Canadian prices, as measured by the Consumer Price Index (CPI), rose 3.0 per cent on a year-over-year basis in July, following a 2.8 per cent increase in June. On a seasonally adjusted monthly basis, the CPI was up 0.3 per cent in July, equivalent to a 3.6 per cent increase on an annualized basis. The CPI ex-gasoline increased by 2.2 per cent in July for a third straight month. Additionally, food purchased from stores increased by 3.1 per cent, down from 3.9 per cent in June. In BC, consumer prices rose 2.9 per cent year-over-year in July, up from 2.8 per cent the month prior. The Bank of Canada’s preferred measures of median and trimmed inflation, which strip out volatile components, rose by 2.0 per cent and 1.9 per cent year-over-year, marginally higher than the previous month’s increase.
As expected, the reignition of the Iran conflict and its resulting stress on the Strait of Hormuz translated into higher gasoline prices in late July, placing upward pressure on headline inflation. Looking at major components, grocery price growth outpaced the overall CPI for an 18th consecutive month, while shelter prices decelerated to their lowest year-over-year increase in over 5 years at 1.3 per cent. Moreover, 3-month annualized core inflation increased from the previous month to about 2 per cent, essentially on-par with the Bank of Canada’s desired target level. While we expect the Bank to hold its policy rate through 2026, markets remain expectant of eventual rate hikes in 2027 as the Bank looks to reach the midpoint of its balanced range at 2.75 per cent. However, the Bank’s trajectory will remain somewhat uncertain while volatility in both global oil markets and trade persist.
Inspect Before You Invest
Inspect Before You Invest
Skipping a home inspection might seem tempting as it might save you money upfront, but it could cost you much more in the long run. A professional inspection can uncover major issues, such as structural, electrical, or plumbing problems, or health hazards like mould or asbestos, which might not be visible during a walk-through. With this information, you can make an informed decision about whether to walk away or budget for immediate and future repairs. An inspection report also gives you leverage in negotiations. You might negotiate a lower price — especially if the seller wasn’t aware of the issue — or request that repairs be completed before closing. Inspections are especially valuable for older homes or when there are red flags, like musty odours, visible water damage, or uneven floors. In some cases, an inspection may even be required by your insurance provider before issuing a policy. If possible, attend the inspection so you can ask questions and better understand the home’s systems and maintenance needs. So, when might you not need an inspection? New builds are typically covered by warranties. Also, condos and condo townhouses generally have status or estoppel certificates, which you need to request before buying, that will inform you about any major repairs or renovations that might be coming up, and if the condo corporation has the finances available for it. While a good status certificate can reduce the need for a full inspection, it can also be a negotiation tool if it reveals financial or structural concerns. Exceptions to not needing an inspection would be where the HVAC system is owned by the unit owner and is not under warranty, older or converted buildings, freehold townhomes, or if you just want extra peace of mind. In cases where the seller has provided a pre-sale inspection, be wary; don’t assume that it’s comprehensive or unbiased. It’s typically done for the seller’s benefit and may not have been done by a reputable inspector, so it’s still a good idea to get your own professional inspection done.
Spend or Save? Pre-Sale Upgrade Decisions
Spend or Save? Pre-Sale Upgrade Decisions
Money, time, and energy are among our most valuable resources, especially when selling a home. As you prepare your property for listing, it is important to consider which improvements or repairs are unlikely to yield a worthwhile return on your investment, such as:
Window treatments. Unless they are worn or damaged, don’t change them, as buyers may have their own preferences.
Appliances, unless they are broken or very outdated, in which case, consider buying used.
Floors (except in the case of very noticeable damage). Rather than replace hardwood, refinish it, and deep clean other types of flooring.
An aging HVAC system — if it’s still functioning well, don’t replace it.
Minor electrical or plumbing issues, such as switches that don’t work, dead outlets, or a faucet that drips a bit before stopping.
Code violations that were allowed earlier. The building code is constantly changing.
Minor cosmetic fixes, unless you are handy. However, if the cost of the repair is likely to exceed the potential return upon sale, or if you risk making further damage fixing it yourself, leave it as is.
Pro Tip: Before you sell, consult with a seasoned and experienced REALTOR®, such as myself, who can provide you with an expert opinion of what’s not worth changing before selling, based on insider, up-to-date market and neighbourhood-specific data and trends.
The Anti-Climax of a Deal Falling Through
The Anti-Climax of a Deal Falling Through
You thought your home was sold with a conditional offer, and then you received the unfortunate news that the offer fell through. So, what’s next?
Consider if it makes sense to renegotiate. Failing that, have your lawyer review the purchase agreement to understand your rights and obligations. Typically, the buyer will get their deposit back, which is usually protected by contingencies. If you have multiple offers, your realtor should contact them immediately.
Understand why the offer fell through so you can course-correct if needed. Additionally, your REALTOR® can reach out to previous prospective buyers who had expressed serious interest for feedback on why they didn’t move forward with an offer.
Your REALTOR® can advise you if you should continue to show your property during the conditional period, provided you have an escape clause, which allows you to entertain other offers.
While it can be a big letdown when an offer falls through, it’s important to stay focused on your end goal of a successful sale and trust that the right buyer is on their way.
The Most Commonly Overlooked Issues in a Home Inspection
The Most Commonly Overlooked Issues in a Home Inspection
Just because you get a home inspection report that appears to be A-OK, it doesn’t always mean there are no issues. Certain issues can be overlooked in a typical home inspection, such as:
Water damage, like water stains and musty smells, can be masked by paint or a diffuser. Internal leaks cannot be seen, possibly causing mould or mildew.
Structural issues, like wall cracks or sagging floors, can be hidden by flooring or drywall, and rotted wood can go unnoticed if it’s inaccessible.
Electrical issues, like outdated wiring, a faulty panel, or insufficient grounding, can go unnoticed, as inspectors may not have the specialized knowledge and cannot see behind walls.
HVAC issues, such as leaks, can go unnoticed because specialized HVAC knowledge is outside the realm of a general inspector.
The roof. Many inspectors may inspect it from the ground, potentially missing issues such as missing shingles or leaks.
Pests — because they are good at hiding. Sometimes it’s easier to find evidence such as droppings, scratching sounds, gnaw marks on baseboards, chewed wiring, or little “sawdust” piles around the wood structures of your home (which could indicate termites or carpenter ants).
Asbestos, lead paint, and lead pipes all need specialized tests. If the home was built pre-1990, you may want to test for asbestos and lead.
In rural areas, septic system issues are often overlooked because they are underground and thus require a separate, specialized inspection.
So, while you can’t possibly know everything about the home you want to buy, being aware of what can be overlooked is important. Speak to your REALTOR® about investigating the property more thoroughly so that you can make an informed decision and have peace of mind.
The Clothesline Conundrum: What Do They Mean for Home Values?
The Clothesline Conundrum: What Do They Mean for Home Values?
When it comes to clotheslines, there tend to be two schools of thought about whether they are good for home values or not. On one end of the spectrum are the people who believe that clotheslines bring down property values because they are not aesthetically pleasing. Some people also associate clotheslines with impoverished living conditions. For these reasons, depending on where you live, there may be a ban or restrictions on hanging your clothes to dry outdoors.
The other camp of people is those who see the energy cost savings from clotheslines as a welcoming feature to a home. After all, dryers are one of the most energy-consuming appliances in a home. Some people have joined a “Right to Dry” movement to fight against clothesline bans. With climate change effects an ongoing global concern, many people are looking for eco-efficient homes as a win-win for the environment and their wallet.
Takeaway: Whether clotheslines affect home values or not is largely community-specific. If you don’t have a ban on hanging clothes outside in your area, it’s best to assess the vibe of your neighbourhood in deciding if you think the majority of prospective buyers would appreciate a clothesline or not.
Embracing Wide Open Spaces With ‘Barndos’
Embracing Wide Open Spaces With ‘Barndos’
In the home design world, the term “open concept” has taken on a new meaning. If you like spacious layouts, the idea of industrial-meets-rustic style, and are looking for an economical home, you may want to consider a “barndo,” aka “barndominium.” These homes have become popular recently, particularly in rural areas, since being featured on a popular TV home show. Essentially, barndos are metal structures that have the same high ceilings as a barn with an open-concept design, often with exposed beams. They are typically built on large lots, which is why they are more popular in rural areas. So, what are some reasons for their increasing popularity?
They are cheaper than a traditional home, and more energy efficient, helping to cut energy costs. The metal frame is a good base for insulation, which helps regulate temperatures.
Their metal construction is good for longevity and durability. Metal is resistant to mold, mildew, rot, termites, and fire, and better able to withstand extreme weather, compared to traditional wood-framed homes.
They are faster to build than traditional homes, taking approximately 3 to 6 months to construct, depending on the level of customization.
Due to their open-concept design, the rooms tend to have better airflow, which helps reduce heating and cooling costs.
If you are dreaming of a barndo for your next home, keep in mind that while increasing in popularity, they still aren’t part of the mass housing market. This makes financing more difficult (but not impossible) and may make it more difficult to resell the property. Also, check if there are any related zoning restrictions in the area you are exploring.
Prepping Your Home for a Successful Spring Sale
Prepping Your Home for a Successful Spring Sale
Are you planning to sell your property this spring? Here are some tips for a successful spring sale.
Price your home competitively — Research comparable properties in your area for what they listed and sold for and use these as a guide.
Be prepared to negotiate on price and terms — Think about the lowest price that would be acceptable to you.
Give your home’s exterior some love — Expect potential buyers to examine the exterior more closely in the warmer months. Ensure your patio furniture is clean and wash the windows inside and outside if possible. For balconies, planters of colourful flowers go a long way. If you have a yard, clear any debris from the winter, consider putting down some fresh mulch, and tend to landscaping.
Air out your home — Open the windows to let a cross-breeze through for fresh air. Also, consider placing some diffusers throughout your home for a pleasant scent.
Stage seasonally — For example, since it’s springtime, setting out a vase of fresh tulips would be in tune with the season. Work with a professional stager.
The entryway — This is your first opportunity to make a statement. Choose items that creates a lasting impression, such as a brand-new doormat, a nice framed mirror, a console and a matching bench.
Give your home a good spring clean — Depending on your region, winter can create a lot of extra dust from continuous heating. Consider hiring professional deep cleaners.
Tend to any repairs — While this may seem obvious, depending on your region, winter can be rough on a home, so scan your home to see if you need to do any minor repairs or improvements.
Declutter—Donate or sell anything that doesn’t have a practical or aesthetic purpose for a well-presented home.
Even if you aren’t preparing for a spring sale, many of these tips can be used to stay on top of home maintenance and keep your home humming into spring.
Honored to Be a Medallion Club Member – Thank You for Your Trust!
To my amazing clients, friends, and family—thank you for your trust! I’m really honoured to be named a Medallion Club member which is a recognition given to the top 10% of realtors in Greater Vancouver; it’s proof that our commitment to helping buyers and sellers win delivers real results. If you’re thinking of buying, selling, or investing, let’s make it happen!
Staging Blunders to Avoid
Staging Blunders to Avoid
When priming your home for sale there are some definite missteps you can make if you just “wing it,” which can affect the sale of your home. So, to prevent this from happening, read on for staging mistakes to avoid.
Hodge-podge of styles — Maintain a cohesive style throughout your home to create a harmonious “look and feel.”
Personal and bold — Put away your personal photos and mementos and keep your home décor neutral. Buyers want to imagine themselves living in the home, so those personal items can be distracting.
Simple repairs or updates neglected — Repaint dull or chipped paint and update outdated light fixtures or décor.
Unprofessional photos — Professionally taken photos are well worth the investment as they will capture the attention of buyers quicker than poorly taken or poor quality photos.
Layout and size of furniture — If you have a massive sectional occupying most of your living room, it’s going to make the room appear much smaller. If you have room, keep some space between the furniture and the walls to create an illusion of spaciousness.
Clutter — Perhaps obvious, but those various coloured shampoo bottles in the bathtub and small appliances on the counter create an immediate eyesore for prospective buyers. Declutter and find a home to hide those unsightly items.
Too little or too much lighting — Strike the right balance using soft, layered lighting throughout your home.
Grungy linens — It doesn’t have to cost much to refresh your bed linens and towels that will be on display, and it’s worth the difference it makes.
Unpleasant scents — We become accustomed to the familiar smell of our home over time, but even if you think your home smells pleasant, have a friend come over to do the “smell test” and get an outside opinion.
Hiring a reputable professional staging company with plenty of good reviews will help you avoid these staging mistakes, so you stand your best chance of a speedy and successful sale.
