After showing 1000s of houses and condos for sale till date, I am of the opinion that kitchen have always attracted Buyers to consider a property or a well done kitchen always gives upper edge to your house or condo listing. I have seen buyers not willing to consider a property just because of basic kitchen, even though rest of the house was looking good. When we start talking about renovations, 1st consideration, in most of the cases is given to Kitchen, specially, if it is not showing up well.

If you are listing your property, there is no point, you over spend anywhere. But sometimes, if small renovations can make the difference to your bottom line…..then why not!

Following kitchen renovations, can do the job, based on what is missing/required in your kitchen to make it look appealing:

1. Backsplash – This small 1 day project, can make your kitchen look fresh and modern. There is huge variety available in the market, you shall just make sure, it is matching your cabinets and wall paint. You should just know, where you get them cheap and how to install.

2. Cabinets – This is a 1 week project. Most of the time refacing the kitchen cabinets works just fine, rather then replacing the whole cabinet, as doing later is 4 times the cost. The basic refacing project consists of installing new cabinet door and drawer fronts and covering the exposed face frames of the cabinets with a matching wood or plastic veneer. Many times just changing the handles can make the difference. No need to go for a branded kitchen cabinets as even in Million dollar homes, look and feel matters more then the brand.

3. Counter Top – This is 2-4 days project. A Good looking granite or quartz countertop, can make a big difference in overall look of your kitchen. This involves choosing the right stone, which matches your interior, working with a fabricator, who can cut it to your requirement and finally the installer who can handle this delicate installation, which requires lots of precision and skill. Walking to a retail store for this, will put a dent in your entire budget, as they are double or even 3 times the cost of a wholesaler.

4. Appliances – Stainless Steel is in Fashion. White basic appliances can kill your kitchen…..no matter what else you have there. There are many place in Greater Toronto area, which offer you good bargains depending on time of the year. Various Scratch and dent stores can also be a good source for shopping on these, as many times you will be surprised looking at the stickers. Just do some research before finalizing, as every deal in these stores is not a bargain.

5. Floor tiles – This is the last thing you want to change, as the whole kitchen is sitting on these but many times it is just the grout between the tiles, which is making it look basic and dirty. There are solutions available in the market, which can clean the grout and/or make the existing floor tiles look fresh.

Lastly, a thorough cleaning and organizing of kitchen is also very important. It is always a good idea to keep only the amount of utensils, cutlery, cooking equipment or grocery, which can fit in your kitchen rather then over stuffing, which will only make your kitchen look small.

To help our buyers and sellers, we have tied up with various manufacturers/fabricators/contractors, who can help you accomplish all or most of the above, in almost half the cost, if you compare it doing it through a retailers.

From sellers prospective, small renovations can sometimes make 1000s of dollars difference in their bottom line. Whereas from home buyers prospective, Buying a home which requires small renovations is not a bad idea….as in most cases, you will end up saving considerably as compared to something which is ready made and shining. We can always help home buyer get mortgages, which can add a small renovations as above added to their mortgages.

We are committed to provide our clients the best!

Were you looking to listing a home and wondering what do real estate agents do in home selling process?

Home Selling is a specialized process for which real estate agents are trained through a provincial licensing program. It is not just about putting a lawn for sale sign and printing a good flyer for your home……there is a lot of work involved in home selling process.

As each real estate agent is independent contractor and have his own level of expertise based on his training, experience and capabilities, there is no standard process to be followed in home selling process. All qualified real estate agents will have their own home selling skill sets, which will differentiate them from others.

Who Pays Real estate commissions?
First most important thing which you need to understand before listing a home is that main decision maker in any sale & purchase is the BUYER i.e. party with money in their hand. So, even though it may sound that you are paying the cost of selling…..end of the day these are monies are paid by Buyer, which also includes selling cost. You charged him purchase price which includes selling cost. So, please don’t just concentrate on saving real estate fees, there is a lot more to this equation which is equally important. Still selling cost is an important part of the whole transaction as you don’t want someone who is asking for too low home selling commissions….which is far below normal charges…..you got to take it with pinch of salt, as home selling process requires some time and efforts dedications, which real estate agents can’t give if there is nothing or too less on the table for him. Nor you want to stick to 2-3 top real estate agents who only believe in charging full commissions just because he/she gives a full page add in news paper….as that will raise your selling cost which buyer may not be willing to pay. There are lots of experienced real estate agents who will charge you discount real estate commissions without discounting their packages….look for those.

What do real estate agents do in Listing a home @ right price?
You don’t want to be listing a home at over or under price…..you got to list it at right appraised value. This important figure is very important part of home selling process. You can’t judge it alone based on house price sold next door or lane. Real estate agents will do a professional appraisal and give you a more accurate free home evaluation to help you list your own home at right price.

What do real estate agents do to make it present the best?
Home Selling is all about proper presentation. Not just based on what you think is right but what people like to see in their home. This may involve some fix up’s through renovations or maybe doing a proper home staging. Though all real estate agents have same basic qualifications……they still get distinguished here, as very few real estate agents have eye for what are weak points in a property and for their client convenience have already shortlisted contractors who are good to handle that specific job. Once this part is done…..then the property needs to be presented to its best for which few top real estate agents will have tie ups with home staging companies or experience to help themselves to make your house present the best.

What do real estate agents do for home selling marketing?
Listing a home is done now what about the home selling marketing? 80% of the home search starts online…..so internet home marketing is important step in achieving the desired results. There are fewer real estate agents, who have strong presence online home selling marketing plans to give maximum exposure to your property. A professionally done virtual tour for homes is very important, as that is what will convince buyers to spend time on viewing your property. Plus if your property is not present on 1st page of major search engines……it is as good as not existing. As all agents don’t have the expertise more home selling marketing infrastructure in place to achieve such results, you need to be sure that the real estate agents you choose, have such capabilities. This is over and above the regular marketing required like listing on MLS, printing flyers and doing open houses.

What do real estate agents do other then all above?
After listing a home with strong home selling marketing plan, you finally get few prospects. Your qualified and experienced real estate agents will qualify the buyers to make sure they can afford the property and are qualified buyers. Your real estate agents will handle all relevant sources of prospects and bring forward only the ones who are most serious. Thereafter starts the negotiation process, which if not handled properly can make you go 1000s in minus. Negotiation is not just on price but on terms and conditions within a written contract. Experienced & Qualified real estate agents are expert in negotiating without getting emotionally involved and know which conditions are important to protect your interest and/or are fair or unfair. Once contract is finalized and deal is firm, real estate agents will provide you support till the completion of your transaction and answer all the queries/concerns which are raised by either of the parties involved.

Just like doctors and lawyers, real estate agents also expertise in their profession and provide you professional representation in Listing a home and guiding you throughout the home selling process.

Selling your real estate can at times become one of the most difficult tasks you would ever have to handle. Many sellers detest the idea of dealing through agents but they ignore the number of advantages that an agent brings with him. Clients today have a number of facilities at their disposal. This is the primary reason that clients prefer selling their properties via the internet or various other advertising channels. Frankly speaking, selling your home or condo without a real estate agent can really be a risky affair, here is why:

• Education and experience: Full time Real estate agents have years of experience in the field and they know exactly where to look for a buyer and what exactly are real estate values for similar type of houses in your neighborhood. Their experience eyes can catch any visible flaws in your property, which may be a hindrance in making your sale. You being living on the property…..will always find everything normal. You wouldn’t need to know details about buying and selling a real estate if you hire an agent who knows his field well.

• Agents are like buffers: An will filter all those good for nothing phone calls, non qualified buyers from reaching you and make sure that only serious pre qualified buyers have a shot at buying your property.

• Real estate Values: This is a very important part in process of selling a property. Determining wrong real estate values can lead you towards failure. Some of the home owners judge real estate values by what have recently sold on their neighborhood. This strategy can some times backfire at them as there are many other factors and data to be accounted for to judge the right real estate values. A real estate agent will help you sell your property for the maximum amount possible, as they are qualified to do a comparative market analysis for your property and based on local market conditions suggest you the maximum real estate values for your specific property. In an ever fluctuating real estate market, the prices of your property would depend on a number of factors. An agent will take all these factors into consideration and than develop a negotiation strategy with the buyer to get you the best price possible. A real estate agent has complete information of all the factors that might cause your real estate values to change. Professional contacts: Agents deal with a number of professionals whose services you may require during selling your property. These contacts can be related to professional appraisal, pre inspection, renovations, appliances technicians, staging professionals etc. In addition agents also have contacts of serious buyers interested in buying a property in your area. This would help you to sell your property without wasting a lot of time on the market and without any hassles.

• Negotiation skills: Most of experienced real estate agents are trained individuals and have great negotiation skills which would help you in getting the best price for your property. A real estate agent is in a better position to negotiate because he is far removed from any sort of emotional attachment to the property and hence can negotiate like it is a business deal aimed at making the maximum profit.

• Paperwork made simple: Selling a property includes piles of paperwork. Qualified and experienced real estate agents know how to do proper paperwork for such a large transaction and what comes forward to you is a simplified process. Just one mistake and you will have to make countless visits to the court and make thousands in fine or losses. You can avoid all this and more by hiring a full time & experienced real estate agent to take care of all the required real estate transaction paperwork.

Home for sale by owner is one of the options available for people who are looking to sell their own home. People who generally adopt this option for selling, their main intention is to save on selling costs i.e. Do the job of a Real estate agent yourself. This is a particular procedure that calls for great deal of efforts on your parts. There is a good deal of preparation to be made before you jump into project where mistakes equal to loss of money. At the same time there are some documentation procedures which are going to take some good amount of time on your part before you finally decided to list your home for sale by owner. So before you make a plunge into such an act you have to get the fact that it is going to be a time consuming venture for you.

Most important starting point is Pricing your Property!
Before you proceed into a home for sale by owner you need to grab a few details first. In the first place you will be required to keep an eye on the market pertaining to the insertions of property sales. As a matter of fact, in most cases these advertisements do not generally get flaunted or flushed in the newspapers or internet or TV that much. You are to get that info from the bee hives. Generally it is the agents who are in perfect knowledge of where to get this information from. However as you are working alone you will have to take that burden on your shoulder. A Formal Appraisal can be solution.

Handling Agreement Clauses
In a business deal such as a Home for sale by owner you will be required to keep unfailing eye on some other crucial aspects as well. For example other then the sale price you will have to take care of your own interest when it comes to various legal clauses which are added in the agreement of this type. There will always be clauses which are reasonable and there are ones which may be huge hindrance to your interest in this whole real estate transaction. If you have decided to put your home for sale by owner, best is to consult your lawyer every time you get a written offer, before you put any signatures on the paper. Home selling is not same as selling cup cakes….it is one of the biggest transactions of your life, which you have decided to handle yourself. So, please don’t try to save on lawyers fees, which you may require to pay for additional consultations as above.

Be very careful about the payment procedures
Payment procedures are very crucial in real estate transactions, as amounts are large. As you have chosen the option of home for sale by owner for selling your property, you will have to take some extra measures of precaution, as you can’t use regular real estate forms, which have a lot of pre printed legal material written on them to protect both the sides. What, Why & When are important to make sure about the money exchange procedure.

Selling your home or selling your condo is a serious business. In any real estate transaction all parties involved have only one target…..Maximum profit with Minimum cost. Whether it is the home buyer or home seller!

While trying to accomplish above goals, many times home sellers end up taking the route of selling home privately. Home for sale by owner is a double aged business proposition for the home owners. There are high prospects of making some quick bucks by means of a smart deal. However there are some typical challenges which you need to be aware of. When you do it alone without the intervention of an agent it can prove to be a nightmare if you are not prepared enough. There are multiple pitfalls…..which can really drag you from maximum profit DREAM to maximum loss REALITY. You are required to look at Home selling as a serious deal which will belch out immense profit at the successful closing of the transaction, if it is done right from the beginning. Therefore two things are extremely important before you jump into it. They are preparation and planning. With a sudden surge in the real estate market people actually have ample choices around them. In order to get your property noticed you will be required to present it in an appealing package of comfort and luxury. A balanced combination of research into the market, proper pricing strategy and specific marketing tactics can get you a good deal.

Settle on the right price for the home for sale

Proper pricing is a very important step in home selling process. In order to sell your house at the right kind of price it is important that you decide a suitable price for the property. It is actually a must when it comes to a home for sale by owner….as you have no one to guide you on what price is the right price. Be assured neighborhood sale is not the only price deciding criteria. You have to put in some labor as well as adequate time in search out the pricing that goes well the features, Upgrades and amenities of your home. When it comes to a home for sale by owner, people can not choose to ignore a typical problem called ‘overpriced listings’. You have to avoid its temptation and quote the correct pricing for your property. You may choose to hire a professional appraiser, if you don’t want to take chances with such an important step in home selling process.

Market your property in a smart fashion

During the preparation of a home for sale by owner, people have to wager on a sound marketing strategy for the property for sale, as there is no body to guide them on the process. You just don’t list your property without working on your marketing strategy…..that is a disaster. You will be required to work on a proper marketing campaign for the home and you have to add an alluring impact into the campaign.
Which you can accomplish by hiring a professional stager, photographer and renovations contractor etc, based on the state of your property. Idea is to presentment your home for sale by owner to the maximum potential. Once your property is fully prepared, you need to decide on the balance portion of your for sale by owner home marketing campaign. If you were thinking of simply putting a for sale sign outside your house or hire some fsbo website link like comfree or property guys etc., will sell home…..you are strongly mistaken. There is a lot more involved including that. However while doing so you have to make sure that you put up truthful accounts or descriptions about the property. By using false claims or statement you might jeopardize yourself. You can do much of a strong as well as positive marketing campaign by highlighting the salient features of your home.

Apart from that there are couples of stuffs which will get you fruitful result in your home selling process. For example you can try your luck with the following activities such as getting advice or assistance from your friends and family, who have experience in home selling, choosing a proper facility that offers you multiple lists of prospective clients or customers for the property, understanding the subtle techniques of a masterful negotiating skill, understanding the psyche of the prospective clients etc.

Also feel free to read my complete cost analysis of “for sale by owner” home selling approach. Please click on the icon below to link to “Top 10 Expert Tips on How to Sell Your Home Privately without a Real estate Agent for Maximum Price”

There are good ways by which you can sell your home at an attractive price. But before that, you have to know the norms of how to sell your home. It is not easy selling a property. There are lots of things involved in the process.

Preparing Your Home for a Sale

Once you have decided to sell your home, it is necessary that you make yourself and your home ready for the sale. There are certain steps for making a home ideal for selling.
• You first need to detach yourself from your house. Let your emotions loose and try to convince yourself with the words, “this house no more belongs to me”. A mental disassociation is necessary. Think of your house as a product about to go on the market and your job is to make it look the best before you put your home for sale. This is one of very important steps of “How to Sell Your Home”.

• When preparing your home for sale….fixing & renovating the problems in your home is your next step. No one buys home with flaws unless it is priced lower then market value. I am sure….this is not the route you want to consider…..you want to rather sell your home for maximum price. You need to do this exercise before your house goes on the public mls. Potential buyers are generally not interested in hearing about your good intentions to look after defects before closing takes place, home buyers may not be able to visualize what your home will look like when the work is finished. You are discouraging buyers by showing them something, which gives them the feel of “Not very well kept home” i.e. you are yourself degrading your home value. If you are not aware of what needs to be fixed….take help of your professional Real Estate Agent and a Certified Inspector.

• Take away or remove all your personal belongings and keep them in some other place. This is really very important for you to know in the process of how to sell your home. Make sure that the entire house looks absolutely clean and iridescent before you put it in the market. It needs to show well…..which means clutter free and well kept Home. Ask your experienced real estate agent on what to remove from where during the home preparation stage i.e. immediately after signing the listing agreement but before putting it on market. During this stage, most of the expert listing real estate agents, try to help you make your property look the best by helping you remove items, which are not needed during the home selling process or are personal in nature.

• Ask your Experienced Realtor…..if you need to rearrange things within the house. This may make things appear systematic and many times cover the limitations of a specific house. There is no standard method and procedure to explain on how to sell your home about this important step…..as every house is different. Your experienced Realtor will have that eye to guide you on how to rearrange your furniture to let your house present to best of its potential.

• Next step on how to sell your home is to do market valuation for your property. For this purpose don’t just use your own expert opinion i.e. how much did your neighboring house sold for or how much you feel your house is worth? Leave this to the market evaluation professionals i.e. hire a professional market appraiser or for a planned subdivision even your local experienced real estate agent can appraise your property as most of qualified realtors expertise in comparative market analysis and guide you on best pricing options based on specific market & property conditions.

The Ultimate Step in How to Sell Your Home

Choosing the Right Real estate agent is the most important and ultimate step in how to sell your home for top dollars. He/She is the one, who will make all this happen for you by marketing your property to best of its potential. Interview atleast 3 agents before you finalize one. Few Important things which you want to consider in your listing agent are as below:
• Listing Commissions effect your bottom line…..however, it is not necessary that cheapest or most expensive is the best way to go. You need to review all parts of the marketing package offered by all three agents you have interview and take your decision without any pressure.

• Check your agents websites and profile, to be sure, that he/she have strong online presence i.e. marketing capabilities over the interest as 80%-90% buyers start from internet. he is full time professional and is licensed to list your property on TREB (One of the biggest real estate boards of Canada) to give maximum exposure to sell your home.

• Try to find (in Websites and profile provided)…..What other clients say about your Realtor and make sure he is working full time in this trade…..that assures you good service as and when required to Sell your home.

• Make Sure your Listing agent is not over occupied i.e. someone for example having 30 listings and you are #31…..what do you expect??? Each listing on an average demands atleast 1 hour of service everyday for a full service package…..how can one having 30 listings service all in a 8 working hours even if he gives half the time??? Unless you are happy getting serviced through a non experienced assistants or you are comfortable leaving 10 messages for your Big brand realtor to get your call returned.
If you are thinking on “how to sell my home” consider above steps as general guidelines….which will help you sell your house for maximum price at minimum cost!!!

Gone are the days when potential home buyer’s or buyer’s agents use to drive around looking for open house signs in their area of interest. Today more then 85% of home buyers start their home search online and don’t waste their time going house to house. If they are really convinced on what is presented to them over the web….they are thereafter willing to invest their time to go and see that property.

Yet to help home sellers understand…..most of the people who visit the open house now are like nosy neighbours who just want to see your home, tire kickers….who can’t afford a condo, but will walk in the open house of a far more expensive home, people who don’t have nearly enough money to consider putting in an offer and even criminals who are there to either steal something from the home during the open house or check out the security system so they can come back later.

Wouldn’t it make more sense to wait for a truly interested buyer, who is willing to invest his time to schedule a private appointment to see your home? That shows more serious and committed buyer rather then someone walking in an open house.

In today’s market….there are far better selling tools then doing a open house. Yet, it is still not a bad idea of giving a very limited exposure to this selling tool…..as it does generates some awareness and helps in spreading the word around. It may also help us show the property to maximum number of buyers in a very short time period. Plus it also helps in getting a first hand feedback from the potential buyers.

Experienced real estate agents help their home sellers prepare their property for an effective and secured open house.

According to the latest information from the Canadian Real Estate Association, Canada-wide, real estate markets will head into 2012 while
slightly balanced, but will lean slightly towards being seller’s markets.

According to Gary Morse, the president of the Canadian Real Estate Association:

“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of
Canadian economic growth. That said, some housing markets are picking up, while others are holding steady or consolidating.”

According to Gregory Klump, the chief economist for the Canadian Real Estate Association:

“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess. That said,
current trends for resale housing and new home constructions suggest that tightened mortgage regulations are working as intended and fostering economic
stability inCanada.”

Click Here to Get Your Free Home Evaluation for 2012!

Balanced conditions set to return to most Canadian housing markets in 2012, while residential values expected to once again set new records, says RE/MAX

The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011—with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year’s levels in 85 per cent (22/26) of markets in 2011. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent in 2012.

By year-end 2011, an estimated 460,000 homes are expected to change hands, up three per cent from the 447,010 units reported in 2010. Sales are expected to climb one per cent to 464,500 units in 2012. The value of a Canadian home is set to climb to $363,000 this year—an increase of seven per cent over the $339,030 posted one year ago. By year-end 2012, the average price in Canada is forecast to appreciate two per cent to $371,000.
The Canadian housing market has demonstrated tremendous resilience in recent years, but 2011 stands out. Instead of responding to economic concerns both here and abroad with a retreat in sales and prices, residential real estate markets actually experienced an upswing in the volatile third and final quarters. While clearly not impervious to the impact, Canadian consumers are intent on making their moves now, in advance of higher housing values and rising interest rates down the road.

Improvement in both provincial and local economies, especially during the second half of 2012, should serve to further stimulate home-buying activity. Greater Toronto market is anticipate a three per cent increase in home sales in 2012.

The economic underpinnings support ongoing demand, particularly as job creation efforts continue and unemployment rates edge down further. Nationally, we remain on an upward track, and the confidence consumers have demonstrated in housing over the past decade will prove well founded once again next year. The rising belief in homeownership is key, especially among Generation X and Y—some of whom are making their moves sooner. Boomers and retirees are changing, too. They’re healthier and more active, with longer life expectancy. Overall, we’re seeing an extension of the homeownership cycle, and it’s great news for housing.

While tighter supply levels contributed to steady price appreciation in most major markets across Canada this year, an increase in inventory more in line with years previous should ease upward pressure on average price in the year ahead. The highest appreciation is expected in Regina, where values are forecast to increase eight per cent, followed by Greater Toronto Area, Halifax-Dartmouth, and St, John’s—each posting a five per cent gain. Overall, 81 per cent of the markets examined are forecast to set new records for average price next year. Noteworthy milestones include Greater Vancouver, which will break the $800,000 threshold, as well as Regina and Kitchener-Waterloo, which will reach the $300,000 mark.

While prices will remain on the upswing, buyers will benefit from greater selection moving forward. Stability or modest growth will characterize sales activity while GDP moves forward at a more muted pace in 2012. Whether markets will meet or potentially exceed projections will hinge largely on consumer confidence. An unexpected call for interest rate hikes could also serve to bolster sales.

Other highlights include:
• Population growth and immigration are major factors expected to prop-up housing demand and household formation in the coming years. Since 2000, Canada’s population has experienced double-digit growth of 11 per cent. By 2031, over 42 million people are expected to call Canada home.
• Investment will also continue in Canada’s major centres, with income-producing properties at the top of the most wanted list. Low vacancy rates and stock market volatility reinvigorated this segment of the market in 2011 and the very same factors are forecast to influence sales moving forward.
• Condominiums are expected to gain an increasing share of the marketplace, particularly in Western Canada and Ontario. A focus on higher density urban growth is impacting purchasing patterns and introducing new, affordable options—critical to the attainability of homeownership as prices continue to move upward.
• Housing stock in major Canadian centres will improve as municipalities focus on redevelopment and revitalization.

Housing Evolution Driving average price appreciation in Canada’s major centres, says RE/MAX Latest Housing Market Report!

Record investment dollars poured into Canadian housing stock over past decade

Billions spent in new construction, renovation, and infill over the past decade have contributed to a serious upswing in the calibre of Canada’s housing stock, propping up residential average price in the country’s major centres, according to a report released today by RE/MAX.

Since 2000, the value of a Canadian home has doubled, rising from $163,951 to $339,030 in 2010. Nowhere has the upswing been better captured than in both the value of residential building permits issued nationally between 2000 and 2010—at $340 billion—and the estimated $450 billion spent in renovation. The impact of these two forces alone has fuelled the Canadian residential real estate market – as well as the construction industry—for more than 10 years.

As a result, investment in Canada’s housing stock is at an all-time high in the 16 Canadian residential real estate markets examined in the RE/MAX Housing Evolution Report. Higher quality housing translated into extraordinary price appreciation across the country—with 62 per cent (10 markets) experiencing increases in excess of 100 per cent since 2000.

“While a number of external variables were also behind the exceptional gains,revitalization — amid an aging housing stock—and newer construction are largely underestimated factors supporting Canadian housing values. The trend is expected to continue for years to come as investment in residential real estate through renovation, infill, and redevelopment ramps up across the country. City planners, builders, developers, and homeowners have only just begun.

The report found that the unprecedented sum funneled into housing has effectively changed the landscape of Canada’s major centres. New home construction has advanced suburban sprawl, giving rise to new sought-after pockets in virtually every centre across the board.

Infill continues to redefine neighbourhoods, particularly in areas where the value of existing structures have not kept pace with escalating land values. The trend was evident in all centres, but had the greatest impact in large metropolitan cities such as Toronto and Vancouver. Bungalows on large lots are prime targets, making way for custom builds that transform working-class subdivisions of yesteryear into up-and-coming upper-end pockets. Infill is also maximizing land potential, often replacing one, two or several tired structures with a block of townhomes or mixed-use residential, even high-rise apartments.

Renovation has also had a tremendous impact on housing throughout the decade, so much so that it’s emerged as, arguably, Canada’s next national past time. Residential renovation spending has been gaining momentum year-over-year since the early part of the decade and now exceeds $60 billion annually.

The trend has not been limited to single-family homes—although that activity has been nothing short of remarkable. Canada’s cities have also mounted ambitious renewal of their own, particularly in the heart of most major centres—the urban core. Strategic smart growth plans are altering cityscapes, challenging our concepts and perceptions—including our purchasing patterns—and creating partnerships that are working to escalate our markets to world-class status. Non-residential construction, including infrastructure spending has had a positive secondary impact, in turn boosting spending on the residential side.

The past decade has also marked the rise of the condominium—moreover, its undeniable acceptance as an attractive option as opposed to a secondary compromise. Toronto, for example, has become the largest condominium market in North America. Yet, it isn’t just gaining traction in large centres like Toronto, Ottawa and Vancouver, but also in smaller cities such as Kelowna, London and Halifax—to name a few. Running the gamut from entry-level units to upscale, luxury suites, condominiums have gained widespread appeal with aging boomers, looking for lifestyle and low maintenance; young professionals, attracted to trendy locales; and first-time buyers, looking to get their foot in the door to homeownership.

Condominiums have changed the urban landscape, driving residential neighbourhoods up, instead of out, and bringing to market a bevy of new options from mixed-use residential, live-work studios, lofts, townhomes, and condo bungalows. Townhomes, in particular, have experienced a serious rise in popularity, bridging the gap for empty-nesters and retirees not yet ready for apartment-style living.

With construction of rental product few and far between in many Canadian centres, it’s no surprise that investors have also been particularly active in the condominium market, especially in college/university towns or where vacancy rates remain tight.

Redevelopment holds the greatest potential for cities on the cusp of exciting rejuvenation. While former brownfields can present challenges, many have opened up and revitalized entire areas. The Barrel Yards Development in Kitchener-Waterloo, for example, is expected to change stagnant industrial land into a bustling residential, commercial and retail hub. Past successful transformations include Garrison Woods in Calgary, the Hamilton Beaches in Hamilton and Bishop’s Landing in Halifax, with countless projects planned nationwide in the years to come. Conversions also continue to breathe new life into existing structures with good bones, while supporting the move to higher-density and the introduction of affordable options.

Greater sustainability overall, keeping the urban lifestyle attainable, livable and attractive at all price points, depends on redevelopment.

Lastly, population growth has been a key factor making housing evolution possible. Since 2000, Canada’s population has experienced double-digit growth of 11 per cent. By 2031, over 42 million people are expected to call Canada home.

There’s no question that population growth will continue to support investment, propping revitalization and new construction in the years ahead, and by extension raising the bar and prices in real estate markets even further!!!