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Who Is Buying Property?
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Why Is Kelowna So Popular?
Why is Kelowna so popular?
Kelowna is a very entrepreneurial environment and it’s based on multiple industries and activities. Obviously, there’s the agriculture, there’s the wineries, the tourism activities, but we also have a strong aviation industry.
Watch to learn more!
Check out our other Blog Posts or take a look at our YouTube Page for more videos like this one.
Tuesdays and the Power of Local Market Knowledge
Traditionally on Tuesdays mornings across the Okanagan, local agents gather at their real estate offices to share a coffee, learn market stats, local issues, new listings and tips and tricks from their esteemed managing brokers and leaders. Some offices hold these meetings, and some do not. This week, I am reminded of the importance of Tuesday Team Meetings.
July 13, 2021, marks the return of my brokerages’ weekly in-office meetings for agents and support staff. Since March 2020, my office (Century21 Kelowna) has diligently held zoom and or hybrid zoom and in-personal meetings when allowed by the health order. Each week we did our best to connect our agents to fellowship, education, local knowledge, and inspiration. Yet, something is missing from internet webcam meetings.
Realtor® local knowledge and connection to local colleagues, business practices benefit consumers. Agents who attended these meetings, in my opinion, learn more, learn faster and often give their clients better service. To me, Tuesday morning meetings are part of our “great agent recipe.”
What are the benefits for agents and consumers who work with these agents? There are many, and here are my top five.
5) Better problem-solving. I am not talking grade nine math here. Agents are professional problem solvers, and every transaction, home, contract, negotiation or client need can present a unique challenge. Consistently I have been assisted by a comment, habit or suggestion from a colleague during a Tuesday morning office meeting.
4) Motivation. Real estate can be lonely work. Showing homes and writing contracts is exciting work but hundreds of hours organizing paperwork and conducting research and due diligence is more common. So a weekly boost of energy by sharing time with motivated colleagues is essential.
3) Regulatory and Ethics. Each week, it seems, agents in BC have a new rule and a new form. Yet, these rules and forms protect consumers and give the public trust that they will be treated fairly during a transaction. In addition, weekly meetings are one of the best places for my managing broker to impart her knowledge and ethical guidance to our team of agents.
2) Recent Selling and Buying Trends. My office gives agents a chance to share their new listings. We tour a selection of hi-def photos while the agent pitches the unique features of the property. It’s common for most of our office to be exposed to 30 or more new listings each week on Tuesdays alone. Afterward, we talk about buyer needs, upcoming listings, unique clients requests and troubleshooting. Client information stays private, yet knowledge and wisdom are shared.
1) Better Negotiation Skills. I believe our Tuesday morning meetings help make our agents the best negotiators in the valley. Information is power, and up-to-date and accurate information gives our agents an added advantage at the negotiating table for their clients.
Real estate trading (buying and selling) is complex. Realtors are human. Humans need connection. Tuesday are back! Let’s get it on!
Happy negotiating!
Dean Desrosiers
Associate Broker | REALTOR®
CENTURY 21 Assurance Realty Ltd
Agent Development & Recruiting, Commercial
250-863-4707
dean.desrosiers@century21.ca
Real Estate Coach (NORE®)
www.deandesrosiers.com
Increased Stress for your Stress Test!
There are a lot of different stressors in the world of real estate right now, particularly for those who are
trying to “get in the game” to buy their first home or investment property. On June 1, the Canadian
government will be adding a little more stress to the lives of those looking to purchase real estate.
**Disclaimer: this is not professional mortgage advice. For particulars of your own financial situation,
you should consult with your mortgage broker.**
Now, onto the good stuff.
What is the Stress Test?
The Stress Test was introduced by the Canadian Government in late 2017 as a market control and
mortgage-default prevention measure. Essentially the premise was this, ‘make Buyers qualify at a
higher mortgage interest rate than what they will actually pay so that if/when the interest rates
increase, homeowners won’t suddenly find themselves underwater and defaulting on their mortgage
payments.’ Some logic there, arguably.
Now there are plenty of opinions for and against this move, but that is neither here nor there for today’s
discussion. Today we are talking about what the changes to that stress test are and how they might
impact you.
So, what are the changes?
The current stress test requires that you qualify for a mortgage at your rate plus 2% or 4.79%, which
ever is higher. As of June 1, 2021, all borrowers will have to qualify at the new stress test levels of either
your rate plus 2% or at 5.25% — whichever is higher.
WOWZA!
What does this actually mean for YOU?
Clearly, these changes will have a large impact on borrowers and their capacity to enter the market.
According to the Green Mortgage Team, this change to the Stress Test will “decrease borrowing power
by approximately 4% to 4.5%,”1 depending on the purchaser’s specific situation.
What should you do?
You could buy a bucket of ice cream, close all the blinds in your house, put on some Adele and eat your
sorrows away… or you can call your mortgage broker and find out exactly how this will affect you and if
there are any measures that you can take to counteract the increased Stress Test rates.
If you don’t currently have a mortgage broker and are thinking about getting into the market, call me or
your Realtor and we will be able to direct you to some stellar Mortgage Brokers who can help give clarity
to what these new rules mean, specifically, for you!
Written by: Justina LeeStolz, PREC2
Connect. Local. Community.
1 https://www.greenmortgageteam.ca/mortgage-stress-test/
2 Personal Real Estate Corporation
Clubs For Campers Charity Golf Tournament | July 15
Are you ready to swing your clubs for Easter Seals campers?
The Clubs For Campers Charity Golf Tournament presented by CENTURY 21 Assurance Realty is happening on Thursday, July 15 at Black Mountain Golf Club.
“Proceeds from this tournament will give local children, youth, and adults with disabilities the opportunity to experience Easter Seals summer camps,” said James Gagnon, director of camp programs and facilities at Easter Seals BC/Yukon based out of Lake Country.
“The COVID-19 pandemic has been particularly difficult for children and youth with disabilities, many of which have faced increased feelings of isolation and anxiety. This is why this July, we are excited to welcome back our Okanagan community of campers with augmented programming, including day camps and family camps at Camp Winfield, virtual camp programming, and a new Kelowna-based City Adventure Camp.”
The Clubs For Campers Charity Golf Tournament features 18 holes of golf, food, beverages, activities, and prizes throughout the course.
“We wanted to help raise awareness and funding for Easter Seals expanded camp programs in the Central Okanagan. It also happens to be a fabulous excuse to play golf at an exceptional Okanagan course while having fun with Realtors, clients, and partners in support of individuals with disabilities in our community,” said Anna Carbonne, Managing Partner of CENTURY 21 Assurance Realty.
For more information on the charity tournament and to register online go to www.bit.ly/ClubsForCampers, or contact the tournament coordinator Michelle Webber at 604-612-5086.
Unrepresented is no Party…
Did you know that Real Estate Agents in British Columbia are held to the highest standard of conduct under the law in all of North America?
Well, now you know. But what does this mean?
Real Estate Agents in B.C. are fiduciaries. Or, as Miriam Webster explains, “of, relating to, or involving a confidence or trust: such as held or founded in trust or confidence”. It’s a legal and binding relationship similar to Lawyers and Doctors.
In real estate, the relationship is called Agency or a Client Relationship. When it comes to real estate trading, the act of buying and selling real estate, the rules in B.C. stipulate there are only two types of consumers; clients and non-clients. Consumers in BC must choose. Non-clients or “unrepresented parties” are those individuals or entities who do not have an agency relationship with a licensed agent. Non-clients do not have the protection of a fiduciary relationship. They are not owed any special legal duties. Other than their whits, they have no special legal protection under the law. Clients engaged in an agency relationship with a Real Estate Agent in B.C. are entitled to the following special legal duties.
Loyalty – They will act only in the best interests of their client.
Full disclosure – They must share everything they know that may influence a client’s decision in a transaction.
Avoid conflicts of interest – An agent must avoid any situation that would affect their duty to act in their client’s best interest. For example, when working for a seller as a listing agent, it is a conflict for the listing agent to give agency to a buyer.
Confidentiality – An agent must not reveal private information without the client’s permission. This duty extends after the client relationship ends. The duty of privacy includes, but is not limited to, a client’s reasons for buying or selling, their minimum or maximum price, and or any preferred terms or conditions they may want in a contract.
All agents in B.C. are obliged to act honestly and with reasonable care and skill with clients and non-clients. At the same time, buying and selling real estate is a complex venture, and there is no doubt that a skilled agent working closely with a client under these rules is an ideal match for success.
At CENTURY 21 Assurance Realty Ltd, our agents are trained as fiduciaries to the highest standard and looking forward to helping clients navigate the complex and competitive market.
Dean Desrosiers
Associate Broker | REALTOR®
CENTURY 21 Assurance Realty Ltd
Agent Development & Recruiting, Commercial
250-863-4707
dean.desrosiers@century21.ca
Real Estate Coach (NORE®)
www.deandesrosiers.com
