Archive for November, 2018

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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