With the rise of COVID-19 cases and seemingly endless political strife, many Americans have been looking to move abroad. In fact, from May to early August of this year, International Living, a website dedicated to living and retiring overseas, says its site’s “How To Move Out of the US” information page saw an increase in traffic by 945% compared to last year. It’s clear that Americans are seeking new surroundings in record numbers. However, for those either looking to escape, invest, or both, the actual process of settling into a new country can be anxiety-inducing, especially without the proper support.
Australian expat turned real estate guru Nikki Taylor moved to Italy in 2014 to follow her dreams and fascination for living La Dolce Vita. An experienced traveler – having spent 12 years exploring such places as the United Kingdom and South America – she eventually concluded it was time for a change of scenery. “When I moved back to Australia, I never felt settled. I had a fantastic job working in investment banking, a really great lifestyle, but I was on corporate burnout,” Taylor explained in our recent interview. “I reached the point [where] I’ve had enough, and I knew I wanted to make some changes.”
Having visited Italy several times on previous holidays, Taylor made the decision to permanently relocate. But despite her lifelong love of different cultures making the choice seem like an obvious one, there was still one small problem. “I had no idea what I was going to do for work,” she exclaimed. Admittedly leaving a six-figure corporate income to move to a country infamous for its economic instability, Taylor mentioned her decision to commit as the most important factor for following through. “I think the fear of not taking action was bigger than the fear of actually doing it,” she said.
After jumping into her new surroundings, Taylor built six years of experience in the holiday rentals and real estate industry where she found the inspiration to launch her business, Italy Property Consulting. Recognizing the many potential investors looking for skilled agents who would keep their best interests in mind, Taylor designed a course and program called Purchase the Dream.
“During my time working in the real estate industry, I was dealing with a lot of international investors looking to purchase property in Italy, and they all had the same fears, doubts around the buying process,” Taylor recalled. “It’s so daunting buying a property from overseas. They don’t know who’s the right person to turn to for advice and property law perspective, accountancy, currency mitigation, visa and immigration.”
As the first person to market this kind of course in Italy, Taylor takes her clients through an eight-step process. From research through purchase to helping them get adjusted after moving, she’s with them every step of the way giving the expert advice necessary for easing their transition. Clients are even given guidance on ways they can generate an income to support their new Italian lifestyle.
With her proven process, Taylor has successfully grown into her business and is thriving in a place that is not traditionally easy for foreigners to navigate. “I know how hard it can be to move to a different country and the obstacles you can face” she started. “My mission really is to take out the confusion and the chaos and replace it with the excitement and the joy and the ease of what it is really to move to a different country and have a completely life-changing experience.”
With this extensive knowledge of the real estate industry as it stands, Taylor shared her top three tips for those women interested in presently taking their chances at buying abroad.
Be Prepared To Take Rejection
“The competition is very strong right now,” emphasized Taylor concerning the current real estate market. She mentioned that globally, the holiday rental industry exceeded $31 billion in 2019. “People are wanting holiday rentals more and more as opposed to a traditional hotel. I would say be prepared to take rejection.”
Taylor’s general clientele is mixed. She shared that she routinely works with retirees, investors, holiday home seekers and people just looking to make extra money renting. With no real age bracket and a slew of categories, it’s a good idea to become acquainted with the competitive market without getting intimidated.
Build Resilience In Creativity And Flexibility
“I had to really abandon every sort of thought process about how I think things should work because in Australia, things are black and white, same with the UK. Here in Italy, everything’s grey matter,” Taylor illustrated as she spoke of her initial transition to her new home country. From learning the language to adapting to the bureaucracy and all the little nuances of a new culture, Taylor was candid about her experience of becoming adaptable to change.
“Having to have a lot of flexibility and being able to pivot mentally and not get fixed on how things should work,” she said. “That’s something I’ve really had to throw myself into.”
With her love for all things real estate, Taylor, who recently appeared on an episode of HGTV’s Mediterranean Life, is now creating a new project for women working in the corporate landscape. “My mission is to help guide [them] to unleash their skillset to generate themselves the big money instead of the companies they work for.” Allowing her expertise to easily flow through multiple outlets, Taylor has proven she is highly qualified to give lessons.
Taylor additionally revealed the importance of embracing the internet for both buying and selling. “We’re in a world right now where the real estate market has to go completely online,” she declared. Taylor shared that any online forums, like the ones most of her clients find her through, can be immensely helpful for those looking to buy overseas. Quickly acknowledging the amount of horror stories connected to online scams, she also communicated that being able to speak the language in which the information is shared is crucial to avoid getting lost in translation.
Play A Long Game Instead Of Chasing Quick Results
“Don’t sign any kind of offer on a house without getting a survey done, with the legal due diligence done, because that can open yourself up to a big can of worms if there’s a problem with the property. If the property has an illegal building on it or if the owners of the property aren’t legally able to sell, it can be quite complicated.” To prevent disastrous issues like these, Taylor urges potential buyers to have a team of specialists behind them, especially a property lawyer.
Taylor also firmly advised that for anyone undertaking any sort of continental or country move, preparation is key. “Have a sequence of steps that you follow in order to make sure that you’re covered, your investment’s covered and you’re not buying a property that is full of problems. You’d want to make sure that you’re being connected to the right people beforehand. People who have followed this path, people who have made the mistakes and can tell you, ‘Hey, try it this way, not this way because this way doesn’t work.’”
Rather than searching for a cure after the fact, Taylor stated that prevention is much better. Because when it comes to real estate in any region, jumping in quickly becomes something only appropriate for swimming pools. And since you might want to buy a home with a functioning swimming pool instead of drowning in repairs, having a solid plan in place before rushing into anything can be considered the most important step of the entire process.
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.
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.
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.
