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Here's why a real estate agent's expertise is a valuable resource – Waterloo Region Record

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With so much information and advice online, do you still recommend hiring a real estate agent?

Yes, I recommend it, and here is why.

While real estate information — which is readily available online and through apps for most properties — has made the average consumer more informed, buying a home is still a tremendous undertaking, requiring significant time, effort, knowledge and expertise. This is even more true, given the current competitive housing market conditions.

Let me begin by pointing out that most of us choose to regularly seek the help of professionals for various services, and that is because no one is an expert at everything. Whether it is getting your car repaired, your hair cut, doing home renovations, filing taxes or reviewing legal matters, some may opt to go at it alone but most people appreciate the help of those who specialize in their field.

Real estate is no different.

If you are looking for a home, a real estate agent can provide valuable guidance and support to help you understand and interpret all of the information, make informed decisions and ultimately buy a property that you are content with.

It is important to highlight that real estate agents are regulated professionals who are qualified to promote and protect your best interests. They complete a robust real estate education program and exams before applying to be registered with the Real Estate Council of Ontario (RECO). Once registered, agents must regularly complete mandatory continuing education courses to maintain and hone their knowledge and skills. Agents may develop expertise in specific types of real estate.

Generally, you can expect real estate agents to offer a broad range of service options to buyers. These may include sharing their knowledge about housing in specific neighbourhoods, monitoring market trends, offering strategic advice, arranging showings, negotiating for the best price and managing paperwork on clients’ behalf.

Given that agents deal with real estate transactions on a regular basis, they may also be a good source of additional information that may not be readily available, but still be relevant to you. This could include ratings of the local schools, zoning permissions and flood plains, and whether certain areas are slated for future property developments.

All agents are required to participate in the professional liability insurance program, which includes consumer deposit insurance, and errors and omissions insurance. Consumer deposit insurance protects your financial deposit and may support the completion of your transaction in the unlikely event that the money is not available upon closing. The program is administered by RECO and can provide protection and confidence throughout the transaction.

Keep in mind that brokerages offer a wide variety of services with varying fees, so you can shop around for the best fit for you. To find an agent who will best meet your needs, also consider visiting the real estate professional search tool on RECO’s website.

No matter how you decide to proceed, I highly encourage you to hire a lawyer who is insured to practise real estate law to help you prepare for and close your real estate transaction.

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

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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.

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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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