Monday, June 19, 2017

Real estate professionals twice as trusted as politicians

Canadian consumers have far higher opinions of real estate professionals than they do in their lawmakers and those that run businesses.

A new poll by Insights West shows that 60 per cent of respondents have a ‘very positive’ or ‘somewhat positive’ view of real estate agents and other professionals in the industry; business executives are positively-rated by 53 per cent while politicians score just 27 per cent.

The data reveals that women are more likely than men to have a positive view of real estate professionals (61 per cent vs. 39 per cent) and over 55’s are less positive than those in younger demographics.

Respondents in Ontario and Quebec are more positive about those in real estate than the other provinces with BC the least positive.

Nurses and farmers score the highest positive ratings (93 per cent) while the other professionals outranked by real estate professionals include bankers, lawyers and car salespeople.







Source: http://www.canadianrealestatemagazine.ca/market-update/real-estate-professionals-twice-as-trusted-as-politicians-226983.aspx

Monday, June 12, 2017

Housing starts continue upward trend

The housing starts trend was higher in May; 214,621 compared to 213,435 in April; CMHC reported Thursday.

“Housing starts trended higher in May in Canada’s urban areas”, said Bob Dugan, CMHC’s Chief Economist. “Row and apartment units led the upward move, while construction has slowed for pricier single- and semi-detached houses.”

The data reveals regional variations with Toronto showing a decrease in starts, especially single-detached and row units but the opposite was true in Kitchener-Cambridge-Waterloo which saw a rise in single-detached and rowhouses and all housing types trending higher.

Vancouver saw a slight decrease overall but are still on track for 25,000 for this year. Victoria also saw a slower pace while Kelowna, Abbotsford-Mission and other urban areas gained.

Alberta and Saskatchewan show some good increases with Calgary and Edmonton and Regina gaining optimism among builders. Saskatoon remains pressured though with a 25 per cent decline as builders remain cautious about the high inventory of multi-family units.

Quebec’s housing starts are trending lower as they have been since the start of the year. A rising vacancy rate for newly-built rental units is driving this trend.

Hamilton is showing a strong trend for apartments with starts in this sector running at double the year-to-date level of 2016. Single-detached starts are up 16 per cent so far in 2017.









Source: http://www.canadianrealestatemagazine.ca/market-update/housing-starts-continue-upward-trend-226546.aspx

Monday, June 5, 2017

Seniors’ housing tenancy rate up in major markets

In a new set of data releases, the Canada Mortgage and Housing Corporation (CMHC) announced that occupancy in seniors’ residences saw slight increases in the three most important seniors’ housing markets of Quebec, Ontario, and British Columbia.

The CMHC’s regional Seniors’ Housing Reports provided metrics for two types of spaces: standard and non-standard spaces.

“Standard spaces, also referred to as independent living, are those occupied by a resident paying market rent and who does not receive 1.5 or more hours of care per day. A non-standard space is one in which the residents are receiving at least 1.5 hours of care per day, spaces being used for respite and non-market spaces,” the CMHC explained.

In Quebec, vacancies among standard spaces declined to 6.2 per cent in 2017, compared to 6.8 per cent in 2016. Over the same period, non-standard space vacancy dropped from 5.5 per cent to 5.0 per cent. Average rent was at $1,678 monthly for standard spaces, and $3,200 for heavy care spaces.

“The progressive decrease of the vacancy rate in private retirement homes reflects sustained demand. But while 18 per cent of Quebecers aged 75 years and older live in a retirement home, the others opt for alternative forms of housing. It will be critical for us to understand the residential trajectory of baby-boomers as it will be a determining factor for the future of the housing sector and for society as a whole,” CMHC Quebec regional economist Kevin Hughes said.

On the other hand, Ontario saw vacancies for standard spaces drop to 10.4 per cent in 2017, and vacancies for all spaces to 10.3 per cent. Average rent for standard spaces rose to $3,526.

“The overall vacancy rate in Ontario reached the lowest level since 2001 as demand for seniors’ housing has outpaced supply. Vacancy rates dropped in more than half of the Ontario markets in 2017. Many areas showed signs of pent-up demand due to greater demand growth than growth in supply,” according to Jean Sebastien Michel, CMHC principal, market analysis (Ontario).

Meanwhile, overall vacancy rate for independent living spaces in B.C. seniors’ residences fell by almost two percentage points year-over-year to 4.5 per cent in 2017.

“While rising demand and operating costs have increased monthly rents, large price increases in the resale market over the past few years have supported some seniors’ ability to move into independent living and heavy care spaces,” CMHC market analyst (B.C.) Keith Stewart stated.
















Source: http://www.canadianrealestatemagazine.ca/news/seniors-housing-tenancy-rate-up-in-major-markets--cmhc-226339.aspx

Thursday, June 1, 2017

How to Get Top Value for Your Home

Knock Knock? Who’s there? Someone who wants to buy your house? Consumer Beware! For most readers this is no newsflash: Waterloo region’s residential real estate market is red hot!
Like many markets across the Greater Golden Horseshoe (GGH), we in Waterloo region have been experiencing record breaking sales combined with low inventory levels for months now. In other words, it is a sellers’ market.
During the first quarter of 2017, there were 1,532 home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR). The average price of a residential home during this same period increased a whopping 28.3 per cent on a year-over-year basis to $468,653.
While statistics like this can paint some of the picture, what it cannot tell you is what your home will sell for. The fact is no one really knows what price their home will fetch until it is put to the test of being listed with your Realtor on the MLS® System.
These days we are seeing some sticker shock. For example, when a house priced in the $300,000 range subsequently sells for a hundred-thousand dollars over asking! Does this mean that every home listed for $300,000 will bring substantially more? Absolutely not! In fact, it might sell for exactly $300,000 or even less. Only the market can determine sale price, but the experience of a knowledgeable local Realtor can certainly help predict it.
With a shortage of listings (we have been sitting at less than two month’s inventory or less for the past 12 months) inventory levels are at an unprecedented low and buyer creativity at an all-time high. One strategy some buyers and their Realtors have turned to in these times is good old fashioned door-knocking to find homeowners who could be tempted to sell while the market is hot.
Now, knowing what you do know about today’s market, what would you do if someone came knocking on your door tomorrow, offering you X amount for your house? Would you know if what they were offering was fair market value?
There is certainly nothing wrong with this practice and when it works out it can be a win-win for both buyer and seller. On the other hand, my caution to homeowners is: the person doing the knocking may be offering you a price that sounds attractive, but how can you be sure?
Sometimes in this scenario, sellers are attracted by the idea of a quick hassle-free transaction. They’ve been offered a price that is way more than what they originally paid for their home, and maybe even way more than what they ever dreamed they could ever get.
I have heard a few anecdotes recently where the buyer knocking on the door has actually encouraged the homeowner NOT to use a Realtor (It would be unethical and illegal for a Realtor to do this by the way).
In one case, the gentleman did sell his house without the aid of a Realtor, and the price he sold it for – while far more than what he paid when he purchased it over 30 years ago, was substantially less than what he would have got had he put it on the open market.
I think the Canadian Real Estate Association’s latest advertising campaign says it best: “Live with No Regrets.” Using a Realtor is the most important decision you can make when buying or selling.
On whatever side of the transaction you are on, if you have a Realtor in your corner (i.e. you’ve entered into either a listing agreement or a buyer representation agreement) they have a legal duty to only act in your best interests. Furthermore, they are bound by the Real Estate Council of Ontario, the Canadian Real Estate Association and their local real estate board’s Code of Ethics, rules and regulations.
When your home is listed by a Realtor you get the counsel of someone who understands the market and can guide you on the best pricing and selling strategy. If you’re purchasing, your Realtor will provide you with insight and advice on the home, the neighbourhood, and when it comes to submitting an offer, how many other buyers you are competing against and advice on the price you offer. So what should you do when someone comes knocking on your door? Please take my advice: take their information and then talk to a Realtor. He or she will be able to assist you in reviewing the doorknockers’ offer and help you understand all of your options to ensure you end up with the offer that is best for you.






Source: http://www.kwar.ca/get-top-value-home/