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Check in regularly to receive news, updates and useful information about GeoWarehouse and other real-estate tools and resources.

Archive for August, 2017

As a professional, you take real estate training and refresher courses all the time to ensure you are ahead of the curve when it comes to knowing your business. Plus, clients today have more access to real estate information online when it comes to researching properties and neighbourhoods in Ontario, so you need every advantage you can get.

Where can you get the advantage you need in one convenient subscription? With GeoWarehouse of course!

GeoWarehouse helps professionals stay ahead in the real estate business, so they can share their expertise with their clients. GeoWarehouse helps you:

  1. Find the information – it’s easy and convenient to access and search property data.
  2. Understand the information – interpret the information in order to guide your clients in making the best decision.
  3. Integrate the information – embed the information from GeoWarehouse in your daily work so you can run your business efficiently.
  4. Communicate the information – make it easy for your clients to understand.

GeoWarehouse is a powerful tool, but mastering the information available is not unlike mastering the art of real estate. It takes practice and training. Thankfully, GeoWarehouse offers an extensive array of resources and training videos to help you learn the ropes.

Learning how to maximize the potential benefits of the reports and information GeoWarehouse can produce is just as important as learning the latest regulations in property laws.

Short on time? Here are three essential GeoWarehouse training videos to watch:

  1. Getting Started with GeoWarehouse: Become the Property Expert

New to GeoWarehouse or looking for a refresher on the basics, start at the beginning to build a solid foundation in your mastery of GeoWarehouse. This snappy yet informative intro video shows you how to set up your profile and customize GeoWarehouse reports, as well as how to access the Message Centre, e-Learning and a host of other helpful information.

Watch it here: http://www2.geowarehouse.ca/new-geowarehouse-training-videos/.

  1. Search for Comparable Sales

Knowing comparable sales is important, and the Comparable Sales Report enables you to quickly and easily search for comparable sales in any given area. Whether you have a specific property in mind, or are interested in sales in an unfamiliar area, this search report can help determine value when selling and help evaluate offers.

Watch it here: http://www2.geowarehouse.ca/new-geowarehouse-training-videos/.

  1. Google® Maps Streetview

Get to know the neighbourhood without leaving the comfort of your office. Pan and zoom, enter full screen view, virtually walk the streets of the neighbourhood. With Google® Maps Streetview integrated into GeoWarehouse, it’s never been easier to research neighbourhood trends and market values to better help new or existing customers find a home.

Watch it here: http://www2.geowarehouse.ca/resources-trainingvideos/.

There are also training videos on property reports, enhanced sales reports and more readily available for GeoWarehouse subscribers.

If you would like more information about subscribing to GeoWarehouse please visit www.geowarehouse.ca.

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August 21, 2017

When it comes to commercial real estate, it is a completely different ball game compared to residential. Commercial property buyers are often looking for different attributes than those in the residential market, attributes such as location in relation to traffic, transportation, and other highly trafficked amenities. This week, to assist with your sales, we’ve got some commercial real estate tips to assist that take into consideration many of these differences.

While investing in commercial real estate has both pros and cons, real estate costs have shot up in recent decades across the spectrum. Furthermore, in the GTA, the commercial market has been booming. Not only are prices rising, but there is not a lot of supply. Still, savvy entrepreneurs are better off buying properties than renting them.

Not only will your clients avoid rent increases, but your property will likely – based on the current market – appreciate in value as well. Plus, a buyer can deduct the value of a loan, mortgage interest or depreciation in the value of a building from company taxes—something that can’t be done when in an owner-occupied residential dwelling.

Buying a commercial space is often one of the most complex transactions an entrepreneur will ever make. That’s why it’s essential to work with a real estate professional who can do the relevant research and plan before purchasing any property to make sure it meets your client’s needs and maximizes their investment.

Commercial properties fall into many categories and include industrial properties, shopping centers, farms, offices, or even vacant land. Commercial real estate is always a major investment in time and money – especially money – so it’s important to help your client learn the most information possible about the property they are about to invest in.

So, what makes a successful commercial real estate acquisition? Knowing the local real estate market and due diligence of course. There are several factors that you need to consider before helping your clients make an acquisition, including helping them determine the type of property they want to purchase, the risks and benefits involved, and how to finance the property.

For more advice, the Business Development Bank of Canada has an excellent guide about commercial real estate. Check it out here: https://www.bdc.ca/en/articles-tools/money-finance/buy-lease-commercial-real-estate/pages/default.aspx?utm_campaign=outreach&utm_medium=blog&utm_source=canadabusiness.ca&utm_content=text-link.

Whether commercial or residential, smart real estate professionals want to ensure that, when running a search on properties being purchased, the information is accurate, up-to-date and valuable.

With the valuable information and detailed reports available through GeoWarehouse, you can rest easy knowing that you will help your clients make the most informed decision when it comes to commercial real estate transactions.

Not a subscriber yet? Visit www.geowarehouse.ca today!

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August 14, 2017

Becoming a homeowner is one of life’s biggest milestones, whether we’re discussing newcomers to Canada or life-long residents. It doesn’t matter if we’re talking about buying that first home, downsizing, or moving to a new city – it takes a lot of work to own a home.

It often takes double that effort for newcomers. Every year, thousands upon thousands of new immigrants make a new home in Canada. A very welcoming country, Canada is known as the most culturally diverse locale in the world. Most newcomers to Canada come for the opportunities that the country has to offer, and they work hard to succeed. Whether buying a family home or looking to invest, the Canadian real estate market is a great place to be.

However, when faced with skyrocketing housing prices and navigating Canada’s mortgage process, the concept of owning a home may seem daunting to newcomers unfamiliar with Canada’s real estate market or financial institutions.

Most questions from newcomers interested in buying houses are about the procedure of getting a mortgage, along with the rules and regulations related to homeownership. So, how can real estate sales professionals help?

All real estate professionals spend time helping to educate their clients, but that need is much greater for newcomers. That means being able to provide even more data, especially as it relates to the neighbourhoods within which they want to live.

Real estate professionals can provide more detailed neighbourhood demographics for different areas that a long-time resident may be familiar with, but a newcomer likely isn’t. Knowing about schools in a certain area, access to amenities, and typical family make-up are common points of interest that newcomers may want to know about when deciding where to buy.

You can go above and beyond providing real estate advice. You can help by showing newcomers where to get the best information possible to help them become Canadian homeowners.

One starting point for people moving to Canada is the federal government’s online resource for people moving here. From enrolling in school and improving in English and French languages, to finding a place to live and planning finances, there are a number of resources for newcomers that can be found on the federal government’s immigration and citizenship website:  http://www.cic.gc.ca/english/newcomers/live/index.asp.

Another way you can help newcomers to Canada is by helping them navigate the world of mortgages. You can provide a handy reference sheet that helps explain the different mortgages, and connect them with trusted mortgage brokers or lenders to help them finance their new home.

However, there are a number of steps newcomers must tackle before they can become qualified for financing. To start off, often newcomers need to become permanent residents before many institutional lenders will consider them. Another hurdle, according to a recent Globe and Mail article, is providing a credit history. Some private lenders and non-bank lenders will consider them, but only with a massive down payment, something not all newcomers have at their disposal: https://www.theglobeandmail.com/report-on-business/what-new-canadians-face-when-buying-a-home/article35156673/.

Even after qualifying for financing and buying a house, many newcomers to Canada still face a period of adjustment as they acclimatize to their new community. As someone with vast knowledge of the local neighbourhoods, you can help newcomers by adding a page to your website dedicated to newcomers, including links to immigration resources, a list of neighbourhood facts, and other sites of interest to help them settle into their new home.

These are just a few ways you can help newcomers become homeowners in Canada – from finding the right neighbourhood with the right amenities nearby, to helping them learn more about real estate and mortgages in Canada.

GeoWarehouse is a great tool to perform preliminary searches and compile neighbourhood demographics you can share to help educate your clients who are newcomers to Canada. Not a GeoWarehouse subscriber already?

Visit www.geowarehouse.ca today to learn more about this incredible tool.

 

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August 9, 2017

To better reflect its growth, Teranet has unveiled a new corporate brand and website.

As Canada’s leader in the delivery of statutory registry services and real estate solutions, Teranet is continually growing and evolving to be able to offer more in-depth services and data.

The new brand and website reflects this commitment and reputation.

According to the press release, “As we continue to grow, it’s critical that our brand represents who we are and where we’re going,” says Elgin Farewell, Teranet President & CEO. “We want our corporate identity to connect to our proud and unique history, but to also represent our values and capabilities.  Teranet.ca showcases our ongoing innovations and achievements, which will help tell our story and attract future talent.”

Teranet is Canada’s source for land data and commercial registries insights. To find out more about Teranet, please visit the new website at www.teranet.ca.

 

 

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August 9, 2017

A few weeks ago, the Bank of Canada announced the interest rate was finally going up – from 0.5% to 0.75%. Many of us have been anticipating such an announcement for months, so this really should not have come as a surprise to anyone. As a real estate professional, this news has led to the question of what the impacts of an interest rate increase may be.

While it is as yet unclear – indeed not enough time has passed to accurately gauge the ways in which a higher interest rate will impact the housing market – there has been some speculation.

According to a Business News Network release from just days before the interest rate announcement wherein some analysts shared their predictions, such a rate hike (25 basis points) shouldn’t have much of an impact on the real estate market. However, as one analyst noted, “one-point higher rates would noticeably drive up real estate listings and further slow sales, especially if OSFI’s new stress test passes and takes more buyers out of the market.”

That being said, as another analyst pointed out, “if we look south of the border, the U.S. has seen three rate increases totaling 75 basis points since December 2016 and demand for homes still appears to be strong.”

You can read more on these predictions here: http://www.bnn.ca/what-a-rise-in-interest-rates-could-mean-for-canada-s-hot-housing-markets-1.801059.

For more on the interest rate hike itself, check out Teranet’s Commercial Solutions’ blog here: http://www.teranet.ca/blog/bank-of-canada-raises-interest-rate-with-more-to-come/.

No matter what happens, GeoWarehouse has the tools to help you succeed. Find out more by visiting www.geowarehouse.ca.

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August 8, 2017

Non-resident home buyers have recently been hit with a foreign buyer tax in Ontario.

Everyone knows that housing prices have skyrocketed in the past few years in the Greater Golden Horseshoe area. Media pundits, economists, real estate professionals and your average armchair critic all have their theories about why prices have been climbing so high. In an effort to curb this market, the aforementioned tax has been introduced.

This isn’t exclusive to Ontario, or even Canada. Other jurisdictions have introduced non-resident measures as well:

  • British Columbia introduced a 15-percent foreign buyer tax in 2016 to help calm the Vancouver housing market.
  • Australia very recently doubled property taxes for foreign buyers who keep their homes unoccupied for more than six months of the year.
  • Switzerland restricts foreign investors from outside the European Union and limits the number of houses available to foreign buyers each year.

Ontario also thinks the solution to the problem is levying a tax on foreign real estate buyers. In their recently implemented Fair Housing Plan, the Ontario government introduced 16 new measures from rent control to land transaction regulations. You can read more about their 16-point plan here: https://news.ontario.ca/opo/en/2017/04/making-housing-more-affordable.html.

However, the point that is generating the most press is the controversial Non-Resident Speculation Tax. It’s an attempt to try and calm the rocketing housing market in and around Toronto by targeting foreign buyers and speculators. Commonly known as the Foreign Buyer Tax, it applies to:

  • transfers or acquisitions made by a foreign individual, foreign corporation or a taxable trustee
  • non-citizens or permanent residents, taxable trustees and foreign corporations
  • one hundred per cent of the value if any one of the purchasers is a foreign entity
  • properties with at least one and no more than six single-family residences

The Non-Resident Speculation Tax primarily targets the act of acquiring real estate while a non-resident of Ontario. The tax was generally welcomed by economists as a small step to control spiraling prices. Will the tax have any impact in Ontario? It’s too early to tell what impact, if any, the tax will have on housing prices in the GGH.

This measure is based on the assumption that foreign home buyers are the primary reason for the steady increase in hot market housing prices, but are they solely to blame? Could it be population growth? What about supply and demand? Whatever is driving the increase in prices, foreign buyer taxes seem to be having little impact on the housing market according to the Financial Post: http://business.financialpost.com/personal-finance/mortgages-real-estate/yep-still-going-up-canada-new-housing-prices-rise-on-vancouver-toronto-strength.

As a real estate sales professional, it’s to your benefit to stay on top of the latest trends in the housing market so you can provide your clients with the best advice possible. Find out how the reports and information available through GeoWarehouse can help you become the expert. Visit www.geowarehouse.ca today!

 

 

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