Ray Yuen, Realtor

Interesting article from the Financial Post:

Housing market tilts in buyers' favour as sales soften and new listings rise

New single family houses billed as estate cottages are seen in an aerial view, in Delta, B.C.
More interest rate cuts expected ahead, along with pent-up demand, should lead to a rekindling of the housing market next year, CREA said.

After showing early signs of renewed momentum in June, Canada’s housing market took a step back last month, according to recent data from the Canadian Real Estate Association (CREA).

After the Bank of Canada began cutting interest rates for the first time since 2020, there was optimism the real estate market was on the path to recovery. However, the latest figures suggest the resurgence may be slower than expected.

The seasonally adjusted national benchmark sale price was almost unchanged at $718,700 in July — a 0.2 per cent increase month over month but a decline of 4.2 per cent year over year. Home sales across the Canadian MLS systems edged down by 0.7 per cent, giving back a small portion of the gains made in June.

“With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” CREA’s senior economist Shaun Cathcart said in the Aug.15 report. “Combine that with a record amount of demand waiting in the wings, and the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk.”

While the dip in sales may seem like a setback, some experts believe it’s just a temporary pause. The market has faced several headwinds over the past year, including high interest rates and affordability challenges, which have sidelined many potential buyers.

Phil Soper, chief executive of Royal LePage, pinpointed what he believes is one of the key issues stalling the real estate recovery: “It’s the missing first-time homebuyer. That’s really, really at the crux of why the real estate economy is sputtering, as opposed to spinning.”

He explained that existing homeowners, who are less impacted by interest rates due to the equity in their current homes, are returning to the market. However, first-time buyers, who rely heavily on financing, are still on the sidelines.

Soper expects this to change in the second half of the year, predicting that once first-time buyers re-enter the market, the entire real estate cycle will accelerate, including activity in more expensive, move-up homes.

As of the end of July, there were about 183,450 properties listed for sale on all Canadian MLS Systems, up 22.7 per cent from a year earlier but still about 10 per cent below historical averages for this time of year.

Regionally, the market showed mixed results. Calgary and the Greater Toronto Area (GTA) experienced declines, but these were offset by gains in other areas such as Edmonton and Hamilton-Burlington. The regional variations suggest that while some markets are cooling, others are beginning to see renewed interest from buyers.

“While it wasn’t apparent in the July housing data from across Canada, the stage is increasingly being set for the return of a more active housing market,” James Mabey, chair of CREA said. “At this point, many markets have a healthier amount of choice for buyers than has been the case in recent years, but the days of the slower and more relaxed house hunting experience may be somewhat numbered.”

- article by Shantaé Campbell

Thinking about a pool? Here's a nice article to read before heading out and shopping for a pool.

What to Think About When Buying a Home With a Pool

Article by: David Elver

Between soaring summer temperatures and record heat waves becoming more common in nearly every part of Canada, who hasn’t dreamed about having a big, beautiful pool right in their own backyard?

But while a pool can be a private oasis during those hot summer days, if you’re considering buying a home with a pool, there are a few things you may want to think about before you dive in.
The first question to ask yourself is this: is owning a pool a good fit for your lifestyle?

If you take extended vacations every summer, or spend your evenings and weekends taking the kids to softball practice, you might not use a pool often enough for it to be worth the time and expense. But if your family loves nothing more than spending warm summer days relaxing in the backyard, a pool might be a perfect fit.
“Owning a home with a pool can be a fantastic addition to your lifestyle,” says Jane Hoffman, President of Unison Jane Hoffman Realty and a REALTOR® in Kelowna, British Columbia. “Pools can be a perfect space for family recreation and bonding. If you enjoy swimming and outdoor activities, a pool can significantly enhance your living experience. Pools also add a beautiful ambiance to your backyard, creating an ideal space for entertaining.”

Next, decide if the pool that’s already there is the right size, style, and type for your family.

For example, is the existing pool large enough for your family and friends? Is it the shape you want? Is it located in the right part of the yard? Or does it have a traditional chlorine sanitization system, but you prefer a saltwater pool for easier maintenance and fewer harsh chemicals?

In most cases, it costs more to replace an existing pool than to build a new one. So if the existing pool isn’t big enough, isn’t the right type of pool or doesn’t have the features you want, it may make more sense to buy a home without a pool and have a new one installed instead—or to continue searching.

“Purchasing a house with a pool means you don’t have to live through the permit applications, the construction process, or the added [initial] expense,” explains Chris O’Donnell, Director of Marketing and Business Development at Pool Craft, a pool installation, renovation, and service company in Richmond Hill, Ontario.

“But you also don’t get to customize the space to your taste,” she adds. “Building a pool means you’re in control of the design, and you can get all the features exactly as you want.”

It’s also a good idea to find out everything you can about the condition of the pool. Is it in good shape? Are there any cracks or big-ticket repairs that need to be fixed in the next two, five, or 10 years? How many years does the pool have left in it?

If the pool is above-ground, the condition and longevity may not be as important, because it’s usually much easier to remove, repair or replace an above-ground pool than an in-ground model. But if the pool is a permanent, in-ground feature of the home, it’s almost certainly worth taking a little extra time to find out exactly what state it’s in before you make any final decisions.

According to O’Donnell, some problems, like rust or damage underneath the liner, can also be hard for anyone but an expert to spot. So if you aren’t sure what condition the pool is in, you may want to hire a pool inspector to take a closer look.

“If the opportunity exists to have the pool inspected prior to making an offer, it may be worth taking the time to have a professional look at it,” she says. “A tech will come out, examine the recirculation system and let you know what type of pool is in the ground.”

A pool inspection would be in addition to your home inspection—they’re separate professions. In fact, don’t be surprised if your home inspector includes a disclaimer that states they’re not liable if there ends up being any damage to the pool.
Here are some questions you can ask when you’re looking at a home with a pool, before you call in the pool inspector:

Is the pool builder’s warranty still in effect? If so, for how much longer?

Can the current owners provide a water utility bill from the previous summer to verify the water consumption?

How often was maintenance and upkeep performed on the filter?
What sanitation system is being used, when was it installed, and are there any issues with it?

How often was maintenance and upkeep performed on the entire pool?

Does the pool have a heating system that’s in working condition?
Is the pump working properly, including the timer?
How old is the pool?

Have there been issues with mold or other substances in the past?
Have you ever had to deal with cracks in the pool or damages to the lining?

The costs of owning a pool

Unfortunately, all the fun and freedom of owning a pool doesn’t come cheap.

Between cleaning, maintenance and repairs, the cost of opening and closing your pool each year, the inevitable bump in your homeowner’s insurance premiums, and all the equipment and accessories you’ll need to buy, owning a pool can cost anywhere from a few hundred to several thousand dollars a year.

“There are many variables when it comes to the cost of running a pool,” O’Donnell explains. “On the low end, a pool can cost $1,000 annually. On the high end, $8,000. Energy-efficient equipment lowers the cost, and staying on top of water chemistry can prevent unnecessary expenses. Pool use, size, equipment, and whether you maintain it yourself or hire a professional to manage it for you can also all add to the cost.”

Monthly costs can also vary considerably depending on the type of sanitization system the pool uses. While saltwater pools generally cost more upfront to install, for instance, they’re also usually much cheaper and easier to clean and maintain than a chlorinated pool.
On the plus side, while market trends vary and not every buyer wants a pool, a pool can often boost your home’s curb appeal and resale value when it’s time to sell. This is especially true if you live in an area with long, hot summers.

The other big factor to keep in mind is how much time you’ll have to spend maintaining your pool instead of simply enjoying it.
“There are lots of variables, depending on whether you do most of the cleaning and maintenance yourself, or hire a pool service company to do it for you,” O’Donnell says. But on average, most homeowners can expect to spend between a few hours a month to several hours a week depending on their pool’s size, condition and features.

This includes weekly chores like:
• skimming out dirt and debris;
• cleaning the strainer basket;
• scrubbing the pool floor and walls to prevent algae from building up;
• vacuuming the pool to clean everything the filter doesn’t catch; and
• testing the water to see if you need to add any chemicals or adjust the pH balance.

Safety first

Of course, when it comes to owning a pool, safety is always No. 1. As the homeowner, you’re liable for any accidents that occur in or around your pool. So it’s up to you to do everything you can to make sure that doesn’t happen.

“If you have children or pets, an automatic pool cover is essential,” Hoffman says. A manual, crank-operated cover can also be an effective (and less expensive) alternative. But just remember that manual covers usually take two people to operate safely, and many homeowners don’t relish the idea of hand-cranking their cover open and shut before and after every use.

“Pools also generally need to be in a fully fenced and gated yard,” Hoffman adds. While the regulations can vary from one province, municipality or even district to another, having a fence around your pool is always a good idea, and many jurisdictions make it mandatory for both in-ground and even most above-ground pools to be fully enclosed to reduce the chance of accidents.

Alarms, motion sensors and cameras can also all help keep those in and around the pool safe. The precise regulations, requirements and restrictions can be different for each province and municipality. So check your local regulations, or ask your REALTOR® for help.
In terms of maintenance, safety also means knowing when you can do it yourself, and when to call in the professionals.

“Opening and closing, weekly maintenance and water balancing can all be managed by savvy homeowners,” O’Donnell says. “Leak detection, equipment or liner replacement, and repairs in general should be handled by the pros.”

Whatever you choose, be sure to ask your REALTOR® for advice. An experienced REALTOR® can help you wade through the options, weigh the pros and cons, and make the best choice for your family.