Archive for September, 2022

Few things that one can do around the home and property to get ready to sell

Thursday, September 8th, 2022

Tips for Getting Your House Pre-Sale Ready

Carrie Lysenko
other

 With national inflation, rising interest rates, and wide fluctuations in property prices, many buyers and sellers are sitting on the fence about when to list or make an offer.  If you are a potential seller and are sitting tight for the moment, there are things you can do now to get your house ready to sell whether you list in a month or in a year! See below for tips to get your home pre-sale ready.  

  • Read: A Guide to the Real Estate Cycle for Buyers & Sellers 

6 Tips for Getting Your House Ready to Sell  

There is something about a new season, whether it is fall, spring, or even January 1. New seasons seem to bring about change in the air. For some, change means a new haircut, a new job, or even a potential move to a new neighbourhood or city. Especially throughout the pandemic, many of us found ourselves looking to change our surroundings and renovate or make room for all the new purposes our homes had to serve. According to the HomeStars 2022 Reno Report, it is estimated that Canadian homeowners on average will double their total home reno spending this upcoming year. While a full reno might not make sense if the plan is to relocate in the next three to 12 months, there are a few things that one can do around the home and property to get ready to sell.   

 

1. Clean up the exterior of your home

Depending on where you live, winter could bring snow that hides a mess or summer could bring heat that makes planting or painting difficult. If it is spring or moving into fall, these are usually the best times to tidy up the exterior of your home. 

  • Rake and pick up leaves, pine needles, pine cones, and any debris that may have fallen.  A good clean sweep is free and makes a world of difference in the appearance of balconies, patios, sidewalks, and lawns.
  • Repair or replace broken down patio furniture. Outdoor furniture often gets worn down quickly as it must stand up to the scorching heat, pounding rain, and freezing temperatures. If you have furniture covers or can store furniture in inclement weather, it’s best to put patio sets away so they can look their best when prospective buyers do come knocking.  
  • Make any minor repairs that may be necessary to railings, fences, lights, and windows.  Completing these small repairs will help your property show better come listing time but will also make it warmer and safer for you and your family while you are still living in the home.  

2. Tidy up from previous projects and/or renovations

  • Ensure that any excess wood and/or construction materials have been donated or removed from the property. Garages, laneways, and driveways are often home to excess materials that are kept just in case after a reno. If construction materials are still in good condition they can often be donated to Habitat for Humanity Restore or similar organizations that collect items to benefit the building of homes for low-income families.   
  • Responsibly dispose of or store leftover paint. Paint cans can take up a lot of space over the years. And while properly stored paint can be used for at least five years or more, determine whether you are really likely to ever need that shade of purple again or whether it is time to let it go. When tossing out paint remember, it can present an environmental hazard if not disposed of properly. Completely empty cans can generally be recycled but any cans with remaining paint will need to be disposed of in accordance with your city waste removal by-laws. 

3. Re-evaluate the use of seasonal items

Holidays are a great time of the year but often we have to then store boxes of items in the off-season. These can create cluttered areas in closets, basements, and garages. If a move might be in your future and you will have to pack up all of these items anyway, why not make your life easier now?  

  • Toss any broken, chipped, or cracked holiday decorations and items. If the item(s) have batteries make sure they are disposed of properly at a battery recycling center or safe disposal site in your area.  
  • Be realistic about the seasonal gifts you may have received in the past. Aunt Janet may have given you a fun musical Christmas tree but it isn’t really your style. Donate or sell these types of items on a marketplace and perhaps you can spread the cheer to someone else! 
  • Haven’t cross-country skied in over 10 years? Might be time to donate these types of outdoor equipment to someone else who is interested in taking up the sport.

4. Consider age-appropriate toys and activities for the kids in your home

If you have kids or have them come visit often, you have likely collected various toys, crafts, and activities over the years. These items can pile up all over the home and can collect dust if a child has outgrown them. Toys in safe and good working condition as well as complete sets of games are items that can be donated or sold in a garage sale or marketplace. You may be able to make some money to pay for your future moving expenses!

  • Read: How to find a reliable home staging company

5. Box up and/or reduce picture frames and personal items

One of the first recommendations by any agent or home stager when getting a home ready for sale is to remove personal photos and sentimental items to depersonalize the space. If a potential buyer comes for a viewing, they can more easily imagine themselves in the home if your family portrait isn’t on the fireplace mantle. Properly storing these items in albums or individually in boxes allows you to reduce the space that frames might take up as well as prepares you in advance of a move. Also storing sentimental items properly protects them against any damage that may occur as you prep your home for listing.  

6. Evaluate your clothing, declutter closets and shoe storage

Many cities in North America have four different seasons which often result in bulging closets and footwear ranging from winter boots to summer sandals. Re-evaluating your clothing options and sizes each year is good general practice but especially helpful in getting ready to sell your home. Most properties are emptied almost entirely except for key pieces of furniture and decor when being put on the market to sell. Therefore, it doesn’t make sense to pack up and move outdated or ill-fitting clothing to your new dream home. Edit your fashion choices now to clear the clutter and potentially find new homes for seldom worn items.  

 

 

© 2015 – 2022 Zoocasa Realty Inc.

Office building sells for $500,000 located in 340 Stafford Street, Winnipeg

Thursday, September 8th, 2022

Winnipeg 1,600-square-foot office building sells for $500,000

Western Investor Staff
Western Investor

The free-standing property sold to the occupier for medical use

Shindico Realty Ltd., Winnipeg, for Western Investor

Property type: Office building

Location: 340 Stafford Street, Winnipeg, Manitoba

Size of property: 1,600 square feet

Number of units: 1

Sale price: $500,000

Sold to: Occupier

Brokerage: Shindico Realty Ltd, Winnipeg

Broker: Jared Kushner

 

© 2022 Western Investor

3 commercial-industrial assembly sells for $12.6M located in 270 Waterloo Ave Penticton, BC

Thursday, September 8th, 2022

Penticton 5.2-acre commercial-industrial assembly sells for $12.6M

Western Investor Staff
Western Investor

3 commercial-industrial assembly sells for $12.6M located in 270 Waterloo Ave Penticton, BC

Thursday, September 8th, 2022

Penticton 5.2-acre commercial-industrial assembly sells for $12.6M

Western Investor Staff
Western Investor

Three-lot assembly includes a 244-unit mini-storage facility, three additional commercial retail units totalling 12,500 square feet, plus additional secure vehicle storage.

Re/Max Penticton Realty, Penticton, B.C., for Western Investor

 

Property type: Commercial-industrial

Location: 270-290-360 Waterloo Ave Penticton, B.C.

Number of properties: 3

Property size: 5.2 acres (total)

Sale price: $12.6 million

Brokerage: Re/Max Penticton Realty, Penticton, B.C.

Brokers: John Green and Keith Jakes

 

© 2022 Western Investor

2 units of strata commercial in Vancouver sells in $3.34 Million

Thursday, September 8th, 2022

Gastown Heritage street-front loft commercial sells for $3.34 million

Western Investor Staff
Western Investor

Two showpiece retail/office strata sites at Koret Lofts, East Cordova Street, Vancouver total 2,807 square feet.

Corbel Commercial Inc., Vancouver, for Western Investor

 

Property type: Strata commercial

Location: 57 and 63 East Cordova Street, Vancouver

Property size: 2,807 square feet (total approx.)

Number of units: 2

Zoning: HA-2 (Gastown Historic Area)

Sale price: $3.34 million

Brokerage: Corbel Commercial Inc., Vancouver

Brokers: Marc Saul and Robert Tham

 

© 2022 Western Investor

BoC to “stop sugar coating things” and admit that we’re at elevated risk for a recession

Thursday, September 8th, 2022

Canada’s recession risk running too high, says Desjardins economist

Ephraim Vecina
other

Rate jumps point to the bank’s awareness of the need to pull inflation back to sub-3% levels

With its latest outsized rate hike, the Bank of Canada must “stop sugar-coating things” and respond accordingly to Canada’s higher risk of recession compared to other developed economies, said Jimmy Jean, chief economist and strategist at Desjardins.

“I’m going to be looking to how honest the central bank is with Canadians as to what they can expect,” Jean said in an interview with BNN Bloomberg. “We have the second highest private sector debt to GDP in the world so certainly our economy is more sensitive than many others to those interest rate increases.

“I think it’s time for the Bank of Canada to stop sugar coating things and admit that we’re at elevated risk for a recession – and we do expect a recession, although a mild one, early in 2023.”

Read more: How high could the Bank of Canada’s interest rates get?

Jean added that the rate hikes are further evidence that the bank is already highly aware of the need to pull inflation back to sub-3% levels. The economist is anticipating the high-rate environment to persist through 2023 at least.

The BoC’s rate hikes this year “by any historical standard is a very aggressive tightening cycle, but what the bank is saying today is that this is not over,” Jean told CBC News.

“We’re already having the highest interest rates we’ve had since 2007 and it’s going to be very difficult to think that this won’t have a high impact on consumer budgets and even possibly on things like insolvencies.”

 

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A total of 2,681 home sales in August, representing a sharp 20% annual decrease

Wednesday, September 7th, 2022

Montreal housing market – continuous market slowdown underway

Ephraim Vecina
other

The region also saw its largest volume of listings year-to-date

The Montreal housing market is showing signs of continuous slowdown, building on trends seen during the past few months, according to the Quebec Professional Association of Real Estate Brokers.

The market saw a total of 2,681 home sales in August, representing a sharp 20% annual decrease. The market also continues to slow down, and more consistently than in the previous months of 2022 (except for January), QPAREB said in its latest report.

“For several months now, the markets in the major sectors of the Montreal CMA have been moving at different rates, even though all sectors have seen their number of residential transactions drop for the month of August 2022,” QPAREB added.

The North Shore experienced the smallest deceleration (down by 3%), followed by the South Shore (down by 10%). Double-digit decreases were the norm in August, with the sharpest drops seen in Saint-Jean-sur-Richelieu (down by 34%), the Island of Montreal (down by 31%), Laval (down by 28%), and Vaudreuil-Soulanges (down by 23%).

Read more: Canada housing market – what direction is it headed in?

Montreal saw its largest volume of listings year-to-date in August, with a 37% increase in active listings compared to the same period last year.

“August is usually characterized by a lower volume of properties coming on the market than most other months of the year,” said Charles Brant, director of the QPAREB’s market analysis department. “This is a situation that clearly characterizes and confirms a drastic change in the market’s direction.

“The magnitude of the increase in mortgage interest rates is beginning to be reflected in a more incisive way, with transactional activity slowing down further and the inventory of properties put up for sale building up. The market’s rebalancing process is therefore underway, albeit in a much more gradual manner than in the other Canadian metropolises.”

Median prices stood at $525,000 for single-family homes, at $385,000 for condo units, and at $697,000 for plexes.

Copyright © 1996-2022 Key Media, Inc.

Central bank’s move is its first three-quarter-basis-point jump of 2022

Wednesday, September 7th, 2022

Bank of Canada announces another big rate hike

Fergal McAlinden
other

The central bank continues to take aggressive action on inflation

 The Bank of Canada has increased its benchmark rate by 0.75%, marking a fifth consecutive hike in its latest effort to get surging price growth under control.

The central bank’s move is its first three-quarter-basis-point jump of 2022, bringing its trendsetting policy rate to 3.25% – a full three percentage points above the rock-bottom level it occupied from the beginning of the COVID-19 pandemic to March of this year.

Still, the increase was also a smaller hike than that contained in the Bank’s previous announcement, with that July 13 decision seeing an unexpected 1% jump to combat inflation that has been spiking ever upwards in recent months.

The Bank’s announcement means that the benchmark rate is now above the so-called neutral rate, the level at which economic growth is neither boosted nor constrained, which is currently between 2% and 3%.

Read next: Canada housing market – what direction is it headed in?

Such a move had been widely anticipated, with Canadian Imperial Bank of Commerce (CIBC) executive director and senior economist Karyne Charbonneau indicating to Canadian Mortgage Professional in the wake of the Bank’s last announcement that the policy rate was likely to peak at 3.25%.

“We don’t think there’s space for this type of hike [one percentage point] anymore,” Charbonneau said in July. “So probably 0.75%, maybe in September, and then take a break… We think that by then, the economy will be slowing significantly on these higher interest rates and still-high inflation.”

The banking giant’s managing director and head of fixed income Ian Pollick reinforced that view in a late-August note to clients, indicating that a “narrative shift” was on the way after the Bank of Canada’s planned September hike.

The Canadian economy saw its growth stumble in the second quarter of the year, moving upwards at an annualized rate of 3.3% in Q2 – a figure that was lower than the Bank of Canada’s 4% expectation and analysts’ forecasts of 4.4%.

The Bank of Canada is scheduled to make its next announcement on its benchmark policy rate on October 26.

Copyright © 1996-2022 Key Media, Inc.

Central banks move is its first threequarterbasispoint jump of 2022

Wednesday, September 7th, 2022

Bank of Canada announces another big rate hike

Fergal McAlinden
other

Fed re-evaluate the stress test in light of a resurgence in housing market activity | TRREB

Wednesday, September 7th, 2022

Canada stress test – Real estate board says it’s the right time to re-examine it

Ephraim Vecina
other

Major markets are seeing stronger housing market activity recently The Toronto Regional Real Estate Board has called on the federal government to re-evaluate the stress test in light of a resurgence in housing market activity, seemingly undeterred by price spikes.
John DiMichele, CEO of the TRREB, said that the Office of the Superintendent of Financial Institutions should deliberate on whether the current stress test remains applicable, considering the prevailing environment of economic and fiscal volatility.
“Is it reasonable to test home buyers at two percentage points above the current elevated rates, or should a more flexible test be applied that follows the interest rate cycle?” DiMichele said.
“In addition, OSFI should consider removing the stress test for existing mortgage holders who want to shop for the best possible rate at renewal rather than forcing them to stay with their existing lender to avoid the stress test. This is especially the case when no additional funds are being requested.”
Read more: Mortgage lenders’ results show concern in Canada
Kevin Crigger, president of the TRREB, argued that the Liberal government is perfectly placed to address the potential crisis.
“While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs,” Crigger said. “There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market.
“Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically.”

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