Located just north of the GTA, Simcoe County is one of Ontario’s most scenic outdoor destinations. With countless kilometres of shoreline between both Lake Simcoe and Georgian Bay, year-round outdoor amenities, and the world’s largest freshwater beach, there are not many better places to buy a cottage than Simcoe County. 

If you’re interested in purchasing a cottage, buying during the fall season can help you be successful. As sellers look to offload their property before winter, buyers have a greater chance of finding a deal. Plus, as the market slows down, buying a cottage during the off-season can make the process feel more relaxed. 

If you enter the market this fall there are certain variables you’ll need to navigate as rising interest rates and other factors are sure to impact real estate in the coming months. Here’s everything you need to know about buying a cottage in Simcoe County this fall. 

Want to learn more about the historic and beautiful Simcoe County? Read our local guide to discover everything we love about the area. 

The Summer Market is Closing

The most popular time to buy a cottage property is often the summer months. As buyers dream about spending days at the lake before the fall, cottages can sell for top dollar during peak season. However, more often than not, there are several beautiful unsold properties still left on the market come September. This is particularly the case in 2022, as higher interest rates have cooled off the market. 

As the summer market closes, sellers may feel like their best opportunity to sell for a high price has passed. As a result, they’ll be even more motivated to negotiate with buyers. While the listing price may remain unchanged, it doesn’t hurt to make a low offer and see what happens. The more prime local properties that don’t move over the summer, the more likely sellers are to be flexible. 

With rising interest rates acquiring a loan for a vacation property may require special considerations. Learn more about the many options for mortgages on our blog. 

• What’s the Normal Term of a Mortgage in the Toronto Area?

• A Guide to Mortgages if You’re Self Employed

• When is a Good Time to Refinance?

Don’t Stress the Season

Rather than purchasing a cottage and rushing to use it as much as possible before winter, buying in the fall gives you time to plan for the next season. You’ll be able to enjoy the anticipation and have time to nicely set up and prepare the property for spring. If there’s work that needs to be done or upgrades you wish to make, hiring local contractors can be faster and more affordable in the off-season. 

Market Uncertainties

Since the beginning of the year, rising interest rates have caused real estate to become more balanced. In these new market conditions, both buyers and sellers are taking a hit. Right now there is buyer uncertainty in the GTA and across Ontario. While property prices aren’t currently going up, new interest rates are still making things more expensive overall. 

As it’s been a long time since the GTA has seen these types of conditions, it is hard to predict where the market will head next. Interest rates could again increase, prices may go back up, or both. If you want to buy a cottage, the best way to avoid the risk of future market pitfalls is to begin the buying process today. 

Just like cottages, traditional real estate can also see seasonal shifts. Read these helpful blog posts before you navigate the market. 

• Buying in Toronto: Will it Get Less Expensive This Year?

• Essential Analytics | August 2022

• Navigating Design Trends in the Real Estate Market

Working With an Area Specialist

Just like a home, buying a cottage requires navigating a myriad of market variables. The best way to find a property that suits you is by working with a Realtor® who specializes in the area. Although it’s just 1.5 hours away from Toronto, real estate in Simcoe County is unique. Not only will an experienced Realtor® help you locate and assess cottages that match your specifications,  but their local market expertise can help you determine which properties are priced well and which ones don’t offer the best value. 

Just like lived-in properties, buying pre-construction developments come with a myriad of details and considerations. If you enter the market without a highly-qualified expert, you may have a stressful and less successful buying experience. 

In a wide housing market like the GTA, new options and developments are constantly emerging. Working with a Realtor® will not just help you locate and assess potential properties, but their knowledge, professional network and negotiation skills can support your buying goals all the way through. 

If you’re serious about buying pre-construction, you’ll want to work with an experienced, high-qualified Realtor®. Discover how to choose the best professional for your purchase here. 

More Selection Than Meets the Eye

Like lived-in homes, finding a pre-construction property that meets all your needs isn’t easy. By working with a Realtor®, you can make the process more enjoyable. In addition to doing the homework for you, a Realtor® can also increase the selection of properties available. 

In the GTA, a well-established Realtor® will have access to new or upcoming pre-construction developments that aren’t yet available to public buyers. This gives you the opportunity to maximize your chance of finding a property that checks every box on your wishlist. 

A Realtor® will assess your individual “must haves” and “want to haves”. Next, they’ll analyze all on-market and off-market developments to zero in on the best properties for you. 

Dreaming of buying a condo in the GTA? Read these helpful blog posts before you navigate the market. 

• Buying in Toronto: Will it Get Less Expensive This Year?

• 3 Tips For Buying a Home in Mississauga

• 4 Qualities to Look For When Purchasing Etobicoke Real Estate

Understanding Access Levels

One important factor of pre-construction purchases that all buyers should understand is access levels. As a buyer, your transaction will change depending on the access level you buy at. In most cases, earlier access levels mean a better price and other property-specific advantages. Access levels come with a myriad of details and can be difficult to assess. This is especially true if you are looking at or considering properties from a multitude of developers. 

An easy way to navigate through the various access levels is by working with a Realtor®. They can summarize the crucial details of each access level and frame the information in a way that works for you.

In some instances, a Realtor® may even be able to offer you an earlier or exclusive access level based on their relationship with the developer or greater industry network. This is just another example of how working with a Realtor® makes a big difference during a pre-construction purchase. 

Buying Power

Most buyers don’t realize that pricing on pre-construction properties isn't always cut and dry. Just like the traditional real estate market, there’s an opportunity for negotiations during a pre-construction transaction. As a buyer, you’ll want to use every advantage you can to make the purchase as successful for you as possible. Working with a Realtor® can help you do just that. 

During the transaction, a Realtor® can present you to the developer as a qualified, preferred buyer and if necessary, reference nearby or past developments to help you get the best price. They may also utilize their existing relationship with the developer to secure additional bonus perks, such as a parking space or upgraded appliances.  

With rising interest rates It’s more important than ever to consider each detail of your mortgage. To know more, have a look at these blog posts. 

• What’s the Normal Term of a Mortgage in the Toronto Area?

• A Guide to Mortgages if You’re Self Employed

• When is a Good Time to Refinance?

Your Dedicated Advocate 

If you live in the GTA already you know that construction projects can often take longer than expected. As a buyer, there’s a small chance you may experience delays with your pre-construction property. If you find yourself in this situation, it’s helpful to have a Realtor® at your side. 

With your experience as their top priority, a Realtor® can guide you through the delay period step by step. In most circumstances, you will be entitled to financial compensation, and they’ll work exhaustively to ensure you receive every penny and perk you’re owed. A Realtor® can also assist you in finding temporary rental housing should a delay conflict with your sale or lease. 

Are you thinking about buying a pre-construction home and in need of a trusted Realtor®? We can help you! Get in touch.

Overview of Greater Toronto Area housing market activity during July 2022.

gtaselling Garden suites can now be legally built in Toronto backyards thanks to a recent decision by the Ontario Land Tribunal.

A garden suite is a smaller, separate dwelling built behind the main residence and is typically utilized as a rental unit.

These suites may be a great opportunity to house aging parents or provide rental income to offset your mortgage payments.

Garden suites will remain under the same ownership as the main house with no option to sever the property. The suites will be serviced with utilities through a connection to the main house or to the street.

Proposed garden suites will need to meet building criteria regarding height and bylaw standards to obtain a building permit. Minor variance applications may be approved.

Do you think this is an exciting new development for Toronto?

Overview of Greater Toronto Area housing market activity during June 2022.

2022 Summer Solstice Update

The bank rate increases have certainly had a cooling effect on the housing market. We are seeing fewer frenzied bidding wars and some homes sitting on the market for a while longer.

Buyers are sitting back waiting to see how the next bank rate hike will affect the market.

More available inventory has provided buyers with more choice. This is a good time to buy.

This is the more balanced market that frustrated buyers have longed for, yet they are reluctant to make the move, perhaps because they fear that they will not be able to sell their current home at an acceptable price.

The key is for everyone to have realistic goals and make educated choices. A balanced market means just that - equal opportunity for everyone. Buyers will be less likely to overpay for a home and sellers will learn to accept current market value for their home. It’s a win win.

Real estate is key to a vibrant economy. Not only are jobs created when new homes and condos are built, but spending ripples throughout the entire home buying process. Painters, contractors, stagers and photographers are employed to prepare and sell properties.  Also, homeowners traditionally spend money on new furnishings, minor fixes or larger renovations. This continuing cycle drives the housing market’s overall impact on the economy.

The Takeaway

Buyers have more choice and more time to get pre-approved for a mortgage to know exactly what they can afford and more time for home inspections to know what they are purchasing.

Home prices, although down from the February 2022 peak, are still on average higher than this time last year. Sellers can still get a good fair price for their home when it is priced correctly and presented in good shape to discerning buyers.

Housing is still one of the best investments you will ever make!

Please contact us for more information about market trends.

Free Home Evaluations and Staging Consultations are available.

Nancy 416-985-1486

Dave 416-894-4079

Overview of Greater Toronto Area housing market activity during May 2022.

We love this Bloor West/Swansea home for all of the right reasons. You cannot beat the location steps from Bloor street shops, bakeries, bistros and the Jane subway stop. 

 

We love this exceptional One of a Kind Home built to enjoy the best of inside/outside living. Wall to wall west facing windows on lower level overlook an entertainer’s dream back yard with waterfall feature pool. Unique features make this home a standout!

1.  Listing with the realtor who agrees to or suggests the highest price for your home.

Some sellers have an overinflated sense of the value of their home.  Others may have overimproved their home to a level that prices in the area just will not support.  Some agents will cherry pick comparables that may not be all that similar, or they will just wing it based on average sale prices in an area.  Sellers of overpriced homes often dismiss the first reasonable offer and thereby lose a good buyer and risk the listing becoming stale.  Houses sell quickest when they are priced right from the get go.  Realtors of overpriced homes will soon be telling the seller that they have to reduce the price.  Make sure the comps are solid.

 2.  Listing with the realtor who offers the lowest commission.

There are numerous commission slashing sales models.  A popular one is based on 1% for the seller agent and 1% for the  buyer agent.  The seller should be confident as to what they are getting for the 1% sell side commission.  Does it include decluttering, cleaning, staging, professional photography, brochures, post cards, home inspections, etc.?  Make sure you are getting the best marketing package to showcase your home to it’s fullest potential.  Cut rate listings can include pricey add-ons that sellers are expected to pay for.  On the buy side, some realtors will discourage buyers from seeing homes and making offers on homes that do not offer 2.5% commission.  The seller and their realtor should always encourage showings that will potentially lead to offers.

 3.  Not taking your realtor’s advice.

It’s not surprising that with the numerous real estate programs on television that there are many self-appointed real estate experts.  Sellers should avoid taking advice from family and friends - or other realtors who do not have your listing. Your realtor is the professional and has helped many people buy and sell homes.  They have the best sense of what the market is doing at any given time and the seller should listen to their sound advice at all points in the sale process and not be distracted by self-appointed experts.

 4.  Trying to ride a period of price growth for too long.

The real estate market is fickle.  Although the long term trend in real estate is an ever climbing line, there are many bumps and corrections along the way. If a seller’s market is hot right now with limited quality homes for sale, it’s the best time to get the home on the market.  There’s a tendency when average prices are growing to ride along with the price growth.  However; as we’ve seen with the war in Ukraine there can be sudden dramatic shifts in the prices for all goods, rising inflation and interest rates.  If the market is hot and inventory scarce, the seller should take advantage immediately.

 5.  Reluctance to make necessary improvements and repairs.

Some sellers have lived with deficiencies in their homes for years tend to believe that any potential buyers should overlook them.  That is not the case when your home is being marketed.  Buyers will avoid homes with problems like occasional water leaking into the basement or through a failed roof. Water can also be a precursor to mold which has its own problems and a mortgage company will not approve a mortgage where they suspect a home may not be habitable. Make repairs recommended by your realtor, get rid of clutter and paint where needed. Even minor touch ups will help to enhance your home and help you reap the rewards.

Overview of Greater Toronto Area housing market activity during April 2022.