Originally published in Real Estate Managazine on November 14, 2023. https://realestatemagazine.ca/5-swift-lessons-from-the-eras-tour/   I’m not much of a “Swiftie”, but when I had the chance to go see the Taylor Swift concert movie, I was blown away by the amount of effort and attention to detail she’s invested in her show. Ms. Swift is more than just a singer and her show is more than just a concert. Just like her marketing and brand, she’s thought of every detail and aims to provide the best experience for her fans. While my wife and daughter were singing along, I was sipping Dr. Pepper from my souvenir cup and couldn’t help but make a few notes. Here are a few quick lessons on what realtors could learn from Taylor Swift: The Eras Tour. Go big “Even if it’s just in your wildest dreams.” Taylor could simply stand in the middle of the stage singing songs for 90 minutes and she would likely still sell out venues. Instead, she’s designed and developed an elaborate experience that lasts over three and a half hours, rain or shine. There’s no mailing it in when it comes to her fans. She’s delivering the best she can dream up every chance she gets. When it comes to your clients, forget about the least you can do … What’s the most you can do? Taylor has been known to follow her fans on social media and surprise them with personal, hand-wrapped gifts or invites to private listening parties at her home. Her social media is often a puzzle, giving hints to upcoming projects. She’s doing more than what’s expected. What can you do to develop a community of brand fans who share everything you put out, can’t wait to see what you do next, trade friendship bracelets and sing your praises from the stands? Be the mastermind “What if I told you none of it was accidental? I laid the groundwork and then, just like clockwork, the dominoes cascaded in a line. What if I told you I was the mastermind?” Have you ever had one of those days where you can’t lose? Everything happens on time, you run into a friend at the coffee shop, the barista remembers your name, there’s no traffic on your way to work, the elevator is already on your floor, etc. It feels like all of the stars are aligned. What if you could make that all happen on purpose? Imagine a client experience full of surprises and moments that blow them away. An experience where information is provided right when they need it, gifts arrive when they are most appreciated, messages of encouragement are sent when they are most anxious about a big decision and you are there with the answers to the questions they haven’t yet asked. Figure out how to develop those systems and processes so they happen automatically in a way that feels customized and authentic. Make the unexpected happen by design. Shake it off “You need to calm down.” The only thing you can expect in this business is to get frustrated at some point. Whether the cause is a bad situation, another agent or a client, there are lots of things that can trigger your heart rate. I’ve never had such a situation improve by responding out of frustration. Take a break, go for a walk, blast the 1989 album and respond to that message in the morning. You’ll go further taking the high road and your clients will appreciate having someone be the voice of reason. We’re here to put buyers and sellers together. Homes don’t sell when egos come into play and either party fights to have the upper hand. There should be two winners in every transaction. Sing to the right crowd “You play stupid games. You win stupid prizes.” I’ll see agents online complain about the challenges of working with first-time home buyers, yet they run Facebook ads that target that market. Some agents wonder how others with less experience seem to have every listing in a desirable neighbourhood, but they don’t see the effort that agent has put into creating a presence in that community. You attract what you put out in the universe. You can’t expect the phone to ring when you haven’t been focusing on your business. If you pursue listings by contacting “for sale by owner” sellers, you’re likely going to be working with clients who may not be aware of the value you provide. Sellers in higher-priced neighbourhoods expect more perks and marketing than what’s provided in more affordable areas. If you want to play stadiums, don’t put on a basic show. Be the agent that attracts your ideal client and design your business and your brand to reach them. Karma and reputation “Trick me once. Trick me twice. Don’t you know that cash ain’t the only price?” It’s a small world, especially with social media and Google reviews. You should value your reputation more than anything and choose long-term success over short-term wins. Some agents focus too much on getting the deal done, so they can move on to the next. Make sure the success of your client comes first. The deals and commissions will follow. Your clients should be well-informed and comfortable with each decision they’re making. They are the ones on stage. Be their manager and point out every potential challenge and hurdle happening behind the scenes, even if that means collapsing some deals and avoiding potential mistakes. They’ll be your biggest fans in the long run. Otherwise, you may be the first to blame when things go wrong and an agent they’ll never, ever recommend …“like, ever.”

Published in Real Estate Magazine on February 28, 2023 https://realestatemagazine.ca/broker-shares-5-keys-to-success-in-the-1st-year-of-business/   In mid-2021, I was halfway through my best year as an agent, representing a great brokerage. They had a strong market share and were home to some of the brand’s top agents and teams.  Like many, our market was having one of its best years in recent memory. However, also similar to other markets coming out of the pandemic, brokerages across the city saw agents on the move, switching offices and looking for a different environment.  I was fascinated by why these agents were moving. At the same time, I had been studying leadership, management and corporate culture, obtaining professional and master’s certificates through the University of Regina and Royal Roads University.  It was easy to see that there was something missing in our market. There were gaps in the value offered by brokerages, and agents were looking for other options.  It was time for me to take my own leap and start a new brokerage. Was I unhappy? Disgruntled? Not at all. Leaving was more about wanting to create something I believed in and prove to myself it could be done. It’s been just over a year, and we’ve experienced some moderate growth, with 28 agents joining me at the brokerage. It’s far from a big city super brokerage, but here in Regina, where we have just over 400 realtors, we’ve carved our spot and are holding our share of the market. Reflecting back on the year, we’ve made our mistakes and realized some unexpected successes. It’s hard just to pick a few, but I’ve outlined five themes that I felt were important to our brokerage in my first year as a broker/owner.  If you’re considering a move or already have, your situation is likely quite different, but I hope you find some value here.    Find the gap   If you’re in a market where one brokerage enjoys a large market share, you can have a lot of success being the alternative option (think Uber vs Lyft).  However, in a market with dozens (or hundreds) of brokerages, you have to find the gap. What are agents looking for that isn’t offered elsewhere? Fees, culture, support, training, leadership, office space, team opportunities, etc. Maybe it’s not just one thing but the sum of many little things.  We found success reintroducing pieces that established brokerages had moved away from, rewinding the clock a bit.  We established regular office meetings (something many brokerages got away from even before the pandemic), making our branding consistent with all agents (limiting how agents and teams can brand themselves alongside the brand), offering various support programs and focusing on collaboration over competition between agents.     The model matters more than the price   My wife and I travel quite a bit. She loves to scuba dive. I like to drink beer on the beach. We have often stayed at all-inclusive resorts.  Recently, we stayed at a resort where this wasn’t an option, paying for each meal and drink separately. I was surprised by the difference. When you’re paying for each drink, the quality and selection increase (no more cheap draft in plastic cups); the restaurant menu options are better, and there’s much less food (and guests) wasted around the resort.  Instead of trying to control costs, the resort finds additional ways to provide value and earn your pesos. It was a much more enjoyable experience, and overall, we spent around the same amount. Is one model more profitable than the other? I have no idea. I do know that each model attracts a different type of traveller and has a major impact on the type of atmosphere the resort offers. In our market, many of the big brokerages offer a variation of a flat rate fee model where an agent’s expenses remain relatively the same, no matter how many homes they sell. While this can be an attractive option for some agents, over time, it can put negative pressure on the value a brokerage provides, as the only way to grow profits is to recruit more agents or cut expenses.  By nature, brokerages with variable fees (splits and deal fees or pay-per-service) can more easily establish a culture based on each other’s success. The more the brokerage invests in the agent (training, leads, marketing, support), the more successful the agent can be. The more successful the agent, the more revenue they generate. In the end, it might all come down to the same pesos, but the model will affect who you attract and the culture you create.   Keep it cheap, cloud-based and flexible   We all know agents are funny. They all claim to want a private office. They want us to have magazine-worthy spaces, but then they never use them.  Keep your overhead low by having limited square feet, open concept flex spaces with private meeting rooms and reserve private offices for those who really need them or share them (and/or are willing to pay additional fees).  For staffing, we’ve encouraged flex time and have been lucky to find great staff on contract that will grow their time as we grow. All of our staff work from home for at least part of the week.  We’ve restricted office hours for public “walk-in” access and encourage scheduling appointments. We provide secure mail and drop-off boxes for agents/clients picking up keys or dropping off deposits. We continue to leverage technology as much as possible.  We can review transaction paperwork remotely; our agents can join all our meetings virtually, and even our office phone lines are forwarded to our cell phones. We pay commissions by direct deposit and collect deposits electronically when possible. Why do we do all this? The more efficient we can be with our resources, the more we can invest our money (and time) in our agents and the value we provide.   Transparency matters   This was important to me, and it appears to be valued by our agents as well. There is very little that our agents (and our competition) don’t know about our brokerage. Everyone pays the same fees, including me (I still work with clients). There’s no special treatment or discounts. If an agent wants to negotiate a special rate (maybe they have a team or work in a specific segment), we work with them to develop a new model and then offer it as an option to all agents.  We’ve even held an Annual General Meeting to show our agents where we’ve spent our money and how much we have collected in revenue.  We get their input on where we should focus our budgets in the coming year. We openly discuss our profit targets. Agents know the brokerage needs to be profitable to exist.  This keeps me on track and accountable to my agents. They have a better understanding of the investments we make and the reasons for our decisions.   Invest in your people   Our goal is not only to help our people become great agents but great business owners as well.  In addition to regular coaching, we teach our agents to proactively manage their finances and encourage them to invest for the future.  We have health and benefits coverage and have introduced a voluntary pension plan, which we contribute to from time to time (when they hit milestones, etc.).  We provide grants/office bill credits to those who attend conferences, volunteer in the community, register for additional training courses or get involved with our local association.  We match a percentage of the expense when they support local sports groups and community programs. If they invest in their business, so will we.  We also offer a profit share program. We want them to treat this brokerage like their own, helping to recruit great agents, keeping costs under control and finding different ways to grow revenue.  Next up, we are launching a real estate investment trust, providing agents with a venue to invest in real estate at whatever level they feel comfortable with. Why do we do all this? We want them to be successful and stay in the industry longer. It’s easier to retain than recruit.   Momentum matters   This is likely the hardest to explain, but one of the most important. Momentum can make your job a lot easier…or harder.  For example, recruiting agents is incredibly hard when others have just left your brokerage. But if five agents have just joined you, you would be surprised how much your phone rings. Being the shiny new brokerage in our market has helped to grab some attention, but we were lucky to have some great agents trust us early on. So far, we’ve been able to keep that momentum going.  Building momentum in a large, existing brokerage could be more challenging but not impossible. Big, established brokerages might need to introduce change in pieces.  Communication and stubbornness are key. Keep your foot on the pedal. Introduce new concepts, remove old services that aren’t working and keep delivering more.  If something doesn’t catch on right away, don’t quit. It may take several changes over time for agents to notice things are improving. Also, try to keep everything moving forward. One bad move backwards ruins ten good moves forward.  In the end, you’re allowed to make mistakes. The more we fail, the more we learn. We’re all just trying to figure this out as we go.  Do you have advice for new broker/owners? Let me know in the comments below.

Published in Real Estate Magazine on April 6, 2023 https://realestatemagazine.ca/the-unsung-heroes-of-golf-a-lesson-for-real-estate-agents/   Like many, I’ll be watching some of the world’s best golfers compete in Augusta this weekend. While names like Rahm, Scheffler, and McIlroy will be in the spotlight, it’s others on the course that I’ll be watching closely. They are the best in the world at what they do. Behind every great player is a great caddy. Many have long-term relationships with their golfer, competing in several championships together throughout their career.  Many professional caddies have great careers as they earn a percentage of winnings as their clients achieve their goals.  Google will tell you that they “bring added value to the game for the golfer,” but they also: Help their client develop a strategy for the round Carry the heavy load Have a bag full of tools ready for any situation Know the distance and effort it takes to get to each target Check the weather and prepare for the worst Provide advice on each swing and know when to use each tool Have extensive knowledge of the game Have experience of the course, having played it several times before Know where the hazards are and how to avoid them Know how to help their clients out of bad situations when they land in one Fix divots and ball marks when they happen Read the green and know how to adjust   Sound familiar?  While some agents love to be in the spotlight, we often forget that we’re not the ones buying and selling these homes. When we understand this, claims like “I sold 100 homes this year” become “I helped 100 clients buy or sell their homes this year”.  It’s our clients who are on the mortgage, taking the risk, working long hours to make payments and fixing things when they leak. When we step back from the tee box and solidify our role as the advisor, clients better understand that we give them the best advice we can based on our experience and all the information we had at the time.  Let them take the credit when they come home with the green jacket, and they’ll be more likely to accept the bounces when they end up out of bounds. (How many times have you been blamed when something in their new home breaks down?) As Realtors, we should tee this role up. Let’s build our experience, learn new strategies, acquire the best tools, embrace the newest technologies, play the course ourselves and be the best advisors we can be.  After all, it’s not us but our clients that are swinging the club. Enjoy the round. See you in the clubhouse.

Published in Real Estate Magazine on March 29, 2023 https://realestatemagazine.ca/opinion-why-distancing-yourself-from-your-brokerage-brand-could-be-a-mistake/   Imagine you owned a Starbucks.  Your shop, the Park Street location, is one of several in your city. Starbucks has given you the right to use its brand, offer its products and represent the company.  You want your store to be as successful as possible, stand out, and be the shop everyone recommends to their friends. How would you achieve this?  If it were me, I would: Find ways to promote my particular Starbucks location. I would create social media content, run targeted ads, sponsor events and drive traffic to the “Starbucks on Park” Provide the best client experience possible, making visits to my location memorable and remarkable. I would have the friendliest staff, the quickest service, the best patio, the cleanest washrooms and more Offer location-specific products, specials and merchandise you can’t get at other locations Host special neighbourhood events, helping to make my location a vital part of my community I would never (even if Starbucks let me): Rebrand my location under a different name Design a new logo and brand featuring colours other than Starbucks’ trademark green Launch a social media campaign with no reference to Starbucks Hide that we are a Starbucks, besides the minimum required fine-print reference to them on our website and marketing Sometimes, the more we promote ourselves in unique and creative ways, the further we pull away from where we started. That can often give the impression that you are your own entity and not an extension of your company Now, there’s nothing wrong with being an independent, boutique coffee shop. They tend to be my go-to. But if you haven’t figured it out by now, this is less about local vs franchise and just me trying to build a metaphor for how agents and teams tend to distance themselves from their brokerage branding (this is Real Estate Magazine, after all).   Why agents and teams shouldn’t distance themselves from their brokerage branding   Rewind 15 years ago; I was a new agent in a large brokerage trying to grow my business. I created a team name, designed a new logo and rolled out a new website, business cards and more.  My signs were black, while my brokerage’s signs were white. We were growing our business and finding some success.  The problem? It was taking a ton of money, time and effort to build that brand, and despite identifying our brokerage in our marketing (as required by our local regulator), we spent precious time at every client meeting trying to gain trust and explaining how our team actually belonged to a brand they recognized. Over the years, other teams and agents followed suit. Soon, it felt like we all had our own logos, using different colours and unique names.    “Some have done a great job being an extension of their brokerage, matching colour schemes and clearly identifying that they are a team at that brokerage. But more often than not, they don’t.”   Instead of having hundreds of similar signs building recognition throughout the city, we each had a handful of unique signs of our own. We were making it harder for each of us, all while watering down our brokerage’s brand.  Flip through social media these days, and you’ll find plenty of agents and teams with their own brands. Some have done a great job being an extension of their brokerage, matching colour schemes and clearly identifying that they are a team at that brokerage. But more often than not, they don’t.  Often these teams give the appearance of being their own brokerage. This is where the public’s best interest comes into play and where our provincial regulators concern themselves the most. In 2016, RECA (Real Estate Council of Alberta) rolled out their advertising guidelines. It set recommendations on how agents and teams can brand themselves in conjunction with their brokerage “to avoid any behaviour, including their choice of team name and advertising, which could lead consumers to believe they are a licensed brokerage.”  This would include, but not be limited to, the use of “Realty” and other brokerage-type names in your branding. While I’m sure other jurisdictions have similar policies, many have yet to follow suit to this extent. Maybe it’s time for all our provincial regulators to update these concepts further.    “How will our clients know who they are really working with, who is protecting their deposits and who they can contact when they have an issue?”   In my opinion, the next step is to encourage team brands to be either neutral or in colours associated with their brokerage. It’s the most common (and causes the most confusion) of all the different branding efforts I notice. Brokerages play an important role in organized real estate, providing training, mentorship, compliance, conveyancing and protecting the public.  As agents rely less on their brokerage brands, brokerages will have less need to advertise and support the community and will simply become service providers to agents and teams. This may eventually change the organized real estate model as we know it. If every agent and team can give the impression of being their own brokerages (without actually being one), we are only confusing the public more.  How will our clients know who they are really working with, who is protecting their deposits and who they can contact when they have an issue?  While most of them only care if the coffee is good, they should at least know if they are walking into a local coffee shop or a Starbucks.

Published in Real Estate Magazine on Sept 18, 2023 https://realestatemagazine.ca/from-east-to-west-realtors-forecasts-for-fall-2023/   Across Canada’s real estate markets, realtors from coast to coast are preparing for the autumn season with a mix of anticipation and caution. As summer fades, the real estate landscape continues to be shaped by many factors, from economic uncertainty to rising interest rates and shifting migration patterns.  Realtors are frontline observers of these changes, offering insights into what might lie ahead for Fall 2023. Real Estate Magazine asked agents, brokers and team leaders to share their perspectives on their local markets and what they’re expecting to see in the coming months.    Matt Richling Ottawa  New Pureveyors, Re/Max Hallmark Realty Group Ltd.  Heading into the fall market in Ottawa for this year, we can expect a similar season to 2022 in unit sales. In 2022, from September to December, rates were rising, and we saw a 34.9 per cent decrease in unit sales compared to the previous five year average (2017 to 2022).   In 2023, after a slow start, we’ve seen a 9.0 per cent increase in unit sales since May compared to May to August in 2022. This is true despite continued hikes to interest rates.  We’re on pace now for 16,000 transactions compared to the 15,549 sales we saw last year, and prices have been climbing since January. Unit sales should be similar to the numbers we saw in 2022, if not a bit higher. This includes 1076 units sold in September, 982 in October, 846 in November, and 601 in December.  For buyers, September, October, and November are the 6th, 7th, and 8th lowest months in terms of average sale prices. Prices begin to dip slightly in the fall months because the summer season is winding down, and buyers and sellers are more interested in the back-to-school preparations. Prices will continue to drop after this as it cools down and the holidays start to ramp up.   Ara Mamourian Toronto, Ont.  Managing partner, The Spring Team The fall housing market outlook for Toronto specifically remains uncertain as buyers and sellers try to navigate rising interest rates. I know, I know, every agent online is saying, “Rates hold, so hold on to your hats; this fall market is going to be fire!” But I’d disagree with that sentiment.  The Bank of Canada’s recent rate hold may spark some increased activity in September as buyers jump in before further hikes. However, many expect another increase when the BoC meets again in October, which could halt momentum. Overall, I don’t foresee home prices in Toronto’s urban markets making significant gains or declines this fall. The market is rebalancing after a frenzied couple of years. Buyers have a bit more leverage to negotiate, while sellers need to price competitively. But with inflation still well above the 2.0 per cent target and economic uncertainty ahead, the BoC could continue raising rates again to cool demand. For buyers, higher rates mean reduced purchasing power (obviously), so your clients will need to work closely with their lenders to lock in the most favourable mortgage rate. With more options to choose from, your clients can be selective, but you will still need to move quickly on the right property. Listing agents should continue to encourage sellers to price homes realistically from the outset and prepare for buyers to negotiate more on price, inspections, etc. Overpricing will lead to languishing on the market. Listing high and spending months chasing the market down is not a wise strategy. The big wildcard is whether rising rates force more distressed sellers to flood the urban Toronto market this fall. So far, Toronto homeowners are largely hanging on, but with some owner’s mortgage costs increasing up to 70 per cent over the past couple of months, the potential for a further rate hike could change that. Supply levels will significantly sway prices. So, let’s keep an eye on supply and the motivation behind it. How panicked and desperate will they be?  Discretionary spending takes a hit when rates rise, as noted by the BoC’s news release, which commented on the slowing growth of consumer debt. But people with homes and investments in Toronto have historically found a way to hang on and not panic. Will Fall 2023 be the same? I think yes.  For most, the best strategy is to take a long-term view. The market will stabilize, but unpredictability remains this fall. Act strategically but avoid panic-selling in response to short-term fluctuations.   Jennifer Queen Winnipeg, Man.  The Jennifer Queen Team Winnipeg maintains its status as a stable yet predictable real estate market. While we might not have the flashy headlines of some other cities, our market consistently chugs along, usually on an upward trajectory.  For the past two decades, Winnipeg has been undeniably characterized as a seller’s market. Since 2004, we’ve consistently witnessed remarkably high absorption rates, even as interest rates began their ascent in 2022.  In August 2023, MLS sales recorded a 2.0 per cent increase compared to the previous year and a concurrent 2.0 per cent rise from July 2023. With the recent announcement by the Bank of Canada to maintain the overnight rate, there’s every reason to believe that this upward trajectory will persist.  As vacancy rates have declined, they’ve exerted upward pressure on average rents, pushing them above the national average. Interestingly, while average rents have climbed, the average sales price for a residential-detached home in Winnipeg remains approximately half the national average. Consequently, the allure of buying in Winnipeg has grown significantly, appealing to both local buyers and out-of-province investors.  Our condominium market was the one exception to the upward-trending market over the last decade. It experienced either declines or nearly stagnant sales for several years. However, we are now seeing renewed strength and nearly twice the volume of sell-through that we experienced pre-pandemic. Sales prices have surged by 5.0 per cent this year, standing 10 per cent above the five-year average. As the pandemic continues to wind down, I anticipate this resurgence will continue, marking an exciting time for condominium owners who have longed for gains in their equity, akin to their counterparts in the residential market.  Regrettably, for buyers, the seller’s market is expected to persist through Fall 2023. It will echo the familiar tune of the last two decades, characterized by high absorption rates, steady but measured increases in average sales prices, and the ever-present spectre of bidding wars. In Winnipeg, slow and steady continues to be the winning strategy.    Brin Werrett Regina, Sask.  Managing broker, Coldwell Banker Local Realty Here in the prairies, the message continues to be low inventory combined with strong unit sales. While interest rates are convincing some owners to stay in their current homes longer, we are seeing an increase in out-of-province buyers who have sold homes or have become frustrated with the markets in Ontario and B.C. In Regina, our “months of supply” has dropped under three months as we are experiencing record-breaking unit sales despite the low inventory. August saw unit sales nearly 25 per cent of our ten-year averages. With less than 1,000 active listings, buyers find fewer than a dozen homes to view once they zone in on popular neighbourhoods. For example, there are currently only three single detached homes for sale under $500,000 in Greens on Gardiner, a newer popular neighbourhood for families where the benchmark price is $463,400. Our attached home and condo markets are benefitting from the overflow (21 per cent of August sales were condo properties), along with neighbouring rural communities. With only 439 realtors in Regina, agents are gearing up for what will likely be a busy fall, rolling over into Q1 of 2024, which tends to be our busiest buying season of the year. While agents continue to monitor interest rates, we are also keeping an eye on the benchmark price, which surprisingly has decreased month-over-month despite unit sales.  How long will that continue before a correction pushes prices up?   Taylor Hack Edmonton, Alta.  Team leader, Hack&Co, Re/Max River City Edmonton’s real estate market has been defying expectations and showing remarkable strength, driven by its affordability and a surge in net migration. As interest rates rise, more people are flocking to Edmonton, seeking the opportunities and advantages it offers. In fact, Edmonton has gained recognition as the most searched major city on Realtor.ca in Canada, indicating a growing interest in the market. One significant factor contributing to Edmonton’s appeal is its undervalued real estate. With a benchmark price of $443,700, significantly lower than Calgary’s $685,100, Edmonton provides an attractive alternative for those moving to Alberta. The demand for oil is on the rise, leading to increased employment opportunities further bolstering the market. Additionally, Edmonton’s condo market is on the path to recovery, with decreasing vacancy rates and rising rents. Low inventory levels have been a defining characteristic of Edmonton’s market in 2023, reaching the lowest levels in over a decade. This scarcity of available properties has led to multiple offer situations becoming commonplace, highlighting the high demand from buyers surpassing the supply from sellers. Looking ahead to the fall market, we anticipate that the net migration into Alberta and the Edmonton area will continue, further straining the limited supply of properties. This is likely to drive prices higher as buyers compete for the available inventory. Single-family properties in the $400,000 to $600,000 range will remain hot, attracting buyers looking for affordable yet desirable homes. Another segment to watch closely is duplexes without condo fees, which are expected to sell out completely as buyers who are being priced out of the detached market turn to this more affordable option. As prices rise for high-demand property types, we anticipate buyers moving down the market, bringing increased activity to Edmonton’s condo market. Out-of-province investors, attracted by Alberta’s landlord-friendly approach, will also play a significant role in the resale market for condos. Overall, the fall market in Edmonton is poised for growth, with increasing prices and heightened buyer activity. The combination of affordability, rising employment opportunities, and a recovering condo market makes Edmonton an attractive destination for real estate investors and homebuyers alike. As we head into the coming months, we anticipate a vibrant and dynamic real estate market in Edmonton, further solidifying its position as a top choice for those seeking remarkable real estate experiences.   Christian Twomey Calgary, Alta.  Re/Max Landan Real Estate  The Calgary housing market has been on a remarkable journey, driven by several key factors. The consistent influx of migrants to our province, particularly in Calgary, has been a driving force behind our robust market. This trend, observed since last year, continues to fuel demand for housing in Calgary and the surrounding area.  One notable aspect is the record-breaking sales activity we witnessed last year, which has not waned and remains stronger than long-term trends. Calgary has seen sellers’ market conditions for some time. To get back to more balanced conditions, we need a more diverse range of housing options and significantly more supply throughout all property types, including purpose-built rental options.   The current interest rate environment has also played a role in real estate transactions, but despite fluctuations, we continue to experience strong demand across all market segments.  One crucial point to remember is that real estate is inherently local. When analyzing the housing market, it’s essential to consider regional and community-specific conditions. Although Calgary and the surrounding areas are relatively affordable compared to other major Canadian urban centers, our market conditions also vary significantly from those just a few hours north in Edmonton.  Based on the information from the Calgary Real Estate Board’s Q2 2023 Housing Market Report, the Calgary housing market in fall 2023 is likely to remain dynamic, with several notable trends and challenges.  Sales activity has moderated from the record-breaking pace of the previous year but continues to outperform long-term trends. Unexpectedly, there is robust demand in the higher price segments of the market, possibly driven by an influx of inter-provincial migrants from Ontario and British Columbia who find Calgary’s relative affordability attractive despite higher lending rates.  The strong labour market in the city is also contributing to demand across all property types. This demand is being met with a shortage of housing supply, driving property values upward in both the resale and new home markets. Typically, as we move into the colder months of the year, our sales activity slows down. However, the shortage of housing inventory is expected to lead to tight market conditions, which will lead to further price appreciation in all property types throughout the second half of the year.   Ultimately, I predict this ongoing supply shortage will result in continued record-high prices in the Calgary housing market during Fall 2023.    Keith Roy Vancouver, B.C. Team leader, Keith Roy and Associates  One of the main drivers of the fall market in Vancouver will be the hangover effect of increased interest rates through 2022 and 2023. Many rental investors in Vancouver are deciding to sell their properties because interest rates have gone up substantially, trigger rates have been reached, and the province has limited the rental increase to 2.0 per cent in 2022 and 3.5 per cent in 2023. This perfect storm has left many investors squeezed and no longer willing to subsidize their tenants – even with the prospect of capital appreciation in the long term. Average prices in Vancouver are at or near the peak pricing of March 2022 despite the interest rate hikes of 2022 and 2023. Buyers and sellers aren’t in a panic or frenzy; instead, they are moving for all the normal reasons people move (jobs, marriage, divorce, family, etc.). Many people who held off moving in fall 2022 or spring 2023 because the market was so slow have now decided to move.  In the short term, the outlook for Vancouver real estate is stable and boring, with a much better fall market than in 2022. The long-term in Vancouver is always positive, given the limited land supply, the mild climate, the high quality of life, and ever-increasing national and foreign demand.     Tony Joe Victoria, B.C. Broker/owner, Re/Max Island Properties Good news in Victoria is the return of inventory. It’s now 16 successive months of growth from the year prior. But it’s far from a buyer’s market. We’re still far below the 10-year average in inventory level combined with continued demand as Canadians continue to migrate into the Region.   While the interest rate increases have no doubt had an effect on buyers, the Victoria market is not built on first-time buyers but rather on those with already established equity either based on the increase in value from their own Victoria home or when “downsizing” from pricier areas such as Toronto and Vancouver.   Good inventory continues to elude as well. While new listings enter the market every day, there are a lot of unsold products out there, while at the same time, good (hot?) properties are still selling in multiple offers over list price and still occasionally unconditionally.   For many, July was a record month for production. Activity dropped off in August with great weather and consumers (and licensees) holidaying and enjoying summer. But so far, at the start of September, it’s feeling like the rest of the year will continue its pace with good sales levels. We will end the year below 2022 in transactions, but that’s really because the first four months in 2022 had very strong transaction numbers, which we haven’t matched this year.   Until inventory levels further increase by at least 50 per cent, sellers will continue having the upper hand with prices remaining stable despite higher borrowing costs. And despite government intervention in an attempt to control market demand, the market here continues to thrive as long as fellow Canadians make their way to the West Coast. So we’re likely in for    “I can’t take another snowy winter,” said an Ontario buyer the other week when I asked what was driving them to Victoria. The funny thing is another relocating client said the exact same thing to me just the day prior. If only I had a dollar for every time I heard that line…  

https://realestatemagazine.ca/coldwell-banker-local-realty-opens-in-regina/ Published in Real Estate Magazine on October 5, 2021 Broker of record Brin Werrett is opening Coldwell Banker Local Realty in a downtown heritage building at 1377 Hamilton Street in Regina. The brokerage is in a downtown heritage building in Regina. Werrett has been working in the Regina market for more than 13 years. His leadership style draws upon his experience from the sports world, where as president of the Regina Thunder Football Club, he helped lead the team to its first national championship. “I love working in a team environment,” says Werrett. “Yes, my goal is to be a leader, but to do that by enabling others to be the very best that they can be. My team approach is defined by three pillars – collaboration, community and leveraging each other’s ideas and talents.” That focus on community was the reason behind the name he chose for the new company. “The name Coldwell Banker Local Realty reflects how we plan to play an active role in the community that supports us,” he says. “Our collaborative environment will ensure the best client experience, regardless of which agent you choose. By supporting each other, the consumer gets a whole team, not just one person. And our agents can achieve a better life balance in a fun, supportive place to work.” Werrett says he chose to affiliate with the Coldwell Banker brand “because I was impressed with their fresh new look and shared their full-service philosophy. We have something new to offer here in Regina that both consumers and sales professionals have been looking for.” The new company will be starting operations with an experienced team of real estate professionals and administrative staff in place, and further growth will be a priority in the months ahead, says the company in a news release. An industry open house will be held at a later date.