What do the Olympics and buying a home have in common?
As this year’s Winter Olympics wind down, I am reflecting on how the Games bring the world’s best athletes together to compete, and how international fans root for their favourites.
Whether you enjoy watching alpine skiing, curling, bobsledding, or ice hockey like me, it is always thrilling to see the highest-level global athletes strive to reach the podium.
I cannot help but notice some similarities between those who compete in the Olympics and those trying to buy a home property in a hot market.
Planning: Whether you are taking part in a global sports competition or buying a house in a local neighbourhood, adequate preparation is key. While an athlete will get ready by having a rigorous training schedule, expert coaching and disciplined meal plans, homebuyers also need to prepare for what’s involved and rely on expert advice. This includes doing your research, crunching numbers and setting a budget, getting mortgage pre-approval and finding a real estate agent to help you navigate the process for success.
Coach and real estate agent: While every competitive athlete has a coach for training and support, a buyer can also benefit from the valuable expertise and guidance of a registered real estate agent to help coach you through the process and make informed decisions. Generally, you can expect an agent to offer a broad range of service options that may include sharing their knowledge about housing in specific neighbourhoods, monitoring market trends, arranging showings, negotiating and advocating on your behalf, and managing paperwork.
A supporting team of experts: In addition to a coach, an athlete also typically has other people behind the scenes who all serve different but crucial functions. These could range from a sports nutritionist, personal trainer and psychologist who help ensure top performance, to a publicist to manage endorsements, press conferences and other engagements.
Likewise, it is smart for buyers, in addition to an agent, to have other professionals on their team. A real estate lawyer can provide legal counsel, review documents, investigate property title and take the necessary steps to complete the transaction successfully. If a mortgage is required, an institutional mortgage adviser or broker can help you secure one with loan terms and a rate you are comfortable with. As well, a home inspector can examine and report on the property’s major systems, such as electrical, roofing, plumbing, foundation and septic systems. This can provide valuable information before finalizing the home purchase or after taking possession, depending on your intentions for the property.
A resilient mindset: Sporting events and Ontario’s current real estate market are both highly competitive. Whether they win or lose, athletes are trained to keep their head in the game and keep going. In the same way, it is very important to stay positive if your purchase offer is not accepted for a property. If you are in the market to buy, I am confident you will eventually reach the podium with a new home if you have a plan, a strong team of experts and some patience.
If you have a question about the home buying or selling process, please email information@reco.on.ca.
Joe Richer is registrar of the Real Estate Council of Ontario (RECO). This column is for general information purposes only and is not meant as legal or professional advice on real estate transactions. Follow RECO on Twitter: @RECOhelps
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.
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.
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.
