What is it about Milton that makes it one of the best cities in Ontario for families? It’s diverse, scenic and safe, with many fun activities for children to do. The word about Milton is out, and it’s the fastest growing city in Ontario (according to Maclean’s Magazine.) The beautiful scenery and friendly neighbourhoods make it a popular destination for new immigrants to Canada.

No wonder property values here have reached all-time highs! 

What does this mean for you as a resident? There are more people looking to buy property here than there are homes for sale. If you’re lucky enough to own a house in Milton, the current market conditions are in your favour if you decide to sell.

What is the Real Estate Market Like in Milton?

Increased immigration and the exodus of people moving away from Toronto have created unique challenges and opportunities for buyers and sellers. Milton’s fast population growth has caused a spike in demand for houses, and average prices have increased all over the country. For sellers, there is an obvious opportunity. List your home now, and you’ll command a higher price than ever. Buyers are in for more of a challenge, but with the many new developments in Milton, there may be opportunities to get into the market at a relatively reasonable price. However, nothing is as simple as it sounds, and the real estate market is moving fast. It’s more important than ever to work with a qualified Realtor® who can help guide you through every step of your transaction.

Here are some guidelines to help you choose the right agent in the Milton area.

Start with Research

Contrary to popular belief, the Internet doesn’t know everything. However, it’s a good place to start with your research. If your Realtor® doesn’t have a website, it doesn’t necessarily mean they’re not qualified. But if they’re not using all of the tools available to market themselves, can you be sure they will go all out to advocate for you and marker your property? After an initial online search, you can begin contacting agents for an in-person or online interview.

Interview Potential Agents

How do you know what questions to ask a potential agent? A good Realtor® will have a strategic system based on their best practices over time. Start with a question or two about their process, and their eyes should light up with enthusiasm as they speak. Ask questions about the market and their experience in the area. They should be happy to address all of your concerns thoroughly and honestly. And while an experienced agent will be a source of knowledge and insight, they will not always have the answers. An ethical agent will admit not knowing, but will get back to you quickly. 

Look for Local Expertise

Without local experience, an agent must rely on market reports and general trends. While overall prices are up, things can vary from one neighbourhood to another. New developments can add to the supply and bring prices down, at least temporarily. An agent with local experience can help make sure you’re getting a fair price within the market. An agent who lives locally is even better. They can help you decide what neighbourhoods to look for to suit your interests and lifestyle.

Teamwork is key

When searching for an agent, it’s often best to avoid working with a lone wolf. The market is more complex than ever, and no one person can be an expert on everything. An agent backed by a team has a network of expertise to help with every step of your purchase.

Experience Matters

It’s important to work with an agent who has some experience, but professionalism and a commitment to service matter even more. Ideally, your agent should be part of a strong team with varied experience and expertise. A new agent under the guidance of a qualified Realtor® can bring an unparalleled level of enthusiasm to your transaction.

Look for an Advocate

It’s natural to want to hit it off with someone when you’re going to be working with them on the biggest purchase you’ll ever make. You need someone you feel comfortable with and that you can trust. However, you don’t want to choose an agent just because they are friendly or agreeable. Your agent is there to advocate for your interests, and they may not always tell you what you want to hear. Instead of looking for a friend, look for someone who is professional and courteous, and not afraid to address the issues when they come up.

What do the Reviews Say?

While you should often take online reviews with a grain of salt, they are valuable when you know what to look for. First of all, you want an agent with experience with buyers and sellers because they’ll have a deeper insight into both sides of the transaction. When glancing at reviews, you should see some from both buyers and sellers. And here’s another tip that will help you choose a great agent. Don’t just look at the reviews. Look at the responses. If an agent takes the time to respond to their reviews, you can rest assured they will also respond to your needs.

At Woolcott, we believe our team of local experts is our strongest advantage. You can find out more about our process and our service below:

• The Woolcott Advantage for Sellers
• Discover the Woolcott Advantage for Buyers
• Connect with an Expert to Answer Your Questions
  

  ---

Selling an investment property is a little different than selling your primary residence. In some ways, it’s easier. You don’t have to pack up your belongings and move everything to a new home. When you sell, you can decide what you want to do with the profits and when.

You can fund your retirement or live your dream to travel the world. Or you can seek out a new investment that is more appropriate for this time in your life.

As a seller, the market is on your side. Prices are at an all-time high in 2022. You might think that would scare away potential buyers. But with low-interest rates, more people than ever are looking for their new forever homes. If you’re tired of being a landlord and want to cash out, there’s never been a better opportunity. 

Whatever your reason for selling, you want to maximize your sale as much as possible. Here are some tips to help you get more for your property:

• Five Tips For Marketing Your Home For a High Return
• How Sellers Can Make the Most of a Hot Market
• How To Price Your Home For the Market

Selling an investment property is less complicated than you think, but there are a few things you’ll need to be aware of.

You will have to pay a Capital Gains Tax.

When you sell your primary residence, there is no capital gains tax to worry about. The profits are all yours to do with as you wish. However, when you sell any other asset at a profit, there is a tax on it. This tax applies to any investment, like mutual funds, stocks, or bonds. It can even apply to personal items when you sell them for more than you pay for them. 

And, of course, capital gains apply when selling any house you don’t currently live in.

Some sellers hold on to a property for far longer than they should because they fear losing money because of capital gains taxes.

However, once you understand them, you’ll know what you can do to maximize your profit. 

First, let’s take a look at how these taxes work. They apply to 50% of your profits when you sell anything other than your primary residence. 

For example, imagine selling a property for $200,000 more than you paid for it.

• $100,000 is taxable. You’ll have to claim it as income at the end of the year. 
• The rest of the proceeds are yours free and clear to spend or invest however you like.

The amount subject to capital gains has fluctuated over the years.

First introduced in 1972, 50% of the profits of all assets became taxable. In 1990, the amount skyrocketed to 75%. Then in 2000, the Canadian government reduced it back to 50%. Recently, there has been talk of increasing the amount again. 

It’s unlikely because there are so few listings available and so many people trying to buy houses. The government is under pressure to do something to relieve this housing crunch and encourage homeowners to sell. However, with the debt incurred due to the pandemic, anything is possible. 

Reducing the Impact of Capital Gains. 

Your financial advisor or accountant can help you minimize the impact of the capital gains tax. How? There are several options available. 

You can choose to reinvest the bulk of your profit into a tax-sheltered investment such as an RRSP a TFSA. You may even be able to defer your payments to soften the blow. Charity donations are another way to pay less in tax overall.

Aside from the capital gains tax, you may face one more complication when selling an investment property. 

Want to know more about reinvesting your profits? These articles will help.

• Why Invest in Real Estate
• Where to Invest in Real Estate in Ontario

What Happens if You Have Tenants?

It is perfectly legal to sell a house that has tenants. However, it is essential to know the law regarding tenant rights. For example, you can NOT evict a tenant to sell the home. A written lease protects your tenant from being evicted before the agreement is up. The new owner will have to honour all terms of the lease.

You must provide 60 days’ notice to tenants renting on a month-to-month term that you intend to sell. 

And as always, tenants have the right to 24 hours notice if you enter their unit for any reason, including showing it to prospective buyers.

Selling and cashing out your investment can give you a head start to the next chapter of your life. You’ll be free of the hassles of being a landlord and have the funds to enjoy many new adventures. 

If you decide the time is right and want to know how much your home is worth, you can get a free home evaluation here.

Are you thinking of selling your home in the Burlington or Hamilton area? If so, 2022 might be the best time to do it. Right on the heels of the hottest seller’s market in 2021, things are looking even better for sellers in the coming year.

Even with recent changes to the market, housing prices are still higher than they were this time last year. From now on, all predictions are pure speculation. It is possible that economic changes and new government policies and regulations will further cool things off in 2023 and beyond.

If you want to get the most out of your sale, now is the time to act.

Should you use a local agent?

While an agent from another city can certainly handle the legal implications of listing your home, a local agent will likely help you make far more money from the sale.

Looking for the most recent updates to the real estate market? Take a look at some of our more recent posts:

• The Steepest Interest Rate Hike in Decades: Should You Be Worried?
• How To Stand Out In A Changing Market
• The Market is Changing. Is Real Estate Still A Good Investment?

If you want to get the absolute top dollar for your home, with the least amount of effort and expense, a knowledgeable local agent is the way to go.

Here are three ways a local agent can help:

Handling Open Houses and Walk-Throughs

Very few people have the professional sales skills to showcase their home in the best possible light. This is where your local agent shines. They can call attention to the finest details to increase the perceived value in a buyer’s mind. This is something an outside agent can’t do because they’re not available in person. A local agent also saves you from having to leave work in the middle of the day because a potential buyer wants a walk-through. 

Knowing What Upgrades will Pay Off the Most 

In general, small repairs and upgrades pay big dividends when it comes to selling your home. But what repairs should you make? And what should you leave for the new owners?

The market in general may appreciate a fine upgrade to granite countertops. But every city is different. In fact, every neighbourhood is different. A local agent has a deeper understanding of a local buyer’s mindset and what matters to them. This expertise can prevent you from tearing up your home and paying thousands of dollars on an upgrade that won’t result in a higher price. 

Researching the Market 

Although the market is up overall, the situation varies from one neighbourhood to another. An outside agent knows that there may only be 300 homes listed in the city. But they might not know that a new meat processing plant is about to go up, prompting the sale of a dozen houses in a certain neighbourhood.

If you list when the timing isn’t right, you can lose a lot of money on your sale.

These are things that can and have happened, even in a seller’s market. A local agent is finely tuned into everything going on, and can guide you to the perfect time to list your house.

Want to know more about the dos and don’ts of selling your house? Check out some of our other articles:

• Top Five Mistakes Home Sellers Make
• Four Things to Focus on When Selling Your Home
• How Real Estate Agent Fees Work

Marketing and Pricing Strategy

Your local agent has a pulse on the neighbourhood at all times. While everyone knows to list your house on the MLS, there are often better ways to attract more qualified buyers. 

Strategic pricing is another critical marketing component, and failing to price correctly is a common error. Set the price too low, and two things can happen. 

1. You can earn much less than your home’s potential.
2. Or worse, set off warning bells that something is wrong, and buyers will avoid you.

And even in a seller’s market, you don’t want to set the price too high. If you do, you might miss out on buyers looking in specific budget brackets. 

In every market, home prices can fluctuate wildly. A local agent knows what houses in the area have sold for in the past, and can give you the best estimate of what to list for.

Negotiating Top Dollar 

No one understands the sheer value of your home and amenities better than a local agent. Anyone can research nearby restaurants and attractions online. For example, an outside agent can look at pictures of a park on Google Maps and talk about how beautiful it is. 

But an agent who lives in the area has seen that beautiful park with their own eyes. They’ve experienced it in the winter, covered under a blanket of snow and in the spring, when all the buds are blooming. 

A local agent has eaten at the restaurants and shopped at the stores. They know what the Internet speed is like. 

Selling with the Passion of a Local

It takes more than fancy listings and enthusiasm to fully communicate the value of your property.

A local agent will present your home and your neighbourhood with the enthusiasm and appreciation of someone who lives there. These subtle details make a powerful impression on a potential buyer.

We have teams local in every district, including Burlington, Waterdown, Flamborough, Carlisle, Milton and Hamilton. To find out more about how we bring our local passion to every sale, visit us here.

Some potential condo buyers have no interest in ever purchasing a single-family home. They love the low-maintenance, urban lifestyle that their more affordable unit provides, and they can’t imagine living anywhere else. Others might want to make a move up in the future—but for now, there’s nowhere they’d rather call home than the perfect condo.

Living in a condo can be fabulous. That said, it isn’t right for everyone. Fortunately, understanding the purchase process and what to look (and look out) for will help you make an informed decision.

If you’re thinking of starting the search for your dream condo, here are a few things to know before you dive in…

Pre-construction may or may not be for you

If you’ve been keeping an eye on the real estate market, you’ve probably noticed how much buzz pre-construction condo projects tend to get. If you’re like many prospective buyers, you may be tempted to jump in and secure a unit in a hot new development. Doing so could be one of the best decisions you ever make—but that depends on your preferences and situation.

For many buyers, purchasing a resale condo is the right choice. Going this route will allow you to look at units in person, so you’ll know exactly what you’re getting before you commit. If you’re planning to move into your condo instead of buying it as an investment, you’ll also have the opportunity to do so immediately. You may also prefer the character of an older building. 

Of course, there are some for whom only brand new will do! If you’re considering buying pre-construction, just be aware that the process is unique. From the deposit you’ll pay to the timeline you’ll follow, make sure you get a sense of the steps involved.

If you’re thinking of buying a new condo, check out some of our other informative articles:

• Conditions & Clauses On A Real Estate Purchase
• 7 Amazing Benefits Of Working With A Real Estate Agent
• How To Win In A Multiple Offer Scenario

Your status certificate really matters

If you don’t know what a status certificate is, you’re not alone. But understanding this crucial packet of information will be one of the keys to making a successful condo purchase. It contains everything you need to know about the unit you’re thinking of buying, with a special focus on the financial health of the building it’s located in.

Specifically, within the status certificate, you’ll find bylaws and rules, insurance info and condo corporation financial documents (among other items). There will also be a copy of the most recent reserve fund study (which can help you understand how much money is available for repairs, replacements and other issues that arise). 

Given its importance, you’ll want to ensure that your lawyer reviews the status certificate for any unit you’re seriously considering. The good news is, you can obtain a copy easily for a $100 fee—and in many cases, the seller will be willing to cover this cost.

Reputation matters, too

When you’re looking at a resale condo, consider how the building is perceived. Is it a desirable place to live? If not, there could be a good reason for that. Does management have a history of neglecting repairs or resident complaints? Are there lawsuits against the building? If you find a place that’s priced below market value, these are important questions to look into.  

If it’s a new unit you’re thinking of buying, reputation should still play a factor. Is the developer known for getting things done in a timely manner, or are long delays to be expected? Have they cut corners or resorted to using inferior building materials in the past? It happens. 

The good news is, an agent who knows the condo market in your area can provide the context you need to ensure that the building you’re looking at—or the developer building it—is reputable.

Think you’re ready to purchase a condo? Start by reading some of our top resources on buying.

• 5 Things to Know When Buying a Condominium
• Case Study: How We Sold 13 Condos in 48 Hours
• Hidden Costs of Buying a Home You Need to Know

Condo fees can vary greatly

If you’re thinking about buying a condo, chances are you know what condo fees are. This monthly expense is separate from your mortgage, and it covers costs that allow your building to run smoothly—and provide you with the low-maintenance lifestyle you desire. 

Condo fees are typically calculated on a per-square-foot basis, and they can vary from one building to the next. The difference can be hundreds of dollars, which is why it’s so important to factor them in early on!

The most common expenses rolled into condo fees are utilities (be sure to clarify if they’re all included), maintenance of common elements (think lobbies, amenities and the grounds around the building) and contributions to the reserve fund (which is set aside for unexpected repairs).

You may not need an inspection

Most buyers wouldn’t consider buying a house without a thorough and professional inspection. When it comes to condos, you may be able to safely skip this costly (and sometimes annoying) step. That’s because unit inspections don’t include major systems or common elements, which you help pay for through your monthly fees. You will still want to check things like water pressure and turn on all the appliances as those are your responsibility as a condo owner.

Your status certificate should provide all the financial information you need to make an informed purchase, so make sure you and your lawyer review it in depth. You may want to include a status certificate condition in your purchase agreement, which would make your purchase contingent on a successful certificate review.

When it comes to brand-new buildings, you don’t have to worry. Your unit will come with a Tarion warranty, and an inspection is automatically part of the deal.

There’s nothing quite like condo living!

Are you dreaming of owning a home—minus all the snow shovelling, lawn care, furnace tune-ups, and general repairs? Do you love the idea of living a walkable urban lifestyle in the heart of the city? What about enjoying amenities like an on-site pool or gym?

Honestly, the condo life comes with no shortage of perks. If you’ve done your research and think you’re ready to experience it for yourself, the right agent can help you find a unit that works with your priorities and checks all your boxes. It all starts with a consultation!

Ready to start looking for your dream condo? Check out our latest listings here, or get in touch to learn how we can help you with your search!

Do your resolutions for 2022 include investing in real estate? There’s a number of different property types in the local market, and selecting the right one could help you achieve a strong return—and build an impressive portfolio. Of course, doing it well requires a bit of helpful real estate knowledge.

If you’re planning to invest in property this year, here are a few tips for your next step…

Consider new condo developments

Buying a pre-construction condo may be one of the best investment decisions you ever make. For one thing, purchasing brand new can help you budget effectively and obtain the best possible return. Unlike with resale purchases, you know the price you’re going to pay ahead of time—so you can’t get caught up in a costly bidding war.

It’s also worth noting that your investment will begin appreciating right away. You’ll pay today’s prices for a unit that will tend to be far more valuable by the time it’s completed. You’ll also usually be able to rent it out for more than the current rental value at that point, enabling you to maximize potential profits.

There are many other reasons to consider investing in pre-construction: the fact that you can select finishes and appliances that wow prospective renters to the (often) lower maintenance fees associated with new buildings. If you decide to take the plunge, there are some steps you can take to help ensure you make the most of your investment.

To start with, the neighbourhood you choose matters. An up-and-coming area (or one that will be the site of a new business park, for example) is likely to attract many tenants with access to funds for rent. For any area you’re considering, you should also learn what landlords are charging for similar units nearby. This step will help you determine what you can reasonably charge. From there, you can start doing the math to get a sense of your potential return (a knowledgeable financial professional can help).

Lastly, don’t forget to do your research to make sure the developer you’re thinking about working with is reputable. F3inding an agent who knows the local market and industry players is key!

Do you want to invest in real estate but feel concerned about the changing market? Here are some resources to help you make the best choices:

• The Market Is Changing. Is Real Estate Still A Good Investment?
• How To Sell An Investment Property
• Are Conditional Offers Making A Comeback?

Leverage your equity

 Your home may be your most significant investment. Why not make it work for you by tapping into your equity and investing in another property? 

You may be able to borrow as much as 80 per cent of your home’s appraised value and put it towards a down payment. The result will be a less hefty mortgage on the investment property (or no mortgage, depending on your circumstances). Not only that, but when you repay the loan, you’ll likely only have to cover the monthly interest—and if you want to pay it off quickly, you won’t have to worry about pre-payment limits.

One of the best ways to take this step is through a home equity line of credit (HELOC). This type of loan, which is secured against your home, provides a revolving line of credit. You can obtain funds, pay them back and borrow again (up to a certain limit). 

One of the biggest advantages of a HELOC is, you’ll only pay interest on the amounts you use. It takes some of the risk out of borrowing to buy an investment property.

Consider homes with a secondary suite

If you’re thinking of purchasing a new primary residence in the near future, consider investing in one that has space for a secondary suite. As the demand for housing grows, so does the need for this home type. One popular example is a bungalow with a spacious basement. So long as you can add a separate kitchen, bathroom and entrance (and meet the zoning requirements), you’re good to go.

Put simply, having a separate, self-contained rental residence within your home allows you to bring in extra monthly income without having to purchase (and manage) a separate investment property. 

The best part? If and when you decide to sell your home, you’ll enjoy the added value that a secondary suite can bring. These properties tend to receive higher appraisals, and many buyers are eager to purchase them. If you never sell and you’re on a fixed income one day, your suite can also help you bring in money every month and continue living independently.

Thinking about purchasing an investment property? Consider brushing up on your buying knowledge with some of these resources:

• Hidden Costs of Buying a Home You Need to Know
• What Not to Compromise on When Buying a Home
• The Team Approach to Buying a Home

Know your responsibilities

Part of owning an income property (or more than one) is acting as a landlord. To ensure that this process goes smoothly, it’s important to be prepared. Here are a few things to keep in mind.

First off, there are some questions you’ll want to ask yourself before acquiring a tenant. One of the biggest is, do you have the bandwidth to manage the property yourself, or will you be relying on a property manager? Consider the time and knowledge requirements carefully.

Next, be aware that screening tenants is crucial. Protect yourself by performing credit checks and speaking to relevant references (including employers and past landlords). You should also ask potential renters plenty of questions to get a sense of their character and circumstances.

In addition, you’ll want to ensure that you know your rights and responsibilities. Reviewing Ontario’s Residential Tenancies Act will help ensure that you go into becoming a landlord with all the information you need. 

Are you ready to start growing your real estate investment portfolio? We can help you find the perfect property—simply get in touch to get started!

 The real estate market in Waterdown and Burlington over the past 18 months can only be described as red hot.

Prices in the area increased by 27 per cent from November 2020 to November 2021, bringing the average sale price to $911,673, according to the Realtors Association of Hamilton-Burlington.

The question many home sellers and buyers are asking is what is in store for 2022?

“We are anticipating a strong market in real estate in 2022, though likely not with the same massive increases in home values,” says Drew Woolcott, broker and team lead of Woolcott Real Estate.

“The growth in the past year is difficult to sustain, and there are some factors at play that should help slow things down a little bit,” says Woolcott.

Woolcott cites the projected Bank of Canada overnight rate increases, potentially moving from 0.25 today to 1.5 per cent by the end of 2022, and the fundamental issue of supply not being resolved within the next twelve months.

“Another thing that adds some uncertainty is when, or if, the proposed Liberal policies that are meant to slow down the market and lend a helping hand to first time buyers will take place.”

With all these factors considered, Woolcott predicts the average home price in the Burlington and Waterdown areas will increase by 10 to 12 per cent. He also anticipates that the number of actual transactions will be down by the same percentage.

“The biggest issue affecting the real estate market right now is supply,” says Woolcott.

According to RBC, 2021 had the largest number of housing starts since 1977.

However, Woolcott points out that this will help remedy the situation in 2024 and beyond, but not right now. Even if the government were to loosen restrictions on building and density, it would not be an instant solution.

“If you are looking to purchase a home in the next year, it will still be tight market. I recommend working with an agent who is experienced in tough negotiations and is well-versed in the market you are purchasing in to come out on top in 2022.”