The economic uncertainty surrounding COVID-19 has contributed to contradictory estimates of future housing prices and sales. Leading the bears is the Canada Mortgage Housing Corporation (CMHC), projecting average housing prices to fall by nine to 18 per cent. Others, including economists at the Canadian Real Estate Association (CREA), are not convinced prices will fall as steeply as the CMHC projects. Many homebuyers and sellers have been left perplexed by these conflicting forecasts — much can go wrong if they rely on the wrong estimates in their buy and sell decisions. Will real estate prices plunge? That may depend on the sellers Regardless of…

How long has it been since we began hearing these words every day: COVID-19, coronavirus, pandemic? How long before we try to forget them? Who knows – it could be awhile. But the new words will probably change us – change the way we live, play and work, and will possibly bring a more massive digital transformation closer to home sooner than predicted. Take housing, renting, and all that’s associated with the search, the transactions and the move. Post-COVID-19 could bring about some changes to enhance the process, making it more efficient, easier and maybe even more enjoyable. People are searching for rentals again,…

Given the rapid spread of COVID-19 throughout the country, and the lack of a suitable cure or vaccine to fight the pandemic, our safest option is to

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The financial situation of every rental property is as different as a fingerprint. Every operator applies their level of experience, understanding, operating sophistication and personal values of what’s most important to them in owning and operating a rental property. Therefore, the numbers below can only very roughly approximate the breakdown of costs of owning and operating a rental property. Nevertheless, the overarching conclusion, regardless of what numbers you use, is that the net profit from a rental property is much less than tenants, media and the government believe, and it’s these same entities who collectively think residential landlords are rich and…

I’m Vince Eidsness, proud owner of Sutton Group Showplace Realty.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

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The reasons why people have to buy or sell is still the same now as it was before the COVID-19 virus hit but the process has changed. Perhaps a buyer bought earlier this year and now needs to sell, or a seller sold their home within the last 60 days and now needs to buy. Flattening the curve, however, means that there are no more open houses, no or limited in-person showings and definitely no sealing the deal with a handshake. Here are four creative and technologically advanced ways to showcase a home. Virtual tours: There are a few ways to go about…

I often hear “it’s not like the old days” when a person’s word was as good as an ironclad written contract. Unfortunately, Health Quest Inc. v. Arizona Heat Inc. reminds us that the “good old days” are far behind us. The case provides several important lessons about the dangers of miscommunication and not putting everything into a lease, despite written emails and good intentions. Health Quest (HQ), the tenant, leased a unit for its business from the landlord, Arizona Heat (AH).  As Justice Donald H. Burrage succinctly described, “In the lease, AH agreed to use its ‘best efforts’ to have the premises ready for…

Can you imagine running your real estate business without the internet or your smart phone? How about no emails, social media or search engines? Many of us also rely on the conveniences of the Internet of Things (IoT) such as Alexa, robotic vacuums or Nest thermostats, which allow us to control things remotely. Welcome to the world of proptech (property + technology), which is loosely described by some experts as the shift in mentality fuelled by these technological innovations. Others say it refers to the startups and new digital technologies themselves. I think it encompasses both. More importantly, I predict we are at…

Vancouver has fewer vacant properties and the mayor is crediting the city’s empty homes tax. Figures show the number of vacant homes declared in the city last year dropped by almost 15 per cent from 2018 and 30 per cent from 2017, the first year of the program. Mayor Kennedy Stewart says the tax is working and it shows that more homes are being returned to the rental market. Stewart says the city would like to see even more homes available and that’s why it’s increasing the tax to 1.25 per cent of assessed taxable value this year. The largest percentage of empty homes…

https://youtu.be/sF7YXhxLJxE Tenants in Metro Vancouver looking for housing specifically built as rentals faced tight vacancy and skyrocketing rents in 2019, according to an annual survey by the Canada Mortgage and Housing Corporation. But, there was one notable change to the region’s rental housing market that the CMHC is hoping to research in greater detail. For the first time since the CMHC has tracked this information, the number of long-term rental condos added, at 11,118, exceeded the number of new condo units added, at 9,142. It means a number of existing units that were either being occupied, left empty or used as short-term rentals were…

Purpose-built rentals are considered an essential ingredient in the housing mix, because they provide affordable shelter for those who are priced out of the ownership market or prefer to rent than own. Such rental stock is also usually cheaper than renting a unit in a condo building, which are often newer and offer better amenities. But recent data from Toronto revealed rents in purpose-built rentals (PBR) are climbing at a faster rate and narrowing the gap with rental condominiums, so the assumption that they will remain cheaper than condos might need reexamining. The rental dynamics in populous cities across Canada are characterized…

Is an increase in the number of renter households the answer to Canada’s housing affordability challenges? A number of recent commentaries have suggested that if Canada were to follow the example of certain European countries, where renting is more common than it is here, perhaps Canada would be able to better cope with its housing affordability challenges. Implicit in such suggestions are several assumptions, including that housing affordability is a Canada-wide challenge. The RBC Housing Affordability Index, however, reveals that while homeownership costs relative to income have increased over time, the significant increases are confined to a select few cities in British Columbia…

  After decades in the doldrums, rental housing construction is starting to pick up again in Canada. Statistics Canada data shows an increase in the number of purpose-built rental (PBR) units under construction in urban regions, where the demand for rental housing has been high. The increase in PBR construction is led by the Montreal Census Metropolitan Area (CMA), where the share of renter households is the highest among the major cities in Canada. The Vancouver CMA follows Montreal with the second largest number of PBR starts. PBR construction also saw a moderate increase in the Toronto CMA, but at a level not nearly…

The local real estate market is mostly frozen as fears about the spread of COVID-19 have halted most home showings and there is uncertainty in the market for buyers and sellers. The list of causes for this uncertainty is long, from personal health well-being to job security to newly announced policies such as the B.C. government’s ban on rental evictions, according to real estate agents. B.C. Premier John Horgan said Wednesday that a temporary renters’ supplement of $500 a month will be paid to landlords and that it should be used by renters who have seen a drop in their work hours…

As we Realtors do our part to minimize the spread of COVID-19, adopting new strategies and techniques for safely showing properties is essential. Many brokerages are encouraging Realtors to use virtual showings in place of in-person ones. When you can’t meet your clients in person, the best way to show them a house from a safe distance is to use video chat. It’s hard to believe that any buyer would make such a monumental financial decision without visiting a property. At this time, most do not. A virtual tour via video chat is merely a tool to help buyers vet a…

As the world fights the coronavirus, everyone should be adopting social distancing or voluntary self-isolation to help slow the spread of the virus. Here are some tips about what real estate professionals can do while they are spending time at home: Reorganize your sphere of influence or CRM system. Update your WhatsApp groups, or if you don’t have one, create it. Complete your continued education if it’s due in the upcoming months. Make sure all the admin or paperwork you have for your pending transactions is up to date. Learn something online that you always wanted to know but never had the time to find…

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During this unprecedented time, the rules, relief available and government statements are ever changing. And they’re changing because of the various impacts COVID-19 is having on how and if we can work and how we live. As such, the information below regarding rent payments and evictions in the residential context may change. I strongly suggest that you keep yourself updated by visiting reliable sources such as your province’s landlord and tenant board and the official websites of your local and provincial governments. It is also important to note that the below relates to Ontario, as other provinces such British Columbia have…