Archive for November, 2018

November 28, 2018

As part of our continuous efforts to improve our platforms and address your feedback, we will be performing maintenance to our solutions from:

Friday, November 30 at 10 p.m. EST to Saturday, December 1 at 2 a.m. EST.

During this four-hour maintenance window, users will not be able to access the GeoWarehouse® Solution.

We appreciate your patience and understanding; if you have any questions, please call us at 416.360.7542 or 1.866.237.5937 or email us at GeoWarehouseFeedback@teranet.ca.

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November 26, 2018

There is one real estate opportunity that seems to only be growing in popularity: selling condos.

The Canadian condo market continues to boom. From 2016 to 2018, more than 14% of private mortgages came from condominiums.

In June 2018, residential construction starts across Canada surged to 248,000 units, driven by condos.

“While there has been some moderation in price growth and less speculative demand in the single-family home segment, prices for condominiums have continued to increase rapidly in some markets,” the Bank of Canada noted in its July 2018 Monetary Policy Report.

Condos have also benefitted from tougher mortgage rules and increased interest rates. As house prices have gone up, condos have remained the more affordable option. This means that not only are younger buyers opting for condos over traditional homes, but so are older buyers. For instance, some members of Generation X are choosing to move into condos for a smaller mortgage.

In 2017, three out of every four homes built were multi-family units, compared to 65% the decade before.

If you sell real estate in Canada, the signs are there that this is the time to consider selling condos, too.

Should you decide to join the condo market, or ramp up your efforts, here are some best practices to keep in mind:

  • Look at property details. Just like you would request a property report for a single-family dwelling, you should do the same for a condo. For instance, with a GeoWarehouse report you can see all condo units in a building, search by level, look up related PINs, access the full legal description, and more.
  • Don’t only consider constructed condos. Look also at pre-construction condos. New condo buildings are being constructed quickly, especially in larger urban areas like Toronto and Vancouver. Sell clients on making a decision early to beat the rush.
  • Condos aren’t just for younger buyers. As we mentioned above, condos used to be the millennials’ residence, but that’s not always the case these days. More and more older generations are choosing condos amid new mortgage rules, increased interest rates, or wanting to stay in an urban area. While millennials are certainly still a big market, they’re not the only market.
  • Look at what else the building offers. There may be additional assets included with a condo sale, like a parking space or storage lockers. Unlike a traditional dwelling type, a condo can come with other perks, too — security guards, an on-site gym, a luxury view, etc. Play up these features in your sales pitch.
  • Focus on unique features. Condos are a space sacrifice, especially if a potential buyer is used to a larger home. But because they are rising in popularity, there are many more options for comfortable condo living today, like urban agriculture, unique storage ideas, and two-in-one furniture items. Don’t be afraid to get creative with your staging.Access condo status certificates online. There is no need to request your condo status certificates by fax anymore. Instead, use a tool like GeoWarehouse to do it all online.

While the condo boom is continuing to thrive, it makes sense to take advantage if it’s in your area. GeoWarehouse can help you stay on top of the latest condo trends and access property information.

Learn more by calling 1-866-237-5937 or visit www.geowarehouse.ca.

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November 23, 2018

The Canadian real estate market is in a state of fluctuation, which can make determining a listing price difficult to say the least.

Between rising interest rates, mortgage stress testing regulations, uncertain house prices, increased competition, and the like, there are many factors that might be affecting your usual process for determining property value.

That said, there are several practices that you can use to set a listing price no matter what is happening in the Canadian housing market. Here are our top picks.

  1. Assess the Property Details

This is step number one because it should be on your list regardless of market conditions. You need to understand the property details. For instance, what year was the home built? What data is included in the Land Registry?

In order to start thinking about your listing price, you need to know the answers to these questions and more.

  1. Get an AVM

You may have considered getting an appraisal done — this can be a great idea. But have you thought about an automated valuation model (AVM) report as well?

An AVM report can confirm home value, ownership, and other details quickly and efficiently. It can estimate property value by comparing and analyzing property characteristics against public record data.  It doesn’t replace an appraisal, but it is a good companion to one.

While an AVM can’t review interior and exterior property conditions, some include street view imagery that can help identify issues with exterior conditions, such as property boundary discrepancies. It’s great to leverage automation and historical data analysis to generate the latest information on pricing and ownership and create a big picture report.

  1. Consider the MPAC Assessment

MPAC is the largest assessment jurisdiction in North America. It determines revenue requirements, municipal tax rates, and property tax collection for the Government of Ontario.

An MPAC assessment isn’t always the same as a property appraisal, and often listing prices are different from MPAC’s valuation. That said, it is still valuable information that can be used in your determination.

  1. View the Sales History

Along with the property details, you will also want to consider the sales history. While today’s market may be very different from the last time this house sold (particularly if it is an older home), that data is still important to review.

  1. Look Up Comparable Sales

One of the best ways to determine home value is to see how comparable properties are selling. You can get a real-time view of what similar houses have sold for and use that to set your listing price.

You can also narrow your search by neighbourhood to specifically understand the area where you are selling. Certain regions will be more desirable based on factors like school proximity, parks, shopping areas, and the like. This will stay in style even with a market shift.

  1. Use a House Price Index

The Teranet-National Bank House Price Index is released every month with up-to-date information on house prices across Canada. This digs into 11 different markets and the house price trends those regions are experiencing.

This is important for you to know when making your assessment.

  1. Examine Market Insights

In a shifting real estate market, you want to stay on top of the latest real estate trends. For instance, if you know that condos are some of the most popular dwelling types for millennials, and you are trying to set a listing price for a condo in an area that appeals to millennials, that will help make your decision.

The Teranet Market Insights Report is released regularly and contains data that you can use for your property valuation needs.

While it may be simpler to set listing prices during non-turbulent housing market conditions, it’s still possible to do so in more uncertain times. Be sure to do your due diligence and assess information from multiple sources. Trends can change so fast that you need to stay on top of the data.

Luckily, GeoWarehouse makes it easy to stay informed up-to-the-minute. Our property reports take data from the Province of Ontario Land Registration Information System (POLARIS), so you can trust the reports you receive are accurate and timely. They are also available almost instantly, so you can make a decision with the latest figures.

Learn all about our GeoWarehouse reports today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

Want more information on determining a listing price? Download our free eBook, Digital Property Evaluation in 1-2-3! Get your copy here: http://www2.geowarehouse.ca/property-evaluation-general/.

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NOVEMBER 15, 2018

Home price index down in October in all component markets except Montreal

In October the Teranet–National Bank National Composite House Price IndexTM was down 0.4% from the previous month.[1] An October decline is not the norm – this was only the fourth in 20 years of index history. It was also the first index decline in eight months. The most striking aspect of the retreat is its diffusion. For the first time since December 2014, the component indexes for 10 of the 11 metropolitan markets surveyed were down on the month – Victoria (−0.1%), Toronto (−0.2%), Winnipeg (−0.2%), Calgary (−0.3%), Ottawa-Gatineau (−0.4%), Hamilton (−0.5%), Edmonton (−0.7%), Vancouver (−0.8%), Quebec City (−1.0%) and Halifax (−1.0%). The exception was Montreal, whose seventh consecutive monthly gain (+0.2%) was consistent with its seller’s-market conditions. For Calgary it was the 10th month without a rise in the last 13 months, hardly surprising considering the worsening of market conditions over the period. For Vancouver it was the third consecutive month without a rise.

Teranet-National Bank National Composite House Price Index™

In October the composite index was up 2.8% from a year earlier, a larger 12-month rise than in August and September because a year earlier the index fell abruptly in those two months. October 12-month rises were well above the countrywide average in Victoria (5.2%) and Vancouver (4.6%) thanks to gains earlier this year and in Montreal (5.0%) and Ottawa-Gatineau (5.0%) thanks to gains in the last six months. Indexes were also up from a year earlier in Winnipeg (3.4%), Hamilton (2.8%), Halifax (2.4%) and Toronto (1.9%). Indexes were down from a year earlier in Edmonton (−0.5%), Quebec City (−0.6%) and Calgary (−1.4%).

Besides the Toronto and Hamilton indexes included in the composite index, indexes exist for sevenother urban areas of the Golden Horseshoe. In October, all of these were down from the previous month. Two of them, Barrie and Oshawa, were, like Toronto and Hamilton, below their peaks of Q3 2017. Indexes not included in the composite index also exist for seven markets outside the Golden Horseshoe, five of them in Ontario and two in B.C. In October. Three of these were down from the previous month. The 12-month rise of these indexes varied widely, from -0.1% in Thunder Bay to 11.4% in Windsor.

Of the 25 metropolitan-market indexes, only five did not decrease in October, the smallest diffusion of gains since December 2012.

For the full report including historical data, please visit www.housepriceindex.ca.

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November 12, 2018

A Parcel Register* is an important part of any real estate sales professional’s arsenal.

With one search, you can find an incredible amount of information about a property.

Many real estate agents and other professionals use Parcel Registers* to find the:

  • Legal property address. This is important for contracts.
  • Property identification number.
  • Legal homeowners. Sometimes other people are on title that aren’t disclosed to you.
  • Types and percentages of homeownership. A joint tenancy is the most common, but there can be other strange ones that can come up, such as “life interest.”
  • Registration and transfer history. This can identify real estate fraud and other issues.
  • The dates, parties to and amounts of transfers and mortgage registrations. This can identify undischarged mortgages that can delay closings, higher mortgages than disclosed, and the like.
  • Liens and charges on title.
  • Other registrations that you may want to look into, like strange restrictive covenants and easements. If there is an instrument registered against the property, you can also take your investigation a step further and get an Instrument Image*.

Some real estate sales professionals use Parcel Registers* only when something feels “off” about a deal. This is by no means a bad strategy — you need to trust your instincts, especially if you’ve been in business for a while. Even if nothing turns out to be untoward, it’s still vital that you do your due diligence.

Other real estate sales professionals use Parcel Registers* for every deal, whether something feels off or not. This can also be a good strategy. After all, you know the costs of a bad deal going through or of having trailing liabilities. A Parcel Register* gives you an easy way to vet your clients and property information.

At GeoWarehouse, our Parcel Registers* come from property data taken directly from, the Province of Ontario Land Registration Information System (POLARIS). You can trust this data is the most accurate information available.

Want to dig deeper? Parcel Registers*, as well as Instrument Images* and many other documents, are available online through the GeoWarehouse eStore.

Visit www.geowarehouse.ca today.

*An official product of the Ontario government pursuant to provincial land registration statutes.

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When looking at demographic trends for private mortgages over the last two and a half years, Generation X (39 – 53 years old in 2018) has remained the largest group of consumers who turn to private lenders.

42% of all private mortgage transactions and 43% of the all private mortgage funds are provided to Gen X.

In comparison to the market as a whole, Gen X represents 43% of all mortgage transactions and 48% of all mortgage value.

Want more demographic real estate data? Download the October 2018 Teranet Market Insights Report. Get your copy here: https://www.teranet.ca/wp-content/uploads/2018/10/Market-Insight-Report_Oct-2.pdf

 

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November 6, 2018

Real estate sales professionals, do you serve the condo market in your sales territory? If not, you should consider starting. If you already do, read on for tips to help you sell even more.

In many cities, the condo market is a sweet spot because it is the cheapest entry point into the housing market. For example, in Toronto or Vancouver you can still buy property for $500,000 in the condo market — handy for new homeowners who would be priced out of larger homes.

Whether you are selling in the Toronto condo market, the Vancouver condo market, or another area, there’s a lot of room for opportunity — especially if you use a real estate tool like GeoWarehouse.

In the past, when real estate agents would search for a condo address, it would be difficult to source the unit or suite. Now, however, they filter by floor, parking, or even by storage level in GeoWarehouse to get the unit data they seek.

With these search functionalities, the possibilities expand. Now you can use GeoWarehouse to get the same property report information on the condo market that you would on other dwelling types.

For instance, you could:

  • See all condo units in a building.
  • Search by level if the suite number or address is missing.
  • Look up related Property Identification Numbers (PINs) for condos to find the property report, including plans and surveys, valuation information, and sales history.
  • Access the full legal description for every condo unit.
  • Find out if the condo owner has additional assets, such as parking or storage lockers.
  • Look up common name information.
  • Search for condominium corporation information.
  • Find the date of condominium declaration.

The GeoWarehouse data team has been hard at work updating the addresses for close to a million condo properties in the past year. Can you think of how you could use this information?

Access your condo market data today to use in your real estate marketing and property searches. It’s all part of your GeoWarehouse subscription.

Not a subscriber? Contact us today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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