Even in a ‘hot’ real estate market, some homeowners are reluctant to sell. They ask, “Why sell if it’s just going to cost me more where I’m going?” The problem is, that logic is often not true. If you’re downsizing, this could be an optimum time to make a move, capitalizing on the price gap between what you may receive for your current home and what you’ll pay for a smaller home.
Even if you’re upgrading, a strong market may still be to your advantage. For example, if you’re moving from a city center to a more outlying community, or from an established neighbourhood to a new development.
There are also carrying costs to consider. Right now, Canadians benefit from near record low mortgage rates, which has a major impact on a home’s true affordability. Your Coldwell Banker sales professional can provide pricing data and affordability calculations to help you make an informed decision.
What is a ‘Smart Home’?
With the development of Smart Home products, our homes are increasingly able to simplify our lives and save us time and money. So, it’s not surprising that homes for sale with Smart Home products are gaining traction.
And while this new trend is underway, Coldwell Banker noticed that no one had defined for consumers what a Smart Home really is. So we sat down with CNET.com, the preeminent technology reviewer, to set the standard:
Smart Home: A home equipped with network-connected ‘smart products’ (i.e. connected via Wi-Fi, Bluetooth, etc.) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself. It must have a cable, satellite or DSL internet connection and be equipped with at least three Smart Home features, including security or temperature.
Want to know more about Smart Home features? Visit Coldwell Banker’s Blue Matter blog or stay tuned for our next issue.
Home sales heading for a record
Canada’s real estate market is heading for a record in 2016, according to a recent industry forecast. On September 15, The Canadian Real Estate Association (CREA) predicted national MLS® sales will rise 6% this year, to reach 535,900 units, a new record. Sales are expected to stay at a similar pace next year, with CREA forecasting 532,900 homes sold in 2017.
The national average price is expected to reach $487,800 in 2016, a 10.1% increase over last year. According to CREA, the average home price will hold steady next year at $486,600.
While it’s interesting to review national trends, regional disparities abound in markets across the country. Home prices can vary between communities, or even on the same street. For a closer look at your market, contact your local Coldwell Banker professional.