It’s a frustrating and puzzling landscape. 

The British Columbia Real Estate Association’s chief economist, Brendon Ogmundson, notes that there’s plenty of housing demand Canada-wide due to factors such as immigration and the block of millennials at the prime age to become first-time home buyers. “But it will take a decline in rates to unlock demand and turn it into sales,” Ogmundson says. “This year will be all about what happens with interest rates.” 

Things could start off rough, he warns, with the Bank of Canada raising the key interest rate for an eighth consecutive time, to 4.5 per cent, on Wednesday. But by the end of the year, Ogmundson and many others expect rates to have stabilized and the market to be rebounding – depending on inflation.

Limited inventory and flat prices

Currently, sales are down in most areas, and prices are flat, so houses are on the market longer, and buyers and sellers need patience.  

“It’s a bizarre playing field now,” especially with inventory severely limited in markets across the country, says ReMax Canada president Christopher Alexander. “There’s more doom and gloom in the media than I’ve heard in my career.”   

Sellers are reluctant to put their homes on the market, and buyers are holding back due to negative headlines, Alexander has observed. With mortgage rates on the rise and a lack of affordable starter homes creating a generational disadvantage, the current climate is especially challenging for first-time buyers.  

In major cities, the cost of renting is now often as high as carrying a mortgage. “We’ve reached equilibrium,” Alexander states. 

This isn’t great news, although, for some potential first-time buyers still on the fence, it may help tip the scales to the buy side in the time-honoured ‘buy or rent’ debate. 

But how do you, as a realtor, help clients – first-time or otherwise – navigate this market where one size definitely doesn’t fit all?

Education and honesty

From Alexander’s bird’s-eye view, “The name of the game this year is education.” 

Agents will need to keep clients informed to a greater degree, he says, providing accurate and honest information for each situation. Often, due to “working at street level,” realtors have more insight into the market than the media, Alexander notes.       

The phrase ‘educate and inform rather than push and persuade’ is cropping up on industry online forums. It’s an enlightened maxim. Remember, too, that “It’s super important for buyers not to over-extend themselves right now,” cautions Alexander. 

Be honest, including when it’s advisable that a client stay put and not sell.

Choose your clients wisely

Stay positive. Keep on top of training, new policies and government initiatives for first-time buyers. Expand your database of professional contacts, services, and lenders. 

Clients may not realize that when the margin between lower and higher-priced properties narrows, it can be a good time to move up. Remind sellers that while their profit may be lower than a year ago, the purchase price of their next home will be too. 

Choose your clients wisely. “Every realtor has wasted time with clients whose expectations are out of whack. It’s a big headache,” says Alexander. “If clients have unrealistic expectations around price despite all the information you provide, respectfully decline to work with them. Your time is too valuable.”

He’s confident that most clients are well aware that the market has changed since last year.

Regions that buck the trend

There are always anomalies – communities that buck the trend and maintain prices that remain largely immune to big market fluctuations (reportedly Sudbury, Ont., and Kootenay, B.C., among them). For clients who are highly flexible, these regions may offer an affordable alternative option.  

In some cases, these areas may be far enough off the beaten track that they weren’t targeted even by the migration of people escaping large cities during the height of the pandemic. 

That exodus has now “slowed down in a big way,” Alexander contends.

“I think a lot of people who moved to rural centres from the cities are probably pretty bored and are realizing that lifestyle desires don’t change overnight,” he laughs. “This year, a lot of people may re-assess, and we may see people moving back to the city.”

Exploring alternative options

In urban centres like Toronto and Vancouver, buyers can benefit from government programs pushing for densification – including laneway housing, lot splitting, and multi-unit dwellings. “There’s going to be some opportunity there,” Alexander says.   

The condo market, while in a sales slump in many areas, is also still a potential source of opportunity, value, and financial appreciation. It’s interesting to note that, at least in Toronto, the price gap between pre-construction and resale condos is widening, with the latter now tending to offer more affordability. Pre-construction condo assignment sales – where the original buyer re-assigns the purchase contract to another buyer – are another option. So is co-operative housing. 

Opportunities are still around. Lately, there even have been increasing reports of multiple offers, says Alexander. 

The market will likely be touch-and-go for quite a while yet. But Jamie Johnston, broker/owner of Toronto-based ReMax Condos Plus, notes that due to divorce, work, a growing family or other life changes, there will always be people who can’t put off moving, no matter the market.  

Find them, he advises. 

Susan Doran

Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.

The post Managing client expectations in an uncertain market appeared first on REM.

The province created the Real Estate Council of Ontario (RECO) to administer and enforce the Real Estate and Business Brokers Act and regulate real estate brokerages, brokers and salespersons.

The audit found that the activities the Real Estate Council of Ontario (RECO) performs to ensure salespersons, brokers, and brokerages comply with the act and its regulations are not always effective and timely.

Reactions to the report

Kevin Crigger, past president of the Toronto Regional Real Estate Board (TRREB), described the auditor general’s report as “incredibly damning of an organization that is supposed to oversee the real estate industry and provide effective oversight.”

“It’s certainly clear from the auditor general’s report that they’re failing in that capacity. TRREB has long advocated for higher ethical standards for the profession, and there certainly has been a method through the Real Estate Business Brokers Act of 2002 for RECO to take a much more active position in regulating and enforcing the existing regulations.

“The auditor general has made it very clear that they’ve been completely ineffective in that role, and the Ontario government has taken substantial steps in modernizing and advancing the profession with the introduction of the Trust in Real Estate Services Act. And maybe as a secondary step, it’s time for them to review the senior leadership of RECO, and I think change needs to start from the top.

“This is certainly an opportunity for the government with evidence-based decision-making to look at the effectiveness of the organization, recognize its failings and replace those who ultimately have failed consumers in Ontario, and to some degree really failed the profession.”

Crigger said a realtor has the highest level of professional responsibility to consumer clients. When you look at bad actors in the profession, realtors have been the ones calling for greater enforcement and greater penalties.

“There’s no place for bad actors in our business,” he said. “Those of us who are licenced realtors in the province certainly have arguably one of the most extensive regulatory frameworks to work within. I can tell you now, having served for the last 18 months representing 70,000 members across the Greater Toronto Area; we have an incredible collective of professionals who care deeply about their clients.

“The challenge is the actions of an individual impact us all. And when you look at where the greatest calls for increasing professionalism, increasing fines and penalties, calling for the suspension and termination of those who act unethically, those calls have been coming from within, and they’ve fallen on deaf ears with RECO. 

“I certainly can tell you in my position as the president of the Toronto Regional Real Estate Board, we have pushed, and we have advocated for greater enforcement, (for) RECO taking a proactive position…The auditor general’s report comes as no surprise to me, and I would suggest it was no surprise to anyone in our profession that they are failing in their job.”

Ken Dekker, president of the Ottawa Real Estate Board (OREB), said the board wasn’t surprised by the audit. 

“We’ve been advocating for some stronger regulations, and better oversight of the act and also some changes to the act, a lot of those are being handled by the Trust in Real Estate Services Act (TRESA) which is partially enforced now,” Dekker said.

OREB’s president added that phase two would likely come into play this spring. “That will strengthen RECO’s ability to enforce and handle things. I think that’s very good,” he said

“(For the industry), it means better accountability, better controls for who gets into the industry in the first place and stronger discipline for those breaking the rules.”

Potential impact on consumers

Dekker doesn’t believe the report will have a huge change in what consumers will see, but he believes when RECO begins enforcing TRESA, consumers will start to see a difference and be better protected.

“There’s going to be more flexibility for sellers, and they can choose either an open offer process or a closed offer. Where we’re regulated right now, it’s just a closed offer process,” he said.

“There are changes in the language which I think consumers will have a better idea . . . There’s just clearer language.”

Dekker said TRESA is also bringing higher educational standards through specialty designations. 

“It’s also going to increase the ability for fines for bad actors, people that break the rules,” he said. 

Need for change

The 51-page report made 25 recommendations for the regulator and highlighted RECO’s failure to track complaints and follow up on investigations, complete brokerage inspections and its handling of ethics violations.

“We appreciate the opportunities the auditor general’s report presents to enhance the important work we do,” said Michael Beard, CEO of RECO, in a press release. 

“And we are pleased that so many of the recommendations align very closely with our strategy to modernize our approach to administering the law in the public interest.”

The auditor general’s full report can be found here.

Editor’s note: Kevin Crigger spoke with Real Estate Magazine in December while president of TRREB. As of Jan. 1, 2023, he remains on the board of directors as past president. 

Mario Toneguzzi

Mario Toneguzzi is a contributing writer for REM. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He now works on his own as a freelance writer for several national publications and consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

The post Ontario’s real estate industry reacts to critical report on regulator appeared first on REM.

And while the invitation was addressed to him– it wasn’t meant for him.

It was intended for the world’s 54th-ranked golfer and PGA tour winner, Scott Stallings.

Real estate agent Scott Stallings, one half of The Stallings Team with Atlanta Fine Homes Sotheby’s, immediately recognized the mistake and took to social media to share the news.

He joked on Instagram that he intended to show up to the tournament in April with his clubs, but his wife persuaded Stallings to reach out to the golfer.

The pro-golfer got the message and shared the news on Twitter, saying he’d “been checking the mailbox five times a day and then I got this random DM…”

Interestingly enough, golfer Stalling’s wife is also named Jennifer.

Literally had been checking the mailbox five times a day and then I got this random DM yesterday 🫠 pic.twitter.com/yMvUYm3ioK

— Scott Stallings (@stallingsgolf) January 2, 2023

Once the real estate agent convinced the golfer it was not a joke, he made sure the prestigious green envelope was sent to the right Scott Stallings.

I promise you I wasn’t kidding! @TheMasters Invitation mailed to you. My wife made me do it! You’re Welcome @stallingsgolf pic.twitter.com/x0hTdPyXBS

— TheStallingsTeam (@stallingsteam) January 2, 2023

The mixup has turned out to be good publicity for all parties involved, and both Stallings have been good sports about the case of mistaken identity.

And to cap off the fun– the realtor ended up getting an actual invite to attend the practice rounds at this year’s masters as well as an invite to dinner with the pro-golfer.

WE ARE GOING TO @TheMasters! @stallingsgolf invited us to meet him and his Jenny for dinner and to attend the practice rounds! This was on the bucket list. We are grateful to be able to fulfill this dream! Can’t wait to see Scott in the Green Jacket! Thanks for following the fun!

— TheStallingsTeam (@stallingsteam) January 4, 2023

REM Editorial Team

realestatemagazine.ca

The post Real estate agent with the same name as golfer gets an invite to the masters appeared first on REM.

About half of the commercial agent growth can be attributed to recruitment from within the Royal LePage residential real estate brand of approximately 20,000 agents, with the remainder coming from external brokerages and new recruits. Moving forward, organic recruitment will continue to be a strong growth tool, in addition to adding existing brand acquisitions to the mix, ideally.

Whether you’re looking to get started in commercial or switch brokerages entirely, the iconic and truly Canadian Royal LePage brand name will help you establish trust in your real estate business and help fuel constant growth.

Courtesy: Royal LePage Commercial

Meet Damon Conrad

In November 2020, Damon Conrad joined Royal LePage Commercial as national director. He began taking stock of the commercial division and set his sights on growth, increasing the number of commercial agents within the brand by an impressive 48% in just two years. 

Conrad is no stranger to Royal LePage Commercial. In fact, he began his career with the brand in 2002 as a commercial agent. Conrad’s career path led him to senior roles at several other well-known companies – including Bell Canada, SNC Lavalin, Brookfield Global Integrated Solutions and most recently, Second Cup Coffee – which helped cultivate the expertise required for him to return and successfully run Royal LePage Commercial. 

Future growth in secondary and tertiary markets

Royal LePage Commercial provides national exposure with local expertise. This allows the company to remain competitive in primary markets, and really helps it dominate the secondary and tertiary markets.

In fact, the majority of business that flows through the doors at Royal LePage Commercial is centred on mid-market level deals ranging from $1 million to $10 million. And, the company is looking to continue optimizing and building this segment as part of its overall growth strategy.

Royal LePage Commercial is challenging the traditional mindset of Canadians who first think of the large international institutional brokerages when commercial real estate comes to mind. While these institutional commercial companies are often only present in the primary markets of Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal, Royal LePage Commercial’s goal is to have a commercial agent presence in every community across the country where business exists. In the next three to five years alone, Conrad is aiming to have 1,000 commercial agents behind the brand.

Courtesy: Royal LePage Commercial

While the retail and office commercial real estate markets have been more challenging over the past two years, industrial, multi-family and land categories have proven strong, leading some Royal LePage agents to their most successful years to date.  

Whether we’re experiencing an up or down real estate market, Conrad believes there’s always opportunity available. And, Royal LePage Commercial continues to bring validity to this mindset, celebrating its best year yet, and powering forward to carry that success into 2023 and beyond.

Click here to find out more about, or to join Royal LePage Commercial today!

REM Advertorials

The post Royal LePage Commercial, Canada’s largest & fastest-growing commercial real estate brand appeared first on REM.

Creating a healthy, stress-free retirement that you can count on is the key, but is there a sure way to a secure retirement? Although there are no ‘for sures’ in life, a safe and reliable solution is available to generate a potential seven-figure nest egg with some passive income along the way. This is not financial advice, and as always, it is important to do your own research.

Three properties in three years

Here is one possible retirement plan using investment properties as the vehicle. The best part of this theoretical plan is that it is simple; it requires purchasing three properties, ideally one income property per year for the next three years. 

As a note, I chose three properties as many lenders cap their mortgage qualification criteria for an individual borrower at four properties: one principal residence and three investment properties. The individual borrower’s ability to mortgage qualify is also a factor and is a topic for another article. 

To clearly explain this program, we will use easy numbers that will remain consistent for each property. 

In this example, we will consider the purchase of a duplex (which could be a single family with a suite) at $750,000. We will consider a down payment of 20 per cent loan-to-value (investor deal), making the initial mortgage balance roughly $600,000 and let’s say the gross monthly rental income is $5715 per month for the two units. 

Expenses are property taxes of $450/ month; property insurance of $150/month; heating (gas) of $625/month; water/sewer of $75/month, and let’s say the tenants pay for electricity, internet etc. We will also consider a five per cent vacancy allowance of $275 per month. Our total monthly expenses (not including the mortgage) are $1,575.

The biggest expense we pay is an expense the banks want us to ignore

The mortgage is at a five-year fixed rate of 6.19 per cent with a 30-year amortization. This results in a monthly payment of $3,640.49. For ease of numbers, let’s use $3,640. When we add the mortgage amount to the expenses, we get a total of $5,215. Subtracting this from our rental income, we have a $500 positive cash flow (passive income).

The second part of the program concentrates on mortgage paydown. The biggest expense we pay in our real estate investing careers is an expense the banks want us to ignore because this is where they make huge profits. This expense is mortgage interest. At the beginning of any mortgage, the interest portion far outweighs the principal. 

If you are an investor with the thought of holding on to your property for a number of years, you can increase your profits on the property by paying the mortgage off as fast as possible. In our example, the interest expense is $36,470 in the first year or $3,039 per month on average. You’ll notice the bank is making over six times your profit, but not to worry; we will curtail that expense somewhat, so keep reading.

If everything remained the same and we held the property for 30 years, the interest paid over that time would be $533,054.74. Our strategy here is to pay a lump sum yearly, which goes directly toward the principal. This reduces the interest paid over time and decreases the time it takes to pay off the mortgage. But we are not done. We are going to super-charge this process. 

Prioritize paying down the mortgages

In year two, a second property gets purchased. For ease of this example, let’s say it is the same property makeup with the same numbers, which includes $500 per month in cash flow. The strategy here is to gang up on the mortgage of property one. This means instead of a $6000 lump sum (which we made at the beginning of year two on property one using the extra cash flow), we make a $12,000 lump sum towards property one’s mortgage at the beginning of year three. This reduces the principal amount of property one’s mortgage. 

At the beginning of year three, a third property gets purchased. For ease, we will assume the same numbers, which include a $500 per month cash flow. We’ll continue this strategy of paying down the mortgage on property one. Using the extra cash flow from all three properties, we can put an $18,000 lump sum payment in year four towards the principal of property one’s mortgage. We continue to do this until year 17, when property one’s mortgage is fully paid off. Now things can scale rapidly. 

With no mortgage on property one, the monthly cash flow is $500 plus $3,640 (the previous mortgage payment), totalling $4,140 plus another $1,000 from properties one and two. You now have $61,680 annually, which can go towards property two’s mortgage. 

If you have been keeping track, property two has been owned for 16 years, and this mortgage has been paid down to $410,336. Now we are paying an annual lump sum of $61,680 toward property two’s mortgage. This gets paid down to zero in only four years. 

Let’s look at the totals with no mortgage payments on properties one and two:

• Property one: $500/month cash flow plus a former mortgage payment of $3,640/month

• Property two: $500/month cash flow plus a former mortgage payment of $3,640/month

• Property three: $500/month 

This totals $8,780 per month or $105,360 annually.

Now it’s property three’s turn. Property 3 has been owned for 20 years at this point and has an outstanding mortgage balance of approximately $326,260. With annual lump sum payments of $105,360 on top of the regular mortgage payment, it takes under three years for this property to become mortgage free. 

Let’s go over the results of what approximately 22 years have brought us, starting with the downside. 

Our total out-of-pocket expenses for down payments and closing costs on three properties will be approximately $450,000. Using joint venture partners with the same philosophy can be the best solution if you don’t have all the money or mortgage-qualifying capabilities.

The other downside, if you can call it that, is the program takes over 22 years to complete. For most of us, 22 years will come and go anyway, so you might as well be creating this retirement plan for yourself and your family. 

What about the income?

Let’s look at the upside of the plan. In 22 years, you now have three paid-off properties, once worth $2,250,000 in total. In 22 years, these properties will have more than doubled in value, so owning $6,000,000 in free and clear real estate is feasible. 

What about the income? Without inflation, you are making $12,420.00 per month with no mortgage payments (and even assuming the same numbers 22 years later). That’s almost $150,000 annually! Not a bad nest egg coming in each year, not to mention by using this program, you have also saved hundreds of thousands in interest payments! 

Will the numbers program fluctuate? Of course, they will. Expenses will go up with inflation, but so will your rents. Will you have vacancies? Yes, but you have allotted for that in your vacancy reserve fund. Will you have repairs? Naturally, things will happen that will alter this example. Still, you have seen that utilizing this program can eliminate many interest payments and build equity much faster than in a regular amortization schedule. 

Here’s the bonus to this strategy: should you have the mortgage qualification ability…this strategy works even faster the more properties you acquire and dedicate to this program.

I wish you a happy and prosperous retirement! Are you in?

Gord Lemon

Gord Lemon has invested in residential and commercial real estate in Ontario, British Columbia, Alberta, Florida, Arizona and Texas for over 30 years. Over the last 20 years, Gord has shared his experience and knowledge as a real estate investment trainer, and coach with over 25,000 students in Canada and the U.S. Gord is a published author, having written dozens of articles as a regular contributor to Canadian Real Estate Wealth Magazine, the REIN Report, and the Huffington Post. Gord created the InAgent Designation Training, which provides agents with the critical knowledge, tools and skills required to work seamlessly with real estate investors. For more information, go to www.InAgent.com

The post Investing in real estate with retirement in mind appeared first on REM.

While certain economic fundamentals, such as GDP growth, employment, and immigration, are pillars of predicting the future, forecasters can be blindsided by unexpected events turning everything upside down.

The rise of the pandemic in March 2020 was a perfect example of that and the volatility it created.

“Forecasting, for the most part, is a combination of both art and science. The artistic component involves the creativity and judgment utilized when choosing between alternative forecasting methods, whereas the scientific element refers to the standardized practices that must be followed, depending on the chosen method, if one wants to produce forecasts that are both reasonable and robust in terms of adhering to established theoretical underpinnings,” says the Canadian Real Estate Association in a statement.

“Increased complexity doesn’t necessarily guarantee more accurate forecast results”

“While it can be appealing on the surface to gravitate towards more complex methods of forecasting, the reality is that increased complexity doesn’t necessarily guarantee more accurate forecast results. As such, CREA’s general approach to forecasting the Canadian housing market is guided by the principle of simplicity, particularly with regards to our overall methodology and model selection criteria.”

Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, who each year delivers her annual forecast at the beginning of a new year, says one of the key things she looks at is demographics.

“I want to see what population expectations are at various age ranges. I’m going to be looking at employment (and) overall economic conditions. Obviously, interest rates are really important too. And wages. All of those things go in there in terms of our expectations,” she says.

“When you have more stable conditions, usually the forecasting is a lot better . . . When I look back, usually directionally, we’ve been pretty good. Sometimes the magnitude is a little bit of a different story. But generally, directionally, we’ve been pretty accurate on that aspect. I don’t think any forecast is perfect by any means. I think with COVID, a lot of things were unexpected, so they kind of threw off a lot of forecasts.”

She says different markets have different things that could impact a forecast during a year. For example, in Alberta, a sudden change in oil prices, either way, has a profound impact on the housing market in the province.

Supply and demand have been the biggest indicator of market success… or not

Christopher Alexander, President of RE/MAX Canada, says forecasting can be difficult.

“You’re basically doing guesswork based (on) as much data as you can compile,” he says. “The thing to remember is that markets are volatile whether it’s real estate or otherwise, and there’s a number of factors that can come in unforeseen, unannounced, on a whim, however you want to put it. That changes the dynamics, and it can stop markets on a dime.

“If you’re making a prediction, most of the time, you’re doing it on a status quo assumption. It’s essentially anybody’s guess.”

Alexander says RE/MAX has been “very fortunate and pretty darn accurate” with its predictions. He adds that the real estate company is constantly talking to its brokers and agents in different markets in addition to compiling data.

“We’re talking to people on the front lines and on the street,” he says. “That always gives us a big leg up over just looking at data because data really the best you can get is like 30 days ago, and so much can change so quickly, and when it comes to real estate specifically, consumer confidence plays such a huge role. And you can really only get a gauge of that by talking to people on the frontlines who are working with buyers and sellers in real-time to be able to get an accurate depiction of what people are feeling as far as their confidence levels.”

Supply and demand have been the biggest indicator of market success or not in Canada for the past decade, adds Alexander.

2022 predictions vs. 2022 reality

In December 2021, CREA released its forecast for the Canadian MLS market predicting total sales of 610,695 for 2022 and down 8.6 per cent from 2021. It forecasted the average sale price to be $739,495, up 7.6 per cent.

In its most recent release of data for the Canadian market, CREA said MLS sales year-to-date until the end of October were 581,952, down 23.2 per cent from the same period a year ago, and the average sale price was up 4.3 per cent to $683,016.

In December 2021, RE/MAX forecasted the national average residential sale price to rise by 9.2 per cent in 2022, while Royal LePage forecasted growth of 10.5 per cent in prices.

CREA says its forecasting procedure can be broken down into two stages.

The first step is preliminary research which involves conducting an environmental scan in order to take stock of recent socioeconomic developments. These developments include but are not limited to government housing policy announcements, financial market conditions, interest rate decisions by the Bank of Canada, the current state of the labour market, overall economic performance, immigration trends, population growth and demographic shifts, among others.

Occasionally, this step also involves some amount of stakeholder consultation whereby CREA’s economists speak with different industry players such as policymakers, realtors, as well as other outside economists from various organizations in order to exchange information and gather insights from these individuals regarding their outlook for the housing market.

The second step is data collection and model deployment, which involves collecting data and developing/deploying an econometric forecasting model to produce home sales and average price forecasts.

Anticipating and incorporating external shocks

“The main model inputs include provincial-level data on population, employment, household income, GDP, and mortgage interest rate data. Additional housing-related information such as housing starts, completions, home listings, and housing inventory is also included as model inputs. The average price and home sales forecasts are generated using a Vector Error Correction econometric model (VECM) that was developed in-house,” says CREA.

As many remain curious about what 2023 will bring — CREA notes the difficulty in anticipating and incorporating the impact of external shocks to the housing market and the broader economy into its forecasting model – such as foreseeing and quantifying the impact of the pandemic.

Mario Toneguzzi

Mario Toneguzzi is a contributing writer for REM. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He now works on his own as a freelance writer for several national publications and consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

The post The art and science of housing market forecasts appeared first on REM.

B.C. realtor Trevor Bolin, leader of the party since 2019, doesn’t disagree.

“He wasn’t wrong,” says Bolin, laughing. “Like all parties, they forget it’s not an easy job.” But Bolin clearly loves a challenge, or better yet, dozens of them.

Besides being the long-struggling B.C. Conservative’s possible saviour and running his own brokerage (Re/Max Action Realty), he’s a city councillor in his hometown of Fort St. John, situated along the Alaska Highway in northeastern B.C., a six-hour drive south of the Northwest Territories. (“Winters are pretty brutal here,” Bolin acknowledges.)

There’s more: He owns four Burger Kings and various other businesses, is a past director of the BC Northern Real Estate Board, and is a self-published motivational author/coach with a second book coming out next summer. He points out that he couldn’t do it all without plenty of help. “I surround myself with great people. And I have a family that’s understanding.”

‘Trevor Bolin – the person blamed for every problem in Fort St. John’

Tongue-in-cheek, he admits that sometimes he feels the pressure of being ‘Trevor Bolin – the person blamed for every problem in Fort St. John,’ a phrase that’s become a community meme after initially playfully being coined by a local radio station. “It’s a long-standing joke,” says Bolin. “They know that if they blame me for something, it will get done.”

Bolin became active in local government because of his frustration with how issues such as tax hikes were being handled. He plunged into provincial politics for similar reasons. “I thought if I want to change things, I’d better pull a chair up to the table.” In 2020, he led his party through a provincial election that saw it achieve the highest voter turnout for the Conservatives in 40 years, he contends. The party didn’t win any seats in the legislature, but that was no surprise.

“Going into that election, we were nobody. We are the oldest party in the province, but we haven’t had a seat since 1975,” says Bolin. “At some point in time, we lost our way. The last few years have been about getting it back…Coming out of that election, we were just getting started. We made huge strides.”

Some speculate that the party’s now somewhat more moderate policies have played a role in its budding revival. But as pundits have noted, it will be a long road back to relevance for B.C.’s Conservatives.

“I’ve had businesses where I’ve lost millions and others where I’ve made millions”

Bolin can’t recall a time when he wasn’t driven to succeed. He got his first job pumping gas at 14. By age 20, he was the youngest sales rep with the local real estate board after choosing the industry, mostly because he thought it would be “pretty cool” to have his name and a giant photo of himself on his vehicle.

Image courtesy: Trevor Boli

Not surprisingly, he quickly wound up buried in debt. But before he was out of his 20s, he owned his first brokerage. He continued to be a heavy hitter, a consistent leader on Re/Max sales award lists provincially and worldwide for years.

Says sales rep Bonnie Cote, who’s worked with him for decades, “Trevor sets his mind to a goal, and there is never a question that it won’t happen.”

The office’s broker-of-record, Bobbi Dawson, adds, “And he’s fun. He’s a goofball. We can never get through a meeting without him cracking people up.”

Bolin’s passion for the business, along with his focus on putting clients first and his willingness to “shake things up and be different,” have been central to his success, he believes. “You can’t be scared to try something because you’re afraid to fail,” Bolin advises. “I’ve had businesses where I’ve lost millions and others where I’ve made millions.”

Entrepreneurialism may be in his genes – his great-grandmother was a bootlegger, one of the first successful businesswomen in the region, he says. The family never left, which previously was unusual in a transportation and natural resource hub like Fort St. John, with oil, gas, mining, and forestry workers coming and going.

Bolin is now starting his fifth (and he claims final) term as a city councillor

Bolin is now starting his fifth (and he claims final) term as a Fort St. John city councillor, looking forward to helping bring a new recreation centre to fruition. As for his role with B.C.’s Conservatives, he plans to continue providing leadership and outreach and to focus on the party’s goals, with eliminating the carbon tax being a top priority. “I think we’re going to continue to grow our membership and that we will get some seats in the next election in 2024,” predicts Bolin. “We will keep chipping away … and grow to be a force.”

Realistically he doesn’t expect that the party will be able “to float a government” by 2024, even a minority. “We need to crawl before we walk,” he says.

Susan Doran

Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.

The post B.C. realtor and businessman aims entrepreneurial spirit at politics appeared first on REM.

A major bonus for your clients is the ability, once again, to have conditions attached to an offer to purchase that protect all parties, particularly conditions for having a home inspection completed and successfully securing financing before the offer is firm. 

Home inspection peace of mind

Following the past couple of years of crazy bidding wars and high demand, many buyer’s remorse stories are coming to light. People ended up with money pits because they had to get offers together quickly, and they’d lose out if they included any conditions. 

It’s really no surprise that when something goes wrong on a home, it’s often a big-ticket repair. And while homebuyers must anticipate ongoing maintenance expenses, having a home inspection as a condition on an offer enables your buyers to learn more about their potential new home and better plan for repairs that may be needed.

In addition to encouraging your buyers to include a home inspection condition in offers, suggesting to sellers that a home inspector complete a pre-inspection prior to listing can help set your client’s property apart from others already for sale in the neighbourhood by highlighting the sound investment buyers can expect when purchasing the property. In a cooling market especially, this can be an invaluable practice. Being proactive with a pre-inspection may even eliminate the need for a home inspection condition.

All home inspections should disclose the condition of the structure, foundation, plumbing and electrical systems, windows and roofing. An inspector will provide alerts to caution areas based on the house’s age and specific characteristics, note previous renovations and specify issues that must be addressed immediately versus ones that can be remedied in the future. 

Both pre and post-offer home inspections include thorough reports that become the property’s operations manual, detailing deficiencies, safety concerns, system shut-off locations and maintenance suggestions. Of course, the more educated everyone is on a property, the better for your clients – buyers and sellers. 

Mortgage pre-approval isn’t guaranteed financing

With rising interest rates comes tougher mortgage qualification, or more specifically, your clients may be approved for a lower mortgage amount than expected. And while they may feel confident with the mortgage pre-approval they obtained prior to home shopping, a pre-approval is far from a guarantee for home financing.

The pre-approval will typically be valid for 90-120 days. During this period, it’s important for your clients not to make any significant changes to their current financial situation. When it’s time to draw up the offer to purchase, their lender will want to verify that they still meet the qualification criteria as well as assess the property’s value and suitability. If there are changes that could possibly derail the process, your buyer could be denied a mortgage despite having been pre-approved. When in doubt, your clients should consult with their mortgage broker or lender before making decisions that could impact their financial situation.

Three key areas your clients should pay special attention to include: 

 

1. Maintaining a good credit score.
2. Refraining from increasing debt loads.
3. Keeping employment and income consistent. 

Including a condition of finance within the purchase offer gives your buyers valuable time after the offer is accepted to arrange their mortgage, which is especially important in today’s increasing interest rate environment. 

Conditions exist for a reason, so taking advantage of them can be beneficial for both buyers and sellers in ensuring everyone is well-versed in the home’s condition and that sufficient mortgage financing can be obtained.

Cliff Campbell

Cliff Campbell is a regional owner and member of the National Leadership Team at A Buyer’s Choice Home Inspections (ABCHI) Canada, as well as a Certified Master Inspector (CMI) and the local owner of the Lethbridge, AB ABCHI franchise. Having performed 6,000+ residential and commercial property inspections, Cliff has a passion for raising the bar in what buyers, sellers and their realtors should expect from a professional inspector. He can be reached at: https://abuyerschoice.com/partners

abuyerschoice.com/partners

The post The return of conditional offers appeared first on REM.

Listed with an asking price of $25.5 million, Engel & Völkers is brokering the sale.

The 480-acre property, located an hour outside of Calgary, features a main lodge, several guest cabins, and the original film set featured in the film.

“The movie was filmed in the region directly next to the ranch. Clint Eastwood stayed on the ranch during filming, and his co-stars Morgan Freeman, Gene Hackman and Richard Harris also spent a lot of time here,” says Chris Burns, listing advisor, Engel & Völkers Vancouver. “The current owners purchased the fictional Western town of ‘Big Whiskey’ featured in the film and reconstructed it on the ranch.”

The main drive leads from the lodge through a gateway to the heart of the ranch, the Western-style town of “Big Whiskey.” This ensemble of buildings is the actual film set for the Western hit film “Unforgiven,” rebuilt on the ranch according to the original set plans and fully intact and ready for use, according to Engel & Völkers.

The Wild West town consists of a sheriff’s office with two jail cells and an antique armoury cabinet, a saloon with a full-service bar and gambling hall, a blacksmith shop, livery and stables with three indoor stalls, a bank and a carpentry shop. There is also a fully stocked mercantile and a small white church with antique pews and a bell tower.

According to Burns, the ranch’s owners rebuilt the town out of a “sheer sense of fun,” confirming each building is fully functional and habitable. He adds, “There is nothing quite like it on a private ranch.”

REM Editorial Team

realestatemagazine.ca

The post Ranch featuring ‘Unforgiven’ set listed for $25.5 million appeared first on REM.

Active in the industry for over 40 years, Adamakis was recognized as a trailblazer, says Candace Kaszas, broker of record with Keller Williams Advantage, where Adamakis had worked for the past 12 years.

Affectionately nicknamed ‘Diamond Lil,” Adamakis was well-known and liked in the industry. “She was a presence, a breath of fresh air…always so passionate about doing the right thing,” Kaszas says. “It’s a huge loss.”

On Oct. 28, according to police, Adamakis lost control of her car after opening the door to access the parking gate at Toronto Western Hospital, causing her to fall out while the vehicle was in motion and sustain fatal injuries. It’s been reported that she was at the hospital that day to visit her ailing ex-husband, Steen, with whom she’d remained close.

Other loved ones she is survived by include her sister Tasi (Norm) and a host of additional family and extended family members, along with dear friends, colleagues, and clients whose life she touched.

The family describes Adamakis as a force of nature in her obituary, with an infectious laugh and an immeasurable zest for life. “She gave us decades of joy, love, loyalty and opinions,” the obit states.

Adamakis grew up in Quebec City. In 1979, after several years abroad, she began her real estate career in Toronto. In 1986 she was named the Toronto Real Estate Board’s top salesperson of the year. Production awards kept on coming. Many of her clients stayed with her for years, even decades. She was a firm believer that the best way to generate business is to stay connected with established clients.

It was a practice that fulfilled and sustained her. In a REM article in 2013, Adamakis was quoted as saying, “I love people and enjoy seeing their kids grow up. I get close to clients. That’s what keeps me going. When listing, I tell my clients I want them to love me…I love my career.”

She was with Terry Martel Real Estate and then Darrell Kent (both now long closed). Following that, she was with Re/Max Hallmark Realty for 16 years. Broker/owner Ken McLachlan recalls that Adamakis was “not shy” about expressing her opinion and was fiercely protective of her clients’ interests.

“She truly was extraordinary,” says McLachlan, who cites her “abundance with people” – notably her integrity and generosity – as her greatest strengths.

Adamakis was passionate about giving back to the community and beyond. This was seen in her philanthropy and involvement with everything from school breakfast clubs to large global initiatives such as The Hunger Project Canada.

She loved animals, her two cats in particular. She was a terrific cook and an avid traveller, with Greece and San Miguel de Allende in Mexico being among her favourite repeat destinations.

McLachlan has heard from many people who are shattered by her death. “Certainly, she was loved,” he says.

Those wishing to honour the memory of Adamakis can make a donation to The Hunger Project Canada.

A celebration of life will be held on Nov. 9 from 11 am to 1 pm at Lambton Golf & Country Club in Toronto.

Susan Doran

Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.

The post Remembering Lillian Adamakis appeared first on REM.