Real Estate Blog - buyers

How to Navigate Multiple Offers – for Buyers AND Sellers

Is the pandemic housing boom slowing down? With the Canadian real estate market recording its first price drop in about two years, there is a growing expectation that the country could be on the cusp of a serious correction. But while it could be some time before sales activity returns to pre-crisis levels, many major urban centres and smaller markets that experienced impressive growth could still endure many of the same characteristics of a bullish housing market. Be it competition resulting in bidding wars, or homes selling over asking price, the lack of housing supply means multiple offers will likely remain a factor in the current market.

So, how do you even navigate this type of real estate market anyway?

How to…

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Everything You Should Know About Buying Vacant Land in Canada

When buying a home in the Canadian real estate market, many commonly assume that the bulk of the cost is for the home, but in reality it, it is the land that the house is built on that is of most value.

The housing market is all about the land since, especially in hyper-dense cities, is ostensibly finite. While Canada is one of the largest countries in the world by land mass, and are are still plenty of development opportunities from coast to coast, it is also one of the most expensive markets on the planet.

But whether you purchase an empty lot in the middle of Toronto or vacant land in the outskirts of Saskatchewan, it is an entirely different process than buying a conventional property.

So, what do you need to…

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Commercial Real Estate

Commercial real estate

In today’s competitive commercial real estate market, a commercial real estate expert is the partner you need to make sure you get the best deal possible. With our expertise and knowledge of local markets it’s our job to get you maximum value – while minimizing headaches. Here are some tips to help you along the way.

Be fully prepared to buy. Have a REALTOR® on your team. If you’re buying, selling or leasing commercial real estate, a commercial REALTOR® can make it easier.

Your local REALTOR® will help you find a commercial property that meets your needs perfectly. Get started here by searching for a commercial REALTOR® who can help you whether you are buying, selling or leasing commercial…

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Five Important Factors When Buying a Cottage

If you’re considering buying a cottage in Canada and have been watching the market, you already know this market segment has seen a surge in competition between buyers over the last decade. In recent years, cabins and cottages have been in high demand, as interest in renting out personal properties for extra income has become more accessible through various online platforms.

While purchasing a cottage as a recreational property or even as a year-round home can be an excellent investment in both the short and long term, there are some important factors to consider during your hunt for the perfect getaway home. Below we break down five important factors to consider when purchasing a recreational property

5 Factors to…

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How to Write a Personal Offer Letter

While a strong offer to purchase can help you get the home of your dreams, in today’s real estate market there’s more to buying a home beyond meeting or exceeding the asking price. Want to stand out among a sea of potential buyers? Consider including a personal letter so sellers can get to know you, suggests Pete Shpak, an associate broker and REALTOR® with Oakwyn Realty’s Lee and Pete Real Estate Team in Vancouver, British Columbia.

“When we’re doing the perfect offer package to present to a seller, it’s going to have a bank draft attached to it and a personal letter—we’re using this personal letter almost every time we’re in a competitive situation now,” says Shpak.

What to include in a personal letter to sellers

Shpak recommends…

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What Does a Real Estate Lawyer Do?

The world of real estate can be a little confusing. With so many players involved in the process of buying a home, keeping everyone’s role straight can be a little challenging. However, by educating yourself on what each professional does and how they can each help you on your home-buying journey, you can make sure that you get the best experience possible. In this article, we’ll answer the question, what does a real estate lawyer do?

While it’s fairly common knowledge that employing a real estate agent to help you find your dream home can make the process run much smoother, it is less understood how a real estate lawyer can benefit you.

Hiring a real estate lawyer in Canada is required to close the deal on a home,…

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Things To Consider in the Face of Rising Interest Rates

The Bank of Canada (BoC) has said it will be use its monetary policy to tamp down inflation, which currently sits at a 30-year high, joining the chorus of central banks worldwide trying to grapple with the rapidly escalating cost of living. So far this year, the BoC has already moved forward with rising interest rates three times, and Governor Tiff Macklem is preparing the financial market for more quantitative tightening in upcoming policy meetings.

But while the objective is to garner a stranglehold on a surging consumer price index (CPI) and producer price index (PPI), rate hikes will lead to financial pain for borrowers, investors and homebuyers.

Indeed, the Canadian real estate market is seeing the effects of a…

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Q&A: Senior Economist Answers Common Real Estate Questions

Between rising interest rates, the COVID-19 pandemic, and the incoming spring market, home buyers and sellers might feel slightly overwhelmed by all of the changes happening in the 2022 housing market. 

Last year was one for the books as home inventory sank to its lowest levels ever recorded. Meanwhile, the Bank of Canada (BoC) is preparing to increase its overnight rate again, spelling potential changes for new and existing mortgage holders. With these trends in play, it leaves a lot of questions for those looking to make a move in the real estate market in 2022. 

Shaun Cathcart, Senior Economist and Director of Housing Data and Market Analysis at the Canadian Real Estate Association (CREA), has the answers to some of your important real…

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Big Price Gains Continue into 2022

The latest data from the Canadian Real Estate Association (CREA) shows the actual average Canadian home price hit a record $748,450 in January 2022, up 21% from the same month last year.

On a month-over-month basis, national home sales edged up 1%, yet the number of newly listed properties dropped 11% from December, helping to create some of the tightest market conditions ever recorded.

The sales-to-new listings ratio rocketed from 78.7% in December to 89.4% in January—to put this into perspective, the long-term average is 55%.

While January 2022 home sales were 10.7% lower compared to this time last year, it’s still the second-highest level on record for that month.

“The ideal situation between now and the summer would be that a huge…

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Tips for Helping Buyers Navigate New Home Construction

For any real estate professional whose clients are looking to purchase any type of new home construction, heed this golden rule, says Toronto broker and REALTOR® Janice Fox: Do your research.

Whether your clients are seeking to buy into a new house already built, a semicustom home as part of a development or a pure custom home built to their personal specifications, you’ll want to help them create a schedule that allows pertinent questions to be asked in advance for the builder and throughout the build process.

While new builds tend to be designed with modern living in mind, have the latest in technology and plumbing, electrical and efficiency systems, you want to steer your clients to reputable builders and include references from people who have…

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