Thursday, February 23, 2012

Is it finally warming up?

Wow! Just look at the news these days! It's full of articles with names such as:




Certainly this is all about US, but we all know that shadow from south is always over Canadian economy. Why is it always before the election that you see all these good news popping up?

What do you think, is US out of the woods?

Wednesday, February 15, 2012

Most lovable features in any home

It’s no secret, men and women are wired differently. But recent research shows that when it comes to features that motivate them to buy, the connection between the sexes isn’t a battle.

While there’s a small difference in what they love the most, recent survey by Trulia showed both men and women agree on which top features make them fall in love with a home. When first-time home buyers were asked “which home amenity would make you, personally, fall in love with a home?” here were the top answers:
AmenitiesAll RespondentsMenWomen
Master Bathroom70%64%75%
Walk-in Closet63%55%72%
Gourmet Kitchen56%51%62%
Outdoor Deck55%51%58%
Wood Floors50%46%53%
Pre-wired for entertainment system (e.g., home theater, surround sound)35%42%28%
Pool27%27%26%
Hot Tub24%26%22%
Other15%15%15%

While men and women agree that the master bath, walk-in closet and gourmet kitchen are top priorities when it comes to finding their dream home,  not all features are created equal.  Among the top features, women and men each showed they had a little more love for a few key features at the top of the list:
What women love (more than men):
  • Master Baths
  • Walk in Closets
  • Gourmet Kitchens
Favorites men love (more than women):
  • Pre-Wiring for Entertainment System
  • Pool
  • Hot tub
Thought this study was done in US it is probably a good idea to make sure you highlight these features when selling a house. Or maybe something is missing from the list? Comment and tell us which features are making homes in your area lovable for house hunters

Tuesday, February 14, 2012

Housing Market Outlook by CMHC: 2012 Q1


This week CMHC issued its latest Housing Market Outlook and we are presenting a summary for you.

Over the course of 2011, new listings outpaced existing home sales. As a consequence, the resale market remained in balanced conditions. Moving forward, balanced market conditions expected to prevail and the average MLS® price to remain relatively stable at a rate roughly in line with inflation to the end of 2013. The average MLS® price is forecast to be between $330,000 and $410,000 in 2012 and between $335,000 and $430,000 in 2013. CMHC’s point forecast for the average MLS® price is $368,900 in 2012, while 2013 will see an increase to $379,000. 


The average prices in this report are higher than were expected a year ago.

Toronto rental market conditions will remain supportive of low vacancy rates in 2012, holding the average for the GTA to 1.3%. Demographic trends will continue to support strong growth in the population aged 25 to 34, while potential first time buyers could feel restrained by increased economic uncertainty, slow income growth and persistent challenges associated with ownership affordability. The supply of condo rentals will continue to expand quickly as approximately 18,000 new units are completed over the next year. Overall tight rental market conditions will support stronger increases in apartment rents. The average two-bedroom apartment rent will grow in excess of the rent review guideline amount of 3.1% in 2012 to $1,187.

Mortgage rates

Short-term mortgage rates and variable mortgage rates are expected to remain near historically low levels. The outlook also assumes that mortgage rates will remain flat through most of 2012 and start increasing moderately in late 2012 or early 2013. This will continue to support housing demand. 

Employment and income

In the 12 months to December 2011, employment grew by 1.2% while the unemployment rate stood at 7.5%. Over the December-to-December period, full-time employment rose by 1.5% (+207,700), while part-time work declined 0.3% (-8,600). Employment is forecast to grow by 1.3% in 2012 and 2.0% in 2013. These positive employment results will continue to support Canada’s housing sector

Migration

Relative to other countries, Canada’s economy is expected to be a better performer. Canada is thus expected to attract more immigrants (net international migration), which will push net migration up. This will have a positive impact on housing demand in the medium to long term.

Vacancy rates

Moving forward, it is expected that there will continue to be modest purposebuilt rental construction and strong rental demand due to high immigration. This, however, will be partly offset by an expanding rented condo market. As a result, vacancy rates across Canada’s metropolitan centres will remain relatively stable this year and next.

Sunday, February 12, 2012

How You Beat Your Opponent During A Negotiation

All of us negotiate every day in business, personal life and even with ourselves. No wonder negotiation skills are so important.

According to Kevin Dutton in his book Split-Second Persuasion: The Ancient Art and New Science of Changing Minds, there are five simple tactics that can help you conquer your opponent, which he calls S.P.I.C.E:

Simplicity: In order to convince someone what you're saying is a fact, communicate it in a very simple manner.  Keep your message short, sharp, and simple.  For example, "The way you set up that meeting yesterday was ineffective." Whatever you do, don't draw out your argument or your opponent will start losing track of what you're saying.

Perceived self-interest: Dutton says the trick to convincing others that your argument is better is to "focus on the benefits of the person whose mind you want to change, rather than emphasizing your own wants and wishes." For example, don't say "I would like you to do this..." but rather say, "You'll be glad if you do this..."

Incongruity: Throw your opponent off track by using information in a way that isn't consistent with how they are used to hearing it. FSurprise people -- tell them your cupcake is 400 cents rather than four dollars and they're far more likely to buy it.

Confidence: The most obvious strategy, but a very crucial one if you want to win. If you don't believe in it, why would anyone else? Confidence goes hand-in-hand with being aggressive, try not to get too far with it, otherwise you just create an image of annoying sales person.

Empathy: The trick is to look people right in the eye, nod when they nod and conduct other characteristics that make them trust you. People feel connected to people who are similar to them, so use those similarities to your advantage. Use FOR model to find similarities. Ask them about Family, Occupation, Recreation (hobbies), chances are you will find something in-common

Beyond these simple strategic rules to abide by, there are still a couple of things you should consider when trying to convince someone that what you're saying actually makes more sense than their argument.

When you're negotiating your position, make sure you listen carefully to what your opponent is saying and keep a mental list of everything they say in its exact order. You will need to confront what they're saying one-by-one and in the order that they bring it up during the conversation. This tactic will make the negotiation more effective for you.

Also, keep in mind that you shouldn't try to attack everything they're saying all at once. In other words, "don’t try and bring the castle down all in one; chip away, soldier by soldier, until you start to make a big dent."

You will know that you're winning if your opponent starts making new arguments instead of sticking to their original ones. At this point, continue to repeat your reasoning and arguments and as soon as they say, "I don't know," end the conversation: You've successfully won your negotiation.

Saturday, February 11, 2012

What if your tenant is late paying rent?

As much as every landlord tries to screen their tenants, every so often renters might be late in payments. Here some useful tips I came across in one of the Property Manager's blogs on what to do if this happens:

1. Issue Form N4. You might not want to do this, but you simply MUST. Even if a tenant asks you to hold a check or pay later in the week, you should still issue the N4. This simply protects you if the tenant doesn't live up to their commitment.

When serving N4 make sure it is not posted on the door, but delivered in person, to the mail box or slipped under the door. Do not enter the property without 24 hour notice!

Read instructions on how to complete Form N4

2. File Form L1. If the tenant doesn't pay their rent by the date stated on the N4, file an L1 (see instructionswith the landlord tenant board the next day to start the eviction process. 

3. Schedule a tribunal hearing as soon as possible.

4. Attend the tribunal hearing. Be prepared with proof if the tenant has been habitually late, the lease and bring any written correspondence. It is important to note that the tenant may try to claim repairs are required, illegal entry or attempt to make a partial payment. You need to be prepared for how you would handle this.

5. At the tribunal, mediation might be a way to simplify a lengthy process. This might be a good option if you think both parties are willing to co-operate.

6. Follow the next steps for eviction as outlined by the tribunal.

At all times, remember this is a business and sensitivity must prevail. We’ve heard of people saying some pretty nasty things to tenants or landlords and it coming back to haunt them later. If you want to avoid any personal attacks, use professionals.

For do-it-yourself landlords or any questions you can always refer to Landlord and Tenant Board web site it's quite helpful, has all the forms and step-by-step instructions