Hoping we might not get another interest rate increase but of course, it's another .25%.  Comments have been that inflation is slowing so this just might be the last one in a series of increases that began last spring.  

It's definitely affected the real estate market, pushing Buyers out of affordability & also affecting homeowners coming up for renewal of their mortgages.

What happens if interest rate increases stop?  Next meeting of the Bank of Canada is March 8th & holding the line would send a message of market stability that would encourage both Buyers & Sellers and... that couldn't come soon enough!

Buyers are paying attention.  They want location, price & presentation or your home will sit on the market despite the lack of listings.

Location is out of your control but there are always Buyers for your area.

Pricing-priced realistically, a listing will attract Buyers.  I'm hearing complaints from Buyers who don't understand the list price.  I'll ask the listing agent to explain & sometimes I get a long complicated explanation comparing sales from last Spring or Summer or different types of properties (not relevant) or that it's driven by the Seller.

Too high isn't going to fly!

Presentation is up to the Seller.  When I hear complaints from Buyers going to an Open House about messy entries, clutter, needing paint, etc, I know that they didn't leave with a good impression.  We can't control how renters live, but if owner occupied, there's no excuse.

I've made beds, cleaned counters, put away clutter but that takes time.  I'm also not the housekeeper.  Most agents arrive about 10-15 minutes before the Open to get the lights on & do a quick check through the home.  It really doesn't allow time for much more.

It pays Sellers to get it right-that's why there are multiple offers.

Over almost 20 years in real estate, something that always surprises me is how little attention strata owners pay to the minutes, AGM's, & many things that will affect them.  What will get everyone's attention is a proposal for a Special Levy that has a specific $$ amount attached to it-as it should.

Insurance coverage is important & especially deductibles on insurance.  It often gets missed by owners as it doesn't have that specific $$ amount attached to it until it's time for a claim. 

Deductibles have been going up as Stratas look for ways to minimize operating costs but that will have a real financial impact on Strata owners when there is damage.

With every Strata purchase I advise Buyers a to take their policy to their insurance broker to ensure that they are not only covered for contents of their home but also for current deductibles & any improvments to the original construction.  That's Step 1!  Step 2 is to do this on an annual basis.

Pay attention & protect your investment & your wallet!

Both Buyers & Sellers need to be aware that effective January 3rd of 2023, there is a Home Buyer 3 day Rescission period.  This will be a part of all listing & sales contracts from now on.

Why?  This idea was started during our lengthy Sellers' market when Buyers had to make quick decisions under pressure when buying a property.  We're no longer in a Sellers' market but this legislation is now in place.

What does it mean?  This clause is over & above the standard subjects which are included in almost all offers now.  Buyers will be given 3 business days following final acceptance of a contract of purchase & sale to change their minds.  If they choose to do so, a fee of .25% of the agreed upon purchase price is payable by the Buyer to the Seller.  On a $1million property, that charge is $2500.

I don't see this impacting the market as Buyers have more than enough time to do their due diligence & aren't under any extra pressure in most cases, to write an offer.  There will always be exceptions but for the most part this is an FYI that we now have an extra step in the Buying & Selling process.