Every year, it seems the holidays sneak up on us—and every year, that brings with it the dreaded last-minute gift panic. Finding a present that hits all the right notes can be surprisingly stressful, even when it comes to people you’ve known for years.

But have no fear! We’ve lined up a list of gifts for every “type” on your list. And since we work in real estate, they’re all centred around home life. From the coffee snob to the sports enthusiast, these presents are the perfect way to bring beauty, function or a touch of whimsy to your loved one’s home this holiday season.

FOR THOSE WHO ARE ALWAYS IN THE KITCHEN

We all know someone whose kitchen is their happy place—but once all the basics are covered, it can be hard to find the perfect present. These gifts will be a treat for the chef, baker, or food lover on your list, no matter how well equipped they are.

1. The Coffee Snob

Glass Pour-Over Coffeemaker - $75

Have a java lover on your list who just can’t get their brew right at home? This high-end pour-over system makes a smooth brew that can even be refrigerated and reheated so your recipient can enjoy a perfect cup at any time.

2. The Foodie

Pink Oyster Mushroom Growing Kit - $65

Help your favourite gourmand create restaurant-quality meals with this kit, which allows them to grow delicious mushrooms right in their cupboard. All they’ll need to do is soak the package and then mist it with water for a few days, and voila—delicious organic mushrooms!

3. The Baker

Vintage Etched Cake Stand - $87

If you’re lucky enough to have a fabulous home baker on your list, give a gift that reflects the joy their treats bring to others. This lovely glass cake stand is the platform that a beautifully decorated dessert deserves.

4. The Tea Aficionado

Flowering Tea Set - $35

Your favourite tea lover may have tried all of the herbal blends out there, but we bet they haven’t seen tea like this. This set contains two “blossoms” of tea leaves hand-sewn around flowers that bloom when you place them in the included glass teapot and add hot water.

FOR THOSE WHO WOULD RATHER BE IN THE BACKYARD

For many of us, time outdoors is the ultimate source of rejuvenation. The nature-lover on your list is sure to appreciate these presents that help them maximize that joy in their daily lives.

5. The Gardener

Large Garden Tote - $66

Dedicated gardeners all need a great bag to carry their gear. This tote is attractive and sturdy and will help them keep their home’s exterior beautiful and welcoming.

6. The Flower Lover

Monthly Flower Subscription - starting at $60/month

If your loved one prefers to enjoy their flora without all the work, a delivery of farm-fresh flowers is sure to surprise and delight. And you can keep the joy blossoming year-round with a weekly, semi-monthly or monthly subscription.

7. The Environmentalist

Reusable Stainless Steel Straws - $14

Know someone who is trying to bring less plastic into their home? This set of reusable metal straws means they’ll never have to buy a box of plastic straws again. And the assortment of sizes ensures that they’ll work with anything from a tall glass of water to a to-go mug.

8. The Outdoor Adventurer

Solar Phone Charger - $50

Have a camper or adventurer on your list? This solar-powered phone charger, which comes with a built-in flashlight and compass, is a must-have. It will also make a great addition to their home emergency kit.

FOR THOSE WITH THEIR NOSE TO THE GRINDSTONE

Like it or not, most of us spend a good chunk of our lives working—whether at a job or on projects and chores around the house. These gifts are designed to make that work a bit easier and more enjoyable.

9. The Remote Worker

Home Office Lap Desk - $45

Working at home can be great—in part because you can work from anywhere in the house. The remote worker on your list will appreciate this lap desk with a built-in mouse pad and phone slot, which will allow them to work comfortably from the couch or the bed without overheating their computer.

10. The Back-to-The-Office Worker

Bento Lunch Box - $35

If your loved one is heading back to the office, it doesn’t mean they have to give up the healthy habit of a home-cooked meal. Send them to work with this stylish lunch box packed full of nutritious food.

11. The Do-It-Yourselfer

Laser Measure - $35

The handy person on your list can say goodbye to unwieldy tape measures with this nifty device. It’s perfect for DIY projects of any size.

12. The Clean Freak

UV Sanitizer and Charger - $70

In the COVID-19 era, we’ve all become a little germaphobic. This UV smartphone sanitizer kills bacteria while it charges. Plus, its clever design enables you to hear your phone notifications while the device is in use.

FOR THOSE MOST PASSIONATE ABOUT THEIR HOBBIES

Of course, there’s a lot more to life than work. If you’re gifting a friend or family member who really lights up when they talk about their hobbies, we’ve got you covered.

13. The Sports Enthusiast

Hockey Stick BBQ Set - $61

Looking for a gift for the sports enthusiast in your life that isn’t another jersey? These BBQ tools made from repurposed hockey sticks are a great pick. Perfect for cooking up food to watch with the game!

14. The Bookworm

The Book Lover’s Journal - $19

Know someone who loves to curl up on the couch with a good book? This journal will help the book-lover on your list keep track of what they’ve read, as well as their ever-growing “to-read” list.

15. The Runner

Marathon Map Hydration Bottle- $49

Help the runner you love to stay hydrated (and motivated) with a water bottle inscribed with their favourite race route. It’s perfect for runs around the neighbourhood or just toting around the house.

16. The Tourist

Travel Backpack - $120

Make it easy for the travel lover on your list to bring back souvenirs. This lightweight backpack folds flat so it’s easy to pack but sturdy enough to carry their new treasures all the way home.

FOR THOSE WHO PUT FAMILY FIRST

For many of us, the greatest joy in life comes from our relationship with our family. Help your recipient strengthen and celebrate those all-important connections with these thoughtful gifts.

17. The New Parent

4-in-1 Baby Food Maker - $230

It’s hard to know what to buy for new parents once their registry is cleared out, but if they’re interested in making baby food at home, this tool is a must-have. It makes the process, from steaming to mixing, fast and easy.

18. The Genealogy Fan

DNA Kit - $129

Know someone interested in reconnecting with their ancestral home? This DNA kit can help them trace their geographical heritage and uncover their family history.

19. The Dog Person

Custom Printed Socks - $28

Is your friend’s dog their favourite family member? These adorable socks are sure to put a smile on their face as they cozy up on the couch with their pup. And since you can feature up to two pets on each pair of socks, no one needs to feel left out.

20. The Documentarian

Mini Link Printer - $130

We all have that relative who snaps a million photos at every family event. Help them capture each precious moment with this unique gadget that essentially transforms a smartphone into a Polaroid camera. It makes it easy to customize and print out snapshots to display around the house or insert into a scrapbook for posterity.

READY TO GIVE YOURSELF THE ULTIMATE GIFT?

We want to be your real estate consultants through every season of life. So please don’t hesitate to reach out with questions or to ask for recommendations or referrals any time of year. And when you’re ready to give yourself the gift of a new home, contact us to talk about your options. From finding the right neighbourhood to identifying the amenities that will make the biggest difference to your quality of life, we’re always eager to help.

New Build or Existing Home: Which One Is Right for You? 

Homebuyers today are facing a huge dilemma. There simply aren’t enough homes for sale.¹

Nationwide, the number of newly listed homes dipped slightly in September, down 1.6% from August. According to the Canadian Real Estate Association, that’s only about 2.1 months of inventory, which is far less than the five to six months that is generally needed to strike a healthy balance between supply and demand.²

Given the limited number of available properties, if you’re a buyer in today’s market, you may need to expand your search to include both new construction and resale homes. But it can feel a little like comparing apples to oranges.

Let’s take a closer look at some of the factors you should take into account when choosing between a new build or an existing home.

TIMEFRAME

How quickly do you want (or need) to move into your next home? Your timeframe can be a determining factor when it comes to choosing between a new build or resale.

New Build

If you opt for new construction, you may be surprised by how long you have to wait to get the keys to your new digs. Nationally, the average timeline has more than doubled over the past 20 years from 9 to 21 months.¹ And according to a survey by the Canadian Home Builders’ Association, nearly 60% of builders are reporting delays—averaging six weeks—due to supply-chain disruptions brought on by the pandemic.³

These supply shortages have led to soaring prices, causing some builders to cancel contracts or demand more money from unsuspecting homebuyers long after agreements were signed.⁴ Unfortunately, this scenario can throw a major wrench in your moving plans and delay your timeline even further.

To minimize these types of surprises, it’s crucial to have a real estate agent represent you in a new home purchase. We can help negotiate contract terms and advise you about the potential risks involved.

Existing Home

If you're in a hurry to move into your next residence, then you may want to stick to shopping for an existing home.

You can typically move into a resale home on your closing date.⁵ While closing on an existing home can take anywhere from a few weeks to a few months, it’s almost always faster than the time it would take to build a new one.

If you need to move even sooner, it’s sometimes possible to close faster, especially if you’re a cash buyer. In fact, many sellers prefer a quick closing, so it can give you an advantage in a competitive market.

LOCATION

From commute to construction to walkability, there’s a lot to consider when choosing your next neighbourhood.

New Build

Canada is currently undergoing a major residential construction boom, and rural and smaller urban communities have been the first to benefit—primarily because the single-detached homes located in those areas take less time to build.⁶ That means, if you opt for a new single-family home, you could be facing a longer commute and ongoing construction for some time.

If you prefer a multifamily unit, there should be an increased supply coming on the market soon. Over the past year, condos and apartments have accounted for 55% of the housing starts. A growing number of these are located in master-planned communities that combine residential, retail, restaurants, and office space—enabling residents to live, work, and play in a single space.⁷

Existing Home

An existing home is more likely to be located in a neighbourhood with mature trees, established schools, and a deeply-rooted community. As a result, you may find the neighbourhood's trajectory to be more predictable than an up-and-coming area.

But the amenities may be lacking and the infrastructure dated when compared to newer communities. And while some homebuyers love the charm and eclectic feel of an older neighbourhood, others prefer the sleek and cohesive look of a newer development.

MAINTENANCE

Are you a DIY enthusiast, or do you prefer a low-maintenance lifestyle? Set realistic expectations about how much time, effort, and money you want to devote to maintaining your next home.

New Build

When you build a home, everything is brand new. Therefore, in the first few years at least, you can expect less required maintenance and repairs. A 2019 survey found that millennials' homebuying regrets often came down to maintenance issues, rather than other concerns.⁸ So if you would rather spend your weekends exploring your new neighbourhood than fixing a leaky faucet, you may be happier buying a turnkey build.

That doesn't mean, though, that a new home will be entirely maintenance-free. In fact, depending on the builder, you could find yourself repairing more than you expected. Some home builders have reputations for shoddy construction and subpar materials, so it's important to choose one with a solid reputation. We can help you identify the quality builders in our area.

Existing Home

No matter how good a deal you got when you purchased it, you could come to regret buying an older home if it later costs you heavily in unexpected maintenance and repairs. For example, according to the home service professional network HomeStars, the average price to replace an HVAC system is $4,995. And you can expect to pay a similar amount ($4,750) for a new asphalt shingle roof.⁹

Fortunately, there are ways to prepare for these large expenditures ahead of time. We always recommend that our buyers hire a certified home inspector, whether they buy a new or existing home. Once we have the inspector’s report, we can negotiate with the seller on your behalf for reasonable repairs or concessions.

ENVIRONMENTAL IMPACT

On a quest for greener living? If so, there are several factors to consider when deciding on your next home.

New Build

There’s a growing demand for energy-efficient housing, and many builders are rising to the challenge. Currently, more than one million homes in Canada have received an EnerGuide Rating, which measures a home’s energy performance against a benchmark.¹⁰ While all newly-constructed housing must meet the National Building Code requirements, there are a number of certifications that homes can earn if they receive an EnerGuide rating that exceeds these minimum standards.

Examples include the Net Zero label from the Canadian Home Builders’ Association, which is awarded to homes that are 80% more energy efficient than conventional homes and utilize a renewable energy system to fulfill their remaining energy needs. ENERGY STAR and R-2000 are other well-regarded certifications that can be earned by homes that meet certain performance standards. So if energy efficiency is a top priority, a new home with a low EnerGuide rating or recognized designation may be a good choice for you.¹⁰

Existing Home

Of course, a basic tenant of sustainable living is: reduce, reuse, recycle. And since a resale home already exists, it automatically comes with a lower carbon footprint. Research has also shown that remodelling or retrofitting an older home is often greener than building one from scratch.¹¹

With some energy-conservation effort and strategic upgrades, environmentally-conscious consumers can feel good about buying an existing home, as well.

DESIGN

Double vanity? Kitchen island? Whirlpool tub? Must-have design features could drive your decision to build or buy resale.

New Build

With a new home, you can bet that everything will look shiny and perfect when you move in. Builders tend to put a lot of emphasis on visual details and follow the latest design trends. For example, newly-built homes are likely to include features that the majority of today’s buyers want, such as double bathroom sinks, kitchen islands, and walk-in pantries. They’re also less likely to include home theatre rooms or whirlpool tubs, both of which have lost mass appeal.¹²

However, some buyers complain of the cookie-cutter feel of new homes since they are often built with a similar aesthetic. That doesn't mean, though, that you can't incorporate your own style. We can help you negotiate custom features and upgrades to personalize the space and make it feel like your own.

Existing Home

In some of the most coveted neighbourhoods, an older home with classic styling and character can be highly sought after. But unless the previous homeowners have invested in tasteful updates, an existing home is also more likely to look dated.

While some buyers prefer the traditional look and character of an older home, others prefer something more modern.  If that’s the case, we can help you find a resale home that leaves enough room in your budget to renovate it to your liking.

WHICHEVER PATH YOU CHOOSE, WE CAN HELP

When it comes to choosing between a new build or an existing home, there’s no one-size-fits-all answer. There are numerous factors to consider, and you may have to make some compromises along the way. But the homebuying process doesn’t have to feel overwhelming.

We’re here to help. And in many cases, our homebuyer guidance and expertise are available at no cost to you! That’s because the home seller or home builder may compensate us with a commission at closing.

Some new-construction homebuyers make the mistake of visiting a builder’s sales office or even purchasing a home without their own real estate representative. But keep in mind, the builder’s agent or “sales consultant” has their best interests in mind—not yours.

We are knowledgeable about both the new construction and resale home options in our area, and we can help you make an informed decision, negotiate a fair price, and avoid mistakes that can cost you time and money. So give us a call today to schedule a free, no-obligation consultation—and let’s start searching for your next home!

Sources:

1.     RBC -
https://thoughtleadership.rbc.com/home-builders-are-tackling-canadas-housing-supply-shortage/

2.     Canadian Real Estate Association -
https://creastats.crea.ca/en-CA/

3.     Financial Post -
https://financialpost.com/real-estate/homebuilders-have-been-busy-during-the-pandemic-but-canada-still-needs-more-housing

4.     Better Dwelling -
https://betterdwelling.com/canadian-home-builders-are-asking-buyers-for-more-money-to-finish-building/#_

5.     Legal Line -
https://www.legalline.ca/legal-answers/when-can-you-move-into-your-newly-purchased-home/

6.     Financial Post -
https://financialpost.com/real-estate/there-has-never-been-more-housing-under-construction-in-canada-but-the-city-that-needs-it-the-most-is-missing-the-boom

7.     BC Business - https://www.bcbusiness.ca/2021-Real-Estate-Report-With-a-push-from-COVID-the-BC-property-market-enters-new-territory

8.     Bankrate -
https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/

9.     HomeStars -
https://homestars.com/cost-guides/

10.   Canadian Home Builders’ Association -
https://blog.chba.ca/2021/05/14/are-all-energy-efficient-homes-the-same/

11.   Advanced Materials Research - https://www.researchgate.net/publication/271358381_Comparative_Study_of_New_Construction_and_Renovation_Project_Based_on_Carbon_Emission

12.   Canadian Home Builders’ Association -
https://blog.chba.ca/2020/11/26/todays-new-home-buyers-preferences/

Shut Down Home Intruders With These 7 Safety Strategies

A break and enter occurs every 90 seconds in Canada.¹ Fortunately, there are some proven tactics you can use to decrease your likelihood of a home invasion.

Most burglars won’t go to extreme lengths to enter your home. They are looking for easy access with minimal risk. A monitored security system can be an effective deterrent—homes without one are 300% more likely to be burglarized—but it isn’t the only way to protect your property.² The strategies below can help to maximize your home’s security and minimize your chances of being targeted by intruders.

Thinking about listing your home? We have some additional recommendations for you. Contact us to find out the procedures we use to keep our clients and their property safe and secure during the buying and selling process.

1. Check Your Doors and Windows

According to insurance company SGI Canada, the most common entry point for a burglar is through a basement or ground floor door or window.¹ So securing these points of entry is essential.

●      Evaluate the condition of your doors and locks.

A steel door is generally considered the strongest, but many homeowners prefer the look of wood. Whatever material you choose, make sure it has a solid core and pair it with a sturdy deadbolt lock that is a minimum of 2.5 cm long when thrown.³

●      Add window locks and security film.

Aftermarket window locks are an easy and inexpensive upgrade that can provide an additional layer of protection for your home. Choose a lock that is compatible with your window frame material and a style that is appropriate for the window type. And consider using a specialty film on windows that are adjacent to a door. Security film holds shattered glass in place, making the windows more difficult to penetrate.⁴

2. Landscape for Security

When it comes to outdoor landscaping, many of us think about maintenance and curb appeal. But the choices we make can impact our home’s security, as well. Thieves target homes that they can enter and exit without being detected. Here are a few tweaks that can make your property less appealing to potential intruders.

●      Increase visibility from the street.

A privacy hedge may keep out nosy neighbours, but it can also welcome thieves—so trim overgrown trees and shrubs that obstruct the view of your property. According to police officers, they offer an ideal environment for criminals to hide.⁵

●      Place thorny bushes and noisy gravel below windows.

Don’t eliminate shrubbery altogether, though. Certain hedges can actually offer a deterrent to robbers. Plant thorny rose bushes or sharp-leaved holly beneath your first-story windows for both beauty and protection. Add some loose gravel that crunches when disturbed.

3. Light Your Exterior

When it’s dark outside, criminals don’t need to rely on overgrown shrubbery to hide. Luckily, a well-designed outdoor lighting system can make your home both safer and more attractive.

●      Install landscape lighting.

Eliminate pockets of darkness around your yard and home’s perimeter with strategically placed outdoor lights. Use a combination of flood, spot, well, and pathway lights to add interest and highlight natural and architectural details.

●      Use motion-activated security lights to startle intruders.

The soft glow of landscape lighting isn’t always enough to dissuade a determined intruder. But a motion-activated security light may stop him in his tracks. And if you choose a Wi-Fi connected smart version, you can receive notifications on your phone when there’s movement on your property.

4. Make It Look Like You’re Home

Motion-activated lights aren’t the only way to make an intruder think you’re at home. New technology has made it increasingly possible to monitor your home while you’re away. This is especially important since most burglaries take place between 10 am and 3 pm, when many of us are at work or school.⁶

●      Turn on your TV and leave a car in the driveway.

A survey of convicted burglars revealed that the majority avoid breaking into homes if they can hear a television or if there’s a vehicle parked in the driveway.⁷ If you’re away from home, try connecting your TV to a timer or smart plug. And when you travel, leave your car out or ask a neighbour to park theirs in your driveway.

●      Install a video doorbell.

In that same survey, every respondent said they would knock or ring the doorbell before breaking into a home. A video doorbell not only alerts you to the presence of a visitor, it also enables you to see, hear, and talk with them remotely from your smartphone—so they’ll never know you’re gone.

5. Keep Valuables Out of Sight

Few home invasions are conducted by criminal masterminds. In fact, a survey of convicted offenders found that only 12% planned their robberies in advance, while the majority acted spontaneously.⁸ That’s one of the reasons security experts caution against placing valuables where they are visible from the outside.⁹

●      Check sightlines from your doors and windows.

Don’t tempt robbers with a clear view of the most commonly stolen items, which are cash (think purses and wallets), jewelry, electronics, firearms, and drugs (both illegal and prescription).⁵ Take a walk around your property to make sure none of these items are easily visible.

●      Secure valuables in a safe.

Consider the possessions that are on display inside your home, as well. It’s always a good idea to lock up firearms, sensitive documents, and expensive or irreplaceable items when you have housekeepers or other service providers on your property.

6. Highlight Your Security Measures

While it’s prudent to hide your valuables, it’s equally important to advertise your home’s security features. In surveys, convicted burglars admit to avoiding homes with obvious protective measures in place.^7,8

●      Install outdoor cameras.

Security cameras are the most common home protection device and for good reason.¹⁰ Not only do they help prevent crime (burglars are known to avoid them¹¹), they can offer peace of mind for homeowners who want to sneak a peek at their property while away. And if you do experience a break and enter, security camera footage can help police identify your intruder.

●      Post warning signs.

Security system placards and beware-of-dog signs are also shown to be effective deterrents.⁸ Of course, you should back up your threats with a noisy alarm and loud barking dog for maximum impact.

7. Limit What You Share on Social Media

Social media platforms can be a great way to stay connected with friends and family, but it’s easy to reveal more than you’ve intended. Be thoughtful about what you’re posting—and who has access.

●      Delay posting photos or travel updates.

It can be tempting to upload a concert selfie or pictures from your beach vacation. But these types of photos scream: “My house is unoccupied!” Try to wait until you’ve returned home to share the photos on social media.

●      Set privacy restrictions on your accounts.

Think twice about connecting with strangers or casual acquaintances on social media. If you enjoy sharing family updates and personal photos, it’s safer to limit your followers to those you truly know and trust.

YOUR HOME IS SAFE WITH US

We take home security seriously. That’s why we have screening procedures in place to keep our clients and their homes safe when they are for sale. We also remind our buyers to change the locks before they move into their new homes and provide referrals to locksmiths and home security companies that can help. To learn more about our procedures and how you can stay safe during the buying and selling process, contact us to schedule a free consultation!

~Chalsey~ 

Sources:

1.     SGI Canada -
https://www.sgicanada.ca/news?title=preventing-break-ins

2.     Bankrate -
https://www.bankrate.com/insurance/homeowners-insurance/house-burglary-statistics/

3.     Square One -
https://www.squareone.ca/resource-centres/home-personal-safety/preventing-break-ins

4.     SafeWise -
https://www.safewise.com/blog/10-simple-ways-to-secure-your-new-home/

5.     Toronto Police Department -
https://www.torontopolice.on.ca/crimeprevention/environmental.pdf

6.     Canadian Security Professionals -
https://www.cspalarms.ca/blog/safety/home-robberies-by-the-numbers-when-you-should-be-the-most-alert/

7.     KGW News -
https://www.kgw.com/article/news/investigations/86-burglars-say-how-they-break-into-homes/283-344213396

8.     Science Daily -
https://www.sciencedaily.com/releases/2013/05/130516160916.htm

9.     Security.org -
https://www.security.org/home-security-systems/home-invasion-protection/

10.   SafeWise -
https://www.safewise.com/resources/security-stats-facts/

11.   The Guardian -
https://www.theguardian.com/business/2017/aug/18/former-burglars-barking-dogs-cctv-best-deterrent

9 Tips for Buying and Selling Your Home at the Same Time

Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it's dwindling.¹ You're not alone either if you're already feeling drained by the complex logistics of trying to sell and buy a new home all at once.

Searching for a new home can be exciting, but many homebuyers admit that it can also be stressful, especially if you live in an unpredictable market with plenty of competitors. Unfortunately, waiting out a competitive housing market isn’t always the best idea either since homes are in notoriously short supply across Canada, and listings are expected to remain limited in the most coveted neighbourhoods for some time.²

That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller’s market and make a smooth transition from your old home to a new one.

We can help you prepare for the road ahead and answer any questions you have about the real estate market.  For example, here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.

“WHAT WILL I DO IF I SELL MY HOUSE BEFORE I CAN BUY A NEW ONE?”

This is an understandable concern for many sellers since the competitive real estate market makes it tough to plan ahead and predict when you'll be able to move into your next home. But chances are, you will still have plenty of options if you do sell your home quickly. It may just take some creativity and compromise.

Here are some ideas to make sure you're in the best possible position when you decide to list your home:

Tip #1: Flex your muscles as a seller.

In a competitive market, buyers may be willing to make significant concessions in order to get the home they want. In some cases, a buyer may agree to a sell and lease back agreement (also known as a "sell house and rent back" option) that allows the seller to continue living in the home after closing for a set period of time and negotiated fee.

This can be a great option for sellers who need to tap into their home equity for a downpayment or who aren’t logistically ready to move into their next home. If you're dealing with an investor rather than a traditional buyer, you may even be able to negotiate a lengthy lease and lower rent payment than your current mortgage.³

However, leaseback agreements can be complex, with important legal, financial and tax issues to consider.⁴ At minimum, a carefully-worded contract and security deposit should be in place in case of any property damage or unexpected repairs that may be needed during the leaseback period.

Tip #2: Open your mind to short-term housing options.

While it can be a hassle to move out of your old home before you’re ready to move into your new one, it’s a common scenario. If you’re lucky enough to have family or generous friends who offer to take you in, that may be ideal. If not, you’ll need to find temporary housing. Check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage.

You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighbourhood better—and lead to a more informed decision about your upcoming purchase.

Tip #3: Embrace the idea of selling now and buying later.

Instead of stressing about timing your home sale and purchase perfectly, consider making a plan to focus on one at a time. Selling before you’re ready to buy your next home can offer a lot of advantages.

For one, you’ll have cash on hand from the sale of your current home. This will put you in a much better position when it comes to buying your next home. From budgeting to mortgage approval to submitting a competitive offer, cash is king. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty.

“WHAT IF I GET STUCK WITH TWO MORTGAGES AT THE SAME TIME?”

This is one of the most common concerns that we hear from buyers who are selling a home while shopping for a new one, and it’s realistic to expect at least some overlap in mortgage payments. But unless you have a large enough income to comfortably carry two mortgages, you may not pass Canada's beefed up mortgage stress test until you have a contract on your first home. (You can use the Financial Consumer Agency of Canada's Mortgage Qualifier Tool to check your odds.⁵) 

Assuming you can secure financing, however, it's still a good idea to examine your budget and calculate the maximum number of months you can afford to pay two mortgages before you jump on a new home. Potential stopgap solutions, such as bridge financing, can also help tide you over if you qualify.

If you simply can’t afford to carry both mortgages for any amount of time, or if you are concerned about passing the mortgage stress test, then selling before you buy may be your best option. (See Tip #3 above.) But if you have some flexibility in your budget, it is possible to manage both a home sale and purchase simultaneously. Here are some steps you can take to help streamline the process:

Tip #4: As you get ready to sell, simplify.

You can condense your sales timeline if you only focus on the home renovations and tasks that matter most for selling your home quickly. For example, clean and declutter all of your common areas, refresh your outdoor paint and curb appeal and fix any outstanding maintenance issues as quickly as possible.

But don't drain unnecessary time and money into pricey renovations and major home projects that could quickly bog you down for an unpredictable amount of time. We can advise you on the repairs and upgrades that are worth your time and investment.

Tip #5: Prep your paperwork.

You'll also save valuable time by filing as much paperwork as possible early in the process. For example, if you know you'll need a mortgage to buy your next home, get pre-approved right away so that you can shorten the amount of time it takes to process your loan.⁶

Similarly, set your home sale up for a fast and smooth transition by pulling together any relevant documentation about your current home, including appliance warranties, renovation permits, and repair records. That way, you're ready to provide quick answers to buyers' questions should they arise.

Tip #6: Ask us about other conditions that can be included in your contracts.

Part of our job as agents is to negotiate on your behalf and help you win favourable terms. For example, it’s possible to add a contract condition known as a "subject to sale" or "sale of property" (SOP) condition to your purchase offer that lets you cancel the contract if you haven't sold your previous home.⁷ This tactic could backfire, though, if you're competing with other buyers. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics.

“WHAT IF I MESS UP MY TIMING OR BURN OUT FROM ALL THE STRESS?”

When you're in the pressure cooker of a home sale or have been shopping for a home for a while in a competitive market, it's easy to get carried away by stress and emotions. To make sure you're in the right headspace for your homebuying and selling journey, take the time to slow down, breathe and delegate as much as possible. In addition:

Tip #7: Relax and accept that compromise is inevitable.

Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn't look like your Plan A or even your Plan B or Plan C. Perfecting every detail with your home decor or timing your home sale perfectly isn't necessary for a successful home sale and compromise will almost always be necessary. Luckily, if you've got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.

Tip #8: Don't worry too much if your path is straying from convention.

Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn't going exactly like your neighbours' experience, it doesn't mean that you are doomed to fail.

It's possible, for example, that seasonality trends may affect sales in your neighbourhood. So a delayed sale in the summer or fall could affect your journey––but not necessarily. According to the Canadian Real Estate Association, the housing market used to be more competitive during the fall and spring and less competitive during the winter. But it's not a hard and fast rule and real estate markets across Canada have seen major shifts in recent years.⁸ Every real estate transaction is different. That's why it's important to talk to a local agent about your specific situation.

Tip #9: Enlist help early.

If possible, call us early in the process. We'll not only provide you with key guidance on what you should do ahead of time to prepare your current home for sale, we'll also help you narrow down your list of must-haves and wants for your next one. That way, you'll be prepared to act quickly and confidently when you spot a great house and are ready to make an offer.

It's our job to guide you and advocate on your behalf. So don't be afraid to lean on us throughout the process. We’re here to ease your burden and make your move as seamless and stress-free as possible.

BOTTOMLINE: COLLABORATE WITH A REAL ESTATE PROFESSIONAL TO GET TAILORED ADVICE THAT WORKS FOR YOU

Buying and selling a home at the same time is challenging. But it doesn't have to be a nightmare, and it can even be fun. The key is to educate yourself about the market and prepare yourself for multiple scenarios. One of the best and easiest ways to do so is to partner with a knowledgeable and trustworthy agent.

A good agent will not only help you evaluate your situation, we will also provide you with honest and individually tailored advice that addresses your unique needs and challenges. Depending on your circumstances, now may be a great time to sell your home and buy a new one. But a thorough assessment may instead show you that you're better off pausing your search for a while longer.

Contact us for a free consultation so that we can help you review your options and decide the best way forward.

~Chalsey~

Sources:

1.     Canadian Real Estate Association (CREA) National Statistics -
https://creastats.crea.ca/en-CA/

2.     Scotiabank Global Economics Housing Note - https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-note.housing-note--may-12-2021-.html

3.     CBC News -
https://www.cbc.ca/news/canada/toronto/housing-real-estate-toronto-market-sell-stay-rent-1.4075093

4.     Appraisal Institute of Canada - https://www.aicanada.ca/article/possible-valuation-issues-with-life-lease-housing/

5.     Financial Consumer Agency of Canada -
https://itools-ioutils.fcac-acfc.gc.ca/MQ-HQ/MQ-EAPH-eng.aspx

6.     Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/preapproval-qualify-mortgage.htm

7.     RBC Bank -
https://www.rbcroyalbank.com/mortgages/selling-buying-home.html

8.     Canadian Real Estate Association -  https://www.realtor.ca/blog/are-spring-and-fall-housing-markets-a-thing-of-the-past/20405/1361