Attempting to fully get a handle on the real estate industry in India from our North American perspective may be an exercise in futility. You can try, but there’s no guarantee you’ll succeed. They’re two hugely different cultures, after all. 

A push in both Canada and India for greater industry professionalism

“Comparing India to Canada is not the right approach,” insists Re/Max India’s CEO and co-owner, Aditya Agarwal. Still, it’s fair to say that in both countries there’s a push to varying degrees for greater professionalism in the industry.

With around 1.45 billion citizens, India has recently overtaken China as the world’s most populated country, according to the United Nations. Real estate is one of India’s fastest-growing sectors. The economy is stable. The cost of living is low. The country has heavily invested in infrastructure development. Demand for housing is strong, with loads of growth potential.

Realtors in India can make “very good money” and so can their clients, attests Agarwal.

Look for ‘a new and different change in Indian real estate’ and a market ‘on the verge of rapid expansion’

The real estate industry in India, however, is highly unstructured and unregulated, although change has been underway in recent years. The legal framework and government rules “are stricter in substantial cities” like Mumbai and Delhi than in small communities, Agarwal notes. 

“In the last seven or eight years, the government has taken significant initiatives to regulate the market,” with the help of the establishment of a Real Estate Regulatory Authority in each state, he explains. “In the next few years, we will see a new and different change in Indian real estate.” 

Earlier this year, India Today magazine applauded the industry’s efforts to improve standards, stating in an article that, “Recent government reforms aimed at fostering accountability and openness have put the Indian real estate market on the verge of rapid expansion.”

India’s market ‘frontier-like’: NAR-India

Even so, the National Association of Realtors (NAR-India), formed in 2008, has been known to openly deem the country’s market “frontier-like.” 

This is where the Indian and North American worldviews can deviate. We tend to feel a “correction” is in order. Many of those living in India may disagree, content for the most part with the status quo. Lest we forget, India was exploited under colonial rule for close to 100 years —  a legacy that shapes the nation’s psyche in ways we can’t imagine.

There’s no standardized MLS in India. No mandated licensing or training of agents. Solid data for backing up sales prices and comparables may be lacking. Organized crime in the industry is known to be an issue. Regulatory complexities and bureaucratic hurdles abound.

Some feel industry is unorganized, more should be done

NAR-India could be doing more to empower the country’s realtors, Agarwal feels.

The legal framework can be poor. Especially outside the cities, there may not even be listing agreements, with the result that realtors’ unpaid commissions become lost causes. Buyers and sellers may use an agent or they may not, preferring instead to handle the transaction by networking with friends, neighbours and family. 

“It’s unorganized,” asserts Eldred Fernandes, who sold real estate on the side for a top builder in the state of Goa while working as a marketing professional with an Indian paints and sealants company, before moving to Canada. “Most people in India buy on trust.” 

They’ll pay a finder’s fee or divvy up a commission between the friends who assisted them. It can be similar for agents, with quite a few often involved in the same transaction, Fernandes continues. (In India, he adds, realtors generally require both the seller and buyer to pay 1.0 or 2.0 per cent commission.)

Industry inconsistencies with ‘huge potential to organize the sector’: An ‘enormous challenge’

Fernandes, now a Royal LePage agent in the Greater Toronto Area (GTA), still occasionally lends a hand in overseas transactions. In his experience, the new-build condominium market in India overseen by builders/developers in the concrete jungles of the big cities is “somewhat organized” (although it’s widely reported that developers differ greatly in terms of ethics).

This doesn’t hold for the resale market though, he feels, especially in small towns and villages.

“There are a lot of inconsistencies,” he states. “There’s huge potential to organize the real estate sector.” But it’s an enormous challenge. Corruption continues to be an issue, with some clients opting to do a hefty portion of deals under the table in cash to avoid taxes and other costs, he says. “How can the industry be regulated until that’s regulated?”

Many locals happy with status quo and don’t want change

While North American-based franchises have begun making inroads towards further professionalizing the business, some locals are leery of the offerings of the smattering of big Western-world brands that are infiltrating India’s vast market, Fernandes has found. Many are satisfied with the system as-is and don’t necessarily want change.

When Keller Williams Worldwide announced its expansion into India last year, company president William Soteroff remarked on the country’s “extraordinary growth and strong economic outlook” and explained that Keller Williams wants to “raise the bar of real estate service” in India to differentiate themselves from the rest.

Time will tell whether or not directives along these lines are something the nation will eventually embrace.

No query is too big or small — if it’s about elevating the look of your real estate, we want to hear it and we want to help! Email your questions to ninadoiron@isodesign.ca

As a real estate agent, one of the key challenges you may face when helping clients sell their homes is ensuring the property remains show-ready at all times. While staging is an excellent way to present the home in its best light and attract buyers, it can be difficult for sellers to live in a staged home, especially when balancing busy lives. But don’t worry — there are plenty of strategies to help sellers keep their homes ready for showings while minimizing stress and maintaining comfort.

Here, we’ll explore tips for sellers on how to live comfortably in a staged home, keep the property show-ready and avoid potential pitfalls. With your expert guidance, your clients can increase their chances of selling quickly and for top dollar.

Why it’s important to keep a staged home show ready

First, it’s important to emphasize to sellers why keeping their homes in pristine condition during the listing period is essential. A staged home is designed to appeal to the emotional triggers of potential buyers. A clean, well-organized space helps buyers imagine themselves living in the home, which can lead to quicker offers and higher sale prices.

However, one messy or cluttered space can break that emotional connection for buyers. When they walk into a home that’s untidy or doesn’t look like the photos they saw online, they can become distracted by the clutter and may focus on negatives rather than the home’s best features. That’s why sellers must maintain the home in show-ready condition at all times.

Tip #1: Create a daily routine to stay show-ready

A daily cleaning and tidying routine can help sellers keep their homes looking fresh without the need for a deep clean every time there’s a showing. Encourage your clients to set aside 10-15 minutes in the morning before heading off to work and another 10-15 minutes in the evening to quickly tidy up common areas, wipe down countertops and do a quick vacuum or sweep if needed.

This daily routine can prevent messes from piling up and help your clients feel more in control of their space. Consider sharing a checklist of high-priority tasks to focus on daily, such as:

• making the beds (use photos taken on staging day as a reference to restyle the bed)
• clearing off countertops
• putting away toys, clothes and personal items 
• wiping down kitchen and bathroom surfaces
• emptying the trash
• checking for pet messes or odours

Tip #2: Pre-pack personal and non-essential items

Encourage sellers to think of the staging process as the first step of moving. Ask them to pack away personal items, non-essential decor and excess furniture that could make the space feel cluttered or personalized. By doing this in advance, they’ll have fewer items to worry about maintaining and will make the home feel more neutral for potential buyers.

Not only does this help declutter, but it also reduces the number of personal belongings sellers have to organize every day. Plus, it gives them a head-start on moving once the home is sold!

Tip #3: Implement organizational systems

Having organizational systems in place can make a world of difference for sellers living in a staged home. Encourage them to invest in storage solutions like decorative baskets, bins and drawer organizers to keep essential items easily accessible but hidden from view.

Here are a few quick organization ideas that can help:

• baskets for storing items like shoes, blankets and kids’ toys in living areas
• bins or baskets inside closets to hide clutter
• drawer organizers in bathrooms and kitchens to keep counters clear but necessities closeby
• decorative trays on coffee tables or countertops to display essentials (like remote controls) in a stylish, controlled way

Tip #4: Designate ‘off-limits’ areas

If possible, recommend that sellers designate one or two rooms or spaces where they can store personal items and daily clutter when showings are scheduled. A basement storage room, garage or even an out-of-the-way guest bedroom can serve as a quick spot for stashing toys, laundry or paperwork before buyers arrive. Remember, this doesn’t mean that they should toss these items into the space — these storage spaces should always be neat and tidy.

This strategy can ease stress and provide a sense of relief for families who still need a bit of extra space for daily life but want to maintain the overall appearance of the home.

Tip #5: Be prepared for last-minute showings

Showings can often be scheduled with little notice, which can catch sellers off guard, especially during busy weekends. To help them prepare for this, encourage your clients to keep a “showing emergency kit” ready with supplies they can use for last-minute touch-ups.

The kit could include:

• a microfiber cloth and multi-surface cleaner for quick wipe-downs
• a lint roller for furniture
• air fresheners or room sprays to neutralize odours
• a laundry basket to quickly gather and hide personal items
• a small vacuum or broom for fast floor touch-ups

By having these essentials ready to go, sellers can clean up quickly and feel more confident when a last-minute showing request comes in.

Tip #6: Keep pets and pet items under control

While many buyers are pet lovers, not everyone appreciates the presence of pets during a showing. To appeal to as many potential buyers as possible, advise your clients to manage their pets’ presence and belongings during the listing period.

Pet management could include:

• arranging for pets to be taken out of the house during showings, either to a neighbour’s home, to daycare or on a walk
• keeping litter boxes, pet beds and food bowls clean and out of sight
• neutralizing pet odours with air fresheners or odour-eliminating sprays

Tip #7: Maintain outdoor spaces

Don’t forget about curb appeal! The exterior of the home is just as important as the interior, so sellers should keep outdoor spaces clean and tidy as well. This could mean mowing the lawn, sweeping the porch, clearing walkways and even adding seasonal plants or fresh flowers to the entryway. Yard maintenance should be done on a weekly basis. 

If sellers are too busy for this, encourage them to consider outsourcing the task to a local yard maintenance company. It’s important to remember that the condition of the outdoor space is often a good representation of the indoor space. Both should be show-ready at all times. 

Why it’s worth the effort

While it may seem like a lot of work to maintain a staged home, the effort is well worth it. Homes that are kept clean, clutter-free and neutralized for buyers tend to sell faster and for higher prices than those that aren’t. By following these practical tips, sellers can live comfortably in their staged home and ensure that it remains show-ready, allowing them to maximize the potential of their sale.

As a real estate agent, your role is crucial in guiding sellers through this process and providing them with the support and advice they need. The result? A smoother selling experience and happier clients.

Got home staging questions for a future column? Submit them to ninadoiron@isodesign.ca

(Don’t attend another event until you read this.)

Most real estate events are lacking value,

and agents are catching on …

JUST A TASTE OF WHAT WE’RE COVERING AT THE LISTINGS LAB LIVE IN TORONTO ON OCTOBER 16-18:

1. HOW TO CREATE 7-FIGURE MESSAGING THAT WILL ATTRACT YOUR MOST MOTIVATED CLIENTS
2. HOW TO STRUCTURE YOUR BUSINESS TO SCALE TO 7 FIGURES & BEYOND
3. HOW TO RUN ALL OF YOUR MARKETING IN LESS THAN 3 HOURS PER WEEK (AND STILL HAVE A CLIENT SURPLUS)

& MORE …

Our clients regularly report results like …

• Consistently listing 3+ homes per week
• Having the best quarter of their career in 2023 (with rising interest rates)
• Generating over 60 inbound clients in the first half of the year
• Selling their highest-priced homes ever to date
• Having their best cash-collected month ever
• Filling their sales pipeline and having more inbound inquiries than ever

If you ask yourself any of these questions … you need to be in this room.

• How do I write content that gets the attention of that high-calibre 3% person (especially when it’s HARDER to get this type of person’s attention)?
• How do I know what to post every week that’s going to have people taking action and reaching out to me?
• How do I position myself as the agent they should choose?
• How do I structure my business for multi-7-figures? What are the right moves to take *now* to build a scalable business?
• What do I have to put in place to create content consistently? How can I run all of my marketing in less than 3 hours per week?
• How do I build my business to sell when I retire?

We’re 90% sold out for The Listings Lab LIVE in Toronto — and we’re NOT coming back to Toronto until 2026. 

GET YOUR TICKET NOW. 

P.S. Got questions? Send an email to jess@thelistingslab.com. 

Home sales in Metro Vancouver decreased by 3.8 per cent year-over-year in September, signaling that recent reductions in borrowing costs have yet to significantly boost demand, Greater Vancouver Realtors (GVR) reports.

The region saw 1,852 residential sales in September, down from 1,926 in the same period last year. This figure is also 26 per cent below the 10-year seasonal average of 2,502.

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics explains. “Sales continue trending roughly 25 per cent below the 10-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now.

Lis adds that although sales are now tracking slightly below GVR’s forecast, they remain optimistic that 2024 sales will still end up higher than 2023’s.

Market overview

There were 6,144 new listings in September, a 12.8 per cent increase from last year and 16.7 per cent above the 10-year seasonal average. Properties listed for sale in Metro Vancouver totalled 14,932 units, up 31.2 per cent from September 2023.

The overall sales-to-active listings ratio was 12.8 per cent, with detached homes at 9.1 per cent, attached homes at 16.9 per cent and apartments at 14.6 per cent. 

‘All signs pointing to further (rate) reductions; it’s not inconceivable that demand may still pick up later this fall’

The increase in new listings has provided buyers with more options, leading to downward pressure on prices and a buyer’s market. “With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines,” Lis notes.

The benchmark price for all residential properties in Metro Vancouver now stands at $1,179,700, reflecting a 1.8 per cent year-over-year decrease and a 1.4 per cent decline from August 2024. 

Detached homes

Sales of detached homes dropped 9.8 per cent compared to last year, with 516 units sold in September. The benchmark price for a detached home is $2,022,200, a 0.5 per cent increase year-over-year but down 1.3 per cent from August.

Apartment homes

Apartment sales fell 4.9 per cent, with 940 units sold. The benchmark price for an apartment is $762,000, marking a 0.8 per cent decline year-over-year and month-over-month.

Attached homes

Attached homes, however, saw a 7.4 per cent increase in sales year-over-year, totaling 378 units. The benchmark price for townhomes is $1,099,200, down 0.5 per cent from September 2023 and 1.8 per cent from August.

Review the full report here.

Recent changes in the housing market present exciting opportunities for homebuyers. As a realtor, your role is crucial in guiding clients through these updates, helping them build effective plans to achieve their homeownership goals by having them reach out to a mortgage broker to see what they are able to afford.

Knowing these new rules and guidelines will help with strategy and future goals of climbing the “real estate ladder.”

Expanded amortizations for first-time homebuyers

Starting December 15, first-time homebuyers will have access to 30-year amortizations. This change can benefit your clients in two significant ways:

1. Lower income requirement. By extending the amortization period, the income required to qualify for a home purchase decreases. This means more clients can meet the necessary criteria.

2. Reduced monthly payments. Clients will experience a decrease in their monthly payments, making homeownership more financially manageable. For instance, on a $600,000 purchase, the monthly payment could drop by approximately $250, providing greater flexibility in budgeting.

Increased insured mortgage cap to $1.5 million

For clients with high incomes but difficulties saving for a down payment, the increase in the insured mortgage cap to $1.5 million can accelerate their path to homeownership. Previously, purchasing a $1.4 million home required a down payment of $280,000. Now, as of December, clients can potentially purchase the same property with a down payment of about $115,000 — a savings of $165,000.00 in upfront requirements.

This change is also advantageous for “right-sizers” looking to downsize. It allows them to allocate more funds from the sale of their larger home toward retirement, as they can put less down on a new, smaller property. However, clients should keep in mind that closing costs, typically around 3.0 per cent of the purchase price, need to be accounted for in each scenario.

For a $600,000 purchase price, anticipate that clients will need an annual income of approximately $150,000 to meet today’s stress-test requirements.

Switching lenders at renewal: A business opportunity

While you may not initially think about how switching lenders can benefit your business, it’s essential to understand that mortgages encompass more than just interest rates. The Canadian Mortgage Charter now allows insured mortgage holders to switch lenders at renewal without undergoing a stress test. This change opens up opportunities for borrowers to shop around for better rates and terms, potentially saving them thousands of dollars.

Encourage your clients to consider lenders that don’t adhere to posted rates. This strategy can significantly reduce Interest Rate Differential (IRD) penalties.

Case in point

For example, let’s compare a $1 million mortgage with three years left on a five-year term at a 5.0 per cent interest rate: 

By choosing a monoline lender (provided qualifications are met), your client could save $25,000 in IRD penalties, allowing them to manage financial changes better and seize new opportunities.

Tax-efficient savings strategies

As well, two important tax-efficient savings methods have emerged that can empower your clients on their journey to homeownership:

1. RRSP withdrawal limit increase. The amount that can be withdrawn from an RRSP has increased from $35,000 to $60,000 per borrower. This change provides additional funds for clients to put toward their down payments.

2. First-time home saver account. Introduced in 2023, this account allows clients to save $8,000 per year in contribution room, which reduces their taxable income. Unlike RRSP withdrawals, funds from this account do not need to be repaid and any gains earned within it are tax-free. This account, however, has a sunset clause in 2028, making it vital for clients to act quickly to maximize its benefits.

These recent changes create valuable opportunities for your clients. By understanding the implications of expanded amortizations, increased mortgage caps, flexible lender options and tax-efficient savings strategies, you can help them make informed decisions on their path to homeownership.

On September 28, Louis Eliopulos, retired vice president of HomeLife Realty Services, passed away at the age of 80. Eliopoulos’ industry career spanned 50 years as a realtor, manager and corporate executive with HomeLife.

The company’s founder and CEO, Andrew Cimerman, issued a memorial announcement commemorating Eliopulos. He notes the early role Eliopulos played in shaping HomeLife and that he wasn’t just a leader but also a mentor and friend to many.

‘Louis had a commitment to excellence, a passion for real estate and a desire to help others’ 

“Louis had a commitment to excellence, a passion for real estate and a desire to help others,” Cimerman writes. “These were all qualities that led to his success within our organization and a legacy that continues to inspire HomeLife members.”

He concludes with thoughts and prayers to Eliopulos’ family and loved ones and, “He will be greatly missed. With a million thanks, may you rest in peace, my friend.”

Details on the visitation/funeral can be found here.

The stalemate continues between buyers and sellers in Toronto’s real estate market this month. It’s easy to get excited because sales are up from last year — but let’s remember that last year was an exceptionally bad year. In the broader view, the fall market has been relatively weak in the long-term context against the typical month of September.

Key September points

The Toronto Regional Real Estate Board (TRREB) posted its monthly Market Watch report, and here are the key points you need to know from the summary: 

1. Sales are up 8.5 per cent from last year.
2. New listings are up 10.5 per cent, slightly outpacing sales. 
3. Properties taking 35-45 per cent longer to sell compared to last September.
4. Because of slowed sales cycle, active listings are up 35.5 per cent! Supply accumulation is becoming substantial.
5. House prices are still grinding down — nominally, 1.0 per cent below last year, with real house prices down 3.0 per cent when adjusted for inflation.

Source: TRREB

Recovery or rebalancing? 

TRREB argues the uptick in sales we’re seeing is the result of favourable market conditions, such as interest rate cuts and revised mortgage lending guidelines. These factors are certainly important to recovery, but a deeper look suggests that the GTA market might be more balanced than on a path to full recovery.

It’s worth seeing a long-term “sideways” market, rather than an “upwards” one. The key factor here is the rate of growth in supply, which has outpaced demand, challenging the notion of a straightforward recovery. Until that changes meaningfully from buyers entering the market more quickly than sellers, it’s tough to imagine a complete recovery has begun.

Sales increase due to new opportunities for buyers, but price still most important factor

The 8.5 per cent year-over-year increase in home sales (4,996 in September 2024, up from 4,606 in September 2023) is presented as evidence of recovery. TRREB President Jennifer Pearce attributes this increase to buyers capitalizing on lower borrowing costs and adjustments to mortgage lending guidelines.

These changes include:

1. rate cuts from the Bank of Canada 
2. reduced five-year fixed mortgages from a falling Canadian five-year bond yield
3. the coming introduction of longer amortization periods
4. the ability to insure mortgages for homes valued up to $1.5 million 

These factors certainly make the market more affordable for some buyers who are limited by capital costs and the lending environment. However, with the B20 stress test still in place and buyers qualifying at rates over 5.0 per cent, price ultimately becomes the most important factor for many buyers looking to re-enter the market.

Easing of stress test could build staying power

To this end, TRREB highlights that the easing of the mortgage stress tests for existing homeowners on renewal could build some staying power into the market, by making homeowners and investors able to afford to keep their homes rather than selling when faced with financial stress.

TRREB also expects further rate cuts to allow a growing number of households to afford homeownership. This notion is especially pointed at first-time buyers, who have been outlined by the Bank of Canada as nearly 50 per cent of all homebuyers, representing a key demographic for those hoping for a recovery in the market. 

Supply outpacing demand

A closer analysis reveals a more nuanced picture. While demand (measured in sales) grew, the rate of new listings entering the market has grown even faster, by 10.5 year-over-year, slightly outpacing sales growth. In September, 18,089 new listings were added to the MLS, contributing to an already better-supplied market. This gap between supply and demand, rather than indicating a shortage of homes, points to an easing of market pressures and a better market for buyers to enter. 

Compounding this, we’re seeing a significantly increased “time to sell” — meaning it takes an extra week for a listing to sell, compared to the average 20 days on market from September last year. This slowing absorption has led supply to accumulate, with active listings now up 35.5 per cent compared to September 2023.

Ability to negotiate on price: Indicates a market no longer heavily favoured to sellers

Should this trend continue to hold, it’s reasonable to expect that buyers will resume their home search as they see more homes on the market and hope they can capitalize on the supply, shop around and negotiate with sellers. This is how the imbalance between supply and demand is further materialized, in a decline in prices.

The MLS Home Price Index Composite benchmark was down by 4.6 per cent year-over-year, and the average selling price in September dropped 1.0 per cent compared to the previous year.

TRREB attributes this to increased negotiating power for buyers, especially in the more affordable segments like condominiums and townhouses, which are favoured by first-time buyers. More activity in the lower ends of the market can skew the average down. Interestingly, 416 condominium sales are actually up year-over-year, despite the market being in a severe state of excess supply. The ability to negotiate on price is a clear indicator of a market that’s no longer tilted heavily in favour of sellers.

Source: TRREB

The pricing context: A “recovery” in question

A true market recovery, by definition, would generally see home prices stabilizing or even increasing as demand starts to outpace supply. However, this is not currently the case in the GTA.

While average selling prices have edged up slightly on a seasonally adjusted basis compared to August 2024, the year-over-year decline in benchmark prices suggests that the market has not fully recovered to its previous highs. Affordability challenges that plagued the market before the interest rate hikes are being alleviated, but they haven’t disappeared.

Furthermore, while rate cuts may improve affordability in the short term, they don’t necessarily address the long-term structural issues in the housing market, such as supply constraints or high construction costs. It’s worth noting that while lower borrowing costs can temporarily boost demand, they can also encourage speculative buying, which could further distort the market, particularly if supply doesn’t keep pace.

Recovering sales, but not prices

Despite TRREB’s optimistic messaging, the GTA housing market appears to be in a state of balance rather than recovery. Yes, sales are up, and rate cuts have eased some of the financial pressure on buyers and sellers. On the other hand, the growing supply of homes, coupled with modest price declines, suggests a more buyer-friendly market, one in which supply is catching up to — and in some cases, surpassing — demand.

This dynamic is providing more negotiating power to buyers, and while that’s a positive development for affordability, it doesn’t necessarily signal a robust recovery in price. Instead, the current market is best characterized as one where buyers have regained some control, but where underlying challenges around housing supply and affordability remain.

The return to a balanced market does point to a steady resurrection of sales activity, which is welcome news for the real estate profession that has been dealing with drastically reduced activity for some time now.  

“Just minutes away from local schools, shopping centres and recreation facilities … ”

As one of the most commonly used phrases by realtors when describing their properties for sale, one doesn’t actually see “close proximity to hospitals” nearly as often as its more popular counterparts. But for real estate builders and developers with upcoming health care facility projects, it soon became apparent that local health care workers would be making up a sizable segment of their future home buyers.

Health care workers: Quite interested in living close to work

Barrett Sprowson, vice president of sales and project marketing at Peterson Real Estate based in Vancouver, shared his thoughts on this. One of the developer’s current projects, Ashleigh, is located in the Oakridge area of Vancouver — traditionally known as a “medical” neighbourhood in the city.

“We didn’t particularly think about health care workers specifically as a segment early on,” says Sprowson. 

But with a concentration of medical facilities nearby, as well as BC Children’s Hospital and BC Women’s Hospital & Health Centre, the idea of living close to where they work appears to be of great interest to those in the health care sector.

“Now we have lots of people coming into our presentation centre who are in the medical field in some form: doctors, dentists, registered nurses, physiotherapists,” he adds.

Higher price points out of reach for many in the profession

But with a wide disparity in income within the health care sector — a doctor can make up to $335,000 per year in British Columbia while a medical office assistant can make as little as $17.40 an hour — Sprowson is aware that the price points in this popular neighbourhood might not be attainable for everyone.

“It is a slightly higher price point,” he acknowledges. “So it has a slightly skinnier appeal in those terms.”

‘Building for humans’ despite affordability challenges

Celina Villarroel Whiting works as a practicing kinesiologist and facilities health care worker in Vancouver. However, she and her husband have chosen to live further away from her work in nearby Burnaby, with cost being the biggest factor.

“I think if we had the choice, I would have preferred to be closer to work,” shares Whiting. “In my department specifically, everyone is commuting from somewhere else.”

But despite these challenges in affordability, Peterson still aims for the principle of “building for humans” in its homes. For example, when considering the suite mix of the Ashleigh project, the team considered how they could design the space to fit as diverse a population as possible.

“We want to fit the widest range of humans possible,” continues Sprowson. “(Considering) what we’ve seen in the past, we think ‘Maybe we need this percentage of one, two or three-bedroom homes in our suite mix,’ or ‘What kind of amenities would support the type of lifestyle that people might want to have?’” These are the types of questions his team addresses.

Nearby hospital a major decision factor

Arvind Grewal is the CEO of Meritus Group, a real estate developer primarily focused on the ever-growing Fraser Valley region in B.C. One of its future residential projects is close to Mission Memorial Hospital. When they made an offer on the property in 2021, the hospital was a major factor in their decision.

“We were lucky enough that it was a big chunk of land that we could build our desired community within close proximity to all of that,” shares Grewal. 

Mix of complementary commercial tenants to existing hospital & infrastructure a ‘key priority’

Meritus Group had previously donated over $500,000 to the hospital for a new CT scanner back in 2022. Grewal hopes to continue building on this relationship as the company looks ahead to planning and building its future project. The current surrounding area is primarily made up of single detached homes, but the first two phases of the project will comprise multi-family residential units with commercial space below. Having a mix of commercial tenants that complement the existing hospital and infrastructure is a key priority for Grewal and his team.

“For a developer, it’s very significant whether a physician or a pharmacist comes into those commercial spaces,” he says. “But I think that’s something where we need to step in and have more of a careful approach into who we bring into those tenanted spaces.”

Homes can be healthy too, with plenty of light, air & access to nature

For health care workers, often surrounded by clinical spaces, Sprowsen believes that homes for these professionals can be healthy as well — albeit in a different way. Unique landscaping items, such as edible plants, garden plants and tree retention, have been incorporated into the Ashleigh project.

Growing up in Malawi, southeastern Africa, Sprowson’s mother was a horticulturist: “She would tell you a healthy building is one that has lots of greenery and plants,” he shares. “Light, air, access to nature … That, to my mind, is the foundation for a healthy building.”

Last month, the Calgary Real Estate Board (CREB) reported that climbing sales in higher price ranges couldn’t fully offset the decline in lower-priced homes. This led to 2,003 sales — 17 per cent below last year’s record. However, sales were still over 16 per cent higher than typical September levels.

Demand strong across all price ranges but lower-priced choice is limited, preventing stronger sales

“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” says Ann-Marie Lurie, chief economist at CREB. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market.”

Lurie explains that challenges in the lower price ranges aren’t expected to change and improved supply and lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that fueled rapid price growth earlier this year.

New listings

New listings in September climbed to 3,687 units, the highest since 2008 for this month. While this rise helped boost inventory, September’s count reached 5,064 units — almost double the spring lows but still below the usual 6,000 units for September.

With inventory improving compared to sales, the market is gradually shifting towards more balanced conditions. In September, months of supply reached 2.5 — higher than last year’s record low but creating conditions that still favour sellers.

Home prices and inventory

Increased supply has eased some pressure on home prices. September’s unadjusted benchmark price was $596,900, slightly lower than August but still over 5.0 per cent higher than last year. Detached homes saw nearly 9.0 per cent year-over-year price growth, while apartment condominiums led with a 14 per cent gain, highlighting the shifting sales composition.

Detached homes

Despite 9.0 per cent sales growth for homes over $700,000, a significant pullback in homes priced below $600,000 resulted in 942 total sales — 17 per cent less than last year. New listings are stabilizing the higher-priced segment, leading to more balanced conditions for homes priced above $700,000.

In September, the unadjusted detached benchmark price was $757,100 — down slightly from August but nearly 9.0 per cent higher year-over-year. Tighter conditions for lower-priced homes have driven much of this price growth.

Semi-detached homes

September saw 299 new listings and 182 sales, pushing the sales-to-new-listings ratio to 61 per cent. Despite gains in listings, inventory remains tight, with less than 400 units available — 33 per cent below long-term trends. Months of supply improved to just above two but remained seller-favourable, and the unadjusted benchmark price eased slightly to $678,400 — still over 9.0 per cent higher than last year.

Row homes

Over 600 new listings hit the market in September, with 70 per cent priced above $400,000. Sales totaled 377 units, slightly down from last year, but inventories rose to 747 units — an improvement over the past two years. This increase led to nearly two months of supply, slowing price growth. The unadjusted benchmark price was $459,200 — 10 per cent higher than last year.

Apartment condominium homes

September saw strong gains in new listings with 993 units, while sales dropped to 502. This drop caused the sales-to-new-listings ratio to fall to 50 per cent and inventories to rise to 1,623 units. Months of supply climbed to 3.2, the highest since 2021. The unadjusted benchmark price for apartment condominiums was $345,000 — up 14 per cent year-over-year. Despite the price easing, year-to-date prices still reflect a 17 per cent increase over 2023.

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

It’s a well-known fact: relationships aren’t just important in real estate — they’re everything. While closing a deal may seem like the ultimate goal, what sets the most successful agents apart is their ability to build long-lasting client connections that go beyond the transaction. That’s where relationship marketing comes in.

Relationship marketing focuses on creating meaningful, trust-based connections with your clients and turning one-time buyers into lifelong advocates. It’s about building relationships that last — well after the keys are handed over — and keeping your name top-of-mind when their friends or family need an agent in the future.

Ready to transform how you connect with your clients? Here’s how you can utilize relationship marketing to enhance your client interactions and grow your real estate business.

Personalize your client communication

One-size-fits-all communication doesn’t cut it anymore. To truly connect with your clients in a way that makes them feel seen and heard, you need to make your interactions feel personal and tailored to their unique needs. Whether it’s sending a handwritten note congratulating a client on their new home or remembering key details like family birthdays or pets’ names, these personal touches show clients you genuinely care about them as individuals.

Consider utilizing a CRM system to keep track of important client information and set reminders for follow-ups. Personalized communication can turn what might have been a standard transaction into a memorable experience, increasing the likelihood that clients will come back to you — and refer others — when they need real estate services again.

Nurture relationships through consistent follow-ups

Staying in touch with clients after the sale is a simple yet powerful way to nurture relationships. Instead of letting the relationship fade away once the deal is closed, keep the connection alive by checking in with your clients periodically. Whether it’s sending market updates, neighbourhood events or a quick “How’s the new place?” message, consistent follow-ups let clients know you’re thinking about them long after the paperwork is complete.

Building trust over time makes your clients feel valued, and when it’s time to sell or buy again, guess who they’ll think of first?

Build a presence in your community

Investing in your community with your time and energy is a great way to attract loyal clients. By attending local networking events, sponsoring charity drives or volunteering for causes in your area, you’re not only doing good but also reinforcing your presence as a trusted local expert. Networking events in particular are prime opportunities to meet potential clients and strengthen connections with existing ones.

When people see your name associated with positive, community-driven events and initiatives, it enhances your credibility and trustworthiness — both vital components of relationship marketing.

Create a client-focused social media presence

Social media offers a perfect platform to foster and maintain client relationships. Rather than just posting listings, use your social media channels to engage with clients in meaningful ways. Share valuable content on homebuying, market trends or even local community events. Reply to comments and messages promptly and authentically, and encourage clients to share their own experiences with you.

By building an online community that reflects your dedication to helping clients, you create a space where potential buyers and sellers feel connected to you long before they even need an agent.

Turn clients into advocates

The ultimate goal of relationship marketing is to transform clients into loyal advocates who will refer you to their friends, family and colleagues. Ask for reviews and testimonials after a successful transaction, and consider starting a referral program to reward clients who send new business your way.

In a recent article, we shared a step-by-step process for getting glowing reviews, covering everything from the perfect timing to request feedback to crafting personalized messages that make it easy for clients to leave detailed, positive testimonials.

In real estate, relationships are everything. By continuing to provide value and nurture the relationship well after the deal is closed, you can build a strong, trust-based connection with your clients that will lead to repeat business and referrals for years to come.

Looking to turn one-time buyers into lifelong clients? Start by investing in the power of relationships today, and watch your real estate business thrive.