In its most recent interest rate announcement, the Bank of Canada decided to hold the interest rate steady at 5% amid signs of cooling in the economy and easing in inflation. Despite hopes of a reduction, this was widely expected by economists, and the news will be welcomed in the immediate future especially by home buyers across the nation. In this blog post, we’ll explore the significance of this decision for individuals and families looking to purchase a home in today’s real estate landscape.
Steady Interest Rates: A Mixed Blessing for Home Buyers
For home buyers, the Bank of Canada’s decision to maintain the current interest rate represents a mixed blessing. While it means that they won’t face an immediate increase in borrowing costs, it also suggests that the already elevated interest rates will remain constant. On the one hand, although disappointed by the lack of a reduction, it does mean that those looking to enter the market will see a consistent and balanced market as we head into the winter.
Impact on Home Buyers: What to Expect
With interest rates held steady at 5%, home buyers face both stability and balance. Monthly mortgage payments won’t immediately rise, offering some relief. The market has been balancing and evening out over the summer and fall and that looks to continue with this announcement. On the horizon, forecasters are expecting to see inflation hold around 3.5% in mid 2024 making it essential for aspiring homeowners to plan strategically and stay informed about the evolving real estate landscape by staying in touch with your For Sale On Georgian Bay agent and our Mortgage Experts.
The Bank of Canada’s decision to maintain a 5% interest rate has both immediate and long-term implications for home buyers. While it may provide some financial stability, it does not immediately alleviate the challenges of entering a competitive real estate market. Aspiring homeowners must remain vigilant, adapt their strategies, and stay informed to navigate the dynamic housing landscape. At For Sale On Georgian Bay, we’ll be with you every step of the way as we head into the winter market – a market that is always dominated by motivated buyers and sellers alike
As Summer transitioned into Fall, we continued to see consistency in the next phase of growth and market recovery. Across our region, we’re seeing increases in New Listings, Active Listings and Average Price month after month. We saw a 2% rise in average listing price and a 6% increase in New Listings – Lots of opportunities for buyers and sellers alike.
In our communities, these trends were also reflected. There were marginal increases and decreases in Tay, Penetang and Midland whilst Tiny saw a huge 38% increase in Sales Price and also a 32% increase in Active Listings. Consistency proves to be the theme this month with the market in a similar position to last year but still seeing improvements as it faces ongoing recovery.
Whether you live in a home, condo or dorm room, there will always be an area that could use a little upgrade. Of course, splurging on trinkets and knick knacks is an option, but what better way to showcase your own sense of style than a DIY project. Beyond acting as a creative outlet, DIY projects are the cost-efficient solutions to any outdated living spaces. From upcycling to wall décor, the options are limitless – and they’re all within the reach of your fingertips. Here are 5 DIY projects to help upgrade an old space.
Large-Scale Artwork
Starting off simple, large-scale artwork can easily add livelihood to a simple room. Experiment with textures and shapes to make for a traditional family-oriented craft or a contemporary abstract piece – depending on your style, this will vary. All you need is a canvas, paintbrushes, and paint that compliments your current living space.
Reupholstering
Although the word even seems intimidating, reupholstering is fairly easy once you get the hang of it. The process involves covering an outdated chair, bed frame or cushion with new fabric. Once you find a cloth design to your liking, simply pull the material taut against the object, staple in place and lo and behold – your new living room addition.
Faux Stained Glass Window
While trends do come and go, this interior design hack has proven that it’s here to stay. Faux stained glass has quickly become an internet favourite due to its affordable pricing and rent friendly application. Buy pre designed adhesive stickers or opt for glass paint to show off your own creative skills. Either way, your place will look brighter and more colourful for you to enjoy.
Gallery Wall
As the saying goes, a picture is worth a thousand words and while stashing away your collection of memorabilia may be tempting, why not showcase your favourite memories for everyone to see. A gallery wall not only gives a space volume and personality but acts as a conversation starter when hosting.
Pro tip: After you’ve chosen your framed photos, arrange the collection on a flat surface to decipher the spacing and photo alignment you would like. Once satisfied, simply apply the same layout to the designated wall of choice.
Updated Hardware
At times it may feel impossible to add change, especially if you’re renting out your space and following strict guidelines. One renter friendly tip is to switch out old, boring handles for newly updated hardware. While this may seem like a minor adjustment, it significantly impacts the overall atmosphere of a room. Amplify your kitchen or bedroom all within 15 minutes of your time.
What DIY projects do you recommend? What’s worked in your space? Let us know!
As the summer comes to an end and the kids head back to school, we have continued to see the next phase of growth and market recovery. Across our region, we’re seeing increases in Sales, New Listings, Active Listings, Dollar Volume and Average Price. We saw a 6% rise in average listing price and a 14% increase in sales activity. Lots of opportunities for buyers and sellers alike.
In our communities, these trends were also reflected. A good 5% increase in average price in Midland was accompanied with huge increases of 37% in Tiny and 23% in Tay. Taking a larger look at the regional trends, there’s lots of optimism in the market for Buyers and Sellers.
As the seasons roll on by, preparing your home for the fall involves a combination of tasks to ensure your living space is comfortable, efficient, and ready for the changing season. Here’s a comprehensive list of steps you can take to get your home ready for the fall:
Inspect and Maintain Heating System: Replace air filters to improve indoor air quality and heating efficiency. Consider scheduling a professional HVAC maintenance check to ensure your heating system is functioning properly.
Check Windows and Doors: Inspect windows and doors for drafts. Seal any gaps or cracks with weather stripping or caulking. Consider adding heavy curtains or thermal window coverings to help insulate against cold temperatures.
Prepare the Fireplace: Clean the fireplace and chimney to remove soot and creosote buildup. Stock up on firewood if you plan to use your fireplace or wood-burning stove.
Seal Cracks and Gaps: Inspect your home’s exterior for cracks and gaps, and seal them with caulk to prevent drafts and pests from entering.
Indoor Cleaning: Deep clean your home, including dusting, vacuuming, and washing windows, to start the season with a fresh environment.
Check Insulation: Inspect and improve insulation in attics, basements, and crawl spaces to retain warmth and save on energy bills.
Test Smoke and Carbon Monoxide Detectors: Replace batteries and test alarms to ensure they’re working correctly for the colder months when windows are more likely to be closed.
Update Thermostat Settings: Adjust your thermostat settings to reflect the cooler temperatures and save on heating costs.
Fall Decor and Coziness: Add cozy blankets, pillows, and rugs to make your living spaces feel warm and inviting. Decorate with fall-themed items like pumpkins, autumn wreaths, and rich-colored accents.
Clean Gutters and Downspouts: Remove leaves and debris from gutters to prevent clogs that could lead to water damage.
Trim Trees and Shrubs: Trim back any overgrown trees or shrubs that could potentially cause damage during fall storms.
Outdoor Maintenance: Drain and store hoses to prevent freezing and damage. Store outdoor furniture, garden tools, and equipment properly to protect them from the elements.
Lawn Care: Rake leaves and remove debris from the lawn to prevent mold growth and keep the grass healthy. Consider fertilizing the lawn to promote root growth during the fall and winter.
Check and Replace Outdoor Lighting: Ensure outdoor lights are working properly for safety and security as daylight hours decrease.
Inspect Roof and Chimney: Check the roof for any damaged or missing shingles, and repair as necessary. If you have a chimney, consider having it professionally cleaned and inspected before using your fireplace.
Store Summer Items: Organize and store summer clothing, sports equipment, and recreational items to free up space.
By following these steps, you can ensure that your home is well-prepared for the fall season, providing you with a comfortable and inviting space as the weather changes.
As we move deeper into the Summer Market, we have continued to see the next phase of growth and market recovery. Across our region, we’re seeing increases in Sales, New Listings, Active Listings, Dollar Volume and Average Price. We saw a 10% rise in average listing price and a 21% increase in sales activity. Lots of opportunities for buyers and sellers alike.
However, in our communities we didn’t see such drastic increases. Our biggest swing was a 23% increase in active listings in Midland. We did see a 20% increase of Sales Price in Tay however, we saw a 34% decrease in Midland. Taking a larger look at the regional trends, there’s lots of optimism in the market for Buyers and Sellers.
As the saying goes, don’t judge a book by its cover – except, of course, when we’re talking about Real Estate, we all know Buyers do that exact thing! When buyers are home hunting, curb appeal can be a major factor on whether or not they want to take a closer look inside. Here are 3 easy curb appeal tips to set your listing apart from the others on the block.
Dazzle Your Buyers With Lighting
From taking the perfect selfie to making your home brighter, we can all agree that lighting is important. Not only should you ensure all light bulbs are working correctly, but make sure that your lighting fixtures are clean, stylish, and in good condition. If you have it in the budget, updating your light fixtures can have a large impact on your curb appeal.
Keep Your Lawn Trimmed
There is nothing like an unkempt lawn to turn away buyers! Tending to your lawn is important whether you’re selling or not, but ensuring your grass is healthy and regularly cut will be a big key to your success. If your lawn isn’t quite as green as you would like it, you can also spray your lawn with a green spray paint that is created specifically for grass and is both non-toxic and environmentally friendly.
Groom Your Bushes
Not everyone has a green thumb, but even if your gardens aren’t the envy of the neighbourhood, you can still ensure they are clean and well maintained. Overgrown flowers and bushes can be unappealing and turn away potential buyers, and taking care of them is simple. All you will need is a pair of garden shears and a little elbow grease and your yard will be in tiptop shape in no time!
Don’t forget!… The easiest thing you can do is to keep your driveway clean and clear. Make sure those recycling bins are put away and keep the driveway clear of garbage and debris including weeds.
The best part about summer curb appeal is it doesn’t need to be an annoying task you put off for weeks. Wait for a weekend where the sun is shining bright and the air is warm, and start checking these items off your list.
As we move into the Summer Market, as expected we have begun to see the next phase of growth and market recovery. For the fourth month in a row, over 200 properties were sold in our community during the month proving that there are plenty of opportunities for both Buyers and Sellers alike. The average sale price is up around 6% compared to 2022 however, it’s also worth noting that compared to pre pandemic numbers, we’re still seeing a 77% increase.
In our local communities, we saw prices rise in Tay and Tiny whilst the needle didn’t move in Midland. We are still seeing more than 10% increases in Active Listings which is helping the prices continue to even out after the highs of the market in the spring/summer of 2022. There’s lots of opportunities for everyone so give us a call today!
Summer has arrived on Georgian Bay, and many Canadians consider this a great time to buy recreational property – especially in our beautiful communities.
The Canadian real estate market had record-breaking activity during the coronavirus pandemic, but now market conditions have normalised again, with many markets shifting into balanced territory. Consumer confidence is improving, and with “cottage season” in full swing, the recreational property market is hot.
Statistics show that nearly 11 per cent of Canadians own a cottage, and around the same number of people aim to purchase one in the coming years.
The biggest motivator to purchase a recreational property? The quality of life many believe these properties offer. Another major motivator is the belief that homeowners can pass these recreational properties down to their families for future generations to create memories. In addition, another notable reason for considering the purchase of recreational property is to earn rental income.
The Canadian real estate market is showing signs of renewed life – especially in our community. Home sales increased 5.1 per cent month-over-month in May, according to the Canadian Real Estate Association (CREA). Moreover, the number of newly listed properties increased by 6.8 per cent. While property prices have somewhat stabilised compared to the high prices during the pandemic, the market is fairly stable.
However, supply for recreational properties can still be challenging as the number of buyers during peak season can make prices more competitive for buyers.
To Buy or Not to Buy a Cottage
Whatever the reasons, people who spent winter days itching to spend some quality time with their loved ones can now start looking for the ideal recreational property.
There are many possibilities:
Beachfront properties located along beautiful waters and offer easy access to beaches, water sports, and coastal living.
Lakefront properties situated near lakes provide opportunities for fishing, boating, kayaking, canoeing, and other water-based activities.
Cabins that are nestled in beautiful locations and are perfect for hiking, biking, and wildlife exploration.
Golf course properties are ideal for avid golfers.
Put simply, there is a lot to choose from.
If you are serious about purchasing a recreational property, this is the time to get into action as demand is usually very high this season, and availability and prices could be competitive depending on where you want to buy such a property. Industry observers typically recommend considering your interests and activities that you prefer so that you can find the best property that aligns with your recreational pursuits.
At the same time, ensuring you have the financial means and stability to take on such an initiative before jumping into this major buying decision is imperative. You should consider a broad array of factors, such as interest rates, financing options, and your ability to handle the additional expenses associated with owning a recreational property.
If your primary goal is to purchase recreational property for personal use, these factors become even more significant. If you are looking for an investment property, it is vital to consider which type of property and location would give you the most value.
In most cases, the most important factors when evaluating a recreational property would be proximity to desired activities (boating, swimming, or golfing). Another component might be the infrastructure and amenities of the neighbourhood, which can also make a big difference. Safety and security are always worthy criteria for buyers.
Must Haves and Nice to Haves
Ultimately, the best type of recreational property is the location, activities, and prices that suit you and your family. Indeed, for those interested in recreational properties, this might be the right time to study the market trends, visit different neighbourhoods that match your vision, and find a trusted real estate agent to help you achieve your goals.
With cottage season in full swing, there will likely be more buyers than the available supply. Contact your For Sale On Georgian Bay agent and start your search now.
Summer officially arrived this month and the heat has already cranked up to confirm it!
If you’re thinking about selling a home during the summer, it’s extremely important to know what the top tips are. As Georgian Bay lifelong residents, we all know that the summer season can be painfully short here in southern Ontario, but it can be an awesome time to sell a home.
Summer is a fantastic time to sell your property, put yourself in the shoes of a potential buyer, would you prefer walking through piles of snow, or have to deal with some hot weather? Yup, we’ll take the hot Georgian Bay weather as well!
1. Prepare The Exterior Of The Home For The Summer
A couple of the most important areas to focus on when selling a home in any season is the exterior and the curb appeal. A home with poor or a neglected exterior will take longer to sell and likely will sell for less than it should.
When selling a home during the summer, it’s extremely important to prepare the exterior of the home. The exterior and curb appeal of a home can give a potential buyer a pretty good idea of what to expect in the interior of the home, so make sure it’s clean, crisp, and attractive.
Here’s some fixes for the exterior that you can undertake on a budget.
Mow the lawn
Water the lawn to avoid a burnt lawn
Trim bushes and shrubs
Water the plants to avoid dead plants
Weed and mulch the flower beds
Touch up any exterior peeling paint
Paint and/or clean up the front door
Seal the driveway
2. Highlight Outdoor Living Space
Since we’re discussing the exterior of a home, another excellent tip for selling a home during the summer is to focus on the outdoor living space. Summer is a fairly short season, so many buyers spend as much time outside enjoying the weather as possible during the summer.
Many buyers put a premium on a great outdoor living space so highlighting the outdoor space is a great way to impress potential buyers. One of the best staging tips is to help buyers envision themselves spending time relaxing outside.
If your home has an incredible outdoor BBQ or a large concrete patio, make sure it’s staged! Showcasing to a buyer how amazing a home’s outdoor living space is for entertaining friends and family will have buyers lining up with a purchase offer in hand.
3. Keep The Home Cool
One of the most important tips for selling a home during the summer is to make sure to keep the home cool, at least while the home is being looked at by potential buyers. If your home is not equipped with a central air conditioning unit, it’s still important to focus on keeping your home cool.
Alternative ways to keep a home cool without central air conditioning include installing window air conditioners, turning on ceiling fans, keeping lights off and blinds drawn prior to showings.
If your home is equipped with central AC, make sure it’s performing efficiently and has been serviced recently by a professional HVAC technician. One of the biggest reasons to have a home inspection is to ensure the home’s HVAC systems are working properly, so if a home’s central AC unit isn’t, it’s another potential red flag for a buyer.
4. Depersonalize & Declutter The Home
When selling a home during the summer, another simple but effective tip is to depersonalise and declutter the home. Home sellers who actually take action and follow this tip will give themselves an advantage over sellers who decide it’s not important.
A home that has personal effects all over the place, such as family portraits or a report card on the fridge, provides another opportunity for a buyer to be distracted from viewing the home. Some buyers get distracted easily and will be more interested in seeing what the owner’s family looks like rather than looking at the features of the home. Not only is depersonalising a home a way to avoid distracting a buyer but it’s also a great safety tip to follow when selling a home.
As for decluttering a home, regardless of the season, it’s highly recommended. When selling a home during the summer, take the time to walk through your home and evaluate what you actuallyneed to live comfortably while selling your home. If you believe you can live without something while selling your home, consider moving it into a storage unit or into the basement or garage. Decluttering a home is one of the best tips for staging a home on a budget.
5. Strongly Consider Having A Pre-Listing Inspection
Before listing a home for sale during the summer, another great tip is to strongly consider a pre-listing home inspection. There are many benefits of a pre-listing home inspection, one of the most important being that it can reduce the chances of a buyer being scared away after completing their own inspection.
If you’re unsure whether a pre-listing inspection is a good idea or not, an experienced real estate agent can help you evaluate whether it would be money well spent or not – don’t hesitate to reach out, we have a team of experienced agents at For Sale On Georgian Bay. In the majority of cases, having a pre-listing inspection is well worth the cost because even newer built homes can have issues that the owner is not aware of.
6. Price The Home Right…From The Beginning!
Generally speaking, there are 2 major factors as to whether a home sells or not. The first major factor is that the home is getting enough exposure and being marketed correctly, which we will be taking care of for you. The other major factor is whether the price of the home is right or wrong.
An extremely important tip to keep in mind when selling a home during the summer is that the home must be priced right, from the beginning. One of the worst real estate pricing mistakes made is overpricing a home to leave room for negotiation. Pricing a home incorrectly, for whatever reason, often results in a seller actually taking less for their home than if they were to price it correctly from the start.
How is it possible that if a home is priced incorrectly that a seller will actually sell their home for less than if they were to price correctly from the beginning?
Simply, an overpriced home generally will sit on the market until the sellers decide to reduce the price to an acceptable market value, which sometimes can take several weeks or months. When a home sits on the market for an extended period of time, buyers begin to wonder if there is something wrong with the home, which typically results in them not making an offer or submitting a low ball offer.
How can you be sure that you’re pricing the home right, from the beginning?
There is also a simple solution to this question. Our experienced real estate professionals will provide a seller with a pricing recommendation, typically generated by completing a comparative market analysis, frequently referred to as a CMA. A CMA is an analysis of one home to other similar homes that have been sold within the past 6-12 months. An experienced agent will know how to make adjustments, both positive and negative, for features that the subject property may or may not have when comparing to the similar homes that have recently sold.
The bottom line of this important tip for selling a home during the summer is to make sure it’s priced correctly, from the beginning. There are very few (or zero) home sellers who want to leave money on the table because they overpriced their home.
7. Get Ready For Showings
This last tip for selling a home during the summer is certainly not the least in importance. A seller to this point has manoeuvred through the process of getting their home ready for the market, hiring a top For Sale On Georgian Bay agent, and pricing their home correctly, the last thing they want to do is not prepare their home for showings.
Home sellers are often not educated enough on how to prepare a home for showings when selling. A home that is not prepared for a showing can be spotted from a million miles away.
There are lots of great tips for preparing a home for showings when selling during the summer. Below are a few tips to consider while preparing a home for showings during a summer home sale.
Put out a refreshing beverage for potential buyers, such as lemonade, iced tea, or cold water
Turn on all lights
Open blinds to let natural light in
Set the thermostat to a comfortable temperature
Clean up after your children and/or pets
Summertime is an excellent time to be selling a home, if the proper tips are followed. The above 7 tips for selling a home during the summer all will make a difference in respects to the amount a home sells for and the time it takes to sell.
Let’s get your home sold so that you can start enjoying the summer in your new dream home!
