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Be nimble, reject fear, embrace change: How women rule real estate – Inman

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Be the smartest person in the room. Join us and thousands of real estate pros, virtually, for Connect Now today to hear advice for navigating this market, trends to prepare for, co-ownership, and how you can stay one step ahead. Plus, you’ll make lots of new connections. Listen or watch live + receive the replays. Get access.

Although many perceive real estate as a male-dominated business, the National Association of Realtors’ most recent member survey showed the majority of the nation’s Realtors are women (65 percent) — and their presence is poised to keep growing as the Great Resignation inspires more women to find success in the industry.

Despite outnumbering their male counterparts, leading real estate brokers Katie Kossev, Jessica Edwards, and Kye Sampson said women still have a tough climb up the entrepreneurial ladder, thanks to stereotypes regarding women’s business acumen and the challenge of successfully balancing work and family.

Katie Kossev

“I think a lot of us got into the business because we thought this career path would give us the flexibility to spend more time with our family and go on trips, and just some extra money here and there,” said Kossev, who moderated the session. “And then we got good at it, right? Sometimes [our job] completely dominates [our] life, and vacations and spending time with [our families] may go to the wayside accidentally because we are so deeply enthralled in what we do.”

Edwards and Sampson said they’ve grappled with maintaining flexibility over the years, especially after getting married and becoming mothers. Both women said they’ve had to leave the dinner table to answer frantic phone calls from clients, make other arrangements for their children to be picked up from school, or attend events late.

“I think there can be some flexibility in real estate, depending on what you want to get out of it,” Sampson said. “If you’re in a leadership role, you may have to step away from that dinner and you might have to take a call.”

However, both panelists said the coronavirus offered the precious opportunity to slow down, rethink their priorities and create a business structure that enables them to maintain a high level of service to their clients while reserving time to fully enjoy the fruits of their labor.

“Success is having that peace of mind and that happiness across the board. It’s about life balance,” Edwards said. “COVID, for me, had some positives to it. Myself and my team members, we’re all moms. I think it was interesting to be able to have things slow down a bit and spend more time with kids and realize, ‘Oh, you know, I can pick them up from school.’”

“Sometimes it’s a constant challenge, depending on what’s going on,” she added. “But it just really [comes down to] scheduling and really planning things out to the best of your ability and of course, that doesn’t always work.”

Kye Sampson

Beyond daily scheduling and planning, Sampson said she’s learned to embrace the natural ebb and flow of life and adjust her business approach to complement her family’s needs.

“I have a three-year-old and I had a full team prior. After I had my kid, I let my team down. I scaled back because I wanted to spend more time with my kid,” she said. “Now that he’s three and a half [and going] to school, I restarted my team. So I think it’s all about scheduling and [determining] what you are trying to get out of it. So I don’t know if there’s ever a complete balance.”

Although being a woman in real estate has its challenges, Kossev, Edwards and Sampson said they’ve learned to wield their strengths as women, especially when it comes to mastering multitasking and using emotional intelligence to connect with current and potential buyers and sellers.

“I think some women may not want to hear this, but we’re able to view the emotional side of things,” Edwards said. “I think women [aren’t] necessarily more emotional overall, but maybe we’re just more in tune with emotions and buying or selling a home, especially right now, is an emotional process. It always is.”

Jessica Edwards

“For buyers [with] multiple offers missing out, it can be frustrating,” she added. “Having that nurturing side or being able to have that calmness and be in tune with our clients’ emotions is a huge piece to [the] women versus men [debate], if you will.”

Meanwhile, Sampson highlighted women’s ability to multitask and pay attention to details as a valuable asset that some people may undervalue. “As women, we’re so used to wearing so many different hats,” she said. “We also have our attention to detail.”

Now that the market has reached a fever pitch leading into spring, both women said there’s pressure to jump on the latest trends and begin overpacking their schedules again. “I think video is so important, but TikTok reels are not for everyone,” Edwards laughingly said of the temptation to be present on every platform.

Simpson agreed and chimed in, “It’s about being intentional [and] you don’t have to compete with everyone online. If you don’t like to be in front of the camera, maybe start touring the houses and recording the houses instead of being on camera.”

Finally, all three women encouraged session viewers — especially their fellow women — to remain nimble, reject fear and embrace changes in their personal and business lives.

“I had a conversation with somebody a couple of months ago and it was a lightbulb moment. It was it’s okay that maybe your business and life and everything doesn’t look like it did before COVID,” Edwards said. “I think it’s okay if you don’t feel that intensity like you used to. It’s [about] accepting it and then channeling that into how you’re going to work differently and what it’s going to look like.”

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Canada real estate: When the appraisal falls short – CTV News

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The red-hot housing market over the last several months pushed many buyers fighting through bidding wars to put in unconditional offers at high prices.

But now that the market is cooling, some are ending up with mortgages that can’t cover the full cost of their home following an appraisal.

Toronto-based mortgage broker Mary Sialtsis says there are “very few options” for these buyers.

“In the last couple of years, but especially in the last couple of months, I’ve had a few different clients that have dealt with this situation,” she told CTV’s Your Morning on Friday. “Unfortunately, there are very few options when you’ve purchased a property with no conditions and no financing conditions.”

Nationally, home prices fell 6.26 per cent between March and April 2022 after peaking in February, according to the Canadian Real Estate Association. That’s meant some buyers are ending up with mortgages that are more than $100,000 shy of what they need.

In some cases, especially when the down payment from the buy is 50 per cent more, Sialtsis says the lender may just move forward with the mortgage based on the original price of the home, even if the appraisal is a lot lower.

“It’s a case-by-case situation,” she said.

Another option may be to get a second mortgage from a private or alternative lender. But if no other option works, buyers can try and negotiate a mutual release, which usually means forfeiting the deposit.

“For most, they end up going to the bank of mum and dad,” said Sialtsis. “I highly recommend if anyone is in this situation, reach out to your mortgage professional immediately.”

Sialtsis warns that putting in offers without any financing conditions puts buyers at a huge risk, as the buyer is legally bound to close the deal regardless of whether they’re able to get a sufficient mortgage.

“I really don’t think buyers fully understand the impact of those unconditional offers when they submit an offer to purchase a property,” she said. “It becomes a legally binding contract and that buyer is expected to close on the closing date. So, that’s one of the reasons why there’s very few options for this.”

But the cooling housing market isn’t all bad news. For those looking to buy a home, Sialtsis says now is a good time to jump in as buyers have a lot more leverage to negotiate.

“For many Toronto-area buyers, where often we’re dealing with multiple offers… it might be a good chance for you to get in and get a decent property with less competition or no competition and the opportunity to actually include a financing condition,” she said.

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Edmonton real estate resales fall after months of high demand – Edmonton Journal

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Slowing sales and more inventory coming on sees the market leaning toward balanced conditions.

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Edmonton real estate sales are falling — at least from the all-time highs set earlier this year.

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April saw 2,919 resales in the Greater Edmonton Area, down almost 11 per cent from March, based on the latest statistics from Realtors Association of Edmonton.

Still, sales last month were up, year over year, by two per cent from the previous April.

The moderation in pace from the all-time record set in March with 3,283 sales is not surprising, says Paul Gravelle, chair of RAE.

“You can only keep breaking records for so long,” Gravelle says. “We’re starting to see the market cool with spring inventory rising, leading to more balance between supply and demand.”

April saw new listings grow by almost nine per cent from the same month last year and expand by nearly 12 per cent from March to more than 4,700.

Prices continued to climb, however, with the average price rising by seven per cent in April over the same month last year to about $417,000. Yet the average price only gained about one per cent from March, reflecting better conditions for buyers who have faced continually tight supply, particularly among affordable price ranges for single-family detached homes, Gravelle says.

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“Supply in the $300,000 to $400,000 range still remains tight, but the higher end of the market has slowed down a little bit,” he says.

Continuing high demand pushed prices for single-family detached homes more than 11 per cent higher to $510,988 last month compared with April 2021. The city and surrounding area saw 1,704 sales for single-family detached homes in April.

That tally is actually down by more than six per cent from last year, likely reflecting reduced selection among more affordable ranges, Gravelle notes.

In contrast, sales grew in the row/semi-detached and apartment segments last month, along with price gains.

Duplex/row sales were up slightly, year over year, by about two per cent with the average price hitting almost $409,000, an increase of about 17 per cent.

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Apartment condominiums saw the fastest pace of sales increases, growing by 27 per cent, year over year. In turn, the average price reached about $237,000 in April. That’s up about three per cent from the same month last year.

“There is still a significant amount of inventory for condos, so buyers still have options,” says local realtor Bev Hasinoff with Liv Real Estate.

While sales and prices are picking up for the segment, it has still not fully recovered like the single-family detached homes, she adds.

The busiest segment of the market continues to be single-family detached homes in the $400,000 to $500,000 range, especially in surrounding communities like Sherwood Park and St. Albert. Yet Hasinoff sees demand even easing slightly in the hottest corners of the market.

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“Right now, we are still in a sellers’ market, but the frenzied pace is slowing,” she says.

Furthermore, moderating demand is not a bad sign overall for the market, Gravelle says.

“It’s great that home prices jump up, but it’s only truly beneficial for people selling and not buying a home.” Otherwise, sellers still need to buy a home, facing tight supply and rising prices, he explains.

While the pace of sales is expected to moderate further, the remainder of the busy spring market is likely to stay strong by historical norms, Gravelle predicts.

“But with the amount of inventory coming on, it’s likely buyers will not be facing multiple bids as often as in recent months.”

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Edmonton could be headed toward housing supply shortage, real estate industry leaders warn – CBC.ca

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Supply chain problems, rising interest rates and more people moving to Alberta could contribute to a housing supply shortage in Edmonton, according to multiple industry leaders.

These trends, plus the rising cost of construction, were front and centre during multiple panel discussions at the Edmonton Real Estate Forum — a large industry conference held at the Edmonton Convention Centre — on Wednesday.

“All things are lining up for there to be a housing shortage in Edmonton in 12 months,” said Rohit Gupta, president of Rohit Group of Companies.

Following a panel discussion on the multi-residential market, Gupta told CBC News that real estate developers may not be able to build houses fast enough to meet rising demand.

Supply chain snags

Multiple commercial real estate industry leaders, participating in a panel discussion on retail trends, said supply chain problems keep them up at night.

There are long lead times on mechanical items, including refrigeration, gas coolers and transformers — perhaps because of pent-up demand during the COVID-19 pandemic, said Jarrett Thompson, chief operating officer at Cameron Corporation.

The delays are resulting in more time-consuming and expensive commercial and residential projects, he added.

“Despite there being a market right now, a lot of the builders are pulling back, which is creating some major challenges,” he said.

Among the many challenges is a lack of nails, linked to the war in Ukraine, said Gupta, of Rohit Group of Companies.

“It’s everything,” he said. 

“At some point, we’re so numb to the pain.”

Few executives predict these problems will disappear any time soon.

Darren Quayle, vice president of Alberta client services for Oberfeld Snowcap, expects supply chains to get back to normal in 18 months to two years.

Population pressures

Statistics Canada data shows Alberta saw the most interprovincial migration during the last three months of 2021, marking the first time since 2015 that the province led the country in that metric.

Most of those people came from Ontario.

Gupta said most of the people moving from Ontario to Alberta have settled in Calgary, but Ontarians’ interest in the Edmonton market has been accelerating.

The relative affordability of real estate in Alberta is a key part of their decisions to move, he said.

“We’re seeing people [from Ontario] buying houses sight-unseen.”

During Wednesday’s multi-residential housing panel, Strachan Jarvis, managing partner of real estate investments for Toronto-based Hazelview Investments, pointed out that Canada welcomed a record number of immigrants last year but housing supply has not caught up.

“We simply are not building enough,” he said.

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