Megann Willson's blog

The real estate market has always been cyclical, and we typically see relatively predictable seasonal ups and downs throughout the year. Buyers and Sellers got used to really high spikes in spring, and another, not quite so exuberant, shift upward in early fall. This year has really been an exception. If you sold your property at market peak a few years ago, you probably bought at the peak as well. And if your situation has changed and you want to sell now, is it a good time?

Here is the cold, hard, truth: I tell all my sellers they should expect to hold a property for five years or more,...

If anyone tells you they can predict or time the market, they’re wrong. There. I’ve said it. As much as I’d like to be able to predict the future, and I’ve been doing research and looking at data for corporations for more than 30 years, I cannot. There are always unpredictable events, unprecedented ones. “Black swans”, in the parlance of some. And, given the geopolitical situation, I think that unpredictability is a given.

That said, at this time of year, things do often take on a positive trajectory. Especially here in North America, they get a “back to school” feeling – that it is a time...

Forever home. If you know anything about me, you’ll know this is a concept I don’t believe in. While I’m a big fan of home, the concept of home, and houses or apartments or townhouses that feel like “home”, the idea of a forever home has been a damaging and detrimental concept to the success of many would-be home buyers. Let me explain.

I get the idea behind the concept of a forever home. It aligns with the advice my late father-in-law gave us about buying our first place: buy the best home you can afford, and plan to stay there as long as you can. It’s good advice. Maximizing your equity...

There are many reasons why people rent out their condo properties. While the surface reason may be that they want to generate income, the deeper question is, is it currently their primary residence? In those cases, they may need more space, they may be experiencing a change in their relationship, or they may need to move for work or other reasons, to a whole new location. These are quite different from landlords who purchase properties specifically as rentals; in those cases, the owner should have a long-term plan and undertake regular financial analysis on the performance of their asset....

Do you know a few REALTORS®? In most cases, including mine, that’s a yes. Or even more than a few. It can be hard to choose. And if you don’t know one, that might seem easier. However here’s the thing. As much as you choose your real estate agent, they also choose you. That’s right. We get to choose whether we work with you or not.

Now, there are some agents who will work with anyone. (Or to be more precise, everyone who knocks on their door). Even if they aren’t a good fit. Even if they aren’t the best person for your particular job. Even if they don’t have the right expertise, or...

Sellers always approach agents with an idea of what their property is worth. Sometimes it’s a very good idea. Other times, not so much. In a slow-moving neighbourhood, it can be difficult to decide, because the “comps” are few and far between. And if the market is making a significant ramp-up or correction (such as we’ve seen in Ontario over the past couple of years), then it becomes quite a complicated situation.

The real problem, however, often lies with the seller’s “mental comps”. What do I mean by that? For example, there’s always a bias toward one’s own property, so some sellers will...

Ask any seasoned REALTOR®, and they’ll tell you that business picks up in spring. As soon as the weather improves, people want space to enjoy the fresh air. Whether that’s a balcony or a back yard, it happens. Being cooped up inside over the winter also makes people more likely to want to have a bit more space. Finally, lots of families want to move during the summer break, so they’re going to start looking now, especially if they need to sell one home and buy another.

Are there any other reasons to expect an increase in activity this spring? TRREB says that buyers seem to have adjusted to...

Is it a good idea to rent while you figure out what to do? It can be; it can give you time to get used to an area and figure out if you like it. It can help you test the waters on condo living, for example. However there are a few challenges in your search that you may not be expecting, if your only experience in recent years is purchasing a home.

In a busy market like Toronto, for example, one of the biggest challenges is lack of supply. That means you’ll find a very limited range of properties available to you, especially if you have a particular neighbourhood in mind. Combine that with...

REALTORS® regularly get calls from prospective clients, or simply interested homeowners, looking to get an idea of property value. They usually have a plan in mind that goes something like this: If I can get X for my property, I’m pretty sure I can buy a property in location Y for amount Z. That will all work out perfectly. Having owned quite a number of homes of my own, moving larger, smaller, or just for the sake of change as the years have passed, it’s never quite that simple.

First, when these prospects call me, they almost always believe one thing about their property: it’s better...

Yesterday’s interest rate announcement from the Bank of Canada, held the rate steady at 5%. What lenders will actually charge you in interest, may vary, depending on your financial situation and your ratios (discussed in the previous post). I frequently hear from buyers that they’re shocked by the interest rate level, because they, their cousin, their sibling, or their best friend, purchased only a couple of years ago at a much lower rate. That’s probably true. Those people may well have also purchased at a lower price.

Here's the thing I try to remind all my buyer clients: interest...