Current trends and the outlook for housing market fundamentals suggest activity will remain strong through 2021, resulting in a record number of sales. That said, activity is forecast to begin returning to more typical levels over time. 2022 is expected to see fewer MLS® transactions compared to 2021, while remaining above all other years on record.

Over the past several years, record levels of international immigration (not including 2020), low interest rates, and an increasingly middle-aged Millennial cohort have all fueled strong household formation and housing demand in Canada. Recall that prior to COVID-19, the number of available listings nationally was already at a 14-year low and the national number of months of inventory on the eve of the lockdowns had fallen to below four months (seller’s market territory). COVID-19 has only served to supercharge trends that were already present.

The pandemic has changed the relationship that many people have with housing. For many, home has been everything over the last year. It has resulted in an increased desire for a place of one’s own, for more spacious properties and bigger yards. At the same time, the calculus around home’s proximity to work, typically one of the biggest factors in choosing where to live, has changed considerably this year, and probably to some extent forever. As a result, strong first-time home buying activity is teaming up with a surge in existing owners choosing to pull up stakes and move in recent months.

Add in record-low mortgage carrying costs and you have a recipe for record, or at least historically strong, levels of MLS® activity in all parts of the country. The flip side of that coin are people for whom the pandemic has been a reason not to engage in the housing market over the last year, particularly on the supply side. Inventories are down across Canada, more so than ever before, while at the same time demand is setting almost unbelievable monthly records. This dynamic is playing out on the price side in the form of rising prices everywhere. This in turn, may be pulling even more demand forward from the future as buyers feel increased urgency to lock in current prices at record low mortgage rates.

Economic activity has been stronger than expected over the winter months. While mortgage interest rates declined throughout 2020 and are still near all-time lows, inflationary fears have surfaced to start 2021. That said, at this point the Bank of Canada is signaling that it wishes to keep interest rates low over the remainder of 2021 and through 2022. Additionally, mass vaccination of the population is not far off, which will trigger a reopening of the hard-to-distance sectors of the economy that have struggled most with the virus, and a re-acceleration on the immigration front as well.

The national average home price is forecast to rise by 16.5% on an annual basis to just over $665,000 in 2021. This reflects the current unprecedented imbalance of supply and demand, currently at less than 2 months of inventory nationally to begin 2021. Conditions are now favouring sellers to some extent in virtually all local markets. The vast majority of Ontario markets are now into weeks of inventory. As with the annual sales figures, CREA believes this average price forecast to be well on the conservative side, in relation to current monthly data.

On a monthly and quarterly basis, sales are forecast to begin trending down towards more typical levels through the latter half of 2021 and into 2022. Limited supply and higher prices are expected to tap the brakes on activity in 2022 compared to 2021, although increased churn in resale markets resulting from the COVID-related shake-up to so many people’s lives will likely continue to boost activity above what was normal before COVID-19. Indeed, it is possible that many of the moves associated with changes related to increased remote work won’t play out until a little further down the road when we have more certainty about what the future will look like post-COVID.

National home sales are forecast to fall by 12.6% to around 614,000 units in 2022. This easing trend is expected to play out across Canada as higher prices and a lack of available supply impacts all areas of the country, as previously pent-up demand in exhausted, and as the urgency to purchase a home base to ride out the pandemic fades along with the virus itself.

The national average price is forecast to edge up by just 2.1% $679,000 in 2022 as the current demand-supply imbalance unwinds.

How To Pick The Right Realtor To Sell Your Home

Selling your home is one of the most exciting, and stressful things one can do! A great realtor will not only make selling your home fast and easier but will help you sell your home for more.

Thankfully finding qualified realtors is easier than ever. With a quick search, you can find hundreds of realtors in your area who could sell your home. But how do you pick the right realtor to sell your home? A great realtor will have the experience, a unique marketing strategy, and make it seamless for you to sell your home as soon as possible.

Learn more about how to find the right realtor to sell your home below!

Experience

When looking for a realtor to sell your home you will want one with experience in your local market, and selling homes similar to yours. Selling homes can be a complicated process, but working with a realtor who has experience in the type of homes you are selling will make the process easier.

Every type of home has its own nuances and customer market. You will want a realtor with experience in your local market and the type of home you are selling so they know the proper way to highlight and attract potential buyers.

A quick look at their sold home portfolio can help you determine if they have experience selling your type of home. Make sure to look at how long they have been selling homes in your market as well. This will tell you how experienced your realtor is in your area!

Realtors with experience may be able to sell your home faster and for more by having a deeper understanding of potential homebuyers, and pitfalls in the sales process.

Referrals and Reviews

Realtors love referrals, and for good reason. According to Zillow research, more than one in five sellers find their agent because of a referral. A referral is a sure-fire way to know that this person offers superior service.

That’s why when you are looking to sell your home, ask your friends and family for recommendations. Your friends and family will want to make sure you get the possible service, so a trusted referral can go a long way.

If you can’t get referrals from friends or family, reviews are a great way to find a realtor to sell your home. You can see the good, the bad, and the ugly, of local realtors in your area. Reviews are extremely useful tools to help you identify a great agent as you can see how they handle their clients, on either end of a transaction.

Additionally, reviews and referrals will show the expertise and professionalism of a realtor. Good reviews will show how well they handle their clients and their properties. This sneak peek can tell you if they have the expertise, and ability to sell your home!

Interview Your Realtor

Before you sign with a realtor, you should always interview a potential realtor. Selling your home can be a long and stressful process, but if you choose the right realtor can be a quick and easy process.

When you interview and meet with your realtor you want to have a complete picture of what selling your home will look like. Ask about previous experience, clients, and the ins and out of how THEY sell a home.

Some questions you should ask a potential realtor are:

• How long have you been selling in this real estate market?
• Do you work with sellers or buyers more?
• How many active clients do you have at a time?
• What’s the best way to contact you?
• How will you market my home?
• How often will you update me?
• Can you give me references?

These questions will help you know how a realtor works, and how they plan to sell; your home. Having a seller-agent relationship is important as you want to make sure your communication skills are on point.

You can clearly set expectations of how your home will be sold and know you are picking the right realtor for your property.

Next Steps

After you have interviewed potential realtors for your home, it’s important to set clear expectations for how you want to sell your home. Therefore you should meet with your realtor and discuss the best marketing for your home.

When you meet make sure you discuss the following:

• Discuss Why You Are Selling
• Selling And Marketing Strategy
• Cover Important Details and Paperwork

You should always clear about why you are looking to sell, and what your ideal time frame is. This will help your realtor to determine how aggressive your selling strategy should be to get the offer that best collides with your expectations.

Your realtors should provide important paperwork and have a plan for how to sell your home. Professional photographs of your home make it easy for you to market your home digitally. Some realtors will offer open houses, so make sure to discuss your comfort level in how they market your home.

Your realtor will also make sure to set clear expectations on how to sell your home and come to decisions on the right list price, and the length of the contract if your home isn’t sold in a certain length of time.

Summary

When selling, it’s critical to know how to pick the right realtor to sell your home. Your realtor should be an expert in selling homes like yours in your area, and make it easy and sell your home with minimal hassle. Finding the right realtor requires a bit of groundwork, which can pay off if it removes frustration and makes it easier to sell. That is why you should do the following to find the right realtor to sell your home.

How To Pick The Right Realtor To Sell Your Home

• Experience:Make sure you choose a realtor with experience in your market and sell your type of homes. These realtors will have better insights on what the market is looking for and the best strategies for selling in your area.
• Referrals and Reviews: Always ask for a referral or review when you are looking to sell your home. Friends and family can offer a unique insight on how a realtor operates, and how they perform that can tell you if they would be the right fit for selling your home.
• Interview Your Realtor:When you have a few realtors in mind to sell your home, take the chance to interview them! This interview should cover their experience in selling in your area, how they plan to market, and the best ways to communicate with them. You can see if you and your realtor are a match made in heaven, or if they might not be a good fit.
• Next Steps: Once you have decided on the right realtor to sell your home, have another meeting to go over the final details of selling your home. This includes signing a listing contract, how they will market your home, and an ideal listing price.

About the Author: Catherine Way graduated from Michigan State University with a Bachelor’s in Advertising. A freelance content marketer for industries such as photography, mortgage, and real estate. She has written for Silver Doctors, The Paper Source, Active Rain, and Progressing Income. She enjoys creative outlets like writing, designing, dancing, and modeling. She currently writes and makes content for Prime Plus Mortgages: Real Estate Note Investing

Bringing in the right experts at the right time will ensure your purchase or sale goes smoothly and you don’t pay a big personal and financial price. The experts you need may vary, but usually include the services of a REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.

Selecting your team

Whether you’re selling or buying, the first individual to get on your team should be a REALTOR®. In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don’t have.

Having a REALTOR® act on your behalf has many distinct advantages. The key benefit is that he or she can negotiate on your behalf, advise you on how to proceed with your purchase or sale and when to bring in the other experts and professionals you’ll need.

The REALTOR® you select should be someone that knows the neighbourhood you live in or want to live in, has a good track record and will handle your sale or purchase as if it were their own.

One of the most important decisions you must make as a seller is deciding the asking price of your home. A REALTOR® can help you analyse your home and compare it with similar properties for sale or recently sold in your area. A REALTOR® will also develop a marketing plan for your home that may include open houses, advertising and listing options. As well, a REALTOR® will provide you with tips on small improvements you can make to help your home “show” better to prospective buyers.

Few people buy a home for cash. Most usually combine savings with money borrowed from a lender through a financial arrangement called a mortgage. Your search for a lender should begin with your search for a home.

Your REALTOR® can assist you in evaluating the many mortgage options and getting financing at the best available interest rates and terms. When deciding which financial institution or lender to deal with, begin with your own bank, credit union on trust company — they already know who you are. But shop around and compare what different lenders have to offer.

Whether you are a buyer or a seller, it’s important to have a lawyer to represent your interests. That’s why you should have one on stand by before you put your home on the market or begin your search for a new home. Real estate documents, such as the agreement of purchase and sale, are complex and should be reviewed by a lawyer who specializes in real estate transactions.

As a seller, it’s wise to have a lawyer review an offer to purchase before signing anything. As a buyer, when an agreement is reached with a seller, a lawyer will help ensure you receive valid title to the property and that it is clear of any registered claims. Your lawyer will also calculate the amount of land transfer tax you will be required to pay as well as any adjustments to compensate the seller for prepaid bills.

If you are a buyer, you can avoid a lot of expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home you plan to purchase – even if it has been substantially upgraded – the more potential there is for problems. Being aware of any structural defects can help you decide whether you want to buy the property at all, or for the price you are considering.

For purchasers, another key member of the real estate team is the insurance broker. Creditors and mortgage lenders, almost without exception, require insurance on the home you buy before any purchase can be finalized. Start by approaching the same broker you use for other insurance policies – often, you are able to negotiate a better rate. But still shop around and ensure you get the coverage you need for what you want.

Source: Ontario Real Estate Association

Selecting a REALTOR®

Finding the right real estate representative takes some time and care. A good place to start is in your neighbourhood. Check “For Sale” signs to see which brokers are doing business in your area. Ask them about their track record, their knowledge of selling prices in the area and why you should list with them.

A REALTOR® will give you a detailed comparative analysis of features and prices of houses selling or sold nearby. This helps determine a realistic price.

It’s important that you feel comfortable with your REALTOR®. This person will probably become part of your life for a couple of months popping in with clients or organizing open houses.

Developing a plan of action

Once you’ve decided on a REALTOR®, you’ll want to know what his or her marketing plan will include. How often will there be open houses? Will he or she be listing your property on a Multiple Listing Service? How does he or she plan to advertise the house?

You’ll also need to decide whether to list exclusive with one firm or go with the MLS? Generally, the more people that see your house, the likelier it is to sell quickly at the price you want.

Many sellers are anxious to sell their homes quickly. These sellers usually choose the MLS system over an exclusive listing because the property gets greater exposure.

Professional real estate salespeople know how to separate the “lookers” for the “buyers”. They can determine a qualified buyer. A couple’s income, lifestyle and the date they must purchase helps establish their housing requirements.

Whether or not your home shows well to prospective buyers can make a difference in terms of how long it stays on the market, and what it sells for. REALTORS® can also give clients tips on how to improve their home to create a good first impression. Fresh paint, new wallpaper and flowers are all elements in the sales effort. Sometimes, rearranging the furniture and taking out extra pieces is all that is needed.

Real estate professionals are experienced in arranging financing and closing deals. A REALTOR® can assist in negotiating a better offer act as a mediator between buyer and seller and draw up a legally binding contract.

A professionally trained REALTOR® may be able to sell your home quicker at a better price than you could get privately because he or she has greater access to potential clients. Furthermore, you’ll be able to go through the transition period with less worry and inconvenience.

Source: Ontario Real Estate Association

Whether you are a buyer or a seller, there are distinct advantages to using a REALTOR®.  A REALTOR®, is a licensed real estate professional who is a member of a local real estate board, as well as the Canadian Real Estate Association (CREA) and, in Ontario, the Ontario Real Estate Association (OREA).

This individual has the experience and qualifications needed to successfully conduct a purchase or sale.  In Ontario, you can expect strict adherence to provincial law and a  code of ethics. This ensures you receive the highest level of service, honesty and integrity.

If you are a buyer

In today’s busy, complex world, purchasing a home can be a lot more time-consuming and complicated than other business transactions.  First-time buyers, especially, quickly discover that theres a lot more to buying real estate, than deciding what vacation to take or what car or suit to buy.

Using a REALTOR® from the start can provide you with the sound , effective advice and professional services you need to get the best deal possible.  Once a REALTOR® has a clear understanding of what you want and what you can afford, their knowledge can save you a lot of time looking at homes that aren’t right for you.

A REALTOR® can pre-screen properties so that you should only have to visit a handful of homes to make an informed and wise selection.

Much of the early search with a REALTOR® can be done through the Multiple Listing Service (MLS) and preliminary discussions.  As you visit and react to each home you see, the REALTOR® will have an increasingly better idea of what you want and don’t want.

A REALTOR® will also be able to advise you on the various options available for financing a home and tell you when to bring in other experts such as a lender, home inspector, lawyer and insurance agent.

If you are a seller

Sometimes a seller will be tempted to sell their home on their own, believing it will save them the cost of the real estate commission.  But, selling a home is a very complex procedures, involving large sums of money, stringent legal requirements and the real potential for very costly mistakes.

Just as most of us lack the knowledge to do a major repair on the family car, most sellers lack the depth of knowledge, experience and amount of time needed to sell a home on our own.  A REALTOR® not only has the qualifications and expertise, but is committed to spending the time it takes to get the best deal possible.

Selecting a REALTOR®

Before you make a REALTOR® part of your team, it pays to shop around and sharpen up those interviewing skills.  The REALTOR® you select should be someone who knows the neighborhood you live in or want to live in; who can provide you with sound, effective advice; and who has broad and current knowledge of today’s real estate market.

Begin by identifying several candidates and interviewing at least two or three before making a final decision.  If you were pleased with the services provided by the REALTOR® who helped you make a previous sale or purchase, he or she may be your best choice.

Jot down the names and telephone numbers printed on “For Sale” signs you notice around the neighbourhood, in local real estate ads or publications.  Also, ask friends, family and business associates to recommend some names.

Interviewing REALTORS®

The REALTOR® you select should be someone who shows genuine interest, knows the current real estate market and has a good track record in the sale and purchase of properties you’re interested in.  This individual should make you feel comfortable and that they have your best interest in mind.

Be sure to get a resume and references and to ask questions such as:

• How long have you and the firm been in business?  How many homes have you sold in the last six months?  How close were the sale prices to the asking prices? What price range of homes do you generally handle?
• Do you provide multiple listing of your property through the Multiple Listing Service (MLS)?  (This service provides access to a much broader base of potential buyers.)
• If selling: How will you market my property?  Will the marketing plan include an open house for other REALTORS® and regular open houses for prospective buyers,  advertising and flyers?  How did you establish the suggested selling price for this home?  Was my home compared to those sold recently in the neighborhood and to those currently on sale?  What tips and hints can you offer to make my  home show better.
• What will using your service cost me?

If the REALTOR® looks enthusiastic about selling your home or helping you buy one, and appears confident in their ability, consider hiring them.  But first check their references or talk to people who have recently sold or purchased property through them.  Most people who have had a positive experience will be quick to express it.

Source: Ontario Real Estate Association

If you’re thinking of selling your home in the near future, you may think that all that’s required is a “for sale” sign strategically placed on your front lawn — but any real estate professional will tell you there’s much more to it than that.

While a sign on your lawn is of paramount importance to the sale of your home, a well-thought-out marketing plan is also essential. Your REALTOR®, of course, is another vital component in the process, and one of the first things he/she will discuss with you is a marketing strategy designed to give your home maximum exposure.

Keep in mind that effective marketing of your home requires a lot of communication between you and your REALTOR® and there are several things you can do to make sure your home gets the best possible exposure.

Be Candid with Your REALTOR®

First of all, disclose everything you can about your property and the neighbourhood in general. This information will help your REALTOR® a great deal and he/she can choose how and when this information can be related to prospective purchasers. For example, there may be something about your home or the area you live in that you may take for granted, but that characteristic could be a major selling point for your home — such as its close proximity to local schools and recreation facilities.

It’s also wise to be candid about any potential drawbacks as well, so both you and your REALTOR® can be realistic in arriving at a suitable list price. Where possible, your REALTOR® is likely to have some suggestions as to how these problems can be improved upon.

As well, your REALTOR® may notice some serious flaws in you home or even some basic elements that are missing. They may not bother you, but could work to your detriment when it comes to selling your home. As a result, your REALTOR® is likely to make helpful, reasonable recommendations that will enable you both market your home successfully. It’s important to keep an open mind and follow his/her advice.

Operating Costs

It’s also a good idea to have information on hand that will give the REALTOR® an idea of the costs of running your home — annual heating bills, along with documentation of any recent major repairs or upgrades — such as a new roof or new wiring or plumbing. These can be very effective marketing tools.

Open House

Your REALTOR® will also tell you that an open house can be another effective marketing tool. While some homeowners are adverse to this idea, it’s one you should discuss with your REALTOR® if you really want your home to receive maximum exposure to interested buyers. During an open house or prearranged showings, it’s a good idea to make sure that you and any other members of your family (including pets) are absent. Many buyers are intimidated by the presence of homeowners and tend to rush through a home as a result.

Clean and Clutter-Free

Before any showing or open house, it’s imperative to make sure your home is clean and uncluttered — both inside and out. Get rid of junk (don’t forget the garage) and any unpleasant odours from smoke, cooking or pets. A neat exterior is inviting and a clean and neat interior just makes good, plain marketing sense.

Consider having your home painted. It’s a relatively inexpensive way to show it in its best light.

Financing and Closing

Financing is another area where you may be able to help market your home more effectively. You can make your home more attractive to some purchasers by taking back a mortgage. It’s an excellent marketing tool, especially if you’re trading down to a less expensive home.

Flexibility on the closing date is another important factor in the successful marketing of a home. Real problems can arise when vendors and purchasers can’t agree on a closing date. Again, it’s important to work with your REALTOR® and listen to suggestions. Some deals are lost simply because the vendor and purchaser can’t agree on a closing date.

Stay Informed

Your REALTOR® should keep you informed by following up after each showing and providing you with a weekly update on how the marketing of your home is progressing. By the same token, if you have any questions or ideas, don’t hesitate to share these with your REALTOR®.

You’ll find that a team effort, combined with a realistic approach will help you market your home much more effectively.

Source: Ontario Real Estate Association

You’ve no doubt heard the phrase: location, location, location. That’s because it’s the most important factor in making any real estate purchase. To find the right location you must think of where you want to live both in broader terms and in more detail. First of all what type of area do you want to live in?

Urban: Urban communities offer the broadest range of housing types, but generally at higher prices than similar-sized homes in non-urban locations.

Suburban: The suburbs are typically made up of newer neighbourhoods, schools and shopping centres. Prices may or may not be lower than those of the central city, but you often get more square footage, larger rooms and bigger lots.

Smaller towns and cities: A slower-paced lifestyle and lower taxes and housing prices are often big draws to Ontario’s smaller communities. There are fewer types of homes available and the number for sale could be limited.

Rural: A stream flowing over a few acres sounds appealing and your housing budget will often buy you more in a rural setting than any alternative above.

Features Once you’ve considered the broader location options above, it’s time to think about the features you need and want in a home. Prepare a shopping list. How many bedrooms and bathrooms? One or two-car garage? Large backyard or small? List the features you are looking for as needs or wants.

Comparing homes and locations Now you want to match the type of home you’d like with the location. Start reading the real estate ads in local newspapers and REALTOR®-produced publications. These ads will give you an idea of the communities that best match your criteria for home and location. Drive through the communities that are likely candidates.

Check out the types of homes available, how well the neighbourhoods are maintained, the availability of schools and shopping, recreational and religious facilities. Be aware of drawbacks: highway noise, train tracks, airports and large industrial centres. Drive through the neighbourhoods at different times of the day.

Attend open houses in the areas you are exploring. You’ll begin to understand which best suit your needs and which are in your price range.

Open houses also provide an excellent chance to meet the REALTORS® hosting the events. Chances are that you’ll select a REALTOR® from among those you meet at these open houses.

You’ll find the services of a REALTOR® invaluable in helping you locate the home that’s right for you.

Source: Ontario Real Estate Association

More than ever, in today’s fast-paced, high-tech world, REALTORS® are being challenged to continually improve their professional standards by keeping informed of developments and trends in real estate. Buying and selling a property today is a complex undertaking that involves large sums of money, stringent legal requirements and a tremendous depth of knowledge and experience. Along with accountability and high moral conduct, education has become a cornerstone of the real estate profession.

Real estate licensing changes

Realizing the need for real estate education that emphasizes consumer protection and the development of increased skills and knowledge, a new integrated learning system for real estate licensing education was recently introduced in Ontario. The new system, spear-headed by the Ontario Real Estate Association, recognizes the need to standardize learning across all provinces and incorporates innovative techniques, new program designs and diverse delivery systems.

Already serving as a model for other provinces, Ontario’s new system includes a Real Estate Encyclopedia and CD Rom (which integrate all textbooks and materials into one easy-to-use resource), course changes and a new curriculum. The system places an emphasis is on multi-media communication and hands-on learning.

Keeping standards high

Public expectations of the real estate profession today are higher than ever. Ontario’s new approach to real estate licensing education and emphasis on ongoing educational development by real estate practitioners continue to uphold the profession’s commitment to fair dealing and high integrity.

The individual receiving his or her real estate licence today has been through an intensive process of interactive learning, self study and examination. People are going into real estate today with ever-increasing levels of education. A recent U.S. study showed that 30 per cent of people entering the real estate profession had a college degree and 20 per cent had a graduate degree.

The purchase or sale of property is a business transaction of tremendous complexity. There are distinct advantages to having a REALTOR® who is well-educated, knowledgeable, experienced and sincere. A REALTOR® also has access to an array of services, including the Multiple Listing Service, which can provide you with instant, thorough and accurate information on properties that might interest you or issues that concern you.

If you are selling, a REALTOR® will not only fairly assess your property, but listen to you and develop a marketing plan that best meets your needs. He or she will give you tips on how to improve the marketability of your home and make a first good impression to potential buyers.

If you are buying, a REALTOR® will act as an intermediary and help you deal at arms length with potential vendors. He or she will assess what you can realistically afford, target appropriate neighborhoods, provide facts on the costs of running a home and what to look for when considering a particular property.

A REALTOR® can also provide you with a list of lenders, lawyers, mortgage brokers and other professionals whose expertise you may require to complete a real estate transaction. In addition, he or she can help you evaluate all the mortgage options available today to help you obtain financing at the most attractive prevailing rates and terms.

Source: Ontario Real Estate Association