Tag Archives: Realtor

What To Do When Housing Prices Fall

It appears as though the seemingly infinite rise of Canadian housing prices has finally come to an end. After years of marvelling at record breaking list prices and historically low mortgage rates, the tides have finally shifted. Phrases like “cooling market” and “slow sales” are gracing national headlines, causing buyers and sellers alike to contemplate the repercussions.

If we’re to believe what the experts are saying, real estate in Canada has hit a tipping point. According to the Canadian Real Estate Association, sales are down a staggering 30 percent compared to last years numbers. What’s more, the average house price has dropped by roughly 3.5 percent since July.  Continue reading →

What’s the Deal With One Man Bidding Wars?

Bidding wars are a common side effect of hot real estate markets. Whether you’re bidding against one or five buyers, the situation is always tense. It’s often an all or nothing offer – go big or go home. When multiple offers are on the table, the only strategy is to aim high, which is great for sellers. So great, in fact, that some sellers are trying to profit off of “fake” bidding war situations.

A Toronto realtor is calling for tougher bidding war rules after her client was duped into paying $90,000 over asking for a midtown home. The couple believed that they were in competition with three other bidders for the property, when in all actuality they were the only interested party.  Continue reading →

House Hunting Goes Social with HomeSort.ca

New interactive website will change the way you shop for real estate

Finding your dream home just became a whole lot easier thanks to HomeSort.ca, a new interactive website that makes organizing, comparing and sharing promising real estate listings easy. Developed by industry-leading online mortgage specialists, FamilyLending.ca, the HomeSort.ca system takes the hassle out of home hunting.

“Looking for a new place is tough,” explains Robb Nelson, President and CEO of FamilyLending.ca, “Monitoring, comparing, and sharing listings with your circle of friends and professional acquaintances used to require hundreds of emails, phone calls and print-outs. Now all you need is your free HomeSort.ca account.”

With a few simple clicks, users can save different real estate listings from external sites like HomeFinder.ca, Zoocasa.com and Realtor.ca into HomeSort.ca’s streamlined property management system. Simply copy and paste the URL of the listing and HomeSort.ca will save important details to your account for future access. Continue reading →

How to Avoid Mortgage Fraud

Real estate fraud is happening at an alarming rate in Canada, according to a recent report published in the Vancouver Sun. The report from consumer credit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year. And many experts believe that’s just the tip of the iceberg. These figures represent only frauds that Equifax was able to uncover within their client holding.

Data from the report revealed that nearly two-thirds of all fraud committed in Canada last year was real-estate related, thanks in part to more stringent lending practices. In fact, mortgage fraud increased by 150 percent in 2011. Continue reading →

Taking a Closer Look at the Canadian Housing Economy

Just how important is the housing market to the Canadian economy? According to a recent report by Willing Dunning, Chief Economist for the Canadian Association of Accredited Mortgage Professionals, the Canadian housing market accounts for nearly 8% of total Canadian employment. That’s nearly 1.35 million direct and indirect jobs.

The report also shows that the mortgage industry plays a particularly important role in job creation. According to the data released in the report, it’s estimated that 18% of all job creation in the last five years has occurred as a direct or indirect result of growth in the housing and mortgage sectors.

Not surprisingly, rising home values lead to increased consumer spending, which results in a stronger economy. But what happens when values reach their max? Continue reading →