For many homebuyers, multigenerational living used to be considered an option of last resort: it was a route families took only when they needed to ride out a financial storm or care for ailing family members. But that mindset is on the decline: A growing number of families now say that they are embracing multigenerational living and moving in together by choice.  

In fact, the share of homes occupied by three or more generations or by cohabiting households has jumped 45% in the last 20 years, according to Statistics Canada. By the time the 2021 census was recorded, over half a million kids lived with both parents and grandparents.¹  

Living with extended family has become especially popular in recent years as younger generations face higher home costs and seniors embrace aging in place. With average home prices continuing to outpace median incomes in Canada, first-time home buyers have become more open-minded about co-buying a home with friends or family.²  

Indigenous and immigrant families are especially likely to embrace multigenerational living—often for cultural reasons.³ With multigenerational homes more common in other parts of the world, newcomers from those regions often prefer living with extended family, says Dr. Shimi Kang, a psychiatrist and parenting expert. "As Canada, in particular, is getting more multicultural, we see [multigenerational homes] are becoming a norm, not just for financial reasons."⁴ 

For many families, the benefits are substantial, said Kang to HuffPost Canada. "Pooling finances, pooling childcare, pooling household responsibilities, having a support system built-in."⁴ Plus, research shows that people who live in multigenerational homes are healthier and tend to live longer. They also enjoy more financial security.⁵ 

That's not to say that multigenerational living is easy: It can also be stressful—especially if you choose a home that isn't suited for a larger family. The key to making it work is to pick a home that can accommodate young and old alike without requiring you to sacrifice comfort or privacy.^{2, 6}  

Here's a closer look at multigenerational living, along with tips for finding a home that's suitable for a diverse group.  

WHAT TO CONSIDER BEFORE SHOPPING FOR A MULTIGENERATIONAL HOME 

Before starting your house hunt, take the time to discuss your house plans as a family so that you're all on the same page. Have you hashed out what you're looking for in a new home? Can you agree on potential compromises? Are there any unaddressed concerns about the move? 

You may also find it helpful to articulate your "why" for buying a multigenerational home and how each of you might benefit. For some families, multigenerational living is all about caring for relatives and sharing responsibilities. But for others, the goal is to pool resources so that you can purchase a more desirable property or cut down on expenses, like childcare or senior living.  

For homeowner Jennifer Durocher, co-owning a home with her husband's parents allowed them to live in a family-friendly neighbourhood that would have otherwise been out of reach. She and her husband had originally planned to buy their own home separately. "But it was difficult to come up with a substantial down payment," said Durocher to Today's Parent. Meanwhile, Dorucher's in-laws were ready to downsize. By joining forces, both households saved money.⁶   

Homeowner Surjit Singh says he immigrated to Canada in 2018 and bought a home with his extended family in 2021, just before inflation caused prices to surge. Owning one home helped the family cope, said Singh to the CBC. "Living together, you can share everything."⁷  

In addition to talking over your short-term wants and needs, you'll also want to weigh long-term issues that could crop up in the future, like accessibility or money concerns. For example, if some family members are nearing retirement, accessibility issues (such as extra-steep stairs or a narrow hallway) could become a problem over time. Similarly, a more luxurious home with extra amenities like a pool may appeal to buyers who have gathered a lot of cash upfront, but it may also require a bigger long-term budget for maintenance and supplies. 

If you haven't had these discussions yet, set a date in your calendar so that you can talk it over as a group. I can help by interviewing family members individually and advising you on what you can realistically find in today's housing market.  

WHAT TO LOOK FOR IN A MULTIGENERATIONAL HOME  

Once you've settled on what you want and need from a new home, your next step should be to jointly draft a budget so that you'll know what you can afford. To ensure that no one in your family gets accidentally overextended, think holistically when planning your new housing budget and determine what you would need to buy the home––and maintain it.  

In addition to budget, you'll also want to consider a home's size and what kind of layout you might need. In general, homes that offer ample space for solitude and privacy are thought to be more practical for multigenerational living––especially if there will also be young children.⁶  

However, the ideal layout for your family and the amount of square footage you'll need to be happy long-term will also depend, in part, on family members' personalities. Some people don't mind sharing a bathroom or having bedrooms situated close to one another. But others may find that they need something more separate to relax. Different housing options to consider include:  

• A large home with plenty of rooms and at least one or more ensuite bathrooms. 
• A home with an accessory dwelling unit (ADU), such as a basement apartment. 
• A multifamily unit, such as a duplex.  

Architect Allison Holden-Pope recommends units with separate entrances if possible. That way, each generation feels like they're living in their own space. "Having a sense of identity in your own place is still very important," said Holden-Pope to Today's Parent.⁶  

For buyers looking to age in place, a home that offers a separate ground-floor unit, such as a garden home, could be the most comfortable (and the most practical) option. But if that's not possible, then you may at least want to prioritize a first-floor bedroom and bathroom. Some families may also want to consider the needs of future caregivers, said Holden-Pope.⁶  

Another possibility to consider would be a home you could add onto or retrofit into multiple units. Building a brand-new unit or renovating an existing space can be pricey. However, you may qualify for a Multigenerational Home Renovation Tax Credit to help offset your expenses.⁸ 

When visiting a property, I'll help you weigh potential costs and estimate whether it's a good investment. I can also connect you with a trusted contractor who specializes in renovations. 

HOW TO BUY A MULTIGENERATIONAL HOME 

Buying a home with family can be complicated––especially if you plan to jointly apply for a mortgage. However, depending on your financial resources, you may be surprised to find that it's sometimes easier to qualify for certain mortgages as a group than if you tried to go it alone.⁹ 

You don't necessarily have to split the mortgage evenly, either. A tenants-in-common mortgage allows you to customize the amount of property each family member owns. For example, one household member could assume responsibility for two-thirds of the mortgage, while another could pay for just one-third of the home.⁹ 

With a joint tenancy mortgage, by contrast, the mortgage is divided equally between co-borrowers and each borrower will be liable for the same amount.⁹ 

Talk it over with a mortgage lender or broker and ask for advice on what's best for your situation. We'd be happy to connect you with a professional who understands the nuances of co-buying. 

Your credit will also be an important factor in determining your mortgage qualifications and what you can buy, so have everyone check it as soon as possible. Pulling your credit report and score will not only tell you where you stand. It will also alert you to correctable issues with your credit, such as mistakes on your credit reports or too much debt on your cards.¹⁰ 

As you discuss your homebuying budget and strategy, jointly consider the following:  

• Who will be on the mortgage? 
• What about the title?
• Would including everyone on the mortgage be beneficial for your mortgage rate?
• For those who don't qualify for the mortgage or have a lower credit score, can you make other arrangements so that they can still financially contribute?

Next, consider potential tax and estate planning implications of your home purchase, as well as worst-case scenarios. For example, if some family members want out of the arrangement, you'll be required to refinance your home purchase, and you may not get as favourable a rate.⁹ 

To ensure you make an informed decision, it's best to speak with a credentialed professional. Ask me for a referral to a legal professional or an accountant who can advise you.


BOTTOMLINE

Multigenerational home buying has grown more popular for a reason: it's a great way to combine resources and buy a supportive home for more than just your immediate family. It can also be a smart lifestyle choice, helping reduce loneliness and promote health and well-being.⁵ 

If you're wondering whether multigenerational living is right for you, call me for a consultation. I'd be happy to walk you through potential options and help you envision your own full house. 

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: 

1. Statistics Canada -
   https://www150.statcan.gc.ca/n1/daily-quotidien/220713/dq220713a-eng.htm 
2. The Walrus -
   https://thewalrus.ca/multigenerational-living-often-makes-sense-that-doesnt-make-it-easy/  
3. Vanier Institute of the Family -
   https://vanierinstitute.ca/resource/sharing-a-roof-multigenerational-homes-in-canada-2021-census-update/ 
4. HuffPost Canada -
   https://www.huffpost.com/archive/ca/entry/three-generation-homes_ca_5cd4f84ce4b07bc729739712 
5. SSM - Population Health -
   https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5769098/ 
6. Today's Parent -
   https://www.todaysparent.com/family/family-life/multi-generational-homes/ 
7. CBC -
   https://www.cbc.ca/news/canada/british-columbia/canada-bc-multi-generational-housing-affordable-1.7134448 
8. Realtor.ca -
   https://www.realtor.ca/blog/understanding-canadas-multigenerational-home-renovation-tax-credit/30088/1362 
9. The Globe and Mail -
   https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-multi-generational-living-is-getting-more-common-heres-how-to-share/ 
10. Financial Consumer Agency of Canada -
    https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score.html 

Selling your home quickly and at the right price takes more than just listing it online. To draw in potential buyers and secure top offers, your home needs to stand out. That’s where home staging comes in. By strategically preparing your home—through redecorating, repairing, and making it look its best—you can make a lasting impression and significantly increase its appeal.

The numbers speak for themselves: according to the U.S.-based National Association of Realtors, 81% of buyers’ agents report that staging makes it easier for potential buyers to envision themselves living in a home. Moreover, 44% of buyers’ and sellers’ agents say that staging can increase a home’s sales price, and 48% of sellers' agents agree it shortens the time a house spends on the market.¹

You can choose to stage your home yourself with advice from your real estate agent or work with a professional stager. Whichever route you take, here are seven essential strategies to transform your home into a buyer’s dream.

Step #1: Declutter and Depersonalize

The first step in staging is to declutter and depersonalize your home. A recent survey of real estate agents found that this simple step can increase your home’s sale price by 3-5%.²

This creates a clean, neutral canvas where potential buyers can imagine their own lives. Remember that staging isn’t interior design—the goal isn’t to add personal, homey touches but to take them away.³ While you may love having plenty of comfy furniture, family photos, and unique knick-knacks, these items can distract potential sellers and make your home feel smaller.⁴ Be especially mindful to remove children’s toys and pet items. 

The task can feel overwhelming, but consider it a head start on packing for your move — and an opportunity to clear out things you no longer need. If you have a lot of belongings, renting a storage unit might be a smart way to keep things tidy while your home is on the market. 

Step # 2: Deep Clean and Repair

A sparkling clean home leaves a fantastic first impression. Deep clean every room, paying special attention to areas that are often overlooked, like baseboards, windows, and appliances. Even minor smudges, scrapes, or signs of pet hair can put off some buyers. Your goal? Make it look like no one has ever lived there!⁵ 

Minor repairs are equally important. Fix slight imperfections like chipped paint, regrouting tiles, and replacing worn hardware. These easy cosmetic updates make a big difference in how buyers perceive your home’s value. For example, replacing your floors can offer a return on investment of 100-150%.⁶

Need help getting your home spic-and-span? Let me recommend a professional who can help.

Step #3: Pick Up a Paintbrush

While buyers may repaint after they move in, the colour and condition of your walls still have a big impact on their impression of the home as a whole. Neutral tones like beiges and off-whites appeal to the widest range of buyers—and to the friends and relatives who are also weighing on purchasing decisions.⁷

If your home features bold colours or striking wallpaper, consider a repaint before you list. When choosing paint colours, make sure to think about how they’ll appear in listing photos and videos. Light, neutral shades can make rooms look brighter and more spacious.

Repainting is especially important in high-traffic areas like the kitchen. Painting outdated cabinets in white or a soft gray can also modernize your space.⁸

Step #4: Enhance Curb Appeal

First impressions matter, and your home's exterior is the first thing buyers will see. That’s why most real estate agents urge sellers to clean up their home’s exterior — and why curb appeal can drive up to 7% of a home’s sale price.⁹

Boost your home’s curb appeal by power-washing the exterior and touching up your deck’s varnish.⁵ If your exterior paint is faded or chipped, consider hiring painters — or for a smaller project, repaint your front door and freshen up first impressions with new hardware and hanging plants.¹⁰

And don’t forget landscaping! Keep your lawn tidy, remove dead or dying plants, and consider adding seasonal flowers. Even standard lawn service can lead to a 217% return on investment.¹¹ If you need assistance, I'm happy to offer a referral to landscapers in our area.

Step #5: Stage Key Rooms

When staging, concentrate on the rooms that matter most to buyers: the living room, primary bedroom, and kitchen. These spaces have the greatest influence on a buyer’s decision.¹ 

If you’re working with a professional stager, they may bring in furniture and decor.³ If not, make the most of what you have, and don’t worry about how you’d arrange furniture in real life. This is just about showing off the space. 

Arrange furniture to create an open, inviting flow.⁵ Use large rugs to make rooms appear bigger and ensure artwork complements rather than overwhelms the space.⁹ Add pops of colour with fresh flowers or simple decor like pillows to bring warmth without personalizing the space too much.

Step #6: Put Your Home in Its Best Light

Lighting is key to creating a welcoming atmosphere in your home. Natural light in particular makes any room feel more airy and spacious, so it’s essential to make the most of it. 

First, remove heavy curtains or blinds — if a room feels bare without a window treatment, hang sheer curtains or light-filtering shades to invite the outdoors in. Next, take a look at the landscaping surrounding your home. If overgrown hedges or trees block windows, especially on the ground floor, consider cutting them back or removing them entirely to let in the sunshine. 

Of course, homes need more than just natural light — and it’s important to use a combination of types of lighting to suit different uses and moods. Experts recommend that each room have three light sources: ambient lighting (think ceiling lights or chandeliers), task lighting (like lamps or under-cabinet lights), and accent lights (like track lighting and picture lights).¹³ If needed, replace outdated fixtures with more modern options.¹⁴ Even swapping out lightbulbs can make a difference—opt for warm, 2700k bulbs to create an inviting glow.⁷

Have hard-to-reach windows or need help installing new lighting fixtures? I'm happy to refer a professional who can help.

Step #7: Show Off Your Work with Photography

These days, most buyers will first see your home online, making high-quality photos essential. According to the U.S.-based National Association of Realtors, 89% of agents agree that professional photos are critical to marketing a listing.¹ 

Depending on your home and market, you may also benefit from marketing your property with videos, virtual tours, and even virtual staging, where photo editors swap out furniture and colours to show how your home would look with different decor.

Talk to your agent about what makes sense for your situation, and work with them to hire professionals who can capture your staged home in its best light. When it comes time, treat the photo shoot like an open house—everything should be spotless, well-lit, and arranged to show off your home’s best features.

BOTTOMLINE

Whether or not staging is worth the investment depends on your home’s condition, your desired sale timeline, and your local market. Before committing to professional help or cosmetic upgrades, reach out for a free consultation. I can help you assess the best path forward and connect you with the best professionals to make it happen.

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.

References:

1. National Association of Realtors - https://www.nar.realtor/sites/default/files/documents/2023-profile-of-home-staging-03-30-2023.pdf 
2. Homelight - https://www.homelight.com/blog/how-to-clean-out-a-house-to-sell/ 
3. National Association of Realtors - https://www.nar.realtor/blogs/styled-staged-sold/6-things-home-stagers-wish-real-estate-pros-knew-about-staging 
4. Coldwell Banker - https://blog.coldwellbanker.com/home-staging-mistakes-to-avoid/  
5. Zillow - https://www.zillow.com/learn/how-to-stage-house-to-sell/ 
6. HGTV - https://www.hgtv.ca/common-renovating-costs-flooring/ 

7. House Beautiful - https://www.housebeautiful.com/design-inspiration/real-estate/a61712558/how-to-make-your-house-sell-over-asking-according-to-professional-home-stagers/ 

8. HGTV - https://www.hgtv.com/lifestyle/real-estate/15-secrets-of-home-staging-pictures 

9. Spruce Magazine - https://www.sprucemagazine.ca/the-real-deal-on-curb-appeal/ 

10. HGTV - https://www.hgtv.ca/landscaping-ideas-to-increase-property-value/ 

11. National Association of Realtors - https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf 

12. RE/MAX - http://download.remax.ca/PR/REMAXHomeStagingGuide.pdf

13. Martha Stewart - https://www.marthastewart.com/2126982/how-to-layer-your-lighting 

14. Martha Stewart - https://www.marthastewart.com/outdated-lighting-trends-8421744 

A recent survey found that 25% of Canadian homeowners have a renovation project planned in the coming year.¹ If you’re among them, you know that embarking on home improvements can be both exciting and daunting. According to home services platform HomeStars, the national median renovation budget is around $12,000, so you're probably investing a significant amount—and you'll want to ensure your project’s success.²

One of the most critical decisions you'll make is choosing the right contractor to bring your vision to life. However, many homeowners fall into common pitfalls during this process, leading to stress, financial strain, and subpar results. 

In this guide, we'll explore seven mistakes to avoid when hiring a contractor to ensure your project runs smoothly from start to finish. 

1. SKIPPING THE RESEARCH PHASE 

A common mistake homeowners make is rushing into hiring a contractor without proper research. But to ensure the success of your renovation, it’s crucial to take time to meet with multiple candidates and educate yourself on best practices surrounding your project.

If you bypass the interview process, you miss the opportunity to evaluate different approaches, pricing, and expertise. This can result in overpaying or hiring someone whose skills and vision do not align with your needs. 

Neglecting to research the processes and steps involved can also leave you vulnerable. Not only does it make it more difficult to ask the right questions, but you also risk hiring unqualified professionals or settling for subpar work.

What To Do Instead: 

• Educate Yourself — Read up or watch YouTube videos to gain a better understanding of best practices surrounding your project.  

• Interview Multiple Contractors — Search for and interview at least three contractors who specialize in the type of work you need. 

• Ask Specific Questions — Inquire about the processes and materials each candidate will utilize.

• Seek Recommendations — Get referrals from trusted sources like friends, neighbours, and real estate professionals. I’d be happy to share a list of referrals! 

2. CHOOSING BASED SOLELY ON PRICE 

Once you’ve interviewed candidates and reviewed their proposals, it’s time to choose your favourite. But don’t make the mistake of rushing to the lowest bid. 

While it's natural to want to save money, selecting a contractor based entirely on price can be a costly mistake. Extremely low bids may indicate cut corners, subpar materials, or hidden costs that will surface later.

When evaluating bids, make sure you’re comparing “apples” to “apples” and considering factors like quality, timeline, and scope. Are they fully licensed and insured? How long have they been in business? Do they warranty their work?³

What To Do Instead:

• Consider Overall Value — In addition to price, look at experience, reputation, and quality of work. 

• Ask for Detailed Breakdowns — Understand what's included and what's not in each bid.

• Be Wary of Low Bids – Bids that are significantly lower than others may be too good to be true. 

• Invest in Quality — Remember that quality work comes at a fair price, and investing in a reputable contractor can save you money in the long run by avoiding costly mistakes or repairs.

3. NEGLECTING TO CONFIRM CREDENTIALS & INSURANCE 

When you’ve established a good rapport with a contractor, it’s natural to want to believe the best in them. But neglecting to check references and verify licensing and insurance could come back to haunt you.⁴ 

Hiring an untrained or unlicensed contractor puts you at risk for safety and code violations, not to mention shoddy workmanship. Without proper insurance, you could be left footing the bill for costly repairs, legal issues, or even medical bills if someone gets hurt on the job.⁴  

Skipping out on a reference check can be equally problematic. It’s your best opportunity to ensure that their promises and your expectations line up with reality.

What To Do Instead:

• Verify Licensing and Insurance — Confirm that the contractor is licensed according to local requirements and verify insurance, including general liability and workers' compensation coverage. 

• Check Reviews — Read online reviews and confirm that the business is in good standing with the Better Business Bureau and other relevant trade groups. 

• Call References — When contacting references, ask questions and request to see photos of the contractor's completed projects.

• Visit Job Sites — If possible, visit a current job site to observe the contractor's work in progress and interaction with clients.

4. PROCEEDING WITHOUT A WRITTEN AGREEMENT 

A handshake deal might seem friendly and straightforward, but it's a recipe for misunderstandings and potential legal issues. Verbal agreements are difficult to enforce and leave room for miscommunication about project scope, timelines, and costs.⁵ 

Instead, you should have a signed contract in place before any work begins.⁶ Paperwork can be tedious, but don’t skip the important step of carefully reading over your contract, asking questions, and pushing back on any terms that make you uncomfortable. 

Don’t forget to ask for payment receipts and document any change orders or issues that arise throughout the project, as well.

What To Do instead: 

• Insist on a Written Contract — Outline all aspects, including scope, materials, timeline, payment schedule, warranty information, and a process for handling change orders. 

• Understand and Agree — Don't sign anything until you fully understand and agree to all terms. 

• Keep Documentation — Once you’ve made your final payment, request a receipt marked “Paid in Full” to keep on file for legal and tax purposes.

5. PAYING TOO MUCH UPFRONT 

Another common misstep is paying a large sum upfront or the full cost of the project before the work is completed. This can leave you vulnerable if the contractor fails to complete the work or disappears with your money.  

Upfront deposits shouldn’t exceed 10% to 15% of the total project cost.⁷ The remaining payments should be tied to progress milestones outlined in your contract.  

Legal experts caution against paying a greater share of the project cost than the percentage of the work that’s been completed.⁸ If you end up dissatisfied with the outcome, you’ll have much less leverage if you’ve already paid.

What To Do Instead: 

• Be Cautious — Avoid contractors who demand large upfront payments or cash-only deals. 

• Establish a Payment Schedule — Tie payments to project milestones and stick to them. 

• Pay Only Upon Completion — Never pay in full until the project is completed to your satisfaction and all required inspections have been passed.

6. FAILING TO GET NECESSARY PERMITS 

Skipping the permit process might seem like a way to save time and money, but it can lead to serious consequences. Without the proper permits, you risk running afoul of local building codes and regulations, which could result in fines, forced removal of work, or even legal action.⁹  

Additionally, unpermitted work might compromise the safety and structural integrity of your home, potentially leading to hazardous conditions or diminished resale potential. Homeowners may also find themselves without recourse if issues arise later, as insurance companies often exclude coverage for unpermitted renovations.⁹  

If you’re under the jurisdiction of a condominium or homeowners’ association, don’t forget to check its bylaws, as well. You may need prior approval to make modifications to your home or yard. Ignoring these restrictions can lead to fines or delays—so don’t skip this important step.¹⁰

What To Do Instead: 

• Discuss Permits — Talk about permits and association requirements with your contractor before work begins. 

• Include Permits in the Contract — Ensure that obtaining necessary permits and approvals is part of your contract. 

• Verify Inspections — Make sure all required inspections are completed during the project. 

• Keep Records — Keep copies of all permits and inspection reports for your records.

7. IGNORING RED FLAGS AFTER THE PROJECT HAS STARTED 

Sometimes a contractor can check all the right boxes—until the work begins. Unfortunately, red flags that are spotted mid-project can be especially challenging to address. 

If you’ve already paid a substantial amount or had a portion of your home demolished, you may feel trapped in a bad situation. However, if there are major problems that the contractor is unwilling to address, ignoring them can make things exponentially worse. 

Don’t be afraid to seek legal or professional advice if issues persist. Taking immediate, informed, and decisive action is crucial to safeguarding your investment and ensuring the project's ultimate success.¹¹

What To Do Instead: 

• Review Your Contract — Make sure you thoroughly understand your rights and the agreed-upon terms. 

• Document Issues — Keep detailed records, including dates, descriptions of problems, photographs of subpar work or materials, and any communications with the contractor. 

• Communicate Professionally — Arrange a meeting to discuss your concerns, ensuring you remain calm and professional while clearly expressing your expectations. 

• Request a Resolution Plan — Ask for a plan to address the issues, set a timeline for resolution, and put everything in writing to ensure you’re both on the same page. 

• Seek Advice — If the contractor is uncooperative or dismissive, consider seeking advice from a legal professional.

BOTTOMLINE 

Hiring the right contractor is crucial to the success of your home improvement project. By avoiding these common mistakes, you can significantly increase your chances of a smooth and successful renovation experience.  

Remember, taking the time to thoroughly vet contractors, communicate clearly, and plan carefully will pay off in the long run. Your home is likely your most significant investment, and it deserves the care and attention that comes with making informed, thoughtful decisions about who works on it. 

If you’d like help finding a contractor or want to know how planned improvements could impact your home’s resale potential, 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:

1. FinanceIt -
   https://www.financeit.io/2024-canadian-homeowner-reno-report/
2. HomeStars -
   https://go.homestars.com/l/209902/2023-09-19/3knlc8/209902/16954201083uIFaZeZ/Reno_Report___2023_final.pdf
3. Canadian Home Builders’ Association -
   https://www.chba.ca/finding-a-renovator/
4. The Globe and Mail -
   https://www.theglobeandmail.com/life/home-and-garden/before-starting-work-check-your-liability/article571895/
5. Forum Law -
   https://www.forumlaw.ca/do-verbal-contracts-hold-up-in-court/
6. Canadian Home Builders’ Association -
   https://www.chba.ca/legal/
7. HGTV Canada -
   https://www.hgtv.ca/kenny-brain-advice-on-hiring-a-general-contractor/
8. The Washington Post -
   https://www.washingtonpost.com/home/2024/07/08/how-to-find-good-honest-contractor/
9. HUB SmartCoverage -
   https://www.hubsmartcoverage.ca/blog/what-do-i-risk-if-i-dont-get-permit-during-renovations/
10. Condo Strategies -
    https://condostrategis.ca/en/blogue/condo-renovation/
11. Angi -
    https://www.angi.com/articles/how-complain-contractors-effectively.htm

With home prices and rates still relatively high, securing a mortgage can feel daunting––even to the most experienced borrowers. But don't let that deter you: If other homebuyers’ experiences are any indication, odds are you'll eventually find a home loan that works well for you. 

In fact, research from the Real Estate and Mortgage Institute of Canada (REMIC) found that even after the Bank of Canada pushed rates to a 22-year high, most homeowners still felt satisfied with their mortgages. According to an online survey, only a small fraction regretted the mortgage that they'd chosen because they felt “locked in at ‘a bad rate.’” Fewer than a third said they would have picked another property if they'd known their mortgage rates would climb.¹ 

Now that the Bank of Canada's policy rate has finally moved lower, this is an ideal time to compare mortgages and get pre-qualified so you can confidently scout for deals. That way, you'll be ready to jump fast if you spot an opportunity. 

To help you get started, I've rounded up four of the most important factors to consider when narrowing your list of potential mortgage options.

1. Your Credit Score

That three-digit number that credit scoring companies like FICO assign not only influences your interest rate, but it also helps determine the type of mortgage you can get.² 

The best-priced mortgages typically go to borrowers with scores of at least 720 or more. But if your credit score is lower, you still have options.³ 

To qualify for an insured mortgage with less than 20% down, you or a co-borrower will likely need at least a 600 credit score, unless you're a Canadian newcomer. Canada Mortgage and Housing Corporation (CMHC) reduced the minimum required score for a typical CMHC-insured mortgage from 680 to 600, but the private insurers Sagen and Canada Guaranty Mortgage set their own thresholds and may require a higher score.^4,5,6

New Canadians, on the other hand, may qualify for an insured mortgage even if they have little to no Canadian credit history. Many conventional lenders offer special loans called “newcomer mortgages” to immigrants who have landed within the past five years.⁷ 

However, if your score is low because you have a history of missed payments or a high credit utilization ratio (which is the amount of debt you have relative to your credit limit), then you may not qualify for a conventional mortgage and may need to look to alternative lenders.⁸  

Nonbank lenders known as “B lenders” specialize in serving nontraditional borrowers, such as self-employed homebuyers, so their standards are usually more relaxed. You'll probably still need a minimum score of around 600, though, as well as a down payment of 20% or higher.⁹ 

If your score is well below 600, then your options are more limited. Some home sellers offer owner-financed mortgages. Alternatively, private investors who specialize in subprime loans (known as “C lenders”) may work with you.¹⁰ But if you can afford to wait for a higher score, you may be better off paying down your existing debt instead. The interest you save with a more competitively priced loan could enable you to buy a more desirable home.¹¹ 

1. Your Income and Expenses

The amount of money you make, as well as how much you owe, will also influence your mortgage options. 

Lenders like to see that you still have plenty of income left over after paying your expenses. So when evaluating your creditworthiness and ability to pass a stress test, a mortgage lender will look at your current pay and outstanding debts, like student loans and credit card balances.¹² 

They will also compare your expected income to the total amount of debt you'll carry once you've bought the home. This is called your total debt service (TDS) ratio and lenders consider it a key indicator of whether you can afford a particular mortgage.¹² 

The Financial Consumer Agency of Canada caps the recommended TDS ratio for a mortgage from a federally regulated entity, such as a bank or federal credit union, at 44% of a borrower's income. However, some nonbank lenders may still work with you if your TDS ratio is higher.¹³ 

In addition to outstanding debts, lenders take into account other expenses unique to a home, such as property taxes, heating costs, and 50% of condo fees, if applicable. To pass Canada's mortgage stress test (which is necessary for any federally regulated lender), your total housing costs should eat up no more than 39% of your qualifying income. This is called your gross debt service (GDS) ratio, and it's a key figure to keep in mind when comparing potential homes.¹² 

In general, the lower your TDS and GDS ratios are, the better your odds will be of securing a competitive mortgage. That's especially true now that Canada's top bank regulator, the Office of the Superintendent of Financial Institutions (OFSI), has announced more stringent rules for federally regulated lenders that work with “highly indebted” mortgage borrowers.¹⁴ 

Unregulated lenders have more flexibility and so may be more forgiving. However, they could still require you to pass a mortgage stress test.¹⁵ 

1. Your Expected Down Payment

The size of your down payment will also impact the type of mortgage you can get. 

You don't have to put down 20% to qualify for a competitively-priced mortgage from a conventional lender. (In fact, interest rates are often lower for insured mortgages than they are for uninsured ones.¹⁶) But you will need a significant amount.¹⁷

The lowest down payment amount you can get away with is usually 5%. However, depending on your income and credit history, a lender may require more to fund the home you want.¹⁷ 

Since conventional mortgages with down payments below 20% automatically require mortgage default insurance, you'll also want to take into account the added expense. Depending on the size of your down payment, it could cost you as much as 0.6% to 4% of your loan amount.¹⁸ 

In most cases, mortgage amortization will also be capped at a maximum of 25 years if you opt for an insured mortgage.A shorter amortization schedule, such as a 10 or 15-year mortgage, will save you money on interest. However, your monthly mortgage payment will also be higher.¹⁹ 

With an uninsured mortgage, by contrast, you could extend your mortgage amortization to 30 years, or possibly even longer with some mortgage lenders. That could help make your monthly payments more affordable. But to be approved, you'll typically need substantial home equity.²⁰ 

If you're a first-time homebuyer, you'll have even more options. For example, you may be able to get a 30-year uninsured loan if you buy a brand-new property.²¹ 

Keep in mind, though, that mortgages with smaller down payments not only cost more over time. They may also be harder to get––especially if there's a major gap between your qualifying income and typical home prices. In that case, you'll likely need a healthy down payment to help make up the difference. An extra big down payment above 25% to 35% could also help you qualify for mortgages you wouldn't get otherwise.¹⁷ 

1. Your Lifestyle and Risk Tolerance

In addition to your budget, one of the most important factors to consider when comparing mortgage options is your temperament. The key to finding the right mortgage for you is to look for a loan that will fit comfortably into your daily life. For example, I recommend asking yourself questions such as: Are you a natural risk taker, or do you prefer firm plans and predictability? Can you afford a bigger mortgage payment if interest rates increase, or are your anticipated home expenses already stretching your monthly budget? 

Similarly, consider your ideal payment schedule. If you like the idea of making lots of extra payments and paying off your mortgage early, then you may prefer an open mortgage. However, a closed mortgage will typically offer a lower rate.²²   

Term lengths and mortgage rates are also important factors to consider. But given the economy's uncertainty, it can be tricky to predict the most optimal mortgage type.  

For example, choosing a shorter-term mortgage, such as a three-year fixed rate mortgage, or opting for a more flexible variable rate one can give you some valuable wiggle room in case interest rates decrease. But if rates unexpectedly pick up, you could be caught off guard by a higher monthly payment. Term lengths can also impact the mortgage rates you're offered.²³

Five-year fixed rate mortgages, on the other hand, may feel more comfortable to risk-averse borrowers. They are also the most common type of mortgage in Canada and are often a great choice for those who prefer to set-it-and-forget-it. But locking yourself into such a long mortgage could also be risky. With a longer term mortgage, you not only risk overpaying rates go down, you also risk getting stuck with a loan that requires a big multi-year commitment.^{23, 24}  

BOTTOMLINE

Regardless of the loan you choose, it pays to shop around and carefully compare terms. According to a recent survey by Mortgage Professionals Canada, most homebuyers risk leaving money on the table by failing to negotiate and sticking with the first interest rate offer they receive.²⁵ 

Fortunately, I have a vetted list of mortgage professionals who can explain your options, answer your questions, and help you find the best loan to meet your needs. I can also develop a custom plan for securing a great home that fits your budget. Reach out when you're ready 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:

1. Real Estate and Mortgage Institute of Canada (REMIC) - https://www.newswire.ca/news-releases/real-estate-regrets-over-a-third-of-canadians-regret-their-current-mortgage-situation-834450472.html
2. Globe and Mail - https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-how-mortgage-shoppers-can-weave-their-way-through-the-credit-score/ 
3. Rates.ca -
   https://rates.ca/resources/does-your-credit-score-affect-your-mortgage-rate 
4. CMHC -
   https://www.cmhc-schl.gc.ca/media-newsroom/notices/2021/cmhc-reviews-underwriting-criteria 
5. Sagen -
   https://www.sagen.ca/ups/product-specific-underwriting-guidelines/ 
6. Canada Guarantee -
   https://www.canadaguaranty.ca/products-at-a-glance/ 
7. Wowa -
   https://wowa.ca/newcomers-mortgage
8. MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/guides/whats-the-right-credit-score-to-buy-a-house-in-canada/443717 
9. Nerdwallet -
   https://www.nerdwallet.com/ca/mortgages/understanding-b-lender-mortgages 
10. Ratehub -
    https://www.ratehub.ca/private-mortgage-loans 
11. Ratehub -
    https://rates.ca/resources/does-your-credit-score-affect-your-mortgage-rate
12. Financial Consumer Agency of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/preparing-mortgage.html 
13. Nerdwallet -
    https://www.nerdwallet.com/ca/mortgages/what-are-debt-service-ratios 
14. Office of the Superintendent of Financial Institutions -
    https://www.osfi-bsif.gc.ca/en/news/loan-income-limit 
15. Lowest Rates - https://www.lowestrates.ca/resource-centre/mortgage/difference-between-a-lenders-and-private-mortgage-lenders-canada 
16. Globe and Mail - https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-insurance-mortgage-save-money/ 
17. MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/guides/down-payment-on-a-house-in-canada-what-you-need-to-know/435534 
18. Ratehub -
    https://www.ratehub.ca/cmhc-mortgage-insurance 
19. Financial Consumer Agency of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-terms-amortization.html 
20. Global News - https://globalnews.ca/news/9815405/mortgage-amortization-risks-costs-interest-rate-canada/ 
21. MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/market-updates/first-time-buyers-can-save-thousands-with-cmhcs-30-year-mortgages-says-ratehub/493319 
22. Financial Consumer Agency of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html 
23. MoneySense - https://www.moneysense.ca/spend/real-estate/mortgages/3-years-versus-5-year-mortgage-term/ 
24. MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/guides/the-types-of-mortgage-in-canada-you-can-choose-from/436516 
25. Canadian Mortgage Trends - https://www.canadianmortgagetrends.com/2024/06/canadians-leaving-money-on-the-table-by-not-negotiating-their-mortgage-renewal-rates

Whether you’re putting your home on the market in a few weeks or a few years, strategic upgrades can make all the difference. But you don't have to embark on a major remodel to make a significant improvement. 

Even minor updates can have a big impact on your home’s aesthetic, and certain renovations can even boost its future sale price. 

From curb appeal to interior updates, here are seven weekend projects that will enhance your home’s current charm and long-term value.

• Freshen Your Front Door 

Is your front door looking a little tired? A new coat of paint can make your home more inviting to today’s guests and tomorrow’s buyers. 

But before you grab that paintbrush, think carefully about your choice of hue. According to a recent study, the colour of your front door can boost—or lower—your home's sale price by thousands of dollars.¹

Cement gray, for instance, was found to decrease purchase offers by an average of $3,365. Going too bold can also deter home shoppers. The safest bets? Classic black or a mid-tone brown are proven winners.¹ 

Need help choosing the perfect paint or stain for your front door? We'd be happy to offer advice or refer you to a design professional for assistance.

• Upgrade Your Hardware and Lighting 

It's easy to overlook dated cabinet pulls or dingy light switches in your own home. But those seemingly minor details can leave a bad impression on visitors. 

Swapping out old hardware for modern alternatives can easily and affordably elevate your space. New cabinet handles, for example, are relatively inexpensive and require just a few minutes and a screwdriver to install. To maximize the longevity of your update, consider classic shapes and finishes like brass knobs or nickel cup pulls.² 

Take a look at your light fixtures, too. Try replacing an out-of-style chandelier with a more contemporary option. Even just updating your lampshades and lightbulbs can create a brighter, more welcoming space. Additionally, many experts agree that high-quality lighting can show off your property’s best features when it comes time to sell.³ 

Uncomfortable changing a light fixture yourself? Contact me for a referral to a licensed electrician for help. 

• Update Your Bathroom Fixtures 

Bathrooms can show their age quickly, but a few inexpensive updates can take years off in just a few hours. And since many buyers will be more drawn to a home that feels clean and modern, even small changes can make a big difference.  

According to one U.S.-based study, for every dollar you spend on minor cosmetic upgrades—like swapping out the bathroom mirror, upgrading hardware, or refinishing cabinets—you’ll see a $1.71 increase in your home’s value.⁴  

Bathroom hardware is a great place to start. Consider updating your faucets and showerheads (I recommend lower-flow options to save money and the environment), and don't forget about towel racks, toilet paper holders, and any other fixtures that look worn or discoloured.⁵   

According to hardware manufacturer Delta, black finishes are currently trending. Spa-like upgrades, like steam showers and luxury hand showers, are also in high demand.⁶ 

If your existing vanity is in poor condition, installing a new one is a slightly bigger project, but it has a huge impact on the look and feel of the room. Reach out for a list of retailers who carry high-quality but affordable prefabricated options. 

• Give Your Kitchen Cabinets a Makeover 

A recent study found that a kitchen renovation can boost a home’s sale price by up to 20%, making it one of the most valuable home improvement projects.⁷ So, it's no surprise that an updated kitchen is a top priority for Canadian homeowners and potential buyers alike.⁸  

If your kitchen cabinets are from another era, that’s probably the first place you’ll want to start. Fortunately, you don’t need to commit to the hassle and expense of installing new cabinets if your current ones are in good shape. Instead, consider painting them.  

Not only is it more affordable and eco-friendly than replacement, but Better Homes and Gardens reports that this option typically offers a greater return on investment.⁹ When it comes to choosing the right colour, warm neutrals and shades of green and blue are especially on-trend.¹⁰ 

Thinking about painting your cabinets yourself? Be sure to plan in advance and block out at least a couple of days for the project. You’ll need to take off all your cabinet doors and hardware and thoroughly cover your kitchen appliances and counters. You’ll also need to wait for the doors to dry before reassembling your kitchen.¹¹  

If you’re not confident in your painting skills, hiring a professional will still be far less expensive than installing new cabinets. I'm happy to refer you to capable painters in our network.

• Look at Your Landscaping 

First impressions matter, and putting some work into your home’s exterior can make a big difference in how your guests and neighbours view it. Curb appeal can also make or break a potential buyer’s perception of your home—and significantly impact their offer.  

According to a study by the Journal of Real Estate Finance, curb appeal can account for 7% of a home’s sale price.¹² And in some areas of Canada, it’s among the top three renovations offering the highest return on investment.¹³ 

One of the best ways to improve curb appeal is through landscaping—and it doesn’t have to be elaborate. First and foremost, focus on keeping things neat, tidy, and welcoming. Mow your lawn, refresh any mulch, prune overgrown shrubs, and add pops of colour with flowers. To take things up a notch, add outdoor lighting and plant perennial flowers along the sides of your walkway.  

When you’re ready to get started, reach out for a list of our favourite local garden centres where you can find all the necessary supplies.

• Refinish Your Wood Floors 

For many buyers, wood floors are a huge selling point. Unfortunately, they also tend to get scuffed and worn over time, especially if you have kids or pets.  

The good news? If your wood floors could use a touch-up, it’s well worth the time and cost. According to one U.S.-based study, it’s the project that pays off the most in terms of resale value, with an average 147% return on investment.¹⁴ 

If you have a few days to devote to your floors, you can rent the necessary equipment from a local hardware store. While you’re there, pick up some basic supplies, like a putty knife, paintbrushes, sandpaper, and stain.¹⁵ And if you want to modernize your space, opt for a lighter wood tone, which is the current trend.¹⁶ 

Of course, I'm also happy to provide the names of trusted professionals who can tackle the work for you. 

• Clean or Replace Your Grout 

Let’s face it: Whether it’s on a kitchen floor or a bathroom wall, grout gets grimy over time, even with regular cleaning. Fortunately, refreshing your grout is a relatively simple and affordable project that can yield impressive results. 

According to Apartment Therapy, grout that’s in poor condition is often one of the first things a potential buyer notices when they tour a bathroom.¹⁷ Fresh, clean grout, on the other hand, makes your bathroom sparkle—and that can pay off in a big way in terms of buyer’s perceptions.  

If your grout is simply stained, a focused cleaning session can make a big difference. Try a specialized product or a simple mix of baking soda, water, and hydrogen peroxide.¹⁷ If the grout is cracked, crumbling, or stained beyond repair, it’s time to replace it. Luckily, the right tools make that a very doable DIY project, even if it can get messy—and it’s a lot easier and less expensive than retiling.¹⁸ 

No time to tackle it yourself? Reach out for a recommendation of a pro who can help. 

CHOOSING THE PROJECT THAT’S RIGHT FOR YOU 

Embarking on home improvements can be exciting, but it's essential to choose projects that align with your goals, budget, and skill level. Whether you're preparing to sell your home or simply want to enhance its value, there are projects to suit every homeowner.  

If you're unsure where to start, don't hesitate to reach out for personalized advice and recommendations. With the right approach, you can unlock your home's full potential and enjoy the rewards for years to come.

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:

1. Zillow -
   https://www.zillow.com/learn/what-color-paint-front-door/ 
2. Martha Stewart -
   https://www.marthastewart.com/kitchen-hardware-trends-8563764
3. Realtor.ca -
   https://www.realtor.ca/blog/lighting-tips-to-help-sell-your-home/5375/1363
4. Zillow -
   https://www.zillow.com/learn/roi-for-bathroom-remodel/
5. Forbes -
   https://www.forbes.com/home-improvement/bathroom/easy-quick-bathroom-updates/ 
6. Delta Canada -
   https://www.deltafaucet.ca/design-innovation/inspiredliving/6-bathroom-trends-for-2024#
7. Royal LePage -
   https://royallepageleadingedge.ca/just-released-royal-lepages-home-renovation-roi-report/
8. Zolo -
   https://www.zolo.ca/blog/what-home-buyers-want
9. Better Homes and Gardens -
   https://www.bhg.com/kitchen/remodeling/planning/kitchen-upgrades-cost-value/ 
10. House Beautiful -
    https://www.housebeautiful.com/room-decorating/colors/g46105350/kitchen-paint-color-trends-2024/
11. HGTV -
    https://www.hgtv.com/design/rooms/kitchens/best-way-to-paint-kitchen-cabinets 
12. Spruce Magazine -
    https://www.sprucemagazine.ca/the-real-deal-on-curb-appeal/
13. HGTV Canada -
    https://www.hgtv.ca/home-renovations-highest-return-on-investment-2021/
14. National Association of Realtors -
    https://www.nar.realtor/magazine/real-estate-news/stub-for-148394
15. Architectural Digest -
    https://www.architecturaldigest.com/story/refinishing-hardwood-floors 
16. Houzz -
    https://www.houzz.com/magazine/5-new-trends-in-flooring-for-2024-stsetivw-vs~173560747
17. Apartment Therapy -
    https://www.apartmenttherapy.com/outdated-bathroom-features-37131219 
18. Better Homes and Gardens -
    https://www.bhg.com/how-to-regrout-tile-7554710 

Once again, the number one story in 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—already 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 my 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 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 me 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.^2,7According 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 TIGHT 

According 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.¹⁷  

Already, 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.^3,15   

But 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.¹⁸  

In 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.¹⁸  

Persistently 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.

I'M HERE TO GUIDE YOU

With 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 a local market expert, I 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: 

1. Nesto.ca -
   https://www.nesto.ca/mortgage-basics/mortgage-rates-forecast-canada/ 
2. MPA Magazine -  https://www.mpamag.com/ca/mortgage-industry/market-updates/what-will-happen-to-canada-house-prices-in-2024/485143 
3. RBC - https://thoughtleadership.rbc.com/spring-brings-sellers-out-buyers-remain-hesitant/ 
4. CMHC -  https://www.newswire.ca/news-releases/interest-rates-hit-hard-for-renewers-and-homebuyers-cmhc-2024-mortgage-consumer-survey-867458082.html 
5. Yahoo! Finance -
   https://ca.news.yahoo.com/spring-housing-market-surge-unlikely-080000289.html
6. Global News - https://globalnews.ca/news/10487369/canada-unemployment-april-2024/
7. RBC - https://thoughtleadership.rbc.com/its-hard-to-leave-when-you-cant-find-the-door//
8. Reuters - https://www.reuters.com/markets/rates-bonds/boc-start-cutting-rates-june-greater-risk-is-delay-2024-04-05/
9. Global News -
   https://globalnews.ca/news/10465424/bank-of-canada-us-fed-tiff-macklem
10. CREA -
    https://www.crea.ca/media-hub/news/crea-forecasts-rebound-in-residential-property-sales/ 
11. BMO - https://newsroom.bmo.com/2024-04-29-BMO-Survey-72-of-Aspiring-Homeowners-are-Waiting-for-Rate-Cuts-Before-Buying 
12. Forbes Advisor Canada -
    https://www.forbes.com/advisor/ca/personal-finance/federal-budget-what-you-need-to-know/ 
13. RBC - https://thoughtleadership.rbc.com/toughest-time-ever-to-afford-a-home-as-soaring-interest-costs-keep-raising-the-bar
14. CREA -
    https://stats.crea.ca/en-CA/ 
15. TD Stories - https://stories.td.com/ca/en/article/renting-vs-buying-canada 
16. CMHC - https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook
17. Dye and Durham - https://dyedurham.ca/wp-content/uploads/2024/04/Q1-2024-Canadian-Pulse-Report-1.pdf 
18. TD Stories -
    https://stories.td.com/ca/en/article/canada-housing-supply 

May is “Moving Month,” as designated by the Better Business Bureau and Canadian Association of Movers.¹ It also happens to kick off the peak moving season, which generally runs from May through September.² 

According to a survey by Statistics Canada, respondents listed their top motivations for moving as “bigger or better housing” (28.0%) or “a more desirable neighbourhood” (16.8%).³ But no matter the reason, a relocation can feel stressful and overwhelming.

If you’re one of the many Canadians planning to relocate in the coming months, this guide is for you. I’ve outlined six steps to make your move easier. My hope is to alleviate some of the hassle of relocating—so you can focus on the adventure ahead!

When planning a relocation, one of the first things you’ll need to decide is where you want to live. This could be as broad as an area of town, or you might narrow it down to a specific neighbourhood. 

Depending on your priorities, you may want to start with communities that are close to work, friends, family and/or your preferred schools. If you commute, map out the route and check on the availability of public transportation, if you plan to use it. Then, if possible, try out the commute during rush hour to see what it’s like.

Next, it’s crucial to consider housing prices and cost of living so you don’t set your sights on an area that you can’t realistically afford. Don’t forget to look up local crime statistics to ensure the community is safe. Finally, visit any neighborhoods you’re considering to gauge the vibe and observe characteristics, like pedestrian accessibility, retail offerings, and population density. 

Researching the ins and outs of various communities can be a time-consuming and sometimes difficult process, but I'm here to help! Give me a call to discuss your needs and aspirations, and I’d be happy to provide my recommendations of neighbourhoods that may be a good fit for you.

Once you’ve chosen an area to settle, the next decision you’ll need to make is whether you want to rent or buy a home. Renting can be a good option if you’re new to town, especially if you’re still saving up for a downpayment or you’re not ready to commit to a permanent location. Benefits include flexibility, less maintenance, and lower upfront costs. 

But, if you want to avoid multiple moves—and you’re financially able—there’s no reason to delay the benefits of buying a home. Not only has homeownership been shown to increase your quality of life, but it’s also one of the best ways to protect and grow your wealth.⁴ 

The value of real estate will typically appreciate over time, and owners can build equity as they pay down their mortgage. Homeowners and buyers may also be able to benefit from certain tax incentives.⁵

But, perhaps most importantly, homeownership offers stability, as property owners aren’t subject to the mercy of their landlords each year. According to Rentals.ca, average asking rent prices in Canada rose nearly 30% between February 2021 and February 2024.⁶ In contrast, many homeowners enjoyed a fixed mortgage payment during that same period.

If you decide to purchase a home and you choose me to represent you, you can rest easy knowing that I will be there for you throughout the entire journey, working hard to make the experience as easy as possible. Or, if you’re moving to a new area, I can refer you to a local agent in our network who shares my commitment to client service.

For more information about buying a home and a timeline of the home buying process, reach out to request a free copy of my Home Buyer’s Guide.

If you already own a home, you’ll also need to start the process of either selling it or renting it out. I can help you evaluate your options based on current market conditions.

In many cases, my clients choose to sell so that they can use the equity in their current home to make a downpayment on their next one. But selling your home while simultaneously buying a new one can feel daunting to even the most seasoned homeowner. 

Here are some of the most frequent concerns I hear from clients and my tips for addressing them:

• What will I do if I sell my house before I can buy a new one?

Check out furnished apartments, vacation rentals, and month-to-month leases. You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighbourhood better.

• What if I get stuck with two mortgages at the same time?

Ask me about conditions that can be included in your contracts. For example, it’s possible to add a condition to your purchase offer that lets you cancel the contract if you haven't sold your previous home. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics.

• What if I mess up my timing or burn out from all the stress?

Enlist support as early as possible. It's my job to guide you and advocate on your behalf, so don't be afraid to lean on me throughout the process. I'm here to ease your burden and make your move as seamless and stress-free as possible.

In addition to answering your questions, I’ll give you an idea of how much equity you have in your current home so you know how much you can afford to spend on your new one. Part of that process will include a plan to maximize your current home’s sale price. I utilize a proven strategy that’s designed to achieve an efficient sale while boosting your profits.

For a thorough breakdown of the technologies and marketing activities I use to get you the most money for your home sale, ask me for a copy of my Market Edge Package.

Preparing for a move can be both exhilarating and exhausting. Fortunately, you don’t have to do everything in a day. You don’t have to do it all alone, either. When you work with me, I’ll be there every step of the way to help you navigate this process with ease. To that end, here are some of my top tips to help you plan for your departure.

If you have children, I typically advise that you start by sharing news about the move in an age-appropriate way. If possible, take them on a tour of your new home and neighbourhood. This can alleviate some of the mystery and apprehension around the move. Don’t forget to contact their current and future schools, as well, to arrange for transfer and enrollment.

Next, you’ll want to start packing. To maintain order and make unpacking easier, I recommend packing one room at a time. Clearly label each box with its contents and the room it belongs to. And remember, there’s no use taking extraneous items with you. Use this opportunity to purge or donate possessions that you no longer need.

If you will be using a moving company, start researching and pricing your options. Make sure you’re working with a reputable service, and try to avoid paying a large deposit before your belongings are delivered. Once you have a moving date scheduled, you should arrange to have your utilities turned off or, if possible, transferred into the new homeowner’s name.

Finally, if you will be leaving friends or family behind, schedule get-togethers before your departure. The last days before moving can be incredibly hectic, so make sure you block off some time in advance for proper goodbyes.

Parting with a home and community you love can be hard, so try to stay focused on the exciting opportunities ahead. Feel free to reach out for referrals to moving companies, packing services, housekeepers, or any other resources that will make your move easier. I’d love to help.

While it’s tempting to get wrapped up in the departure details, don’t forget to plan ahead for your arrival at your new home. To make your transition go smoothly, you should start preparing well before moving day. Here are a few pro tips to help you get started.

First, think about the utilities that will need to be turned on, especially essentials like water, electricity, and gas. Be sure to notify any relevant parties—banks, credit cards, subscriptions, etc.—about your change of address so you don’t miss any important bills, notices, or deliveries. You’ll also want to notify the postal service and submit a mail forwarding request.

If you plan to remodel, paint, or install new flooring, it’s often easier to have it done before you bring in all of your belongings. You may also want to have the house professionally cleaned before moving in. 

Don’t forget about the items you’ll need (think toothbrush, towels, bedsheets) to make it through the first night in your new home. Designate some boxes with “Open Me First!” labels. (Pro tip: Keep a tool kit front and center for all that reassembling.) 

Finally, create a list of all the restaurants you want to try and places you want to visit around your newly purchased home. Having a to-explore list keeps everyone’s spirits high and gives you starting points to settle into the neighbourhood.

If you’re relocating to my area, I can help! I offer “VIP Relocation Assistance” to all of my clients. Contact me for a list of our favourite restaurants, retailers, cleaning services, contractors, and more!

Studies show that moving can lead to feelings of loneliness and depression.⁷ However, there are ways to combat these negative effects. Here are a few strategies to help you and your family get settled in the new space.

If you have children, start by unpacking their rooms first. Seeing familiar items will help ease their transition and establish a “safe zone” where they can hang out away from the chaos of moving day. If possible, let them have a say in how their room is decorated.

Pets can also get overwhelmed by a new, unfamiliar space. Let them adjust to a single room first, which should include their favourite toys, treats, food and water bowl, and a litter box for cats. Once they seem comfortable, you can gradually introduce them to other rooms in the home.

Don’t forget to take care of yourself, too. Try to schedule breaks to get out of the house and investigate your new area. If you travel by foot or bicycle, you’ll gain the mood-boosting advantages of fresh air and exercise. 

You can combat feelings of isolation by making an effort to meet people in your new community. Find a local interest group, take a class, join a place of worship, or volunteer for a cause. Don’t wait for friends to come knocking on your door. Instead, go out and find them.

To that end, make an effort to introduce yourself to your new neighbours, invite them over for coffee or dinner, and offer assistance when they need it. Once you’ve developed friendships and a support system within your new neighbourhood, it will truly start to feel like home.

LET’S GET MOVING

While moving is never easy, these steps offer an action plan to get you started on your new adventure. With a little preparation—and the right team of professionals to assist you—it is possible to have a positive relocation experience.

I specialize in assisting home buyers and sellers with a seamless and “less-stress” relocation. Along with my referral network of moving companies, contractors, cleaning services, interior designers, and other home service providers, I can help take the hassle and headache out of your upcoming move. Give me a call or message me to schedule a complimentary, no-obligation 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:

1. Canadian Association of Movers -
   https://www.mover.net/may-is-moving-month
2. United International Removals -
   https://www.unitedremovals.com/canada/best-time-to-move-to-canada/
3. Statistics Canada -
   https://www.statcan.gc.ca/o1/en/plus/3333-canadians-move
4. Canadian Association of Realtors -
   https://www.realtor.ca/blog/health-and-happiness-the-societal-benefits-of-homeownership/20531/1361
5. Turbo Tax -
   https://turbotax.intuit.ca/tips/tax-deductions-canadian-homeowners-need-to-know-about-15718
6. Rentals.ca -
   https://rentals.ca/national-rent-report
7. Psychology Today -
   https://www.psychologytoday.com/us/blog/is-where-you-belong/201607/why-youre-miserable-after-move

From extreme cold to wildfires and floods, the past few years have brought a historic number of devastating climate and weather events to Canada. In 2023 alone, unusually harsh weather and a string of natural disasters caused more than $3.1 billion in insured damages, according to the Insurance Bureau of Canada, making it the fourth most expensive weather year on record.¹ 

These events delivered a huge influx of home insurance claims, and analysts expect the increase in both catastrophes and claims to continue. Adding to the problem, construction labour and supply costs have risen, making it more expensive to repair affected homes. Consequently, homeowners' insurance rates have surged: In 2024, My Choice Financial reports that premiums are already up 7.66% since last year and are likely to climb further still.^2,3   

In disaster-prone regions, the situation is even more challenging. According to Public Safety Canada, flooding is especially common now, accounting for roughly $2.9 billion a year in residential damages. Yet, a rising number of Canadian homes are located in areas so flood-prone that owners can't get affordable protection.^4,2

For most homeowners, comprehensive home insurance coverage is crucial for financial security—but massive rate increases can turn a once-affordable home into a financial burden. They can also pose a serious challenge for sellers. Although homebuyers who are willing to risk inadequate coverage may be able to skip optional add-ons, such as flood protection, a standard home insurance policy is still required for most mortgages. In some hard-hit regions, we’re also seeing homes sit longer on the market or decline in value because climate risks are higher.^5,6

But don’t panic! While these broader trends may be out of your control, there’s still plenty you can do to save. Here are our top six strategies to slash insurance premiums while maintaining the protection you need. 

1. SHOP AROUND

Getting multiple quotes is a smart move for many major purchases, including home insurance. I recommend reviewing at least three estimates before you commit to a policy. You can get quotes either by reaching out to insurers directly or by working with an independent insurance broker.⁵ You’ll need to provide detailed information about the property you’re insuring and your claims history.

Make sure you read policies carefully before you choose. Sometimes, a policy can look like a better deal at first glance but turn out to have important coverage gaps. Be sure to consider how much the policy will pay out to repair or replace your home and review caps on personal possession and liability claims. It’s also smart to read reviews from policyholders (Trustpilot is a good place to start) and ratings published by organizations like the Better Business Bureau and J.D. Power. 

For help choosing the right policy, reach out to me for a list of trusted insurance professionals.

1. INCREASE YOUR DEDUCTIBLE

The size of your deductible—which is the amount you pay before your insurance coverage kicks in on a claim—is a major factor in your insurance cost.

A low deductible, such as $500, comes with higher premiums, while a higher deductible, like $2,500 or even $5,000, costs less on a monthly basis. In some cases, you may be able to customize your insurance further by designating a different deductible for add-on coverage.

If you are confident that you have enough in savings to cover that initial outlay if needed, choosing a higher deductible can help you save significantly over the long term. According to Ratehub, raising your deductible from $500 to $5,000, for example, could save you an estimated 15% each year.⁷

1. BUNDLE MULTIPLE TYPES OF INSURANCE

Insurers want to get as much of your business as possible, so most offer significant discounts if you bundle your home and auto insurance, meaning that you package the two policies together. With some insurers, you can get even higher savings by bundling more than home and auto—RV, boat, jewelry, and life insurance are potential options to consider. 

According to Ratehub, insurers typically offer customers who bundle home and auto insurance up to 25% or more in savings on monthly premiums.This approach also has other advantages: It cuts down on your paperwork, and in some cases—like if a storm damages both your home and car—you may be able to pay just one deductible instead of two when you file a claim.⁸ 

However, before you sign on the dotted line, remember strategy #1 and be sure to shop around. In some cases, bundling isn’t the cheaper option, and bundling deals vary between companies. It’s also critical to carefully check that the bundled coverage offers everything you need.

1. ASK ABOUT AVAILABLE DISCOUNTS

Did you know that being a non-smoker might qualify you for a home insurance discount?⁹ Some insurers offer some surprising incentives for policyholders who pose a statistically lower risk of filing a claim. In the case of non-smokers, that’s because of the decreased risk of a home fire.

Some carriers also offer discounts to first-time homebuyers, “mature” homeowners, or affiliated group members, such as college alumni or union workers. Sometimes, you can also save by upgrading your home's protective systems, paying off your mortgage, or paying your premiums for a full year upfront.⁹ 

Since available discounts vary significantly between insurers, the best strategy is to simply ask a representative for the full list of available discounts so you can see what cost savings might be available to you. 

1. AVOID MAKING SMALL CLAIMS

Worried that your premiums will rise significantly in the future? Try to avoid making a claim unless truly necessary. Many insurers offer discounted rates to policyholders who go a certain number of years without filing a claim, and filing multiple claims often results in big increases. If you file too many, you may even risk nonrenewal of your policy.^10,11

Since the cost of even a small premium increase can add up significantly over time, if you have minor damage to your home—for example, if a few shingles blew off your roof in a windstorm—it may be a wiser long-term financial decision to pay out of pocket instead of filing a claim. 

If the cost of the repair is less than your deductible, it never makes sense to file, and if it’s just slightly above your deductible, it’s also usually best to pay for the repairs yourself. Additionally, always be sure to review your policy before you make a claim. Even claims that are denied can count against you, so it’s not worth filing if the damage is clearly excluded from coverage.¹¹ 

If you find yourself in this situation, feel free to reach out for a list of reasonably-priced professionals who can help with home repairs.

1. BE STRATEGIC ABOUT HOME IMPROVEMENTS

Insurance premiums alone may not be the deciding factor for a home improvement project, but it’s important to know how renovations could impact your rates—for better or worse.

For example, some upgrades and repairs can reduce your premiums by making your home safer or less prone to certain types of damage. These include:¹⁰

• Upgrading your electrical system
• Updating your plumbing
• Installing a monitored security system
• Investing in a sewer backup valve and sump pump
• Replacing the roof

On the other hand, some upgrades can raise premiums significantly, either because they increase the value of your home (and therefore the cost to replace it) or because they pose a hazard. These include:¹²

• Installing a swimming pool or other water features
• Building an extension or expanding your living space
• Upgrading materials, like flooring or countertops
• Adding a fireplace or wood stove

Whether or not your planned renovations are on either of these lists, it’s wise to inform your insurer about changes you make to your home—otherwise, you may risk gaps in coverage. And you’re always welcome to check with me before you begin any home improvement project to find out how it could impact the value and resale potential of your home.

BOTTOMLINE: Protect Your Investment Without Sacrificing Enjoyment of Your Home

Getting the coverage you need for financial security without overpaying can be a tricky balance, especially in today’s environment. But remember, while it’s important to find the best deal you can, home insurance isn’t an area to skimp on. 

For advice on your specific risks and the type of coverage you need, I recommend consulting with a knowledgeable insurance professional. I'm happy to connect you with a trusted adviser in our network. And if you’re considering a home renovation, feel free to reach out for a free consultation on how it might affect your property value (and your premiums). 

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, insurance, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. Insurance Bureau of Canada -
   https://www.ibc.ca/news-insights/news/severe-weather-in-2023-caused-over-3-1-billion-in-insured-damage 
2. MoneySense - https://www.moneysense.ca/spend/insurance/home-insurance/how-climate-change-affects-home-insurance/ 
3. My Choice Financial - https://www.newswire.ca/news-releases/home-insurance-rates-increase-7-66-in-canada-in-2024-876966380.html 
4. Public Safety Canada -
   https://www.publicsafety.gc.ca/cnt/rsrcs/pblctns/2023-nrp-pnr/index-en.aspx 
5. Nerdwallet Canada -
   https://www.nerdwallet.com/ca/mortgages/what-is-home-insurance 
6. Waterloo Climate Institute - https://uwaterloo.ca/climate-institute/news/homes-sell-82-cent-less-after-catastrophic-floods 
7. Ratehub.ca -
   https://www.ratehub.ca/blog/how-home-insurance-deductibles-work/ 
8. Ratehub.ca -
   https://www.ratehub.ca/insurance/home-and-auto-bundle 
9. LowestRates.ca - https://www.lowestrates.ca/resource-centre/home-insurance/12-home-insurance-discounts-can-help-you-save-money
10. MoneySense -
    https://www.moneysense.ca/spend/insurance/how-to-get-lower-home-insurance/ 
11. Rates.ca -
    https://rates.ca/guides/home-insurance/claims
12. CREA -
    https://www.creacafe.ca/can-housing-upgrades-affect-insurance/ 

When you've lived somewhere for many years, it can be tough to say goodbye. But if you (or a loved one) currently have a home that is bigger than necessary or is too high maintenance, it may be time to trade unused square footage for a smaller, more manageable space. 

Take it from the downsizers who’ve been there: Although living small might require some adjustments, it can also be liberating––especially if you're in a stage of life where past responsibilities have given way to new possibilities and adventures.  

In fact, many downsizers report feeling invigorated by the change, according to real estate journalist and author Sheri Koones. “It scares people to think of moving into a smaller space,” said Koones to the Associated Press. “But every single person I interviewed who has made the transition says they are so happy they did.”¹

The key is to find somewhere you can live well and move around comfortably, without feeling overly restricted. If you like the idea of aging in place or are already in your golden years, you may also want to look for signs that a new home can conveniently age with you. 

With that in mind, I recommend focusing your search around three key factors: desired lifestyle, optimal design, and long-term accessibility. Read on for specific tips, then call us for a free consultation. I can help you identify the types of homes that are best suited to living large with less.

DESIRED LIFESTYLE 

The best part of downsizing is the lifestyle you unlock when you trade square footage for convenience. With fewer chores and home maintenance tasks to worry about, you can instead channel your energy into other pursuits. 

For example, instead of spending your afternoons working in the yard or cleaning, you can catch up on the news, read a bestseller, start a new craft project, or pursue other hobbies. You may even be able to travel or spend more time with friends and family. 

Research shows that individuals over the age of 65 report more life satisfaction when they have the opportunity to spend time around children, talk with friends, socialize in community centers, volunteer, or engage in hobbies. But that can be hard to do regularly when you've got a home that needs constant attention or you live far from your community.²

As you compare potential homes, keep in mind the type of lifestyle you envision. Do you plan to travel? If so, a home with extra security, such as a condominium or gated community, may give you some welcome peace of mind. Or do you plan to have friends and family stay overnight? In that case, you may want to look for a floor plan with flex space or a property that has access to separate guest suites. 

Alternatively, a senior community that offers catered meals and housekeeping may be a better choice if you or a spouse need extra support. 

Action item: Grab a pen and take some time to envision what your ideal future might look like. Write down the activities and hobbies you hope to add to your life or continue with going forward, as well as the chores and responsibilities you'd love to drop. We can use those answers to help shape your house hunt.

OPTIMAL DESIGN

Even though your new home will be smaller, that doesn't mean it has to feel cramped. As Koones explains, “The key is to have a home that is efficiently designed, both in terms of energy use and in terms of space.”¹ 

Look for features that can help make a space feel bigger, like high ceilings, large windows, and an open layout. 

Built-in shelving that extends all the way to the ceiling can also make a small room feel more expansive by helping to draw the eye upward. The same goes for highly placed window treatments and striped or mural-style wallpaper, says interior designer, Kati Greene Curtis. “You’ll feel like you’re walking into the scene,” said Curtis to the Washington Post.³ 

Efficient layouts with flexible, multi-purpose rooms and few, if any, hallways work especially well for small-scale living. You can also limit dead space in a home by steering clear of layouts with awkward corners, unusable nooks, and other space-eating design elements. 

In addition, look for features that support a simpler, lower-maintenance lifestyle, such as easy-care floors, durable countertops, and bare walls with little, if any, crown molding. 

Don’t write off a home too soon, though, if it feels narrow or congested because of outdated design or poor staging. Cosmetic issues that visually shrink a space are often easy to fix. 

For example, you can instantly make a room feel bigger just by painting it a lighter shade. Adding mirrors and swapping out heavy curtains for sheer ones can also be effective. Plus, utilizing multipurpose furniture with hidden storage is a great way to maximize space. 

Action item: Make a note of your must-keep furniture and other items. Then pull out a measuring tape and write down the dimensions. Once it's time to visit homes, we'll have a more accurate sense of what will fit and how much space you’ll need.

To get your creative juices flowing, you may also want to flip through some design magazines that specialize in compact living or catalogs that feature space-saving furniture and accessories. If you give me a list of your favorite features, I can use it to pinpoint homes that are a good match. 

LONG-TERM ACCESSIBILITY

Buying a home that you can age well in can be a great way to boost your health prospects and happiness. According to the U.S. Department of Housing and Urban Development (HUD), homeowners who age in place instead of in an institutional environment not only save money over time, they also enjoy greater health and emotional benefits.⁴ 

Aging in place is also popular. According to survey findings from the National Poll on Healthy Aging, the vast majority of adults between the ages of 50 and 80 would prefer to age in their own homes.⁵

But even though many adults want to age in place, only 34% of surveyed adults currently live in a home with the features to make it possible.⁵ 

If you're already in the second half of your life, then it's smart to prioritize accessibility now, even if you're highly mobile. 

Choosing an accessible home will improve your odds of staying put for longer. Plus, you never know when you might need an accessible light switch, handrails in the bathroom, or a seat in the shower, says Sheri Koones. “Yes, older people with disabilities need them, but even younger people break a leg skiing, or have situations where they want a barrier-free shower.”¹  

As you consider your options, try to imagine what your needs might be as you get older and be proactive in identifying potential obstacles, recommends the National Council on Aging (NCOA).⁶ 

For example, a single-level home or one with wide enough stairs for a stair lift or access to an elevator may be a more practical choice than a home with lots of narrow stairs. Alternatively, a home with at least one ground-level bedroom and bathroom may also work well for you. 

Consider your needs outside the home, as well: If you frequently visit the doctor, grocery store, or community center, for example, then you may benefit from choosing a property nearby. 

Action item: Review the checklist below, adapted from the National Institute on Aging’s home safety worksheet, or download the full version from the agency’s website.⁷ Highlight the items that are most important to you. We can reference these guidelines as we consider potential homes and suggest ways to adapt a property to meet your current or future requirements.

BOTTOMLINE

You don't have to compromise on comfort to downsize successfully. I can help you strategize your next move and identify the best new home for you—whether that's a smaller home for rent or another one to call your own. I take pride in offering a full-service real estate experience and assisting my clients through all stages of the real estate journey. And I’ll go the extra mile to maximize your current home's sales price so that you’re set up for financial security.

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:

1. Associated Press (AP) -
   https://apnews.com/article/lifestyle-f094372b46bae82020c174907eb953c0
2. Healthcare (Basel) -
   https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10671417/
3. Washington Post -
   https://www.washingtonpost.com/home/2023/02/07/make-small-room-appear-larger/ 
4. HUD User -
   https://www.huduser.gov/portal/periodicals/em/fall13/highlight2.html
5. National Poll on Healthy Aging - https://www.healthyagingpoll.org/reports-more/report/older-adults-preparedness-age-place 
6. National Council on Aging (NCOA) - https://www.ncoa.org/adviser/medical-alert-systems/downsizing-for-aging-in-place/ 
7. National Institute of Health (NIH)  - https://www.nia.nih.gov/sites/default/files/2023-04/worksheet-home-safety-checklist_1.pdf 

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, I’ve rounded up some of the top trends I'm 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 me a call. I can help you realize your vision and maximize the impact of your investment.

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. I can refer you to a trusted contractor for help. 

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.

I 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. I 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 me 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 my 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? I’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 me for a free consultation.

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 me 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 I 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. I 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 me for a consultation so I 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.¹⁶In 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. I 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 me if you’re ready to begin your home search.

BUYERS SHOULD 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 me to discuss your goals and budget, and I 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. I 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. As a local market expert, I know what's most likely to impact sales and drive home values in your neighbourhood. As a trusted partner in your real estate journey, I'll keep my ear to the ground so that I can guide you through the market's twists and turns.

If you’re considering buying or selling a home in 2024, contact me 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: 

1. Financial Post -
   https://financialpost.com/news/economy/canada-mortgage-math-means-crisis-looming
2. Financial Post -
   https://financialpost.com/news/canada-housing-market-sales-prices-fall-further
3. Global News -
   https://globalnews.ca/news/10068567/statistics-canada-jobs-report-oct-2023/
4. Canadian Mortgage Trends - https://www.canadianmortgagetrends.com/2023/12/bank-of-canada-preview-rate-hold-expected-as-attention-shifts-to-rate-cuts/
5. Global News -
   https://globalnews.ca/news/10098594/canada-housing-market-home-sellers-fall-2023/
6. Bank of Canada -
   https://www.bankofcanada.ca/2023/12/fad-press-release-2023-12-06/
7. The Globe and Mail - https://www.theglobeandmail.com/business/article-bank-of-canada-interest-rate-live-december/ 
8. Global News -
   https://globalnews.ca/news/10142334/bond-yields-canada-mortgage-interest-rates/
9. Canadian Mortgage Trends - https://www.canadianmortgagetrends.com/2023/12/mortgage-rates-under-5-theyre-coming-back-as-lenders-slash-fixed-rates/
10. Nerdwallet -
    https://www.nerdwallet.com/ca/personal-finance/financial-trends-that-could-shape-2024
11. Dye and Durham - https://dyedurham.ca/new-data-shows-canadians-remain-concerned-about-looming-recession/
12. Conference Board of Canada - https://www.conferenceboard.ca/focus-areas/canadian-economics/housing-market-update/
13. CREA - https://www.crea.ca/media-hub/news/canadian-home-sales-see-downward-trend-continue-in-october/
14. Desjardins - https://www.desjardins.com/en/savings-investment/economic-studies/canada-housing-outlook-nov-2023.html
15. Global News -
    https://globalnews.ca/news/10110607/canada-real-estate-td-housing-price-forecast/
16. RBC -
    https://thoughtleadership.rbc.com/ontario-leads-canadas-housing-market-cooldown/
17. RENX -
    https://renx.ca/interest-rates-are-coming-down-soon-benjamin-tal
18. TD Economics -
    https://stories.td.com/ca/en/article/canada-housing-supply

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.

1. 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. I can help you find a property with income potential in a neighbourhood with more flexible rules or less restrictive zoning.

2. 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? I can help you set priorities and search for a suitable property.

3. 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.

4. 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 I can connect you with a lender or mortgage broker who can educate you about your options and help shepherd you through the process.  

5. 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. I 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 I 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 I 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. I will work with you to devise a plan to overcome your financial constraints. Then, I’ll help you find a home that not only excites you but also fits your budget and lifestyle. Give me 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:

1. Financial Post - https://financialpost.com/executive/executive-summary/housing-affordability-crisis-canada-worse 
2. CBC -
   https://www.cbc.ca/news/canada/british-columbia/housing-investors-canada-bc-1.6743083 
3. MoneySense - https://www.moneysense.ca/spend/real-estate/income-properties/legal-secondary-suite-or-basement-apartment/ 
4. Statistics Canada -
   https://www150.statcan.gc.ca/n1/daily-quotidien/220713/dq220713a-eng.htm 
5. 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 
6. CIBC -
   https://economics.cibccm.com/cds?flag=E&id=9dc124d8-9764-4c1d-83b4-9e89a5d568b8 
7. Government of Canada -
   https://www.canada.ca/en/financial-consumer-agency/services/buying-home.html 
8. A Place to Call Home -
   https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive 
9. Statistics Canada -
   https://www150.statcan.gc.ca/n1/daily-quotidien/220921/dq220921b-eng.htm

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 I’ve rounded up my 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: 

1. Designate a day of the week for each task—then, add them to your calendar so you can’t forget. 
2. 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.
3. 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 my 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: 

1. 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
2. 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. 
3. 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.
4. 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 me a call for a list of my 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: 

1. Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach.
2. Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down.
3. Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash.
4. 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: 

1. Install coat hooks and shoe racks in the entryway for easy access.
2. Add a key caddy or shelf for essential items to get you out the door.
3. Hang a letter bin to capture mail and newspapers as soon as you walk into the house.
4. 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:

1. 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.
2. 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.
3. 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. 
4. 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: 

1. 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.
2. Load and run the dishwasher every night so you can empty it the next morning.
3. 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 I’ve found that using household items in innovative ways can help keep mess and clutter under control.⁵ Here are a few of my favourite swaps:

1. Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards.
2. Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items.
3. Separate dress and athletic socks by turning an old shoe box into a drawer divider.
4. Repurpose jam jars by using them to store office supplies or bathroom essentials.
5. 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!

I'M 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, I'm not just here to help you buy or sell a home. I 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:

1. Healthline - https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning
2. Forbes - https://www.forbes.com/health/mind/mental-health-clean-home/  
3. My Domaine - https://www.mydomaine.com/house-cleaning-schedule 
4. Housewife How-Tos - https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/
5. Better Homes and Gardens - https://www.bhg.com/decorating/storage/projects/simple-solutions/ 

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! I’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 me a call! I’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.

• 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.

• 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 my complete Property Marketing Plan.

• 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 I take on a new listing, I always walk through it with the homeowner and point out any repairs, updates, or decluttering that should be done to maximize its sales potential. I also share tips on how to prep the property before each showing. 

In some cases, I 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. I can help you determine the appropriate budget and effort required to get your home sold. 

• 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. 

I am a local market expert and have access to the latest market data and comparable sales in your neighbourhood. I 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!

• 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. I 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. I 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? My 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. I 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/ 

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.

I’ve rounded up six trends that I believe 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.  

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.

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.

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. 

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.

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.

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. 

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. I'm happy to share my insights on the upgrades that will make it easier (or more difficult!) to sell your home. Give me a call for a complimentary 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:

• Realtor.ca - https://www.realtor.ca/blog/design-trends-to-watch-out-for-in-2023/29256/1367
• Sudbury.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
• Realtor.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 
• HGTV.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/

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 to me 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 complimentary 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 me to discuss your goals and budget. I 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 me 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 complimentary 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, I 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 me now to schedule a complimentary consultation. I’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:

1. 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#
2. Reuters -
   https://www.reuters.com/markets/bank-canada-set-hike-rates-may-signal-it-is-near-end-tightening-cycle-2022-12-07/
3. CBC -
   https://www.cbc.ca/news/business/bank-of-canada-1.6677004 
4. 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
5. Reuters - https://www.reuters.com/business/finance/bank-canadas-inflation-fight-made-harder-bond-yields-fall-2022-12-15/ 
6. Canadian Mortgage Professional - https://www.mpamag.com/ca/news/general/whats-the-bank-of-canada-rate-likely-to-be-in-2023/430755 
7. Global News -
   https://globalnews.ca/news/9341825/bank-of-canada-tiff-macklem-speech-dec-12/ 
8. CIBC Capital Markets -
   https://economics.cibccm.com/cds?id=6f402711-69b3-46a5-afc8-91ede34fe1fd&flag=E
9. BMO Capital Markets -
   https://economics.bmo.com/media/filer_public/04/01/040155ce-0cb2-49ac-b63e-def8e66d4c05/outlookcanada.pdf
10. Financial Post -
    https://financialpost.com/real-estate/mortgage-rates-soar-higher-interest-rate-increase
11. Financial Post -
    https://financialpost.com/real-estate/canada-house-prices-to-tumble
12. RBC Special Housing Reports -
    https://thoughtleadership.rbc.com/quiet-fall-housing-market-across-canada/
13. CBC News -
    https://www.cbc.ca/news/business/rent-inflation-november-1.6650777
14. CBC News -
    https://www.cbc.ca/news/canada/toronto/rental-costs-canada-1.6685602

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, I’ve developed a listing strategy that combines my 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, I’ll conduct a thorough walk-through to identify any problems that could prevent it from selling. In some cases, I 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, I’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, I’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. I 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. I 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 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 I’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 my experience, I’ve gathered insights that can help position your home for success in this market. Plus, I 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. I 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 I come in. The market may be adjusting, but I'm here to help you make the most of it. I'm a listing professional in our area, and I know what steps you need to take for a smooth, profitable transaction. 

If you’re considering buying or selling a home, I invite you to reach out to schedule a free consultation. I'm 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:

1.     Global News - https://globalnews.ca/news/8833692/canada-housing-prices-bidding-offers/

2.     Chartered Professional Accountants Canada - https://www.cpacanada.ca/en/news/canada/housing-survey

3.     RE/MAX Blog - https://blog.remax.ca/renovations-that-pay-off-on-resale-according-to-re-max-brokers/

4.     Angi - https://www.angi.com/articles/smart-landscaping-tips-can-increase-home-value.htm

5.     International Association of Home Staging Professionals - https://pages.iahsp.com/home-staging-statistics/

Interest rates have risen rapidly this year, triggered by the Bank of Canada’s efforts to curb inflation. And the July MNP Consumer Debt Index found that 59% of Canadians “are already feeling the effects of interest rate increases.”¹  

Why has the impact been so widespread? In part, due to the rising popularity of variable rate mortgages. According to the Canada Mortgage and Housing Corporation, in the latter half of last year, the majority of mortgage borrowers opted for a variable over a fixed interest rate.² 

Variable mortgages are typically pegged to the lender’s prime rate, which means they are immediately affected by rising interest rates. Homeowners with fixed mortgages aren’t impacted as quickly because their interest rate is locked in, but they will face higher rates, as well, when their mortgages are up for renewal. And many homebuyers are finding it increasingly difficult to afford or even qualify for a mortgage at today’s elevated rates.

Fortunately, there are steps you can take to strengthen your position if you have plans to buy a home or renew an existing mortgage. Try these eight strategies to help secure the best available rate:  

1. Raise your credit score. 

Borrowers with higher credit scores are viewed as “less risky” to lenders, so they are offered lower interest rates. A “good” credit score typically starts at 660 and can move up into the 800s.³ If you don’t know your score, you can access it online from Canada’s two primary credit bureaus, Equifax and Transunion.⁴ 

Then, if your credit score is low, you can take steps to improve it, including:⁵ 

●      Correct any errors on your credit reports, which can bring down your score. You can request free copies of your reports through the Equifax and Transunion websites.

●      Pay down revolving debt. This includes credit card balances and home equity lines of credit.

●      Avoid closing old credit card accounts in good standing. It could lower your score by shortening your credit history and shrinking your total available credit.

●      Make all future payments on time. Payment history is a primary factor in determining your credit score, so make it a priority.

●      Limit your credit applications to avoid having your score dinged by too many inquiries. If you’re shopping around for a car loan or mortgage, minimize the impact by limiting your applications to a two-week period.

Over time, you should start to see your credit score climb — which will help you qualify for a lower mortgage rate. 

2. Keep steady employment. 

If you are preparing to purchase a home, it might not be the best time to make a major career change. Unfortunately, frequent job moves or gaps in your résumé could hurt your borrower eligibility. 

When you apply for a new mortgage, lenders will typically review your employment and income history and look for evidence that you've been financially stable for at least two years.⁶ If you’ve earned a steady paycheck, you could qualify for a better interest rate. A stable employment history gives lenders more confidence in your ability to repay the loan. 

That doesn’t mean a job change will automatically disqualify you from purchasing a home. But certain moves, like switching from corporate employment to freelance or self-employment status, could force you to delay your purchase, since lenders will want to see proof of steady, long-term earnings.⁶ 

3. Lower your debt service ratios.

Even with a high credit score and a great job, lenders will be concerned if your debt payments are consuming too much of your income. That’s where your debt service ratios will come into play.

There are two types of debt service ratios:⁷

1.     Gross debt service (GDS) — What percentage of your gross monthly income will go towards covering housing expenses (mortgage, property taxes, utilities, and 50% of condo maintenance fees)?

2.     Total debt service (TDS) — What percentage of your gross monthly income will go towards covering ALL debt obligations (housing expenses, credit cards, student loans, and other debt)?

What’s considered a good debt service ratio? Lenders typically want to see a GDS ratio that’s no higher than 32% and a TDS ratio that’s 40% or less.⁷

Low debt service ratios will also help you pass a mortgage stress test, which is required by all Canadian banks and some other types of lenders. The stress test is designed to help ensure you can continue to afford your mortgage payments even if interest rates rise. You can use the government of Canada's Mortgage Qualifier Tool to calculate how much you can afford to borrow.

If your debt service ratios are too high, or you can’t pass a mortgage stress test, you may need to consider purchasing a less expensive home, increasing your down payment, or paying down your existing debt. A bump in your monthly income will also help. 

4. Increase your down payment.

Minimum down payment requirements vary by loan size and property type. But, in some cases, you can qualify for a lower mortgage rate if you make a larger down payment.

Why do lenders care about your down payment size? Because borrowers with significant equity in their homes are less likely to default on their mortgages. That’s why you will be required to purchase mortgage default insurance if you put down less than 20%.⁸

It’s important to note that some lenders offer discount rates for borrowers who put down less than 20% – because the required default insurance protects them from any potential loss. However, the cost of CMHC or private mortgage default insurance will typically exceed any interest savings. You'll also have to pay interest on that insurance if you add it to your mortgage.⁹ The bottom line: you’ll save money in borrowing costs if you can afford a larger down payment.

Fortunately, there are a couple of government-initiated resources designed to help eligible first-time home buyers with a down payment, including:⁹ 

●      Home Buyers’ Plan (HBP) – Buyers may withdraw up to $35,000 (tax-free) from their Registered Retirement Savings Plan(RRSP). The money must be used to build or purchase a qualifying home and repaid to the RRSP within 15 years.

●      First-Time Home Buyer Incentive – Buyers can take advantage of a shared-equity mortgage with the Government of Canada. Essentially, the Government will put 5% or 10% towards your down payment, interest-free, in exchange for a limited equity share of your property. The repayment is due in 25 years or when you sell your home.

I’d be happy to discuss these and other programs, tax rebates, and incentives that might help you increase your down payment. 

5. Weigh interest rate options. 

All mortgages are not created equal, and some may be a better fit than others, depending on your priorities and risk tolerance. For starters, there are several interest rate options to choose from:¹⁰ 

●      Fixed — You’re guaranteed to keep the same interest rate for the entire length of the loan. Many buyers prefer a fixed rate because it offers them predictability and stability. However, you’ll pay a premium for it, as these mortgages typically have a higher interest rate to start. And if rates fall, you’ll be locked into that higher rate.

●      Variable — Your interest rate will rise or fall along with your lender’s prime rate. You can choose either an adjustable or a fixed monthly payment. However, if you opt for a fixed payment, the amount that goes towards principal and interest each month will fluctuate depending on the current rate. Variable-rate mortgages typically offer lower interest rates to start but run the risk of increasing.

●      Hybrid – Can’t decide between a fixed or variable rate? Hybrid mortgages attempt to address that dilemma. A portion of the mortgage will have a fixed rate and the remainder will have a variable rate. The fixed gives you some protection if rates go up, while the variable offers some benefit if rates fall.

What’s the best choice if you’re looking for the lowest mortgage rate? The answer is…it depends. If mortgage rates don’t rise much higher, or drop back down in a couple of years, you could win by opting for a variable rate. However, if they continue to climb, you may be better off with a fixed rate. 

Keep in mind that the spread between variable and fixed rates has narrowed as rates rise.¹¹  However, it's still easier to meet the stress-test requirements for a variable mortgage, since the threshold is lower.¹² So, your choice may be limited by your ability to qualify. 

6. Compare loan terms.

A mortgage term is the length of time your mortgage agreement is in effect. At the end of the term, a mortgage holder will need to either pay off their mortgage or renew for another term.

There are three major types of mortgage terms:¹³

●      Shorter-term – These can range from 6 months to 5 years, and they are the most popular type in Canada. Borrowers can choose between a fixed or variable interest rate.

●      Longer-term – These are longer than 5 years but generally no more than 10 years in length. Longer-term mortgages are more likely to feature fixed-interest rates and hefty prepayment penalties.

●      Convertible – Offers the option to extend a shorter-term mortgage to a longer-term mortgage, typically at a different interest rate.

Which loan term offers the lowest rate? A shorter-term mortgage will typically feature a lower interest rate than a longer-term mortgage. However, the rate on a 1-year or a 3-year mortgage could be higher or lower than a 5-year mortgage depending on the current economic climate and whether it’s fixed or variable.

Many lenders offer especially attractive rates for 5-year mortgages due to their popularity.¹⁴ But to find the best rate, you’ll need to compare your options at the time of purchase or renewal. 

7. Get quotes from multiple lenders. 

When shopping for a mortgage, be sure to solicit quotes from several different lenders and lender types to compare the interest rates and fees. Depending upon your situation, you could find that one institution offers a better deal for the type of loan and term length you want. 

Ideally, you should begin this process before you start looking for a home. If you get preapproved for a mortgage, in most cases, you can lock in the mortgage rate for 90 to 120 days. This is especially important when interest rates are rising.¹⁵

Some borrowers choose to work with a mortgage broker. Like an insurance broker, they can help you gather quotes and find the best rate. They’re paid a commission by the lender, so it won’t cost you anything out of pocket to use a broker. However, make sure you find out which lenders they work with and contact more than one so you can compare their recommendations.¹⁶ 

Don’t forget that I can be a valuable resource in finding a lender, especially if you are new to the home buying process. After a consultation, I can discuss your financing needs and connect you with loan officers or brokers best suited for your situation. 

8. Ask for a discount. 

When shopping for a mortgage, don’t be afraid to negotiate. In Canada, it’s commonplace for lenders to discount their advertised interest rates, which are called posted rates. And in many cases, all you have to do is ask. Of course, the strength of your application will come into play here – so don’t neglect strategies 1 through 4 above.¹⁷ 

Keep in mind that interest rates aren’t the only thing on the table. You can negotiate other contract terms, as well, like prepayment options and rebates. And if you get a great offer from one lender, you can leverage it by asking your preferred institution to match or beat it.¹⁷  

Getting Started

Unfortunately, the rock-bottom mortgage rates we saw during the height of the pandemic are behind us. However, today’s 5-year fixed rates still fall beneath the historical average — and are well below the all-time peak of 20.75% in 1981.¹⁸

And although higher mortgage rates have made it more expensive to finance a home purchase, they have also ushered in a more balanced market. Consequently, today’s buyers are finding more homes to choose from, a better value for their investment, and sellers who are willing to negotiate. 

If you have questions or would like more information about buying or selling a home, reach out to schedule a free consultation. I’d love to help you weigh your options, navigate this shifting market, and reach your real estate goals!

Sources: 

1.     MNP Consumer Debt Index -
https://mnpdebt.ca/en/resources/mnp-consumer-debt-index

2.     Global News -
https://globalnews.ca/news/8970237/canada-mortgages-variable-fixed-cmhc/

3.     Loans Canada -
https://loanscanada.ca/mortgage/minimum-credit-score-required-for-mortgage-approval/

4.     Government of Canada -
https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/order-credit-report.html

5.     Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/improve-credit-score.html

6.     RATESDOTCA -
https://rates.ca/resources/how-long-at-job-before-applying-mortgage

7.     NerdWallet -
https://www.nerdwallet.com/ca/mortgages/what-are-debt-service-ratios

8.     Royal Bank of Canada -
https://www.rbcroyalbank.com/mortgages/mortgage-default-insurance.html

9.     Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html#toc2

10.   Government of Canada -
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html

11.   Canada Mortgage Professional -
https://www.mpamag.com/ca/mortgage-industry/industry-trends/what-do-falling-bond-yields-mean-for-fixed-rates/416463

12.   The Globe and Mail -
https://www.theglobeandmail.com/business/article-the-best-mortgage-strategies-for-a-rising-interest-rate-environment/

13.   Government of Canada -
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-terms-amortization.html

14.   WOWA.ca -
https://wowa.ca/mortgage-rates

15.   NerdWallet -
https://www.nerdwallet.com/ca/mortgages/what-is-mortgage-pre-approval

16.   Government of Canada -https://www.canada.ca/en/financial-consumer-agency/services/mortgages/preapproval-qualify-mortgage.html

17.   NerdWallet -
https://www.nerdwallet.com/ca/mortgages/negotiating-mortgage-fees

18.   RateHub.ca -
https://www.ratehub.ca/5-year-fixed-mortgage-rate-history

No matter what’s going on in the housing market, the process of selling a home can be challenging. Some sellers have a hard time saying goodbye to a treasured family residence. Others want to skip ahead to the fun of decorating and settling in a new place. Almost all sellers want to make the most money possible.

Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable when you have a skilled and knowledgeable real estate agent by your side. 

For example, here are seven common mistakes that many home sellers make. These can cause anxiety, cost you time, and shrink your financial proceeds. Fortunately, I can help you avert these missteps and set you up for a successful and low-stress selling experience instead. 

MISTAKE # 1: Setting An Unrealistic Price 

Many sellers believe that pricing their home high and waiting for the “right buyer” to come along will net them the most money. However, overpriced homes often sit on the market with little activity, which can be the kiss of death in real estate — and result in an inevitable price drop.¹ 

Alternatively, if you price your home at (or sometimes slightly below) market value, your home can be among the nicest that buyers have seen within their budget. This can increase your likelihood of receiving multiple offers.²

To help you set a realistic price from the start, 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 similar properties have recently sold for in your area. 

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). I can help you find that sweet spot that will draw in buyers without undercutting your profits.

MISTAKE #2: Trying To Time The Market 

You’ve probably heard the old saying: “Buy low and sell high.” But when it comes to real estate, that’s easier said than done. 

Delaying your home sale until prices are at their peak may sound like a great idea. But sellers should keep these factors in mind: 

1.     Predicting the market with certainty is nearly impossible.

2.     If you wait to buy your next home, its price could increase, as well. This may erode any additional proceeds from your sale.

3.     If mortgage rates are rising, your pool of potential buyers could shrink—and you will have to pay more to finance your next purchase.

Instead of trying to time the market, choose your ideal sales timeline, instead. This may be based on factors like your personal financial situation, shifting family dynamics, or the seasonal patterns in your particular neighbourhood. I can help you figure out the best time to sell given your individual circumstances. 

MISTAKE #3: Failing To Address Needed Repairs

Many sellers hope that buyers won’t notice their leaky faucet or broken shutters during a home showing. But minor issues like these can leave buyers worrying about more serious — and costly — problems lurking out of sight. 

Even if you do receive an offer, there’s a high likelihood that the buyer will hire a professional home inspector, who will flag any defects in their report. Neglecting to address a major issue could lead buyers to ask for costly repairs, money back, or worse yet, walk away from the purchase altogether. 

To avoid these types of disruptions, it’s important to make necessary renovations before your home hits the market. I can help you decide which repairs and updates are worth your time and investment. In some cases, I may recommend a professional pre-listing inspection. 

This extra time and attention can help you avoid potential surprises down the road and identify any major structural, system, or cosmetic faults that could impact a future sale.³

MISTAKE #4:  Neglecting To Stage Your Home 

Staging is the act of preparing your home for potential buyers. The goal is to “set the stage” for buyers to help them envision themselves living in your home. Some sellers opt to skip this step, but that mistake can cost them time and money in the long run. A 2021 survey by the Real Estate Staging Association found that, on average, staged homes sold nine days faster and for $40,000 over list price.⁴ 

Indoors, staging could include everything from redecorating, painting, or rearranging your furniture pieces to removing personal items, decluttering, and deep cleaning. Outdoors, you might focus on power washing, planting flowers, or hanging a wreath on the front door. 

You may not need to do all of these tasks, but almost every home can benefit from some form of staging. Before your home hits the market, we can refer you to a professional stager or offer our insights and suggestions if you prefer the do-it-yourself route.

MISTAKE #5: Evaluating Offers On Price Alone 

When reviewing offers, most sellers focus on one thing: the offer price. And while dollar value is certainly important, a high-priced offer is worthless if the deal never reaches the closing table. That’s why it’s important to consider other factors in addition to the offer price, such as: 

●      Financing and buyer qualifications

●      Deposit size

●      Contract contingencies

●      Closing date

Depending on your particular circumstances, some of these factors may or may not be important to you. For example, if you’re still shopping for your next home, you might place a high premium on an offer that allows for a flexible closing date. 

Buyers and their agents are focused on crafting a deal that works well for them. I can help you assess your needs and goals to select an offer that works best for you. 

MISTAKE #6: Acting On Emotion Instead Of Reason 

It’s only natural to grow emotionally attached to your home. That’s why so many sellers end up feeling hurt or offended at some point during the selling process. Low offers can feel like insults. Repair requests can feel like judgments. And whatever you do — don’t listen in on showings through your security monitoring system. Chances are, some buyers won’t like your decor choices, either! 

However, it’s a huge mistake to ruin a great selling opportunity because you refuse to counter a low offer or negotiate minor repairs. Instead, try to keep a cool head and be willing to adjust reasonably to make the sale. I can help you weigh your decisions and provide rational advice with your best interests in mind. 

MISTAKE #7: Not Hiring An Agent 

There’s a good reason 90% of homeowners choose to sell with the help of a real estate agent. Homes listed by an agent sold for 22% more than the average for-sale-by-owner home, according to a recent US-based study.⁵ 

Selling a home on your own may seem like an easy way to save money. But in reality, there is a steep learning curve. And a listing agent can: 

●      Skip past time-consuming problems

●      Use market knowledge to get the best price

●      Access contacts and networks to speed up the selling process

If you choose to work with a listing agent, you’ll save significant time and effort while minimizing your personal risk and liability. And the increased profits realized through a more effective marketing and negotiation strategy could more than make up for the cost of your agent’s commission. 

I can navigate the ins and outs of the housing market for you and make your selling process as stress-free as possible. You may even end up with an offer for your home that’s better than you expected. 

BYPASS THE PITFALLS WITH A KNOWLEDGEABLE GUIDE 

Your home selling journey doesn’t have to be hard. When you hire us as your listing agent, I’ll develop a customized sales plan to help you get top dollar for your home without any undue risk, stress, or aggravation. If you’re thinking of buying or selling a home, reach out today to schedule a free consultation and home value assessment. 

Sources:

1.     Realtor.ca -
https://www.realtor.ca/blog/postpage/2666/1362/the-importance-of-having-a-realtor%C2%AE-price-your-home/ 

2.     Royal Bank of Canada -
https://www.rbcroyalbank.com/mortgages/sellers-vs-buyers-market.html

3.     Canadian Association of Home & Property Inspectors -
https://www.cahpi.ca/en/blog/3-reasons-you-should-hire-a-cahpi-inspector

4.     Real Estate Staging Association -
https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548

5.     National Association of Realtors -
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Canada's housing market hit a boiling point last year as homebuyers clambered for real estate in regions with significantly more demand than supply. But now that homeowners and buyers alike are feeling the pinch of rising interest rates and record inflation, the market appears to finally be simmering down. 

That, in turn, could create a welcome opening for shoppers to be more selective with their searches. However, buyers hoping for a major downturn in prices may be left disappointed. Although home values in some segments are beginning to sag under the weight of higher borrowing costs, a persistent housing shortage is expected to keep prices high.

Read on for a closer look at some of the top factors impacting Canada's real estate market and how they could affect you. 

RISING MORTGAGE RATES ARE COOLING AN OVERHEATED MARKET 

Over the past couple of years, homebuyers have faced record-high price appreciation and intense competition—in part due to historically low mortgage rates that were a result of the Bank of Canada’s efforts to keep the economy afloat during the COVID-19 pandemic.¹ 

According to the Canadian Real Estate Association (CREA), in 2021, both the number of sales and average home price hit at an all-time high, with demand for new homes far exceeding supply.² This trend continued through early 2022, despite widespread predictions that the Bank of Canada was gearing up to increase interest rates.³ 

But now that the central bank has officially begun pushing its key interest rate back up from emergency levels, the housing market is responding, with the pace of home sales cooling in March and April.⁴ The Canada Mortgage and Housing Corporation (CMHC) predicts that the housing market will continue to moderate in the coming year.⁵ 

The feds plan to keep raising interest rates as necessary to fight inflation, which means target rates could rise by another 1 to 2% or more over the next year.⁶ That, in turn, will cause both fixed and variable mortgage rates to rise. 

As Senior Deputy Governor Carolyn Rogers noted in May: “We need higher rates to moderate demand, including demand in the housing market. Housing price growth is unsustainably strong in Canada.”⁷ 

What does it mean for you?

If you’re shopping for a new home, expect mortgage rates to keep rising into 2024.⁸ So, you’ll need to act fast if you want to get in at a lower rate. However, the cooling effect should make for a less competitive market. I can help you chart the best path.

If you’ve been thinking about selling, higher mortgage rates may shrink your pool of potential buyers, so don’t wait too long to list. And if you are up for a renewal, you should also act quickly or risk paying a higher rate. Contact me to discuss your options.

DEMAND AND PRICES ARE STARTING TO SOFTEN IN SOME SEGMENTS 

Nationally, home prices soared a record 26.6% last year, an unsustainable rate of appreciation by any measure.⁹ But now that the Bank of Canada has put rock-bottom rates in the rear view window, sales have begun to slow. 

Soon after the Bank of Canada began raising interest rates in early March, the real estate market responded. According to the CREA, in March, home sales fell by 5.4% on a month-over-month basis and the Aggregate Composite MLS® Home Price Index (HPI) ticked up just 1%, “a marked slowdown from the record 3.5% increase in February.”¹⁰ 

By April, home sales dropped by another 12.6% over the previous month as homeowners and buyers continued adjusting to higher rates.^. “Following a record-breaking couple of years, housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,” said CREA Chair Jill Oudil. Meanwhile, prices are still rising in some markets, but are sagging in others, causing the HPI to dip in April for the first time since 2020.¹¹ 

As the Bank of Canada continues pushing up rates, more buyers may give up on their homeownership dreams if they feel too squeezed by the combination of high rates and high prices. Still, many experts say a major downturn in prices is unlikely. That's in part due to the fact that there still aren't enough homes available to meet the demands of a growing population, says CREA CEO Michael Bourque. “The supply of new homes is not even close to keeping up with demographic changes and population growth.”¹² As long as housing remains a scarce asset, prices will remain relatively elevated. 

What does it mean for you?

If you’ve been waiting to buy a home, now may be the perfect time to jump in the market. There are deals to be found if you know where to look. But don’t wait too long, or higher mortgage rates will erode any cost savings. I can help you find the best opportunities in today’s market. 

For homeowners, the outlook is still bright. Governmental interventions are being put in place to stabilize the market–not crash it. And demand for housing and a strong job market should help protect your investment. 

INVENTORY REMAINS TIGHT

According to the CMHC, housing starts trended higher in April after a small downturn in March. Overall, new homes are still being built at a faster clip today than in the past, but at a slower pace than we saw in 2021, noted CMHC Chief Economist Bob Dugan.¹³ Homebuilders are facing a wide range of challenges, including persistent inflation, rising rates, and ongoing labour shortages. 

Increased federal investment could help counteract at least some of those challenges. The federal government recently announced plans to help double the pace of housing construction over the next decade by funding significantly more new and affordable housing. It also announced additional relief measures, including a temporary ban on foreign investment, doubling first-time buyers' tax credit, and halting blind bidding wars.¹⁴ 

In addition to fewer homes being built, new listings are also down, according to the CREA’s sales report. But a decrease in demand is offsetting the impact in some areas. “A little more than half of local markets were balanced markets…a little less than half were in seller's market territory.”¹¹ 

What does it mean for you?

While supply remains at historically low levels, even a modest bump in inventory can help take pressure off of buyers. If you’ve had trouble finding a home in the past, give me a call to discuss what we’re currently seeing in your target neighbourhood and price range.

If you’re a homeowner, it’s still a great time to sell and cash out those big equity gains. Contact me to find out how much your home is worth in today’s market. 

HERE TO GUIDE YOU 

While national real estate trends can provide a “big picture” outlook, real estate is local. And as a local market expert, I can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighbourhood. 

If you’re considering buying or selling a home, contact me to schedule a free consultation. I can help you assess your options and make the most of this unique real estate landscape. 

Sources:

1.     Bank of Canada - https://www.bankofcanada.ca/2020/03/press-release-2020-03-27/

2.     Global News - https://globalnews.ca/news/8516543/canada-home-sales-record-crea/

3.     CBC - https://www.cbc.ca/news/business/crea-housing-february-1.6385274

4.     Canadian Real Estate Association - https://www.crea.ca/housing-market-stats/stats/

5.     Canada Mortgage and Housing Corporation - https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2022/housing-markets-moderate-historic-2021-levels

6.     Bank of Canada - https://www.bankofcanada.ca/press/press-releases/

7.     Reuters - https://www.reuters.com/world/americas/bank-canada-says-strong-demand-risks-higher-inflation-2022-05-03/

8.     Better Dwelling - https://betterdwelling.com/canadian-mortgage-rates-to-surge-demand-will-be-slowest-in-recent-history-moodys/

9.     CBC - https://www.cbc.ca/news/business/crea-housing-december-1.6317503#

10.   Canadian Real Estate Association - https://www.crea.ca/news/march-home-sales-and-new-listings-ease-back-following-surge-in-february/

11.   Canadian Real Estate Association - https://www.crea.ca/news/home-sales-drop-in-april-as-mortgage-rates-shoot-higher/ 

12.   Global News - https://globalnews.ca/news/8716412/canada-housing-market-cooling-bubble-interest-rate/

13.   Canada Mortgage and Housing Corporation - https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2022/canadian-housing-starts-trend-higher-april