to score gently-used treasures at extra-low prices.2 You won't be the only one bargain-hunting your way to a more financially-stable New Year. Multiple surveys have found that inflation is not only chilling people's spending, it's also prompting shoppers to search for better deals and creative ways to reduce their bills.3 Check out this video for more: Here are some strategies you can use to boost your holiday budget by trimming household expenses: 1. Hunt for Deals on Groceries If you're finding it harder than it used to be to serve your family dinner on a budget, you're not alone. With grocery prices rising at a record pace, many families are struggling to control costs on food staples, such as meat, dairy, produce, and grains.4 That's made pulling off holiday gatherings especially stressful lately. But don't despair: Even with inflation, retailers are still giving motivated shoppers plenty of opportunities to whittle down their bills. The key is to pay attention to the cost of each item on your shopping list—not just the most expensive—and look for easy swaps and discounts. For example, try buying non-perishable items in bulk, especially when they’re on sale, and only in-season produce. Or trade name-brand goods for less expensive options from a store's private label. As you tap into your inner bargain hunter, you could be surprised by what you save when you’re more mindful of your selections. And unlike in the old days, you no longer have to clip your way through paper flyers to snag a bargain. Instead, you can save both time and money by scouting for deals online, digitally clipping coupons, and earning cash back through special apps and browsers. For example, coupon aggregation sites, like Flipp, and shopping apps—such as Checkout 51 and Rakuten—make it easy to score discounts and cash back on a variety of purchases, including groceries. Also, check to see if your neighbourhood grocer posts their weekly flyers online or if Save.ca has published flyers from other nearby stores. If you're hosting a holiday party, the markdowns you find can help you narrow your food and recipe choices, based on what's currently on sale. 2. Prep Your Home for Holiday Guests With Pre-Owned Finds You don't have to sacrifice style for the sake of preserving your holiday budget either. If you're expecting company this year and would like to add some festive flair to your home, you can do so inexpensively—especially if you're willing to decorate with items that are secondhand. Thrifting is back in vogue, with an increasing number of shoppers preferring pre-owned furniture and home goods. The number of Canadians who shop secondhand has grown.5 In fact, one study found that nearly three-quarters of Canadians now buy pre-owned goods of some type. 6 Plus, buying used isn’t just a great way to save money, it also helps the environment by keeping reusable items out of landfills. Fortunately, it’s become easier to score secondhand deals online. For example, you can scout consumer marketplaces on Facebook and Kijiji. Or you can take advantage of neighbourhood freecycles and “Buy Nothing” groups. And a number of thrift shops now have e-commerce sites, including major chains, like Goodwill. If you're handy with a paintbrush or have some basic carpentry skills, you can also modernize some of your existing furniture by upcycling it yourself. Or, if you enjoy crafting, search through your own recycling or sewing bin for raw material to make one-of-a-kind decorations. Don't stress yourself out, though, if you don't have the time or money to dress your home the way you hoped. Your house can still feel festive and inviting, even if it's not completely done up. 3. Forgo Major Renovations in Favor of DIY Home Improvements Holidays are always a tricky time to undergo big renovations. But with ongoing worker and material shortages, now is an especially bad time to commit. Inflated costs can add thousands to your reno budget—and unnecessary stress to your holiday. Instead of suffering through an ill-timed remodel, you're better off saving this time of year for simpler, less expensive projects you can do yourself. One winter-perfect upgrade to consider: Build a DIY fire pit so that you and your guests can roast marshmallows and relax in the cozy comfort of your backyard. You can also add some extra ambiance by hanging energy-efficient LED outdoor string lights that change from white to colourful. These are festive enough for the holidays, but also versatile enough to use year-round. Or, if you'd rather curl up by an indoor fire, channel your DIY energy into a fireplace upgrade. Adding a wooden beam to the top of your mantel can add an extra layer of coziness. Alternatively, re-tiling or painting your fireplace surround can lend contemporary flair. Just be sure to stick to DIY projects that you know you can do a quality job on—especially if your changes will be difficult to reverse. Feel free to reach out for a free assessment to find out how your planned renovations could impact your home’s resale value. 4. Invest in Home Maintenance Projects That Cut Your Utility Bills You can save money by completing basic home maintenance tasks, such as swapping your furnace filter and updating your lightbulbs. But if you really want to lower your bills this winter, consider projects that make your home more energy efficient. Research by the trade group NAIMA found that most homes in Canada are under-insulated, which wastes energy and money.7 The group estimates that Canadians can potentially save hundreds of dollars per year just by retrofitting their homes. Luckily, there are plenty of DIY insulation projects that you can complete in just a few days. For example, some projects you can do relatively quickly include: Insulating your attic or basement crawl space Weatherstripping doors and windows Sealing areas around the house that may be leaking air, including electrical outlets and fireplaces The savings you get from these projects can really add up. Natural Resources Canada estimates that walls alone account for roughly 20% of heat loss in homes, so they’re a rich target for tackling costly sources of air leakage.8 And thanks to the Canada Greener Homes Initiative, you can also save a bundle this year by investing in certain energy-efficient upgrades and claiming a tax rebate.9 Be sure to check with us about any municipal or provincial rebates and incentives that may be available, too, before getting started on a project. 5. Use Expense Tracking to Boost Your Holiday Budget To avoid overextending yourself during the holidays, one of the best things you can do is track your income and expenses. If your monthly budget is usually tight, you may need to make some adjustments to free up cash for holiday expenditures. For example, here's a sample budget worksheet that we created. Start by adding in your expenses: Under the “Typical” column, you can list your standard expenses, and under the “Adjusted” column, list any areas where you could cut back on spending. Then consider how your standard wages may be adjusted this month by extra shifts, additional tips, or an end-of-year bonus. By decreasing your spending and/or increasing your income, you can build room in your budget for holiday gifts and gatherings. HOUSEHOLD BUDGET WORKSHEET Typical Adjusted Difference (+/-) HOUSING Mortgage/taxes/insurance or Rent Utilities (hydro, water, gas, trash) Phone, internet, cable Home maintenance and repairs FOOD Groceries Restaurants TRANSPORTATION Car payment/insurance Gas, maintenance, repairs OTHER Health insurance Clothing and personal care Childcare Entertainment Charitable contributions Savings, retirement, college fund INCOME Salary/wages Bonus, tips, other MONTHLY TOTALS Total Adjusted Income Total Adjusted Expenses - EXTRA SAVINGS FOR YOUR HOLIDAY BUDGET 👉👉 Feel free to utilize this worksheet as a template that you can customize to your needs, or ask us for a PDF copy that you can print out and use right away. WE’RE HERE TO HELP We would love to help you meet your financial goals now and in the year ahead. Whether you want to find lower-cost alternatives for home renovations, maintenance, or services, we are happy to provide our insights and referrals. And if you’re saving up to buy a new home, we can help with that, too. This is the perfect time to score a great deal because only the most motivated homebuyers and sellers are active in the market right now. So reach out to schedule a free consultation. We can fill you in on some of the exciting programs and incentives we’re seeing that help make homeownership more affordable. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: CTV News - https://www.ctvnews.ca/lifestyle/8-tips-for-saving-on-your-home-heating-this-winter-1.6116384 CBC News - https://www.cbc.ca/news/world/goodwill-online-store-1.6605808 MoneyWise - https://moneywise.ca/news/economy/canadians-plan-to-spend-less-as-retailers-brace-for-shopping-season Statistics Canada - https://www150.statcan.gc.ca/n1/pub/62f0014m/62f0014m2022014-eng.htm Statista - https://www.statista.com/statistics/998634/consumers-who-have-shopped-at-thrift-stores-canada/- Retail Insider - https://retail-insider.com/retail-insider/2022/08/resale-going-mainstream-in-canada-with-consumers-particularly-valuing-brand-owned-resale-report/ NAIMA Canada - https://www.globenewswire.com/en/news-release/2016/10/27/1263857/0/en/New-Study-Reveals-Most-Homes-in-Canada-Are-Significantly-Under-Insulated.html Natural Resources Canada - https://www.nrcan.gc.ca/energy-efficiency/homes/make-your-home-more-energy-efficient/keeping-the-heat/chapter-7-insulating-walls/15641 Government of Canada - https://www.nrcan.gc.ca/energy-efficiency/homes/canada-greener-homes-grant/start-your-energy-efficient-retrofits/plan-document-and-complete-your-home-retrofits/eligible-grants-for-my-home-retrofit/23504
10 Staging Secrets From the Pros for a Quick Home Sale at Top Dollar

10 Staging Secrets From the Pros for a Quick Home Sale at Top Dollar According to the National Association of Realtors, staging a home prior to listing it can result in a faster and more profitable sale.1 In fact, the Real Estate Staging Association estimates that professionally staged properties spend 73 percent less time on the market, receive more foot traffic, and typically sell for more money.2 Source: National Association of Realtors Following are 10 tips you can use to get your home “show ready” prior to hitting the market. These easy and cost-effective ideas will help your house look its best—and help buyers visualize themselves living there. Even if you’re not currently in the market to sell, you can use these tactics to breathe new life into your existing home decor. To get a plan customized for your particular property, give us a call to schedule a free consultation. We’d be happy to share our insider knowledge of the buyer preferences in your neighborhood … so you’ll know where to focus your time, money and energy to maximize your results. REMOVE CLUTTER Decluttering is typically the first thing we tell clients to do to prepare their home for sale. And according to the National Association of Realtors, a whopping 93 percent of agents agree.1 Decluttering is the act of removing excess “stuff” from your home to make it appear clean and spacious. Overflowing closets and cluttered countertops can make your house feel small and cramped. In contrast, sparsely-filled closets and clear countertops will make your home appear larger and assure buyers that there will be plenty of room to store their belongings. Don’t neglect drawers, cupboards and even your refrigerator in your decluttering efforts. Serious buyers will check out every nook and cranny of your home, so pack up anything you don’t use on a daily basis and store it off site. The same goes for jewelry, sensitive documents, prescription medication, firearms and other items of value. Store them in a locked safe or storage unit before opening your property to buyers. Make sure any items that remain are clean, tidy and well organized. The good news is, when it comes time to move, a large portion of your packing will be done! Photo by Holme Design - Look for kitchen pictures DEEP CLEAN AND DEODORIZE From carpets to bathrooms to appliances, having a clean home is a MUST. If you’ve ever checked into a dirty hotel room, you can imagine how buyers can be turned off by a home that hasn’t been thoroughly cleaned. If you have a large home, or are short on time, you may want to invest in a professional cleaning service. And if you have carpet, we generally recommend you rent a steam cleaner or hire a company to clean your carpets for you. In addition to cleaning, it’s equally important to neutralize odors in your home that can be off-putting to buyers, especially pet smells and cigarette smoke. If the weather allows, open your windows and let in fresh air. Empty the trash frequently, and especially before a showing. Avoid cooking any strong-smelling food such as fish or heavy spices. You may need to clean (or remove) drapes and upholstery if odors are particularly strong. Try to keep your home in clean, show-ready condition while it’s on the market. You never know when a potential buyer will want to drop by for a viewing. DEPERSONALIZE Your family photos and personal mementos are often your most treasured possessions. For many of us, they are what make a house a home. However, buyers will have a hard time envisioning themselves living in a place if it feels like YOUR home. Pack up any items that are personal to you and your family, such as photos, books, children’s artwork, travel souvenirs and religious items. Collectibles and excessive knickknacks can be distracting to buyers. Instead, keep your decor items minimal and generic to appeal to the largest number of buyers. NEUTRALIZE YOUR COLOR PALETTE Along those same lines, bold color choices may not appeal to all buyers. By incorporating a neutral color palette throughout your home, buyers can better visualize the addition of their own furniture and decor, which may contrast with your current color scheme. But don’t limit yourself to white and beige. Incorporating earth tones and midtone neutrals—like mocha and “greige” (grey-beige)—can add a touch of modern sophistication to your decor.3 Photo by Ellen Grasso & Sons, LLC - Browse family room photos One of the quickest and most cost-effective ways to neutralize your home’s decor is with paint. Walls painted in dark, bold or bright colors can turn off buyers. A fresh coat of paint in a neutral color like greige (try Benjamin Moore’s Revere Pewter) or warm white (such as Kelly-Moore’s Rotunda White) offers a clean palette upon which buyers can visualize adding their own personal touches.4 If your sofa is worn, stained or has a bold pattern, consider purchasing a neutral-colored slipcover. Dated or overly busy window coverings should be taken down or replaced. Instead, bring in tasteful pops of color with throw pillows and accessories. INCREASE YOUR CURB APPEAL You only get one chance to make a first impression. According to a 2017 report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.5 That means if your curb appeal is lacking, buyers may never make it through the door. Walk around your home and look for any neglected areas that might seem like “red flags” to buyers, such as missing roof shingles or rotted siding. Trim trees and shrubs if needed, and make sure your lawn and flower beds are well maintained. Add some colorful flowers to your front beds and/or flower boxes to brighten up your landscaping. Make sure the exterior of your home is as clean as the interior. This can often be accomplished with a simple garden hose. But if your siding, walkway, or driveway are stained or dingy, you may want to rent a pressure washer. Thoroughly wash windows and screens, and remove and store dark solar screens if you have them. Open shutters, curtains and blinds, which will not only make your house look more inviting from the outside, it will brighten the inside. Consider a fresh coat of paint on your front door, trim and shutters. And small, cosmetic improvements like new house numbers, a colorful wreath and a clean front doormat can have a big impact.6 FRESHEN KITCHENS AND BATHS Kitchens and bathrooms will show better and appear larger if all items are cleared from the countertops, except for one or two decorative pieces.7 You should have already packed up non-essentials during your decluttering process, and the remaining items should be neatly stored in pantries and cupboards. If your cabinets are dingy or outdated, adding a fresh coat of paint and new hardware is an easy and inexpensive way to make them modern and bright. Consider purchasing new shower curtains, bath mats and towels for the bathrooms and new dish towels for the kitchen. Before each showing, make sure kitchens and baths are spotless and trash cans are empty and out of sight. To add a comforting aroma, try baking cookies, or in the fall, simmer some cinnamon sticks and cloves in a pot of water before you leave the house. In the spring, try a vase of fresh cut lilacs.7 SET THE TABLE Buyers often imagine hosting family gatherings in their new home, and the dining room plays a large role in that vision. If your dining room chairs are stained or outdated, you may want to recover them or use slipcovers. In most cases, an imperfect table can be camouflaged with a neutral and stylish tablecloth. Be sure the table is centered underneath the chandelier and on the area rug if you’re using one. If your dining room is small, remove all other furniture and leave only four chairs.8 Dress up the table using nice tableware and cloth napkins or a table runner and centerpiece. For a long table, try lining up a series of small vessels down the middle. Photo by Kate Jackson Design - Search dining room pictures REARRANGE FURNITURE Start in your living room and think about what you want to emphasize (and de-emphasize) about the space. For example, do you have a beautiful fireplace or a stunning view? If so, arrange the furniture with that focal point in mind. Use a symmetrical seating arrangement to create a cozy conversation area adjacent to the focal point. If the room is small, consider removing some of the furniture to make it feel larger, especially oversized pieces. That includes oversized television sets, unless it’s a designated media room. Pulling furniture away from the wall can make the room feel more spacious, and placing your largest furniture piece in the far-left corner (as opposed to near the entry) can create the illusion of a larger space.9 For small bedrooms, remove all the furniture except the bed, bedside tables and a dresser. If it’s a large room, add one or two chairs and a table to create a seating area. Place lamps on the bedside tables and seating area if you have one.10 Make sure each space in your home has a clearly defined purpose. For example, if you’ve been using an extra bedroom as a catch-all storage space, stage it as a guest room or office instead. Turn an awkward alcove into a workstation or a reading corner. Help buyers imagine how they could use the space themselves.3 LIGHTEN UP Lighting can have a drastic impact on the look and feel of a home. Few buyers seek out a dark house; most prefer one that’s light and bright. Make sure windows are clean, and open curtains and blinds to let in the maximum amount of daylight. Each room should have three types of lighting: ambient (general or overhead), task (such as a reading lamp or under-cabinet light), and accent (such as a floor or table lamp). Aim for a goal of 100 total watts per 50 square feet.11 If your mounted light fixtures are dated, replacing them with something more modern is an easy and inexpensive upgrade that can have a big impact. Strategically placed landscape lighting can add a dramatic effect to your home’s exterior. Welcome evening visitors with a lighted walkway, or use a spotlight to accentuate trees or other landscaping features. Solar lights require no wiring; simply place them in a sunny spot and they will turn on automatically at dusk. HIGHLIGHT YOUR BACKYARD’S BEST FEATURES While your home’s interior often takes center stage, don’t forget about staging your home’s outdoor areas to help buyers imagine how they could utilize the space. Even a small patio can become a selling feature with the addition of a cafe table and chairs. Add a tray of plates and coffee cups to help buyers envision a peaceful breakfast on the back porch. Place chairs and wine glasses around an outdoor firepit or hang a hammock with a book in your favorite shady spot.3 These small, simple additions can help buyers visualize the possibilities your backyard has to offer. BEFORE YOU GET STARTED If you’re in the market to sell your home, this list provides a great starting point for your preparations. But nothing beats the trained eye and expertise of a real estate agent. Before you do any work, we recommend consulting a professional for advice about your particular property. We offer free, no-commitment seller consultations and will walk through your home with you to help you assess which projects and upgrades are worth your time and money, and which ones you can skip. As local market experts, we are intimately familiar with buyer preferences in the Greater Toronto and Brampton area. We’ll run a comparative market analysis to find out how your home compares to others currently on the market, as well as those that have recently sold. Then we’ll tailor a custom plan to suit your particular property, budget and needs. Please call, email or text us today with questions or schedule a free consultation here! Sources: National Association of Realtors – https://www.nar.realtor/sites/default/files/migration_files/reports/2017/2017-profile-of-home-staging-07-06-2017.pdf Real Estate Staging Association – http://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548 Houzz – https://www.houzz.com/ideabooks/2661221/list/sell-your-home-fast-21-staging-tips HGTV – https://www.hgtv.com/design/outdoor-design/landscaping-and-hardscaping/10-curb-appeal-tips-from-the-pros-pictures National Association of Realtors – https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf The Spruce – https://www.thespruce.com/must-try-neutral-paint-colors-797983 HouseLogic – https://www.houselogic.com/sell/preparing-your-home-to-sell/home-staging-checklist/ com – http://www.stagemyownhome.com/staging-the-dining-room.html com – https://www.realtor.com/advice/sell/small-living-room-staging-tricks/ SFGATE – http://homeguides.sfgate.com/stage-master-bedroom-34573.html HGTV – https://www.hgtv.com/shows/designed-to-sell/15-secrets-of-home-staging-pictures
7 Tips to Maximize Your Home’s Sale Price

7 Tips to Maximize Your Home’s Sale Price Over the past few years, a real estate buying frenzy bid up home prices to eye-popping amounts. However, as mortgage rates have risen, buyer demand has cooled.1 Consequently, home sellers who enter the market today may need to reset their expectations. The reality is, it’s no longer enough to stick a “for sale” sign in the yard and wait for buyers to bang down the door. If you want to net the most money possible for your property in today’s market, you’ll need an effective game plan and a skilled team of professionals to implement it. Fortunately, we’ve developed a listing strategy that combines our proven approach to preparation, pricing, and promotion—all designed to help you get top dollar for your home. But you will play an important role in the selling process, as well. Here are some crucial steps you can take to set yourself up for success as a home seller in this market: 1. Make Strategic Repairs and Improvements When you sell something, it’s important to consider what your customer wants to buy. And according to a recent survey, 83% of Canadians view “affording necessary renovations” as a major hurdle to buying a home.2 If you can present buyers with a move-in-ready option, they will feel more confident in making an offer. Before your home goes on the market, we’ll conduct a thorough walk-through to identify any problems that could prevent it from selling. In some cases, we may recommend a professional pre-listing inspection. Finding and addressing issues like leaks, rot, and foundation problems up front can pay off in the final sale price. Plus, it prevents sales from falling through because of a red flag on the home inspection, a scenario no seller wants to face. Beyond repairs, we’ll also help you identify the simple upgrades that offer the highest return on your investment. For example, new paint can give your home a fresh look at a reasonable cost. And according to a recent report, it’s one of the top renovations for return at resale.3 Similarly, minor landscaping improvements can pay off in a major way. A healthy lawn offers an estimated 256% ROI.4 2. Declutter and Depersonalize When buyers look at a home for sale, they’re trying to envision themselves living there. That’s hard to do if it’s chock-full of the current owner’s family photos, children’s artwork, and souvenir collections. Plus, cluttered homes look smaller, and older items can make them feel dated. Decluttering before you put your home up for sale will help you in the long run—after all, you’ll need to move all your things to your new home eventually. Now is the time to shred, digitize, or organize old documents, donate old clothes, or move bulky furniture into storage. At a minimum, you’ll want to pack away excess items neatly before potential buyers view the home. Remove personal photos and other trinkets to create a blank slate that viewers can imagine decorating with their own prized possessions. If you feel overwhelmed by this process, we’d be happy to make recommendations or refer you to a local service provider who can help. 3. Stage Your Home for Success Just as you take care to dress professionally for a job interview, you should always ensure your home looks its best for potential buyers. Home shoppers today are used to scrolling through Instagram and Pinterest, and they want to see the same wow factor when touring a home. The process of making your home look its best and appeal to potential buyers is called staging, and it can be a game changer. According to the International Association of Home Staging Professionals, an average priced staged home sells 5 to 11 times faster than its unstaged counterpart. Even better, the majority of staged homes sell for 4% to 20% over list price!5 Some sellers hire a professional stager, who may bring in furniture and decor to increase the home’s appeal. Others choose to stage their homes themselves. We can help advise you on which route to choose and how much to invest in the process. It’s also important to consider what buyers in your neighbourhood are likely to be looking for in a home. We can help guide your staging choices with our local market insights. For example, in neighbourhoods where a large share of residents work from home, it may be effective to stage one room as an office space so potential buyers can envision their day-to-day routine. 4. Prep for Each Showing Most of us don’t live picture-perfect lives, and our homes reflect that (sometimes messy) reality. But when your home is on the market, it’s important to ensure that it is always ready for viewers, even on short notice. A missed showing is a missed opportunity to sell your home! Before your home hits the market, it may be worth hiring professional cleaners to get in all the nooks and crannies. After, try your best to keep things spic and span. Just a few minutes a day wiping down counters, sweeping the floors, and vacuuming can make a big difference. It’s also worth noting that most buyers will open cabinets, drawers, and closets—so try to make sure everything is as neat and organized as possible. Keep toiletries and small appliances off countertops, and secure valuables and sensitive documents in a safe or off-site. Want help finding a cleaning service to make your home shine for buyers? Reach out for a referral! 5. Price Your Home Correctly From the Start In the past few years, you may have seen homes in your neighbourhood sell for shocking amounts and wondered if you could get a similar price for your property. The temptation to list your home on the high side can be strong, but it’s best to be realistic from the start. Even in a strong market, some homes will sit for months. And the longer a property is listed, the more buyers worry that something is wrong with it. Of course, you also don’t want to set your price too low and lose out on potential profit. That’s why it’s essential to work with real estate agents (like us!) who know the ins and outs of our local market and what buyers are willing to pay today. In a quickly-evolving market, comparable sales from a few months ago can lag the current market reality. Fortunately, if you’ve owned your home for several years, chances are good that it’s worth much more today than you paid for it. That means you stand to walk away with a handsome profit. 6. Avoid Acting on Emotion The past few years of over-asking-price offers with few conditions have set certain expectations for many sellers. It’s only natural to feel hurt or even offended if an offer comes in lower than what you think your home is worth. However, it’s important to keep in mind that those market conditions were unprecedented, and we are now returning to a more typical market. Home sellers who act rationally, rather than emotionally, are going to get the best results. Remember: You can always counter a low offer. The same goes for repair requests and conditions—everything is negotiable. However, it’s important to accept that the market is adjusting and flexibility is key. Keep your expectations reasonable, and remain open-minded. And you can rest assured knowing that we’ll be by your side every step of the way to help you navigate the process and negotiate a great deal. 7. Work With a Local Market Expert The economics impacting mortgage rates may be national, but real estate markets are hyperlocal. That’s why working with a professional agent who understands your neighbourhood’s dynamics is essential. Through our experience, we’ve gathered insights that can help us position your home for success in this market. Plus, we have the resources to connect with qualified buyers searching for a home like yours. Working with a knowledgeable agent is also the secret to getting as much money as possible for your home. We have access to extensive data on recent sales in your neighbourhood, which we will use to price and promote your property. That’s one reason why homes sold by agents draw much higher prices than those sold by their owners alone. The U.S.-based National Association of Realtors found that for-sale-by-owner homes went for a median price of $260,000 in 2020, while the median for homes sold by agents was $318,000.6 That’s a difference of $58,000—and money you don’t want to leave on the table. YOUR AGENT AND ADVOCATE Selling a home in a fast-changing market can be stressful. You’re likely to hear conflicting advice and opinions from people in your life, and decisions like what colour to paint your front door or how much to list your home for can be overwhelming. That’s where we come in. The market may be adjusting, but we’re here to help you make the most of it. We’re listing experts in our area, and we know what steps you need to take for a smooth, profitable transaction. If you’re considering buying or selling a home, we invite you to reach out to schedule a free consultation. We’re happy to talk through your specific situation and goals and help you identify your next steps. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Global News - https://globalnews.ca/news/8833692/canada-housing-prices-bidding-offers/ Chartered Professional Accountants Canada - https://www.cpacanada.ca/en/news/canada/housing-survey RE/MAX Blog - https://blog.remax.ca/renovations-that-pay-off-on-resale-according-to-re-max-brokers/ Angi - https://www.angi.com/articles/smart-landscaping-tips-can-increase-home-value.htm International Association of Home Staging Professionals - https://pages.iahsp.com/home-staging-statistics/ National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#purchased
Buy Now or Rent Longer? 5 Questions to Answer Before Purchasing Your First Home

Buy Now or Rent Longer? 5 Questions to AnswerBefore Purchasing Your First Home Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership. A real estate boom during the pandemic pushed home prices to an all-time high.1 Add higher mortgage rates to the mix, and some would-be buyers are wondering if they should wait to see if prices or rates come down. But is renting a better alternative? Rents have also soared along with inflation – and are likely to continue climbing due to a persistent housing shortage.2 And while homebuyers can lock in a set mortgage payment, renters are at the mercy of these rising costs for the foreseeable future. So, what's the better choice for you? There’s a lot to consider when it comes to buying versus renting. Luckily, you don’t have to do it alone. Reach out to schedule a free consultation and we'll help walk you through your options. You may also find it helpful to ask yourself the following questions: 1. How long do I plan to stay in the home? You'll get the most financial benefit from a home purchase if you own the property for at least five years.3 If you plan to sell in a shorter period of time, a home purchase may not be the best choice for you. There are costs associated with buying and selling a home, and it may take time for the property’s value to rise enough to offset those expenditures. Even though housing markets can shift from one year to the next, you’ll typically find that a home’s value will ride out a market’s ups and downs and appreciate with time.4 The longer you own a property, the more you are likely to benefit from its appreciation. Once you’ve found a community that you’d like to stay in for several years, then buying over renting can really pay off. You’ll not only benefit from appreciation, but you’ll also build equity as you pay down your mortgage – and you’ll have more security and stability overall. Also important: If you plan to stay in the home for the life of the mortgage, there will come a time when you no longer have to make those payments. As a result, your housing costs will drop dramatically, while your equity (and net worth) continue to grow. 2. Is it a better value to buy or rent in my area? One helpful tool for deciding is a neighbourhood’s price-to-rent ratio: just divide the median home price by the median yearly rent price. The higher the price-to-rent ratio is, the more expensive it is to buy compared to rent.5 Keep in mind, though, that this equation provides only a snapshot of where the market stands today. As such, it may not accurately account for the full impact of rising home values and rent increases over the long term. According to data from the Canadian Real Estate Association, a homeowner who purchased an average-priced Canadian home 10 years ago would have gained roughly $285,000 in equity — all while maintaining a steady mortgage payment.6,7 In contrast, someone who chose to rent during that same period would have not only missed out on those equity gains, but they would have also seen average Canadian rental prices increase by around 34%.8 So even if renting seems like a better bargain today, buying could be the better long-term financial play. Ready to compare your options? Then reach out to schedule a free consultation. As local market experts, we can help you interpret the numbers to determine if buying or renting is a better value in your particular neighbourhood. 3. Can I afford to be a homeowner? If you determine that buying a home is the better value, you’ll want to evaluate your financial readiness. Start by examining how much you have in savings. After committing a down payment and closing costs, will you still have enough money left over for ancillary expenses and emergencies? If not, that’s a sign you may be better off waiting until you’ve built a larger rainy-day fund. Then consider how your monthly budget will be impacted. Remember, your monthly mortgage payment won’t be your only expense going forward. You may also need to factor in property taxes, insurance, association fees, maintenance, and repairs. Still, you could find that the monthly cost of homeownership is comparable to renting, especially if you make a sizable down payment. Landlords often pass the extra costs of homeowning onto tenants, so it’s not always the cheaper option. Plus, even though you’ll be in charge of financing your home’s upkeep if you buy, you’ll also be the one who stands to benefit from the fruits of your investment. Every major upgrade, for example, not only makes your home a nicer place to live; it also helps boost your home's market value. If you want to buy a home but aren’t sure you can afford it, give us a call to discuss your goals and budget. We can give you a realistic assessment of your options and help you determine if your homeowning dreams are within reach. 4. Can I qualify for a mortgage? If you’re prepared to handle the costs of homeownership, you’ll next want to look into how likely you are to pass Canada's mortgage stress test and get approved for a mortgage. Every borrower who applies for a mortgage from a federally-regulated lender, such as a bank, must pass a mortgage stress test – even if you have an ample down payment. (Some smaller lenders that aren't federally regulated, such as credit unions, may also put your mortgage application through a stress test, but they aren't required to do so.)9 To conduct the test, a lender will consider your qualifying income, estimated expenses (such as condo fees or non-mortgage-related debt), and prospective mortgage amount and calculate whether you'd still be able to afford the mortgage if your rate rose by a certain amount. You can also conduct your own mock stress test by inputting some income and expense estimates into the Government of Canada's Mortgage Qualifier Tool.10 However, be aware the government's minimum qualifying interest rate could change by the time you’re ready to buy. Every lender will also have its own approval criteria separate from the feds' minimum. But, in general, you can expect a creditor to scrutinize your job stability, credit history, and savings to make sure you can handle a monthly mortgage payment. For example, lenders like to see evidence that your income is stable and predictable. So if you’re self-employed, you may need to provide additional documentation proving that your earnings are dependable. A lender will also compare your monthly debt payments to your income to make sure you aren't at risk of becoming financially overextended. In addition, a lender will check your credit report to verify that you have a history of on-time payments and can be trusted to pay your bills. Generally, the higher your credit score, the better your odds of securing a competitive rate. Whatever your circumstances, it’s always a good idea to get preapproved for a mortgage before you start house hunting. Let us know if you’re interested, and we’ll give you a referral to a loan officer or mortgage broker who can help. Want to learn more about applying for a mortgage? Reach out to request a copy of our report: “8 Strategies to Secure a Lower Mortgage Rate” 5. How would owning a home change my life? Before you begin the preapproval process, however, it’s important to consider how homeownership would affect your life, aside from the long-term financial gains. In general, you should be prepared to invest more time and energy in owning a home than you do renting. There can be a fair amount of upkeep involved, especially if you buy a fixer-upper or overcommit yourself to a lot of DIY projects. If you’ve only lived in an apartment, for example, you could be surprised by the amount of time you spend maintaining a lawn. On the other hand, you might relish the chance to tinker in your very own garden, make HGTV-inspired improvements, or play with your dog in a big backyard. Or, if you’re more social, you might enjoy hosting family gatherings or attending block parties with other committed homeowners. The great thing about owning a home is that you can generally do what you want with it – even if that means painting your walls fiesta red one month and eggplant purple the next. The choice – like the home – is all yours. HAVE MORE QUESTIONS? WE’VE GOT ANSWERS The decision to buy or rent a home is among the most consequential you will make in your lifetime. We can make the process easier by helping you compare your options using real-time local market data. So don't hesitate to reach out for a personalized consultation, regardless of where you are in your deliberations. We'd be happy to answer your questions and identify actionable steps you can take now to reach your long-term goals. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Canadian Real Estate Association (CREA) - https://stats.crea.ca/en-CA/ Financial Post - https://financialpost.com/real-estate/nowhere-to-live-rents-in-canada-surge-as-home-prices-fall Wealthsimple - https://www.wealthsimple.com/en-ca/magazine/buying-vs-renting-your-home Trading Economics -https://tradingeconomics.com/canada/housing-index Investopedia -https://www.investopedia.com/terms/p/price-to-rent-ratio.asp CBC -https://www.cbc.ca/news/business/average-home-price-ticked-2-lower-in-july-1.1281984 Canadian Real Estate Association (CREA) - https://stats.crea.ca/en-CA/ CMHC -https://www03.cmhc-schl.gc.ca/hmip-pimh/en/TableMapChart/TableMatchingCriteria?GeographyType=Country&GeographyId=1&CategoryLevel1=Primary%20Rental%20Market&CategoryLevel2=Average%20Rent%20%28%24%29&ColumnField=2&RowField=TIMESERIES#timeperiod Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/preparing-mortgage.html Financial Consumer Agency of Canada - https://itools-ioutils.fcac-acfc.gc.ca/MQ-HQ/MQ-EAPH-eng.aspx
New Build or Existing Home: Which One Is Right for You?

New Build or Existing Home: Which One Is Right for You? Homebuyers today are facing a huge dilemma. There simply aren’t enough homes for sale.1 Nationwide, the number of newly listed homes dipped slightly in September, down 1.6% from August. According to the Canadian Real Estate Association, that’s only about 2.1 months of inventory, which is far less than the five to six months that is generally needed to strike a healthy balance between supply and demand.2 Given the limited number of available properties, if you’re a buyer in today’s market, you may need to expand your search to include both new construction and resale homes. But it can feel a little like comparing apples to oranges. Let’s take a closer look at some of the factors you should take into account when choosing between a new build or an existing home. TIMEFRAME How quickly do you want (or need) to move into your next home? Your timeframe can be a determining factor when it comes to choosing between a new build or resale. New Build If you opt for new construction, you may be surprised by how long you have to wait to get the keys to your new digs. Nationally, the average timeline has more than doubled over the past 20 years from 9 to 21 months.1 And according to a survey by the Canadian Home Builders’ Association, nearly 60% of builders are reporting delays—averaging six weeks—due to supply-chain disruptions brought on by the pandemic.3 These supply shortages have led to soaring prices, causing some builders to cancel contracts or demand more money from unsuspecting homebuyers long after agreements were signed.4 Unfortunately, this scenario can throw a major wrench in your moving plans and delay your timeline even further. To minimize these types of surprises, it’s crucial to have a real estate agent represent you in a new home purchase. We can help negotiate contract terms and advise you about the potential risks involved. Existing Home If you're in a hurry to move into your next residence, then you may want to stick to shopping for an existing home. You can typically move into a resale home on your closing date.5 While closing on an existing home can take anywhere from a few weeks to a few months, it’s almost always faster than the time it would take to build a new one. If you need to move even sooner, it’s sometimes possible to close faster, especially if you’re a cash buyer. In fact, many sellers prefer a quick closing, so it can give you an advantage in a competitive market. LOCATION From commute to construction to walkability, there’s a lot to consider when choosing your next neighbourhood. New Build Canada is currently undergoing a major residential construction boom, and rural and smaller urban communities have been the first to benefit—primarily because the single-detached homes located in those areas take less time to build.6 That means, if you opt for a new single-family home, you could be facing a longer commute and ongoing construction for some time. If you prefer a multifamily unit, there should be an increased supply coming on the market soon. Over the past year, condos and apartments have accounted for 55% of the housing starts. A growing number of these are located in master-planned communities that combine residential, retail, restaurants, and office space—enabling residents to live, work, and play in a single space.7 Existing Home An existing home is more likely to be located in a neighbourhood with mature trees, established schools, and a deeply-rooted community. As a result, you may find the neighbourhood's trajectory to be more predictable than an up-and-coming area. But the amenities may be lacking and the infrastructure dated when compared to newer communities. And while some homebuyers love the charm and eclectic feel of an older neighbourhood, others prefer the sleek and cohesive look of a newer development. MAINTENANCE Are you a DIY enthusiast, or do you prefer a low-maintenance lifestyle? Set realistic expectations about how much time, effort, and money you want to devote to maintaining your next home. New Build When you build a home, everything is brand new. Therefore, in the first few years at least, you can expect less required maintenance and repairs. A 2019 survey found that millennials' homebuying regrets often came down to maintenance issues, rather than other concerns.8 So if you would rather spend your weekends exploring your new neighbourhood than fixing a leaky faucet, you may be happier buying a turnkey build. That doesn't mean, though, that a new home will be entirely maintenance-free. In fact, depending on the builder, you could find yourself repairing more than you expected. Some home builders have reputations for shoddy construction and subpar materials, so it's important to choose one with a solid reputation. We can help you identify the quality builders in our area. Existing Home No matter how good a deal you got when you purchased it, you could come to regret buying an older home if it later costs you heavily in unexpected maintenance and repairs. For example, according to the home service professional network HomeStars, the average price to replace an HVAC system is $4,995. And you can expect to pay a similar amount ($4,750) for a new asphalt shingle roof.9 Fortunately, there are ways to prepare for these large expenditures ahead of time. We always recommend that our buyers hire a certified home inspector, whether they buy a new or existing home. Once we have the inspector’s report, we can negotiate with the seller on your behalf for reasonable repairs or concessions. ENVIRONMENTAL IMPACT On a quest for greener living? If so, there are several factors to consider when deciding on your next home. New Build There’s a growing demand for energy-efficient housing, and many builders are rising to the challenge. Currently, more than one million homes in Canada have received an EnerGuide Rating, which measures a home’s energy performance against a benchmark.10 While all newly-constructed housing must meet the National Building Code requirements, there are a number of certifications that homes can earn if they receive an EnerGuide rating that exceeds these minimum standards. Examples include the Net Zero label from the Canadian Home Builders’ Association, which is awarded to homes that are 80% more energy efficient than conventional homes and utilize a renewable energy system to fulfill their remaining energy needs. ENERGY STAR and R-2000 are other well-regarded certifications that can be earned by homes that meet certain performance standards. So if energy efficiency is a top priority, a new home with a low EnerGuide rating or recognized designation may be a good choice for you.10 Existing Home Of course, a basic tenet of sustainable living is: reduce, reuse, recycle. And since a resale home already exists, it automatically comes with a lower carbon footprint. Research has also shown that remodelling or retrofitting an older home is often greener than building one from scratch.11 With some energy-conservation effort and strategic upgrades, environmentally-conscious consumers can feel good about buying an existing home, as well. DESIGN Double vanity? Kitchen island? Whirlpool tub? Must-have design features could drive your decision to build or buy resale. New Build With a new home, you can bet that everything will look shiny and perfect when you move in. Builders tend to put a lot of emphasis on visual details and follow the latest design trends. For example, newly-built homes are likely to include features that the majority of today’s buyers want, such as double bathroom sinks, kitchen islands, and walk-in pantries. They’re also less likely to include home theatre rooms or whirlpool tubs, both of which have lost mass appeal.12 However, some buyers complain of the cookie-cutter feel of new homes since they are often built with a similar aesthetic. That doesn't mean, though, that you can't incorporate your own style. We can help you negotiate custom features and upgrades to personalize the space and make it feel like your own. Existing Home In some of the most coveted neighbourhoods, an older home with classic styling and character can be highly sought after. But unless the previous homeowners have invested in tasteful updates, an existing home is also more likely to look dated. While some buyers prefer the traditional look and character of an older home, others prefer something more modern. If that’s the case, we can help you find a resale home that leaves enough room in your budget to renovate it to your liking. WHICHEVER PATH YOU CHOOSE, WE CAN HELP When it comes to choosing between a new build or an existing home, there’s no one-size-fits-all answer. There are numerous factors to consider, and you may have to make some compromises along the way. But the homebuying process doesn’t have to feel overwhelming. We’re here to help. And in many cases, our homebuyer guidance and expertise are available at no cost to you! That’s because the home seller or home builder may compensate us with a commission at closing. Some new-construction homebuyers make the mistake of visiting a builder’s sales office or even purchasing a home without their own real estate representative. But keep in mind, the builder’s agent or “sales consultant” has their best interests in mind—not yours. We are knowledgeable about both the new construction and resale home options in our area, and we can help you make an informed decision, negotiate a fair price, and avoid mistakes that can cost you time and money. So give us a call today to schedule a free, no-obligation consultation—and let’s start searching for your next home! Sources: RBC -https://thoughtleadership.rbc.com/home-builders-are-tackling-canadas-housing-supply-shortage/ Canadian Real Estate Association -https://creastats.crea.ca/en-CA/ Financial Post -https://financialpost.com/real-estate/homebuilders-have-been-busy-during-the-pandemic-but-canada-still-needs-more-housing Better Dwelling -https://betterdwelling.com/canadian-home-builders-are-asking-buyers-for-more-money-to-finish-building/#_ Legal Line -https://www.legalline.ca/legal-answers/when-can-you-move-into-your-newly-purchased-home/ Financial Post -https://financialpost.com/real-estate/there-has-never-been-more-housing-under-construction-in-canada-but-the-city-that-needs-it-the-most-is-missing-the-boom BC Business - https://www.bcbusiness.ca/2021-Real-Estate-Report-With-a-push-from-COVID-the-BC-property-market-enters-new-territory Bankrate -https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/ HomeStars -https://homestars.com/cost-guides/ Canadian Home Builders’ Association -https://blog.chba.ca/2021/05/14/are-all-energy-efficient-homes-the-same/ Advanced Materials Research - https://www.researchgate.net/publication/271358381_Comparative_Study_of_New_Construction_and_Renovation_Project_Based_on_Carbon_Emission Canadian Home Builders’ Association -https://blog.chba.ca/2020/11/26/todays-new-home-buyers-preferences/
5 Ways to Write a Winning Offer in Today’s Real Estate Market

5 Ways to Write a Winning Offer in Today’s Real Estate Market Our nation is in the midst of a shifting real estate market. But even as the buying frenzy begins to slow, many properties are still receiving multiple offers.1 So what’s the best way to compete as a buyer–especially if you’re wary about overpaying? While a high offer price gets attention, most sellers consider a variety of factors when evaluating an offer. With that in mind, here are five tactics you can utilize to sweeten your proposal and outshine your competition. We can help you weigh the risks and benefits of each tactic and craft a compelling offer designed to get you your dream home—without giving away the farm. 1. Demonstrate Solid Financing The reality is, no one gets paid if a home sale falls through. That’s why sellers (and their listing agents) favour offers with a high probability of closing. Sellers particularly love all-cash offers because there’s no chance of financing issues cropping up at the last moment. But all-cash offers are rare, and if sellers are assured that financing will come through, buying with a mortgage doesn’t have to be a disadvantage. The most important step you can take as a buyer is to get preapproved before you start looking for homes. A preapproval letter shows sellers that you are serious about buying and that you will be able to make good on your offer.2 It’s also important to consider the reputation of your lender. While sellers may not know or care about a lender’s reputation, their agents often do. Some lenders are much easier to work with than others. If you’re unsure who to choose, we are happy to refer you to reputable lenders known for their ease of doing business. 2. Put Down a Sizeable Deposit Buyers can show sellers that they’re serious about their offer and have “skin in the game” by putting down a large deposit. This, however, is not the same as a down payment. The deposit is typically held in a trust account by the seller’s brokerage or lawyer.3 If the purchase goes through, it is applied to the down payment and closing costs. If the sale falls through, however, the buyer could lose some or all of that deposit, depending on the contract terms. Deposit amounts vary, but offering a higher deposit can help demonstrate to the buyer that you are serious about the property. We can help you determine an appropriate deposit to offer based on your specific circumstances. 3. Ask for Few (or No) Conditions Most real estate offers include conditions, which are clauses that allow one or both parties to back out of the agreement if certain requirements are not met. These conditions appear in the purchase agreement and must be accepted by both the buyer and seller to be legally binding. Two of the most common conditions are:4 Financing: A financing condition gives the buyer a window of time in which to secure a mortgage. If they are unable to do so, they can withdraw from the purchase and the seller can move on to other buyers. Inspection: An inspection condition gives the buyer the opportunity to have the home professionally inspected for issues with the structure, wiring, plumbing, etc. Typically, the seller may choose whether or not to remediate those issues; if they do not, the buyer may withdraw from the contract. Since conditions reduce the likelihood that a sale will go through, they generally make an offer less desirable to the seller. The more conditions that are included, the weaker the offer becomes. Therefore, buyers in a competitive market often volunteer to waive or exclude certain conditions. However, it’s very important to make this decision carefully and recognize the risks of doing so. For example, a buyer who chooses to waive a home inspection condition may find out too late that the home requires extensive renovations. If you back out of a home purchase without the protection of a condition, you could lose your deposit.5 We can help you assess the risks and benefits involved. 4. Offer a Flexible Closing Date When it comes to selling a house, money isn’t everything. People sell their homes for a wide variety of reasons, and flexible terms that work with their personal situations can sometimes make all the difference. For example, if a seller is in the process of planning a significant move, they may appreciate an option to advance or postpone their closing date. This flexibility can provide a powerful advantage for first-time homebuyers. If you have a month-to-month or easily transferable lease, for example, you may be able to offer a more flexible timeline than a buyer who is simultaneously selling their existing home. Of course, the value of these terms depends on the seller’s situation. We can reach out to the listing agent to find out the seller’s preferred terms, and then collaborate with you to write a compelling offer that works for both parties. 5. Work With a Skilled Buyer’s Agent In this real estate market, one of the greatest advantages you can give yourself is to work with a skilled and trustworthy real estate professional. We will make sure you fully understand the process and help you submit an appealing offer without taking on too much risk. Plus, we know how to write offers that are designed to win over both the seller and their listing agent. The truth is, listing agents play a huge role in helping sellers evaluate offers, and they want to work with skilled buyer’s agents who are professional, communicative, and courteous. Once your offer is accepted, we’ll also handle any further negotiations and coordinate all the paperwork and other details involved in your home purchase. The best part is, you’ll have a knowledgeable, licensed advocate on your side who is watching out for your best interests every step of the way. Helping You Get to the Right Offer In many cases, a competitive offer doesn’t need to be condition-free or significantly above asking price. But if you’re serious about buying a home in today’s market, it’s important to consider what you can do to sweeten the deal. If you’re a buyer, we can help you compete in today’s market without getting steamrolled. And if you’re a seller, we can help you evaluate offers by taking all the relevant factors into account. Contact us today to schedule a free consultation. Sources: Bloomberg - https://www.bloomberg.com/news/articles/2022-04-12/home-prices-could-start-to-cool-in-canada-s-hot-housing-market NerdWallet - https://www.nerdwallet.com/ca/mortgages/what-is-mortgage-pre-approval Nesto -https://www.nesto.ca/mortgage-basics/house-deposit-vs-down-payment/ Real Estate Council Alberta -https://www.reca.ca/2020/02/05/conditional-sales/ Loans Canada - https://loanscanada.ca/mortgage/what-happens-when-you-walk-away-from-your-offer-on-a-house/
What Should You Know About Back Up Offers Before Entering One?

What Should You Know About Back Up Offers Before Entering One? With the changes in the real estate market, it may be a good idea to have a "Back Up Offer" ready, with multiple offers still very much present. You may ask yourself, "What is a Back up Offer"? Were you outbid on your dream home? You’re not necessarily out of luck. A backup offer can keep you in the game. What should you know about backup offers before entering into one? Click on the link below to find out what you should know about Back-up Offers. Here are the three most important thing you must understand about Back-up Offers before entering one: 1. Automatic Contractual Obligations: You will automatically go under contract if the first buyer falls through. 2. What it means for your time: You could lose valuable time searching for another home while you wait. 3. Locked-In Bid: Just like a primary offer, you’ll be locked into your initial bid. Having a backup offer in place can help you get the house you want, even if you’re second in line, so you may still get the house of your dreams. Your agent can discuss in more detail and we are always ready to answer any questions you may have to help your determine whether a back up offer is right and craft the right one for you. Contact us and follow us on social media for more tips and market data to help with your real estate needs.
The Home Buyer's Guide to Getting Mortgage Ready

The Home Buyer's Guide to Getting Mortgage Ready Don’t wait until you’re ready to move to start preparing financially to buy a home. If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage. The Office of the Superintendent of Financial Institutions (OSFI) issued new mortgage guidelines, which went into effect at the beginning of the year and raised the standards for mortgage applicants. The requirements may seem overwhelming, especially if you’re a first-time buyer. But we’ve outlined three simple steps to get you started on your path to approval. It’s never too early to start preparing to buy a home. Follow these three steps to begin laying the foundation for your future home purchase today! STEP 1: CHECK YOUR CREDIT SCORE Your credit score is one of the first things a lender will check to see if you qualify for a loan. It’s a good idea to review your credit report and score yourself before you’re ready to apply for a mortgage. If you have a low score, you will need time to raise it. And sometimes fraudulent activity or erroneous information will appear on your report, which can take months to correct. There are five factors that impact your credit score: history of payments (35%), debts (30%), credit length (15%), new inquiries (10%), and diversity (10%).1 Credit scores range from 300 to 900. A higher credit score will help you qualify for a lower mortgage interest rate, which will save you money.2 The two major credit bureaus in Canada are Equifax Canada and Transunion Canada. For information on how you can request a free copy of your credit report from each bureau, visit https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/order-credit-report.html. The bureaus may charge you a fee to access your actual credit score. Minimum Score Requirements The new OSFI rules require a minimum credit score of 600 for a mortgage under $1,000,000. However, many lenders prefer to see a score of at least 650. Generally speaking, banks and other traditional financial institutions have the strictest requirements. If you have a credit score below 600, you may still be able to secure a loan through a credit union or private lender, however you should expect to pay a higher interest rate and additional fees.3 Increase Your Credit Score There’s no quick fix for a low credit score, but the following steps will help you increase it over time.4 Make Payments on Time At 35 percent, your payment history accounts for the largest portion of your credit score. Therefore, it’s crucial to get caught up on any late payments and make all of your future payments on time. If you have trouble remembering to pay your bills on time, set up payment reminders through your online banking platform, a free money management tool like Mint, or an app like BillMinder. Avoid Applying for New Credit You Don’t Need New accounts will lower your average account age, which could negatively impact your length of credit history. Also, each time you apply for credit, it can result in a small decrease in your credit score. The exception to this rule? If you don’t have any credit cards—or any credit accounts at all—you should open an account to establish a credit history. Just be sure to use it responsibly and pay it off in full each month. If you need to shop for a new credit account, for example, a car loan, be sure to complete your loan applications within a short period of time. The credit bureaus attempt to distinguish between a search for a single loan and applications to open several new lines of credit by the window of time during which inquiries occur. Pay Down Credit Cards When you pay off your credit cards and other revolving credit, you lower your amounts owed, or credit utilization ratio (ratio of account balances to credit limits). Some experts recommend starting with your highest-interest debt and paying it off first. Others suggest paying off your lowest balance first and then rolling that payment into your next-lowest balance to create momentum. Whichever method you choose, the first step is to make a list of all of your credit card balances and then start tackling them one by one. Make the minimum payments on all of your cards except one. Pay as much as possible on that card until it’s paid in full, then cross it off your list and move on to the next card. Debt Interest Rate Total Payoff Minimum Payment Credit Card 1 12.5% $460 $18.40 Credit Card 2 18.9% $1,012 $40.48 Credit Card 3 3.11% $6,300 $252 Avoid Closing Old Accounts Closing an old account will not remove it from your credit report. In fact, it can hurt your score, as it can raise your credit utilization ratio—since you’ll have less available credit—and decrease your average length of credit history. Similarly, paying off a collection account will not remove it from your report. It remains on your credit report for seven years, however, the negative impact on your score will decrease over time. Correct Errors on Your Report Mistakes or fraudulent activity can negatively impact your credit score. That’s why it’s a good idea to check your credit report at least once per year. The Financial Consumer Agency of Canada posts instructions for disputing errors on your report. While it may seem like a lot of effort to raise your credit score, your hard work will pay off in the long run. Not only will it help you qualify for a mortgage, a high credit score can help you secure a lower interest rate on car loans and credit cards, as well. You may even qualify for lower rates on insurance premiums. STEP 2: SAVE UP FOR A DOWN PAYMENT AND CLOSING COSTS The next step in preparing for your home purchase is to save up for a down payment and closing costs. Down Payment When you purchase a home, you typically pay for a portion of it in cash (down payment) and take out a loan to cover the remaining balance (mortgage). The minimum amount you'll need for your down payment depends on the purchase price of the home. PURCHASE PRICE MINIMUM DOWN $500,000 or less ● 5% of the purchase price $500,000 to $999,999 ● 5% of the first $500,000 of the purchase price AND ● 10% for the portion of the purchase price above $500,000 $1 million or more ● 20% of the purchase price Source: Financial Consumer Agency of Canada It’s important to note that these are the minimum requirements for securing a mortgage. If you're self-employed or have a low credit score, your down payment requirements may be higher. Generally speaking, the higher your down payment, the more money you will save on interest and fees. For example, if your down payment falls below 20 percent, you will be required to purchase mortgage loan insurance, which will cost you between 0.6 to 4.5 percent of the overall mortgage amount.5 If you don’t have the minimum requirements for a down payment, the Home Buyers’ Plan (HBP) might be an option for you. It enables you to withdraw up to $25,000 (or $50,000 if you are buying as a couple) from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. You have up to 15 years to repay the amount you withdrew. Click here for more information and to find out if you are eligible to participate.6 Current Homeowners If you’re a current homeowner, you may have equity in your home that you can use toward your down payment on a new home. We can help you estimate your expected return after you sell your current home and pay back your existing mortgage. Contact us for a free evaluation! Closing Costs Closing costs should also be factored into your savings plan. These typically include legal fees and other administrative fees associated with the purchase of your home. Closing costs typically range between 1.5 to four percent of the purchase price.7 If you don’t have the funds to pay these outright at closing, you can often add a portion to your mortgage balance and pay it over time. However, you’ll have a higher monthly payment and pay more over the long term because you’ll pay interest on the fees. STEP 3: ESTIMATE YOUR HOME PURCHASING POWER Once you have the required credit score, savings for a down payment and a list of all your outstanding debt obligations via your credit report, you can assess whether you are ready and able to purchase a home. It’s important to have a sense of how much you can reasonably afford—and how much you’ll be able to borrow—to see if homeownership is within reach. Your gross debt service ratio (GDS) and total debt service ratio (TDS) are the two primary measurements mortgage companies use to determine how much they are willing to lend you. Gross Debt Service Ratio Your GDS ratio is the percentage of your income that would go toward housing each month, including principal, interest, taxes, heat and 50 percent of condo fees (if applicable). To calculate your GDS ratio, a lender will add up your expected housing expenses and divide it by your gross monthly income (income before taxes). The maximum GDS ratio most conventional lenders will accept is 32 percent.8 Total Debt Service Ratio The TDS ratio takes into account all of your monthly debt obligations: your expected housing expenses PLUS credit card bills, car payments, child and spousal support, and any other debt that shows up on your credit report. To calculate your TDS ratio, a lender will tabulate your expected housing expenses and other monthly debt payments and divide it by your gross monthly income (income before taxes). The maximum TDS ratio most conventional lenders will accept is 44 percent.8 New “Stress Test” Requirements Under OSFI’s new rules, all mortgages issued by federally-regulated lenders are required to undergo a “stress test.” Under this test, applicants must fall below the GDS and TDS ratio maximums at either the Bank of Canada’s five-year benchmark interest rate, or at their qualified contract interest rate plus two percent, whichever is higher.8 The purpose of the stress test is to ensure that home buyers will still be able to afford their mortgages if interests rates rise. Home Affordability Calculator To get a sense of how much home you can afford, visit the Canadian Real Estate Association’s Affordability Calculator at https://www.realtor.ca/Residential/calculator.aspx?tab=3. This handy tool will help you determine how much you can afford to borrow depending on your income, debt, property taxes, condo fees, heating costs and interest rate. It also offers a projection of your monthly mortgage payment. Add the “maximum mortgage” estimate to your down payment amount to find out your total home purchasing power. When you enter the interest rate, be sure to use either the Bank of Canada’s five-year benchmark rate or two percentage points above your estimated rate (whichever is higher) to ensure you can meet the “stress test” requirements. If the monthly cost estimate is significantly higher than what you’re currently paying for housing, you need to consider whether or not you can make up the difference each month in your budget. If not, you may want to lower your target purchase price to reflect a more conservative TDS ratio. (Note: This tool only provides an estimate of your purchasing power. You will need to secure pre-approval from a mortgage lender to know your true mortgage approval amount and monthly payment projections.) Can I Afford to Buy My Dream Home? Once you have a sense of your purchasing power, it’s time to find out which neighbourhoods and types of homes you can afford. The best way to determine this is to contact a licensed real estate agent. We help homeowners like you every day and can send you a comprehensive list of homes within your budget that meet your specific needs. If there are homes within your price range and target neighbourhoods that meet your criteria—congratulations! It’s time to begin your home search. If not, you may need to continue saving up for a larger down payment … or adjust your search parameters to find homes that do fit within your budget. We can help you determine the right course for you. START LAYING YOUR FOUNDATION TODAY It’s never too early to start preparing financially for a home purchase. These three steps will set you on the path toward homeownership … and a secure financial future! And if you are ready to buy now but still aren’t sure if you meet the minimum requirements, don’t get discouraged. You may be able to secure a loan through a credit union or a private lender. We can connect you with one of our trusted mortgage providers. Want to find out if you’re ready to buy a house? Give us a call! We’ll help you review your options and determine the ideal time to begin your new home search. The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs. Sources: Loans Canada – https://loanscanada.ca/credit/what-your-credit-score-range-really-means/ Office of Consumer Affairs (OCA) – https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02179.html Loans Canada – https://loanscanada.ca/mortgage/minimum-credit-score-required-mortgage-approval-2018/ Office of Consumer Affairs (OCA) – https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02178.html Financial Consumer Agency of Canada – https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html Government of Canada – https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html Which Mortgage – https://www.whichmortgage.ca/article/the-truth-about-closing-costs-118698.aspx Deposit Financing – http://depositfinancing.ca/mortgage-stress-test-calculator-canada-2018/

RELOCATION GUIDES AND RESOURCES

MOST RECENT BLOGS

Mid-Year Brampton and Toronto Real Estate Market Update for 2024: What Buyers and Sellers Need to Know

Upgrade Your Home With These 2024 Design Trends

Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024

Celebrate Sustainably: 5 Ideas for an Eco-Friendly Holiday at Home in The Greater Toronto & Brampton Area

35 Tips to Furnish Your New Home for Less

Income Properties Are Trending, But Is Landlord Life for You

Top 7 Tips To Attract the Best Offers for Your Greater Toronto and Brampton Home

How to Become a Homeowner on a First-Time Buyer’s Budget

Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households

My Home Didn’t Sell! Now What?

Top 6 Home Design Trends To Watch in 2023

2023 Real Estate Market Outlook (And What It Means for You)

Home for the Holidays: How To Stretch Your Budget in a Season of Inflation

10 Staging Secrets From the Pros for a Quick Home Sale at Top Dollar

7 Tips to Maximize Your Home’s Sale Price

Buy Now or Rent Longer? 5 Questions to Answer Before Purchasing Your First Home

New Build or Existing Home: Which One Is Right for You?

5 Ways to Write a Winning Offer in Today’s Real Estate Market

What Should You Know About Back Up Offers Before Entering One?

The Home Buyer's Guide to Getting Mortgage Ready