Since moving his well-established real estate brand from Re/Max to eXp Realty last fall, Calgary realtor Justin Havre has been an ambassador for the relatively new, independent company trying to upend the status quo across North America.

At the time, Havre had a team consisting of 60 agents and 18 staff. 

New model, different fit

Havre’s team has been very successful, selling almost 9,000 homes in Calgary since 2016. For five consecutive years, they were named Re/Max’s #1 Large Team in Canada in Closed Transactions. They left Re/Max First with $4 billion in sales volume in Calgary and surrounding areas.

Today, his team at eXp, the Justin Havre Real Estate Team, has 90 agents. 

In Canada, eXp continues to grow with the recent addition of Toronto’s Polsinello Team, which Havre helped recruit to the brand. With 25 agents, last year they achieved 218 closed transactions totaling $213 million in volume.

“Finding a brokerage that offered more in terms of commissions and benefits was our top priority and eXp Realty fit the bill perfectly,” says founder and team lead Frank Polsinello in a news release. “We are very conscious of what’s best for our agents. The idea of a retirement fund and revenue share made a huge difference in our decision.” 

Likewise, Havre notes that other teams choose to partner with eXp because they see the business model is for them and their agents who go on to become partners.

Future plans: ‘The sky’s the limit’

Havre explains his future plans are to continue to impact the people he chooses to partner with. 

Goals for the Justin Havre Real Estate Team also include creating a great client experience and delivering results that both buyers and sellers are seeking in the marketplace while continuing to evolve and adapt to the constantly changing real estate environment, “whether that comes with utilizing technologies, different brokerage models and/or marketing tools to ensure that we are top of mind in the marketplace but at the same time creating the (right) client experience.”

Havre’s mission is to provide the tools, resources and development for all agents so they have what they need to navigate the ever-changing real estate landscape.

“One thing we do quite well is training and developing our agents, whether they’re experienced or new to the industry,” he explains. “I’ll continue to grow as long as we find the right people. I’m never going to say no to aligning myself with people who have the skills, the talent and the ambition to grow a successful real estate business. How many agents is that going to be? The sky’s the limit, really.”

Super or ‘mega’ teams with 200+ agents to come

Havre thinks the industry will see the formation of super, or mega, teams in the future with 200 to 300 agents.

“I do believe that a lot of brokerages are recognizing it’s incredibly challenging to run a profitable business but at the same time provide all the tools and resources to support their agents,” he points out.

“Because the margins are so small and tight in that brokerage model, this is where the so-called ‘disruptors’ like eXp come into play, (to) actually provide better support, better tools, better technologies and resources that will help agents’ businesses for a lot less.”

Another benefit he cites is the fact that all agents partnered with eXp have ownership in the company.

Havre could have gone the route of creating a brokerage, but he says eXp made more sense for being able to grow his business and attract people to a model.

‘It‘s a business that’s here to stay. It’s a business that more and more agents are looking to’

Being a large independent real estate company with more than 87,000 agents in over 20 countries, eXp continues to scale internationally. It gives realtors the unique opportunity to earn equity awards for production goals and contributions to overall company growth.

“There are a lot of misconceptions, a lot of fear-mongering from the traditional brokerages, which is unfortunate. I may have been one of those people myself because I wasn’t informed,” Havre admits.

He feels that as more people get educated and begin to understand this model — a model that he stresses isn’t going anywhere — one of the things he’ll look at is publicly traded companies.

“I would say that people on Wall Street are pretty smart. And when you can look at a Re/Max with 140,000 agents with a market cap of around $250 million compared with, for instance, a company like eXp with 87,000 agents having a market cap of nearly $2 billion, that has to say something about what kind of a business model it is.

And it’s not going to be gone tomorrow — it‘s a business that’s here to stay. It’s a business that more and more agents are looking to.”

Havre explains that if people open their eyes to study the model without judgment and once they start to see and understand how it works, “The ‘light bulb moment’ will go off. Part of me moving over also opened many people’s eyes. There must be something to this model.”

Returning to original brokerages for ‘the professionalism of the people, the vibe feeling like family and the services provided’

As with anything else, finding the right brokerage is a personal decision that looks different for every agent and industry professional.

For example, Teri Shaw, a realtor with Royal LePage State Realty in Ancaster, Ontario, moved over to eXp in February 2020 from Royal LePage but returned in December 2020. Shaw has been a realtor for 17 years. She joined Royal LePage State Realty in 2015.

She says the decision to join eXp wasn’t her choice as she had a business partner at the time who was “gung-ho” on the idea.

“I just went with it,” says Shaw, adding that her experience with the brand was “not great.” “But, in fairness, they were new to Ontario. So the professionalism that I was used to from Royal LePage, which is amazing, was not there with eXp.”

Shaw ended her business partnership and stayed with eXp for a couple of months after that. “Then, I needed to go back to somewhere I felt was a better fit for me,” she recalls.

Shaw cites the professionalism of the people she had worked with at Royal LePage and the vibe of the brokerage which felt better suited to her, feeling more like family, as key factors in her decision to return.

“Also, I felt the services provided by the brokerages were more in line with who I was than eXp. I want to sell real estate. I didn’t want to recruit people and it felt like eXp was a recruiting (place). Get more people to join. And that’s not what I wanted to do — it wasn’t for me,” notes Shaw.

“I wanted to talk to a real person, but every time I’d have a question about something I’d call and they’d say you have to go into the ‘eXp world’ and chat with someone there. I didn’t want to do that. I wanted to be able to pick up the phone and call my manager to get my question answered immediately.”

That said, Shaw recognizes they may have improved upon this by now. “I’m not knocking them. There were some quite nice people that worked there and everybody was helpful, but at that time they were not ready for the growth that they were experiencing.”

First-time buyers face more challenges than seasoned property owners. It’s about more than just the sticker shock of spending a tremendous amount of money; it’s also about navigating pre-purchase documents and understanding condominium living.

While affordability, a low-maintenance lifestyle, amenities and convenient locations make condominiums (or stratas) an excellent choice for first-time buyers, the rules, expenses and disputes can dampen the allure of multi-family living.

However, it doesn’t have to be stormy seas for first-time buyers. With proper guidance and patience, the industry can help these first-timers become long-term real estate investors.

How multifamily complexes work

For first-time buyers, stratas or condominiums are confusing words. Simply put, these interchangeable terms are just market-specific ways to describe a multi-family complex, most commonly in the form of an apartment or townhome.

Depending on where the home is located, the word for this multi-family home differs, as does how they’re regulated and governed. For example, in British Columbia, they’re referred to as strata corporations and are governed by the Strata Property Act, while in Ontario, they’re condominium corporations governed by the Condominium Act. Both Acts have specific intricacies but generally outline owners’ rights, the corporation’s responsibilities, dispute resolution and voting.

Diving deeper into the condominium world, the elected board or council, depending on the market, are the decision makers. This group of owners steers the direction of the complex on most issues. Annually, or when a significant need arises, the ownership gathers to vote on bigger issues. The board is also responsible for ensuring the rules are enforced fairly and helping resolve disputes.

This is a substantial amount of work for a group of volunteers, so a management company is often engaged to help ease the strain and provide professional assistance. Sarah Braim, a small business owner, explains that she joined her council to be involved in deciding how her money was being spent. “The monthly fees were not insignificant, and I wanted more say on how the money was spent.”

Reviewing financial documents, rules & bylaws and minutes: Crucial to the decision-making process

Speaking of financial obligations, no two condominiums are created the same. Monthly fees cover the basics across the board: operations and savings. That’s where the similarities end. What’s in the operating budgets can vary wildly depending on the style of the condominium. Newer and more complex communities can have additional costs for amenity features and staffing over and above the basic costs of insurance, maintenance and electricity. Ensuring there’s enough in the operating account to cover the building’s day-to-day expenses is essential.

The savings account is the rainy day fund that covers oversized ticket items like elevator replacements and re-roofing. Failure to appropriately fund either of these accounts results in special assessments or levies, which can cause some extra and sometimes unexpected strain on owners.

Any buyer has a lot to take in, but a new buyer won’t have the experience to navigate this information. Reviewing these critical documents, the rules and bylaws, and the minutes and financials are crucial in the decision-making process.

Tight timing between offer & subject removal means not knowing what to look for can be problematic

Once that perfect apartment has been found, the hard work begins. The window between submitting an offer and removing subjects is often tight, so not knowing what to look for can lead to problems.

Braim shares her experience: “In my first condominium, I wanted the ability to rent the property. I checked the bylaws and it was allowed, but what I didn’t know or understand at the time was that, even though rentals were allowed, there was a waiting list, and I’d be at the bottom.” Other buyers note they missed vital details, like special assessments, when reviewing condominium minutes, leaving them in legal trouble for unpaid assessments.

Jacqueline Adler, a real estate agent with Oakwyn Realty, shares, “Working with first-time buyers is much fun — sometimes more exciting for me than for them! It’s an incredible opportunity to share these moments in their lives.”

Adler notes that working with new buyers differs significantly from working with seasoned clients. She and her team take the time to walk purchasers through each step, explaining everything along the way. As for those hard-to-read documents? Her team carefully reviews them and prepares key highlights for clients. While buyers are still responsible for reading everything, these summaries highlight critical areas to focus on.

Purchasing a condominium for the first time should be an exciting milestone — and for most, it is — but it’s also a period of incredible stress. By offering patience and solid guidance, the industry can support these newbies through the overwhelming process and keep them from running to the hills (or ocean) far from real estate.

Last month’s Metro Vancouver home sales stayed below 10-year seasonal averages, according to the Greater Vancouver Realtors (GVR). The region’s residential sales totalled 1,904, marking a 17.1 per cent decline from the 2,296 sales the year before and 26 per cent less than the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics explains. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” 

Buyers’ hesitancy + new listing activity result in accumulated inventory & balanced market conditions

4,109 new listings for detached, attached and apartment properties were on Metro Vancouver’s MLS in August, a 4.2 per cent increase from the 3,943 properties listed the year before. Despite the increase, the total was 1.7 per cent below the 10-year seasonal average (4,179).

The total number of properties listed for sale stands at 13,812, a 37 per cent rise from August 2023’s total of 10,082 and 20.8 per cent above the 10-year seasonal average of 11,432.

For all property types, the sales-to-active listings ratio in August was 14.3 per cent. By category, it was 9.6 per cent for detached homes, 18 per cent for attached homes and 17.2 per cent for apartments.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis notes.

He says that with the Bank of Canada reducing the policy rate this month by another quarter percentage point, and with September being a time that often sees more seasonal sales, the fall market should bring more buyers off the sidelines.

Where prices landed

The composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,195,900, 0.9 per cent less than August 2023 and 0.1 per cent less than July 2024.

By property type, detached home sales reached 509, a 13.9 per cent decline from 591 the year before. Apartment sales totalled 1,012 in August, 20.3 per cent less than the 1,270 sales in August 2023 and attached homes totalled 370 sales last month, 12.3 per cent less than the 422 sales of the prior year.

Review the full report here.

On September 12th from 11 AM – 3 PM EST, you’re invited to join us for a virtual conference and be part of something bigger.

Grow your business while giving back: Help raise much-needed funds for SickKids Foundation

This isn’t just another conference. This is a chance to grow your business with insights from top-tier speakers while helping Bruce Johnson cross the finish line on his incredible mission to raise $1,000,000 for SickKids, in memory of daughter, Alyssa Rae Johnson.

Why this matters 

Bruce’s story matters. He’s raised $900,000 so far, and now he’s battling stage 4 lung cancer. With your help, we’re pushing to get him to that $1 million mark. 100 per cent of ticket sales go directly to the SickKids Foundation through Bruce’s campaign.  

Every speaker. Every bonus. Every dollar. All for a great cause. This is your opportunity to grow AND give back. 

Together, we can make a difference — for your business, for Bruce, and for kids in need of lifesaving care at SickKids. 

Speaker lineup

Check out our top real estate & marketing expert speaker lineup and walk away with actionable strategies to boost your business. 

Andrew Perrie

Andrew Perrie is a luminary in the realm of real estate who stands as a beacon of charisma, leadership and inspiration. With over five years of unparalleled experience, he has not only established himself as a triumphant real estate team leader but has also ascended to the pinnacle of oratory prowess, captivating and motivating audiences on stages of all sizes.

From his early days, Andrew’s innate ability to forge connections and genuinely understand clients’ needs sowed the seeds of his flourishing career. This passion evolved into the creation of his own real estate team in Niagara-on-the-Lake and Muskoka, where his unwavering dedication to both clients’ triumphs and the team’s expansion earned him acclaim as a charismatic and results-driven leader.

Beyond his undeniable real estate acumen, Andrew’s exceptional gift for simplifying intricate concepts and inspiring through his podcast, “That Fine Life,” further solidifies his standing. His influence extends to the digital realm, where he has amassed a substantial and engaged following, emphasizing the importance of personal branding in today’s digital landscape. Andrew’s journey is marked not only by personal achievements but also by his fervent commitment to mentoring aspiring real estate professionals, making him a true luminary in the industry.

Justin Konikow

Justin Konikow is a visionary leader and co-owner of Prime Real Estate Brokerage and PRIME Media Productions, where he’s known for turning the industry on its head with innovative strategies and a fresh perspective. With decades of experience in the real estate market, Justin has become a national thought leader and sought-after speaker, guiding agents, developers and investors on mastering the art of market domination. His expertise spans luxury and waterfront properties, commercial investments and cutting-edge media production, making him a triple threat in the industry.

Justin owns one of the only firms that touch all aspects of real estate, a concept he calls “focused diversification.” His firm handles residential, commercial, investment, agricultural, land and recreational properties, cross-pollinating clients across these asset classes to offer a truly comprehensive service. His team operates like a Navy SEAL unit, assembling a tactical group of specialists, tailored to each client’s needs, all guided by the same core values, mission statement and decentralized command.

Beyond his role as a top real estate agent, Justin is a successful entrepreneur, content creator, and host of the Prime People Podcast, where he dives into the intersection of real estate, entrepreneurship and personal development. His work is a blend of sharp business acumen and creative storytelling, leveraging the latest in technology and social media to reach and engage a global audience.

Kelley Skar

Kelley is a second-generation realtor, Max/Recruit real estate coach and real estate trainer with a proven track record, as well as an international speaker.

He knew early on in life that he was going to be an educator. Kelley started in university with the goal of becoming a high school teacher; however, life took him in a different direction. His passion for learning and educating has never left and as a result, he’s a dedicated learner and a student of history, business and life. His passion lies in high-level discussion around business strategies and helping agents & brokers build a bigger, better, highly profitable real estate business.

He has been married to his beautiful wife for over 17 years and they have smart, athletic and articulate 15-year-old twins. They enjoy hiking through the Okanagan, spending time at the beach and on the lake as well as travelling the continent and hopefully at some point, the globe. He loves to play golf, work out in the gym, hang out with friends and take in Green Bay Packers football games — as a huge fan.

One of his favourite quotes comes by way of Jocko Willink: “Getting better isn’t about a hack or a trick or one change that you need to make. Getting better is a campaign. It’s daily, weekly, an hourly fight. Against weakness, temptation & laziness. It’s a campaign of discipline. A campaign of hard work and dedication. It’s about getting up early, going to bed late and grinding out every second in between!”

Jess Lenouvel

Jess Lenouvel is a real estate marketing expert, founder of The Listings Lab and best-selling author of *More Money, Less Hustle: Becoming the 7-Figure Real Estate Agent.*

After spending 15 years in real estate, selling over $300 million worth of property, Jess hit a breaking point from the relentless hustle. Determined to find a better way, she dove into digital marketing and transformed her business into a scalable, sustainable model. In 2018, she founded The Listings Lab to help other agents do the same, teaching them how to market effectively and build successful, hustle-free businesses.

Tony Joe

Located in Victoria, British Columbia, Tony has been selling real estate since 1991 and has earned production awards including VREB Gold, Special Gold and President’s Awards as well as Re/Max Diamond, Circle of Legends and Western Canada Special Services Award (2009). Tony was president of the Victoria Real Estate Board in 2008 and of AREAA (the Asian Real Estate Association of America) Vancouver 2015-2019.

He’s an Instructor for the B.C. industry regulator (BC Financial Services Authority), a subject matter expert for the B.C. Real Estate Association and a certified coach for Richard Robbins International. Systems and processes allow Tony to run a hyper-productive yet small team while being massively active in his community, serving on several community boards and fundraising initiatives while balancing abundant family time and an exciting personal life. His radio show, The Whole Home Show, airs weekly on iheartradio.ca and its podcast can be found on iTunes and elsewhere.

The Leads are Sh*t

Taylor Hack

Taylor Hack is so dedicated to saving families from 3-star experiences in real estate that the team he leads, HACK&CO @ Re/Max River City, became the most-reviewed real estate team in Edmonton, Alberta on rankmyagent.com.

A passionate entrepreneur, Taylor is considered notable within the real estate industry for his creative business solutions and strategy. In less than three years, Taylor broke into the top 2 per cent of Re/Max Agents in the world and was asked to appear on stage throughout North America, featured as a Top-35-Under-35 in Real Estate Professional Magazine, and honoured as a finalist for Real Estate Innovator of the Year by Inman.

As a dedicated team leader, Taylor has helped HACK&Co teammates achieve rare experiences in real estate that are hallmarks of performance, such as making million-dollar listings and Top Teammate rankings and becoming strong providers for their families.

Andrew Fogliato

Andrew Fogliato has been in the real estate industry since you still had to physically print out six copies of an offer plus a clean one for the lawyer when the deal was done.

He’s worked as an agent, a trainer for one of the big brands, a proptech consultant, a marketer, a speaker and more.

Now he owns Just Sell Homes, a real estate marketing agency specializing in helping realtors grow their business, and RealEstateMagazine.ca, the premier news source for Canadian realtors.

Learn more or get your tickets for the Sept. 12th event.

On September 12th, real estate professionals from across the country will come together for a virtual conference unlike any other. It’s your chance to grow your business, learn from the industry’s best and support a cause that touches the hearts of many.

Bruce Johnson is on a mission. Over the years, Bruce has raised almost $900,000 for the SickKids Foundation, helping fund the world-class care and groundbreaking research that SickKids is known for. But now, Bruce is facing his toughest battle yet: stage 4 lung cancer. Despite this, his goal is clear — to reach $1 million for SickKids.

Why you should attend

Not only will you walk away with practical insights to drive your business forward, but 100 per cent of your ticket purchase goes directly toward Bruce’s incredible cause. This is your chance to learn, grow and give back in a meaningful way.

We’ve lined up top-tier speakers who will deliver actionable strategies for success in today’s real estate market. And as a bonus, everyone who attends will receive exclusive offers and resources to help take their business to the next level.

The virtual event will run from 11 a.m. to 3 p.m. EDT on September 12th, giving you plenty of time to soak in the knowledge and connect with other like-minded professionals.

Here’s how you can make an even bigger impact

For those who want to do more, we’ve got something special. If you donate at least $500, you’ll get a private 1:1 session with one of our expert speakers. Whether it’s a consulting call or a training session for your team, this is an exclusive opportunity to get personalized advice that will take your business to new heights.

Why this cause matters

For Bruce, the journey to raise $1 million is personal. It’s a cause that hits close to home, and we’re all rallying behind him to help get there. Every dollar raised during this virtual conference will go directly to SickKids, ensuring that the hospital can continue its life-saving work.

Bruce has been a fixture in the real estate world for decades, and now is our chance to give back to someone who has given so much to our community.

How to register

Tickets are just $20, and it’s all going to an incredible cause. Visit Real Estate Magazine to grab your spot today. Together, we can help Bruce hit his $1 million goal and make a real difference for kids in need.

This September 12, be a part of something bigger. Get your ticket and join us for a day of learning, growth and giving back. Bruce’s mission is nearing its final chapter, and your support will help write a story of hope, resilience and generosity.

Sign up now and help us make history.

I’m always reluctant to draw any conclusions about housing markets based on seasonally low data. More specifically, July-August and December-January typically have suppressed sales volume, so using them to guide decision-making can lead us astray.

Source: TRREB

With that being said, there are a few key things to be mindful of in Toronto Regional Real Estate Board (TRREB)’s most recent Market Watch release:

Home sales are down by 5.3 per cent compared to August last year. This is relatively in line with the declines we’ve seen each month in 2024. As well, homes are taking much longer to sell (40-57 per cent increase in days-on-market).

As a result, inventory continues to accumulate in the absence of absorption, so active listings are up significantly (46.2 per cent). Nominal prices are down slightly (0.8 per cent), so when adjusted for current inflation, real house prices are down over 3.0 per cent since last year.

The fourplex pump

Source: TRREB

When you unpack these data points a little further, you can get a better understanding of the market.

Some things stand out here:

1. Area code 416 detached home sales is the only category posting a YoY increase in number of units sold in August, up 8.3 per cent. It’s also the only category posting a YoY increase in price, up 3.2 per cent.

2. Area code 416 condominiums and townhouses have both seen double-digit drops in volume.

Presumably, the municipality’s upzoning of residential neighbourhoods in Toronto to four units has had some positive impact. A floor on area code 416 detached homes would be established by the last buyer in the market — an investor looking to tear down the home and rebuild a multiplex there. Their output value has now gone from one or two units to four units, as a purchaser can now build a fourplex on detached lots.

In the 905 area code, detached sales appear to be resilient, but less optimistic than in 416. The 905 area code’s detached sales number saw a 3.3 per cent decrease.

The cooling condominium market

Condominium units are a very different story from the detached market. We’ve been hearing alarming reports of condominium volume piling up, with product exceeding 12 months of inventory at some periods.

Condominium apartment sales continue to decline, currently at a rate of 11.4 per cent across the GTA compared to August of last year. This decline is reflected further in the preconstruction condominium sales market, where sales are 50 to 75 per cent below the long-term average.

Declining rents and increasing interest rates have created a difficult cash flow scenario for condominium investors. As a result, many are looking to offload assets, and very few are looking to purchase these assets.

Source: TRREB

Pricing

Prices are down across the board on TRREB. Notably, beyond condominiums, recipients of the pandemic’s urban exodus are seeing a steeper recoil from peak pricing, which seems to correlate heavily with the magnitude of price increases during the exodus.

Source: TRREB

Moving forward

With another 25 basis point rate cut from the Bank of Canada, some pressure has been eased for financial stress on certain sellers. Fixed rates are declining, so there’s a little more light at the end of the tunnel for those facing a steep mortgage payment increase upon renewal in 2025 and 2026.

The bigger question is when interest rate cuts will have a material impact on bringing purchasers back to the market. So far, the impact of 75 bps rate cuts has been relatively muted, as the weight of financial stress seems to outweigh the benefit of lower rates.

A lot can go wrong in a home that can be costly to repair. When showing a home or viewing it with clients, there are some common issues realtors can make buyers aware of when it comes to plumbing.

Every homeowner should at least have a basic understanding of problems that could arise as well as the appropriate professional to remedy the situation. It’s helpful for your clients to have a trusted plumber to call when there’s a problem — sometimes even with small issues because things can quickly escalate.

Following are some plumbing problems your clients may come across. It’s important to have an expert on hand to pinpoint and fix any issues before water damage occurs. On top of dealing with that, they could even end up paying more in water bills thanks to deficiencies.

7 plumbing issues that may require a plumber’s expertise

1. Dripping faucets. Faucets and fixtures in sinks, bathtubs, showers and dishwashers should not drip when turned off. Dripping is often due to worn seals and can lead to higher water bills over time. Addressing these drips promptly can save money and prevent further wear.

2. Leaky pipes. Leaks can occur in both visible and hidden pipes, leading to water damage, mould growth and increased utility costs. A plumber is needed to locate the source of leaks, especially those hidden behind walls or under floors, and to repair or replace the affected pipes.

3. Running toilets. Toilets should not continue to run after flushing. A running toilet indicates an internal leak, which wastes water and increases bills. If jiggling the handle is necessary, components like the flapper valve, float or fill tube may need adjustment or replacement.

4. Clogged or slow-draining sinks. Kitchen sinks often clog due to food debris and bathroom sinks frequently become clogged with hair. While some clogs can be cleared with over-the-counter solutions, persistent issues require professional attention. Using strainers can help prevent clogs by keeping debris out of drains.

5. Sewer line backups. A clogged sewer line can cause significant damage by backing up raw sewage into the home. This issue is often due to tree roots or broken pipes and requires specialized equipment and expertise to diagnose and resolve.

6. Water heater issues. Leaks, sediment buildup or faulty thermostats can lead to inefficient heating or complete failure. A plumber can assess the water heater’s condition and perform necessary repairs or replacements to ensure it operates safely and efficiently.

7. Outdated or banned piping. In older homes, you may find galvanized or polybutylene pipes, which are prone to corrosion and can lead to lead contamination or system failure. Replacing these pipes with modern materials is a complex task that requires a plumber’s expertise.

Other issues

Additional common plumbing issues our inspectors often come across include: 

• No water shut-offs — essential for quickly stopping water flow in emergencies
• No backflow valve — prevents contaminated water from entering the clean water supply
• Improper fittings — can lead to leaks or inefficient water flow
• Incorrect dishwasher connections — improperly installed drain lines can cause leaks
• Loose toilets — can lead to leaks and water damage
• Poor water pressure — may be a sign of underlying plumbing issues

Encouraging your clients to schedule annual home maintenance inspections can help identify these issues early. Home inspectors can spot problems and may recommend local plumbing experts to address any concerns.

An annual inspection is also a great time for homeowners to bring up any issues they’ve noticed throughout the year that weren’t remedied right away. Preventative maintenance not only provides peace of mind, but it can also save money by addressing potential problems before they become major issues.

Understanding insurance needs can be daunting for any small and medium-sized enterprise (SME). Yet as SMEs contend with an evolving landscape marked by economic fluctuations, technological disruptions and heightened regulatory scrutiny, having a robust insurance strategy is crucial to maintaining stability and peace of mind. 

This is particularly true in the real estate industry. In fact, according to Innovation, Science and Economic Development Canada, over 99 per cent of businesses in real estate and rental and leasing are small businesses. To safeguard against uncertainties, it’s crucial to identify specific risks that could jeopardize their operations and seek appropriate, tailored insurance solutions to protect their bottom line.

Unique challenges faced by real estate SMEs

Real estate SMEs operate in a highly competitive and often unpredictable environment. From property management firms to small-scale developers, the risks are diverse — ranging from monetary or reputational harm, they can significantly impact a business’s bottom line. 

For instance, a property manager might be forced to face legal action if a tenant damages a property and the screening process had been inadequately performed. Imagine a scenario where the property manager overlooks the tenant’s previous eviction history during screening. The tenant subsequently causes extensive damage, leading to costly repairs and lost rental income. The property owner then sues the property manager for negligence, claiming that the manager should have identified the tenant’s past issues during the screening process. 

Such situations underscore the importance of having insurance that appropriately addresses highly specific risks. However, knowing which ones you face can be a challenge, and working with an insurance professional who has specialized knowledge and experience in risk assessment is always a good place to start. 

Essential insurance solutions for property managers

Considering the various risks that can jeopardize their operations, property managers operating on tight budgets may see insurance as an expense rather than a necessity, overlooking its importance for business continuity.

Essential coverages for property managers can offer security by mitigating risks that could disrupt operations and stunt future growth:

• Directors and Officers (D&O) Insurance. Protects the personal finances of directors and officers from legal challenges arising from their decisions, offering crucial protection for company leadership.
• Errors and Omissions (E&O) Insurance. Protects professionals whose business decisions may lead to errors, omissions, neglect or breach of duty while providing services resulting in third-party claims.
• General Liability Insurance. Protects against claims of bodily injury, property damage or personal injury that occur within their office premises.

Customized insurance solutions: A necessity, not a luxury

Every industry has its own unique risks, and the real estate industry is no exception — whether it’s residential property management, commercial real estate or development. That’s why working with an insurance professional who understands the specific challenges of the industry can help tailor a policy package that fits a business best. 

One common challenge SMEs face is limited resources. When it comes to insurance, most SME owners don’t have the bandwidth to explore every option available, and this can lead to difficulty in finding comprehensive coverage that properly protects them from a range of exposures.

To address this need, the insurance industry is developing new inclusive policy packages — offering combined policies that are customized for small businesses. This can make it easier for SMEs to manage various areas of coverage and enhance their ability to proactively control risk.

In response to the specific needs of SMEs for a single insurance policy, many are seeking “insurance packages” that combine various coverages into one, including E&O liability, general liability, contents, cyber and legal coverage together, simplifying the management of insurance needs for small businesses.

Balancing affordability with adequate protection and a reliable contact point

Cost is always a concern for SMEs. However, it’s essential to balance the need for affordability with the need for adequate protection. Cutting costs by reducing coverage can lead to vulnerabilities that may be far more costly in the long run. Instead, SMEs should look for insurance providers who offer competitive pricing without sacrificing the quality of coverage. 

Lastly — and perhaps most importantly — having a reliable point of contact during the claim process will help ease the pressures faced by SMEs throughout that time. This fosters trust and facilitates more seamless solutions when an incident arises so that SMEs can focus on what matters most: their business. 

Embracing technological advancements  

Brokers act as a lifeline for SMEs, providing them with products, services and experiences based on the risks they’re exposed to. As the insurance space adopts new technology, brokers can now utilize user-friendly digital portals to better assist real estate SMEs in a timely and efficient manner.

These portals offer real-time quotes and policy issuance, available around the clock, enhancing satisfaction and ensuring that clients can purchase insurance policies at their convenience.

Insurance plays a vital role in risk management for SMEs in the real estate industry. Understanding insurance products and utilizing technological advancements can greatly simplify the process of acquiring comprehensive coverage. Staying informed, leveraging technology and prioritizing comprehensive coverage will help real estate SMEs protect their bottom line and build a resilient business for the future.

Last month, Calgary’s market continued to move from the strong seller’s market conditions of the spring, the Calgary Real Estate Board (CREB) reports. More inventory and fewer sales brought months of supply to more than two months, a level unseen since 2022.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” says Ann-Marie Lurie, chief economist at CREB. “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

More inventory driven by higher-priced properties; fewer sales thanks to lower-priced properties

Last month’s inventory reached 4,487 units, 37.3 per cent higher than the year prior but almost 25 per cent lower than long-term trends for August.

Higher-priced properties mostly drove these gains, with more new listings and less sales, at 2,186 — 19.5 per cent less than 2023’s record high yet 17 per cent higher than long-term averages for August. Sales declines were for homes priced below $600,000.

August’s unadjusted residential benchmark price was $601,800, 6.3 per cent higher than last year and slightly lower than last month. The average benchmark price rose by 9.0 per cent year-to-date.

Detached homes

Compared to a year ago, detached home sales fell by 14 per cent. August saw 2,011 detached homes in inventory, with over 85 per cent priced above $600,000, helping push the months of supply up to nearly two months.

August’s unadjusted detached benchmark price was $762,600, just under last month but over 9.0 per cent higher than last year.

Semi-detached homes

For semi-detached properties, the region saw 297 new listings and 172 sales, with a sales-to-new-listings ratio drop to 58 per cent that supported increased inventory and a months of supply jump to nearly two months.

This category’s August unadjusted benchmark price was $681,200, a drop from July but almost 10 per cent higher than last year.

Row homes

Last month, new listings for row homes priced above $400,000 added to year-to-date growth of about 16 per cent, while slower sales over the past quarter also boosted inventory gains. There were 660 row home units available, a 75 per cent increase over particularly low levels reported last year.

This category’s unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than the year prior.

Apartment condominium homes

August’s new listings of apartment condominium homes reached 1,001, a record high for the month. This was paired with declining sales, which caused the sales-to-new-listings ratio to fall to 60 per cent and inventories to rise to 1,476 units, with months of supply to rise to about two and a half months.

The month’s unadjusted benchmark price was $346,500, similar to July’s and almost 16 per cent higher than 2023’s prices.

Review CREB’s full reports for the city and region.

It was a rainy fall day in October 2015. I was inching through downtown traffic when an agent from one of our offices called me. One of my jobs was to help our agents when they had clients who had real estate needs outside of our service area.

“What’s the situation?” I asked. The agent explained that her friend and her friend’s husband had both died of cancer within some 12 months of each other, orphaning two young children. The children were being adopted by an unmarried uncle on the other side of the country. While he was a successful professional with a well-paying job, his urban bachelor pad wasn’t going to be sufficient, especially since he was also in the process of relocating his parents from Europe to the United States to help him raise his nephew and niece. 

We worked closely with our affiliate in the destination market to find an agent who was very knowledgeable about real estate and, importantly, also deeply empathetic. Around six months later, an email arrived containing a very rewarding photo: the uncle, his parents and the children smiling in front of a generous suburban home, on a snowy day.

Part psychologist, part salesperson: Transactions often weighted with emotionally fraught situations

It has been said before and it bears repeating: a home is the biggest investment most people will ever make — an investment often weighted with emotionally fraught situations. This combination tends to lead to intense and transparent interactions.

The best agents will readily tell you they are part psychologist, part salesperson. On a recent listing presentation, one of our agents spent hours with a woman who was going through a nasty divorce, listening to her and advising her gently on what small improvements and tweaks she could make to increase the saleability of her home. Our agent may or may not get the listing assignment, but she knows on a human and professional level that she’s truly been of service. 

Dealing with the ‘3 Ds’: Divorce, death & debt

In the course of working with their clients, real estate agents often encounter the “3 Ds”: divorce, death and debt. While it may sound trite, it isn’t: these are delicate human situations of almost sacred importance.

With most professionals — dentists, lawyers, accountants — if you need to meet them, you go to their office. But agents often come to their clients’ homes, even if they’ve never met them before.

They’re invited in, literally and figuratively into all the joys and misfortunes it contains. They help a couple find a new place for their growing family, the living room where their child will take his first steps, the bedroom where their daughters will sleep. For another family, they help navigate a marriage breakup and the division of the home — what is (usually) the biggest financial asset and also the one with the most relational baggage.

The soul of the real estate agent (it’s not the legal framework and compensational mechanics we see in the news)

Organized real estate has been much in the news over the last year. The class-action lawsuits in the U.S. and similar, earlier-stage actions in Canada focus industry and media attention on the legal framework and compensational mechanics of the real estate business.

For agents, these factors are background noise, secondary to the trusted advisor work they perform on a day-to-day basis. Good agents don’t do it for the money; they do it because they love to help people, even (or especially) in complex, tragic and delicate situations.

Making a living is a byproduct of the help agents offer families — this is the soul of the real estate sales professional.