With winter right around the corner, now is the time to make sure your home is ready while the weather is still nice. It’s only a matter of time before we see specs of white glistening snow fall from the sky, and don’t say I didn’t warn.  So, in an effort to tackle your “Honey Do List” I am breaking down the top ten tips to help you prepare your home for winter this year. I reached out to local companies to get their tips, so if you have any questions about any of this, I have included links so you can reach out to them directly.

Top Ten Tips 

• Test run your heating system – if you haven’t already fired up the furnace to find out, now is the time to try.  You don’t want to have sub zero temperatures and cold house to get you to turn on the furnace only to find out it’s not working. So, test run that puppy to see that it’s in tip, top, shape.  And while you’re at, consider cleaning or replacing your furnace filters, which should be done on a regular anyway.

• Install a Programmable Thermostat – If you don’t already have one, a programmable thermostat is a wise investment for any home owner. It may cost you a marginal price to invest in the thermostat, but it will pay for itself in the long run.  Most home owners benefit from saving about 1% or more on their heating bill just by lowering the temperature by one degree or more.

• Winterize your Air Conditioning System – With winter comes harsh weather conditions that can cause severe damage to your A/C. Cold weather, now and ice could cause a number of problems so it is vital to the longevity of your unit to properly prepare it for those cold winter months. It doesn’t take too much work just a little time but it may seem like a trivial task but it will help you when you need it to work the best in those blazing hot summer days.

• Inspect the roof and clean the gutters – Remove any debris and clutter that has built up in the eave trough so that you can prevent ice blockages which can cause snow and water runoff to drain toward the foundation of the house.

• Invest in a Car Starter – The average person no longer has room in their garage for their vehicle because it functions more like a storage locker, which means you are parking your car outdoors. It’s not so bad in the warmer months, but on cold, icy and snowy days the thought of scraping the snow and ice off your car and then getting in and waiting for everything to warm up add a lot of added time to your busy schedule which feels tighter then normal with less daylight hours.  Invest in an automatic car starter so you can start your car from inside while you drink your coffee before heading off to work.

• Stock Up on Windshield Washer Fluid – The snow might come down white and fluffy, but with all the cars sloshing through your windows will build up dirt and salt debris which requires more windshield washer fluid to rinse it away than summer months. 

• Winterize Your Sprinkler System and Pipes – Water expands when it freezes and this can be hazardous for your pipes, because they could freeze and burst. One way to prepare your pipes for winter is to inspect them for cracks and then insulate. The pipes outside your home, such as garden hoses or sprinklers can be disconnected and turned off. 

• Feed and Maintenance Your Lawn – By taking the time in the fall to winterize your lawn, you will benefit in the spring by paving the way for lush, healthy spring grass.  You will need to know what type of grass you have and then fertilize with the right product so that the grass can respond to the external triggers to start the process of preparing for winter, and although the temperatures drop, plant roots remain active in soil so be sure to prep accordingly.

• Point Drain Pipes Away – As mentioned above you should make sure your gutters are clear of debris so they can drain properly, but also make sure that you down spouts point away from the house down a slight slope.  If water collects near your home’s foundation you could compromise the structural integrity which could lead to expensive repairs.

• Get Draft Guards – If you have air leaks in around your doors, you are literally throwing money into thin air.  Door hinges, under-door spaces, broken window seals, power outlets, and other wall fittings are common areas where you might be letting out air which is costing you more money to maintain a consistent temperature in the home. Consider installing draft guards that slide in under your doors and windows, sealing them up so that no air can come in from outside.  Weatherstripping is another helpful trick to seal spaces like nooks and crannies that cannot otherwise be insulated.

BONUS TIP – while you have the ladder out, why not hang up your Christmas lights, you will be thankful you did later.

Each home is unique and each home deserves the care and attention required to help you maintain and keep things running smoothly so you’re not spending money on avoidable and costly fixes.  Take the time to think of all the things that you should do and set aside the time to do them.  It may require a little work upfront, but it will be worth it in the long run.

If you want to chat and discuss other ways to help keep your house in tip top shape and ensure that you are retaining and adding to your property value, I would love to do so over a cup of coffee. Contact me by filling out the contact information box below and I will be sure to get back to you.  

October shaped up to be an extraordinary month because the looming news of the Bank of Canada’s decision to address the over night rate escalated Buyer’s motivation and timeline to purchase before they could be impacted yet again.  On Oct 26^th the BoC, did announce a .75 rate increase to the overnight rate, bringing interest rates to 3.75 per cent for the first time since 2008.  If you recall what happened in 2008, we saw a massive hit to our real estate market as the dominos fell from south of the border only for our housing market to also be impacted.  That recession took nearly 6 years to bounce back from and then the pendulum shifted to a new extreme that we saw at the height in 2016-2017.  Just when we thought that housing prices couldn’t go any higher than the average year over year growth, COVID hit the scene which initially raised caution and concern for our industry.

However, within a few months, the market responded positively, thanks in part to the all time low interest rates and additional funding from our feds, allowing Buyers more equity and capital to invest in their current houses or leverage the opportunity and sell and reinvest in something that seemed unattainable any other time.  Fast forward to June or July of this year, and we saw a dramatic halt due to the Bank of Canada’s interaction into the ever-high inflation.  Seeing that it was quickly escalating and needing immediate attention, the government intervened and promised to tackle the surmounting problem and set a goal of hitting 2% by 2024.

Since government intervention, consumers are beginning to feel and adjust their spending accordingly. This has impacted the housing market, however, in our region we have still a healthy market with plenty of Buyers and an average stock of inventory.  Typically, we would see around 200 single family detached homes on the market, but in October this year we had 161 which means we are slightly below inventory, but not nearly as below as we were in October of 2021, which only had 57 homes listed.  Furthermore, in the month of October there were reported 82 sales, which is one of the lowest month of the year, second to January which had 64 sales.  The average for the month of October should be somewhere between 100-150 in our market.

If we look at single family detached homes for Cambridge, we are noticing that it is taking longer then what we have been used to in order to sell a home.  The average Seller should anticipate 4 weeks on the market right now which is also inline with a typical healthy market.  The sale price also continues to drop from a staggering high, but as we have been seeing over the last few months that decrease is marginal and some semblance of consistency seems to be on the horizon. In January the average single family detached home sold for almost 1.1 Million dollars, however, this past month that same Seller should anticipate a lower number as the average sale price has dropped 32% to $748,005.

In summary, the City of Cambridge, is still considered a healthy market irrespective of what the media or some may perceive.  Consumers need to isolate what happened in our housing market during COVID, because as we look back to 2019 or 2018, the statistics for 2022 are more inline to those numbers.

If you’re interested in learning more about what’s happening in the housing market in Waterloo Region, contact me today. I would be happy to sit and have a coffee and chat about how I can help you.

September seemed to have been a little slower in action reporting only 151 sales compared to August which was 184. However, these numbers also reflect the respective month’s new listings which in August saw 275 and then in September a drop to 222. With the decrease in new inventory and the demand still strong the average sale price continues to remain flat, with a 1% drop for Single Family Detached and an 11% increase for condos. Overall, for all home sales in Cambridge the average sale price is shaping up to flatten out which is a good thing.

Consistent with the month over month trend that we have been seeing this year, the price for Residential Freehold Detached homes in Cambridge remains fairly constant. However, we did see a slight increase in sale price for condominiums, jumping 11% since last month, and the question of affordability has become a hot topic.

All this to say, our markets are beginning to show some signs of stability which is much anticipated for both Buyers and Sellers alike. The surging interest rates have driven mortgage payments up, and those in the market to buy subsequently have less purchasing power and Sellers are recognizing this hesitation in Buyers. However, if the trend continues and home prices decline and/or stabilize, we will begin to see some relief for Buyers.

The sharp housing market correction that began this spring is rolling back some of the spectacular price gains made during the pandemic.

Robert Hogue, Assistant Chief Economist, RBC

As we eagerly await the next Bank of Canada announcement coming up this month, we will see and anticipate the impact that decision may have on the markets.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form and we can chat more over coffee.

People often overlook the various expenses they can expect when moving and this can cause some serious stress when something comes up unexpectedly in the buying and selling process. We often calculate our spending budget or our desired sale price, but we don’t take it to the next step and look at what other costs we need to factor in. 

Expenses to Expect

Let’s start first with Buyers, and unfortunately Buyers seem to have more items to consider but for good reason.  Most of the costs that are incurred are relevant to the purchase of a home.  Buyers need to be aware of their pre-approved mortgage limits, but also factor in what their down payment (deposit) will be.  Often the deposit comes from funds the Buyer has on hand and can range anywhere from $10,000 up to 10% of the asking price. The deposit is necessary to bind the Agreement of Purchase and Sale, so it is important that these funds are liquid and accessible. Subsequent to your pre-approval, you also need to consider what your down payment will be.

A down payment can be as low as 5% of the value of the home or 20% or greater if you want to avoid mortgage insurance (just another expense to consider that will be paid monthly with your mortgage payment).  Buyer’s are also responsible for paying the land transfer tax which varies with the home price.

If we look at the average price of a home in our region of $750,000, the Buyer is looking at paying $11,475 in addition of the purchase price. And if you are a first time home buyer, you can catch a little break on this one assuming you meet the eligibility requirements so be sure to check that out if you think you might be eligible.

Another break that Buyer’s typically get is their Realtor fees which are paid out by the Seller in the majority of cases. If you’re buying a new construction home or For Sale By Owner, have a conversation with your Realtor whether commission fees are applicable to you. Both Buyers and Sellers will be responsible for paying legal fees, and they can vary from $1,000 to $1,500 typically.

Some other closing costs that you could run into:

• Home Inspection
• Property Appraisal
• Property Survey
• Title Insurance
• Status Certificate (Condominium)
• Moving Costs
• Utility hook up fees
• House cleaning
• Appliances & furnishing

Whether you are a Buyer or Seller it is a good idea to be prepared for closing costs irrespective of which side of the transaction you are on.  This will help you avoid unpleasant surprises and if you don’t end up using those funds you set aside, considering investing in your next real estate property.

If you want to discuss other expenses to budget for or even what’s happening in the market, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form and we can chat more over coffee.

You know that old saying “April showers bring may flowers”? Well, it wasn’t just rain coming down this last month, it was also the real estate market here in Cambridge.

There were 222 properties sold in April, which is down from March where we had 259 recorded sold properties.  What’s interesting about this statistic, is that historically we would be seeing upward trends in the numbers as the spring market typically begins to heat up with more volume and activity.  However, these numbers don’t come as a surprise to those with their finger on the pulse, because there has been great intention made by the Bank of Canada to slow things down since inflation was on the rise.

In addition to the decrease in unit sold, there was also a dip in the average sold price, which went from $951,739 in March to $897,913 this April. That’s a decrease of just over 5% on average across all types of properties. To dig a little deeper, both single family-freehold and single family-freehold detached dropped by roughly 5%, it was single family-condo units that were most impacted with a drop in price by just over 13%.

“Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs.” TREBB President Kevin Crigger

Despite the decrease in numbers, on a year over year outlook, prices are still trending higher then in 2021 by over 20%. So, to put this in perspective, the average price of a single family-freehold detached property in April of 2021 was $814,445, and now it is now $972,782.

Real estate still continues to be one of your most valuable assets, so don’t be discouraged by all the doom and gloom headlines you will read because historically, real estate continues to trend up.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form and we can chat more over coffee.

Who would have thought that when we had the March Break that the housing market also got the calendar invite and took a break too, because for the first time in the last four months we saw a dip in sold prices despite the increase in housing inventory.

Cambridge Association of Realtors reported 178 total units sold in March 2022 for single detached homes, which is up from 103 the previous month.  This increase to the amount of inventory will directly reflect the average sale price, because as the inventory goes up, buyers are no longer in the same competitive environment they were once in as they now have more selection.

If you want to put this into perspective a little, when we look at the overall properties sold for March 2022 we saw a total of 259 but in March 2021 we had over 400 properties sold. This time last year I can recall news headlines that highlighted a booming market and now one year later, our market continues to be strong. However, with the recent news of rates increasing the news headlines seem more doom and gloom, but the market is anything but that today.

Further to this, and one more point to add before you start to get too worried, is that a one-month dip does NOT indicate that the bubble has popped.  Based on historical trends over the last almost 50 plus years we have seen two and now three spikes in the housing market followed by a plateau. So, what we need to consider with the data we analyze in today’s date and time is that our population is the biggest it has been and with anticipation of immigration to add further to this, we will continue to see more buyers than sellers, which will continue to support and drive the prices.

Year over year we have continued to see growth, which is important to keep in perspective.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form and we can chat more over coffee.

The new year is off to a good start with strong activity in the Cambridge real estate market. Interest rates continue to remain low which is padding the pockets of many people who are looking at diversifying their portfolios by investing in real estate. More houses hit the market in January then in the previous month, but not enough to relieve the hot buyer’s market we have seen over the last year.

Cambridge Association of Realtors® reported 103 total units sold in January, 2022 which coincidentally is the exact same amount as this time last year.  But don’t expect 2022 to play out like last year.  Even though there were the same number of sales, the dollar value grew 41% and that is not a typo.  When looking at all sales in Cambridge, the average price in January 2021 was $667,723 and just one year later the average is now $946,644.

Of the 103 homes sold, 85 were single family freehold (townhouse, semi-detached), 18 were condos and 66 were freehold detached.  Despite condos representing the smallest ratio, these properties saw the largest appreciation since January 2021, with over 61.46% increase in the average dollar value.

Given light of the positive start to the year, things may be disrupted subtly sometime in the second quarter when the Bank of Canada releases a new communication reflecting potential rate changes.  They know that they need to address inflation, as well as the elevated debt levels.  However, it is unforeseeable how all this will truly shake out.  What is inevitable, is that the rates will change, but by how much and when.

“Time is not refundable, use it with intention because a year from now you will wish you would have done things differently.”

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form and we can chat more over coffee.

Having been there recently myself I thought that perhaps it was fitting that I write a blog post about moving – shedding some light on things I have learned firsthand from the moving process.

Here are my top ten tips to consider

when moving out of and into a new home.

Tip # 1: Give yourself lots of time – don’t procrastinate on getting started. Give yourself lots of time to pack, starting with the off-season items and working your way through decorative items, things you only use on occasion like serving plates or duplicate items you have. It is also wise to set aside a weeks worth of clothing and items you might need for the week prior to moving.

Tip # 2: Be resourceful – there are a lot of unforeseen costs associated with moving, so why not look to Marketplace or Kijiji to see if you can purchase boxes from people who have just moved; not only are you saving money because purchasing boxes can add up, but you are also helping the environment one cardboard box at a time.

Tip # 3: Label, label, label – as soon as you tape up the box, grab a good permanent black marker and label it. Be sure to put what room you want that box to go into, as well as, a word or two about the contents inside so that as you unpack you can do so in a thoughtful manner that helps when organizing. Be sure to not only label the top on the box but also one or two sides of the box, and if a box is heavy or contains fragile contents label that on the box as well.

Tip # 4: Box size matters – and so does it’s contents.  You can fit a lot of small things into a small box and that box get heavy pretty quickly. So, think about packing 1-3 heavy items in one box and perhaps several light items into another box. You and/or your movers will appreciate boxes of a relatively consistent weight and size the day of the move.

Tip # 5: Purge before you pack – moving is a great time to go through and let go of items that you may not use, need, or wear anymore. Consider having a garage sale if you have quite a few things, or post individual items on Marketplace or Kijiji or donate to a local shelter or organization.

Tip # 6: Clean as you pack – it is common to have a clause in a Purchase Agreement about the Sellers leaving the home in a “broom swept manner and free of debris and garbage”. So, to make the cleaning easier for you on the day of the move, consider cleaning the spaces you just packed as you go.

Tip # 7: Hire movers – there are many companies out there that you can hire to move all the contents of your home so can rest assured things will be done professionally and efficiently, and perhaps more importantly to some, you don’t have to do that back laboring work. However, perhaps you opt to rent a truck and move things yourself but don’t have the means to move the treadmill or piano, then consider hiring movers that specialize in just that. There are all sorts of moving companies out there that are experts at moving specific heavy, awkward or complicated equipment.  Many will also come and disassemble, move, and then reassemble, if need be, as well.

Tip # 8: Transport fragile things in your car – set aside any fragile or delicate items that require a little extra love transporting from all the other boxes and items that will be loaded onto the truck by the movers. Though they will be careful when moving, accidents can happen and if there is something of special importance you want to keep intact err on the side of caution and move that item yourself.

Tip # 9: Have boxes ready by the door – if you have the space in your foyer or your garage, store boxes you have packed for moving there to make it easier for the movers to grab and put them into the truck. The movers will appreciate the boxes being near the door and will free up congestion in your home as people are walking in and out.

Tip # 10: One last look – leave one unused box or a laundry basket aside for when you do your final scan through the home before handing over the keys. There will inevitably be a cupboard full of cans you missed or some electronics for the television that you need to take with you. It may also be advantageous to have a garbage bag and cloth handy in case you notice things that need to be thrown out or wiped up.

Bonus Tip – This isn’t so much as a moving tip but rather some insight that new homeowners often overlook when moving into a new home. Plan ahead to have window treatments. Sometimes the home you are moving into will have blinds or curtains but often the previous homeowner takes them when they move, or if it’s a new build there won’t be any window treatments at all. Use one of your walk thru visits to measure windows so that you can go and select window treatments of your choice ahead of time which can be scheduled to be installed when you move in.

If you are thinking of selling and want to know more about everything that is involved; from listing to moving day, contact me today.

Although still a relatively small town compared to Waterloo, Cambridge is seeing an increase in new construction homes. These properties are gaining popularity and selling fast. For many types of buyers in many stages of their lives, a new home build is a great option.

Here’s a breakdown of what you need to know about buying a new home build in Cambridge.

All Builders are Not Created Equal

With so many options popping up, it’s easy to get overwhelmed about which new home build you are most interested in. However, the first step you should take when looking at any new construction project is to research the builder and/or developer.

Make sure the builder is reputable with a proven track record of successful projects. Check out their other projects in the area to see how things held up, and look online for reviews and testimonials. If possible, you could even walk the subdivision and talk to other homeowners who recently moved in. You should feel confident that the builder has a rock-solid reputation in the area.

The Price You See vs. The Price You Pay

Most new builds are advertised with a “starting” price. This is the base model price that does not include any specific upgrades or customization.

One of the biggest benefits of going with a new build is that you do have the option to customize and upgrade the items you wish. For example, maybe you prefer a premium lot or a marble countertop. Or maybe you want to upgrade the fixtures or invest in a higher-end AC unit. These are all really common requests, but the upgrades and customizations start to add up in cost. It’s also important to note if HST is applicable or if it’s included in the advertised listing price.

The price you end up paying for the home is usually not the price advertised. It’s advisable to have a good REALTOR® in your corner with experience in new home construction to help keep these factors in mind.

Less Negotiation Wiggle Room

When buying a home that’s a few years old, you might have some wiggle room in the negotiations. Perhaps the seller wants a quick sale or they are more willing to negotiate conditions into the contract. This type of transaction happens on a more “person-to-person” level.

Buying a new home build is a little different. This is more like buying a house from a store, not an individual seller. Builders are less likely to negotiate on the price of a new home because it might have an impact on other homes in the development and could result in many buyers looking to negotiate, driving down the value and price for the entire development.

When buying a new home build, it’s better to discuss negotiations for upgrades rather than the list price.

However, many builders offer financial incentives for purchasing a new home build. So you might still get some sort of deal even with reduced negotiating power.

One Word–Warranty

Another major benefit of buying a new home build is the builder’s warranty. Homes older than 7 years do not come with a warranty, but since you are the first person living in a new construction home, you will have a Tarion Warranty. This might just be enough to give you peace of mind and provide some maintenance savings in your first year of owning the home.

Is a New Home Build in Cambridge Right For You?

Whether you are looking to upgrade your home, downsize, or you’re buying your first home, a new build is a great choice for a variety of people in different stages of their lives. But a new home build is still a huge investment that requires attention and care. An experienced real estate professional, like myself can help you navigate the new construction world and get you into a brand-new home that suits your life and your style.

Want to learn more about buying a new home build in Cambridge? Contact me today for a consultation.