Sales continued to decline in September totalling 1273 units city wide. This represents a 13 per cent decline from 2017 and is well below long term averages. 

With rising inventories, months of supply now sits at 6.25. The persistent oversupply continues to put downward pressure on prices with the citywide benchmark price falling to $428,700. This is down nearly one per cent from last month and three per cent from a year ago.

Quick Stats:

*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.

 

**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.

Do You Know the Basics of Home Security?

Most people feel confident that they know the basics of home security. For example, they know to: keep all doors locked; have a light on in the house while away; and, never hide a key outside in an obvious place, like under the mat.

Yet, almost a million and a half properties get burglarized in North America each year. So, how can you prevent that from happening to your home? Here are a few lesser-known home security basics:

• Actually, never hide a key outside. Thieves know all the hiding places. Instead, make sure all family members have a key.
• Two-thirds of home burglaries occur during the day. So, be extra vigilant about making sure doors and windows are locked while you’re out during the day.
• Surprisingly, most thieves are not daring. They are 2.7 times more likely to target a home without an alarm system.
• Thieves will attempt to force entry through sliding-style doors and windows first. Make sure these have a locking bar or extra bolt lock.
• Surprising, 40% of household burglaries do not involve forced entry. The thief is able to slip in through an unlocked window or door.
• Don’t show off possessions! An imported racing bike parked next to the garage, or expensive audio equipment clearly seen through a window, is an invitation to burglars.
• Take a look at the lighting and landscaping around your property. Are there spots where a thief could easily hide? If so, make some changes.
• When planning a trip, have a trusted neighbour pick up newspapers, flyers and anything else that may accumulate at your door.

Your local police department may have more tips and special programs for keeping your home secure. Give them a call.

The Importance of Reading and Understanding an Offer

When you make or receive an offer to buy a property, it’s important that you read and understand every clause. It is especially important to understand any conditions or any changes that are made to the standard offer.

An offer may contain several types of conditions. The most common are “conditional upon arranging financing” and “conditional upon passing a professional home inspection.” However, there may be other conditions as well.

You should be aware of - and fully understand - all of them.

In addition, the wording of an offer may change during the back and forth negotiations that often happen. Aside from changes to the price, other clauses may be added, removed or reworded as well.

As your real estate agent, I will always explain the changes and ask you to initial them. This is done primarily to ensure you know and approve of what you’re signing.

A recent newspaper article tells the story of a buyer-seller legal dispute that resulted in a six-figure judgement against the seller. This was due, in part, to a lack of understanding of one of the clauses in the agreement.

You don’t want that to happen to you. Take the time to carefully review and understand an offer.

When to Call a Real Estate Agent

If you’re like most people, you go to see a doctor when you’re not feeling well or have a health concern. However, you may also visit your doctor for a check-up, or to ask questions about healthy living. In fact, consulting your doctor for anything health-related is a smart idea.

The same holds true when it comes to real estate.

Many people only call a real estate agent when they’re planning on selling their property, buying a new home, or doing both. While that’s an important reason to speak to a real estate agent, it’s not the only reason.

Indeed, there are many good reasons for you to give me a call. For example:

• If you have a question about the state of the local real estate market. (Remember that it may be very different from what you hear on the news about the national market.)
• If you want to get a sense of what homes are currently selling for in the area.
• If you want to determine the current market value of your property.
• If you want to find out how much homes cost in neighbourhoods you’d like to consider.
• If you’re thinking about the possibility of making a move, but you’re not sure if it’s the right time.

In other words, don’t be afraid to contact me when you have a question or need some advice about the real estate market.