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October is upon us and there is a definite chill in the air. The leaves are starting to turn colour, and in a couple of weeks we will be enjoying Thanksgiving dinners. This year will be different and there’s a good chance that many people will be celebrating their Thanksgiving on Zoom!
Here in Ontario there has been a resurgence of Covid -19 infections. After so many months at home, children have gone back to school and parents are slowly moving back to working from their offices, rather than from their homes. Hopefully this potential second wave of Covid won’t prompt another shutdown in the province.
Meanwhile, the wonderful world of real estate continues its bullish ways in the GTA, but perhaps with a few subtle differences. The spring market was put on hold when Covid hit, but the market didn’t die, it was merely postponed to July, August and September.
There are also a couple of interesting trends to watch. Maybe it’s because many buyers and sellers have been locked down in small living spaces for months, but we are noticing a trend away from condos, to detached homes, semi-detached, and townhouses. This is a reversal from previous months, and it is most likely aided by the super low interest rates we have today, but it’s something worth keeping an eye on.
Then there is the already established trend where many people are moving farther out from the city centres, to ex-urban areas such as Cambridge, Guelph, and Stoney Creek.
Agents in outlying areas such as these are experiencing multiple offers on nearly every property they list, as GTA residents move further afield. I think it’s a combination of greater affordability, plus a less hectic lifestyle that many buyers are seeking these days.
2020 has been a strange and stressful year for many people, but we will get through this, and we will be better for it! Remember to cherish your loved ones this Thanksgiving, and be thankful that we live in such a wonderful country as Canada. Stay safe, everyone, and Happy Thanksgiving!
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Randy Selzer, salesperson, Sutton Group-Summit Realty Inc., brokerage, independently owned and operated, 416.433.3556 direct 905.897.9555-office
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How to Tell if a Neighbourhood is Improving
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When you’re looking for a new home, you want to find one in a great neighbourhood – or, at least, in a neighbourhood that is on the upswing. How can you tell if a particular area is improving? Here are some common indicators:
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- Pride of ownership. Take a walk around the neighbourhood. Do you get a sense that people take good care of their homes? Are the lawns mowed? Is the landscaping trimmed? Are flowers planted? Homeowners are more likely to look after their properties when they like where they are living.
- Real estate sales activity. Do homes tend to sell quickly in the area? Do they sell for a good price? If so, the neighbourhood is probably in demand. If people want to live there, it’s a desirable area.
- Business investment. Are businesses investing in the surrounding area? Is there an increase in the number of upscale shops, health clubs, restaurants, and other commercial enterprises that often locate near desirable neighbourhoods?
- City plans. Find out what plans the city has for the area. Will there be road improvements done in the near future? Are there any major construction projects on the schedule, such as a new school or community centre? Although such projects can be disruptive in the short term, they may improve the neighbourhood – and, as a result, boost the value of any home you buy – in the long-term.
If you need help finding this information, call today.
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Real Estate Trends Worth Watching
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As you probably are with any financial investment, you should always be mindful of the value of your investment in property.
Aside from knowing its fair market price, you should also be aware of market demographics and how they influence your home’s value.
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| Available statistics can help identify those demographics, their desirable home features, and current trends. Staying in touch with this information will help you understand how your home is valued and the types of projects worth potential investment. For example, millennials are emerging as the largest demographic of buyers, and they often identify “smart technology”, such as newer security systems and smart appliances and fixtures, as important features. Eco-friendly and energy-saving features will also increase buyer interest in today’s market, especially as electric car chargers become more common, and as climate extremes increase demand for more efficient HVAC systems. Of course, today’s buyers are still seeking long-time desirables such as upgraded kitchens and bathrooms.
So, whether you’re looking to attract a certain type of buyer, deciding whether to invest in a specific home improvement, or simply reviewing the value of your investments, let’s discuss today’s trends and how they might impact your home’s value.
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The Benefits of Hiring an Interior Designer or Decorator
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When it comes to updating their living space, some homeowners enjoy doing the research and then planning, designing, and decorating on their own. Many believe they will save a substantial amount of money.
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| While that may be true, they may also be doing themselves a disservice by overlooking the benefits of hiring an interior designer (who can create and maximize functional living space) and/or an interior decorator (who can furnish and adorn a home or room for aesthetic appeal). While homeowners may seek inspiration from magazines and websites, designers and decorators know how to adapt those concepts to the available space. They can also ensure that their suggestions and recommendations are practical and attainable and take advantage of the latest products and systems available. In addition, they can offer the added benefit of applying rebates and discounts from manufacturers, importers, and trade showrooms – which the average consumer simply can’t get. Those discounts may even help offset the cost of the professional fees. But perhaps the greatest benefit of hiring professionals is the peace of mind that comes from knowing they can save you a great deal of time, especially if you have too many ideas or none at all. |
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