Where Image And Lifestyle Don't Meet A couple asked me to show them homes in Westmount, Montreal. Buying for image? I asked what their purchasing ceiling was and while she said $650,000, he stepped backwards replying $600,000. He said they were approved for $700,000 but wanted not to use it all. Westmount is one of Montreal’s most prestigious neighbourhoods close to the city center. Entry pricing is around $700,000 and tops out about $2-3mm. Offering a mix of city and suburbia with its great public activity facilities and many parks, it is situated on the side of a mountain, but not a place for the kids street hockey or soccer baseball. We visited homes in Westmount and, I found odd, was asked to search NDG; NDG is a great but more modestly priced sector.Hummmm.....  During visits, we s... 02/21/2010

Bye, Bye To Easy Canadian Mortgages   Our Finance Minister, Jim Flaherty unveiled new Canadian mortgage rules to halt housing speculation and protect buyers from placing themselves in debt risk when interest rates rise. These new rules will come into effect on April 19th, 2010.   Basically, 1.    New buyers will have to qualify based on the 5 year fixed rate and no longer the standard income tests for a 3 year fixed rate. Of course, buyers can still opt for shorter terms and lower rates. It was suggested this could influence up to 25% of all new Canadian mortgages. 2.    Clients who want to refinance their homes will now be limited to 90% of their home’s value. Presently, it is up to 95% and also applies to drawing equity on the home. This is not expected to have a great impact. 3.    C... 02/16/2010

Market Inventories Leveling Off In Montreal Pricey Neighbourhoods     I thought to update this report at mid month to follow the spring market build up in inventories. Market inventories on January 15th were very low to start off 2010 for Westmount, Outremont, NDG and Montreal-Ouest January 15th is a normal market begin date for the spring real estate market here in Montreal. Last year, due to the ABCP (Asset-backed Commercial Paper) crisis that sent all running for cover, we did not see the real estate market open up until mid-March. Montreal had also just come down from a huge market correction starting after, what we expect will be, the last referendum on sovereignty in 1995 where property values doubled, tripled and even quintupled, until the correction peak in the summer of 2005 It... 02/14/2010

  A St. Valentine’s Open House   The ads were placed with professional care  Though not a soul was to show  To sample our wares   The home flyers were distributed offering flowers to the ladies Yet no one arrived leaving the agents wondering Could this be Hades or a real timed blundering   The scented candles were lit That had to be right Even the house had been cleaned And the lights been lit No, somehow, that was not it   We arranged the open house early from 1 to 3  Thinking lovers would have space then And then we stood there Waiting, but no, not then   Until the end, there we remained Two hungry dozers With but one dozen roses And absolutely no one to show to     02/14/2010

Landlords, A Different Breed Managing properties requires a people approach toward tenants. As the object of owning rental property is to hold an asset that appreciates with time and turns a profit after fixed and operating expenses. Is it not logical that by keeping the tenant happy, it will increase the chances that the tenant will care for their dwelling more often than not? This is often forgotten and instead, some landlords will squeeze to lower their operating costs sometimes at the expense of tenant satisfaction. Is it not logical that maintaining and even upgrading a rental property will maintain the value and at times increase value by helping to justify rent increases? Why then do some landlords not want to invest in their properties?   Landlords, like all other men, love to r... 02/11/2010

What Attracts Buyers? Freebies? Open Houses?   According to the The National Association of Realtors@ (NAR) 2009 survey: 42% of sellers offered incentives to attract buyers such as home warranties or assistance with closing costs. The typical home sold for 95 percent of the listing price, with a median increase over the seller’s original purchase price of $36,000. With the growing number of sources of information about homes for sale, buyers have many opportunities to find the home that they ultimately purchase. For Example: 34 % of recent buyers homes were found through their real estate agentunchanged from 2007. 32 % of additional buyers homes were found on the Internet up from 29 % in 2007 and 11 % five years ago. 15 % of buyers found their home through a yard sign or open house sign... 02/08/2010

Sellers Don’t Like To Test-Drive Agents 85% of sellers used a real estate professional, 64% of sellers chose their agent based on a referral or had used the same agent in the past, 81% of sellers are likely to use the same agent again or recommend to others.  And so... before you select your agent It takes time to get to know anyone and why should it be different with your realtor. Looking at lawn signs or frequent ads in the newspaper will not inform you whether this agent is a good fit for your needs. Have a sitdown with the agent before you choose them, regardless of who referred them. Let them tell you what they do and how before signing up for a multi-month contract. The National Association of Realtors® (NAR) Survey San Diego, November 13, 2009 - The 2009 National Association of R... 02/08/2010

New Condo Project At Jean Talon and Victoria, Montreal, Quebec A great lot that has seen many a failed business project in the area in its recent past will now be put to good use. The lot's neighbours are now at a tipping point where a condo project can make sense. The surroundings: Omnitrans, a customs broker, has settled in across the street and is a fair-sized employer. BMW, Canbec has a lot of customer traffic by day to the area, we have a JavaU car wash operation across the street for the morning commute, a Bureau en Gros (STAPLES) outlet, and the opening of the shopping complex at Decarie and Jean Talon, close to the metro at Decarie as show signs towards a habitable neighbourhood beginning. The Project: Read more about it on The Montreal Gazette website under the article: Jean Ta... 02/05/2010

A Gift From Canada To Lift Our U.S. Neighbours' SpiritsOur U.S. neighbours South of our borders have been and are still experiencing very difficult times in real estate. I thought of this song this evening and send it out to anyone having a tough time.Please turn on your computer speakers, sit down for a moment while listening to Barbra Streisand and remember the days before the summer of 2008; how we hope to be see dawn's horizon; and then strong daylight to shine again.See the lyrics below should you enjoy serenading your computer. "Memory" by Barbra StreisandMidnight. Not a sound from the pavement.Has the moon lost her memory. She is smiling alone.In the lamplight the withered leaves collect at my feetAnd the wind begins to moan. Memory - all alone in the moonlight.I can dream of the... 02/03/2010

Market Inventories Not Yet Blooming. Spring Still A Long Ways Away In Westmount As promised, I am updating my blog post from mid January to follow the spring market build up in inventories. Market inventories on January 15th were very low to start off 2010 for Westmount, Outremont, NDG and Montreal-Ouest January 15th is a normal market begin date for the spring real estate market here in Montreal. Last year, due to the ABCP (Asset-backed Commercial Paper) crisis that sent all running for cover, we did not see the real estate market open up until mid-March. Montreal had also just come down from a huge market correction starting after, what we expect will be, the last referendum on sovereignty in 1995 where property values doubled, tripled and even quintupled, until the correction peak in... 02/01/2010

Real Estate Quotes? Why Not   Everyone says buying your first apartment makes you feel like an adult. What no one mentions is that selling it turns you right back into a child. --- Anderson Cooper   Oh, how emotional a business this truely is. We are usually fine up until that most important part of the process; discussing and negotiating price. 01/27/2010

Can You Weather The Storm? Let's See...   Ah, so you're heading out to buy a new home. "Do we really need a Captain to pilot this vessel?"     "Honey, this is going to be so much fun to finally leave port and venture out on to the water." "No sweat, we have time, there are lots of homes and we know what we want." "At least, we'll know it when we see it." "Hey Captain, this is goin to be a real easy sale for you, isn't it."   Wink-wink. "Honey, I betcha I could do this alone!"   "Unexpecteds?" "Nah, what unexpecteds? How hard can this be?"     "Hey! It seems like we've been out here for 6 months."                 "Captain, how did we get caught up in all these waves?"                                                   "Where did they come from?" -- This house we just saw is a disaster;   ... 01/21/2010

Are You A Professional Or Plying A Profession? Today, I was discussing one of my seller’s property situations with a more experienced colleague. After a little more talk she revealed how she is being approached to sell a few residential homes and is hesitating. I asked and was told how emotionally involved she becomes with her clients and their issues. She explained how draining it is to struggle to have them do what is best to make a sale happen in a reasonable time and to get the best price. Real Estate Conventions I have been pushed by “coaches” to go for volume or to treat my work as "transactional"; to give leads the 1,2, 3, punch and then dump into the garbage and then get on to the next lead method of prospecting; or have had experienced agents advising me not to waste time on pa... 01/19/2010

What Do My Clients Need To Know When Selling Their Home? Who Benefits? Every client and their property is unique. If we agree on this then is it natural to extend the thought that our offering for each client should be unique as well? I have noticed that I have in my toolkit a vast array of implements I can assemble for my clients. The reason I bring this subject up is I did an accounting of what my clients talk about once the deals are closed. I mean what they talk about over dinner when we are not there. What they talk about to the neighbours that we hear second hand after the fact. As agents, it is easy to talk about what we offer clients when selling their homes. And yet clients still queston what we do for our commission once they have heard our usual talk.   The Usual Suspects The... 01/18/2010

Would You Renovate This Home Or Sell As Is? A Good Agent Can Make The Difference There is a home, the oldest I am told, on the street. As you approach the front door you notice the backward tilt of the facade. The top is tipping towards the back on a steep angle.   A crooked little house I’m invited in and notice the slant of the floor towards the rear of the home. The back is a good foot and a half lower than at the front. I turn right and notice the living room entrance, fireplace, mantle and wall lines all slant to the rear. Going upstairs my stomach is getting woosey as the stairs expose odd angles. The bathroom and rooms tilt even steeper upstairs. We head back downstairs and walk to the kitchen. The floor is not as angled as upstairs and betrays the ceiling. I learn the previous h... 01/17/2010

Market Inventories Low To Start 2010 For Westmount, Outremont, NDG And Montreal-Ouest   January 15th is a normal market begin date for the spring real estate market here in Montreal. Last year, due to the ABCP (Asset-backed Commercial Paper) crisis that sent all running for cover, we did not see the real estate market open up until mid-March. Montreal had also just come down from a huge market correction starting after, what we expect will be, the last referendum on sovereignty in 1995 where property values doubled, tripled and even quintupled, until the correction peak in the summer of 2005. It appears that the market in the downtown and South West side sectors on Montreal island have slowed down and, of recent, showed signs of a sellers market where sellers are getting close to their ... 01/15/2010

Buyers Working With Multiple Agents. An Advantage? Westmount, Quebec   Buyers are the clear losers running around looking at listings and asking agents to look out for them. They are doing themselves a disservice. My pre-qualification process establishes the trust I need from buyers to know they will only work with me and follow my business process.  I want my buyers to know how with both of us scanning the market, they will win with a one plus one equals three winning approach to finding their home. This combined with my business process is a strategic advantage to clients working with me. I establish rules of play both the buyer and I agree to work by. As part of my process, we review our goals, information and efforts along the way. Working on their own only passes along the message ... 01/12/2010

The Holidays Are Over. Why Not Install Some Montreal-Style Energy & Cost-Savings Now The holidays are over and now it is time to get back to earning the bacon for the winter holiday. Oh right. The credit card bill coming in next will have the holiday spending on it. What plan do I have in place to look for cost-savings? Can I save money now? In wintertime here in Montreal, Quebec, we sometimes are so busy we forget the benefit the small changes that can help us save money and energy. Cost-savings to changing all lighting to high-energy saver fluorescents, or your outdoor lighting to solar battery or adding light sensor timers so you won't have to remember turning them on or off.               You can insulate your hot water tank and surrounding hot water pipes inexpensively and get redu... 01/07/2010

Sharing The City Streets With Cyclists. A Dangerous Relationship Since this is not a city solution. what now? I am an avid cyclist and ex-extreme sport enthusiast. I was always properly equipped, looked both ways and kept a clean up crew nearby before I plummeted off a cliff or down a hill. I appreciate the importance of safety first. Cycling in the city, however, is where people take greater risks and in a most stupid fashion. Montreal has over 420 km (262 miles) of designated bikepaths throughout the greater Montreal area. I love them. I can scream along in relative safety without battling objects way out of my weight class, so to speak. Along Sherbrooke Street, a major East West street, organized for parking on both sides throughout the neighbourhoods or NDG and Westmount with 2 lane... 01/05/2010

Even The Mail Guy In Montreal Is Unhappy That time is upon us here in Montreal. My back is sore again today. I have no parking outside my city home. It snowed again Saturday and Sunday. I shoveled my spot on the street and the double walk Saturday evening and then again on Sunday as I live in a duplex. Then shoveled the walk again Monday morning before work. Monday evening up went the snow clearing signs where? Of course on the side of the street I decided to park on. And so I shoveled a new spot on the other side of the street and my walk, once again. As an extra I didn't need: my mail man left me a note on a piece of my mail stating "walk was icy and slippery" along with his initials at the bottom. Now the question begs to be asked: - did he write the note before entering the walkway ... 01/05/2010