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3 ways a buyer’s broker is a no-brainer

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Did you know when you’re buying or leasing that you can engage a commercial broker to search listings, organize viewings and write offers, among other duties, for the low cost of . . . ZERO?

This relationship is referred to as a “buyer’s broker” and as the name suggests, they work for you and you alone.

A buyer’s broker is only focused on a search for your specific needs as a client. Their knowledge of the market can be crucial to saving you time and frustration sifting through listings.

The broker may have unique knowledge about the history of the property: how long it’s been listed, previous tenants, landlord expectations, etc.

They will not waste your time showing you properties that are not suitable based on the parameters you provide them.

I often have tenants ask me about additional vacancies, for example, after I’ve produced a list of options for them.

They don’t know what I know; specifically, that usually means the size and price of the space.

There is no point presenting options you can’t afford or fit into, right?

The broker’s roles

Your buyer’s broker is going to be able to coach you through the offer process. They will strategize with you to ensure your offer is presented in the best light.

You only get one chance at a first impression, and in a lease scenario, you don’t want to insult or turn off a landlord with your initial offer.

Likewise, a sale price that is too low could compel a seller to refuse to even counter.

A buyer’s broker is there to help you decide what are deal-killers for you and the terms you could include to make an offer most attractive.

It’s free! (most of the time)

Fees payable in most commercial real estate transactions are borne by the listing party.

This would be a commercial property owner when involving a sale, or a landlord when leasing space.

The real estate fees are agreed upon prior to listing the property and are factored into a seller or landlord’s expectations regarding a completed transaction.

In some circumstances, where there are no fees for a buyer’s broker, an additional fee is agreed upon by the broker and client prior to writing an offer on your behalf.

There are no surprises, though. We can’t send you a bill at the final hour!

Additionally, though, dual agency can present a unique situation when it comes to the role of a buyer’s broker.

Be sure to speak to your broker about this if relevant.

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Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

This report by The Canadian Press was first published Sept. 17,2024.

The Canadian Press. All rights reserved.

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National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Two Quebec real estate brokers suspended for using fake bids to drive up prices

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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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