Archive for February, 2019

February 19, 2019

Has a lack of property survey ever delayed your deal from closing? If so, you’re not alone.

A property survey can be immensely important — even more important than the deed, say some.

While not all lenders require property surveys, if you are dealing with one who does you know that it’s necessary. But what can you do if you don’t have, or can’t find, a survey?

The long answer might be to arrange for a new surveyor to come out, but this can get expensive and time-consuming — especially when you are waiting on a deal to go through and the survey is the last piece you need.

The short answer is simple: access it online!

GeoWarehouse has existing historical surveys available online in our e-store. If a survey for the property in question is available, you’ll be able to obtain it at the click of a button for much less than it would cost to get a new one.

Even if your lender doesn’t require a survey for the deal to close, it’s still a good idea to see if a historical copy exists.

According to the Toronto Star, a 2015 study by the surveyors at Protect Your Boundaries showed that of 1.2 million freehold residential properties in the GTA, an estimated 49% have significant boundary issues, most of which would not be covered by title insurance since they involve fences, hedges, and retaining walls.

Plus, if an issue comes up at the last minute, you’ll want to be prepared. The same Toronto Star article references a vendor who owned a house on the wrong side of a street, and one who owned the wrong half of a semi-detached house.

These may seem like extreme cases, but it is often better to be safe than sorry — particularly when it comes to closing a deal.

Obtaining a property survey can just be good due diligence. And accessing it online makes it so easy to do that you’ll want to make it part of your regular process.

Access your property surveys today through the GeoWarehouse e-store. If you don’t have an account, call us at 1-866-237-5937 or visit www.geowarehouse.ca.

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Weakness Concentrated in the West

Author: GeoWarehouse
February 13, 2019

February 13, 2019

 Weakness concentrated in the West

In January the Teranet–National Bank National Composite House Price IndexTM was down 0.1% from the previous month.[1] It was the fifth consecutive month without a rise, the longest such run since March 2013, and was notable for marked retreats in the three largest markets of Western Canada: Edmonton (−0.8%), Calgary (−0.5%) and Vancouver (−0.3%). The index for Ottawa-Gatineau was also down (−0.3%). Indexes for Victoria and Hamilton were flat. There were monthly rises for Quebec City (+1.3%), Halifax (+0.7%), Montreal (+0.2%), Toronto (+0.1%) and Winnipeg (+0.1%).

Those three westernmost markets have been trending down markedly for months now. For Calgary it was a seventh month without a gain (cumulative decline -2.4%), for Vancouver the sixth (−3.2%), for Edmonton the fifth (−3.5%). There were smaller cumulative declines, after four months with no rises, in Victoria (−0.5%) and Hamilton (−1.0%). For Montreal, on the other hand, the index was up for the ninth time in 10 months for a cumulative 5.0% gain. Montreal and Quebec City were the only indexes at an all-time high in January.

Teranet-National Bank National Composite House Price Index™

The softness of the three largest markets of the West was also apparent in the changes from a year earlier –Calgary down 2.8%, Edmonton down 2.4%, Vancouver flat. The eight other markets in the composite index were up from a year earlier – Winnipeg 0.7%, Halifax 1.7%, Quebec City 3.1%, Toronto 3.6%, Montreal 4.5%, Hamilton 4.6%, Victoria 4.9%, Ottawa-Gatineau 6.0%. For the composite index the 12-month rise was 2.2%.

Besides the Toronto and Hamilton indexes included in the composite index, indexes exist for the seven other urban areas of the Golden Horseshoe. In January, they were up from the previous month for Peterborough (0.7%), Brantford (0.4%), Oshawa (0.1%) and Kitchener (0.1%), flat for Barrie, and down for Guelph (−0.2%) and St. Catharines (−0.6%). From August 2018, all seven indexes were down or at best flat: Peterborough −4.1%, Brantford −3.6%, Barrie −2.1%, Oshawa −2.0%, Guelph −1.3%, Kitchener −0.2%, St. Catharines flat.

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 January, indexes declined for Abbotsford-Mission (−0.2%), Thunder Bay (−0.3%), Windsor (−0.4%) and Kelowna (−1.3%) and rose for London (0.3%), Sudbury (1.0%) and Kingston (1.8%). From last August, indexes were down for Abbotsford-Mission (−1.9%), Kelowna (−3.2%) and Thunder Bay (−5,6 %), essentially flat for Sudbury, and up for London (+2.3%), Windsor (+2.5%) and Kingston (+2.6%).

For the full report including historical data, please visit https://housepriceindex.ca/2019/02/january2019/.

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We regret to announce that the February 12, 2019 Teranet Market Insights Forum has been postponed due to inclement weather conditions.

The safety of our guests and speakers is of utmost importance to us, which is why we are re-scheduling the February 12 forum.

The event has been moved to Friday, March 29 at the MaRS District. We hope you mark your calendars and plan to attend.

Stay tuned for more information in the coming weeks.

We apologize for any inconvenience this may cause. If you have any questions, please email emily.boyce@teranet.ca or call 416-360-8863 ext. 2512.

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February 11, 2019

Valentine’s Day is almost here, the most romantic time of year — using you’re flying solo. If you’re alone, there’s no need to feel sad. Why not take your date in a different direction — say, to the office?

It’s possible that your love of real estate has been dwindling lately. With tougher market conditions, colder weather, and higher home prices, you may have lost the spark you once felt. This Valentine’s Day it’s time to bring back that loving feeling once and for all.

Instead of wining and dining your significant other, why not wine and dine yourself and jumpstart your business at the same time?

Here are the oh-so-romantic ideas you won’t want to miss:

  1. Set up an open house for singles.

Chances are high that you’re not the only one spending this Valentine’s Day alone. So how about making the most of it? If you have an available property on the market, schedule an open house for February 14 and advertise it as a singles mixer. Break out the champagne and chocolates, put on some feel-good music, and perhaps even set up a dance floor or a movie.

You could spark a love connection or make the sale!

  1. Play matchmaker with clients.

The real estate agent who pairs up the single mom and single dad living two blocks away from each other sounds like the romantic comedy of our dreams. But that’s not all that we’re talking about here. (Although if you have done this, please, let us know. We’ll help sell the rights to Hollywood!)

Today’s housing market is shifting, and more people are opting for buying homes together in the non-traditional sense. Take for example these two friends who bought a home in Niagara Falls, or these real-life Golden Girls.

Do you have a few clients who want to break into the housing market but just aren’t sure how they can afford it? You could be their real estate cupid!

  1. Have a “no bad ideas” brainstorming session.

Being a real estate sales professional is a busy job that involves a lot of nitty-gritty details. While those are necessary, they can sometimes suck the fun out of work.

Take the night to remember why you fell in love with real estate in the first place. Pour a glass of wine or sparkling water, light a candle, and make a list of your most creative ideas for revitalizing your business. Give yourself a number to hit — say between 20 to 50 — and don’t stop until you’ve filled out your list. No ideas are off limits; the wackier and kookier, the better.

Steve Jobs used to have his staff brainstorm 100 ideas and then narrow the list down to three. It’s how Apple developed so many great products. You can do the same!

  1. Remind yourself of past loves.

No need to walk down the ex memory lane. That’s not what we’re getting at here.

Instead, open up your old reviews and testimonials to remind yourself of past successes and happy clients. If you haven’t started an “I’m the best” folder yet (where you save all emails, notes, clippings, etc. from people complimenting you) take the time to build one now.

  1. Look for divorce leads.

Valentine’s Day is viewed as the most romantic day of the year but it’s also statistically one of the days with the highest rate of breakups. Couples getting divorces are highly motivated to sell for obvious reasons… Start thinking about a marketing campaign now and set the wheels in motion.

Admittedly this idea isn’t quite as romantic as the others on our list, but you’ll be feeling the love if it results in a sale so we’re calling it even.

  1. Find someone new.

You know those relationships where you give and give and give, but no matter how much you put into it you always end up… disappointed? This can happen with real estate, too!

If you’ve been putting the majority of your effort into single-family homes, for example, but are finding that the market is dwindling, it may be time to get a wandering eye — only unlike a real relationship, you won’t be breaking any hearts by exploring your options.

There are a lot of great new prospects on the market these days. Condos, multi-family units, even commercial spaces. Look at your listing opportunities with an open mind and an open heart. What areas are calling to you?

If you want to get scientific about it (online dating algorithms have nothing on you) you can access property data to really understand the potential opportunities in your area.

Need a date for Valentine’s Day? GeoWarehouse is happy to be your plus one. Contact us to learn more about our property insight data today. Call 1-866-237-5937 or visit www.geowarehouse.ca. We also won’t say no to a flower delivery 😉

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Real estate professionals, the Teranet Market Insights Forum on February 12, 2019 is almost full. Don’t miss your chance to attend and receive exclusive insights into the Canadian housing market.

Details:
Tuesday, February 12, 2019
8:30 a.m. to 11:30 a.m.
MaRS Discovery District
101 College Street, Toronto, Ontario

Speakers

Stéfane Marion
Chief Economist and Strategist at National Bank

Stéfane Marion is Chief Economist and Strategist for National Bank of Canada and National Bank Financial, a position he has held since November 2008. Mr. Marion is a sought-after speaker on economic trends and their financial implications and is ranked among the leading economists in Canada, according to Brendan Wood International.

National Bank Financial’s Economics and Strategy team is regularly ranked among the top Canadian forecasters and has won recognition for the accuracy of its projections.

In 2012, the C.D. Howe Institute appointed Mr. Marion to its Monetary Policy Council and to the newly established Business Cycle Council. He also sits on the National Bank Pension Committee.

Mr. Marion joined NBF’s Economic Group in 1999. Previously Mr. Marion worked for several years in the federal departments of Finance and Industry in Ottawa, where, in addition to economic analysis and forecasting, he also worked on microeconomic policy impact studies. In particular, he participated in the development of forecasting models and the analysis of the FTA and NAFTA free-trade agreements with the United States and Mexico.

Mr. Marion holds a bachelor’s degree and a master’s degree in economics from the Université de Montréal.

Roger Vandomme
Chief Data Scientist at SMC

Roger’s career has been built on the fundamentals of data analysis, predictive modeling and related decision-making. With 20 years in the credit bureau industry, creating credit scores all around the world, Roger has an outstanding unmatched skill-set in the field of predictive modeling. He has completed numerous studies and research on decision heuristics and biases, developing reasoning methods and processes around systemic design and game theory.

Roger created and manages a decision science boutique, SMC, that helps companies and institutions to optimize their strategic decision-making process through the application of mathematical models, machine learning, and artificial intelligence.

Roger teaches business analytics and machine learning at University of Toronto, as well as operational planning at the Canadian Forces College.

Roger holds a master’s degree in applied mathematics from Paris University, an MBA from Queen’s University, and a Master in Defense Studies with the Royal Military College.

Mark Huttram
Director of Business Development and Marketing at Teranet

Mr. Huttram will reveal exclusive market insights and updates from Teranet.

Don’t miss this opportunity. Register for the February 12, 2019 Market Insights Forum here: http://ci23.actonsoftware.com/acton/media/2216/teranets-market-insight-forum

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In the final quarter of 2018, Canadian housing affordability worsened for a 14th consecutive quarter, found economic research from the National Bank Housing Affordability Monitor.

Using data from the Teranet-National Bank House Price Index, National Bank Deputy Chief Economist Matthieu Arseneau and Economist Kyle Dahms released a quarterly report on January 24, 2019 analyzing the final three months of 2018.

And they found that house prices are getting less affordable in many markets.

The Housing Affordability Monitor featured a representative home for each of the 10 metropolitan markets in the House Price Index, including the representative price for the condo market and for the non-condo market, and the average household income needed for each.

Here’s what they found for October, November, December of 2018:

1. Toronto Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $902,916

Household annual income needed to afford the representative home: $165,755

Condo

Price of the representative condo in the metropolitan market: $536,082

Household annual income needed to afford the representative condo: $98,413

2. Montreal Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $369,234

Household annual income needed to afford the representative home: $67,783

Condo

Price of the representative condo in the metropolitan market: $276,889

Household annual income needed to afford the representative condo: $50,831

3. Vancouver Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $1,318,768

Household annual income needed to afford the representative home: $242,096

Condo

Price of the representative condo in the metropolitan market: $638,842

Household annual income needed to afford the representative condo: $117,277

4. Calgary Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $494,689

Household annual income needed to afford the representative home: $90,814

Condo

Price of the representative condo in the metropolitan market: $266,107

Household annual income needed to afford the representative condo: $48,851

5. Edmonton Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $422,508

Household annual income needed to afford the representative home: $77,563

Condo

Price of the representative condo in the metropolitan market: $231,117

Household annual income needed to afford the representative condo: $42,428

6. Ottawa-Gatineau Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $428,595

Household annual income needed to afford the representative home: $78,680

Condo

Price of the representative condo in the metropolitan market: $261,454

Household annual income needed to afford the representative condo: $47,997

7. Quebec City Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $286,491

Household annual income needed to afford the representative home: $52,593

Condo

Price of the representative condo in the metropolitan market: $211,768

Household annual income needed to afford the representative condo: $38,876

8. Winnipeg Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $321,259

Household annual income needed to afford the representative home: 58,976

Condo

Price of the representative condo in the metropolitan market: $223,614

Household annual income needed to afford the representative condo: $41,050

9. Hamilton Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $598,274

Household annual income needed to afford the representative home: $109,829

Condo

Price of the representative condo in the metropolitan market: $445,629

Household annual income needed to afford the representative condo: $81,807

10. Victoria Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $850,469

Household annual income needed to afford the representative home: $156,127

Condo

Price of the representative condo in the metropolitan market: $485,937

Household annual income needed to afford the representative condo: $89,207

In some markets, the quarterly report found that the gap between condo and non-condo affordability is shrinking. The worst deteriorations in affordability in Q4 were in Victoria, Toronto, and Vancouver. The only markets showing an improvement were Calgary and Edmonton. Countrywide, affordability worsened.

View the full 2018 Q4 report from the National Bank here: https://housepriceindex.ca/wp-content/uploads/2019/02/NBFM-Housing-Affordability-Monitor-Q4_2018-Eng.pdf.

No matter what direction Canadian housing affordability heads, GeoWarehouse has tools that make you the property expert. Uncover real estate trends and opportunities before they hit the market.

Become a subscriber today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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As the saying goes, knowledge is power. And nowhere is that truer than the Canadian real estate market.

With the industry becoming increasingly competitive, sales professionals need resources that keep them in-the-know. In order to stand out, you need information that empowers you to make decisions.

There are two real estate resources every sales professional should use: the Teranet-National Bank House Price Index and the Teranet Market Insights Report.

Here’s what you need to know.

  1. Teranet-National Bank House Price Index

The Teranet-National Bank HPI is an independent representation of the rate of change of Canadian single-family home prices.

The measurements are based on the property record of public land registries, where the sale price is available.

The Index is released every month and looks at 11 market across Canada: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa, Montréal, Québec, and Halifax.

How it works:

The Index is estimated by tracking the observed or registered home prices over time. Properties with at least two sales are required in the calculations.

All properties that have been sold at least twice are considered in the calculation of the index; this is known as the repeat sales methodology.

Properties that are not considered include those with:

a) non-arms-length sales,
b) change of type of property, for example after renovations,
c) data error, and
d) high turnover frequency (biannual or higher).

In the repeat sales methodology, the averaging of price appreciation from different pairs of sales is done using a complex estimation process in which each pair is a separate observation.

Why you should use it:

The HPI is particularly useful because it can give an accurate portrayal of home price shifts over time. The data is derived from the property records of public land registries — so you know it is accurate and trustworthy.

Often real estate agents look at house price figures from local MLS sales information. This isn’t necessarily a bad gauge, but it’s important to consider the Teranet HPI, too. That’s because the prices Teranet uses have been agreed to up to three months before the index is released and only finished transactions are used. If a sale falls through, the MLS data won’t always be accurate, but with the Teranet HPI you know you are looking at the final numbers.

The Teranet HPI also includes all transfer data, not just sales done through the MLS. This means there’s an estimated 20% more sales included — that could look like one in five sales being excluded from MLS reports.

Again, both should be taken into consideration, but if you are looking for accuracy and trends over time, the Teranet-National Bank House Price Index is a report you won’t want to miss.

See the latest HPI: http://www.geowarehouseblog.ca/home-prices-trended-down-in-the-second-half-of-2018/.

  1. Teranet Market Insights Report

The second report you’ll want on your regular reading list is the Teranet Market Insights Report.

This release takes into account all recent trends in the Canadian real estate market — everything from house prices, to mortgage broker-lender share, to dwelling type popularity, to generational buying habits, and beyond.

Each MIR release deep dives into a different part of the housing market. For instance, the October 2018 report examined the surge in private lending, while the March 2018 report looked at the Canadian condo market.

This is a great way to stay on top of trends and patterns and then use that information in your real estate marketing.

How it works:

Analysts at Teranet watch the Canadian housing market, using data derived from provincial land registries. They synthesize that data into analysis that takes a high-level look at the current real estate market.

Why you should use it:

The Teranet MIR is one of the most comprehensive real estate reports available in the Canadian market. The data within is sourced from information you can trust. The unique position of Teranet in the real estate market means that they have a view of the industry that is difficult to parallel.

The data contained in the MIR is applicable in many ways — you can use it in your real estate marketing, business strategy, property searches, and more.

If you have any interest in following industry trends, this is the report for you.

See the latest MIR: http://www.geowarehouseblog.ca/october-2018-teranet-market-insights-report-surge-in-private-lending-in-the-gta/.

These resources can both be gamechangers, especially if your industry is feeling saturated. They can help you find new opportunities and look at the market in ways you may not have considered.

After reading the reports, you may want to put the information to use through your real estate tools — like GeoWarehouse, which uses the same information as the Teranet HPI and MIR.

You can access up-to-date property searches, comparable sales, demographic reports, and more.

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

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Attention leaders in the financial and real estate industries – this is an event you will not want to miss. On February 12, 2019, Teranet is hosting our first Market Insights Forum of the year and the lineup is excellent!

Being that the housing market and real estate economy is on the top of everyone’s minds, we thought what better topic to cover and have invited amongst others, Stéfane Marion, Chief Economist and Strategist at the National Bank to speak on the subject.

Also on the agenda is Roger Vandomme, Chief Data Scientist at SMC. Predictive analytics, machine learning, and artificial intelligence can all help with strategic decision making – especially in an uncertain market. Mr. Vandomme is an expert on how to put raw data to good use for your real estate business.

You can view full event details here: http://ci23.actonsoftware.com/acton/media/2216/teranets-market-insight-forum

The event is almost full so if you plan to register please do so as soon as possible.

The February 12, 2019 Teranet Market Insights Forum runs from 8:30 a.m. to 11:30 a.m. at the MaRS Discover District, 101 College Street, Toronto, Ontario.

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It’s time to share your opinion – the Government of Ontario is launching consultations to modernize provincial real estate laws.

Specifically, the Ontario government is reviewing the Real Estate and Business Brokers Act.

“It has been almost two decades since the last comprehensive review of the Real Estate and Business Brokers Act. The market has dramatically changed since then,” said Bill Walker, Minister of Government and Consumer Services, in a statement.

“Our government is looking for input from the public, including homeowners, renters and real estate professionals, about strengthening the legislation so the people are better served.”

The statement from the Province says that changes to existing real estate laws will better reflect today’s market, including reducing red tape, and strengthening transparency and consumer protection.

The Province gave the example of what these changes might look like:

“Under today’s rules, for example, in multiple offer situations a broker representing a seller can only disclose the number of competing offers on the property to every person who has made an offer but cannot disclose the competing price,” read the Province’s statement.

These types of rules will be taken into consideration during the consultations and review.

The Province wants Ontarians to have their say about modernizing the real estate laws. There are two ways to do that:

The window for feedback to both the survey and consultation paper closes on March 15, 2019.

According to the Province:

  • The Real Estate and Business Brokers Act, 2002 regulates real estate and business brokerages and the individual brokers and salespersons who are employed by a brokerage.
  • Ontario real estate brokerages, brokers and salespersons must be registered with the Real Estate Council of Ontario that administers and enforces the act.
  • In 2017, there were over 82,000 registered real estate brokerages, brokers, and salespersons.
  • Real estate represented approximately $95.5 billion in home sales in 2017.

View the full Government of Ontario statement about the consultations here: https://news.ontario.ca/mgs/en/2019/01/ontario-government-launches-consultations-to-modernize-real-estate-laws.html

Read the Real Estate and Business Brokers Act, 2002, here: https://www.ontario.ca/laws/statute/02r30?_ga=2.268520439.784247863.1549035002-2114734898.1549035002

Regardless of what changes come to provincial real estate laws, GeoWarehouse can help real estate professionals stay on top of the market. Learn more about our property data and tools by calling 1-866-237-5937 or visiting www.geowarehouse.ca.

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