Do as I say but not as I do
Ms. Aitken listed her home with a full service broker at 89 Hudson Drive in Toronto. Her home was on the Toronto Real Estate MLS system for $1,849,000. The home was sold in six days for a significant amount above the asking price.

http://www.primetorontoneighbourhoods.com/why-did-former-competition-bureau-head-decide-not-to-follow-her-own-advice-on-the-sale-of-her-toronto-home/

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One symptom of the spring real estate market is the multiple offer scenario, aka the “bidding war”. This occurs when more than one buyer makes an offer on the same house. Although the term bidding war isn’t really accurate, the house in question will invariably go to the highest bidder. A recent survey from Bank of Montreal found that 72% of buyers are NOT willing to get into a bidding war. That means that 28% of buyers are prepared to outbid competing offers to get the home that they want. Depending what market you’re in, I believe the number of buyers who are willing to play the game could be a lot higher. Once buyers have lost out on a home or two they usually loosen the purse strings a little.

The asking price of a home is in reality an arbitrary number anyway. Some sellers intentionally list at a lower price to increase interest and create a bidding war. Homes that are listed below market value should sell over asking price. There was a case two years ago where an agent purposely listed a home for $1 in Toronto to attract interest. The seller didn’t end up getting what he wanted so the house didn’t sell. Just because a seller lists a property at a certain price, there is no obligation for him to sell it.

Buyers should decide what they are comfortable paying for a property and stick with it. If another buyer is willing to pay more, so be it. If there’s a chance that you will be kicking yourself when you find out what the successful buyer paid, then you may want to rethink what you’re willing to spend.

Local MLS sales sold in 30 days on average in April. Sellers received an average of 98.8% of asking price and 35% of sales were for full price or more. Guelph certainly had more than its fair share of bidding wars last month. As of May 1, there were 266 active listings in Guelph. This is small inventory of homes for sale so expect the bidding wars to continue in the month of May.

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While it’s true that many buyers stop looking for homes during the holidays, the ones that are still looking tend to be more serious. Buyers won’t typically be out looking for homes in December unless they are ready to buy. January is the busiest month for job relocations and families may have more time over the holidays to go house hunting together. The number of homes on the market usually drops in December so there is less competition on the market.

Your home probably looks great when it’s decorated for the holidays. This can attract buyers as long as you don’t over do it. Many of your neighbors will be having family and friends over for parties and get-togethers. If they love the neighborhood and see the for sale sign, you might just get some interested buyers. Your house will be extra cozy with a log on the fire and smell amazing with a pot of apple cider on the stove and some gingerbread in the oven. Hitting the market with a fresh new listing in the new year is a good strategy but remember, approximately one hundred homes will be sold in Guelph during December!

November was a busy month for real estate in Guelph. Sales increased 14% from the month before. This is unusual because sales typically decline a little each month from October to the end of the year. The average time on market for Guelph mls sales was 35 days. That is quick for this time of year and 14% faster than a year ago.

As of December 1st, there were 265 active listings for sale in Guelph. Listings have been in short supply in Guelph all year and we are still 10% lower than normal. This goes a long way to explain why 21% of sales went for full price or more in November and the average home sold for 98% of asking price.

A busier than normal November might mean a busier than normal December for Guelph real estate. If a buyer for your home is on your wish list, it might be a good idea to market your home over the holidays. Santa might bring you just what you’re asking for.

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The Toronto Real Estate Board (TREB) reported recently that condo sales fell 20.5 per cent, compared to the first half of October, 2011. TREB suggested Toronto’s condo market is facing an oversupply as demand decreases. Some observers call Toronto the most overbuilt condo market in North America as it is currently building more condos than any city in North America.

So far this year, Guelph has had 189 apartment-style condo sales which included resales and new units listed on MLS. The average time on market for these units was 41 days and the average sale price was approximately $210,000. It may be just me but forty one days on average to sell just doesn’t scream “pent-up demand”. At the end of November there were 45 active apartment-style condo listings for sale in Guelph from $109,000 to $795,000. That’s a three month supply provided no more units hit the market during that time period. With so many new units under construction, what are the chances of that happening?

Toronto condo developers have put many new projects on hold as the market took a nose dive earlier this year. Much of the new condo market is investor driven with buyers intending to flip their unit(s) and make a quick buck in the short term. With a 30% drop in condo sales in T.O. from the second to third quarter, investors and speculators are backing off. Developers may have to consider lowering prices and offering incentives to lure buyers back in 2013.

Guelph developers may want to consider if the current rate of construction is sustainable. There is currently a two year supply of condo units either under construction or planning to be built in 2013 and that doesn’t include the resales that will hit the market. CMHC predicts our local market to slow down next year as well. An over-supply of condominium units could make it more difficult to sell your condo next year. Increased supply and less demand may soften condo prices. If you’re considering buying a condo unit as an investment, plan to hold on to it for a few years.

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The RE/MAX Housing Market Outlook 2013 examined trends and developments in 26 major markets across the country. The report found that the number of homes sold is expected to match or exceed 2011 levels in 65 per cent of markets (17/26) in 2012, led by strong activity in Western Canada, including Calgary (up 13.5 per cent) and Regina (eight per cent). Eighty-one per cent (21/26) of markets are set to experience average price increases by year-end 2012, with Regina the country’s frontrunner at eight per cent, followed by Hamilton-Burlington, Greater Toronto, and Fredericton at seven per cent and Saskatoon at 6.5 per cent. The forecast for 2013 shows the upward trend moderating, but values still ahead of 2012 levels in 85 per cent (22/26) of centres. Stability is forecast to characterize Canadian real estate in the new year, with sales above or on par with 2012 levels in 81 per cent (21/26) of markets.

Nationally, an estimated 454,000 homes will change hands in 2012, falling one per cent short of the 2011 level of 456,749. Canadian home sales are expected to almost mirror the 2012 performance next year, holding steady at 454,000 units. The average price of a Canadian home is expected to remain stable at $364,000 in 2012—on par with the figure reported in 2011. Values are expected to appreciate nominally in 2013, rising to $366,500, one per cent above year-end 2012 levels.

“Despite all the negativity surrounding residential real estate, the sky is not falling,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Home sales have moderated, but remain within healthy levels. Greater optimism is expected to return next year, as the economy marks further improvement. Canadians appear to be reigning in their spending, heeding cautionary statements by the country’s financial leaders.We believe that will only serve to shore up the already healthy framework of the Canadian housing market in 2013.”

The report found that low interest rates were a major impetus in 2012, fuelling sales of homes across the board. Tight inventory levels also factored into the equation early in the year, causing a flurry of activity in many centres. By midyear, however, the third round of CMHC mortgage tightening had a noticeable impact on housing markets, pushing homeownership beyond the grasp of many first-time buyers.

The RE/MAX Housing Market Outlook Report also identified several regional disparities. Most notable was the pull back in sales activity in Greater Vancouver. A banner 2011 year and a slowdown in investor activity contributed to the trend in 2012. Yet, moderation was more widespread in the east, with half of Ontario and Atlantic Canada markets (8/16) reporting 2012 sales off the 2011 pace. Strength was evident throughout Saskatchewan, Alberta, and Nova Scotia, where exceptionally sound economic fundamentals drove demand. The Prairies also stood out in price appreciation, along with the Atlantic Provinces in 2012, and a repeat is on tap for next year. In 2013, Vancouver will rebound to post the strongest sales gain, while the Quebec markets post the sharpest decrease.

“Looking forward, there are a number of factors on the horizon that will serve to bolster residential activity in 2013,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Canada’s economic performance is expected to show signs of improvement, particularly in the latter half of the year, which should bode well for housing markets across the country. Historically low interest rates will also continue to drive healthy home-buying activity, especially in the move-up segment. Last, but certainly not least, there’s no denying the universal appeal of bricks and mortar. Canadians believe in homeownership. The stability of real estate over the long-term continues to fuel its appeal.”

While first-time buyers will continue to have a significant presence in the overall marketplace, they are expected to take a back seat in 2013 in Canada’s largest markets—with move-up buyers the new engine driving home-buying activity. The greatest advance in home sales is expected in Vancouver (12 per cent), Calgary (10 per cent), Halifax (five per cent), Kingston (4.5 per cent) and Saint John (four per cent). The strongest upward momentum in average price in 2013 is forecast for St. John’s (six per cent), Regina (five per cent), Kingston (4.5 per cent), and Halifax (four per cent), followed by Fredericton and Winnipeg at three per cent. More balanced market conditions are expected in 2013 throughout the majority of markets, with supply meeting demand.

“The long-term outlook for Canadian real estate remains strong,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “It has proven so in the past, and it will ring true in the years to come. Canada’s major centres are evolving at a tremendous pace and gaining traction on the world stage. As we look forward, our communities will certainly be more vibrant, more sustainable, while our housing mix focuses on density and diversification. The sheer number of developments planned or underway is staggering. We know the market ebbs and flows—that’s cyclical— but the future for real estate remains quite promising.”

Immigration and population growth will continue to support housing demand moving forward. The Canadian government’s commitment to immigration will hold steady, with the country set to welcome as many as 265,000 immigrants in 2013. The greater focus on economic immigrants is already leading to quicker household formation and homeownership than in years past. These two factors will also support the burgeoning condominium segment—along with Canada’s aging population—while the desire for tangible assets props up the upper-end.

RE/MAX is Canada’s leading real estate organization with over 19,900 sales associates situated throughout its more than 748 independently-owned and operated offices in Canada. The RE/MAX network, now in its 39th year, is a global real estate system operating in 91 countries, with over 6,330 independently-owned offices and 88,983 member sales associates. RE/MAX realtors lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.

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