What’s New In The Market & At Townsend Real Estate?

Rob Townsend Rob Townsend

Winter 2024 Bulletin

Hello Friends!

Thank you in advance for taking the time to read the Winter 2024 Townsend Real Estate bulletin.  I hope you and your family were able to enjoy some time together over the holidays and have settled into the routines of 2024. 
For my family, 2023 was certainly a roller coaster of a year both professionally and personally.  We enjoyed many fantastic experiences, made lifelong memories but also endured some very difficult times as well.  Fall 2023, despite a slower than normal market around the region, was extremely successful for Townsend Real Estate.  I am truly grateful for the support of my family, friends and clients. Your support has allowed me continue learning, growing and building my business.  Carrying the momentum into some new experiences and goals for 2024 is top priority!  One of the key professional highlights was being voted as the Guelph Readers’ Choice Diamond Award Winner for Real Estate Agents in Guelph.  Voting took place over a number of weeks this past fall and I was extremely fortunate to have the support of so many people that helped me receive the top honour!  Being voted as the winner of this award supports my dedication, motivation and ability to build strong and lasting relationships with my clients. 


Personally, Charlotte is continuing to grow at a rapid pace and is always learning new words, actions and experiences.  She is very observant and quick to learn what she sees!  Charlotte started daycare in October and is loving her time spent with friends.  Jill is settling into her new position with the City of Cambridge as a Roads Supervisor.  After 19 years in various roles with the City of Oshawa, this was a huge change for her!  Having Jill working so close to home was life changing for our family.  While working through a very difficult grieving process with the loss of our precious Mya in September, we decided that it was time to share our love.  Shortly after Christmas, I was enticed by a social media ad on my phone from a breeder in Halton Hills.  A few short days later, after a “meet and greet” with this beautiful Australian Labradoodle puppy, we headed home with Molly.  She is now 12 weeks old and is an amazing dog.  We couldn’t be happier to share our lives with such a cute and fun-loving dog.  As soon as I saw her, I felt like she spoke to me and it didn’t hurt that Molly’s mother looked EXACTLY like Mya!  Having a toddler and a puppy at 40+ years old makes our household “busy” to say the least. 

Local Market Update:

As previously mentioned, the fall and early winter market was extremely slow, difficult for sellers, investors and Realtors! We saw many homes sitting on market for extended periods of time.  Inventory levels hit highs that haven’t been seen in 5+ years.  If we look back to this time 2 years ago, the average days on the market for homes in our region were less than 10 days.  In December 2023, the average days on the market was 38.  With the increase in inventory on the market, we saw sales numbers level off in what we call a “balanced market”.  A balanced market is when the total number of homes being sold is equal to or close to number of new listings coming to market.  This generally means homes that are priced fairly, show well and are in a desirable location will sell in a timely manner at or around the asking price.  It’s generally a win-win for buyers and sellers!  All of that being said, I had a couple of active listings that got hot right after Christmas. It was almost like someone flicked a switch on the 28th of December and people were scrolling Realtor.ca while being full of holiday food and drinks! Showings, Realtor inquiries and talk about 2024 interest rates coming down in the near future brought enthusiasm and interest in the local market. 


Things have rebounded nicely since the start of January and we are expecting an active Spring market starting earlier than normal this year.  Most expert predictions that I follow are expecting an interest rate cut in April or June at the latest and then a couple of more later in the year.  I have even heard that some top officials are predicting we will see interest rates back down in the range of 3% - 3.5% by Spring of 2025.  If you are thinking of buying, this might seem exciting but the truth is that we just do not have enough supply of housing and as soon as the rates drop or even continue to hold steady, that is going to increase demand and that will increase the prices.  Looking to buy? Now is the time to do it! Short term fixed rates have come down to less than 5% in some cases so a short-term fixed rate to purchase now at a lower price will be better in the long run than waiting for a lower variable rate and higher price with more competition.  One line I have heard that aligns with this outlook is, “Date the rate, marry the location and the house”.  Rates will come and go but the perfect location and house will not!  Looking to sell? Get your house ready; reach out so we can develop a plan for success and be ready for the flood of buyers waiting to jump in the game.   Keep your eye on your Inbox in February as I have some exciting news to share about an awesome client referral program for anyone who refers a client to me and a new initiative to help retirees tackle some of the more challenging real estate and life decisions, for which they have to plan.  Lots of exciting moments ahead in 2024!

Supporting Local, Cusina Mediterranean Bistro & Townsend Real Estate

Supporting our community and local small businesses is extremely important to me. Equally important is saying thank you to my family, friends and clients for their support!  I have partnered with Cusina Mediterranean Bistro to provide each member of my birthday program with a $25 gift card for lunch or dinner at Cusina! The gift cards will be mailed out in the month of your birthday and can be used anytime in 2024 for dine-in or take-out.  Cusina Mediterranean Bistro is located at 5-160 Kortright Road West, Guelph in the Hartsland Plaza.  I invite you to explore their fantastic menu by clicking here and hope you get a chance to enjoy their delicious food and drinks! Unsure if you are a part of my birthday program? Please click the register here button below to submit the birth month and birth date of you and your spouse via email.  (If you have previously received a birthday card that means you are registered)

5 Tips For Selling Your Home In The Winter:

  1. Keep the exterior clean free from ice, ensuring the backyard is accessible 2. Crank up the heat and light the fireplace 3. Show your home during daylight hours when possible 4. Price it accordingly, winter buyers are generally highly motivated 5. Prepare strong marketing materials that showcase your home and property in all 4 seasons of the year.

Contact:

A referral to family, friends, colleagues thinking of making a real estate transaction now or in the future is the greatest compliment I can receive and would truly appreciate your support.  Looking forward to hearing from you!

Rob

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Rob Townsend Rob Townsend

Spring 2024 Bulletin

Hello Friends!

Thank you in advance for taking the time to read the Spring 2024 Townsend Real Estate bulletin.  What a wild ride of weather we have been on this year! I hope you and your family had a safe and healthy winter while looking forward to the beauty of Spring. 

For our family, 2024 has begun with adventure, new experiences and no shortage of keeping busy! As both Charlotte and Molly grow at a rapid pace we never know what excitement the next hour, day or week is going to bring!  This winter, Charlotte has enjoyed trying out gymnastic classes, ice-skating, sledding and her first All-Inclusive vacation!  We all really enjoyed the sunshine, beach and fun that comes with All-Inclusive vacations but making family memories with Charlotte was definitely the highlight of the winter! She absolutely loves all things vacation!  Molly completed 6 weeks of puppy class and we are working on the training process with her on a daily basis. February 29, 2024 marked our “First” wedding anniversary. The celebration began with a family trip to Punta Cana, Dominican Republic, then a lunch date to the site of our wedding at Adamo Estate Winery and wrapped up with a night away in early March at the Elora Mill. A leap year wedding anniversary only comes around every 4 years so you have to do some extra celebrating!

Professionally, the year started off very busy and the momentum has continued into the start of the Spring real estate market.  I have been busy listing houses, leasing properties, working with buyers and currently finalizing a commercial lease. The start of the year also provided lots of opportunity to network with other agents, attend Brokerage training events and prepare myself for some exciting new opportunities.  This winter brought a chance to fulfill a goal of mine and attain my Senior Real Estate Specialist designation.  Achieving this designation provided me with many great new skills to help the 55+ community navigate the world of real estate.  My colleague/partner, Tanya Tagwerker and I have been working hard to develop a 5-part information session to help provide expert knowledge and advice from industry professionals for the 55+ community to prepare for their future.  Some of the topics we cover are: Aging in Place, Downsizing/Right-Sizing, Multi-generational Living, Estate Planning/Estate Sales & Transitioning to Retirement Living.  Our next event is Tuesday April 30th at 6:30pm and we will discuss Downsizing/Right-Sizing. Please reach out if you would like to know more about this program.  In addition to the information sessions, we are writing articles on each topic and they are being published in the Puslinch Pioneer Newspaper both in print and online.  You can also read the most recent articles by visiting: https://www.trilliumwest.com/blog

Lots of great memories have been made, goals fulfilled and staying focused on continuing to learn and grow in both my personal and professional life is top priority!

Local Market Update:

Spring has sprung and so has the local real estate market! Since the calendar turned to 2024 we have seen a steady monthly climb across all housing types in Guelph and surrounding area.   2023 wrapped up with a median price for a detached home in Guelph of $775,000. The March numbers were just released at that same median price for a detached home is now $892,000!  Certainly, our inventory levels have increased and more sales in the $1,000,000 plus market have helped raise those numbers but overall, we have seen a very strong increase in values.  The exception to this is the Guelph townhouse market that has actually lowered in value by almost $50,000.  I personally attribute this decrease in the number of lower valued sales in some of the older townhouse complexes and investors selling off student rental/investment properties with the higher interest rates.  With that being said, the gap between townhouse value and detached home value being larger than normal this presents opportunity for first time home buyers, investors and downsizers to pick a good deal on a townhouse property before we see the value gap narrow in the next couple of months.  Kitchener/Waterloo and Cambridge are also seeing prices bounce back to Summer 2022 levels with the best value in the region remaining in the Kitchener condo market. 

Speaking of interest rates!  The next Bank of Canada announcement is coming on Wednesday April 10th.  The industry experts are expecting another hold on rates and are looking at the June announcement for the first rate cut.  Did you know?  If the BOC removes rental prices and mortgages rates from their inflation calculations the current inflation rate would sit exactly at the 2% target that was desired for the first rate cut.  The local market has been very busy since mid February with many buyers hoping to purchase now with less competition and the ability to use conditions to protect themselves.  Unfortunately, most people have the same idea and we are seeing a lot of homes with multiple offers, double digit offer counts on homes under $800,000 and most homes selling over asking price.  Spring is definitely the most popular time to buy and sell real estate so we are expecting to see a significant amount of inventory come to market in the next 4-6 weeks as people take advantage of the nice weather to present their home in the best possible condition to buyers. If you are thinking of buying or selling in the near future it is definitely worth a conversation with a Realtor to discuss some strategies, options and the market outlook for the rest of 2024.  Happy Spring to you and your family!  

Supporting Local, Cusina Mediterranean Bistro & Townsend Real Estate

Supporting our community and local small businesses is extremely important to me. Equally important is saying thank you to my family, friends and clients for their support!  I have partnered with Cusina Mediterranean Bistro to provide each member of my birthday program with a $25 gift card for lunch or dinner at Cusina! The gift cards will be mailed out in the month of your birthday and can be used anytime in 2024 for dine-in or take-out.  Cusina Mediterranean Bistro is located at 5-160 Kortright Road West, Guelph in the Hartsland Plaza.  I invite you to explore their fantastic menu by clicking here and hope you get a chance to enjoy their delicious food and drinks! Unsure if you are a part of my birthday program? Please click the register here button below to submit the birth month and birth date of you and your spouse via email.  (If you have previously received a birthday card that means you are registered)

Spring Maintenance Tips:

  1. Inspect/clean gutters & downspouts 2. Service lawn equipment 3. Spring garden & yard cleanup 4. Test AC unit and change furnace filters 5. Exterior window cleaning 6. Power wash decks/patios and walk ways 7. Check/replace weatherstripping on doors 8. Check/replace batteries in smoke/CO2 alarms 9. Inspect windows for leaks/gaps

Contact:

A referral to family, friends, colleagues thinking of making a real estate transaction now or in the future is the greatest compliment I can receive and would truly appreciate your support.  Looking forward to hearing from you!

Rob

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Rob Townsend Rob Townsend

Autumn 2023 Bulletin

Hello Friends!

Thank you in advance for taking the time to read the Fall Townsend Real Estate Bulletin. The crisp fall mornings and cooler nights have begun.  For many, this is their favourite time of year! Leaves changing colours, blue skies, moderate temperatures and eagerly awaiting the approaching holiday season.

As is customary in Real Estate, the summer season was relatively slow on the buying and selling side but I was kept busy helping clients navigate the red-hot lease market! Did you know that as a tenant looking for a home to lease you can have a licensed Realtor represent you at no charge?  Many people are not aware of this, but we can certainly take a lot of work and pressure off your shoulders while searching for a home to lease.  As a landlord, a Realtor, can actively list, promote, execute property showings, complete all paperwork and vette potential tenants on your behalf for a minimal fee (Typically 1 Month’s Rent). Over the past 2 years I have helped over 25 landlords or tenants navigate the lease process in and around our region.  It is an extremely rewarding way to meet new people and develop long term relationships moving forward. 

Personally, our family enjoyed a great summer of sunshine, family experiences, cottage time and even a trip to Prince Edward Island!  Charlotte continues to grow, is walking everywhere, getting into everything and making us laugh/smile everyday.  She brings so much love and joy to our family!  Very sadly, we lost our beloved dog Mya on September 6th.  She was so much more than a dog to our entire family and our hearts are broken.  Not only was Mya my best friend and side kick, but she quickly became Charlotte’s best friend too.  We will continue to love and remember her for the rest of our days.  Mya was truly “one of a kind” and she will never be forgotten.

This past week, I was excited to learn that I have been nominated for The Guelph Mercury/Tribune “Best Real Estate Agent” in Guelph for 2023.  I am 1 of 11 agents who were nominated and am very proud of this accomplishment.  Even though I am not currently the highest sales agent in Guelph, I am confident in saying that those who work with me receive tremendous service, local knowledge and my full attention.  Thank you to those who have shared their experiences with others and made this nomination possible.  If you have a minute of your time to spare and are able to log in to the link below and vote for me, that would be truly appreciated! Voting ends October 2, 2023. 

https://readerschoice.guelphmercury.com/readerschoice/categories/people-professionals/subcategories/real-estate-agent

Local Market Update:

The summer market has come and gone with no real surprises.  The typically slow summer months were just that, around the region.  We saw a steady amount of new listings come to market, the ones that were priced correctly, marketed professionally and presented with confidence sold as planned.  Since mid-June we saw a number of sellers using the “under price and hold offers” strategy to try and spark multiple offers.  Some moderate success was had but nothing like we saw back in 2022!  The City of Guelph was the exception where that strategy was quickly abandoned this summer and fair market value pricing was the norm. 

 

Cambridge has continued to be the shining star in the region with price increases across the board.  The current inventory level of Kitchener condos is still outpacing sales so this provides a great opportunity for buyers.  Guelph detached houses and townhouses dropped in the month over month numbers but the Royal City still remains the premier location to own real estate. 

 

Only two weeks into September we have seen an increase in new listings, strong sales activity and buyers becoming more educated on the process of buying now at a lower price with the safety net of conditions like financing, home inspection or sale of buyer’s property.  Those who are choosing to sit on the sidelines and “wait out the market” are undoubtedly going to be faced with higher prices, more competition and lack of ability to protect themselves with conditions when interest rates stabilize. 

 

Where do I see the fall market going?  A slight temporary dip and then heading upwards all the way through Spring 2024.  Over the last couple of months, we have really felt the effects of 10 interest rate hikes since March 2022.  Recently, we have seen an increase in inventory, likely aided by investors unloading some investment properties that are no longer operating above water and people who maybe stretched their budget during the pandemic deciding it’s time to stop living beyond their comfort zone.  As this slight inventory influx gets absorbed, we should see demand start to increase, prices increase and the bigger issue of housing supply not being able to keep up with demand push the market upwards.

 

Fall 2023 is certainly a tremendous opportunity for buyers looking for a deal to upgrade their current home. Also, for first time home buyers securing a property they can live in for a few years and build some equity.  When opportunity knocks those who open the door succeed!       

 

If you have any questions about buying selling, leasing or the current market conditions please reach out at any time.  I am here to help!

2023 Community Initiative:

With the holiday season now less than 100 days away I will once again be participating in the “Greetings From My Heart” program.  The local program provides hand written holiday greeting cards to long term patients at the Guelph General Hospital and various local seniors homes.  This holiday season, I will commit to writing 100 greeting cards to brighten the day of others.  If you are interested in participating in this amazing local program, please contact me for more information. 

Townsend Tip:

As a buyer, don’t obsess with trying to time the market and decide when the exact right time to buy will be.  Trying to anticipate the housing market is next to impossible.  The best time to buy is when you find the house you really want and you can afford that house.  Real estate goes up, down and all around. So, if you try to wait for the perfect time, most likely you will miss out on the best opportunity.

Contact:

A referral to family, friends, colleagues thinking of making a real estate transaction now or in the future is the greatest compliment I can receive and would truly appreciate your support.  Looking forward to hearing from you!

Rob

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Rob Townsend Rob Townsend

Summer 2023 Bulletin

Hello Friends!

Thank you in advance for taking the time to read the Summer Townsend Real Estate Bulletin. The hot and hazy days of Summer have now arrived and I hope you and your family have been able to enjoy time together, visiting a cottage or relaxing by a pool to beat the heat! Jill, Charlotte, Mya and I have been able to spend some time in McKellar relaxing by the lake and are looking forward to a short trip to Prince Edward Island next week to visit Jill’s family cottage.

The Spring market was quite busy and very rewarding both professionally and personally.  I was fortunate to help a few clients with home purchases that I had previously helped lease homes and was able to forge some great relationships with new clients.  In addition to these transactions, I have kept busy by continuing to build my business. Focusing on developing my real estate knowledge and skills through various forms of training and actively helping my colleagues with open houses, showings or any other support they require.  Nothing beats learning by hands on experience!

For the second year, I was the Chairperson of our annual TW Classic Charity Golf Tournament.  We started organizing this event last November and it culminated on June 5, 2023 at Grey Silo Golf Course in Waterloo.  A total of 140 golfers and additional dinner guests help us raise over $21,000 for HopeSpring Cancer Support Centre, a great local program that helps those fighting such a terrible disease.  Shortly after, I was also a part of the organizing committee for the Guelph & District Realtors Association Golf Tournament at Ariss Valley Golf Course on June 20, 2023.  A great day of golf, food, drinks and networking was had by 192 fellow local Realtors.   

Have you seen my new bio-video? Lots of fun was had during the filming! Check it out by clicking the picture below. It can also be found on www.townsenrealestate.ca or my profile page on www.trilliumwest.com.

Local Market Update:

With Summer, typically comes a bit of a lull in the market as families enjoy holidays and people focus on sunshine and good times.  After a very up and down past 12-15 months our local real estate market has rebounded nicely and pricing is on par with 12 months ago.  We have seen a nice steady increase in the month over month values since hitting bottom last fall.  A few areas to keep an eye on if you are either buying or selling are Guelph Condos (9% increase from May-June) and Kitchener Detached Homes (10% increase from May-June).  In addition to these categories the Guelph resale market between $750,000-$1,000,000 and Cambridge luxury homes (over $1,500,000) are showing lots of demand. 

 

The big question everyone asks right now is: How are the interest rate hikes affecting the market?  This is a difficult question because it generally takes up to 6 months for us to feel the influence of rate hikes.  Certainly, for first time home buyers or investors the rate hikes have made things more difficult.  Some investors who bought into the market when rates were at an all time low are not able to cover their mortgage costs and are either raising rents or selling the properties all together.  This has led to an increased demand for rental homes in an already tight market.  Guelph was just recently named in a CTV news article as the 3rd highest rent in Canada, only sitting behind Vancouver and Toronto! 

 

The fact of the matter on Canadian housing is that the market is driven like most others by supply and demand.  We currently do not have anywhere near enough houses for everyone who needs/wants one.  Builders are building at max capacity for the most part and are being hampered by political restrictions, worker shortages, supply shortages and material costs.  Until these factors can be improved, we will continue to experience strong demand for housing of all kinds. 

 

My best advice right now is to seek out a professional to answer any of your questions or inquiries.  Whether it be a Mortgage Professional, Financial Advisor or Realtor, these people have the knowledge and experience to help you and your family make the best decisions.     

 

If you have any questions about buying selling, leasing or the current market conditions please reach out at any time.  I am here to help!

Townsend Real Estate 2023 Community Initiative:

In an effort to support our local community, I will be donating $150 to a local charity of each client’s choice for every home listing or home purchase through Townsend Real Estate in 2023.  Small donations can hopefully make big impacts as they grow!

Final Thoughts:

I recently saw a quote on social media that read:

“What a good day to be proud of all the progress you’ve made.”

Everyday is a good day to be proud of yourself and what you have/will accomplish, but sometimes we forget that!  I want to thank all of my family, friends, clients and colleagues who have supported me and helped me live this dream of becoming a Realtor.  Helping others is what I love to do and makes me very proud of the progress I have made.

Contact:

A referral to family, friends, colleagues thinking of making a real estate transaction now or in the future is the greatest compliment I can receive and would truly appreciate your support.  Looking forward to hearing from you!

Rob

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Rob Townsend Rob Townsend

Spring 2023 Bulletin

Hello Friends!

Thank you in advance for taking the time to read the Spring Townsend Real Estate Bulletin. With the arrival of Spring colours and the amazing weather last week, it almost seems like Summer!  Over the past few months I have been busy attending a lot of training sessions to learn new skills and keep up to date on the current local market.  In addition to learning and helping clients with leasing, selling and buying my primary focus was on building my own company website.  www.townsendrealestate.ca was launched almost a month ago and will help introduce me to new and potential clients, share handy documents, current information, client testimonials and host all things Townsend Real Estate!  I invite you to check out the website and would truly appreciate you sharing it with family/friends. 

Local Market Update:

Spring has sprung and while it’s typically the busiest time of year in the real estate market, this year transactions are down significantly.  Our market is driven mainly by supply and demand and supply is way down! With supply being so low, it is causing many challenges for current buyers.  Over the past 4-6 weeks we have seen the return of many sellers returning to the “list low & hold offers” strategy to try and spark bidding wars and competition.  Local sellers have had some success with this strategy but we are not seeing the same level of crazy over paying and offers with no conditions that we saw in early 2022. Properties listed locally, under $1 Million are selling very well with the average days on market down from 26 days in the winter to approximately 13 days currently.  Our local region is still hanging on to a seller’s market with a list to sales ratio in most areas remaining steady.  Overall, it’s a bit of a stalemate, with sellers not particularly excited about selling and buyers having very little/quality inventory to choose from.  That being said there are a few market drivers that will help bring optimism to sellers which in turn helps buyers.  

1. Stability in the Bank of Canada interest rate hikes. We’ve now had 2 announcements with no changes in rates. This stability brings a sense of confidence and predictability to buyers and sellers alike.  

2. Life happens. No matter what is going on in the broader market, people still expand their families, get married, get divorced, move to a new city, etc. These things often trigger the need to move to a different space and many of these circumstances can only be put off for so long! 

3. Prolonged high interest rates will start to put pressure on homeowners who are feeling the financial pinch. That said, we have a “stress test” for a reason - to ensure that should there be a sudden spike in interest rates, Canadians won’t suddenly be defaulting on their mortgages. So far, we’ve stayed mostly within the boundaries of what many buyers were stress-tested for during the low-interest period pre-March 2022. But, as time goes on, there will be more homeowners inching closer and closer to having to make some tough decisions about their financial well being by downsizing, etc.  
We are beyond the bottom of the market now and have seen prices steadily increasing since the start of 2023. We expect modest increases as the Spring Market continues to roll along before the summer break and into a stable Fall Market. If you have any questions about buying selling, leasing or the current market conditions please reach out at any time.  I am here to help!

TrilliumWest & Townsend Real Estate Giving Back To The  Community:

TrilliumWest hosts an annual charity golf tournament and for the second year I am the tournament chairman.  Along with an amazing group of my colleagues we are organizing, planning and gearing up for this years event!  The 2023 TW Classic Supporting HopeSpring Cancer Support Centre is being hosted on Monday June 5th at Grey Silo Golf Course in Waterloo. 

HopeSpring is local to Waterloo Region/ Wellington County and has been instrumental in supporting one of our long time TW colleagues in her fight with cancer.  Many hours are being spent putting together a fantastic day for a great cause!  To learn more about the event, register for golf, review sponsorship opportunities or donate to our auction please visit
www.twclassic.ca or contact me for more details.  Thank you in advance for any assistance you are able to provide!

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Rob Townsend Rob Townsend

Winter 2023 Bulletin

Catch up on what’s going in the market and with Townsend Real Estate.

Hello Friends!

Thank you in advance for taking the time to read the first Townsend Real Estate Bulletin! As most of you know, I fulfilled my dream of becoming a Licensed Realtor just over one year ago. By joining the amazing team at TrilliumWest Real Estate Brokerage I have been able to become fully involved in their community support programs and put my love of helping others to good use.  Not only in Real Estate but in our great city and the surrounding area.   2022 was an exciting year professionally, exceeding my goals and being able to meet so many new colleagues, clients, industry professionals and friends!  Personally, it was even more exciting with the arrival our first child on April 15, 2022! Charlotte Irene Edith Townsend makes me laugh and smile everyday.  I can’t thank my wife Jill and our family enough for all of their support.  My goal with this quarterly newsletter is to inform family, friends, clients and supporters of what is going on in the local market, Townsend Real Estate business updates/opportunities, feature properties, local community initiatives/events and much more!

Local Market Update:

The last couple of years have been a whirlwind of ups and downs in the Real Estate market and it appears to have levelled off and provided a more stable/balanced market for both buyers and sellers.  Some of the key factors in the local market right now are: Interest Rates, Immigration, Inventory Levels, Pricing Strategies and Affordability. 

Despite what the media is reporting the monthly data and cold hard numbers show an uptick in activity and many of the buyers/investors who were sitting on the sidelines over the last 6-9 months are coming back to the market!  Extremely low inventory levels, combined with active buyers have brought back sellers listing under value and holding offers for buyers to compete.  Many listings with this approach over the last few weeks have seen 5 or more competitive (Not Crazy) offers. 

The media is focused on the Bank of Canada interest rate hikes cooling the market and it certainly has done that, but the educated buyers understand that with the lower prices right now you can purchase a property at the higher interest rate for about the same monthly payment you would have paid 12 months ago.  Ride out the higher rates for a couple of years, re-finance as the equity rises and you will be in the driver’s seat! 

Government immigration numbers are continuing to rise and we will see 2023 bring a record number of new immigrants to our great country.  Quite simply, we don’t have nearly enough housing for everyone living in Canada. This demand will continue to drive the market upwards. Not only in re-sale but in the rental market as well!

Townsend Real Estate 2023 Community Initiative:

In an effort to support our local community I will be donating $150 to a local charity of my client’s choice for every home listing or home purchase through Townsend Real Estate in 2023.  Small donations that can hopefully make big impacts as they grow!

Final Thought:

My Approach

I am motivated by my clients’ needs and wants to successfully manage the largest transactions of their lives. Strong people skills, attention to detail and the desire to help people drives me to succeed in real estate.

Contact:

A referral to family, friends, colleagues thinking of making a real estate transaction now or in the future is the greatest compliment a Realtor can receive and I would truly appreciate your support.  Looking forward to hearing from you!

Rob

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