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The Strange Questions Asked By Real Estate Clients – Toronto Storeys

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Kate Young is a realtor on the rise. And as a broker and partner at Keller Williams Portfolio Realty, she hears all kinds of things from her clients. But to her, there’s no such things as strange questions.

So we put that to the test with this week’s, Ask An Agent.

What are the strange questions a buyer or seller has asked you and what’s the story behind that?

Buying or selling real estate is a very big transaction that you may only do a few times in your life. So you may have questions which you think are dumb, but I’ve probably heard them before.

READ: Ask An Agent: Five Questions To Ask A Realtor Before Buying A Home

However, I did have this buyer who was very specific in what they were looking for and any time we came across a property that would work for them, they wanted to know what their pet thought about it.

We’d go into the property and they’d say, “I wonder what ____ would think of this place?” or “Would they be okay with their bed in this location?” Everything revolved around what their animal thought.

I tried to convey that they would most likely live in that home longer than the animal would be alive, but they wanted to feel like the home would be comfortable for their pet.

READ: Torontonian Found Hoarding Over 300 Cats In One Apartment

I tried to be supportive by highlighting the positives of each property by saying things like, “This location is great for you,” or “The price is right” until we found something they thought their animal would be cool with. We looked at a lot of properties.

This same person also wanted to set closing dates based on what an app told them would be days of good fortune and those days were always Sundays. They wanted to close six months from now on a Sunday because this app was telling them to. I had to explain that you can only close when the land registry office is open, which is Monday to Friday and not on any holidays or weekends.

Also, I had to explain that the date they picked was a really long closing and we had to negotiate a closing that worked for both parties. We were eventually able to find something and close on a weekday, but that was the strangest thing I’d ever encountered… I wouldn’t be surprised if there was some sort of soothsayer involved who was telling them that the place they eventually jumped on was the one for them.

I realize now that all of that – satisfying the pet and the fortune telling app – are just objections. At some point, they probably weren’t ready and they were putting up these road blocks. But, in due time, we were able to find something they were happy with that worked for the animal. It’s just about having patience and guiding them along the way to a place (where) they’re happy.

READ: 7 Tips To Help You Choose The Right Real Estate Agent

Another time, I had a listing that sold with a pre-emptive offer. It was a renovated house with an unfinished basement (that) we lightly staged. The stager had put down a carpet and some chairs to make it look clean, but it was definitely unfinished. They came back from their first buyer visit and the buyer agent called me and said, “The house is great, but they’re really disappointed that the basement is not finished.” I responded, “What do you mean? Of course the basement is not finished.”

The buyers didn’t realize when they bought the home with a quick, pre-emptive offer that it didn’t have a finished basement even though it said the basement wasn’t finished in the listing.

I use that story to show the power of staging to encourage people to stage because it works. The buyers in this case were just so blinded by how great the staging was they just went for it. It’s the buyer agent’s responsibility to always make sure their buyers know what they’re buying.

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

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

The Canadian Press. All rights reserved.

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