Real Estate Insider: January 2022
Posted on January 27th 2022 by Lalovich
Hi there, Real Estate insiders! We hope everyone has been hanging in there. We’re back with a huge collection of articles for some informative lockdown reading—let’s dive into them!
Thinking About Becoming a Realtor? Get In Line
With the market still smoking hot, a lot of people have decided to pursue a career change. Just how many real estate agents are there in Canada?
To Stage or Not to Stage: Don’t Even Question It
The return on investment for staging a home is undeniable in a hot market, with exceptions of course. But when a buyer might only see a home once, the benefits of staging a home and leaving a lasting impression should make the top of your to-do list when selling.
Read: Home staging statistics that real estate agents need to know
The Dos and Don’ts of Selling a Property With Tenants
When selling a Tenanted property, be sure to follow the proper steps to provide a fair and equitable process for all. It could end up costing you a lot of money if you don’t! This Landlord had to pay over $6,000.00 for not providing the proper notice to his tenants.
Read: Avoiding trouble when selling properties with tenants
List Your Home on THIS Day
Timing is everything! While it may not make or break your home sale, a perfectly-timed listing can provide a quick, smooth transaction. Here are the best (and worst) days to list your home and why.
Read: What is the best day of the week to list a house for sale?
The Apparent Trap: Why So Many 25-34 Year Old Ontarians Live With Mom and Dad
The percentage of Millennials living with their parents has significantly increased since 2001. I think we can all guess why: “Hey Doug, we need more houses!”
Bogus Metrics: Did New Homes REALLY Surpass New Households From 2006-2016?
Here’s an example of how easy it is to skew numbers that make your opinion look favourable. It’s important to understand the basis behind each measurable metric before deciding on its credibility. One blogger debunks the CMHC claim that they have been building enough homes.
Read: Debunking the “homes outpace households” argument
Customer Versus Client: New Blanket Rule Change Addresses the Few Bad Apples
A proposed rule change is going to eliminate the “customer” from a real estate transaction. The difference is minor, but can appear major to a client looking to use their listing agent to help them submit an offer. Read here and let us know your opinion!
Read: Canada’s Largest Real Estate Regulator Is Eliminating “Customers,” And It’s A Big Deal
Firm Growth: Studio Shed Expanding to Canada With Soaring Demand for Backyard Dwellings
The demand for additional dwelling units has soared during the pandemic when the housing shortage was brutally exposed. What started as a place to store mountain bikes, these entrepreneurs are expanding their ADU’s to Canada as they see the demand is well underserved. What would you do with an extra room on your property?
Not In My Backyard: When Neighbours Restrict Needed New Development
It is painfully obvious that more residential units are needed now more than ever. Yet, people with power exist who don’t want to see affordable housing in their neighbourhood actively restricting these projects. Find out how one man who wanted to build two 3,500 square foot homes on his property got rejected after an influx of complaints from neighbours who own huge 6,000 square foot homes.
Read: Angry neighbours block housing that Canada’s cities badly need
Immigration to Crank the Heat on Piping Hot Housing Market
Trudeau’s aggressive immigration goals are one of many reasons the demand for housing is so vast. Immigrants are also the reason for 1 out of 3 Canadian businesses, and closing the gap on the labour shortage. Immigration has always helped to fuel Canada’s economy, so what factors can increase the supply of homes?
Read: Canada opens door to immigrants, adding fuel to hot housing market
Illegal Rental Unit Warning
If you are looking to buy a property with multiple units, make sure you are well-versed on municipal codes and bylaws. An additional unit that doesn’t meet building code or violates bylaws could spell disaster if someone gets injured—or worse! Start by getting the information needed to make sure you’re in the know!
Read: Are you looking to buy a house with a rental unit? Check that it’s legal
Tax Deductible Gift Cards: Not Created Equal
Are you an entrepreneur or self employed? Gift cards are a great way to say thank you to your clients and customers. They are also a great write off! Watch this short clip to stay up to date on which gift cards are 100% deductible.
A Realty Big Scare
The Government just proposed new policies and plans to disincentivize real estate investment. While the real extent of these policies remains to be seen, it’s clear they want our capital put elsewhere.
Read: The Canadian Government Just Put Real Estate Investors In Its Crosshairs
Is Partial Ownership Too Good to be True?
One new Toronto-based startup promises to make home ownership affordable for the average person with partial ownership in multiple properties. While this sounds good on paper, there are a lot of red flags to consider.
Risk Big, Win Big
Learn how this 28-year-old built a $7 million real estate portfolio.
The Inflation Relation to Mortgage Rates
While inflation seems to be growing at an impossible rate, mortgage rates are at an all time low. How are these two numbers related? Read more about their inverse relationship here!
Read: Do mortgage rates go up with inflation?
The True Cost of Blind Love
The “Bank of Mom and Dad” has been fundamental in helping many young couples buy their first home. If your child and their spouse end up getting divorced, you should ensure that your money is protected! Be prepared to have the awkward conversation if you gift your child and their spouse money for a down payment.
Read: The Bank of Mom and Dad could lose big money if the kids get divorced
There’s No Labour Shortage—They All Just Became Realtors! (Small Joke)
1 in 59 workers in Toronto are licensed to sell homes; that’s 1 realtor for every 1.8 homes! This comically large number might be a warning sign that we are at the peak of the housing cycle, and these inexperienced realtors can amplify a correction. Discover just how many realtors there are in Toronto compared to other major cities (the results might shock you).
Read: The Toronto Real Estate Bubble Now Has 1 In 59 Workers Selling Homes
Water You Doing: How to Split Your Water Bill
With the price of water expected to rise in 2022, including this utility in with the rent might not be a great long term solution, and splitting it 50/50 might create disagreements between tenants. Here are three solutions on splitting your water metre so you can accurately bill your tenants.
