Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Bank of Canada shut down the party when it began raising interest rates last year.¹

Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are much more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.

The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount.

If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize your real estate returns.

1. UNDERGO A PRE-LISTING INSPECTION

Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market?

Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing.²

Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of repair credits, a delayed closing, or a cancelled sale.

We can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, we can advise on which items need attention before you list your home.

2. CONSIDER STRATEGIC UPGRADES

Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers.

For example, new flooring can generate up to a 150% return on investment at resale and a countertop upgrade could pay for itself.³  Similarly, research shows landscaping features can increase a home’s value by up to 12%.⁴

Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral colour, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best.

But before you make any changes to your home, reach out. We know what buyers in your neighbourhood are looking for and can help you decide if a particular investment is worthwhile.

3. HIRE A HOME STAGER

To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space.

That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses.

According to the U.S.-based National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.⁵

There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of our recommended home stagers who can help your property show its full potential.

4. EMPLOY A COMPETITIVE PRICING STRATEGY

While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers.⁶

Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions.

To help you list at the right price, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighbourhood.

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, we’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin.

5. OFFER ALTERNATIVE FINANCING

Conventional mortgages, while widely used, may not be accessible to everyone. For example, higher mortgage rates and home prices have made it difficult for some homebuyers to pass the required mortgage stress test.

Consequently, certain alternatives, like vendor take-back (VTB) mortgages, are becoming increasingly popular.⁷ A VTB mortgage is a unique financing arrangement in which the seller of a property provides a loan to the buyer for all or a portion of the purchase price.

Buyers who don’t qualify for a traditional mortgage can be highly motivated to purchase from a seller offering a VTB loan. Sellers, consequently, can benefit too, by commanding a higher price or collecting more interest on their capital than they could from a standard investment. Depending on the seller's circumstances, there may also be certain tax advantages.⁸

It’s important to note, however, that there are risks involved. Therefore, both buyers and sellers should seek legal and financial advice before entering into a VTB mortgage agreement to ensure all aspects are properly structured and understood. If interested, we can refer you to the appropriate professionals for help.

6. USE A PROVEN PROPERTY MARKETING PLAN

Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible.

The truth is, buyers who don’t know about your house can’t make an offer. That’s why we utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value. We then use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results.

Our proven approach can have a big impact on the success of your sale. Reach out to learn more about our multi-step marketing plan and discuss how we can use it to generate interest and offers for your home.

7. WORK WITH AN AGENT WHO UNDERSTANDS YOUR AREA

To get the best offers possible, you need a real estate agent who knows your area inside and out.

Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. We have our fingers on the pulse of the local market because we’re working directly with sellers like you. We also represent local buyers who are active in the market, searching for homes like yours.

That puts us in an ideal position to help you price your home for a quick sale and maximum profit. And since we hear first-hand what local buyers want, we can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, we can use our extensive network of local agents to solicit feedback and get your home in front of more potential buyers.

All of these factors can add up to a significant difference in your profit: According to a U.S.-based study, in 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales.⁹

LET’S GET MOVING

Are you ready to get a great offer for your home? Our multifaceted approach can help you maximize your real estate returns. Reach out for a free home value assessment and customized sales plan to get started!

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.  National Post -
   https://nationalpost.com/moneywise-pro/high-interest-rates-are-still-a-problem-for-potential-homebuyers-here-is-advice-for-navigating-the-real-estate-market
2.  Bankrate -
   https://www.bankrate.com/real-estate/prelisting-inspection/
3.  RE/MAX Canada -
   https://blog.remax.ca/best-home-renovations-biggest-roi/
4.  Journal of Real Estate Research -
   https://www.researchgate.net/publication/5142154_Landscaping_and_House_Values_An_Empirical_Investigation
5.  National Association of Realtors -
   https://www.nar.realtor/infographics/staged-for-success
6.  The Balance -
7. https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671
8.  Real Estate Magazine -
9. https://realestatemagazine.ca/the-return-of-the-vendor-take-back-mortgage/
10. RE/MAX Canada -
    https://blog.remax.ca/how-to-take-advantage-of-the-vendor-take-back-mortgage/

National Association of Realtors -
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

To avoid buyer's remorse, be sure to consider your future self when shopping for a home.

Most new homebuyers don't regret becoming homeowners. In fact, according to a recent survey by Zolo, 80% of Canadians who purchased a home during the pandemic say they're glad they bought their current homes.¹ But that doesn't mean newly-minted homeowners don't have any regrets about their buying choices.

On the contrary, research shows that even the most-satisfied homeowners would change some aspects of their home purchase if given the opportunity.² Some question their decision to move to a neighbourhood they still don't love. Others wish they had been less picky about where they lived so they could have paid less. Many are afraid they overspent or think they sacrificed too much in their rush to buy a home.

According to a new survey by Mortgage Professionals Canada, nearly 80% of Canadians still see real estate as a favourable long-term investment. But a growing number of Canadians also admit to being more financially stressed in the short-term due to lingering fallout from inflation.³

Here are some of the most common homebuyer regrets we see, along with our professional advice on how to avoid them.

REGRET #1: Spending More Than Necessary

No one wants to overpay for their new home purchase (and, luckily, with the right guidance, doing so is avoidable). But even if you've secured a winning purchase price, there are still plenty of ways to accidentally overspend.

One of the most common ways to overpay? Choose the wrong mortgage. In fact, in today's higher-rate environment, this can be one of the riskiest mistakes a new buyer can make.

According to another survey by Zolo, for example, 75% of Canadian homebuyers leave money on the table by not bothering to shop around for the best rate.⁴ Depending on your mortgage terms, this mistake alone could cost you tens of thousands of dollars over the life of your loan.

Many Canadians also put off learning more about their mortgage options and don't take the time to fully understand their loans. As a result, more than a third of survey respondents told researchers at TD Bank last year that they were “confused” about how rising rates would affect them.⁵

Lesson Learned: As long as you stick to what you can afford, buying a home can be a boon for your financial health. The longer you live in it, for example, the more your home is likely to appreciate in value and boost your long-term savings.

But to get the most value from your purchase, it's worth your time to compare financing options and shop around for the best deal. We also recommend getting a mortgage pre-approval before you start your home search so you know what's within reach. We can refer you to one of our trusted lending partners for help.

REGRET #2: Rushing Into a Home Purchase

In a competitive housing market, it's often necessary to act fast to secure a home. But don't let a need for speed tempt you into making an offer before you've thought through or fully vetted a new property.  

Rushing into a home purchase isn’t just risky, it's also one of the most commonly cited sources of homebuyer regret. According to a survey of U.S. homebuyers, for example, more than 1 in 4 felt remorse over how quickly they sped through the purchase process.²

Getting swept away by your emotions can also lead to buyer's remorse. If you've found a home you love and are competing with other buyers, it can be tempting to overlook key details or bid more than you can afford. That's one reason it helps to have a skilled professional by your side to calmly guide you through the process and ensure you act with reason, rather than emotion.

Lesson Learned:Buying a home is exciting. But if you don't keep your emotions in check or act too impulsively, you could make poor choices in the moment that are hard to undo later.

To avoid making last-minute decisions that could backfire, know what you want, what you need, and what you can afford before you start your home search. We can help you set priorities so you’ll be able to move forward with confidence when the time is right.

REGRET #3: Miscalculating the Costs of Homeownership

Though real estate is a great long-term investment, it can be pricey in the short-term, often surprising homeowners who aren't prepared for it. According to some estimates, for example, annual maintenance could cost as much as 1% or more of your home's purchase price.⁶ Some buyers also forget to factor in additional ownership expenses, such as property taxes, insurance, and repairs.

Failing to think through the costs of homeownership is one of the most common sources of homebuyer regret. According to the survey of U.S. homebuyers, for example, nearly half of the buyers who regret their purchase said they underestimated how much they would spend to live in it.² Similarly, Zolo's March 2023 survey of Canadian homeowners found that nearly half of recent homebuyers didn't bother to create a budget before they bought their homes.⁴

 However, some homes cost more to live in and maintain than others. So even if you're certain that you can afford the average cost of homeownership, that doesn't necessarily mean that every home in your price range will fit neatly into your budget. For example, very old homes with unique maintenance requirements could be extra pricey to keep up. Similarly, homes with high condo fees or above-average utility bills could also eat into your monthly budget.

 Lesson Learned: A home should help you build your wealth, not drain it. So it's important to factor in all the potential costs of living in a home—not just obvious ones like your mortgage payment and taxes. To ensure you don't get overextended, add up your estimated maintenance and repair costs, as well as any miscellaneous expenses that are unique to a particular home.

 We can help you with these estimates—and, if needed, present you with some less-costly alternatives.

 REGRET #4: Underestimating the Time Required To Maintain or Renovate a Home

 One of the most joyful aspects of homeownership is getting to relax in a home that's all your own. But if a home is too high maintenance, then you may not have time to savour it.

 Many homeowners love to spend their weekends puttering in their gardens or undertaking home improvement projects. But if that's not you, then you may not like living in a home with a big yard or with high-maintenance features, like a pool.

 According to another survey of U.S. homebuyers, for example, 47% of buyers who feel some regret about their home purchase complain that too much maintenance and upkeep is required.⁷

 Similarly, buyers who purchase fixer-uppers are often surprised by how much time it takes to rehab their new homes. Although buying a fixer-upper is a great way to save on the purchase price, you could come to resent it if it eats up all your free time.

 Lesson Learned: Renovation and maintenance projects are often time-consuming and stressful. So beware of committing to a property that requires too much of your attention if you don't have the time or patience for it. With that said, home improvement projects can also bring a lot of joy and satisfaction to owners who like rolling up their sleeves.

 We can talk through the realities of homeownership with you and help you choose a property that will fit your personality and schedule.

 REGRET #5: Ignoring or Skipping a Home Inspection

 It’s easy to get swept up in the excitement of buying a home. Sometimes, buyers will agree to skip a home inspection to sweeten their offer in a competitive market. In fact, according to Zolo's survey, only 36% of Canadian homebuyers hired a home inspector last year.⁴ However, if you skip out on a home inspection, you could come to regret it.

 When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems before you buy it. It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers.

 But even the most thorough home inspection isn't going to be worth much if you don't take the time to carefully consider it. If at all possible, make sure you’re on-site during the inspection so you can observe and ask questions. And don’t forget to re-evaluate any repairs that the seller agrees to make to ensure they’ve been properly completed prior to closing.

 Lesson Learned:A home inspection can reduce your risk and save you money in the long run. But to maximize its effectiveness, you will need to be an active participant in the process.

 We’d be happy to share a list of experienced and trustworthy home inspectors in our area. And when the inspection report is complete, we can help you decide if the purchase is worthwhile and negotiate any relevant seller concessions and repairs.

 REGRET #6: Choosing a Home That Doesn't Fit

 Homeownership is often a better investment if you’re willing to stay put for at least five years.⁸ But if your newly purchased home isn’t a good fit, then you may not want to stick around that long.

 Many homeowner complaints come down to simple lifestyle issues: Although a mismatch may seem small at first, the problems can magnify if you make so many compromises that they interfere with your quality of life.

 Or, sometimes homebuyers can fall in love with a beautiful home and forget about practicalities. For example, a stunning kitchen can’t replace a needed bedroom or bathroom. And a sparkling pool may sit empty if the home requires a lengthy commute to your office.

 Make sure you set some guardrails during your home purchase so you don’t over-compromise or accidentally prioritize your wants over your needs.

 Lesson Learned: When you’re dealing with limited inventory or a fixed budget, it may be necessary to sacrifice some items on your home wish list. In fact, a newly released survey by CIBC found that nearly a quarter of hopeful homebuyers have revised their expectations of a home.⁹ But if you fail to secure your must-haves, you could come to regret your home choice.

 We can help you avoid an ill-fitting home purchase by working with you to set (and stick to) priorities and parameters before you begin your search.

REGRET #7: Purchasing Without Professional Help

 Another path to homebuyer regret? Foregoing the expert guidance and market insight that you can only get from a licensed real estate agent.

 Buying a home without professional representation can be extremely risky. Therefore, it’s no surprise that most Canadian homebuyers enlist the help of an agent when purchasing a home.⁴ And the vast majority find their assistance to be invaluable: According to a survey of U.S. homebuyers, 89% say they would use their agent again or recommend them to others.¹⁰

 Real estate is hyperlocal and extremely fluid—especially these days when the market is in constant flux. So it pays to have a knowledgeable expert by your side who can guide you through an often-complicated process.

 We can help you avoid expensive mistakes that could lead to buyer’s remorse, all while making your home purchase as seamless and stress-free as possible. And since the home seller typically pays our commission, there’s no added expense for you!

 Lesson Learned: When you work with a real estate agent, you benefit from a wealth of expertise and on-the-ground insight that you can't get anywhere else. We’ll help you steer clear of the missteps that so many homebuyers make, so you can focus on enjoying your new home instead of questioning your choices down the road.

 The best part? Since the majority of home sellers pay us a commission at closing, in most cases, we offer our invaluable guidance and assistance at no additional cost to you!

 BOTTOMLINE

 No one wants to look back on their home purchase and realize they made a big mistake. We can help you avoid the pitfalls so you can buy with confidence. To learn more about how we work to ensure our clients’ satisfaction, reach out today to schedule a free consultation.

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. Zolo -
   https://www.zolo.ca/blog/housing-market-pandemic
2. Anytime Estimate -
   https://anytimeestimate.com/research/american-home-buyers-2022/
3. Mortgage Professionals Canada -https://mortgageproscan.ca/docs/default-source/consumer-reports/2023/march-2023_mpc-report_final_en.pdf?sfvrsn=c6b39b60_2
4. Zolo -
   https://www.zolo.ca/blog/canada-housing-market-report  
5. TD Bank -https://stories.td.com/ca/en/news/2022-06-29-td-real-estate-survey-reveals-38-25-of-canadians-are-confused
6. Scotiabank -https://www.scotiabank.com/ca/en/personal/advice-plus/features/posts.how-much-should-i-budget-for-home-maintenance-costs.html
7. Hippo -https://www.hippo.com/blog/2022-hippo-housepower-report-how-homeowners-are-responding-essential-maintenance-during
8. Wealthsimple -
   https://www.wealthsimple.com/en-ca/magazine/buying-vs-renting-your-home
9. CIBC - https://cibc.mediaroom.com/2023-06-05-Canadians-dream-of-homeownership-persists,-despite-affordability-concerns-CIBC-Poll
10. National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers

There’s an old adage in real estate: location, location, location. But ever since the Bank of Canada began its series of inflation-fighting interest rate hikes last year, a new mantra has emerged: mortgage rates, mortgage rates, mortgage rates.

Higher rates had the immediate impact of cooling homebuyer affordability and demand. But when the Bank of Canada announced in early March that it would put additional rate changes on hold, the country's once-frozen housing market began to thaw. Since then, Canadian home sales have bounced higher than expected.

However, many homeowners are still putting off listing. After successfully riding out the past year's turbulence, some homeowners are waiting for prices to more fully recover. Others are holding back because they are unable to port their mortgages and feel beholden to their existing, lower rates. As a result, real estate activity isn't nearly as robust this year as it might have been had more sellers listed their homes.

As economist Shaun Cathcart of the Canadian Real Estate Association (CREA) notes, “With interest rates at a top, and home prices at a bottom, it wasn’t all that surprising to see buyers jumping off the sidelines and back into the market in April. Supply, on the other hand, has been sluggish, hence the price gains from March to April seen all over the country.”¹

So what can we expect from the Canadian real estate market in the coming months and years? Here are several key indicators that help to paint a picture of the market and where it’s likely headed.

HOME SALES ARE PICKING UP FASTER THAN EXPECTED

After an extra chilly fall and an arctic New Year, the spring real estate season has so far proved warmer than expected, with home sales picking up substantially in recent months.²

Despite still-high mortgage rates and pinched affordability, a significant number of home buyers are showing up anyway and placing offers. As a result, home sales jumped by double digits in April, according to the CREA, climbing 11.3%.¹ So far, that's the third monthly increase CREA has recorded this year. In March, sales picked up by 1.4% after a 2.3% increase in February.³  

Even more notable: this year's sales numbers have been comparable to those recorded in 2018 and 2019—before pandemic-era rates helped supercharge the market.³ 

Other supporting factors are also helping to push up sales this year, including historically fast population growth and a sharp increase in rent prices.^4,5

But in addition to tight supply, one more factor is still weighing down market activity: buyers are continuing to face significant headwinds that limit their overall buying power, including comparatively high interest rates and a prohibitive mortgage stress test.⁶ As a result, a significant number are still struggling to get approved for large enough mortgages to compete.⁷

What does it mean for you?  The pace of sales is still slower than it was during the pandemic. Don't be surprised, though, if you find yourself competing with multiple offers. With a warming market, it's important to start your home search prepared. We can help you evaluate your options, strengthen your offer, and make an informed purchase.

Many Canadian home buyers are still facing severe affordability challenges. If you plan to sell your home, it will be crucial to enlist the help of a skilled agent who knows how to draw in qualified buyers. Reach out for a copy of our multi-step Property Marketing Plan.

PROPERTY VALUES ARE STABILIZING

Prices are down, year-over-year, but they haven't fallen nearly as much as some analysts speculated. Instead, home prices have so far remained remarkably resilient.

According to the CREA, the actual (not seasonally adjusted) national average sale price is down by just 12.3% compared to April 2022, when home prices were still near an all-time high.¹

Even more significant: prices are no longer dropping. Instead, they have moved higher as more buyers emerge from the sidelines. In April, the MLS® Home Price Index jumped on a month-over-month basis for the second time in more than a year, climbing by a healthy 1.6% in April after a 0.2% increase in March.^1,8  

A tight housing supply is also putting upward pressure on prices. So are sharply higher rents, which have helped make mortgage payments more attractive. As a result, the Canada Mortgage and Housing Corporation (CMHC) expects prices to remain above pre-pandemic levels.⁹

Prices probably won't climb too much higher, though: these days, Canadians need bigger down payments or incomes to keep up with the higher rates and prices. So if prices climb too far out of touch with buyers' finances, sellers could have a tough time attracting qualified prospects.⁹

What does it mean for you? Prices have softened in certain market segments compared to last year—and motivated sellers are out there and willing to make deals. We can help you find your next home and negotiate a great price. But keep in mind that your odds of affording a home may diminish in the coming months as high rates bump up against a firming market. So it's a good idea to get a mortgage pre-approval before you start your search.

If you’re a homeowner, property values are picking up again thanks to demand outpacing supply. So you’re still likely sitting on a nice pile of equity. Reach out for a free assessment to find out how much your home is currently worth.

LISTING INVENTORY IS LOW, BUT NEW CONSTRUCTION IS ON THE RISE

Tight inventory is one of the biggest factors impacting the housing market, agree experts. In fact, the CREA says that inventory is tighter now than it's been in decades.¹

After dropping to a 20-year low, new supply picked up somewhat this spring, climbing on a month-over-month basis by 5.8% in March and by another 1.6% in April.¹ But it's still well below what's typical this time of year, making it tough for buyers to find a suitable home.

One big reason for the trickle in existing homes for sale: reluctant sellers.¹⁰Some would-be sellers with more restrictive mortgages are holding back from listing their homes because they are reluctant to give up their lower mortgage rates.¹¹ Others are waiting for prices to significantly increase. But since fear is a driving factor for many real estate holdouts, this year's warming market could offer some helpful reassurance.

Reluctant sellers aren't the only reason, though, for why inventory is so limited. Sluggish home building is also a major factor impacting supply. For example, new home inventories are at historic lows, deepening the housing crunch.¹²

Housing starts have also been weak for much of this past year. But a springtime burst in activity led to a 22% jump in April, according to the CMHC, renewing hopes that builders may still be able to overcome this year's higher rates.¹³ As BMO's Douglas Porter noted, “New home building is also showing some signs of surprising resiliency.”²

What does it mean for you?  Inventory is tight, but less frenzied competition compared to last year means more choice and negotiating power for buyers. If you’ve had trouble finding a home in the past, it may be time to take another look. We can help you explore both new and existing homes in our area.

Sellers are enjoying reduced competition right now, as well. However, the longer you wait to list, the more competition you’re likely to face. And if you feel locked in by your current, lower mortgage rate, consider this: If you roll your equity gains into a down payment on your next home, you could possibly lower your monthly payment. Reach out to discuss your options.

MORTGAGE RATES HAVE TRENDED DOWN

Average mortgage rates are still higher now than they have been in years, but they have generally trended down since the beginning of the year. As a result, buyers willing to commit to a three- or five-year fixed-rate mortgage are finding better deals. Some mortgage lenders are also offering seasonal promotions.¹⁴

But even with somewhat lower rates, many buyers are finding that they still can't qualify for mortgages at current prices. So pinched affordability is still a major factor influencing the housing market.¹⁰ 

Canada's economic forecast is also fairly cloudy this summer, so the path for future rate changes is uncertain.  For example, the Bank of Canada's decision to pause rate hikes earlier in the year gave many borrowers some much-needed breathing room, helping to stabilize the housing market. But given how sticky inflation has remained, it's possible that Bank of Canada officials could change their minds and announce at least one more rate hike. 

Similarly, buyers hoping to see rates fall more significantly this year are likely to be disappointed.¹⁵ With the rate of inflation still well above central bankers' target range of 2%, the Bank of Canada is unlikely to cut its benchmark rate anytime soon (especially since borrowers have so far weathered this year's higher interest rates quite well).¹⁶

What does it mean for you?  Mortgage rates aren't nearly as high as they were this fall and winter, which is great news for buyers. But, a decrease in rates could correspond with an increase in competition and prices. If you start searching now, you’ll be prepared to make an offer when the time is right. We can help you negotiate a great deal and potential seller incentives.

If you’re planning to sell, this is good news for you, too. But, there are several factors to consider when determining the right time to list your home. Reach out for a consultation so we can help you chart the best course.

WE’RE HERE TO GUIDE YOU

While national real estate forecasts can provide a “big picture” outlook, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the issues most likely to impact sales and drive home values in your particular neighbourhood.

If you’re considering buying or selling a home, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. Canadian Real Estate Association (CREA) - https://www.crea.ca/media-hub/news/demand-continues-to-outpace-supply-as-canadian-home-sales-jump-in-april/
2. BMO Economics - https://economics.bmo.com/en/publications/detail/e182379e-0d22-4a7b-9374-96004f9c8019/
3. Canadian Real Estate Association (CREA) - https://www.crea.ca/media-hub/news/canadian-home-sales-rise-in-february-despite-drop-in-new-supply/
4. Real Estate Magazine - https://realestatemagazine.ca/canadas-record-population-growth-poses-challenges-for-housing-market/
5. Canadian Mortgage Trends - https://www.canadianmortgagetrends.com/2023/05/average-rent-in-canada-is-up-20-over-the-last-two-years-rentals-ca/
6. RBC Thought Leadership - https://thoughtleadership.rbc.com/game-on-for-canadas-housing-market/
7. Canadian Mortgage Professional (CMP) - https://www.mpamag.com/ca/mortgage-industry/industry-trends/how-much-additional-income-do-canadians-need-to-buy-a-home/443946
8. Canadian Real Estate Association (CREA) - https://www.crea.ca/media-hub/news/canadian-home-sales-continue-to-rise-in-march-as-markets-tighten/
9. Canada Mortgage and Housing Corporation (CMHC) - https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook
10. ​​RBC Thought Leadership -https://thoughtleadership.rbc.com/green-shoots-in-canadas-housing-market/?utm_medium=email&utm_source=salesforce
11. Realtor.ca - ​​https://www.realtor.ca/blog/then-vs-now-realtors-share-their-take-on-spring-buyers-pre-pandemic-vs-today/30999/1362
12. Canada Mortgage and Housing Corporation (CMHC) - https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-supply-report
13. Canada Mortgage and Housing Corporation (CMHC) - https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/housing-data/data-tables/housing-market-data/monthly-housing-starts-construction-data-tables
14. CTV News - https://www.ctvnews.ca/business/as-the-bank-of-canada-pauses-rate-hikes-mortgage-rates-in-canada-creep-downward-1.6355742
15. CBC -
    https://www.cbc.ca/news/business/bank-of-canada-april-decision-1.6807771
16. CIBC Capital Markets - https://cibccm.com/en/insights/articles/economic-insights-will-higher-rates-break-the-consumers-back/

Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks.

The effort is worthwhile, however. A sanitary environment can keep you and your family healthier by minimizing your exposure to germs and allergens.¹ Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.²

The reality is, we enjoy our homes more when they are in good order. It’s much easier to relax without piles of unopened mail or a messy kitchen reminding us of work to be done. And don’t we all feel more inclined to entertain family and friends when our homes are well-kept?

That’s why we’ve rounded up our favourite tactics—from overall strategies to little tips and tricks—for keeping things tidy without spending all our spare time cleaning.

Set a Schedule for Daily and Weekly Cleaning

We’ve all been there—you put off vacuuming or mopping your floor for a few days, only to realize that weeks have passed. Creating a cleaning schedule that works for you is the best way to stay on top of things and avoid overwhelm. Here are a few of our favourite strategies:

1. Designate a day of the week for each task—then, add them to your calendar so you can’t forget.
2. Create a shared schedule that assigns specific responsibilities to each member of the household. Post it in a prominent place, like on the refrigerator, or create a shared digital calendar.
3. Carve out 15 minutes a day for cleaning and decluttering. Set a timer on your phone and get as much done as you can before it goes off.

It may take some trial and error to find the tactics that work best for you. The most important thing is to make a habit of cleaning so that clutter and grime don’t have a chance to build. And if you’d like some professional help, reach out for a referral to one of our favourite cleaning services!

Tackle Bigger Chores Seasonally

Many home care tasks are seasonal by nature and only need to be completed once or twice a year. But when we don’t have a plan to tackle them, it’s all too easy to put them off. Here are a few tips to stay on top of these chores:

4. Mark days on your calendar in advance to attend to annual or semi-annual chores, like cleaning gutters, washing windows, turning mattresses, and shampooing carpets
5. Schedule just one primary task each weekend instead of blocking out a full two days. This will help ensure a good balance between chores and relaxation.
6. Designate a date two to four times a year, depending on your lifestyle, to put away out-of-season items like clothes, holiday decorations, and sporting goods.
7. Take some time to sort through your seasonal items when you pack them away. Then you can toss, sell, or donate things that you no longer need or enjoy.

Remember—breaking down these larger tasks can make them less overwhelming. If you space them out so that you can handle them one by one, even the most time-consuming chores become a lot more manageable.

And since all your time is valuable, don't hesitate to delegate these larger home care tasks to professionals. Give us a call for a list of our recommended service providers.

Reduce the Barriers to Cleaning

Set yourself up for success by ensuring you have the tools on hand to tackle small tasks with ease. Here are a few ways to make your cleaning supplies more accessible:

8. Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach.
9. Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down.
10. Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash.
11. Keep a paper shredder and recycling bin handy so you can dispose of unwanted mail as it’s opened.

By strategically placing your tools and supplies in the locations where you’re most likely to need them, you’ll make cleaning less of a chore and more of a habit.

Stop the Clutter Before It Starts

From coats to shoes to mail, it’s all too easy to find clutter taking over your home. Once these piles start to form, they can feel overwhelming—which only makes it harder to address them.

To avoid this problem, stop the clutter before it starts. Assign every item a home and create storage spaces and “drop zones” in key locations.³ Here are a few ideas to get you started:

12. Install coat hooks and shoe racks in the entryway for easy access.
13. Add a key caddy or shelf for essential items to get you out the door.
14. Hang a letter bin to capture mail and newspapers as soon as you walk into the house.
15. Place a donation box in each closet for items you no longer want or need.

It can take a little time to get in the habit of returning items to their assigned space. But once you do, staying on top of clutter will become far more manageable.

Are you considering a larger organizational upgrade, like a custom closet or pantry system? Reach out for a free consultation to find out how the investment could impact the value of your home!

Tackle Small Tasks Right Away

Sometimes, the mental load of thinking about a chore you need to do is worse than the chore itself. Plus, handling small tasks right away can reduce the need for lengthy cleaning sessions.³

Try working these changes into your routine:

16. Learn to clean as you cook, rather than piling it all up for later. As you wait for water to boil or food to cook through, wash the bowls and utensils you used for prep.
17. Hang bath towels on a bar immediately after use. By allowing them to properly air dry, you can cut down on the frequency of laundering.
18. Bring items with you when you leave a room. For example, return plates and cups to the kitchen right away rather than letting them stack up in your home office.
19. Take out the trash when you leave for work, school drop-off, or errands. This will save you the time and hassle of a second trip.

If you implement these small changes, your home will stay neater—and you’ll minimize the number of dedicated cleaning sessions you need to take on each week.

Embrace an Evening “Shutdown” Routine

Kitchens can get dirty and cluttered fast. But a few minutes spent cleaning up each evening can prevent the mess from getting out of control.⁴

Imagine your kitchen is a restaurant and you’re tidying it up before closing down for the night. These simple steps will prepare you for the morning rush:

20. Wipe down all surfaces, including countertops, stove, microwave, and sink. Then toss your soiled washcloth in the hamper and lay out a fresh one for tomorrow.
21. Load and run the dishwasher every night so you can empty it the next morning.
22. Prepare for breakfast by programming your coffee pot and setting out some grab-and-go options.

We all know it can be hard to find the energy for chores in the evening. But if you complete these small tasks each night, you’ll start the next day off right in a tidy, clean kitchen.

Think Outside of the Box When It Comes to Storage

Most of us have limited storage space. Unfortunately, without the right spots to stash our items, it’s easy to become disorganized.

But we’ve found that using household items in innovative ways can help keep mess and clutter under control.⁵ Here are a few of our favourite swaps:

23. Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards.
24. Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items.
25. Separate dress and athletic socks by turning an old shoe box into a drawer divider.
26. Repurpose jam jars by using them to store office supplies or bathroom essentials.
27. Store out-of-season clothes inside rarely-used suitcases, so all that space doesn’t go to waste.

A little creativity goes a long way when it comes to making the most of your space. Just be sure that you’re creating systems you can stick with and not putting things where you might forget about them later!

WE’RE HERE TO HELP YOU MAKE THE MOST OF YOUR HOME

Keeping your home clean and organized can be a continuous struggle—there’s no need to feel ashamed of that. But taking the time to implement systems that work for you can make life more pleasant and less stressful in the long run.

Remember, we’re not just here to help you buy or sell a home. We want you to love living in it, too. Reach out if you need referrals for house cleaners, window washers, or other service providers that can help you make the most of your space.

Connie Goh - 

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. Healthline -
   https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning
2. Forbes -
   https://www.forbes.com/health/mind/mental-health-clean-home/
3. My Domaine -
   https://www.mydomaine.com/house-cleaning-schedule
4. Housewife How-Tos -
   https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/
5. Better Homes and Gardens -
   https://www.bhg.com/decorating/storage/projects/simple-solutions/

When it comes to listing your home, most home sellers want three things: 1) to make a lot of money, 2) to put in minimal time and effort, and 3) to sell quickly. But the reality is, selling a home is rarely that simple. And homeowners who try to do it themselves—or receive bad advice—can end up stuck (months later) with a property that hasn’t sold.

If that’s you, don’t panic! We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues.

Not sure why your property didn’t sell? If you’re not already working with an agent or your listing has expired or been withdrawn, give us a call! We’d be happy to offer a free, no-obligation assessment and create an action plan to get your home SOLD.

This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker.

1. BAD TIMING

If your home didn’t sell after several months on the market, timing could’ve been a factor. Markets are driven by the law of supply and demand, and real estate is no exception.

 When there are a lot of people who want to buy homes (demand) and a shortage of inventory (supply), it’s considered a seller’s market. During a seller’s market, listings tend to get snapped up quickly. In a buyer’s market, however, there are more homes for sale than active buyers. This can cause homes to sell for less money and to sit on the market for a longer period of time before receiving an offer.

 What causes the shift between a seller’s market and a buyer’s market? Economic factors like interest rates, affordability, domestic growth, and the unemployment rate can all impact buyer demand. Over the past year, for example, higher mortgage rates have not only made it harder for some borrowers to qualify for a home loan, they have also sharply pushed up homebuyers' anticipated monthly payments.¹ So even if a buyer was interested in your home, they may have passed on it if they couldn’t qualify for a mortgage at your asking price.

 Seasonal factors like weather, holidays, and school schedules can also increase or dampen the activity and motivation of buyers. Additionally, unexpected events, such as a natural disaster or a stock market crash, can cause some buyers to put their purchasing plans on hold until conditions normalize.

Now What?

If timing does appear to be a factor, it may be advisable to delay relisting your property. Of course, that’s not feasible (or desirable) for every seller.

 In most cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. Where there’s a will to sell, there’s usually a way. Fortunately for sellers, people will always need a place to live, and there will be a percentage of the population that is motivated to buy quickly.

 If you suspect timing played a role in your inability to sell, consult with a knowledgeable real estate agent. We’re in the field every day and have access to the latest market data. We can estimate how long a home like yours should take to sell given current market conditions and help ensure that your asking price is competitive.

2. INEFFECTIVE MARKETING

 Did your home get a steady stream of showings when it was on the market? If not, you may need to try a new promotional strategy.

 Take a look at the listing description. Did it entice buyers to visit your property? A well-written description should be clear and compelling while highlighting your home’s most desirable features. Additionally, it should have utilized best practices for search engine optimization (SEO) to ensure that it was found by buyers who were looking for homes online.

 And how well did the listing photos showcase your property? Many buyers use photos of a home to decide whether or not to visit it in person. In fact, in an American survey, 85% of buyers who browsed online found photos “very useful” in their home search.² Poor quality or a low quantity of listing photos could have kept potential buyers from stepping through your door.

 Another factor to consider is whether your listing reached the right audience. This can be especially important if you have a unique or highly-customized home. Working with your agent to make your listing available through your local Multiple Listing Service® System is a great place to start, but some properties require a more robust marketing approach.

 

Now What?

If you suspect ineffective marketing, consider turning to a skilled professional with a proven approach. We employ a strategic Property Marketing Plan that uses the latest technologies to seed the marketplace, optimize for search engine placement, and position your home for the best possible impression right out of the gate.

 For example, we know what buyers in this market want and can craft a persuasive description to pique their interest. And since good listing photos are so crucial, we work with the top local photographers to ensure each shot is staged to your home’s advantage.

 We also know how to get your listing in front of the right audience—one that will appreciate its unique features. By utilizing online and social marketing platforms to connect with consumers and offline channels to connect with local real estate agents, your property gets maximum exposure to your target market.

 Want to learn more about our multi-step marketing strategy? Reach out for a copy of our complete Property Marketing Plan.

3. POOR IMPRESSION

 If your property received a lot of foot traffic but no offers, you may need to examine the impression you made on buyers who visited your property.

 Start with your home’s structure and systems. Are there large cracks in the foundation? How about doors and windows that don’t properly close? Are there water stains on the walls or ceiling that could signal a leak? These can be major “red flags” that scare away buyers.

 Next, examine your curb appeal. Does the yard need mowing or do the hedges need trimming? Are there oil stains on the driveway? Any peeling paint or rotted siding? If your home’s exterior looks neglected, buyers may assume the entire house has been poorly maintained.

 Now move on to the interior of your home. Is it clean? Is there a noticeable odour? Have you taken the time to depersonalize and declutter each room? Buyers need to be able to picture their items in your home, but that’s difficult to do amongst your family photos and personal collections. And oversized furniture and packed closets can make a space seem small and cramped.

 

Now What?

When we take on a new listing, we always walk through it with the homeowner and point out any repairs, updates, or decluttering that should be done to maximize its sales potential. We also share tips on how to prep the property before each showing.

 In some cases, we will recommend that you utilize staging techniques to highlight your home’s best features and help buyers envision themselves living in the space. Home staging is one of the hottest trends in real estate—because it works! According to stagedhomes.com, for example, staging could cut in half the amount of time it takes to sell and bump up your sale price by as much as 20%.³ In addition, a survey of North American real estate agents suggests that staging not only helps spark buyers' imaginations, it can also inspire higher quality offers.⁴

 Some sellers choose to hire a professional home stager, while others opt to do it themselves, using guidance from their agent. We can help you determine the appropriate budget and effort required to get your home sold.

4. PRICE IS TOO HIGH

 Many homeowners are reluctant to drop their listing price. But the reality is, buyers may not seriously consider your property if they think your home is overpriced.

 Attitudes have changed since the Bank of Canada started hiking interest rates. Many of today's homebuyers are no longer willing or able to pay as high a price on a new home as they might have when borrowing costs were lower.⁵ If your home’s original asking price was set using sales data from the market's peak, then you may need to rethink your pricing strategy.

 Economic factors aren't the only reasons, though, for why a home's asking price might not match its market value. Pricing a home can be tricky, regardless of the economic climate, because so many factors can impact how much buyers are willing to pay. For example, unique, highly customized, and luxury properties are particularly difficult to price because there aren’t a lot of comparable homes with which to compare them.

 Regardless, if your home sat on the market for months without an offer, then chances are good that your asking price needs to be reevaluated.

 

Now What?

If you aren’t in a rush to sell your home, adjustments to timing or marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original list price.

However, if you need to sell quickly, or you’ve already exhausted those options, a price reduction may be necessary to get your home the attention it needs to sell.

We are local market experts and have access to the latest market data and comparable sales in your neighbourhood. We can help you determine a realistic asking price for your home given today’s market conditions. Just reach out for a free home value assessment!

5. YOU HIRED THE WRONG AGENT (OR WORSE, NO AGENT AT ALL)

 If you suspect that your previous real estate agent didn’t do enough—or used the wrong approach—to sell your home, you’re not alone. Many sellers whose listings languish until they expire or are withdrawn feel this way.

While most agents have the best of intentions, not all of them have the skills, experience, instincts, or local market expertise to devise a winning sales strategy in this challenging market.

Or, perhaps you chose not to hire a listing agent at all and have been trying to sell your home yourself. This can be an equally frustrating endeavour.

Although selling your home independently can help cut some costs, it can also be extremely risky and may even lose you money in the long run. For example, research by the Canadian real estate intelligence firm, Insightt, found that For Sale By Owner (or FSBO) homes took more than twice as long to sell in some real estate markets as homes represented by an agent. Insightt's data also showed that FSBO homes were more likely to sell for less than asking price.⁶

 

Now What?

If either of these scenarios sounds familiar, you need to ask yourself: “Would I still be interested in selling my home if I could get the right offer?”

 If so, we should talk. We understand how frustrating it can be when you’ve put a lot of time, money, and effort into prepping your property for the market and it doesn’t sell. We also empathize with how disruptive a delayed home sale can be to your life.

 By now, don’t you owe yourself more than the status quo when it comes to your real estate representation? Our multi-step Property Marketing Plan can help you sell your home for the most money possible, and in the process re-connect you with the excitement you originally felt upon first listing. It’s time for a new agent, new marketing, new buyers, and most of all… new possibilities.

READY TO MAKE A MOVE?

 Let's talk. We can help you figure out why your home didn’t sell and how to revise your sales strategy and set your home up for success.

 The housing market has experienced a shift and the waters may be choppier than usual for a while. But there's still plenty of opportunity in the current market: You just need a guide who knows where to look and how to find it.

 This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Sources:

1.     Financial Post - https://financialpost.com/executive/executive-summary/bank-of-canada-interest-rate-impact-housing-mortgage

2.     National Association of Realtors - https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/

3.     CREA - https://www.creacafe.ca/is-home-staging-necessary-when-listing-a-property/

4.     Money Sense - https://www.moneysense.ca/spend/real-estate/what-home-sellers-should-know-about-staging/

5.     The Globe and Mail - https://www.theglobeandmail.com/real-estate/toronto/article-opportunistic-real-estate-buyers-step-to-the-stage-as-prices-decline/

6.     Real Estate Magazine - https://realestatemagazine.ca/putting-for-sale-by-owner-into-perspective/

Great mentors across different industries typically have one common piece of advice for their students—add value to people's lives. Doing so can bring you wealth and success. But more importantly, it will allow you to carve a fulfilling and meaningful career.

As a realtor, you have the potential to create a significant impact on people's lives. Your job is more than just assisting clients with real estate transactions. In this industry, you become a trusted advisor and a friend to your clients, guiding them through crucial, emotional, and financial decisions. Here are several ways great real estate professionals change lives.

1. Helping Individuals Advance to the Next Chapter of Their Lives
   

   As a real estate agent, you will help individuals move forward during significant life changes. You may encounter an engaged couple searching for their dream home, a retiree looking for a new house closer to their family, or a growing household seeking more space. Your daily work approach can significantly impact clients' experiences and determine if they view you as a trusted advisor or just a necessary part of a transaction.
   
   Recommending a property that can give the best commissions can be tempting. But great real estate agents know that doing so will only lead to short-term gains. Instead, they help clients find the perfect property that matches their needs.
   
   During the transaction, passionate agents also ensure a positive experience. They listen and understand each individual's unique challenges and goals. They also guide clients through the process and help them smoothly transition to the next chapter of their lives. Realtors build long-lasting relationships and become integral to clients' lives by approaching work to serve others.

2. Guiding People in Increasing Their Wealth
   

   For many people, real estate is a crucial part of their financial portfolio. And a real estate agent can help them navigate the market to make wise investments. Great agents advise clients on the best neighborhoods to invest in, the types of properties that will yield the best returns, and how to manage rental properties properly.
   
   Good real estate agents also tailor advice based on the client's financial goals and risk tolerance. They also inform clients about financial incentives and programs, ensuring they maximize their benefits. A dedicated realtor will make sure that clients invest their money wisely.

3. Promoting Good Business Practices
   

   Besides sales skills, real estate professionals also develop marketing expertise. Great real estate agents use their marketing acumen to promote good business practices instead of their wins. They share with their fellow agents and clients how they added value to people's lives. And they make it clear that you can trust them with your real estate transactions.
   
   

Become a Great Realtor at Express Realty, Inc.

At Express Realty Inc., we owe our success to every agent's exceptional customer service over the years. Join our team, and we'll help you achieve your financial goals and a fulfilling career!

Over the past few years, many of us have spent extra time at home—and that means we appreciate the personal design touches that make a house cozy and comfortable more than ever. Some of us have adapted our dwellings in new ways, from creating functional home offices to upgrading the appliances we use most.

But while it’s important to make your home your own, it’s also smart to think about the long-term impact your renovations could have on its value. Choosing highly-personalized fixtures and finishes can make it harder for future homebuyers to envision themselves in the space. Even if you don’t plan to sell your home soon, investing in popular design choices that are likely to stand the test of time will make things easier down the road.

And if you’re in the market for a new home, it’s wise to keep an eye out for features that might need to be updated soon so you can factor renovation costs into your budget.

We’ve rounded up six trends that we think will influence interior design in 2023, as well as ideas for how you might incorporate them in your own home. Remember, before taking action, it’s always wise to consult with a real estate professional to understand how specific updates and upgrades will affect your property’s value in your local market.

1. Separate Kitchen, Dining and Living Areas

For years, home design has been dominated by open-concept floor plans, particularly for kitchen, dining, and living areas. However, as the pandemic forced families to work and study from home, many struggled to find the privacy and separation they needed. As a result, designers report that more families are choosing to bring back walls to break up the space and create quieter areas.¹

That doesn’t mean that we’re returning to an era of dark and cramped spaces, however. Even as walls make a return, it’s important to take care to retain a sense of flow and openness within the home and to prioritize natural light.

If you’re buying or building a new home, consider how you will use the space and whether or not an open floor plan will suit your needs. If you already live in a home with an open floor plan and it isn’t working for you, try rearranging furniture and strategically placing pieces like bookshelves, room dividers, or rugs to create distinct areas within the home and reduce noise. 

2. Nature-Inspired Design

In the past few years, we’ve seen the “biophilia” trend explode, and there are no signs that it will be any less popular in 2023. This trend is all about bringing the outside in by adding natural touches throughout your home.²

This year, design experts predict that natural, sustainable materials like bamboo, cork, and live-edge wood will lend character without being overwhelming. Natural-wood cabinets and accents are also back in vogue.³ Designers emphasize that you shouldn’t be afraid to mix contrasting tones, like white oak and rich walnut, to create a custom and inviting look.¹

Colours inspired by nature (think mossy greens and desert hues) will also play into this trend and will blend seamlessly with wood tones. We’re also seeing a return to natural stone countertop materials like quartzite, marble, and soapstone.⁴

If you’re planning to add new shelving or redo your kitchen, consider turning to these materials to embrace the biophilic look. Or, incorporate elements of the trend by choosing nature-inspired paint colours and adding to your houseplant collection.

3. Lighting as a Design Feature

Spending more time at home has shown us the importance of having the right lighting for specific tasks and times of the day. As a result, many homeowners are reconsidering the ways they light their homes and using light fixtures to change the usability and mood of their spaces.

In particular, homeowners are rejecting bright, flat overhead lighting and replacing it with lamps and task-specific options. A layered approach to lighting—such as using a combination of under-cabinet, task, and ambient lighting in a kitchen—enables homeowners to tweak the level of light they’re using based on the time of day and what they are doing^.4

In 2023, we expect to see more statement chandeliers, pendants, and wall sconces in a variety of shapes and materials.⁵ Thinking about switching up the lighting in your home? Start by adding floor or table lamps and swapping out fixtures before you invest in rewiring your space. Take note of what works and what doesn’t and watch how the light in your home changes throughout the day. You can then use that information to make lighting decisions that require a bigger investment.

4. More Vibrant Colour Palettes

After the long dominance of whites and grays, more vibrant colours are coming back as a way to add character and dimension to homes.

This year, warm and earthy neutrals, jewel tones, and shades of red and pink are particularly popular.⁶ If your style tends toward the subtle, consider options like light, calming greens, blues, and pastels.

Major paint brands have responded to these homeowner preferences with their newest releases. Sherwin William’s 2023 colour of the year, Redend point, is an earthy blushing beige, while Dulux is embracing jewel tones with Vining Ivy, a rich teal.^7,8 Behr’s choice of the year, Blank Canvas, is a creamy off-white that's a warmer version of the stark whites that have been trending over the past few years.⁹

If you’re planning to put your home on the market soon, it’s better to play on the safer side and avoid extremely bold or bright colour choices when it comes to paint or fixed finishes like tile and countertops. Instead, try incorporating pops of colour through throw pillows, art, and accessories.

5. Curved Furniture and Architectural Accents

Goodbye, sharp corners. In 2023, arches and curves lend a sleek feel that draws on classical design and retro trends while remaining modern.⁶ Rounded corners feel more relaxed and natural than sharp edges, lending more of a sense of flow and comfort to a home.

If you want to incorporate the trend into your new build or remodelling plans, curved kitchen islands and bars and arched alcoves are all good options—or you can take it a step further with arched windows and doorways. You can also carry this trend through to your light fixtures by incorporating a bubble chandelier or globe pendants.

It’s easy to embrace this look without renovations, too. Look for a softer feel in furniture, with sofas, chairs, and tables that showcase curved edges. Or, break up your space with an arched folding screen and a circular rug.

6. Art Deco Revival

Art Deco, the architecture and design style that took hold in the 1920s and ’30s, is enjoying a resurgence.¹As a style, Art Deco is marked by bold geometry, textures, and colours, as well as an emphasis on art. But the 2023 interpretation of this style is likely to be a bit less splashy than its historical roots. Designers predict that instead of incorporating all of the elements of the style, which could feel overwhelming, homeowners will pick bursts of colour or bold accessories to bring some whimsy to their space.

Keep an eye out for vintage mirrors, lamps, or vases that bring a touch of Art Deco glam to your home, or embrace bold colours and fabrics like velvet. Choose pillows and throw blankets in bright colours and geometric patterns to nod to the look without diving in all the way.

DESIGNED TO SELL

Are you thinking about remodelling or making significant design changes to your home? Wondering how those changes might impact your future resale value?

Buyer preferences vary significantly based on your home’s neighbourhood and price range. We’re happy to share our insights on the upgrades that will make it easier (or more difficult!) to sell your home. Give us a call for a free consultation!

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. Realtor.ca - https://www.realtor.ca/blog/design-trends-to-watch-out-for-in-2023/29256/1367
2. Sudbury.com - https://www.sudbury.com/village-life/15-major-interior-design-trends-for-2023-6301745
3. Home Builder Canada - https://www.homebuildercanada.com/news/news221123-Kitchen-trends.htm
4. Realtor.ca - https://www.realtor.ca/blog/8-kitchen-trends-to-watch-for-in-2023/29442/1367
5. The Spruce -https://www.thespruce.com/2023-lighting-trends-6891412
6. HGTV.ca -https://www.hgtv.ca/2023-home-decor-trends/
7. Sherwin Williams -https://www.sherwin-williams.com/content/colorforecast/colormix-2023/color-of-the-year-2023
8. Dulux - https://www.dulux.ca/pro/colour/2023-paint-colour-design-trends
9. Behr - https://www.behr.com/consumer/inspiration/2023-coty/

A career in real estate can be lucrative, but it isn’t for everyone. In this competitive industry, success comes down to having the right attitude, skills, and strategies. Learn valuable techniques and practices that top realtors use to build successful careers:

1. Look for a Good Mentor

As a newbie in the real estate industry, finding out where to start and how to succeed can be challenging and overwhelming. Having an experienced mentor to guide you can help simplify things and shorten your learning curve. A mentor can provide crucial knowledge, insights, and opportunities. They also understand the support and resources a new realtor needs.

The best place to find a mentor is in your agency. Associate yourself with a reputable real estate firm that will invest in your success and lead you to meaningful opportunities.  

2. Maintain a Professional Image

First impressions last, and this saying is especially true in real estate. Clients will base your credibility and their willingness to work with you on the image you portray them. So, make sure to always look neat and professional. Be polite to prospects and clients, and listen attentively to what they say.

3. Develop Time Management Skills

Real estate agents have the freedom to choose when they work. But this flexibility can lead to a lack of focus that can cause failure in this cutthroat industry.

Effective time management can increase your chances of success. Create a daily schedule for tasks like prospecting, marketing, and property viewings, and stick to it. When scheduling appointments, factor in unexpected delays to avoid being late and leaving a negative impression.

4. Use Your Creativity

In this digital age, a real estate sales agent has countless ways to reach potential clients, attract attention, and generate leads. You can create virtual tours of listings, use social media to showcase properties, or host open houses with a unique theme. Make the most of your resources, have fun, and grow your sales!

5. Provide Exceptional Customer Service

One of the best ways to gain new clients is through current ones’ referrals. And a client will only recommend you to friends and family if they’re happy with your service. So, build and maintain strong relationships with your clientele. Put their needs before your commissions, and make sure they get what’s best for them. Doing so will gain their trust and help ensure repeat business and positive word-of-mouth recommendations.

Reach for Success With Express Realty Inc.

Join us at Express Realty Inc. if you’re looking for a company to help you reach your full potential as a successful realtor. Our hands-on and dedicated team will provide you with the training and support you need to elevate your real estate career. Apply now and take the first step toward success!

Last year, one factor drove the real estate market more than any other: rising mortgage rates.

In March 2022, the Bank of Canada began a series of interest rate hikes in an effort to pump the brakes on inflation.¹ And while some market sectors have been slow to respond, the housing market has reacted accordingly.

Both demand and home prices have softened, as the primary challenge for buyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many Canadians, it should ultimately lead to a more stable and sustainable real estate market.

So what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While no one can forecast the future with certainty, here’s what several industry experts predict will happen to the Canadian housing market in the coming year.

MORTGAGE RATES WILL EVENTUALLY STOP CLIMBING

Over the course of 2022, we saw the benchmark rate rise at a record pace—a whopping 400 basis points in just nine months. Fortunately, there are signs that the central bank’s series of rate hikes may be coming to an end.²

After last month’s half-point rate increase, Bank of Canada officials struck a noncommittal tone about future rate hikes, prompting economists to speculate that the central bank may pause hiking rates by early spring, if not sooner.³

According to Stephen Brown, a senior economist at Capital Economics, the central bank is likely to hike rates at least one more time before it shifts gears. “ “We would not rule out a final 25 basis point interest rate hike in January,” said Brown in a client note. “But the Bank is very close to the end of its tightening cycle.”³

What impact will this have on mortgage rates? Variable mortgage rates could finally stabilize. However, buyers hoping for a big drop later in the year may be disappointed. Although some market analysts are betting on lower rates, CIBC economist Benjamin Tal thinks that's unlikely as long as inflation remains a factor. “I think that the Bank of Canada is determined to make sure that they will not touch interest rates in terms of cutting them before inflation is totally dead,” said Tal in an interview with Canadian Mortgage Professional.⁴

Fixed mortgage rates, on the other hand, could continue to trend lower as bond yields crumble.⁵ James Laird, co-CEO of Ratehub.ca, predicts that Bank of Canada’s benchmark rate will hold steady through 2023, but fixed mortgage rates may tick down because of bonds. “Bond yields will decrease throughout the year, allowing fixed rates to follow suit,” said Laird in an interview with Canadian Mortgage Professional.⁶ However, those rate decreases may be fairly muted as long as banks’ borrowing costs stay higher overall.

It's also possible that rates on both variable and fixed-rate mortgages will climb instead. Bank of Canada Governor Tiff Macklem has made clear that the central bank is prepared to keep hiking rates aggressively if inflation fails to dissipate. “If high inflation sticks, much higher interest rates will be required to restore price stability,” said Macklem in a recent speech to business leaders.⁷

What does it mean for you? While no one can predict the future of mortgage rates with certainty, an end to interest rate hikes could bring some much-needed relief for borrowers. If you have plans to buy a home or renew your mortgage in the coming year, you’ll want to weigh your options carefully when deciding between a variable or fixed rate. Reach out for a referral to a mortgage professional who can help.[1] 

BUYERS WILL RETURN TO THE MARKET

The pace of home sales fell steeply last year as higher mortgage rates priced would-be buyers out of the market. However, some industry experts predict that the Canadian housing market is poised to turn a corner.

Although many buyers and sellers are currently in a stalemate over housing prices, market dynamics may shift this spring as more homes go up for sale.

“Zooming in on demand and supply conditions, the drop in unit sales has been the steepest on record, but the pace of the decline is starting to slow,” write CIBC economists, Benjamin Tal and Katherine Judge, in a recent forecast.⁸ Douglas Porter, chief economist at BMO Capital Markets, projects that existing home sales will fall through the first half of 2023 and then reverse course and begin to rise in Q3.⁹

Victor Tran, mortgage expert at Ratesdotca, also speculates that a stabilization in mortgage rates will bring home buyers back out. He told the Financial Post in a December interview: “We may be seeing the bottom of the housing market trough before buyers begin to enter the market in spring of 2023.”¹⁰

Buyers’ purchasing power will still be constrained by higher mortgage rates, though, as well as by a stringent mortgage stress test for uninsured mortgages and a hefty monthly payment for insured ones. So a buyer’s ability to participate in the market will depend, in part, on a seller’s willingness to negotiate.

What does it mean for you? If you’re a buyer who has been waiting for conditions to normalize, now may be an ideal time to start your home search. As more buyers begin to enter the market, you’ll face steeper competition and reduced negotiating power.

And if you’ve delayed selling your home, this could be the year to make a move. Reach out to schedule a free consultation and home value assessment.

HOME PRICES WILL STABILIZE LATER THIS YEAR

Canadian home prices have fallen roughly 10% from their peak, and analysts expect they could fall further before moderating in the second half of this year.¹¹

A Reuters poll of industry experts found a wide range of predictions. But on average, the analysts surveyed project that home prices could fall another 7.5% or so. However, the majority report that the risk of a market crash is low.¹¹

A nationwide housing shortage is expected to prop up prices even as sales volume falls. According to Robert Kavcic, senior economist at BMO Capital Markets, “We have a unique situation where demand has cracked and buyers can’t qualify for, or afford, early-year prices. But, outside some areas, there’s not a bounty of listings to choose from, and sellers are still able to say ‘no thanks.’”¹¹

Economists at CIBC speculate that home prices will hit a floor in the coming months: “A lower 5-year rate and pent-up demand amplified by demographics will work to establish a bottom in prices by the spring of 2023,” write Benjamin Tal and Katherine Judge.⁸

RBC Assistant Chief Economist Robert Hogue offers a similar projection: “We expect prices will keep falling until a bottom [this] spring. Our forecast calls for the national benchmark price to drop 14% from (quarterly) peak to trough.”¹²

What does it mean for you? It can feel scary to buy a home when there’s uncertainty in the market. However, real estate is a long-term investment that has been shown to appreciate over time. And keep in mind that the best bargains are often found in a slower market, like the one we’re experiencing right now. Contact us to discuss your goals and budget. We can help you make an informed decision about the right time to buy.

And if you’re planning to sell this year, you’ll want to chart your path carefully to maximize your profits. Contact us for recommendations and to find out your home’s market value.[2] 

RENT PRICES WILL CONTINUE TO CLIMB

While home prices have fallen, rent prices have surged—rising around 12% year-over-year, according to data from Rentals.ca.¹³

The average monthly cost to rent a home in Canada is now higher than ever and some analysts are growing increasingly concerned that renters won't be able to keep up with the higher payments. “We're getting close to a point where rents are just simply becoming unaffordable for renters,” said Urbanation president, Shaun Hildebrand, to CBC News.¹⁴

But that's not stopping landlords from collecting higher rents. In 2023, affordability challenges for would-be buyers, inflationary pressures, and an overall lack of housing are expected to continue driving up rent prices in much of the country.

“Interest rates are actually working to elevate rent inflation because many people are not buying, so they are renting more,” CIBC Economist Benjamin Tal told CBC News.¹³

And according to Tal, the higher rates have also disincentivized builders and developers from investing in rental properties. That, in turn, has exacerbated the undersupply of available units.¹³

It's possible rent prices could ease if Canada's economy deteriorates, says Urbanation's Hildebrand. “But over the medium and longer term with aggressive immigration targets and rental construction that's been stalling recently due to high costs, it's pretty clear that rents are going to continue to rise higher.”¹⁴

What does it mean for you? Rent prices are expected to keep climbing. But you can lock in a set mortgage payment and build long-term wealth by putting that money toward a home purchase instead. Reach out for a free consultation to discuss your options.

WE’RE HERE TO GUIDE YOU

While national real estate forecasts can provide a “big picture” outlook, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the issues most likely to impact sales and drive home values in your particular neighbourhood.

If you’re considering buying or selling a home in 2023, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.

You don't have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything from food to gifts to decorations, but there are still plenty of opportunities to eke out extra savings.

For example, you can trim your energy bills by up to 20% just by sealing air leaks in your home.¹ Other small fixes—such as swapping old light bulbs for LEDs and plugging electronics into a powerstrip—can boost your yearly savings enough to pay off some of your holiday budget.

And thanks to a pandemic-era boom in online shopping, it is easier than ever to find deals on new and pre-owned furniture, thrifted gifts, DIY decor, and more. Even secondhand stalwarts like Goodwill have joined the digital fray, making it a cinch to score gently-used treasures at extra-low prices.²

You won't be the only one bargain-hunting your way to a more financially-stable New Year. Multiple surveys have found that inflation is not only chilling people's spending, it's also prompting shoppers to search for better deals and creative ways to reduce their bills.³

Here are some strategies you can use to boost your holiday budget by trimming household expenses:

1. Hunt for Deals on Groceries

If you're finding it harder than it used to be to serve your family dinner on a budget, you're not alone. With grocery prices rising at a record pace, many families are struggling to control costs on food staples, such as meat, dairy, produce, and grains.⁴

That's made pulling off holiday gatherings especially stressful lately. But don't despair: Even with inflation, retailers are still giving motivated shoppers plenty of opportunities to whittle down their bills.

The key is to pay attention to the cost of each item on your shopping list—not just the most expensive—and look for easy swaps and discounts. For example, try buying non-perishable items in bulk, especially when they’re on sale, and only in-season produce. Or trade name-brand goods for less expensive options from a store's private label. As you tap into your inner bargain hunter, you could be surprised by what you save when you’re more mindful of your selections.

And unlike in the old days, you no longer have to clip your way through paper flyers to snag a bargain. Instead, you can save both time and money by scouting for deals online, digitally clipping coupons, and earning cash back through special apps and browsers. For example, coupon aggregation sites, like Flipp, and shopping apps—such as Checkout 51 and Rakuten—make it easy to score discounts and cash back on a variety of purchases, including groceries.

Also, check to see if your neighbourhood grocer posts their weekly flyers online or if Save.ca has published flyers from other nearby stores. If you're hosting a holiday party, the markdowns you find can help you narrow your food and recipe choices, based on what's currently on sale.

2. Prep Your Home for Holiday Guests With Pre-Owned Finds

You don't have to sacrifice style for the sake of preserving your holiday budget either. If you're expecting company this year and would like to add some festive flair to your home, you can do so inexpensively—especially if you're willing to decorate with items that are secondhand.

Thrifting is back in vogue, with an increasing number of shoppers preferring pre-owned furniture and home goods. The number of Canadians who shop secondhand has grown.⁵ In fact, one study found that nearly three-quarters of Canadians now buy pre-owned goods of some type. ⁶ Plus, buying used isn’t just a great way to save money, it also helps the environment by keeping reusable items out of landfills.

Fortunately, it’s become easier to score secondhand deals online. For example, you can scout consumer marketplaces on Facebook and Kijiji. Or you can take advantage of neighbourhood freecycles and “Buy Nothing” groups. And a number of thrift shops now have e-commerce sites, including major chains, like Goodwill.

If you're handy with a paintbrush or have some basic carpentry skills, you can also modernize some of your existing furniture by upcycling it yourself. Or, if you enjoy crafting, search through your own recycling or sewing bin for raw material to make one-of-a-kind decorations.

Don't stress yourself out, though, if you don't have the time or money to dress your home the way you hoped. Your house can still feel festive and inviting, even if it's not completely done up.

3. Forgo Major Renovations in Favor of DIY Home Improvements

Holidays are always a tricky time to undergo big renovations. But with ongoing worker and material shortages, now is an especially bad time to commit. Inflated costs can add thousands to your reno budget—and unnecessary stress to your holiday.

Instead of suffering through an ill-timed remodel, you're better off saving this time of year for simpler, less expensive projects you can do yourself.

One winter-perfect upgrade to consider: Build a DIY fire pit so that you and your guests can roast marshmallows and relax in the cozy comfort of your backyard. You can also add some extra ambiance by hanging energy-efficient LED outdoor string lights that change from white to colourful. These are festive enough for the holidays, but also versatile enough to use year-round.

Or, if you'd rather curl up by an indoor fire, channel your DIY energy into a fireplace upgrade. Adding a wooden beam to the top of your mantel can add an extra layer of coziness. Alternatively, re-tiling or painting your fireplace surround can lend contemporary flair.

Just be sure to stick to DIY projects that you know you can do a quality job on—especially if your changes will be difficult to reverse. Feel free to reach out for a free assessment to find out how your planned renovations could impact your home’s resale value.

4. Invest in Home Maintenance Projects That Cut Your Utility Bills

You can save money by completing basic home maintenance tasks, such as swapping your furnace filter and updating your lightbulbs. But if you really want to lower your bills this winter, consider projects that make your home more energy efficient.

Research by the trade group NAIMA found that most homes in Canada are under-insulated, which wastes energy and money.⁷ The group estimates that Canadians can potentially save hundreds of dollars per year just by retrofitting their homes. Luckily, there are plenty of DIY insulation projects that you can complete in just a few days. For example, some projects you can do relatively quickly include:

• Insulating your attic or basement crawl space
• Weatherstripping doors and windows
• Sealing areas around the house that may be leaking air, including electrical outlets and fireplaces

The savings you get from these projects can really add up. Natural Resources Canada estimates that walls alone account for roughly 20% of heat loss in homes, so they’re a rich target for tackling costly sources of air leakage.⁸ And thanks to the Canada Greener Homes Initiative, you can also save a bundle this year by investing in certain energy-efficient upgrades and claiming a tax rebate.⁹ Be sure to check with us about any municipal or provincial rebates and incentives that may be available, too, before getting started on a project.

5. Use Expense Tracking to Boost Your Holiday Budget

To avoid overextending yourself during the holidays, one of the best things you can do is track your income and expenses. If your monthly budget is usually tight, you may need to make some adjustments to free up cash for holiday expenditures.

For example, here's a sample budget worksheet that we created. Start by adding in your expenses: Under the “Typical” column, you can list your standard expenses, and under the “Adjusted” column, list any areas where you could cut back on spending.

Then consider how your standard wages may be adjusted this month by extra shifts, additional tips, or an end-of-year bonus. By decreasing your spending and/or increasing your income, you can build room in your budget for holiday gifts and gatherings.

Feel free to utilize this worksheet as a template that you can customize to your needs, or ask us for a PDF copy that you can print out and use right away.

WE’RE HERE TO HELP

We would love to help you meet your financial goals now and in the year ahead. Whether you want to find lower-cost alternatives for home renovations, maintenance, or services, we are happy to provide our insights and referrals.

And if you’re saving up to buy a new home, we can help with that, too. This is the perfect time to score a great deal because only the most motivated homebuyers and sellers are active in the market right now. So reach out to schedule a free consultation. We can fill you in on some of the exciting programs and incentives we’re seeing that help make homeownership more affordable.

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     CTV News -
https://www.ctvnews.ca/lifestyle/8-tips-for-saving-on-your-home-heating-this-winter-1.6116384

2.     CBC News -
https://www.cbc.ca/news/world/goodwill-online-store-1.6605808

3.     MoneyWise -

https://moneywise.ca/news/economy/canadians-plan-to-spend-less-as-retailers-brace-for-shopping-season

4.     Statistics Canada -
https://www150.statcan.gc.ca/n1/pub/62f0014m/62f0014m2022014-eng.htm

5.        Statista -
https://www.statista.com/statistics/998634/consumers-who-have-shopped-at-thrift-stores-canada/-​​

6.        Retail Insider - https://retail-insider.com/retail-insider/2022/08/resale-going-mainstream-in-canada-with-consumers-particularly-valuing-brand-owned-resale-report/

7.        NAIMA Canada -https://www.globenewswire.com/en/news-release/2016/10/27/1263857/0/en/New-Study-Reveals-Most-Homes-in-Canada-Are-Significantly-Under-Insulated.html

8.        Natural Resources Canada -https://www.nrcan.gc.ca/energy-efficiency/homes/make-your-home-more-energy-efficient/keeping-the-heat/chapter-7-insulating-walls/15641

9.        Government of Canada -https://www.nrcan.gc.ca/energy-efficiency/homes/canada-greener-homes-grant/start-your-energy-efficient-retrofits/plan-document-and-complete-your-home-retrofits/eligible-grants-for-my-home-retrofit/23504

Sources:

1.     CTV News -
https://www.ctvnews.ca/lifestyle/8-tips-for-saving-on-your-home-heating-this-winter-1.6116384

2.     CBC News -
https://www.cbc.ca/news/world/goodwill-online-store-1.6605808

3.     MoneyWise -

https://moneywise.ca/news/economy/canadians-plan-to-spend-less-as-retailers-brace-for-shopping-season

4.     Statistics Canada -
https://www150.statcan.gc.ca/n1/pub/62f0014m/62f0014m2022014-eng.htm

5.        Statista -
https://www.statista.com/statistics/998634/consumers-who-have-shopped-at-thrift-stores-canada/-​​

6.        Retail Insider - https://retail-insider.com/retail-insider/2022/08/resale-going-mainstream-in-canada-with-consumers-particularly-valuing-brand-owned-resale-report/

7.        NAIMA Canada -https://www.globenewswire.com/en/news-release/2016/10/27/1263857/0/en/New-Study-Reveals-Most-Homes-in-Canada-Are-Significantly-Under-Insulated.html

8.        Natural Resources Canada -https://www.nrcan.gc.ca/energy-efficiency/homes/make-your-home-more-energy-efficient/keeping-the-heat/chapter-7-insulating-walls/15641

9.        Government of Canada -https://www.nrcan.gc.ca/energy-efficiency/homes/canada-greener-homes-grant/start-your-energy-efficient-retrofits/plan-document-and-complete-your-home-retrofits/eligible-grants-for-my-home-retrofit/23504