Next to January and February, November might just be one of the year’s most hated months.

Its drab and rainy weather does little to endear us, as does its call to winter with cooler temperatures, unwelcome snow and dreaded ice. There aren’t even any terrific holidays this month to buoy us out of our seasonal-related misery. And for some of us, it’s a time to start stressing about the coming holiday season and all the excessive consumption that entails.

But November is not all doom and gloom. When it comes to real estate, in fact, it may be one of the best months to sell your house. Here’s why:

Quick sale

If you’re looking for a transaction that is fast November is a good time to list your property. People who are looking now are likely more serious and motivated. As a result, they tend to have more urgency so a quick sale that can get you out of your current home before, say, Christmas might just be possible. Know this: if buyers are trudging through snow, ice and generally crummy weather conditions, they mean business.

You’re an introvert

You don’t really like people very much so the prospect of having hundreds of potential buyers traipsing through your door is enough to send you over the edge. Selling your home in November definitely means you’ll have to contend with strangers but the numbers will be far less than in the spring market.

Less competition

Real estate inventory shrinks from about November to January and while that sounds like an unlikely scenario for successful sales, just the opposite is true. You may be even more so in the driver’s seat as a seller with less competition during this time. In fact, sellers might find they can get prices they could not command previously.

Seasonal splendour

Not everyone hates fall and winter. Each of those seasons showcases a unique and remarkable beauty unto its own. Don’t let cooler temps or drizzle get you down. As a seller, play up the loveliness of fall and winter. Adorn your front door with a seasonal wreath or favourite decoration. Let your garden spotlight the charm of the season with fall and winter blossoms and the changing colour and shapes of foliage. Your efforts will be appreciated.

Sources: www.time.com, www.ctvnews.ca,

A hard-fought and lengthy battle between the Toronto Real Estate Board (TREB) and the Competition Bureau ended in late August with a Supreme Court of Canada decision that will permit TREB’s 50,000 Ontario agents to publish home sales data on their websites.

The country’s top court refused to hear an appeal from TREB, Canada’s largest real estate board, which wanted to put an end to members posting sales numbers on websites. But the court dismissed TREB’s application.

The board wanted to keep the data in the hands of realtors as it believed publishing the numbers violated consumer privacy. However, critics say TREB was not concerned with issues of privacy but rather market control and ensuring that only realtors with access to the MLS would know the full story behind home sale prices.

What this decision means for consumers is that they will be able to have greater access to information, such as finding out the selling price of homes in certain neighbourhoods or on specific streets, the history of a house and property market trends. This will only serve to make decisions about buying and selling real estate much easier.

Before the only way to access sales data was through real agent requests. And those requests had to be made via fax, email or in person. Others would also look to online property value services or local land registry offices, which charge a fee.

Those who supported removing the restrictions say this has been the case for some time in the U.S. and rather than hinder the real estate market, some say it has actually fueled home sales there and enhanced transparency.

“Today’s decision will allow greater competition and innovation in the real estate services market in the Greater Toronto Area, and concludes seven years of litigation in the bureau’s case against TREB,” the Competition Bureau said in a news release.

“The order requires TREB to remove restrictions on its members’ access and use of real estate data – including restrictions on the display of historical listings and sale prices online through virtual office websites.”

Sources: CBC.ca, Financialpost.com

Do headaches and hassles come with owning student rental units? Of course, but there are also plenty of opportunities that might just make investing in student housing worthwhile.

Let’s look at some facts. The number of domestic and foreign students drawn to Canadian universities and colleges is not going away. In fact, it’s growing.  In 2017, Canadian universities were home to more than 1.7 million students. About 370,000 international students attended universities and colleges in 2017. And they all need a place to live.

Industry insiders have long been aware of the investment opportunity in student housing. They say the Baby Boom Echo, which is essentially a second explosion of babies born thanks to the original boomer demographic, has grown up and is looking to further their education, thus making student housing a solid niche for investors.

You’ve likely at least heard of friends of friends who decided to purchase a house, townhouse or condo for their post-secondary-bound son or daughter. While that may sound a bit extravagant to some, it’s actually a clever way to invest your money. Living expenses add up quickly, whether they are on campus residences or co-op living arrangements in off-campus housing. Residence fees can range from $7,000 to as high as $15,000 or $20,000 per year. Living off campus is likely cheaper. But why not invest your money in a rental property? Your son or daughter can keep an eye on the day-to-day operations of the unit, especially if you live far away.

You can rent a 3-bedroom Toronto condo for $3,400 to $4,500 per month. While that is a lot of money to hand over each and every month, the hit is softened as it is divided among three tenants who share the condo’s common living space, which includes the kitchen, bathrooms, living room and balcony.

Another advantage to investing in student housing has to do with late or absent rent payments. When a single tenant is late paying his or her rent, the financial setback can be quite a blow for the landlord, who typically needs prompt payments in an effort to pay mortgage fees, condo fees and other bills. Withstanding the loss of rent money from one student renter is easier to swallow as the remaining renters help ease the shortfall with their rent payments.

So there are certain benefits to investing in student housing and the biggest one is that cash flow is usually higher than with single-family rentals. Of course, tenant turnover is higher so there is that to contend with. Just be sure to do your due diligence when vetting potential tenants and don’t forget to insure your property so it reflects that you are renting your space to students.

A common lament in the world of Toronto real estate is that the housing market is in short supply.

So when we hear that and then also learn that two per cent of homeowners own properties that are currently vacant, it makes you stop for a minute.

Though two per cent might sound like peanuts, it’s not. If you are looking at sales over the past 12 months, that translates to nearly 1,857 properties added to the bundle of already vacant homes in the GTA, an indisputably significant number, according to Better Dwelling.

In 2017, numbers from Statistics Canada showed that Toronto was home to over 99,000 unoccupied homes.

The survey of 2,501 homeowners was released earlier this year by the Toronto Real Estate Board and Ipsos.

It also appears that the inventory of empty homes has risen quite substantially from 2017. According to the CBC, 28 per cent of GTA property listings are vacant, a number that has increased over last year from 17 per cent.

Large numbers of vacant homes has been a controversial issue particularly in the GTA and Vancouver, where real estate prices have made the prospect of owning a home impossible for some. In fact, many industry insiders and economists have suggested that a vacancy tax would ease housing supply shortages. While many proponents of affordable housing support a vacancy tax believing that it would unlock Toronto’s supply of rental units, there is also some evidence that shows a vacancy tax may just help the buy-and-sell housing market.

The TREB-Ipsos survey supports this view. Results show what these homeowners of secondary properties would do if confronted with a vacancy tax. Nearly 38 per cent said they would sell their property, while almost 37 per cent claimed they would rent their properties to tenants. This would clearly go a long way toward building the city’s housing supply.

Some observers say higher numbers of empty homes are the result of foreign investors and speculators, who are simply waiting for the right time to sell. Still, others blame the growth in vacant housing stock on short-term accommodations services such as Airbnb. Any which way you approach the issue, there’s no doubt that the high number of empty homes poses some level of threat to the GTA’s economic health.

There’s a time-worn saying in real estate that location, location, location is everything but anyone who has bought and sold property once or twice knows that success in the market also hinges on timing, timing, timing.

If you missed the hot spring market, you’re in luck as fall runs a close second in terms of being the most desirable time to buy or sell your home. Here’s why:

Buyers are serious

It’s true that there are fewer buyers in fall, no doubt, but those that are out there tend to be more serious about the practice of purchasing a home. Not to discredit spring buyers, but when the real estate market heats up into a whirling frenzy you invariably end up with buyers who are simply caught up in the tumultuous trend. A number of them enjoy touring homes and kicking tires. Fall buyers aren’t as affected by the whirlwind of activity as they otherwise would be joining their counterparts in spring.  These home buyers are ready to put their money where their mouth is and they are interested in investing in a home or property instead of merely checking out how well or poorly a home is staged.

Fewer irons in the fire 

We all know competition can be fierce during a spring market. That’s when the majority of sellers list their homes in order to accommodate summertime moves thanks in large part to school-aged children and other family needs. Perhaps one of the biggest advantages to selling your home in the fall is the fact there is far less inventory available, which puts your property in greater demand.

Before the snow flies 

If you buy or sell early enough in fall, you could be settled into your new home before any inclement weather begins knocking or just in time for the hustle and bustle of the holiday season. In addition, a fall move will likely go easier on your wallet than a move in spring or summer.

Families aren’t the only buying demographic 

It makes sense why families with children choose to buy or sell in the spring. Their kids need not be uprooted during the school year and moving in summer is simply easier and less disruptive for little ones. But there are plenty of childless consumer groups who buy and sell real estate. Young professionals, seniors and empty nesters, to name a few.

The beauty of autumn 

It’s true that one of the reasons the spring market is so popular is because that’s when properties are at their most captivating. Flowers are blooming, trees are budding and lawns look lush and green. But the fall is clearly no runner up in the home beauty pageant department. Trees display a magnificent variation of colour in fall. Certain flowers are still in blossom or just emerging then. Add to your exterior’s curb appeal with a beautiful wreath or door swag. Given that Thanksgiving and Halloween occur in October, there are plenty of visual cues from which to draw inspiration for outdoor decorating.

If you’re a millennial hoping to build your life and grow a family within the city, you will likely know that Toronto’s condo boom is also in short supply of family friendly units.

While developers have spent the past decade or so building smaller condo units with single folks or investors in mind, a 2017 housing report by Ryerson University and Urbanation points out that developers and city planners need to look at the changing demographic landscape to help guide the housing development of tomorrow. The report notes that as millennials mature and begin to raise families and as baby boomers age and decide to move out of their homes and into condos, the city will require more family-oriented housing units for these groups.

Yet condos are getting taller and smaller overall. Proportionately speaking, developers are building fewer two-bedroom condo units than ever before. The size of so-called family units is shrinking when compared with, say, a three-bedroom condo from a decade or two ago. Many condos buildings are towers, and as such, considered unliveable by some. At the same time, affordability has also taken a hit. For example, in 2007, the price gap between a detached house and average condo was $205,000. In 2017, the difference jumped to over $600,000.

The report titled Bedrooms in the Sky calls for a shift in how developers meet the housing needs of the future and the so-called “missing middle” housing options that fall somewhere in between a detached home and small condo apartments.

Toronto, Ontario, Canada

“This missing middle includes low-rise walk-ups and stacked townhouses that can infill low-density neighbourhoods predominated by single-family homes,” says the report. “Mid-rise buildings can also help bridge the gap between detached houses and small apartment units. Mid-rise buildings tend to include larger units and can be more attractive to families than high-rise buildings due to their moderate scale and better integration into existing communities.”

At the time of the report’s release in November, 2017, just three per cent of condos slated for development in the GTA were in buildings under five storeys and only seven per cent were for five to eight storeys.

Buildings under six storeys can be built using wood-frame construction, a feature offering developers greater flexibility, according to the report.

Building bedrooms in the sky for growing families may be the way of the future for those who want to own property in the GTA. In order for families to stay put, developers need to make condos that are spacious and family friendly. That requires political will and the recognition that if condo prices continue to climb, good families will be forced to relocate outside the city.

Don’t let the naysayers bring you down. There are still numerous ways in which to invest in real estate in the GTA.

Investments come with certain rewards and risks so it’s important to go in with your eyes wide open. How risky, how accessible and how difficult or easy depends on your resources and your tolerance level.

Given the city’s escalating real estate prices, making a quick buck in the market is not as easy as it once was. But that doesn’t mean earning a profit on your holdings is a product of a bygone era. You likely need to be in it for the long haul.

An ideal scenario would give investors a positive cash flow in which your investment property spikes in value and your dream tenants never squawk about helping you pay off the mortgage. In today’s market that would be the stuff of dreams, however. Investors in Toronto are lucky to break even on their outlay. Your cash flow, which is the amount you keep after collecting rent and paying the expenses on your property, may see you recover your costs. But if you’re looking to fund your kid’s university education or a vacation home this may not be for you.

Let’s look at the types of investments that might be right for you:

Income Property

These are typically detached and semi-detached homes that have been converted into apartments. Houses in the city typically grow in value greater and faster than do condos so that’s an argument in their favour. You should be able to at least balance your expenses against your income and – who knows? – maybe realize a positive cash flow. Of course, know that you will have all the headaches that come with renting out a space, too.

Condos

These investments are hot, hot, hot right now. But condo investing likely means a more long-term proposition. Thanks to the city’s very low vacancy rate, landlords have the upper hand and can pick and choose from a list of preferred tenants. The maintenance and all-round work of keeping a condo in good repair is significantly less than with a freehold house. Their appreciation levels over time are also respectable.

Commercial Property 

These are often also known as mixed use properties as they have a mix of retail, office and apartment space. A big reason to invest in these properties centres on earnings, which are generally higher than that of residential buildings. Other bonuses include the pride retail and commercial business operators take in their businesses. The leases you negotiate with commercial tenants can be attractive, too, as the onus is often on the tenant, and not the landlord, to pay the expenses associated with the space. On the down side, there is more work involved with managing a commercial property, you will likely need more upfront funds for your investment than with a residential property and there is a higher liability risk as more people will be accessing the property due to its commercial focus.

Young families hamstrung by the lack of affordability within the city’s freehold housing market are looking to condos to raise their children in more affordable living spaces.

For the estimated 13 per cent of Toronto families that often means family-sized or three-bedroom condos. But good luck finding them. Many of today’s newer condos comprise some pretty un-family friendly traits: high carrying costs, meagre layouts and small quarters. As a result, these units end up being rented by students or young professionals who share the costs with their roommates.

According to Bedrooms in the Sky, a 2017 report by Ryerson University and Urbanation, Toronto may be experiencing a condo boom but it is not building enough family-friendly condos to meet demand. Even though condo construction is geared toward one-bedroom units, developers are building fewer two-bedroom units proportionately than ever before. Urbanation, a high-rise condo development tracking consultancy, says only 38 per cent of condos in development in November 2017 were two bedrooms and larger.

That condo developments are enjoying a boom period is without question. Census data shows that 129,000 of Toronto’s families lived in condos in 2016, up 8.9 per cent from 118,000 in 2011, and well above the national average of 8.4 per cent.

But Toronto doesn’t lay claim to the highest number of condo dwellers. In Vancouver more than 30 per cent of the population lives in condos, this, according to the CBC, is far and away the highest percentage in the country. In Calgary, nearly 22 per cent of residents call condos home, followed by Abbotsford-Mission, Kelowna and Toronto, all of which have more than one out of every five households living in a condominium.

The problem, many say, comes down to simple economics. Large, family-sized condos aren’t favoured by developers because it’s difficult to keep them reasonably priced. They also earn more per square foot on smaller condo units.

The report by Ryerson and Urbanation states that there may be some hope for family-friendly condo units of 3+ bedrooms as they are trending upwards, however, these dwellings generally have a resale price of more than $900,000, making them far from affordable.

Toronto, Ontario, Canada

The report’s authors warn that if these construction trends continue, the number of family-friendly housing units available in neighbourhoods close to transit, school and other services will continue to decrease, likely along with affordability.

Toronto is finally poised to embrace laneway housing.

The move to approve laneway houses across the old City of Toronto has been hard fought and a long time in the making. In 2006, the city rejected laneway housing imposing strict conditions that virtually made it impossible for most homeowners to build a separate dwelling in their back alley.

But the bull real estate market of recent years, which resulted in a housing crisis in terms of affordability, is credited with transforming the thinking on laneway housing and finally opening city planners’ eyes to creative housing alternatives.

Only a handful of examples of these secondary suites exist in the city now. The directive, if approved by council, means about 250 kilometres of Toronto laneways could be used as possible laneway housing projects. Currently, these back lanes are lined mostly with garages but under the new rules, they could be replaced by houses up to two-storeys high.

In early June, the Toronto East York Community Council voted to amend the city’s Official Plan and Zoning By-Law to allow laneway suites in Toronto and East York. The issue must now be considered by the full Toronto council.

A laneway house is a small dwelling at the back of a residential lot that is detached from the main house. Its services such as water, electricity, garbage and mail all come from the front street that the primary house is on, not the laneway. Laneway homes can be used as residences for family members or as rental units. These dwellings cannot be severed and sold separate from the main house, however.

The advantages to laneway housing are numerous: it increases the quality of affordable rental housing, it lets people stay in pretty, well-established and low-rise neighbourhoods, it intensifies neighbourhoods and makes urban lanes more green, liveable and safe, it allows people to live near where they work, shop and play and they provides living space for household members at different age and stages of life.

Since 2009, Vancouver has been home to over 500 laneway homes. Ottawa has recently launched a laneway housing policy and Regina is close to doing so also.

When the days are at their longest, warmest and most sun-drenched, we often feel like taking it easy.

This is the time to sit on the verandah with a tall glass of ice tea, or maybe it’s a good time to putter around your yard, extracting the odd weed and deciding what perennials need to be divided. The heat seems to slow us down a notch and force us to focus on the minutiae of life. If you’re a proponent of meditation, gurus might say it’s an ideal time to live in the moment.

Unfortunately, living in the now is not how most of us buy and sell houses. And while many think summer is a time for chilling, the commerce of everyday life often gets in the way. If you’re thinking of holding off the sale or purchase of a home until the fall, you may want to think again.

Did you know that estimates peg home sales during summer at somewhere between 30 and 40 per cent?  There are a number of reasons for this. The fact that these reasons all converge in summer is likely why. Let’s take a look:

Mild Weather

Say what you will about the weather but it’s a big factor in how we behave. Warm temperatures generally mean we’re out and about much more, possibly taking holidays or just enjoying the heat from our back patio.

If you’re taking vacation during the summer months, this gives you more time to house hunt or to get your home ready for the real estate market. If your windows need washing and your hallway could use a fresh coat of paint, now is the time to do it. If you can’t take holidays during June, July or August, you can at least take advantage of the long weekends summer offers to get some of these chores out of the way.

Boost curb appeal

Houses and neighbourhoods, in general, look most attractive in summer. Blossoms are in full bloom, trees are lush and full and lawns are green. Make sure you keep shrubs and bushes trimmed, weeds at bay and your windows washed. You might want to place some inviting furniture on your porch or a decorative wreath on your front door. This makes potential buyers feel more welcome and at ease.

Ideal time for moving 

For families with school-age children, summertime is the easiest and most convenient time to move. But it may also be a good time to hunt for a house or to sell one.  While children aren’t the main decision makers in a household, their opinions do count so it stands to reason that they should attend showings and open houses. On the flip side, if selling your house in summer, perhaps your kids can help you get your house ready for showings? Give them age-appropriate jobs like sweeping the walkway or straightening the pillows on the sofa. Remember details count and children can appreciate the finer points.