No one predicted what would be happening to home values at the beginning of this Pandemic. A year ago, we weren't allowed to show homes to prospective buyers and all open houses were shut down. The summer was slow and then it hit....slowly at first during the late summer and fall of 2020, but then January 2021 came and took everyone by surprise. In most areas we saw a 34% gain in sale prices. Single family homes in the suburbs, especially East of the City saw the largest growth, while the condo market in Toronto saw about a 20% drop in prices.
Thankfully, I was able to find tenants for my own rental property in Toronto, but at 20% lower monthly rent than what the same size unit was getting 1 year before. Other units in the same building are still sitting vacant, but we are starting to see it coming back, be it slowly.
It has been reported that Oshawa is the fastest growing community in Canada! Yes, Canada. Buyers from all over the GTA are buying up the affordable housing in Durham.
Inventory of available homes remains extremely low. We have two types of buyers out there right now. The end user who is buying the home to live in and the investor who is gobbling up homes not too worried about the cost. They are seeing the 30% return on their investment.
The market can't continue to grow with the same rate as it did in January, but what will stop it? It has been made pretty clear that interest rates won't be going anywhere over the next few years. First time home buyers are already facing the hardest scrutiny before they buy we can not make it any harder for them to enter the market.
So what is left? Investors! There is talk of possibly changing the capital gain on investors or increasing their downpayment. We don't usually like government intervention, however, something needs to calm the waters.
Property Match Realty is growing and we are looking to increase our business. If you are thinking of a sale or you know of someone that is thinking of buying or selling, please let us know. I am also looking for Realtors to join our Brokerage. If you know of anyone interested, please give them my information.
Elizabeth Darbyshire Broker of Record
Not only is the residential resale market on fire, so is the rental market.
In January 2021, when the Durham market jumped 34%, investors decided it was time to cash in on their investment. The result....a large number of people searching for a new home....and they only have 60 days!
You may have some luck searching on Kijiji, however, if you want to work with a Real Estate agent to help secure your rental, I can help.
We are looking for A+ tenants with good credit scores and a secure source of income. If you would like some help putting together your tenant package and finding a place to live, give me a call.
In this kind of market, we are seeing many long time investors sell their income properties to cash in on their investment.
Ontario Landlords...make note! You will need to make sure that you follow the rules set out by the Residential Tenancies Act, 2006.
How do you sell your home when there is a tenant residing in the home?
Lets use the example of a one year lease. At the end of the one year lease term, the lease will default to a month to month term. At this point, the tenant can give you the required notice to vacate the property, however, you can not give notice to the tenant to vacate unless: You or an immediate family member is moving in.
With that said, after the term of the lease is up and the tenancy is now month to month, you may put the home on the market to sell it. Once it is sold, if the new owners wish to move into the home themselves, then you would need to deliver an N12 notice to the tenant with at leasat 60 days notice to vacate along with compensation equal to one months rent.
If you must sell within the tenants one year lease, then the new owners must accept the tenant and honour the existing lease.
I recoommend that you do not try and sell the home until the tenant is on a month to month term or the home is vacant.
What if the tenant doesn't leave, even if you have provided the proper legal notice? Because you are not able to provide vacant possession to the new owners and potentially breach the contract, you will be open to litigation. Not fun.
Landlords....get to know the ACT!
Residencial Tenancies Act, 2006
The hardest part of deciding when to move is figuring out where to go!
The house is too big now, and the market, escpecially here in Whitby and Oshawa has skyrocketed, but where do you go? Do you rent? Should you buy a condo? Should you move to a retirement residence or a senior's care home?
Most of the retirement residences in Whitby and Oshawa run around $4000 - $5000 per month. Many are like being on a cruise ship with activities galore and scheduled outings to the theatre or lunch in a small town.
But are you ready? Do you see this for yourself yet?
Most people I know, 60+, aren't ready for this move, yet you shouldn't wait until someone else is making the decision for you.
Renting is an option and we can certainly help you with that, but when you rent a home or a condo, you run the risk of the landlord deciding to sell the home. After your one year lease, the landlord is free to sell the home. They can not ask you to move out prior to the sale, but the new buyers will most likely want the home for their own use and they can give you the allowable notice (60 days) to find another place to live. In this market, that option could be very difficult.
I have seen a huge movement to the east...Cobourg, Port Hope, Cambellford, Trenton, Brighton, Belleville. I find that my 60+ clients are selling their home in Durham and moving along the 401 corridor to smaller towns that have all the amenities that we have here in Durham.
With our Durham and Trenton offices, we are able to co-ordinate the move seamlessly. Our Durham office will handle the sale of your home and our Trenton office will help you find the perfect home or condo East of the City.
Durham Region's Tenant Match and Property Management Solutions...Helping Landlords find the perfect Tenant
We find A+ tenants for our landlords using Strategic Marketing including MLS. Through our intensive application, screening and lease-signing process, we ensure the best tenant match to a home is made. Finally, we provide our Landlords with our Tenant Checked In and Out Service, making the process as simple as possible.
It is as simple as passing us the keys to your Income Property, townhome, house or condo and we will ensure you obtain the best tenants and the highest cash flow possible for your investment property.
Live abroad? No problem we also offer a la carte Property Management when emergencies arise. Let us be your tenants’ first call to action to mitigate any damage to your investment.
For those looking to take that next step in their real estate future, this important question will inevitably come up: “should I buy my new home or sell my existing home first?”
While there is no ‘right’ answer, it’s important to know the potential pros and cons of both options. We will decide together which option is best for you before starting the buying or selling process.
Take a moment to read this to give you a few of the issues faced with both options.
91 Ipswich Place, Brooklin
Can you believe this home...simply gorgeous. Finished Basement, backyard Deck, hardwood, Main floor laundry, Master Ensuite...what else do you need?
Let's have a look....call or text 905-391-5521 or message me.
Open House Sunday Nov 27th....1-3
I would like to say it has that urban Toronto feel, but if you are from Whitby, you know that it doesn't need to feel like Toronto....It feels just like Whitby. Great shops, great restuarants, beautiful parks and a stunning library are all just around the corner. This beautiful Century home blends both the old and the new and is perfect for those that appreciate a grand home on a fantastic lot.
Open House Saturday May 23rd from 2-4pm.
Come by to have a peek inside!
Generally there are two types of properties that go on the market. A home where the situation dictates that the sale needs to be quick and the house is as it is. A quick tidy and the sign is up.
The other is where the client is just beginning to think about selling and will call me so that we can work together to create a list of projects that will increase the saleability and price of their home. REALTORS® spend half of their time working with buyers, walking through homes and talking to them about what is important to them.
Here is the short Darbyshire List of the easiest and cheapest To Do’s that will add Value:
1. Sort, Pack and Store! This one is free. It is your time only. Try to keep every surface free of clutter. Maximum of three items (preferably decorative) on any surface. Remove all personal photographs, as buyers will be looking to see if they know anyone in the pictures and not looking at your home. Clean your desk, empty your pantry and thin out your clothes and linen closets.
2. Sparkling Clean. Buyers are looking in all those places that you never look. They check behind the furnace and open closets. They open stoves and fridges and check under the kitchen and bathroom sinks. The impression you want to convey is that they too can live like this. When a home is spotless, buyers and their agents are impressed and feel it is a reflection of how the home has been maintained.
3. A fresh coat of neutral paint. You might be able to get away with kid’s rooms that has a bright fun colour, however everything else should be fresh and neutral. Our goal is to appeal to the largest segment of buyers (who all watch HGTV and faithfully read House and Home magazines).
4. Light fixtures. The difference this makes cannot compare to the investment. Approximately $400-$500 will modernize your main floor and change the entire appearance of your home. (I have a few favourites I always recommend).
5. White Towels, white shower curtains and a splash of colour. This goes back to #2. White means clean!
6. A powder room renovation is fairly inexpensive and will wow buyers. A mirror, light fixture and great wall art is all you need here to impress.
Oh, I could go on and on with easy, doable fixes that will increase your homes value!
We all know that major renovations such as the kitchen, bathrooms and hardwood floors are all top of the list, but there are plenty of other things we can do to increase the value on a much smaller budget.
If you are thinking of a renovation, small or big, feel free to give me a call and run your ideas by me to see how they will affect the value of your home.
I am excited to announce that I have decided to leave the large franchise behind and I have partnered with a Boutique Brokerage in Durham. I have been working on this for quite some time and I am ready to launch a new Real Estate Brokerage that not only will answer the needs of the client, but can be independent enough to think creatively and outside the box. We will listen to the needs of the customer and, without having to ask, we can deliver!
Over the next few months, we will continue to work with our clients with the purchase and sale of their properties. No changes here.
Michael Buble - Feeling Good
We plan to launch our new name mid 2015....watch out! Here we come.
It is estimated that 50% - 70% of consumers use a Home Inspector as a part of their real estate transaction. As the industry stands today, anybody can call themselves a Home Inspector. Frankly, this poses not only a financial risk to the consumer, but potentially a safety risk as well.
In December 2013, the Minister of Consumer Services put together a 16 member panel of experts to explore ways to accomplish the following:
- Strengthen consumer protection
- Improve the consistency of Home Inspections
- Ensure a minimum standard of training
- increase transparency of the profession
With the public's interest in mind, the panel which included home inspectors, consumer advocates, educators and other professionals in Real Estate, Law and Insurance, unanimously agreed on the following:
- Regulation of Home Inspectors
- Technical Standards for Home Inspections
- Professional Home Inspector Qualifications
- Consumer protection requirements
- Regulatory governance for Ontario's Home Inspection Industry
The Government is looking for feedback from the public. Click here for the full report and access to provide input.
I am a huge advocate of Open Houses on my listings. Not only have I sold a home directly to a buyer that came in the open house, but also, I cannot count how many people do their ownhome shopping at open houses, then report back
to their agent that they found the house they want to buy.
For my safety and for the protection of your home, I always ask to see I.D. before the buyer enters. It is hard to let complete strangers walk through your home, but I always keep track of every visitor. If they refuse, they don’t get in.
Yes, it is true; your neighbours will be coming through. That’s OK. We expect it. They want to know how much their home is worth so they are having a look, but they also just may want to pick their new neighbour and pass the word around.
Remove all valuables and medications from the home. People will bring their children along with them to open houses and those little ones move fast!
No cooking food with strong smells then day before or the day of the Open House. Cookies or Muffins are welcome!
Remove pets if possible for the Open House. Some buyers are Non-Pet-People but also it can be very traumatic for the pet having strangers walk through their home.
Make sure the floors have been washed, beds have been made, kitchen is spotless, laundry put away, bathrooms tidy, toilet seats down, and shoes in closets. This is your debut to buyers.
Drapes open, Windows Clean, all Lights on. Bright, Open and fresh sells!
Background Music is nice. I usually set the TV to a Jazz music channel. Sometimes, I can’t figure out which of the three remotes to use, so leave it on before you go!
Have a mat set out in the foyer for buyers to leave their shoes on.
Your agent must publish it on Realtor.ca to capture all potential buyers. Newspaper ads are a thing of the past.
Your agent will put out directional signs to guide people to your open house from the main streets.
And of course, you have to make plans for the afternoon…you cannot stay for the open house…sorry, but buyers will not engage in conversation with the agent if they know you are around.
Candy Bar. I had one client set up a Candy Bar. Glass Jars filled with candies. Little scoops were provided for each jar and displayed on the counter. It was a huge hit! Great idea Dawn!
Digital Picture Frame. If you have pictures of your home in different seasons, I have them loaded onto a digital picture frame so that buyers can see the pool or gardens in their best season.
Brooklin Real Estate
Buying or Selling
century home, whitby, urban
Durham's New Boutique Brokerage
Homes, Value, Staging, Renovations, Selling,
Moving Seniors, Guildwood, Whitby, retirement,
Property Management Durham Region
Whitby, Oshawa, Senior Selling, Senior, Belleville, Trenton, Brighton, Cambelford, Cobourg, Downsizing
Williamsburg, Whitby Real Estate, Durham Real Estate, Oshawa Real Estate, Out of control Market