Can housing affordability be restored? Is it just a matter of a few interest rate cuts and transit-oriented development? Reducing housing costs involves more than simply tweaking interest rates — it calls for a multifaceted approach that reflects the complexity of the problem. 

Lowering housing costs depends on several critical factors: the impact of government policies on the cost of homeownership, the necessity for community-focused strategies in new developments, the crucial role of collaborations between government and the private sector in enhancing quality of life indicators like housing accessibility and the embracing of proptech (property technology) advancements and data-driven decision making in real estate. 

Government participation in strengthening Canadian communities 

Developers want to create vibrant communities across Canada and support the needs of a growing national population. This is particularly relevant in Canada’s key metropolitan regions — Vancouver, Montreal and Toronto — as they receive the bulk of newcomers in the country.

By collaborating with developers to lower development and construction costs, municipalities and regional districts in British Columbia can significantly boost the financial viability of projects for developers. This strategy can open the door to new opportunities for building vibrant communities outside metropolitan areas where land is more readily available, while also stimulating growth in urban neighbourhoods that have seen limited changes.

The difficulty in managing costs can be seen in Vancouver’s 15-month delay in obtaining permits, which can substantially increase developers’ costs. This not only raises interest on project financing as funds remain idle but it also allows inflation to drive up material and labour costs. Additionally, this extended waiting period often leads to resource misallocation, potentially resulting in penalties for rescheduling construction crews and equipment. These disruptions can have a ripple effect, impacting broader financial plans and cash flow management.

Government policy is another crucial ingredient, as zoning regulations, building codes and taxation can significantly influence the availability and cost of housing. Policymakers must work closely with industry stakeholders to foster an environment that promotes sustainable growth and affordability.

Examining the impact of the new 30-year mortgage rule

However, policy for the sake of policy is not the answer. Take the new 30-year mortgage rule that the federal government introduced for first-time buyers. While this can increase the borrowing power of first-time buyers, the reality is that this will not impact the vast majority of Canadians who need relief when it comes to buying a home. Meanwhile, it does serve as an effective political soundbite. 

In larger markets like Vancouver and Toronto, a 30-year mortgage stretches payments over three decades, leading to higher interest costs for homebuyers in the long run despite immediate payment relief.

We must engage with local and provincial governments to ensure that both homeowners and developers are actively involved in decision-making processes.

Notably, developers in the United States have an easier time accessing information, permits and data. For example, in Seattle, developers who have applied for a development permit can obtain the permit in a minimum of 21 days. In contrast, in Canadian cities like Vancouver, permits are obtained within an average of 15.2 months. Our current high borrowing costs and extensive time spent waiting for permits ultimately get passed down to homebuyers.

Embracing proptech advancements alongside new policies 

Government policy alone won’t move the needle when it comes to helping first-time buyers get into their dream homes. But new policies combined with technology and innovation have the power to revolutionize the real estate industry, offering new ways to reduce costs and enhance efficiency. 

Proptech advancements, such as virtual reality tours and AI-driven property management systems, streamline operations and improve customer experiences. This goes hand in hand with innovations to speed up the approval process and grant building permits at the municipal and provincial levels. 

These technologies reduce the time and cost associated with buying, selling and managing properties. Additionally, the use of data and analytics allows for more informed decision-making, helping developers and policymakers identify emerging trends. 

Leveraging these technologies, alongside government programs and incentives designed to retain engineering and tech talent within Canada, will position us as leaders in innovation. This strategic approach will enable us to break new ground in the realm of development and affordable housing.

Meeting housing needs and strengthening Canada’s future 

Addressing the high cost of development and homeownership in Canada requires more than just lower interest rates. Local governments need to foster public-private partnerships, reassess zoning laws and incentivize affordable housing development. This goes along with embracing technological innovations that can enhance transparency and efficiency, while a proactive approach to managing real assets ensures long-term value and cost-effectiveness.

Governments at all levels should also be exploring strategies to streamline their cost structures, as current systems and processes lag behind the advanced technologies being adopted worldwide.

In addition, succession planning can provide stability and continuity in housing strategies. These measures collectively encourage smarter policymaking and will work to increase affordable housing supply, resulting in stronger Canadian communities.

Get ready for the most anticipated event in the real estate profession: PacificWest is back from October 1-2, and it’s bigger and better than ever!

You won’t want to miss out on this exclusive opportunity to network with top professionals and gain invaluable insights to elevate your skills and your business.

Interested? Take a look at the full schedule and register today!

Gain valuable insights

At PacificWest 2024, we’re bringing together the best and brightest minds in the real estate ecosystem and beyond to explore cutting-edge topics. Our lineup of world-class presenters covers a wide range of topics, including:

• AI and its impact on real estate
• adapting to disruption
• wellness best practices
• navigating the future of regulation
• and more!

More than a conference

PacificWest is your chance to get the latest information on our profession, build new relationships and more. And, if you’re a member of the Greater Vancouver REALTORS® or Fraser Valley Real Estate Board, attending both days of PacificWest automatically earns you six self-directed PDP hours.

Beyond our seminars and workshops, you’ll:

• get inspired by keynote speakers Duncan Wardle, former head of innovation and creativity at Disney, and Diana Kander, New York Times best-selling author,
• celebrate in style at the legendary Welcome Party, included with the price of admission,
• make connections with colleagues from across the real estate ecosystem and
• find cutting-edge products and services at the trade show.

What is PacificWest?

A collaboration between the Fraser Valley Real Estate Board and Greater Vancouver REALTORS®, PacificWest is a real estate conference designed for professionals across the real estate ecosystem.

In its inaugural year in 2023, PacificWest drew over 1,100 attendees.

For more information on PacificWest, check out pacificwest.ca.

On Monday, Macdonald Realty Group of British Columbia announced the appointment of Dan Scarrow as its new president and chief executive officer. Dan succeeds Lynn Hsu, who will remain with the company as chair.

Scarrow’s track record

Scarrow has a long history with Macdonald Realty Group, having served as president from 2019 to 2022. For the past two years, he was president of Lyndan Properties, the company’s new real estate development arm with over $100+ million worth of projects in its pipeline.

“Dan has been a driving force behind our success for the past 15 years,” says Hsu. “With the establishment of Lyndan Properties and the continued achievements of Macdonald Realty, Macdonald Commercial, Macdonald Property Management and Macdonald Platinum Marketing, our position as BC’s leading real estate organization remains stronger than ever.”

Dan expressed his enthusiasm for the future: “It’s an honour to lead a company with over 80 years of history and an exciting path ahead. I believe the next chapter in Macdonald Realty Group’s story will be our most dynamic yet.”

Macdonald Realty has over 20 offices and 1,000 agents and staff and handles more than $10 billion in annual sales. Macdonald Commercial employs over 40 commercial agents across Vancouver, South Surrey and Victoria. Macdonald Property Management oversees properties valued at more than $6 billion and Macdonald Platinum Marketing has managed sales of over $2 billion in luxury new construction.

Ever wondered how some real estate agents seem to effortlessly stand out in a crowded market while others struggle to set themselves apart? Despite what you might think, it’s not just about luck or connections; the key to their success often lies in one powerful strategy: niche specialization. 

Trying to be everything to everyone in an industry as competitive as real estate is the quickest way to dilute your efforts and make it harder for potential clients to recognize your value. On the other hand, agents who carve out a niche not only define their expertise but also create a brand that resonates deeply with their target audience.

The importance of setting yourself apart

By focusing on a specific area of the real estate market — whether it’s luxury homes, first-time homebuyers or investment properties — you set yourself apart from the competition and position yourself as the go-to expert in that area. This approach not only enhances your credibility but also attracts clients who are seeking someone with your specific knowledge and skill set. 

In the crowded real estate market, where every agent offers similar services, finding a niche can be the difference between blending into the background and standing out as an expert. But how do you find the right niche for you?

We’ve put together this simple step-by-step guide to help you discover the perfect niche for your real estate career.

1. Identify your strengths and interests

Start by reflecting on what you genuinely enjoy about real estate. Do you love guiding families through the process of finding their forever homes, or do you enjoy the dynamic world of high-end commercial properties?

Your niche should align with your strengths and passions — this will keep you motivated and engaged in your work. Not to mention, clients can sense when you’re genuinely excited about what you do, which builds trust and sets you apart.

2. Research market demand

It’s essential to choose a niche that not only aligns with your interests but also has a high demand and potential for growth. Skipping this step can lead to wasted time and effort in a market segment that doesn’t offer ample opportunities. To avoid pitfalls, utilize local market reports, online search results and social media trends to gauge what buyers and sellers are looking for in your region.

For example, if you’re in an area with an influx of new developments, specializing in new builds might be a lucrative niche that taps into the growing demand.

3. Analyze the competition

Understanding who else is serving the niche you’re interested in is crucial. Too much competition in one area might make it difficult to establish yourself, but if you notice a gap or an underserved segment, that’s your opportunity to step in and make it your own. 

For instance, if there’s a shortage of agents who cater to retirees downsizing their homes, positioning yourself in this niche could lead to impressive results.

4. ​​Consider your ideal client

Think about the type of client you want to work with and tailor your niche to attract them. Whether it’s young families looking for starter homes, investors searching for rental properties or eco-conscious buyers interested in sustainable living, your niche should be defined by the specific needs and desires of your target audience.

Need help identifying your dream real estate client? Read up on branding yourself like a pro and attracting the right-fit clients. 

5. Leverage your niche in your marketing

Once you’ve identified your niche, it’s time to let the world know! Update your branding, website and social media profiles to reflect your niche. Create content that speaks directly to your target audience, showcasing your expertise and the unique value you offer.

By consistently emphasizing your niche specialization, you’ll attract more of the right clients and build a strong reputation as an expert.

6. Stay adaptable

Don’t be afraid to experiment with different niches before settling on one. Are you attracting the clients you want? Are you enjoying the work? If not, refine your focus until you find the sweet spot where your passion, expertise and market demand coincide.

The real estate market is always evolving, and so should your business. Stay informed about industry trends, economic shifts and changes in buyer behaviour. Being adaptable and willing to pivot when necessary will ensure your niche remains relevant and profitable in the long run.

Finding the right niche isn’t just about narrowing your focus — it’s about strategically positioning yourself as the expert in a specific area that resonates with both your strengths and the needs of the market. In doing so, you’ll differentiate yourself from the competition and build a rewarding real estate career.

A recent Money.ca study revealed significant financial challenges immigrants in Canada face, including struggles with credit, money management and access to affordable housing. The survey gathered responses from 1,200 participants, offering an in-depth look at the obstacles new Canadians must navigate as they adapt to the country’s financial landscape.

“Financial literacy is not just about numbers; it is about making informed decisions, building financial stability and improving quality of life,” says Romana King, senior finance editor at Money.ca. “This data highlights the lack of accessible and comprehensive financial education for new immigrants, across the country.”  

Here are some key findings.

Housing affordability remains a major hurdle  

11.9 per cent of new immigrants reported difficulties when trying to rent or buy a home. Contributing factors included lack of credit history (low or no credit scores), high rental prices, dependence on a guarantor and the need for large upfront payments. Many also encountered barriers such as racial discrimination, language challenges and the complexities of the rental process.

Financial management skills lacking for many  

Nearly one-third of immigrants rated their money management skills as “average” or “poor,” indicating a knowledge gap. While 62.67 per cent felt confident in their abilities, 31.67 per cent considered their skills “average,” and 5.66 per cent rated them as “poor” or “very poor.”

Credit scores impact access to financial products

A quarter of immigrants have credit scores below 670, hindering their access to affordable financial products, employment and housing.

Additionally, only 12.48 per cent of immigrants knew that their credit score could impact their ability to rent a home. Gaps in understanding debt repayment, investing, and taxation were also prevalent.

“Achieving milestone goals, like finding housing in a new home country, requires access to helpful financial tools and products. From our research, it’s clear that new immigrants don’t have uniform access to these products or to information that can help them make informed decisions,” explains King. “This is a problem for all Canadians and a reason why we need to prioritize financial education to bridge gaps and foster a financially inclusive society.”

Realty One Group recently announced its new franchise model it describes as a “full-scale evolution designed to empower real estate professionals like never before.”

The company launched the model in response to the unpredictable real estate landscape, with fluctuating markets and evolving consumer demands. It says with its new model, business owners will attract and retain more agents, grow and be set up for long-term success.

How the model stands out

Realty One Group describes the new model as standing out because of its culture: a 100 per cent commission model and offering of business coaching, support, tools and marketing.

Chris MacLeod, a franchise owner at Realty One Group Iconic, shares his experience: “Since partnering with Realty One Group, I’ve seen incredible forward momentum across every aspect of my business.

The new franchise model is a game-changer, making it easier to attract top talent and scale our operations. The combination of innovative tools, unparalleled support and a vibrant ‘coolture’ has not only set us apart in the market but has also made our journey incredibly rewarding.”

MacLeod adds his team is progressing towards its goals faster than ever.

“We are so excited to be improving on our existing model as we expand across Canada,” Vicki Schmidt, CEO of Realty One Group Canada, adds.

“We are committed to being the best value in the market with an unbeatable brand presence and end-to-end technology solution, unlimited support and now an unbelievable new simplified fee structure allowing franchisees to focus on growing their business.”

Walkability: it sounds like a straightforward concept, but when you consider the diverse landscape within major Canadian cities, it’s not quite an apples-to-apples comparison.

Francesca Johnson, a realtor with Century 21 based in Calgary (which has a Walk Score* of 39), grew up in Manitoba. The difference between the two cities when it comes to defining walkability is indicative of each area’s respective urban areas — despite Winnipeg technically having a higher Walk Score (of 48).

“It takes half an hour to an hour to even get to the city from where a lot of people live because it’s very agricultural,” Johnson explains about Winnipeg.

She compares walkability to her current experience living and working in Calgary:

“I would break it open to three pieces: amenities, accessibility and safety,” she comments. “Are they taking good care of the sidewalks in the winter time, or are you going to be terrified that you’ll break your back on the way to work because they haven’t started it or they haven’t travelled it?”

Place-making and pedestrianization in Vancouver

On the West Coast, Vancouver (with a Walk Score of 80) is addressing its own questions about walkability with the City’s launch of the Water Street Pedestrian Zone pilot project over the summer in the popular Gastown area. The pilot converted a section of the street, formerly open to vehicle traffic, into a pedestrian-only area with public seating, market stalls and a free bike valet.

Nathan Hawkins, an urban planning student at the University of British Columbia, is involved with Vision Zero Vancouver, a non-profit organization that advocates for transportation systems that put safety first. He closely watched the pilot project in Gastown unfold throughout July and August.

“I love it,” Hawkins shares. “I think any change of use and pedestrianization of streets is fantastic from a safety and place-making perspective.”

Some businesses dissatisfied but pilot & walkability factor could help — not hinder — sales

Not everyone shares his sentiments, however. Some local businesses affected by the project have expressed their dissatisfaction with the changes, citing negative impacts on sales.

Having previous experience as a real estate project manager for a retail start-up in Canada, Hawkins takes an analytical approach in assessing any brick-and-mortar business’ sales success. This involves metrics such as month-over-month revenue, daily revenue, year-over-year revenue and basket size per sale/transaction. He believes that the pilot project, and subsequent walkability factor that comes with it, should actually help, not hinder, these businesses. 

“No business has the resources to be able to say this specific pedestrian pilot accounted for 80 per cent of their loss of sales this month versus last month. There’s just no way,” he adds.

Toronto: ‘So hard to get downtown’ and every commute minute matters

Adam Jacobs, PhD, the national head of research with Colliers, adds his insights into how walkability impacts the real estate market in Toronto (which has a Walk Score of 61), where he’s based:

“It’s so hard to get downtown here,” comments Jacobs. “It’s a difficult commute, there’s a lot of construction, there’s a lot of traffic and it’s getting harder and harder to get employees downtown.”

For businesses with offices in downtown Toronto, every minute matters. A Q1 2024 report from Colliers indicated that “an average lower commute time of 10 minutes is correlated to a two-percentage point lower market vacancy.” 

So how do these businesses decide on their next office space?

“(They think,) ‘Let’s make this as frictionless and easy as possible. I’ll pay top dollar to rent the building right next to the main train station’,” Jacobs explains.

Walkability impacting the market: A ‘wholly Canadian issue’

Whether you’re in Calgary, Winnipeg, Vancouver or Toronto, walkability plays a key factor in the real estate market. And while there are differences between each city, Hawkins sees this as a wholly Canadian issue.

“We as a country are very unwilling to invest deeply and make bold moves. Canada as a whole really approaches governance as, ‘We need to see somebody else do it successfully for 10 years and then we’ll do a milder version of what they did,’ and that’s exactly what’s happened with the Gastown pedestrian pilot,” he points out.

“I don’t think the City went far enough with it. They’re very averse to taking risks and doing things boldly, the way that other cities, like Paris, are willing to really invest in public spaces.”

Montreal: A potential source of inspiration

Widely known as one of the most walkable cities in Canada, garnering comparisons to other European cities like Paris, Montreal may be poised to serve as an inspiration point for the rest of the country.

With a Walk Score of 65 — lower than Vancouver’s — Montreal is one example of how numbers alone can’t tell the whole story or paint the full picture of a city’s accessibility and walkability.

Lea James, originally from Paris, lived in Montreal before eventually moving to Vancouver and currently advocates alongside Hawkins at Vision Zero Vancouver.

James believes that Paris and now Montreal increasingly becoming among the most walkable and bikeable cities taught us in the last few years that, “Without determined political powers and citizens pushing for healthier and safer cities, change will not happen.”

“A walkable city is the best advocacy for living in a sustainable way, connecting with our communities and enjoying healthier living, and that’s the winning recipe to make our cities durable and equitable,” James adds.

* Walk Scores sourced from walkscore.com

The Canadian Real Estate Association (CREA) recently released its latest episode of its REAL TIME podcast, featuring yours truly and CREA CEO, Janice Myers. On it, we discussed the draft business case CREA released earlier this summer that outlines a path forward for REALTOR.ca as a taxable entity and the incredible opportunity that could provide.

Here are two key takeaways of our podcast conversation:

1. I fully acknowledge and understand any concern and hesitation that’s been shared with us about the proposed transition — REALTOR.ca is our most valuable asset. But I firmly believe our biggest risk is inaction. Let’s seize this incredible opportunity to ensure REALTOR.ca continues to be the trusted platform for all things Canadian real estate — with REALTORS® planted firmly at the centre of it all.
2. If you haven’t already, please read the draft business case, which can be found at CREA.ca/REALTORinc.

REALTORS® have seen firsthand how REALTOR.ca has paved the way for how real estate is marketed and consumed in Canada. The platform has become a cornerstone of our industry, providing unparalleled value for both our business and consumers.

REALTOR.ca has evolved from a public-facing website to a comprehensive platform with integrated components, like native apps for iOS and Android for both REALTORS® and consumers, and the REALTOR.ca Data Distribution Facility (REALTOR.ca DDF®), which facilitates the consistent and accurate distribution of real estate listings across 10,000 advertisement, franchisor and member websites.

We are the proud owners of a REALTOR®-centric tool that commands more than 50 per cent market share¹ in Canada because of the trust and appreciation of the consumers who turn to it. As a business tool, there’s really no comparison to the reach and exposure it provides.
How we use the internet has changed dramatically in the last decade. You could even say that about five years ago. To help ensure REALTOR.ca’s future success, we need to change our approach to maintaining such a powerhouse platform.

Year after year, competition in the tech landscape grows, consumers expect more and operational costs increase. The status quo isn’t sustainable.

CREA is proposing it turn REALTOR.ca into a taxable, wholly owned subsidiary as both a financial necessity and a strategic move to secure REALTORS® at the centre of Canadian home buying, selling and renting journeys.

Why change is essential

Currently, REALTOR.ca is operated by CREA under its not-for-profit status. While this structure has served us well, under this model, REALTOR.ca isn’t able to pursue new revenue streams or engage in certain business-related activities. Transitioning to a business model would give us the ability to unlock that potential, better positioning us to stay ahead in an increasingly competitive market.

PricewaterhouseCoopers (PwC) conducted a comprehensive analysis and presented an overview of the opportunities this transition could offer in the draft business case.
Based on initial revenue and cost projections associated with the transition, operational enhancements and pursuit of revenue opportunities, REALTOR.ca as a taxable entity could generate significant estimated revenues that could help reduce dependence on CREA funding from member dues. In other words, the current allocation of my annual $310 CREA membership dues that goes to REALTOR.ca (43 per cent) could be reduced — allowing CREA to instead allocate those funds to equally impactful priorities like government relations work and enhancing and protecting the REALTOR® reputation.

The dollars and cents are important but shouldn’t be what motivate you to consider this path forward. What’s at stake here is possibility. We can’t do more or be more by staying the same. If we want to remain the go-to choice for consumers, we need to set ourselves up to take advantage of all that’s possible for REALTOR.ca.

The benefits of a taxable subsidiary

Turning REALTOR.ca into a taxable entity could create other key benefits:

1. Innovation. With the ability to generate new sources of revenue, REALTOR.ca could adopt new technology like artificial intelligence, reach new demographics and introduce new features and tools.
2. Enhanced value for REALTORS®. REALTOR.ca could deliver things like higher-quality leads, better tools for managing client relationships and new features that enhance the overall REALTOR® experience.
3. Long-term viability. Creating opportunities for REALTOR.ca to better compete in today’s fast-paced tech landscape is crucial for maintaining our competitive edge and continuing to provide the high level of service that consumers have come to expect from the platform.
4. Self-sustainability. Reducing REALTOR.ca’s dependence on member dues could enable CREA to allocate more resources to core services like government relations, professionalism and promoting and protecting the value of working with a REALTOR®. This could help better position both entities for greater long-term sustainability and success.

The path forward

I’ve had the pleasure of connecting with many across the REALTOR® association community on this proposed transition. We know what’s at stake.

As stewards of this powerhouse brand, we have a duty to ensure its future success. The proposed transformation is a responsible and forward-thinking step towards securing REALTOR.ca’s market leadership in an increasingly competitive environment while also keeping REALTORS® firmly at the heart of that future.

Once again, I encourage you to visit CREA.ca/REALTORinc to read the draft business case, check out the other resources and share your feedback. We’re excited about what’s possible and look forward to bringing this to a membership vote at CREA’s 2024 Special General Meeting on Wednesday, October 23.

James Mabey
CREA Chair

¹ Comscore

Ken Welte, an agent with Sutton West Coast Realty, recently achieved his Emergency Medical Responder (EMR) certification and earned his Emergency Medical Assistance (EMA) license. This follows a life-changing experience in 2021 when Welte survived a serious ATV accident. 

Resulting from a deep desire to give back to those in need, Welte now volunteers as an EMR.

Welte’s story: Inspired by a near-death experience

On January 15, 2021, Welte and his wife, Laura, were involved in a near-death ATV accident that left them both in critical condition. Laura was airlifted to safety, while Welte was transported by UTV. He recalls the professionalism and dedication of the BC Emergency Health Services (BCEHS) and Nanaimo Search and Rescue (SAR) teams. 

“Their expertise and care were nothing short of life-saving,” he says. “The pain management provided by the BCEHS was crucial. Without it, an already horrific experience would have been unbearable.”

Welte’s mission as an EMR, inspired by the care he and his wife received, is to provide the same humane pain management care to others in their time of need. As a volunteer with SAR, he recognized the importance of being well-equipped with advanced skills and knowledge and so decided to pursue his EMR certification. 

After six months of study and training, Welte passed the EMA exam and earned his license. Today, he volunteers with SAR, responding to emergencies at least once a week, including swift water rescues and community mental health calls.

“This certification is just the beginning,” Welte emphasizes. “I’m committed to continuous learning and improvement so I can offer the best care possible to those in need.”

Photo: suttonspirit.com

Realtors, let’s admit it — most houses listed for sale on the market look pretty much the same. Sure, they may come in different sizes, shapes and colours, but the basic layout, design and features often feel like deja vu. 

However, every once in a great while, you may be contacted by someone who wants to sell their truly one-of-a-kind house. This could be a property with a distinct portability feature or a house with an unbelievably low price tag for its sheer size. 

So, if and when you get the chance to sell one of these special homes, do you plan on using your usual sales approach? 

We certainly hope not! Unlike conventional homes, unique properties have a limited buyer pool and distinctive features which means they need a special selling strategy. To guide you through this challenge, we gathered tips from top real estate agents on how to best sell these one-of-a-kind homes. Below are the strategies they shared. 

Tiny houses: Small properties that don’t cost much

A tiny house is what its name implies, a small home usually about 60 to 500 square feet. They’re cost, energy and space-efficient and budget-friendly, too. In fact, prices of some tiny homes in Ontario have recently been as low as $69,000.

Who are the target buyers for this unique property?

• Homebuyers on a budget
• A rent-weary tenant
• Environmentalists and minimalists

What strategies can help sell this one-of-a-kind property?

Emphasize its unique value proposition. As stated, tiny homes are all about affordability and energy efficiency. So, this is what you must focus on during marketing. Here’s an example of how you can highlight the affordability factor of tiny homes to a tenant who is fed up with rent increases.

Let’s suppose you’re selling a tiny home in Toronto — a market where you can get a tiny home for under $100,000. First, show your buyer the market data of how the average asking rent for even a condominium apartment is quite pricey:

Then, point out that it’s not really smart to pay around $2.400 for a condominium apartment in Toronto or even settle for a $2,000 rental in Barrie (as reported for August by rentals.ca). Instead, they could buy the tiny house in Toronto with a 5.0 per cent down payment, pay around $500 monthly on mortgage payments and build their own equity. 

When it comes to the energy-efficiency perk of tiny houses, also highlight it with numbers. For example, you can say that a normal-sized house uses an average of 26-33kW power every day but a tiny home uses just 3-4kW power.

Don’t let compact space be a dealbreaker for buyers. Kamal Pillai, a realtor in Ontario experienced in selling tiny homes, shares, “One main concern that tiny home buyers usually have is limited square footage. Hence, the seller of these houses should try their best to show that the home is thoughtfully designed to maximize every square inch.

They could achieve this by adding space-saving solutions in the home like a fold-out kitchen table or built-in storage. It’s all about making the most of what you have and presenting it in the best light possible.”

Price the home correctly. Unlike traditional homes, you don’t have much historical data to rely on for tiny houses, which makes pricing these properties trickier.

So, set a fair price for the tiny home by calculating the home’s construction costs and the estimated value of its unique features. Also, assess the current demand for tiny homes in the particular neighbourhood to make sure your price aligns with what buyers are willing to pay.

Houseboats: Homes on the water

Yes, houses on the water, also known as houseboats, can be found in the Canadian housing market. In fact, according to some houseboat owners, buying this type of property is one of the best lifestyle choices they have ever made.

A houseboat is a boat designed or modified to be mainly used as a living space rather than for transportation purposes. Some people live on houseboats all year round to enjoy the beautiful views of the water every day while others use them as vacation homes. 

Who are the target buyers for this unique property?

• Nature lovers
• Homebuyers on a budget
• Real estate investors 

What strategies can help sell this one-of-a-kind property?

Give the houseboat a clean and charming look. First impressions matter, even when selling a houseboat. So, advise the seller of the boat to deep-clean every nook and cranny of their houseboat before opening its door to buyers.

Pay extra attention to the kitchen and bathrooms, as they often leave the strongest impression. Also, if saltwater has caused rusty metal hulls in the boat, give it a fresh coat of paint. 

Make sure the houseboat has no severe safety issues. Apart from fixing the aesthetic issues in the houseboat, make sure the houseboat doesn’t have any major safety problems.

To do this, hire an expert marine surveyor who can assess the houseboat’s overall condition including the hull, engine, electrical systems and plumbing. You must also ask the seller if all necessary permits, registrations and insurance documents of the houseboat are up-to-date.

Pick the best time to put the houseboat on the market. The prime selling season for houseboats in Canada is usually from late May to early October.

This is when the weather starts to get warmer in Canada, and people are most interested in spending time on the water. So, showcasing the property during peak boating season lets potential buyers experience the houseboat lifestyle firsthand.

Cottage homes: A vacation home away from home

A cottage is often a cozy, rustic and charming house usually located in a rural or countryside setting.

Most cottages in Canada are specifically built for the warmer months, meaning they can’t handle the chilly weather. However, you can also find a few four-season cottages for sale that are inhabitable at all times of the year.

Who are the target buyers for this unique property?

• Second home-buyers
• Vacation rental investors
• Retirees

What strategies can help sell this one-of-a-kind property?

Highlight how investing in a cottage can pay off. Make sure to highlight to a would-be recreational property buyer that, according to a Re/Max report, Ontario cottages are expected to see a price increase in 72 per cent of recreational markets this year, with values potentially rising by up to 33 per cent.

Also, as interest rates fall, the price and demand for properties including cottages will likely surge more. Sharing these market statistics will help support your point on why your client should make a move now. 

Keep the cottage looking its best for sale. On hearing the word “cottage,” images of a charming property usually come to mind. This is the image the would-be buyers of the property for sale would be expecting, too.

So, do your best to ensure the cottage looks charming, inviting and well-cared for. This means tidy rooms, neatly arranged furniture, sparkling clean windows, shining kitchen counters, a trimmed lawn, blooming flowers and a welcoming porch. 

With carefully thought out and planned strategies like these to sell unique properties, you can easily adapt your sales tactics and get set to achieve a successful sale.