Winnipeg Real Estate

2011-12-07T11:21:00.001-06:00

PRESS RELEASE

December 7, 2011

For Immediate Release

MOMENTUM PUSHES NOVEMBER MLS® MARKET ACTIVITY TO NEW HIGH

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November MLS® Dollar Volume Surpasses $200 Million for First Time

WINNIPEG - Mustache or not, WinnipegREALTORS®’ Movember stands for MLS® momentum. In the last few months, 2011 has been exceptional and now the year-to-date is challenging the best year ever… 2007. November set a new sales record for the month, edging out November 2007 by one sale. The dollar volume vaulted 30% higher than 2007 and is 11% better than 2010, which was the highest November on record until this year.

While it appears 2007, with a 200 sale lead over 2011, is a sure bet to hold its title as the all time best year with over 13,000 MLS® sales, it will easily be supplanted by 2011 for dollar volume. It is still possible, if momentum carries the day again in December, that 2011 could be only the second year in WinnipegREALTORS® illustrious 108-year history to crack the 13,000 sales level.

November MLS® unit sales increased 6% (881/829) while dollar volume rose 11% ($202.1 million/$182.2 million) in comparison to the same month last year. Year-to-date MLS® sales are up 7% (12,367/11,583) while dollar volume is ahead by 12% ($2.88 billion/$2.58 billion) in comparison to the same period last year. Just under 70% of all listings entered on the MLS® have sold this year.

The residential-detached property type led the way this month with an 8% increase in sales and 14% rise in dollar volume in relation to what happened last November. It also made up 74% of all MLS® sales activity this month. Condos grabbed the second highest market share at 12% of total MLS® sales.

Speaking of condominiums, with a month to go, sales for the first time have gone over 1,500 and that represents a 12% increase over the same period last year. However, the most notable and marked positive change in sales from last year is vacant lots with 500 sales so far and a 25% increase over 2010.

“Contrary to what some people and prognosticators think given global economic uncertainty and warning signs for Canada’s economic outlook, our local MLS® market is firing on all cylinders as consumers are seeing housing as a haven of stability in contrast to other investments,” said Ralph Fyfe, president of WinnipegREALTORS®. “Of course helping them make their decision easier is the continuation of very low and favourable mortgage rates. As a result, Winnipeg still has some of the most affordable house prices for any major city in Canada and certainly is by far the lowest among Canadian cities with an NHL team.”

“One reason condominiums have been so popular this year is not only for the alternative lifestyle they offer a buyer but also the attractive pricing compared to detached single family homes,” said Fyfe. “Over 50% of condominium sales in November sold in the $150,000 to $199,999 price range whereas with residential-detached homes, only 18% sold in this price range.

For residential-detached sales in November, the most active price range was from $200,000 to $249,999 with 24% of total sales. The ranges immediately above and below this range were evenly split and together, represented another 35% of total sales. As for condominiums, $150,000 to $199,999 with 53% of total sales was the most active range. A distant second range was from $100,000 to $149,999 at 18%.

The average days on market to sell a residential-detached home was 27 days, 2 days quicker than last month and 5 days faster than November 2010. The average days on market to sell a condominium was 32 days, 3 days slower than last month and 2 days faster than November 2010.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,600 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by the Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at 786-8854.

2011-12-06T21:03:00.001-06:00

Kelowna, BC (December 6, 2011) RE/MAX Western Canada Press Release

Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board. The trend is expected to carry forward into 2012 as Canadians continue to demonstrate their faith in homeownership, despite concerns over the European debt crisis and its impact on the global economy, according to a report released today by RE/MAX.

The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011—with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year’s levels in 85 per cent (22/26) of markets in 2011—including Saskatoon with a year-over-year percentage increase of 13 per cent and an eight per cent uptick in Calgary, Winnipeg, Hamilton-Burlington and Sudbury. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent next year.

By year-end, an estimated 460,000 homes are expected to change hands, up three per cent from the 447,010 units reported in 2010. Sales are expected to climb one per cent to 464,500 units in 2012. The value of a Canadian home is set to climb to $363,000 by year-end—an increase of seven per cent over the $339,030 posted one year ago. By year-end 2012, the average price in Canada is forecast to appreciate two per cent to $371,000.

“What 2011 proves is that real estate continues to have momentum,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “The economic underpinnings support ongoing demand, particularly as job creation efforts continue and unemployment rates edge down further. Nationally, we remain on an upward track, and the confidence consumers have demonstrated in housing over the past decade will prove well founded once again next year. The rising belief in homeownership is key, especially among Generation X and Y—some of whom are making their moves sooner. Boomers and retirees are changing, too. They’re healthier and more active, with longer life expectancy. Overall, we’re seeing an extension of the homeownership cycle, and it’s great news for housing going forward.”

Improvement in both provincial and local economies, especially during the second half of 2012, should serve to further stimulate homebuying activity. Calgary, Saskatoon, and Halifax-Dartmouth will likely lead the country in unit sales in 2012, each with a projected increase of five per cent. Regina, Greater Toronto, Saint John, Moncton, and St. John’s anticipate a three per cent increase in home sales next year.

“Canadian consumers are intent on making their moves now, in advance of higher housing values,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Housing markets are not impervious to the impact of economic concerns moving forward, but real estate has proven its resilience time and again—2011 was case in point, as residential real estate markets actually experienced an upswing in the volatile third and final quarters, instead of responding to economic concerns both here and abroad with a retreat in sales and prices.”

While tighter supply levels contributed to steady price appreciation in most major markets across Canada this year, an increase in inventory more in line with years previous should ease upward pressure on average price in the year ahead. The highest appreciation is expected in Regina, where values are forecast to increase eight per cent, followed by Greater Toronto, Halifax-Dartmouth, and St, John’s—each posting a five per cent gain. Overall, 81 per cent of the markets examined are forecast to set new records for average price next year. Noteworthy milestones include Greater Vancouver, which will break the $800,000 threshold, as well as Regina and Kitchener-Waterloo, which will reach the $300,000 mark.

“While prices will remain on the upswing, buyers will benefit from greater selection moving forward,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “Stability or modest growth will characterize sales activity, while GDP moves forward at a more muted pace in 2012. Whether markets will meet or potentially exceed projections will hinge largely on consumer confidence. An unexpected call for interest rate hikes could also serve to bolster sales.”

Other highlights include:

· Population growth and immigration are major factors expected to prop-up housing demand and household formation in the coming years. Since 2000, Canada’s population has experienced double-digit growth of 11 per cent. By 2031, over 42 million people are expected to call Canada home.

· Investment will also continue in Canada’s major centres, with income producing properties at the top of the most wanted list. Low vacancy rates and stock market volatility reinvigorated this segment of the market in 2011 and the very same factors are forecast to influence sales moving forward.

· Condominiums are expected to gain an increasing share of the marketplace, particularly in Western Canada and Ontario. A focus on higher density urban growth is impacting purchasing patterns and introducing new, affordable options—critical to the attainability of homeownership as price continue to move upward.

· Housing stock in major Canadian centres will improve as municipalities focus on redevelopment and revitalization.

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Listing Drive By's

2011-11-10T17:44:00.001-06:00

Hey home buyers! I am sure this has happened to you, you book a house to go see with your agent. Its perfect, you know it is, it has that walk in closet and 4th bedroom for the out of town guests, and it is right down the street from the school. The pictures look awesome, huge kitchen overlooking the huge yard and lots of space to entertain and play.

You arrive at the showing only to discover that the house is on a busy intersection, or next door to a cemetery, or something that would be a deal breaker for you and your family. This is an understandably disappointing situation and we agents don't like any client to feel like this. I have had clients so crestfallen from finding that their dream home was next to a noisy machine shop they almost gave up house hunting on the spot. Since giving up means you won't be getting a house anytime soon, we definitely don't recommend that! (ps, they forged ahead and bought a house the very next day!)

What I learned from that experience years ago was to recommend to my buyers to do a drive by if they can. Drive by and check out the neighbourhood, distance from the stores, how busy the street is. Drive down the back lane and check it out. These dive by visits are totally valuable! One of two things will happen: You will find a deal breaker and know you don't need to waste valuable family time looking at a house that just will not do...or... you will now be even more excited to see it. Frankly that makes things just that much more fun for us agents! Now, don't get me wrong, I am not saying that this will be required for me to even book a showing with you, you may not have the time or means to do this, totally understandable. Its just one of those things that if you have the time and are in the area you can go do.

So, remember, looking for a house means checking out its online merits, its outside merits and its neighbourhood merits all before checking out its inside merits. You will feel better about booking any showing when all of those three things look great:)

Winnipeg Real Estate Market Exceeding Expectations

2011-11-10T17:02:00.001-06:00

Winnipeg REALTORs Press Release November 2011:

WINNIPEG – In what has clearly become a surprisingly consistent and impressive string of solid month sales, and October is no exception with the second best sales on record for this month, 2011 has now supplanted 2008 for second place and with two months to go, is less than 2% off the strongest sales performance ever in 2007. Year-to date dollar volume is already the highest achieved in WinnipegREALTORS® 108-year history with $2.67 billion dollars worth of MLS® sales.

October 2011 helped get the fourth quarter off to a great start with everything up in double-digit percentages. New listings rose 11%, sales were ahead by 13% and dollar volume reached 20%. Only 2007, the year that 2011 is nipping at its heels, had better sales in October.

October MLS® unit sales increased 13% (1,076/949) while dollar volume was up 20% ($256.9 million/ $214.2 million) in comparison to the same month last year. Year-to-date MLS® sales are up 7% (11,486/10,754) while dollar volume has increased 12% ($2.67 billion/$2.39 billion in comparison to the same period last year. Nearly 70 % of all MLS® listings entered on the market this year have sold thus far.

“This year has been all about exceeding expectations,” said Ralph Fyfe, president of WinnipegREALTORS®. “One good example is how we were too conservative on projecting our home sales. We underestimated the emergence of heightened listings and sales activity in new developments such as Waverley West, east Transcona, and even in rural hot spots such as Steinbach.”

Another factor is the continuation of very attractive mortgage rates in combination with uncertainty around alternative investments such as the stock market. The last months in particular have been performing exceptionally well. October 2011outperformed the previous 10-year sales average by 10%.

Owing to improvement in the overall number of listings coming on the market in the last few months, inventory has improved and created a more balanced market. One indicator of this development in October is the total sales price to total listing price ratio falling under 100%. This means there is less price pressure on listings and in fact 56% of homes sold in October went for less than list price.

For residential-detached sales in October, the most active price range was from $200,000 to $249,999 with 23% of total sales. The immediate price ranges below and above this one were in a virtual deadlock with 17 and 18% respectively of total sales. October 2011 had one house sale for $1,750,000 in St. Germaine and another million dollar home sell in Fort Garry. Condominium sales activity was dominant in the $150,000 to $199,999 price range with 44% of total sales.

The average days on market to sell a residential-detached home was 29 days, 3 days slower than last month and only one day off the pace set in October 2010. The average days to sell a condominium in October was 26 days, 9 days quicker than last month and 5 days faster than October 2010.

As in any local market with the mix and diversity Winnipeg has within the entire capital region, whether you are buying or selling, you need to be talking to a REALTOR®. They are market experts able to provide a very accurate reflection of the current market based on the unique features and attributes of a particular property.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,600 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by the Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at 786-8854.

How to start looking for a home.

2009-04-01T14:53:00.000-05:00

Sounds simple right? You just... start looking. Right? Pick up a newspaper, start calling everyone in it. Or check out Realtor.ca, all the listings are on there, why bother with a realtor?

Well sure that is one way to do it, but since my high school teacher introduced me to the concept of "work smart, not hard" I can't get it out of my head! I will give you an example: I received a call last week from a young man asking about one of my listings, he had seen it on MLS and wanted to know more. I had to tell him that unfortunately it was sold. Then two days later they called me again, wanting to know more about the same house. I had to tell them again that it was still unfortunately sold. They wanted to know why it was showing as active on MLS then. Well, I find sometimes MLS is behind a little bit, whereas our system is in real time. I also did inquire both times to them that if they would like I could set them up on a home search for their area of choice, thus eliminating the work they are putting into all the calling and waiting. They declined stating that they could not afford a Realtor. When I tried to tell them that as a buyer they did not pay for an agent they said that they preferred calling around until they found a house that was still available that they liked.

While that is fine, and certainly an option... it baffles me why a serious buyer would not want to hire an agent that works just for them? We have access to real time listings, and all they have to do is sit back and let the homes come to them. Certainly shop around until you find an agent you are comfortable with and knows the area you want to live in. Also, since it is really free for you as a buyer, why wouldn't you want all that knowlege and experience for free? Believe me, you are missing out on a lot of places by thinking that they are all in the newspaper, online or having open houses. I understand that some people are "go getters" and love to be involved in the hunt:) however, why not have the best of both worlds? Often I recieve daily emails from clients with a list of addresses or MLS numbers they want me to check out... so a few clicks later and all the info they need is in their inbox to peruse at their convenience. No making 20 phone calls and recieving the call back when it is not convenient for you... no waiting to hear back from someone who may not have time to call you back at all. We make it about convenience for YOU.

Some objections that I have gotten to people who say they don't want a realtor are as follows:
- They can't afford it, and I have already mentioned that this is free for buyers
- They are not really serious about looking right now.. they just want to be casual and don't want any pressure. Hey, I can understand that! I have lots of people on my mailing list that are casual, I just email them homes, check in every few months. Then when they are ready to buy, they can call. I too hate pushy salespeople too.
- They are afraid of getting a 'bad' realtor. Well, I say get a referral from a friend, or during your own hunt feel out different agents to see if you can find one that you connect with and knows her stuff. Then when you feel ready to buy, you feel more confident and excited. Buying is stressful enough... why make it harder?

So the easiest way? Trust me, just hire a realtor.

a '79 Kind of Flood

2009-03-23T17:39:00.000-05:00

And we await. As Alf Warkentin says: "The moment of truth is upon us". It sounds very doomsday doesn't it?

The general worry and fear that flood is upon us can be unavoidable. For those living south of the perimeter close to the United States we are sure your worry is greater than ours up here in Winnipeg's windy corridors. General concerns in the city here have centered around ice covered manholes and sewers that are not draining and therefore create large lakes of water in the city. As well, accumulation of water from rain, melting snow and ice means our backyards and streets are a slushy yucky mess. I don't know about the rest of you but I have a sincere appreciation for my sump pump right now!

Thankfully I even have a sump pump to be appreciative of! What if I didn't? What if I didn't have one and it resulted in basement flooding?

Hmmm... a double pain I would say. For one, flooding creates a mess, things have to replaced, torn down, rebuilt...etc. Number two is once you have water issues in your basement, this is something you will always have to disclose if you intend to sell your home.

Disclosure has always been a hot topic in real estate. The term "Caveat Emptor" or, 'Let the Buyer Beware' is a common term (or should be!) for sellers and buyers alike because it holds a lot of truth. There are simply some things about a property that the seller may not know or have any control over. So how can that be disclosed? Of course it can't, but things that the seller is aware of can and must be disclosed, things like water in the basement, leaky roofs, permits not taken out on work completed. It is a bit involved but the basic rule is that if there is a defect in your home that you are aware of... just disclose it! You cannot cover up defects and hide them if you know about them. If there is a defect in your home that you are aware of and you cover it up and not disclose it, then the buyer discovers it... you might be in some trouble with that one...! Also, if it is something that a buyer could see readily with their naked eye, like a broken window, then that doesn't necessarily need to be pointed out. However, since flooding is a huge thing... even if you had water stains halfway up your basement wall I would make a point of telling your Realtor about it, why not be safe? It is kind of like sandbagging yourself and liability against further issues.

So as spring decends almost too rapidly for us here in the Prairies we Realtors can only ask that you keep yourselves high and dry, and help out the neighbours and those to the south who need it. If your basement floods, make note of it and prepare to disclose that fact in an eventual sale.

In which I share my organizing skills with you...

2009-01-25T20:02:00.000-06:00

Its true.

I really am one of the most organized people you will ever run across. I actually like organizing, colour coding things and streamlining systems. Its not even a control thing, I swear! Its a convenience thing. The time I see people waste looking for things... my goodness, create a spot for it, put it in that spot... simple right?

Apparently not as I have observed.

Its not that people are lazy, un-intelligent or simply don't care about organizing their homes. I really think that it is that they don't know where to start. I am going to share with you some simple things that you can do to get started. This will cost little to no money. This is about keeping your life streamlined, clutter free and focused on making YOU more productive. It doesn't have to be pretty, although that is an option if you are so inclined, it just has to WORK.

Ever heard this?: A place for everything and everything in its place. Sigh... genius words!! But if you don't know where to put things... then they pile up. Stuff needs a HOME. If you have a complete lack of a filing system, its not wonder papers pile up! So this is what you need to do. Pick a "problem area" that you want to focus on. Lets say the computer area or home office. This might be a big project to start but don't fret!

Look at the piles of stuff laying around.
What comprises these piles?
Lets say its: bills, bank statements, receipts, greeting cards, paper clips, pens, photos, craft supplies... etc.

Remember that the reason you have a random pile of things is that they don't have a home, not that you are messy. So categorize the items in the piles. Paper is one pile, office supplies (pens, clips, printer ink, usb cords, etc) is another, craft supplies would be one, and there may even be misc things that don't go in a home office (laundry, shoes, toys). So do you see what I mean? It depends on the stuff you have so create your own categories if you don't like these.

We deal with "Paper" first.
F.A.T
F = File it
A = Act on it
T = toss it

Each piece of paper MUST fit into F, A, or T. Be ruthless!!

Buy a filing cabinet or small filing system, label each folder according to what you need to put in it. For example I have one for bank statements and credit card statements. One is for Insurance (any and all kinds), one for Warranties, etc. Once you have done this file all the paper in the "F" category into its proper category. Now put this away, either in the filing cabinet or on shelves designated for this use. If you are using shelves try to use ones close to the main desk so you will actually USE the filing system you created.

The "A" category requires that you keep this "in sight, in mind". Its where currently due bills would go, or other time sensitive items, papers, etc. Those handy mini stacking shelves made of metal or plastic do the trick!! Keep them on top of the desk for easy access. Then once a bill is paid, FILE IT away.

Toss it is easy, recycle away!!

Now the office supplies.
If you use it often, keep it near you, if you use it seldom, keep it away yet accessible, if you never use it, WHY do you keep it?

My system is good so I will share what I do: I have one large yet somewhat shallow desk drawer. I pile everyday things according to type: notebooks with notebooks, clips with clips, pens with pens, etc. You can use drawer dividers to help keep things separate. If you want you can use a basket, old coffee mug or plant holder for holding pens on top of the desk if you like too.

My seldom used items are things like markers, extra printer ink, extra usb cords. I have a box for each of these things, they stack neatly together in my office cupboard. A great tip is using old shoe boxes or go to the dollar store, they have great stuff there! Always remember to keep things together though, like me and my cords, my usb cords, camera cord and charger, I Pod cord... all those go together so I know if I am looking for a cord of any kind, it is most likely there.

And Crafts? Scrapbooking supplies?

Easy. Again, buy a shoebox, photo box, whatever. Label what is in there and place neatly on a shelf. You will be extra motivated to work on these projects because the items are sorted and right there! How you choose to sort your art supplies is your choice of course, I would settle for you just keeping art supplies with all other art supplies in one place.

But if you want to get creative, use see through plastic containers for small items (ribbons, stamps, stickers). You can place these smaller containers within a larger box if you like or just on the shelf. If you decide to place on a shelf, label the shelf "Scrapbooking Supplies" in red ink, then label each small container or box in red ink. Then you know in a pinch where stuff goes, as does the rest of the family. Do gift wrapping supplies in blue ink, kids art stuff in green... etc.

Rogue Items!!

Now that all the important stuff is filed away, colour coded and boxed appropriately we have random items that don't go in the office.

Get an empty laundry basket and fill it up with the stuff. Now visit each room of your home and take out everything from the basket that belongs in that room and put it away. Do not simply place it in the room, put it away. Do this until the basket is empty. Done!

Actually the laundry basket things works for all rooms, I do this on a regular basis. It allows me to carry lots of things at once. As I visit each room and put away items that belong there, I can pick up things that don't and bring them to their rightful spot. The first time you do this it may be time intensive, but that is usually the hardest time.

These tips apply to all areas of the home: If the garage tool area is messy, the kitchen cupboards have no system or the kids play area is a disaster zone... apply my tried and true techniques and let me know how it goes!

So... is the sky falling?

2009-01-09T11:08:00.000-06:00

For those of you unfamiliar with the fable of "Chicken Little" I will give you a brief re-cap: an old fable about a Chicken (or a Hare in early versions) who believes the sky is falling. The phrase, "The sky is falling" has passed into the English language as a common idiom indicating a hysterical or mistaken belief that disaster is imminent.

So, I ask, is the sky falling in Canada? Will we have a repeat of the 80's when mortgage rates rose so swiftly seemingly overnight that people were losing their homes in the blink of an eye? Will home values crash?

One of the more common themes in the media over the last few months is the progression of the mortgage meltdown debacle in the United States, the "economic crisis" and how that has parlayed into a Canadian recession that we have yet to feel the real brunt of here. Its a disconcerting thing to read all those reports isn't it? Yet for every doomsday report on a National level, there is one detailing how Winnipeg's housing market is still holding strong. I do not discount we are heading into financially trying times, however I think we are living in a unique city in that we seem to be "bucking the national trend" as media outlets have put it.

The most recent report released by Royal LePage echoes the one released by RE/MAX. The report suggests that Winnipeg is holding strong entering 2009. How is this possible some people ask? Well, Winnipeg's home prices have risen dramatically over the last half decade or so, however comparing our statistics to those of other major city centres such as Vancouver, Calgary and Toronto we are still way below the national trend. This fact is helping us avoid a major crash in our market. What you can buy for $200k here, will most likely cost two to four times that in other major cities. So, what you can buy here in Winnipeg, with all the comforts, services and benefits of a major city, we are not doing too badly!

So this is my challenge to you home buyers and sellers on the Manitoba home front. Try to think critically about what facts the media is presenting to the public as a whole. Remember that a lot of those articles are spin offs from the associated press in other provinces, and are also often national reports that don't focus on our unique situation here at home. Read the local reports, talk to local agents and brokers to see their thoughts on the market. Make up your own mind as to what is going to happen. We do not deny that we are facing economically trying times, that we will feel the squeeze eventually is inevitable.

Lastly, don't put off buying a home if you can afford it. If you want or need to move, there is no sense letting anxiety take over; fearing that we will all be thrown out into the streets because of an impending recession will do nothing for your current quality of life and sanity. Are bidding wars over? Most likely. Is the market headed for a balance? I think so.

Here is to happy house hunting and selling for everyone! Cheers!

To Have and Have Not

2008-12-30T16:39:00.000-06:00

Perusing book store shelves recently had me coming across the section on Ernest Hemingway. I stopped short at one book entitled: "To Have and Have Not". While this book doesn't focus on real estate, it does bring to mind some sound advice I wanted to pass along to all my favorite buyers out there.

Let me pre-face by saying that I do not begrudge you your dreams, I want the amazing restored character home on the river with the re-done hardwoods and brand new kitchen too! While most savvy home-buyers make a wish list and stick to a budget, some buyers have a dangerous tendency to lean towards that mindset of having it all, whether they can afford it or not.

Often I find myself in the situation with a buyer who has fallen in love with a type of home or home "ideal" that they simply cannot afford. It happens! They are out for a Sunday stroll to the cafe and happen upon an open house featuring a restored brick beauty from 1920, or maybe they visit a friend who just built a brand new home full of light and space, or the chic warehouse condos on the waterfront. Some buyers can view these places as homes they will have one day, or simply wonderful pieces of art, architecture, and dreams. Then they can continue on with life and regular home hunting with positive gusto, never once comparing the home they can afford to the one they could not.

That is group one.

Now group two. Another story... Not that I don't love the zest for life, and the visceral appreciation for amazingly beautiful homes that I get from this camp, but often a painful reality check is in the works for these wonderful home buyers. Its not an easy thing to do, convince someone that if their budget is $200 000, homes that would otherwise be worth more are simply not a viable option. Value is value, and while wiggle room can exist, its best not to count on it.

My advice for you: Don't look at what your friends have, or what your parents think you should have, or the pretty house down the street that you really want but won't work in your budget. Its a tempting thing to think you are willing to sacrifice Tim Horton's coffee, football tickets and shopping trips just to have that brand new kitchen you are drooling over. But just stop!

Remembering what is truly important in life should be a daily venture, never living to regret something should be another one. So in this instance, appreciate beauty and dream homes for what they are, put owning one on your to do list for sure, but make sure to remember to live in the here and now. There is nothing wrong with just starting out somewhere, working your way up in the world.

Remember that owning a home that needs some work, or is not "perfect" is one of life's adventures all on its own.

Showing your ID to your REALTOR

2008-07-14T13:36:00.000-05:00

NEW RULES: Ottawa requires property buyer, seller info

By HANK DANISZEWSKI

The London Free Press

Canadian realtors are bracing for a customer backlash starting today, as
they become new foot soldiers in the battle against money-laundering.

Federal regulations that kick in today will force realtors to start asking
property sellers and buyers personal information never before required.

In Ontario alone, 47,000 realtors will be expected to fall in line or face
stiff penalties.

"We know there is going to be consumer rejection on this and we are just
following the law," said Gerry Weir, a London realtor and president of the
Ontario Real Estate Association (OREA).

Realtors will be required to ask for the name, address, date of birth and
occupation of property buyers and sellers, plus ID such as a driver's
licence or passport.

Weir said Ottawa has made little effort to educate people about the changes,
and realtors feel they're being forced into an uncomfortable enforcement
role.

He said realtors will have to keep the information for seven years and
submit it on request to the Financial Transaction and Reports Analysis
Centre of Canada (FINTRAC), a federal agency set up to track suspicious
transactions that could be related to money- laundering or terrorism.

If the buyer is foreign or from another part of Canada, the real estate
broker will be required to hire an agent in the buyer's community who can
confirm the buyer's ID.

If a client refuses to disclose the information, Weir said, a realtor would
have to walk away from the deal or report the person to FINTRAC.

"Even if I have known you for 30 years, I still have to ask for that
information," he said.

Weir said it could get even worse.

He said Ottawa also wanted to require a receipt-of-funds record, with
information on anyone who actually supplied money for sales, including
relatives or friends.

Weir said the government backed down on that, but he expects it will only be
temporary.

"That is the next step; that will happen," he said.

FINTRAC officials appear confused about the new rules.

Spokesperson Peter Lamey at first said one piece of ID was needed from
buyers and sellers, and information such as date of birth and occupation
wouldn't be required.

He later said the information wouldn't only be required from buyers and
sellers, but also from anyone who contributed money to a deal as part of the
receipt of funds record, contradicting Weir's belief that Ottawa had backed
down on that provision.

Negotiations on the rules were handled by the federal Finance Department and
not FINTRAC, Lamey said.

Weir said he understands the need to deal with the problem of money
laundering.

For years, realtors have been required to report any suspicious financial
transactions to FINTRAC, especially those involving cash payments of more
than $10,000.

Weir said he's reported three transactions in recent years, and two involved
someone trying to buying a house to set up a marijuana growing operation.

Still, he said only a very small number of real estate transaction are
suspicious.

Weir said the government will only do spot inspections during the next six
months to ensure realtors and brokers are meeting the requirements.

After that, any realtor or broker who doesn't meet the requirements could
face hefty fines or jail time.

Weir said the OREA wants to educate people about the changes, but there've
been long negotiations with the government and the rules weren't firmed up
until last week.

"We have 47,000 realtors in Ontario that we have to educate by (today)," he
said.

FAQ's about Deposits

2008-05-04T10:15:00.000-05:00

What is a deposit for?

A deposit is a show of good faith that you intend to purchase the home.

Do I have to give one?

I am to understand that by law you are not legally required to give one, however it is such a common practice in today's market that seller's may not understand why you don't have one.

Where does the money come from?

The money would have to come from you directly.

Is the deposit money on top of the sale price?

I get asked this all the time! The answer is NO way! If you bought a house that was $150 000, your deposit is $5000, the sale goes through and is finalized, you now owe $145 000.

Is the deposit the same as the downpayment?

Sort of... The deposit is PART of the downpayment. Certainly it can be all if you would like, but may not be possible. For example, if your price range is $100 000, and you have your 5% down which equals $5000. You may only want to put $1000 down as a deposit. The main reason for this is deposits are cashed within 24 hours of acceptance of an offer, so if you don't have the entire amount now then you don't have to worry about it right away.

How much should I have for a deposit?

This depends on a few things, how much you have to put down now, and maybe even how much the house is. Some sellers will want as high of a deposit as possible, some are less concerned with such things. The best advice is to ask me what I think is best at the time the offer is written. Normal amounts are between $1000 and $5000.

How do I know my money is protected?

The money is deposited into the listing broker's trust account. The money is safely kept there and is then forwarded to the lawyer upon completion of the sale.

Who is the cheque made out to?

Because it is held in the listing broker's trust account it is made out to the Listing Brokerage.

What happens if I write a cheque and don't get the house?

The cheque is voided, never cashed and mailed back to either the agent that submitted the offer or the client.

What happens if I write an offer, we get it, and my conditions fall through?

If the offer was accepted and the cheque cashed then the agent would send in a form requesting a return of funds based on conditions not satisfied. It can take up to 10-15 business days to have that money returned.

What happens if my cheque bounces?

Oh boy... try not to do that!! Hopefully the brokerage that cashes it is nice enough to call you and give you a chance to make sure that money is there.

Is a money order better?

It depends. It is for sure a way to prove that the cheque wont bounce!! It may not be convenient for you however as we may be meeting to write the offer after banking hours.

fat free selling...? Now that is a nice concept!

2008-04-22T17:06:00.000-05:00

Salespeople of all types have had a long history of being perceived by the public as "cheesy". Hey, before you shoot the messanger... remember that perception is reality and we have all heard this! I blame it on tried and true techniques that worked at one point, but never changed with the times. All industries must change, grow and adapt otherwise they become obsolete. Sales will never become obsolete so therefore we have a bigger responsibility to the public to really grab hold of what it is they want, and do it that way.

There are however, those salespeople, like myself who are so far from cheesy we completely exist outside that realm. I would never have the guts to try to pull the cheese on someone and sell them something, I would be frankly just a little embarrassed of myself! *chuckle* As a salesperson I actually do not like it when someone tries to "sell" me something because I am always looking for the gimmick behind the sales pitch. So I truly do understand why people are wary of salespeople of all kinds. I hear you, and I get it:) Funny thing is this cheesy-ness seems to really work for some people, but since I know who I am as a buyer, wary at best, I know that the market calls for a niche of salespeople who can think outside the cheese wheel and treat our clients the way we want to be treated. (fat free!)

Recently I decided to bite the bullet and go car shopping. First of all, you should know I did not want to deal with purchasing a new car, the whole idea was scary and daunting, I was worried about being sucked in to some sale by a bone fide "cheesy" salesman and the whole thing was almost too much. I was not even that particular about what I wanted, keeping in mind I know houses, not cars! Since I believe that you should do what you do best and refer the rest, I had to put my faith and trust in a complete stranger. Scary! I voiced my concerns to a friend and fellow realtor who referred me to his car salesman and I have to say, my experience was more than positive! Real estate is clearly a people and sales driven and focused business. I exist inside that world every day and I always try to understand my client's perspective. Now I was on the other side of the conversation and it was a great reminder for me that cheesy has no place on a negotiations table. In fact, I loved it! I loved it because it proved to me that my theories of cutting the cheese out of real estate sales has clearly bled to other sales industries and that a new, refreshing way of doing sales has truly taken hold. The best part? That honesty, integrity, and fun were on the table when working with the car salesperson. A friendly straight shooter from the get go, he wasn't up to any tricks, and I appreciated that. He wasn't afraid to suggest a car I had never thought of, anticipating my needs before I even had to ask, it was a relief to know he knew what I wanted because I really didn't! For the record, I am getting the car he suggested!

Selling and living in a world where I have to be sold on something, cheese free, is an interesting, innovative and frankly refreshing concept that all salespeople should embrace if they haven't already

So fat free selling, cutting out the cheese, seems to be creeping in the back door, of car lots and real estate alike... a refreshing wind of change that will only leave the community at our fingertips able to trust us more, and hopefully leave them happier. Which is an exciting concept to those of us who care about what we do, aren't just in it for the sale, and get a sincere satisfaction out of making the right match... a realtor to her car; a family to their new home. Like I said, sales is really all about the people, and that is where our hearts really lie.

Residential real estate markets across Canada post solid gains over past decade, says RE/MAX

2008-02-21T11:55:00.000-06:00

Source: RE/MAX Decade in Review Report (1997-2007), 2/21/08 - RE/MAX of Western Canada (1998) Inc.

Kelowna, BC (February 21, 2008) – Pent-up demand, population growth, tight inventory levels, and the longest economic expansion since World War II collectively fueled one of the best decades on record for residential real estate in Canada, according to a report released today by RE/MAX.

RE/MAX Decade in Review 1997 - 2007 found that major housing centres across the country experienced strong consecutive growth between 1997 and 2007. Average price spiraled upward while unit sales climbed in tandem as more and more Canadians bought into homeownership. Nationally, average price almost doubled in the 10-year period, rising from $154,606 in 1997 to $307,265 in 2007, for a 7.1 per cent annually compounded rate of return. Home sales across the country increased just over 57 per cent from 331,092 units in 1997 to more than half a million sales last year. Edmonton led the country in terms of percentage increase in average price. The city saw a 203 per cent upswing in housing values - or an 11.7 per cent increase annually - with average price rising from $111,587 a decade ago to $338,636 in 2007. Prince Edward Island experienced the highest percentage increase in unit sales, with the number of homes sold up 119 per cent in the 10-year period.

“Immigration and in-migration have played a serious role in jumpstarting residential housing markets, particularly in British Columbia, Alberta, and to some extent, Saskatchewan over the past decade,” says Elton Ash, Executive Regional Vice President, RE/MAX of Western Canada. “At first, there was an influx of American buyers, especially in Canada’s coastal regions and recreational hot spots, as our southern neighbours took advantage of the almighty US greenback. Then the European and Middle Eastern purchasers flooded the market, buying up real estate considered ‘cheap’ by international standards. In recent years, there have been a growing number of purchasers from Mainland China. From a global perspective, there’s no question that Canadian real estate brings good value to the table.”

Percentage increases in home sales varied across the country, with Prince Edward Island experiencing the greatest upswing over the past decade, followed by St. John’s at 106 per cent, Kelowna at 84 per cent, and Saint John at 77 per cent. Most markets (12 of the 19 surveyed) reported increases between 40 and 60 per cent. Average price has also seen substantial escalation over the 10-year period, with posted gains ranging from a low of 54.4 per cent in London-St.Thomas to a high of 203 per cent in Edmonton. Appreciation in Western Canadian markets surpassed all others between 1997 and 2007, with Calgary ranking second in terms of price appreciation at 189 per cent, Kelowna at 179 per cent, Saskatoon at 137 per cent, Winnipeg at 118 per cent, Victoria at 114 per cent and Greater Vancouver at 99 per cent.

In 2006, homeownership rates in the country were the highest on record at 68.4 per cent. Population growth has contributed to heated market conditions – especially in Calgary (+31.4 per cent), Edmonton (+20 per cent), Toronto (+20 per cent), and Vancouver (+15 per cent) where percentage increases have hovered in the double-digit range. Overall, Canada’s population rose to almost 33 million in the 2006 census, up approximately 10 per cent from 1996 figures.

“The non-cyclical nature of the decade comes as some surprise,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Never before have we seen such a continuous run up in Canadian real estate. Clearly, strength in all markets has been directly linked to solid growth in local, provincial and national economies. Low interest rates, job security, and consumer confidence have all served to further bolster home-buying activity across the nation.”

Robust economic performance in Western Canada has also drawn job seekers from across the country, looking to capitalize on employment opportunities.

As demand for housing increased across the country, the supply of homes listed for sale began to contract. Multiple offers were commonplace in many areas, some with sales-to-listings ratios as tight as 80 to 90 per cent. Nationally, 1997 marked the first year since 1988 that the sales-to-listings ratio hit 50 per cent. The sales-to-listings ratio would remain above 60 per cent from 2001 onward – rising to as high as 68 per cent in 2002.

The decade was not without its obstacles – the high-tech meltdown, a US recession, 9/11, SARS, Mad Cow, a blackout that affected the entire Northeastern seaboard, natural disasters such as ice storms, hurricanes, and forest fires and more recently, the credit crunch south of the border. Given the continuation of sound economic fundamentals, it’s expected that residential real estate markets across the country will continue to experience healthy activity, albeit at a more moderate pace.

RE/MAX is Canada's leading real estate organization with over 17,600 sales associates in more than 650 independently-owned and operated offices. The RE/MAX franchise network is a global real estate system operating in over 65 countries. More than 7,000 independently-owned offices engage nearly 115,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management.

RE/MAX Agents raise over $4 million

2008-02-05T12:59:00.000-06:00

Press Release courtesy of RE/MAX of Western Canada

Kelowna, BC (February 5, 2008) – Housing sales and average price weren’t the only records being shattered across Canada in 2007. RE/MAX agents also set a new benchmark in charitable giving, raising over $4 million for the Children’s Miracle Network.

The 2007 donation surpassed the agents’ 2006 contributions by more than 14 per cent. Since 1992, RE/MAX sales associates nationwide have contributed close to $30 million to the cause. The 2007 break-down of contributions saw over $654,000 donated to the BC Children’s Hospital Foundation in Vancouver, over $322,000 raised for the Alberta Children’s Hospital Foundation in Calgary, over $327,000 contributed to the Stollery Children’s Hospital Foundation in Edmonton, over $65,000 towards the Children’s Health and Hospital Foundation of Saskatchewan in Saskatoon and over $150,000 given to the Children’s Hospital Foundation of Manitoba in Winnipeg.

"What many don’t realize is that the corporate and private sectors play a vital role in making miracles possible,” says Marie Sheppy, Senior Coordinator, Corporate Affairs, RE/MAX of Western Canada. “With public coffers stretched to the limit, it’s a fact that organizations like RE/MAX fund a significant portion of the required cost to treat sick and injured children in pediatric facilities across Canada. We work so hard because we know our donations mean more than dollars and cents—it's an opportunity for healthy, happy childhoods and hope for promising futures. There really is nothing more rewarding than watching kids just be kids.”

RE/MAX realtors generate donations through the RE/MAX Miracle Home Program®, whereby a portion of their commission earned on the purchase or sale of each home is given to Children's Miracle Network affiliated hospitals. Children's Miracle Network supports 14 children's hospitals and foundations across Canada. Donations are often maximized through additional fundraising events including golf tournaments, gala evenings with silent auctions, casual Fridays and much more. Funds raised in each community stay in that community to be invested in the local Children's Miracle Network hospital.

“It’s amazing what can be accomplished when people work toward a meaningful cause,” says Christine Martysiewicz, Director of Internal and Public Relations, RE/MAX Ontario-Atlantic Canada. “The synergy, commitment and enthusiasm of the RE/MAX network are truly phenomenal. However, what’s more amazing is that the charitable efforts undertaken by our realtors are 100 per cent voluntary. Supporting Children’s Miracle Network is a chance to make a real difference in the lives of local children and families in their own communities. That type of involvement is something that’s been woven into the fabric of the RE/MAX organization since its inception. The way we see it, we don’t just serve and work in these communities, we truly are a part of them, and we care—it’s that simple.”

In Canada, the funds raised on behalf of Children’s Miracle Network help support outreach programs and fund advancements in critical research, as well as upgrades to medical facilities and equipment.

“The outstanding generosity of RE/MAX Associates has helped more than 2.5 million Canadian children in 2007 alone – that’s 1 in 4 kids nationally,” says John Hartman, Chief Operating Officer – Canada, Children’s Miracle Network. “RE/MAX has made Children’s Miracle Network hospitals a vital part of what they do and continue to put giving back at the top of their agenda. Since 1992, RE/MAX has been a strong supporter of Children’s Miracle Network. Their dedication, passion and enthusiasm for the kids and families in their communities across Canada is outstanding. They continue to give and give more. We are very proud to be affiliated with RE/MAX. The progress being made thanks to contributions, like that from RE/MAX, has been nothing short of astonishing. While care and outcomes have improved significantly, it also remains a reality that the need has never been greater.”

In Canada, the children's hospitals/foundations receiving funding from Children’s Miracle Network are: BC Children's Hospital Foundation in Vancouver, Alberta Children's Hospital Foundation in Calgary, Stollery Children’s Hospital Foundation in Edmonton, Children’s Health and Hospital Foundation of Saskatchewan in Saskatoon, The Children's Hospital Foundation of Manitoba in Winnipeg, SickKids Foundation in Toronto, Children's Health Foundation in London, McMaster Children’s Hospital in Hamilton, Children's Hospital of Eastern Ontario Foundation in Ottawa, Operation Enfant Soleil (St. Justine’s Children’s Hospital, Montreal Children’s Hospital, Centre hospitalier universitaire de Québec (CHUQ) , IWK Health Centre in Halifax, and Janeway Children's Hospital Foundation in St. John's. For more information, visit: www.childrensmiraclenetwork.ca.

operating in over 65 countries. More than 7,000 independently-owned offices engage nearly 115,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management. For more information, visit: www.remax.ca.

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Some Forecast Notes... Winnipeg in 2008

2008-02-02T15:47:00.001-06:00

Information courtesy of Peter Squire and Winnipeg Real Estate News

I have gotten a lot of questions lately about where I think the market is going to go... will it remain strong, balance out, or fall flat? Where the most sensible thing is to hope for a balanced market (if only to give those poor buyers a break!)... it looks like Winnipeg forges into 2008 with strong numbers, and even stronger hopes for another banner year.

I had missed the opportunity to attend our annual forecast breakfast this year due to prior commitments, but I did have the opportunity to speak with Peter Squire of Winnipeg Realtors Association who was a keynote speaker that day. He shared some great insight and information with me that I thought would be helpful to share.

First of all, lets consider statistics. I will share with you what we are looking at for 2008 as far as the forecast is spelled out in stats, and will also touch on last year's stat forecast and what the actual outcome was. Statistics are great because it breaks real estate numbers down to the basics, keeping it simple. Remember these are only forecast numbers, they are based on many different economical factors.

2008 Forecast

The amount of homes for sale: 0 - 2%
Home prices: 10 - 12%
Condo prices: 8 - 10%
Total MLS dollar volume: 12 - 14%

Now, lets look at what the forecast for 2007 was and what the real outcomes were

Forecast Actual
Amount of homes for sale: 0 - 2% 5%
Home prices: 8 - 10% 13%
Condo prices: 10 - 12% 7%
Total MLS dollar volume: 8 - 10% 19%

So we can see that 2007 played out almost better than expected, with the exception of condo sales we more than met our mark. With residential homes still dominating our market at over 74% there is no surprise there. It almost seems that condos in Winnipeg have not quite caught on the way they have in other major Canadian cities. Of course I am sure that will change as anyone can see the construction of new condos in Winnipeg.

Some other interesting points to consider is that consumer confidence and employment remain strong, we are experiencing positive population numbers and household growth, and construction intentions are high (we hit a 20 year high in 2007 for new home construction).

So what does this info mean and how can you apply it to your own personal house hunting experience? Obviously it depends on what category of buyer or seller you fall in. As a buyer, are you an investor, or looking for yourself? And as a seller, are you selling a family home, first time buyer home, investment property...? It is important to know your target market.

If you are an investor, you most of all will find this info useful. For non-investors, this may or may not help you, but the best advice I can give is to examine the numbers from 2007 and see how they came out higher than before... if 2008 will be the same then that means the best and cheapest time to buy is right now, or as soon as you can.

For sellers, right now it doesn't seem you have a lot to worry about.

Condos in Winnipeg... the great unknowns and most important details you should know

2008-01-22T16:20:00.000-06:00

After the last little while of working with clients looking for condos in Winnipeg, it dawned on me that there are a lot of misconceptions out there regarding the process of purchasing a condo, and how it is different from that of purchasing a home. Below is just some information I have gathered from my experience and perspective. It is in no way a complete guide to condo buying in Winnipeg, but perhaps it is a start to some questions you may have.

Lets start with the basics. Condos differ from houses with their definitions of ownership. In a house you own, as long as you hold complete title to the home, you simply own the whole thing. In a condo, you own completely the unit you live in, but any and all common areas are co-owned by everyone in that condo building or condo project. A hallway, pool, parking lot or courtyard are all common areas because all people who live there have access to them. As a result of the common area aspect, there has to be some money put aside every month to maintain them and put repairs in when things need to be replaced. This is where the idea of condo fees comes in. Certainly this is not a lengthy explanation of condo fees and how they work, but will give you the basic concept. Condo fees are based on a case by case basis and can be anywhere from $100 to $450 monthly, and is not even limited to that amount. Condos by their very nature can be different, some are apartment style, some are townhouse style. Therefore, different condo fee structures apply. The monthly fee that you pay as your condo fee covers the cost of a few different things. Some money is put toward the reserve fund and some for the management of the condo as most condo boards can employ a management company to be in charge with the condo board. Other things that may be included would be maintenance like grass cutting and snow removal. Occasionally things like heat, cable tv, parking, water, etc are included but not always. To be sure about your condo check with the listing form to see what the exact inclusions are. Never ever assume that one condo has the same inclusions as another, in fact it is safer to assume that each is completely different.

Another major fee that could potentially apply to you as a condo owner is something we call a special assessment. It has also been referred to as a cash call. This does not always happen, and in fact could possible never happen in the time you live at that condo. An example of how this could happen is the roof of the condo building needs to be redone, perhaps they take some money from the reserve fund, but if that doesn't cover the cost it will be up to the condo owners to come up with the balance. This can be ANY amount and may mean a one time fee of $1500 or a year fee of $1000 that runs for three years. There are many scenarios that could arise out of a special assessment and it is important to get all the facts you can. The great news about this is that if the condo board knows they will be doing repairs and a special assessment is in the future, this info has to be disclosed to potential purchasers in the 48 hour cooling off period (I will explain the 48 hours below). So as long as the condo board has made the decision it will be disclosed to you and you can decide if it works for you or not. Hopefully you are made aware of any repairs needed before you buy, and not after you move in!

Condo documents, or condo docs as we call them are our information gateway into the runnings of this condo and its board. It includes, but not limited to: by laws, rules, financial statements, status certificate, minutes from board meetings and disclosure statements. This information is valuable. Usually myself and the lawyer will look over the condo docs for you to see where things are, but some buyers like looking through these things as well.

The 48 hour cooling off period. This is put in place for the protection of the buyer's interest. Basically how this works is: The offer you put in on the condo is accepted, as soon as possible the agents will exchange the condo docs and the receiving of those docs is in writing by you the potential buyer. From the time those docs are received the 48 hour cooling off period starts. This is the time to get all the info from the condo docs. If you are happy with everything, then that is great. If you find something in the documents that you are not happy with, like a cash call for example, then you have the right to cancel the purchase of the condo unit. This MUST be done within that 48 hours so make sure to ask the questions that are important to you about the condo docs in that period. Once the 48 hours lapses, and all conditions are satisfied then you have officially purchased the condo! Congratulations!

For any questions on purchasing or selling a condo in Winnipeg, please be sure to contact me!

Winnipeg is a Seller's Stage!

2008-01-18T10:05:00.000-06:00

Hey fellow bloggers!

Welcome to minus 40 degree weather! One could say at least it is sunny outside right? That is little compensation for some people who have to bear the winter's brunt to go house hunting today. With all those buyers, and not enough houses on the market, there is no wonder it is a seller's market currently in Winnipeg. A seller's market happens for two reasons, lots of buyers, and not enough houses for them. For those interested in buying, it can often be a struggle to get out and see all the best listings before they are all gone. And with the best of listings, buyers are often assured they will be competing against other buyers for that house. It is often a frustrating thing, even for agents who work with their buyers. No one likes to deliver bad news. That is par for the course these days, and is part of the reason Winnipeg is a seller's stage!

With fewer listings on the market than demand calls for, sellers are almost guaranteed a bidding war if they use proper techniques of listing their homes. By that I mean, clean, well cared for, and priced correctly. Sellers will never benefit from over pricing their home. It will just sit there and sit there. Always remember that when you decide you want to sell your home, it is no longer your "home" it is your asset. So if you are thinking of taking the plunge and putting your home up there try to keep those points in mind. Also, if you are selling your home to upgrade and figure you will capture the market in the meantime, keep in mind that you will eventually need to buy something to live in too! On that note, remember to be nice to the buyers looking at your home because eventually you will be one of them. There are lots of tips to creating that sell-able home that captures the market at that perfect turn. Be dedicated to getting it done, take your Realtors advice (because after all that is why you hired them!) and remain focused. Good luck with your sale!

Winnipeg's BEST MLS Year Ever! December 2007

2008-01-16T13:46:00.000-06:00

BEST MLS® YEAR EVER

report courtesy of Winnipeg REALTORS

- - -

MLS® Sales at 12,568; Dollar Volume is $2.14 Billion

WINNIPEG - With one month remaining, the Winnipeg real estate market has already surpassed the best annual performance ever with MLS® sales outflanking last year’s record of over 12,300 sales and a dollar volume eclipsing the $1.87 billion mark. The first $2 billion year happened in early November, and with another record month of sales and dollar volume activity in November, year-to-date dollar volume now sits at over $140 million above this new milestone level for Winnipeg. It also appears very likely MLS® sales will reach 13,000 for the first time by year end. In November, there also was a major house sale fetching close to $1.9 million.

For this time of year, it is unusual to see nearly half of the entire MLS® inventory turnover and the equivalent number of sales match the new listings that were entered in the month of November. In a number of MLS® areas throughout the city it is not uncommon to have more sales than new listings so whatever inventory of listings is left at the end of October it is being sold in November. Over 40 % of residential-detached listings sold for above list price.

November MLS® sales are up 7% (880/825) while dollar volume increased 21% ($154.9 million/$127.9 million) when compared to the same month last year. Year-to-date MLS® sales are running over 7% ahead of the same period last year (12,568/11,711) while MLS® dollar volume is up 21% ($2.14 billion/$1.77 billion). Four out of every five listings entered on MLS® this year have sold.

"I sincerely believe this outstanding year of MLS® sales activity which over 1,300 REALTORS® have consummated should clearly be acknowledged as one of the major business highlights of 2007," said Wes Schollenberg, president of the WinnipegREALTORS® Association. "This record level activity has tremendous economic spin-offs for the local economy and numerous ancillary real estate –related businesses benefit. A conservative estimate of additional economic activity based on our MLS® sales this year is around $300 million."

Schollenberg added, "There is no question in my mind while our WinnipegREALTORS® members have been challenged throughout the entire year with unprecedented buyer demand for a limited supply of MLS® listings in many neighbourhoods, they have really stepped up and applied all of their knowledge, experience and available tools to help meet buyers and sellers real estate needs."

Residential-detached sales in November were most pronounced in the $160,000 to $199,999 price range with 23% of total sales. The next busiest price range was the $130,000 to $159,999 range at 15%. In contrast, 35% of all condominium sales in November were over $210,000. This is in part a direct result of newer condominium projects with higher priced units making a notable impact on condominium sales this year.

The average days on market for residential-detached sales in November was 27 days, three days off October’s pace and three days quicker than November 2006. Average days on market for condominium sales was 27 days as well.

Established in 1903, WinnipegREALTORS® is a professional industry association representing 1,400 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession.

First Time Buyers, and why I love them!

2007-11-07T16:03:00.000-06:00

First, let me prefice in saying I love ALL buyers! But I thought a post dedicated to first timers was long overdue for a few reasons. For example, often times I have had first time buyers say to me"ohh.... no I don't need an agent, I am just going to work it on my own." Yeahh.... that is probably not your best bet, and I will let you in on the secrets as to why that is:

1. There is a lot to the market place that as a first timer you don't even realize you don't know or are missing out on.

2. Why limit yourself? If you are hitting up only open houses, or ads I should let you know that less than 5% of homes every have an open house, some agents don't even put ads in the local papers like the Winnipeg Real Estate News... so there is a lot of stuff you are missing out on.

3. You think you can find the perfect house online. Well, you can be close on this one, if you have discovered MLS.ca then that is awesome! Browse away, check it all out. As a Realtor I have access to those sames homes that you do, but with a lot more info, the actual address, the number of days on the market... etc. The one thing you cannot do with an online ad is actually see the house, yes the living room looks like it would fit your new 42" plasma screen TV.. but only seeing it in person can really answer that question. Not to mention that you need a feel for the place, you need to feel at home. Only a Realtor can let you in the door of a house listed on MLS.

4. Oh, actually this is important and should really be number one, but, here in Winnipeg and Manitoba, agents are FREE for buyers! Yes, you heard me, FREEEEE..... (believe me, this is the only freebee you get when buying a house, so grab on!)

5. Why wouldn't you want someone who represents only you? Believe me, there are a lot of sharks out there, so take the time to find a good Realtor that you connect with and can trust, then go looking for a home. That way if you encounter a nasty situation, you wont feel stuck on how to deal with it, you have someone on your side to help you.

and... wow... I could go on for a while answering questions and adding in some great info, especially info first timers have. I am going to redirect you to my website at www.kimberlygraham.com for more information. It is pretty much all there, and whatever isn't, drop me a line to let me know what you think is missing and I can add it in.

Oh wait! The most important part of this post... WHY I love first time buyers! Because, no matter what age or background, first timers have a certain something to them... they are not jaded to the process, they are eager, they are enthusiastic and fun, and most are not afraid to ask questions. I also adore that I get to be a part of that process for people, being involved in the major decisions of a person's life, well, it is frankly flattering! I am always honoured when a first timer chooses me, because there are a lot of choices out there, so I appreciate it. More than that, I like that this is the start of a life long business relationship together. And another little secret for you buyers to know: I love answering questions about real estate! Answering questions means I get to talk about one of my greatest loves... so thanks for that.

AND I love it when the buyers know that Realtors love them back... so I thought I would post this, and let you all know that!

Putting your heart into it...

2007-10-30T15:49:00.000-05:00

Over my years in this world I have found that the people who "make the most of it" are the ones we tend to envy, put on pedestals, and just plain like! They join teams, chase their dreams, volunteer, donate time and money, and they love it! They are the ones that "get" that life has more to it than TV and stress.

So how do we tap into that love and like them "make the most of it"?

By putting our hearts into it.

We have to find something in what we do that means something to us, that holds a special significance. You don't have to conquer the world at first grab, or be perfect while doing it. I think it is important to remember that it is one step at a time, life is not an over night change, over night change takes a life time to complete.

With that said, I approach life with the one step at a time mentality. I believe it is the possible absence of this mentality that has lead to us feeling over worked, stressed and unhappy.

One thing I decided to do as a Realtor was give back a little to the things I care about the most. I am happy and proud to report that currently, my brokerage RE/MAX professionals is the only true Miracle Office in all of Manitoba!!!!!! Miracle Office means that 100% of Realtors in the office have donated money to the Children's Miracle Network. This is an amazing accomplishment, and a true testament of the co-operation and dedication of the people in my office!

Above that I decided that I really wanted to foster my life long love of animals by donating a portion of my commission from every listing I have to the local Humane Society. This has been a slow start for me but I sincerely hope that the more listings I sell, the more money I make for them!

This is just part of me, putting my heart into it

Canadian Real Estate Forecast - PRESS RELEASE

2007-10-18T13:47:00.000-05:00

Slow and steady growth forecast for residential real estate

in major Canadian markets in 2008, says RE/MAX

Canadian home sales to top 500,000 in 2007

After posting extraordinary gains in 2007, housing market performance will moderate in most major Canadian centres in 2008, according to a report released today by RE/MAX.

The RE/MAX Housing Market Outlook 2008 examined residential real estate trends in 18 markets across the country. The report found that while economic prospects will continue to improve next year, few major markets are expected to exceed record sales levels set in 2007. Winnipeg, Hamilton-Burlington, Kitchener-Waterloo, London-St. Thomas, Ottawa, Sudbury, Saint John, Halifax-Dartmouth, and St. John’s are all predicted to buck the trend in 2008, with appreciation ranging from one to seven per cent. Average price is forecast to increase in 78 per cent of markets surveyed next year, with the lowest price increase expected in Edmonton and the highest in St. John’s.

Nationally, the number of homes sold is expected to break through the half-million threshold in 2007, climbing 13 per cent to an estimated 545,400 units, up from 483,770 units one year ago. Average price is projected to appreciate nine per cent to $303,000, up about $25,000 over 2006 levels. In 2008, home sales are expected to retreat to 500,000 units while Canadian housing values are forecast to continue their ascent, rising six per cent to $321,000.

Clearly, economic prosperity has translated into increased housing sales and upward pressure on prices across the board. The country’s economic engine fired on all cylinders throughout the year, despite dire conditions south of the border. As in 2007, inventory will be the major wildcard next year—the ultimate variable most expected to influence housing market conditions and performance. A return to tight market conditions could mean all bets are off as buyers are forced to compete, creating increased market pressure.

Major market frontrunners for price appreciation in 2008 include St. John’s (12 per cent), Regina and Kelowna – Central Okanagan (nine per cent), Hamilton-Burlington and Saint John (eight per cent) and Greater Vancouver (seven per cent). Leading the country in sales growth next year will be Kitchener-Waterloo (seven per cent), followed by Hamilton-Burlington, London-St. Thomas, Sudbury and Halifax-Dartmouth, each forecasting a five per cent gain.

Higher mortgage rates and increased inventory levels failed to materialize in most major centres, making 2007 a record year for real estate activity in Canada. By year-end, housing values across the country are expected to shatter existing records. Serious double-digit increases in average price are forecasted for Saskatoon (49), Edmonton (31.5), Regina (21), Calgary (20), Sudbury (20), Kelowna (19.5) Saint John (17), St. John’s (12), and Greater Vancouver (10).

Saskatchewan dominated real estate news in 2007, reporting some of the highest percentage increases in unit sales. The number of homes sold in Regina by year-end is expected to top 35 per cent, bringing sales to an estimated 4,000 units. Neighbouring Saskatoon is forecast to climb 28 per cent to 4,400 units in 2007. Other centres expected to post double-digit gains in activity include Saint John (19 per cent) Kitchener-Waterloo (13 per cent), Halifax-Dartmouth (12 per cent), St. John’s (11 per cent), and Toronto (10 per cent).

“Western markets were first out of the gate in 2007, but those in the East followed suit,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “By year-end, some of the most impressive gains in home sales will be realized in Ontario and Atlantic Canada. Solid economic fundamentals, including billions of dollars in capital projects, a positive unemployment outlook, and solid consumer confidence levels will propel markets forward. A slow and steady growth trajectory, minus the peaks and valleys experienced in 2007, is forecast for next year.”

Source ~ RE/MAX Housing Market 2008 Report, 10/17/07 - RE/MAX of Western Canada (1998) Inc.

ummm... what's a grow op?

2007-10-16T12:20:00.000-05:00

What?!

I was asked this question recently by a client and it really threw me for a loop! I guess its not safe to assume we are all addicted to the news channels and know what these are all about. Since they are kind of a big deal, and there is certain protocol in place here regarding the sale of former grow ops, I thought I would bring to light what exactly this was!

Grow ops, also known as Grow Operation(s) refers to when a house has been used by individuals to harvest or grow drugs. Mostly used for marijuana, we are now seeing the existence of meth labs (which are not grow ops), which is a scary reality in our world (and perhaps another topic for another day?)

The damage that cultivating marijuana can do to the house is devastating. High humidity levels are needed for the plants, and this grows MOULD. Mould can take over the house, and in extreme cases can mean serious renovating or tear down due to the damage it caused. When I say mould, I am not referring to the small amount that exists in your bathroom because you don't have a fan in there to help get the humidity out.... I am talking about entire sheets of drywall being eaten up with the harmful black stuff... gross huh? Most often you will find the most severe damage in the basement where most of the operations take place. However anyone will tell you that mould will spread out to other areas of the home. To get insurance on a former grow op after you have purchased it is possible, albeit tricky, and there are conditions which you must adhere to as a condition of the insurance. First of all, the affected area will most likely have to be gutted if it hasn't been already. Also an environmental survey will have to be done to make sure the house is safe to live in, and would pose no further threat of the mold continuing to grow and spread. However since I am not the expert on insuring tricky to insure properties, I called in my Insurance contact Kris Moffat from Niverville Insurance to see what he had to say on the subject:

"As for the insurance, not all insurance companies will insure former grow ops, but there are at least three major insurance companies that will. These companies want to be sure that the home is structurally sound. The major item which they want completed is an Environmental Site Assessment, which includes and is not limited to, a report by a structural engineer and a mould investigation (as a side note insurance policies contain mould/fungi exclusions any way, but they still factor this in for structural issues, potential liability defense costs…etc). If the report checks out, they will then look into insuring the property. This will of course still depend on the overall risk which will include items such as: Location of the home, the new clients claims experience, the new client’s former payment history, the coverage being applied for, etc."

"If a report does not pass, the client will not be able to apply for insurance through a standard insurance market. In those cases we would then attempt applying for coverage through a specialty market, which in turn would have extreme ratings, and multiple coverage exclusions ie: collapse. In the end even the specialty markets may still decline the risk all together as these homes should be repaired prior to looking into insurance. "

Not even touching on the health detriments of folks who run these type of operations, there is a very real concern for people who buy these homes that perhaps all the mould was not eradicated. If anyone in the family has any sort of respiratory concerns (especially asthmatic children) you would be safe to stay away all together.

So by this point are you really freaked out? Try not to be! There are safeguards in place to ensure that you are not trapped into buying one. Manitoba law dictates that if the home being listed by a Realtor is/was/has been a grow op.. THEY MUST DISCLOSE THIS, absolutely NO exceptions. So rest easy there. If it is a private sale and was once a grow op they are legally obligated to tell you that as well, however, I would proceed with serious caution with a private sale that was a grow op. Also, mould does have quite a smell to it, and you will be able to tell if you are in one ( I always say that you can "taste" the mould). I suppose the only real catch here is that if the grow op was never busted... do they have to tell you about it? Well, of course they really should, but if the owner of the home is the owner of the grow op.... well.... hmmm.... might not work out that way!

Is it possible to buy a grow op, fix the problems and live in it as a normal, healthy, functioning home? I would bet it would be, and certainly has been done, but of course it entirely depends on the house itself. I saw a grow op once, house was only 25 years old at most, very solid and actually although it was bad, the damage was minimal compared to others that are out there. And imagine if the house was an old decripit house, no way could a house like that handle severe moisture damage.

For those of you in the city of Winnipeg it would be interesting to note that our police department keeps a record of the latest busted grow ops by address. The link for this site is as follows: http://winnipeg.ca/police/drug_awareness/growop_addresses.stm
There is also lots of other info on there for the interested party.

So what is my stance on selling a grow op? Since some are salvageable so I say lets give it a shot, as long as you understand what is involved in the situation. Each home purchase is approached in a unique manner anyway and this is no exception.

This is just some of the basics, if I come across new info I will add it here or in another post. There is a lot more information out there if you are interested in looking, just hit up google, see what they have to say:)

establishing contact with a good Realtor

2007-10-13T12:31:00.000-05:00

So I thought I would talk a little today about one of the ways you can get the most out of a first encounter with a Realtor. Often I have heard complaints from the public about our business practices... we can address those all in due time, but today I am going to talk about that "first phone call".

The first call is the one you make when you have just decided to buy or sell, and call up a Realtor. Often people who are new to the business of real estate are nervous and don't know quite what to ask or to expect. Maybe you got the Realtor's name from the newspaper, TV or radio spot, or maybe from a for sale sign in the neighbourhood.

So you call them and they don't call you back. How did that happen! Why didn't they call you back!?

Understand that most Realtors simply cannot call you back within 10 minutes, this is not realistic. They could be driving, or out showing homes with clients. Unless I let my clients know ahead of time that I am expecting a call I will not answer or return calls when with those clients. The ones I am with deserve my full attention.. wouldn't you want the same from your Realtor?

Also, keep in mind that sometimes Realtors are busy, unfortunately they may forget to call you back, or may not have the time that day. You decide what a fair and realistic amount of time is to wait for a call back... if you haven't heard anything from them, just give me a call! All Realtors have access to the same information, and I can certainly help you out!

But back to the initial phone call!

First off you should know that a lot of Realtors use their office or a paging service to manage their calls, so most likely the person you talk to on the phone is from the Realtor's office or is from the paging service... those people do not know personal info about the Realtor or the listing you may be calling about. They will take a message and send out a page to that individual with your information. You want to make the most out of that first call, you want the Realtor to know you are a serious buyer or seller, and you want to make sure the Realtor is the one for you.

For effective call back and meeting strategy, do the following:

1. Give your full name and number, and use a real number, not a fake one!

2. Leave a small note saying what it is you are looking for information on. Are you interested in a property they have listed? Want to know about listing your home for sale? The more information you leave, the better chance you have of them calling you back.

3. When speaking with the Realtor make sure to be open to giving your information out, and feel free to ask questions of the Realtor. When a Realtor asks you for your full name and alternate phone numbers, it is not because they want to stalk you, its so we can contact you better. Also, a person willing to give out that information is a client who is serious about selling/buying.

4. When making appointments with Realtors, do not request that they meet you in odd places... this will make the Realtor nervous and make them think that you are not really interested in real estate. Saying things like "lets meet in a parking lot" Or "I get off work really late, the house I want to sell is vacant, shall we meet at 10pm?" Will NOT get the Realtor to call you back! These are "red flags" to a Realtor and suggest that it is ill will you have in mind, not house shopping. So if you are really serious, be open to meeting at their office first.

5. Pay attention to the Realtor on the other end of the phone, are they asking questions that focus on what you are looking for? They should be!

6. Make an appointment to meet if you feel a good vibe from the person. This meeting will help you get an better feel for the Realtor, get questions answered, and start to rev up that excitement! Also, it gives us Realtors a chance to educate our clients... I strive to be the best link my clients can have to the world of real estate, and you as a client deserve nothing less.

~~~

This day in real estate... Oct 13, 2007

2007-10-13T11:35:00.001-05:00

Hey real estate bloggers!

Welcome to my inaugural blog... dedicated to all you folks out there who are just wanting to be "in the know" as far as real estate goes.

Winnipeg woke up to a bright and sunny morning, which was a welcome change to the dismal gray skies we have all had to live under these past few days. Since I have a deadline looming for a class I am taking, no showings for me today... and I am so disappointed about that! Finally a good day, and I have to waste it sitting inside.

This week fared well on the real estate sales front for me, but how is the rest of the city hanging on? Well, every month I have been in real estate so far has yielded equal or higher sales than the same month of the previous year. That is not to say I am responsible for that, only to point out our market is hot, growing and ever expanding! This is good news for our economy as we are surging forth into the new year in a few months with great hopes for Winnipeg's home buyers and home sellers. Winnipeg Realtors (the real estate board) stats for September indicated that we again reached an all time high of over $177 million in sales, which is up 15% from September 2006... that means we are well on our way to the goal of reaching $2 billion in sales by this years end. September was also the fifth consecutive month with over 1000 units sold and with the ever increasing condo market, we can only expect some more great things!

Some of you born and bred "Peggers sometimes seem very anxious and nervous about what is happening in their neighbourhoods... how did the prices get so high, and the competition so fierce? Truth is, the housing market in Winnipeg has been lagging behind the rest of the country for years. A boom in housing demand a few years ago is what started the demand and increase in price. The good news is, on average we are STILL cheaper than any other major Canadian city! So when house hunting and selling always remember to look at the bigger picture.

Check out this link to see what average homes are selling for across the country...
http://www.crea.ca/public/news_stats/statistics.htm

On the downside, mortgage rates are on the rise again... so for those of you who secured a good rate in at the bank, try to get your home within the time-frame that the rate is guaranteed. If you have any questions about how you can protect yourself from scary mortgage rates give your banker or broker a call.

AND! Since this is my first blog... I am going to ask for feedback... what do you homebuyers and sellers want to hear about regarding real estate in this city? You name it, I will blog about it!

~ Cheers!
Thanks for the words
Kimberly