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From RE/MAX and BGM Real Estate Team – Canada’s Housing Market Outlook for 2017

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HIGH DEMAND AND LOW SUPPLY CONTINUED TO CHARACTERIZE VANCOUVER’S AND TORONTO’S HOUSING MARKETS THROUGHOUT 2016 AS COMPETITION FROM BUYERS FOR LIMITED INVENTORY OF SINGLE-FAMILY HOMES PUSHED PRICES HIGHER.

The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.

Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move- over” buyers) who are looking to nd a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).

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The RE/MAX 2017 average residential sale price expectation for Canada is an increase of two per cent as Canadians continue to see home ownership as an important milestone as well as a good investment.

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Victoria

Greater Vancouver Area

Fraser Valley

Kelowna

Calgary

Edmonton

Saskatoon

Regina

Winnipeg

Windsor-Essex

Sudbury

Kitchener/Waterloo

Hamilton/Burlington

Barrie

Greater Toronto Area

Kingston

Ottawa

THE HOUSING MARKET IN CANADA’S CAPITAL REMAINED STABLE IN 2016 WITH MODEST INCREASES IN BOTH THE NUMBER OF SALES AND THE AVERAGE RESIDENTIAL SALE PRICE.

The average residential sale price grew one per cent year-over-year, from $367,632 to $370,940. The number of sales between January and October rose to 13,834 in 2016 compared to 12,964 during the same period in 2015. For more information, please call the BGM Real Estate Team at 613-558-8000!

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Montreal

Quebec City

Saint John

Halifax

Charlottetown

St. John’s and Area

(more…)

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Downsizing – 10 Things to Ponder

There are many life situations that may lead you to consider selling your current home and downsizing into a smaller one: Kids leaving for university, cashing in on a retirement plan, or the pressure of property upkeep. Whichever reasons you’re facing, make sure you’ve really done your homework before making any decisions. Here’s a list of 10 helpful hints to kick-start that conversation.

1. Facing Finances

Take a long, hard look at your financial input and output—especially if you’re on a fixed retirement income. If your savings aren’t substantial enough to constitute a “nest egg,” then tucking away the profits from the property may be the way to go. Downsizing may come down to finances but you should be able to show the evidence, one way or the other.

2. Community Connections

The costs of moving can go well beyond dollar bills. Consider your emotional wealth before taking any critical steps. Ask yourself, “Will this downsize take me away—intentionally or unintentionally—from the family, community and friendship supports I depend on or do I need new support systems for my physical, spiritual, medical and emotional well being?” Downsizing isn’t always about size and cents, sometimes it’s critical for your well-being.

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3. Real Estate Market

Is your area a buyer’s market or a seller’s market? What can you hope to make on the sale? Finding the right real-estate agent to answer these questions is key. Ask friends and family members who’ve gone through similar transitions for referrals, and try to gather evaluations from two or three REALTORS® to ensure you’re getting a clear picture of the market.

4. Independent Thinker

Potentially selling the family home brings up a lot of emotions for everyone involved. Kids don’t want to see their childhood home go and family members are hoping for a chunk of change; it’s imperative that you seek out independent, unbiased advice. A REALTOR® can give you market feedback on your situation without any personal baggage.

5. Home Maintenance

Look at the work it takes to keep your current home clean, your garden weeded and your lawn maintained. It is too much to handle, or will it be in a few years? It’s best to downsize before it becomes imperative, because by then, a move will be even more physically challenging and emotionally draining.

6. Lifestyle Limitations

Maybe you feel a great wave of excitement at the idea of living near the ocean, or maybe the idea of leaving behind your veggie garden is too much. Moving comes with gains and losses, and you have to be prepared to give up certain aspects of your current lifestyle and adapt to new ones.

7. Square Footage

Think through your floor plan and look at different ways that square footage can be used. Can the kids’ old bedroom become a long-awaited art studio? Would the basement work as a private theatre? If you conclude that extra room is more hassle than it’s worth, maybe downsizing to a cozier home is for you.

8. Property Payments

Yearly taxes and property insurance payments can take a chunk out of a modest budget. Would those expenses be less if you downsized and lived in a different neighbourhood, on a smaller plot or in a more compact house?

9. Be a Realist

Think carefully about the realities of aging. Remaining in a family home as you age often means adapting your home and relying on the help of others. These things can come at a cost, both financially and emotionally. It’s important that you discuss your plans with any family members or friends that might be affected by your decision to downsize, and ensure everyone is in agreement with your plans.

10. Don’t Rush

Luckily, you already have a place to live, so take your time and assess all the angles before making such a profound decision. When you are ready to start looking, don’t rush into anything. Sit with your REALTOR® and write down criteria for must haves in your new place. When the time is right, you’ll know.

For more information, or just to chat, contact us anytime at 613-558-8000, or visit our website at www.myottawateam.com

(courtesy of RE/MAX Integra)

Filed under: Blog by bgmteam
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An Open Letter from Millennials to the Real Estate Industry – is anyone listening?

We came across this article written by REthink CRM. It asks some pretty important questions of us as REALTORS® when we think about how our business looks from the under 30 point of view, or even from technology’s point of view in an age of true mass marketing, internet ad bombardment and the 3 second visual/sound bite. It is very true that we are no longer just salespeople, the hard marketers looking for the quick transaction. This stereotype has long been the misnomer of our profession thanks to the actions of a few. Those of us that love it, and take it seriously as a career are so much more, and the “please don’t call me a millennial” crew are calling us on it. Rightfully, they are asking us to stop playing the salesperson, and start standing behind the relationships we claim this profession to be all about. We are listening, and we have heard!

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Dear Residential Real Estate,

I’m a millennial, but don’t call me one. Most of us hate the term because of the negative association that seems to always go along with it. I’m tired of being called entitled, soft, lazy or spoiled. I’m a first time home buyer, which means I’ve probably spent nearly a decade digging myself and possibly my partner out from under a mountain of school debt. I’ve established myself in a career that I love, and now its time for me to finally take the step that my parents and grandparents took when they were much younger than I am; I’m finally buying a house.

Everything I buy is on-demand. Running out of soap? Amazon will have it here tomorrow. Need a ride? There is an Uber around the corner. Wondering which country has the highest coffee consumption per person? My phone can tell me instantly. If I want to watch my favorite TV show I don’t wait for a marathon or even go buy the DVD. I expect it to stream on any device, at any time for minimal cost to me. My life is built around efficiency and convenience. Keep in mind that most of us can’t even remember a time before we had cell phones permanently within arms reach.

Finding a real estate agent I can trust is difficult. And no, seeing your face on a billboard or a bus bench isn’t going to help.

You grew up seeing around 500 ads a day, but I’m used to being bombarded with at least 5,000. I don’t read the newspaper, I don’t click on banner ads, and even on Facebook or Twitter, you’ll need to have some compelling content for me to take the time to click on your ad and see what you have to offer.

How can a real estate agent earn my trust? The answer is transparency. If I look at your Twitter account or your Facebook page, is it cobwebs? Have you just been posting every listing you’ve had for the last few months and little else? Seeing old listings doesn’t tell me anything about who you are.

Make your personal brand a lot more more personal.

Tweet about the traffic you got stuck in, the run you went on this morning, or a picture of your pet. Invite your prospects into your life, or at least a version of it. Show me that cool coffee shop around the corner from one of your listings, or post a picture of a beautiful park where I could take my family on a walk after dinner some night. Tell us about that couple that looked for the perfect house for a year and finally found one they like. Show us the city and neighborhoods that you are selling.
Marketing isn’t about blasting out a message anymore, its about building thousands of personal, one-on-one relationships with your target audience.

But building relationships is what being a great real estate agent is all about, right?

The destination hasn’t changed, I just expect a car instead of a steam engine.

Buying a home is terrifying. Its the biggest purchase I’ve even considered making so far in my life and I don’t want to screw it up. I do want a real estate agent to help me through this complex process and to make sure I don’t get ripped off. But just like the rest of the products and services I use, I expect transparency and flexibility on a level that might make you a little uncomfortable. My generation thrives on making the most of every second of the day. I don’t just stand to wait in line, I check sports scores, catch up with friends, and stay up on the news.

I have a few suggestions for how you can connect with people like me. But at the end of the day what I want is for the process to go smoothly and quickly and I want a good price on a great place to live. Is that any different from what you wanted when you bought your first home?

1. Digitize as much paperwork as possible.

I understand that I’ll never be able to close on my new home from my phone, but amendments, loan applications, written offers and any other important information should all be in one place where I can easily access them. Dropbox or Google Drive will do this pretty much for free, and it makes both of our lives a lot easier.

2. Don’t just send me a bunch of bare bones listings.

If you are showing me listings that only have a couple of pictures of the exterior of the house, we are both going to be frustrated. Its more efficient for me to narrow down my top 2 or 3 choices by taking virtual tours or examining lots of detailed pictures than it is to visit 5 or 6 houses every weekend for the next month. If we are going to look at houses, plan out the route carefully so that we don’t constantly backtrack.

3. Be the expert.

This one might seem obvious, but don’t forget the simple things. You are the one that knows how this market works, so guide me through this. Put together an info graphic that walks me through the process of buying a home one step at a time. Show me what other first time home buyers have asked as they went through this process. Think about things that I’m going to experience in the home buying process that I can’t learn by googling things. Provide value I can’t find anywhere else.

4. Get Creative

Have you ever thought of using Air BnB or Home Away as a tool to get people to “test drive” a house? What about purchasing a drone and showing me a whole neighborhood in one short video from a bird’s eye view? Virtual reality is back, and this time it is probably here to stay. Find a way to put together virtual tours without breaking your bank. The internet is the new frontier, but it isn’t settled yet. Do something innovative and watch your business grow.

I want all the same things you wanted when you bought your first home. Stability, safety, and a solid financial investment. I might not read newspapers, but I’m still informed about the things I care about. We might not agree on everything, but I still want the world to be a better place. I want to buy a home, but I need your help.

Sincerely,

Millennials (but seriously, don’t call us that)

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