Archive for December, 2018

2019 is right around the corner. A new year means a new approach — especially for property searches.

We’ve written about how the Canadian real estate market is in a state of flux. And that’s likely to continue in 2019. This means you need to evaluate the methods you’re using in your real estate business and look for a better way of working.

If the last time you reviewed your property search technique was when interest rates were still 0.5%, read on.

Tip #1: Be Non-Traditional

Traditional housing styles, like single-family detached homes, are still popular, but there are many non-traditional dwelling types rising in the ranks.

Condos, row houses, multi-family living, and the like are becoming the new norm, especially in larger areas.

Consider shifting your sales focus to include dwelling types you may not have thought about before.

Tip #2: Think Outside of the Box… or the City

Large cities like Toronto and Vancouver are still popular but are also some of the least affordable areas of the country. More and more people are opting to live further away and commute in for work… or potentially not commute at all if they have the option of working remotely.

Some people are leaving the GTA for homes in Niagara Falls, for instance. This may seem like a long trek, but if you only have to be in the office one or two days a week (or less) it may be worth it.

Don’t be afraid to consider properties outside of your normal selling area and tell clients about opportunities they might not even have thought about.

Tip #3: The More, the Merrier

Another trend that’s been blowing up in 2018: friends buying homes together and multi-generational living.

As homeownership becomes more expensive, some buyers are choosing to go in on real estate together rather than continuing to rent. This is happening across generations, from younger women buying a house together, to widows moving in together and hiring help rather than moving to an assisted care facility.

Check out this story about these modern day Golden Girls: https://www.theloop.ca/watch/entertainment/fun/meet-the-real-life-canadian-golden-girls/5850964297001/5850860215001/the-social/.

If a buyer is not finding anything in their price range, consider suggesting some outside-of-the-box living arrangements.

Tip #4: Use Demographics

A savvy property searcher doesn’t only look for dwellings that are already on the market. They put them on the market themselves.

While it’s ideal when a client approaches you for help selling their home, you can also source homes to sell by using demographic reports. For instance, if you search in your selling area for neighbourhoods populated by older couples with no children, you might identify properties where homeowners are looking to downsize.

If you find a neighbourhood popular with millennials, they may be considering starting a family soon and looking for more space.

Demographics can tell you a lot about potential clients and help you discover leads before they are even on the market.

Tip #5: Get Social

Networking has always been one of the most important parts of a real estate professional’s job, and social media has made that easier than ever.

Join neighbourhood groups, participate in discussions, and look for connections online. If you don’t have a social media presence already, start one. If you do have one, consider how you could be making better use of it.

Social networking can help you find new leads and clients before they come to you. See a friend or neighbour who is thinking about starting a new business? Message them to chat about commercial space opportunities.

Have an acquaintance welcoming a baby? You might consider sending a gift basket and asking if they are considering looking for more space.

Tip #6: Review the Tools You’re Using

Are you using the most accurate, up-to-date property search technology available? It may be time to reassess the tools that you’re using for your searches.

For instance, GeoWarehouse’s property data comes from the Province of Ontario Land Registration Information System (POLARIS). The information you receive is the most accurate you’ll find. Plus, it’s updated in real time, so you can trust that you’re receiving the latest numbers.

If you’re serious about upgrading your property search techniques, consider switching to GeoWarehouse!

Want to learn more about our tools? Call 1-866-237-5937 or visit www.geowarehouse.ca.

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December 19, 2018

MediaCorp Canada Inc. recognizes Teranet for its exceptional workplace culture

Teranet has been named one of Greater Toronto’s Top Employers for 2019!

MediaCorp Canada Inc. holds an annual competition to recognize the best places to work in the Greater Toronto Area — and Teranet’s was deemed one of the top employers.

See the reasons why Teranet is such a great employer: https://www.newswire.ca/news-releases/teranet-named-top-toronto-employer-703116201.html

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It can be a real estate agent’s nightmare. You’ve taken the time to arrange a great deal for your client who is selling their home… but then they can’t pay you the commission.

Suddenly, you’re out money and time. You could take the client to court to try to recoup the costs, but again that is more money and more time.

Wouldn’t it be easier to just make sure your client is able to pay in the first place?

That’s where this one secret comes in. You will want to be sure this is included in your real estate tool case.

It’s called a Parcel Register*.

A Parcel Register* from GeoWarehouse is like a credit report — but instead of checking a client’s credit score, it checks the property.

It will show you:

  • If any encumbrances exist.
  • The lender the encumbrances are with.
  • When the encumbrances were registered.
  • The registration value of any encumbrances.
  • The legal homeowners and the type of ownership.
  • A history of registered mortgages and liens.
  • And more.

With this tool, you’ll be able to find out from the get-go whether or not the client can pay you and if there is enough equity available in the home for it to be worth your while.

This is vital in today’s changing economy when interest rates are rising, and new mortgage rules are in place. Federally-regulated lenders have to take into account the client’s gross debt service (GDS) ratio — all of the housing related debt they carry — and total debt service (TDS) ratio — the total amount of debt they carry.

However, private lenders that are not federally regulated do not have to do this. So, it could be possible for a client to be securing their mortgage privately and struggling with debt — and you may not find out until it is too late.

That is why it’s always a good idea to get a Parcel Register*. You’ll be able to know more sooner and rest easy knowing that the deal will go through uninterrupted and you’ll be able to get your real estate commission.

A GeoWarehouse Parcel Register* is easy to obtain. Find out more today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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

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DECEMBER 12, 2018

Home price indexes down in November in all markets except Quebec City, Halifax and Victoria

In November the Teranet–National Bank National Composite House Price IndexTM was down 0.3% from the previous month.[1] A November decline is not the norm – this was only the fourth in 20 years of index history. It was the second consecutive monthly decline. November’s retreat was quite broad-based: component indexes were down on the month in eight of the 11 metropolitan markets surveyed – Vancouver (−0.6%), Calgary (−0.6%), Edmonton (−0.6%), Winnipeg (−0.5%), Ottawa-Gatineau (−0.4%), Toronto (−0.1%), Hamilton (−0.1%) and Montreal (−0.1%). The index for Victoria was flat. Indexes were up for Halifax (0.1%) and Quebec City (1.2%). The decline of the Montreal index, the first in eight months, was hardly enough to end its upward trend over those months – a cumulative rise of 4.4%, consistent with seller’s-market conditions. Market conditions are quite different in Calgary, where the index has now declined four months in a row, for a cumulative loss of 1.4%. The index for Toronto has retreated 0.4% over the last three months.

Teranet-National Bank National Composite House Price Index™

In November the composite index was up 3.1% from a year earlier, a larger 12-month rise than in the last three months thanks to an abrupt index decline from August to October of 2017. As a result of gains earlier this year, November 12‑month rises were above the countrywide average in Victoria (5.3%), Ottawa-Gatineau (5.3%), Montreal (4.4%), Hamilton (4.4%), Vancouver (3.9%) and Toronto (3.3%). Indexes were also up from a year earlier in Winnipeg (2.3%) and Halifax (1.7%). Indexes were down from a year earlier in Quebec City (−0.3%), Edmonton (−0.4%) and Calgary (−2.7%).

Besides the Toronto and Hamilton indexes included in the composite index, indexes exist for seven other urban areas of the Golden Horseshoe. In November, most of these were down or at best flat from the previous monthBrantford (−0.8%), Guelph (−0.6%), Oshawa (−0.6%), Peterborough (−0.3%), Barrie (flat) and St. Catharines (flat). The exception was Kitchener (+0.6%). Two of these indexes, Barrie and Oshawa, were, like Toronto and Hamilton, below their peaks of Q3 2017. All were up from a year earlier, the gains ranging 1.3% for Oshawa to 8.9% for Peterborough.

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 November five of them were down from the previous month: Sudbury (−1.6%), Abbotsford-Mission (−0.5%), London (−0.3%), Kelowna (−0.1%) and Thunder Bay (−0.1%). Two of them were upWindsor (+0.6%) and Kingston (+0.6%). The changes of these indexes from a year earlier ranged from −3.0% for Thunder Bay to +12.8 % for Windsor.

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

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Happy Holidays from GeoWarehouse

Author: GeoWarehouse
December 10, 2018

Happy holidays from all of us at GeoWarehouse!

We hope you have a fantastic holiday season with family and loved ones and a prosperous new year.

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The Bank of Canada interest rate is staying at 1.75% for the remainder of 2018.

On December 5, 2018, the Bank of Canada (BOC) announced that it would hold the overnight rate at the amount set on October 24, 2018 of 1.75%. The Bank Rate is correspondingly 2% and the deposit rate is 1.5%.

In its decision, the BOC referenced household credit and regional housing markets, saying that both “appear to be stabilizing following a significant slowdown in recent quarters.”

“The Bank continues to monitor the impact on both builders and buyers of tighter mortgage rules, regional housing policy changes, and higher interest rates,” the BOC stated in a release.

However, the regional housing market wasn’t the biggest factor in the Dec. 5 decision.

Oil prices have fallen sharply since the October announcement and benchmarks for western Canadian oil have been further pulled down by transportation constraints and a buildup of inventories. The BOC has said they will be keeping an eye on this economic factor moving forward.

Trade conflicts are also facing uncertainty.

Moving forward, the BOC will be keeping an eye on these factors, plus Canadian household debt and housing levels. They still indicate that further hikes will likely be coming.

For those in the real estate market, this could indicate a reprieve. If clients are shopping for a new home, or you are considering buying a property for investment purposes, interest rates are still at a relatively low level. That could be changing in 2019. Economists are widely predicting that the Canadian interest rate could reach at least 2.5% in the next 12 months.

This hold might mean encouraging clients to deal with outstanding household debt now, or access home equity while they can. As the gross debt service (GDS) ratio — total amount of housing-related debt — and total debt service (TDS) ratio — total amount of all debt — are now weighed more heavily by mortgage lenders, it’s a good idea to get those levels as low as possible before applying for mortgage funding.

The next BOC announcement is scheduled for January 9, 2019.

GeoWarehouse has real estate tools to help find opportunities even with a rising Canadian interest rate. Access our property search, sales comparables, demographics reports, and more all at www.geowarehouse.ca.

Call 1-866-237-5937 to find out how to become a subscriber.

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In 2018, York Region saw the highest percent of refinanced mortgages sourced from private lenders in the GTA.

Of the five GTA regions, York Region had 21%. The next highest was Peel Region, followed by Toronto Region, then Durham Region, and, trailing behind the pack, Halton Region.

While Halton had the lowest percentage of private refinancing mortgages out of the five GTA regions, it has seen the fastest growth with private financing up 64% in 2018 over 2016 volumes.

Overall growth of refinanced mortgages from private lenders has been on the rise in all five GTA regions between 2016 and 2018.

See more of the latest real estate trends in the October 2018 Teranet Market Insights Report.

Get your copy here: wp-content/uploads/2018/10/Market-Insight-Report_Oct-2.pdf  

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December 4, 2018

We have a scheduled maintenance to our POLARIS database during the following period:

Friday, December 7 at 9 p.m. EST to Sunday, December 9 at 9 a.m. EST.

During this window, you will be able to use GeoWarehouse® to conduct property searches and to purchase e-store products other than statutory reports (Parcel Register, instrument images, and plans).

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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December 3, 2018

We are excited to announce new enhancements for the GeoWarehouse® solution.

Effective immediately, users will now be able to add several new features to their property search repertoire.

Available now:

  1. Basic Client Report

This new, one-page PDF report contains the most essential information. You’ll be able to get a short, but information packed, overview at your fingertips.

  1. Business Card Inserting

 Users can now insert their business cards into the PDF reports.

  1. Easier Condo and Townhouse Searches.

With condos and townhouses rising in popularity across the Canadian housing market this will help you find available properties faster.

  1. Insert Static Street View

 Users can now insert Static Street View images into PDFs.

  1. Saved LRO Available Across Multiple Browsers

Map window displays with saved land registry offices (LROs) are now supported across multiple browsers.

We have worked hard to make GeoWarehouse® a comprehensive solution for you. We hope you enjoy these enhancements when conducting property searches, accessing Parcel Registers and Instrument Images, and more.

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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