In a year unlike any other, the real estate market has seen some remarkable twists and turns. While businesses closed, restaurants faltered, and stores relied on online shoppers to survive, the real estate market paused, for a couple of months, and then surged ahead to record sales not seen since the end of 2017. No one quite expected a pandemic to bring house sales back to its peak. Now, as the holidays approach, can we expect a typical “holiday” selling season?
According to Cindy Avis of RE/MAX Aboutowne Realty Corp in Oakville, the holiday season can be a great time to sell your home. “Homes look beautiful, smell wonderful and are picturesque during the holidays,” says Cindy. “And you’re going to attract serious buyers.” Most house shoppers who are merely browsing take a break during the holiday season and spend time with family and friends. Those who are motivated to buy will be out in full force and have more time to shop with less competition.
The dynamic of social gatherings has certainly changed this year, and so it is difficult to predict how this might affect people’s motivation to buy or sell during the holidays. “It’s hard to know what this Christmas season will look like with the pandemic,” says Cindy. “We’ve seen the market rebound to pre-pandemic levels during the summer and fall, and the market doesn’t show any signs of slowing.” Cindy also points out that many snowbirds will not be travelling south to the United States this winter, and it is not clear how that might affect the market. “While we don’t know how the holidays will look this year from a sales perspective, there has been a definite trend towards family spending more time at home with loved ones.”
During a typical year, spring and fall are the busiest seasons, with winter and the holidays seeing less activity. For Jennifer Brazeau-Barg of Royal LePage Meadowtowne Realty, listing during the holidays is not a casual move. “Most people listing in December are motivated to sell,” says Jennifer. “It’s important to understand the motivation of the seller and work with them, so they understand the advantages of selling at Christmas and how to take advantage of this magical time of year.”
Jennifer recommends having photos taken of the home before decorating for the holidays, and once the home is holiday-ready, in case the listing lasts longer than the season.
“We don’t know if this holiday season will look any different than in previous years,” Jennifer explains. “The low interest rates have kept the market going, and many families are choosing this time to move out of the city to find more land, a bigger home with office space, or are making a complete lifestyle change. There are many reasons people are moving during this pandemic.”
Sellers are often reluctant to list during the holidays since it is not always convenient to show their home, but this year with fewer family gatherings, that may not be a factor. Online virtual tours also give buyers a chance to research homes from the comfort of their living rooms before booking a showing, making it more convenient and less intrusive.
With fewer gatherings and family functions due to the ongoing threat of Covid-19, it’s difficult to predict whether homeowners will spend more time looking at homes or will prefer to spend the time at home with their family.
Whether you choose to sell during the holidays or decide to wait, it’s important to consult with a realtor to get the scoop on your neighbourhood and what the trends suggest this year, as well as get some great hints about how to showcase a holiday home.
How long have you been working as a mortgage broker?
I can’t believe it has been 12 years already!
Why Dominion Lending Centres?
I chose to work with Canada’s #1 mortgage company. They have over 700,000 mortgages funded along with the best technology in the business, as well as access to 90+ lenders across Canada including TD, ScotiaBank, Manulife Bank, HSBC, all the Credit Unions, and more…. All of this adds up to a lot of choice along with a solution for any client’s needs.
What attracted you to this business?
I have always had an interest in real estate, and I have found that assisting people in financing their dream home or building their real estate investment portfolio is a perfect fit.
Is there a particular type of financing or mortgage that you specialize in, or are there particular clients you like to work with?
I have access to lenders that can support a number of different challenges and opportunities. I welcome the opportunity to assist any and all clients, big or small.
In such a competitive market, with so many options available, what do you offer your clients that you think makes a difference?
Options and Service! In a competing market where rates change literally daily, working with a broker such as myself will allow you to have the peace of mind that I will secure the best rate/product solution for your needs, with the ability to secure new promotions right up until your closing without the need for you to re-apply or do any of the leg work. I will stay on top of daily promotions to secure you the best solution. Service is something I pride myself on and you can be assured that you will always have access to me directly and will be informed, never feeling like you are missing something.
After hanging out at home over the last few months, you may be thinking it is time to make some changes. Are your wall colours too bland? Do you dream of taking down a wall to open up a space? Many of us will seek outside help when it comes to making these decisions, but the jargon surrounding home improvement can be confusing — does your project need an interior designer or an interior decorator? The two professions certainly have similarities, but both offer different skills that will benefit your finished project.
What’s the difference?
Surely with a name so similar, they must be interchangeable, right?
The answer is ‘no’.
An interior decorator focuses mainly on the aesthetics of a space — a personal stylist for your home! Interior decorators have an abundance of creative vision and artistic taste, and while no formal schooling is required, many do have extra training. They concentrate on colour palettes, furnishings, and create beautiful livability using the space you already have. “Interior decorators look after everything from the drywall out!” say Anita Puls and Kim Giancaterino from Burlington Design Studio.
An interior designer, on the other hand, is someone licensed with accredited post-secondary training in all aspects of home remodeling, and this usually includes an apprenticeship with a designer. Much of their education is spent on drawing, space planning, design, building code, and architecture. An interior designer is proficient at drawing up floor plans and they will work hand-in-hand with your contractor or architect to ensure they can achieve your dream — even if it means reworking the walls and layout of your home.
Who should you hire for the job?
Before you decide which person is right for the job, you need to evaluate the scope of your project. Are you planning to add or remove walls and windows or are you mainly focused on reworking the esthetics of your space?
Tamara Grant, a local interior decorator and stager, feels it is essential to know the needs of the client beforehand. “It’s important to know your style and preferences since it is being decorated for you to stay and enjoy,” she says. “I like to start by coming up with a colour palette or theme to draw from.” While many clients may feel overwhelmed with the endless choices, Tamara knows that it’s important to take your time. “Do it in layers, start with furniture, add curtains, then pop in the colour with art and pillows, and finish off with tabletop décor.” Another added bonus to hiring a professional decorator is the shopping advantage. Tamara notes, “It helps to have somebody with a keen eye for design and who also knows the best places to shop for furniture and accessories,” she says. Definitely a bonus!
If your renovation involves structural work, you should enlist the help of an interior designer. They aim to improve the functionality of your space, not just the décor and feel of the room. Their expertise in drawing up floor plans, troubleshooting structural issues, and acquiring building permits is a necessity for large projects. A designer offers a trained eye that can really impact the plans of your changing space.
Whichever you choose, make sure their vision is aligned with yours. “Designing and decorating a home requires many considerations like style, functionality, architectural details, and space planning,” Anita and Kim advise, “A professionally trained eye can pull all these elements together to create a cohesive space with a timeless design that will last for many years to come.”
Tips from the professionals
Make your space liveable by keeping it bright and refreshed. Tamara Grant knows lighting is key, “Light is major! Whether it’s natural sunlight, overhead lighting, or task lighting — big and bright is the goal.”
Include natural elements in a space to create a warm and inviting home during the fall and winter months. “Using live plants and fresh greenery, and also including textured fabrics such as velvets, mohair, and wools on accent pillows and throw blankets, really help to cozy up a space during the cold months,” suggests Anita Puls. Warm colour hues such as cinnamon, caramel, cognac, and deep earthy greens immediately add a warm, intimate vibe.
Written By: Kristen Sanchioni
Natasha Eadie, Sales Representative with Royal LePage Realty Plus.
How long have you been working in real estate?
I joined the real estate industry 8 years ago from a career in the insurance industry. A background in evaluation, negotiation, contract law and dispute resolution, along with working closely with people, all laid the path to a swift and smooth transition into real estate. I have never looked back and love what I do!
What do you think are the most important attributes of a successful real estate agent?
A real estate agent must be comfortable wearing many hats, but the attributes to be truly successful include reliability, honesty, integrity, patience, caring and strong people skills. It is also important to understand the dynamic forces taking places in the market to achieve the best outcome possible in any given set of circumstances or market conditions.
What attracted you to this business?
Earlier on in our careers, when our children were young, I was working as an independent insurance adjuster while my husband, Steve, started a home inspection business. While carrying a 24-hour emergency pager, often with babies strapped into car seats, we would head out to sites of property damage, sometimes in the middle of the night, to assess damage in order to restore and resolve claims. After dealing with clients at these trying times in their lives, and understanding the financial and emotional significance that their primary dwelling holds in their lives, pursuing a career in real estate agent was a natural progression.
Is there a particular area you specialize in, either in terms of neighbourhoods, or types of homes, or perhaps the type of clients you like to work with?
I live in Oakville, and specialize in Oakville, Burlington and surrounding areas, from urban condos, townhouses, detached houses to rural properties. I work with clients of all demographics from singles, couples, investors, families, down-sizers and first-time buyers. I enjoy the variety!
In such a competitive market, with so many realtors, what do you offer your clients that you think makes a difference?
Consistently putting my clients’ interests ahead of anything else is my top priority. I am dedicated to providing a superior customer service experience for all buyers and sellers focused on their specific real estate goals. We set individualized plans to consistently achieve results in a smooth, seamless and enjoyable way.
Have you found opportunities to give back to your community?
As an almost lifetime resident of Oakville, and having been married and raised my family here, I am happy to say there are many opportunities to give back. We have sponsored numerous minor boys and girls competitive hockey teams, many of whom my husband coached. I am a supporter of the Shoebox Project-Halton Chapter, an organization that supports women facing poverty in our community. Every December, I enjoy organizing a team of colleagues to prepare and host a Christmas meal at Kerr St Mission.
Many of us have heard the same health recommendation for the past few months — as much as possible, stay home. As summer draws to a close and entertainment ideas wane, why not create a defined space to meet your family’s needs? A designated games room or entertainment area provides convenience and recreation in the comfort of your own home. From family games to home theatre and sound systems, choices and customizations are endless. You may never want to leave the house again!
The best kind of entertainment is something that can be shared with the whole family. Games like foosball, billiards, air hockey, and darts are always a good investment, but the choice is dependent on the size of the space you have available.
Foosball is fast-paced and fun, great for adults and kids of all ages. The table also takes up far less space than a pool table or shuffleboard, and there are even smaller tabletop options that can be stored away when not in use.
Air hockey tables come in a variety of sizes and are another alternative if space is limited. Darts — that popular pub classic — brings out a friendly competitive spirit and come in boards or cabinets, if you prefer the added benefit of storage.
Billiards, shuffleboard, and ping pong tables are solid and large, so the size of your games room is an important factor in whether or not one can be part of your vision. “For those with a lot of room, billiards and ping pong tables have been tremendous sellers for us,” says Jeremy Kalapacz from Oakville Home Leisure. “Billiards, ping pong, foosball, and darts, are all games your family can enjoy for many years; it really just comes down to space constrictions”.
Feel like recapturing some childhood memories? Video arcade machines bring a retro touch to any gaming area. Many of the ones built for at-home use are multi-gamed with all of your classic favourites.
SIGHTS & SOUNDS
The idea of creating a cinematic experience the whole family can enjoy is appealing. “We have definitely seen an increased interest in home theatres and whole-home audio. Families still want to be able to have a night at the movies and they want it without the worry and concern of having to leave their homes,” says Sarah Love from PM WYRE in Burlington. “We also have frequent requests to improve the WIFI and internet infrastructure of family homes to support the increased demand for streaming movies, gaming, and online learning.”
While it can seem pricey upfront, upgrading movie night means more date nights in and fewer trips to an overpriced snack bar.
As the demand for home theatre and sound systems grows, take the time to do your due diligence and research which system is optimal for your home. You may want the largest TV on the market but consider the size in relation to the seating the space offers.
If putting together your dream theatre and sound system seems overwhelming, speak with professionals who can gauge your needs and budget, and come up with a customized plan for your family.
Another popular option is expanding your entertainment space into the backyard. People are beginning to transform their outdoor space into a recreational option to adhere to social distancing requirements. “We have promised our clients for years the opportunity to come home, press one button, and use technology to help create a unique experience, which extends to all of the home,” remarks Robert May from Sounds Good in Oakville, “What about a summer drive-in movie experience in the backyard with your new outdoor TV?”
A designated at-home entertainment area isn’t just for the kids. It brings the family together across all generations for some healthy competition and enjoyment.
LOCAL LINKS
Oakville Home & Leisure – www.oakvillehomeleisure.ca
Oakville Sight & Sound – www.oakvillesightandsound.ca
Sounds Good Inc. – www.soundsgoodinc.ca
Fairview Hi Fi (Burlington) – www.fairviewhifi.com
PM Wyre (Burlington) – pmwyre.com
The Pool Shoppe (Hamilton) – https://thepoolshoppe.ca/
One of the essential aspects of every mortgage application is the discussion pertaining to your down payment. Home purchases in Canada require a minimum down payment of your own funds to be put towards the purchase. It is important that during the discussions with your Mortgage Broker that all the cards are on the table pertaining to your down payment. Doing so can save you time and stress later on in the process.
Most home buyers are aware that they will require a certain amount of money for a down payment. What many do not realize is that lenders are required to verify the source of the funds to ensure that they are coming from an acceptable source. Here are a few facts to keep in mind:
1. Lenders require a 90-day bank account history for the bank account holding the down payment funds. The statements must include your name, account number and statement dates. These statements can be savings, chequing, RRSP, TFSA etc. but moving money around before these accounts are confirmed will only require more documentation. Do not move any funds until after your down payment has been verified by the lender.
2. A common hesitation that we often hear from clients is that their bank statements include a lot of personal details. As professionals, we completely understand our clients’ concerns pertaining to your personal information and we always ensure that information is protected. Statements provided with blacked out names, account numbers or any other details are not acceptable. Unaltered documents are a requirement of confirming the down payment funds.
3. All large or unusual deposits need to be verified to ensure the source of those large deposits can be confirmed and can be used towards the down payment.
• Received a gift from an immediate family member? Easy, gift letter signed.
• Sold a vehicle? Easy, provide receipt of sale.
• CRA Tax Return? Easy, Notice of Assessment confirming the return amount.
• Transfer of funds from your TFSA? Easy, provide the 90-day history for the TFSA showing the withdrawal.
• Friend lent you money for the house purchase…. Deal Breaker.
• A large deposit into your account that you cannot provide confirmation for…. Deal Breaker!
4. You were told that your minimum down payment was 5%, great! However, did you know that you are also required to show that you have an additional 1.5% of the purchase price saved to cover closing costs like legal fees?
5. Ensure that the funds for the down payment and closing costs stay in your bank account once you’ve provided confirmation. Those funds should only leave your account when they are provided to your lawyer to complete the purchase. Lenders have the right to request updated statements closer to closing to ensure that the down payment is still there. If money is moved around, spent or if there are more large deposits into your account, those will all have to be confirmed.
The last thing that anyone wants when purchasing a property is added stress or for something to go wrong late in the process. Be open with you Mortgage Broker, we are here to help and to guide you through the process. Not sure about something pertaining to your down payment funds? Ask us. We are here to work you through the buying process by making sure you know exactly what you need to do.
Wow, have things ever changed in the real estate market! I wrote in April about how the market had abruptly come to a halt with the arrival of Covid and the associated lock-downs. Showings at that time had dropped 80-90% from normal levels.
The number of homes sold across Halton was down about 65% in April, 2020 from April, 2019, and about 50% in May, 2020 compared to May, 2019. The magnitude of these drops was really unprecedented.
I also wrote at that time that there was a lot of underlying demand that had been building earlier in the year, especially in better communities like Halton. Most agents and brokerages had expected this to be a strong year. And with interest rates remaining low, if the lock-down period was not too prolonged, many people expected that the market may return to strength.
Fast forward and the last few months have been a busier period than we have seen in many years. Declining sales abruptly stopped in June, when the number of homes sold in Halton were even with June, 2019.
Things then took off from there. In July, 2020, units sold were the highest for any July since July, 2015. And in August, sales were not only dramatically higher than in August, 2019, they were higher than ANY individual month since May, 2017.
This is pretty remarkable when you consider that May is traditionally the peak of the Spring market, the strongest sales period of the year, and August is traditionally a MUCH slower sales period, due to summer holidays. Average prices have also been trending higher, increasing more than 10% in August, 2020 compared to August, 2019.
So, indeed the market has returned to strength, perhaps more so than even optimists might have expected. The million-dollar question is where does the market go from here?
There are certainly lots of opinions about this question. Some say that the recent strength is simply a timing shift of purchases from the dormant early Covid period to now. And it is true that, despite this recent remarkable strength, the total number of sales for the full year is still below normal. With weakness in the economy, many businesses and consumers still struggling, and Covid cases rising again, some believe the market is due for a pull back. Others believe that the underlying demand for real estate is solid and sales will continue to be very strong in the coming months.
This of course makes planning difficult if you are a homeowner thinking of selling, or a buyer thinking of buying. No one has a crystal ball, so each person will have to make their own judgment, based on their own circumstances, time horizon, and tolerance for risk.
Only time will tell, but I think we can rest assured that even if there is a period of weakness, the underlying attractiveness of real estate in the growing GTA, combined with supply constraints, will continue to positively impact the real estate market over the medium to longer term.
Please call me at any time to discuss your real estate needs at 647-405-8057.
Joy Nolan (left) and Dan Bednis (right) or Royal LePage Meadowtowne
How long have you been working in real estate?
Dan: I joined the real estate profession over 9 years ago. Prior to briefly retiring in 2011, I spent 24 years in senior management with Bell Canada, followed by 15 successful years of operating my own management consulting firm. Along the way, I have personally purchased, sold and renovated over 15 properties located in urban and rural areas.
Joy: I have over 15 years of valuable experience in sales as well as management. Prior to assuming the managing broker role in 2015 for Royal LePage Meadowtowne, I spent 10 years in sales with the brokerage.
What drove the decision for the two of you to start working together? And what are the advantages for your clients of working with a team?
Dan: As the saying goes, “everyone can achieve more together”. It is this teaming concept that inspired us to join forces and form a partnership. Joy and I were both searching for ways to further strengthen our respective positions in the marketplace, and it became obvious that we should come together as equal partners. There was a true alignment in our beliefs and work ethic, as well as a sincere desire to fully meet the needs of our clients.
Is there a particular area you both specialize in, either in terms of neighbourhoods, or types of homes, or perhaps the type of clients you like to work with?
Joy: We both have experience in urban and rural properties, and we believe this adds to our strength and competitive advantage. Being able to leverage all of this knowledge brings significant benefits to our many clients.
In such a competitive market, with so many realtors, what do you offer your clients that you think makes a difference?
Dan: As seasoned professionals, we feel our combined, extensive past experiences and in-depth knowledge provide a sound foundation for understanding the real needs and objectives of our clients. We have both purchased and sold a large number of properties for personal purposes. Accordingly, because we are intimately familiar with real estate transactions both from a buyer’s and seller’s perspective, we feel we can empathize with our clients. We constantly strive to make our clients’ real estate experiences as stress-free as possible!