An Interview with Chris Blenkiron and Genevieve Landry of RE/MAX Hallmark Excellence Group Realty Inc.
Can you reflect on the housing market over the last 6 months?
Genevieve: “The market has been very ‘hot’, it’s been heavy on buyers and buyer agents. Budgets have needed an increase and we have seen properties selling super fast. There’s only one winner at the end of the day on one property.
“Chris works mostly with buyers. What is your take, Chris?”
Chris: “Sellers started getting it in their heads that they should naturally assume they would get these outlandish prices. When the supply was really down, this was working but now as we’re seeing, there’s been 230 new listings on the Ottawa real estate board and when you look across at the number of ‘sold’ properties, it’s less than half. Certainly the frenzy is dissipating and dissipating quickly.”
Genevieve: “The party is fizzling out for the sellers and I believe it’s going to take about a year to a year and a half for this change to occur, to be in a balanced market, based on what I’ve heard from Canada Mortgage and Housing Corporation.”
Chris: “What’s going on right now is that we are seeing that people deliberately price their homes low, and come offer day, they’re not even getting an offer. I think there’s going to be an adaptation as prices go back to normal, less holding of offers, and I think it’s going to be a good thing for buyer agents.”
As we are seeing this shift happen, what should buyers and sellers prepare for?
Genevieve: “It’s our duty to educate the sellers in regards to market statistics, what properties in their neighbourhoods are selling for or not selling at, and what the seller’s expectations are for sure. With buyers, it’s going to become a little bit easier, less multiple offers, better prices, more affordability.”
Chris: “With a little bit more choice on the market, I think we are going to have to be back on our sellers saying, ‘It’s not good enough to throw your sign in the front anymore. Clean your house, let us help you stage it, let’s really put our best foot forward.’ Some of the things I’ve seen sold over the last few months have been shocking and I think those ones won’t make the cut anymore. In any case, be ready.”
“People are going to have the time now to slow down, make the right decision, and we are going to get to the place where everyone will benefit again. Whereas before, sellers that are selling high are still having to buy high unless you’re a seller leaving the region. Now, we actually see buyers do inspections, which is something that has almost been eradicated.”
Closing thoughts for the real estate market going forward?
Genevieve: “We can expect more inventory, softer prices, less bidding wars and multiple offers, and more happy buyers.”
Chris: “We can’t think we are coming out of this whole pandemic unscathed. There’s an awful lot of landlords that have been burned by tenants not paying their rent. So, landlords carrying multiple units are likely going to be liquidating. We have to face the fact that there are going to be bankruptcies. We are in for a relatively quick transition.
What would you like to say to your clients out there to conclude?
Chris: “In closing, thank you for the opportunity to share. Certainly these are conversations that we’d love to have with our clients face to face. We have a whole team behind us, stagers, cleaners, contractors. We hope our clients recognize the value of working with a team that is going to maximize their return on investment.”
Genevieve: “As Chris said, we would love to help you build your wealth and find your dream home! Check us out on our website and social media platforms! We look forward to meeting you!”
