Wednesday, February 15, 2023

Can Condos Be Family Friendly?

When looking to buy a new home for their families, most people don’t automatically think purchasing a condominium is a viable option for them.  Part of the reason for this thinking is the widely held misconception that a condo lifestyle is primarily for young couples, seniors, and singles.  It is a North American myth that families need big houses to thrive and that children need a lot of space to develop well. None of this is supported by research evidence.

Paradoxically, detached houses have become bigger and bigger at a time when they have become emptier and emptier. Families have fewer children and, in a majority of Canadian families, both parents work and during the day most children are in school.

Families that live in large houses actually have less time together because each family member spends most time alone in his or her room. Nowadays, kids have a cell phone, television, computer, Internet, and a game system in their own bedrooms—and this is where they spend most of their time. In large houses, some parents now have to phone or text their children to get them to come down to eat.

Many families may look at high-rise complexes and multi-units and think that they are not suited for family lifestyles. The truth is that condominiums are a feasible option for anyone who wants to own property. In fact, many condos may provide more, not fewer, opportunities for children, including:

Sociability. Children living in a condo, especially in a high rise, meet people on a daily basis in corridors, elevators, lobby, and parking. They can learn to interact with others, and how to be polite or considerate. They may become less shy and more sociable.

Diversity. Condos generally have a diverse population, especially in large cities, so children are more likely to meet people of all ages and various backgrounds.

Peers. There are several other children around in the same building. This situation can help them make new friends.

Physical Activity. Many condos have a pool so that children can have fun while exercising. As well, many condos are located near a playground or green space.

Living in a condo may also offer many advantages for parents with small children, such as:

Easier Supervision. It may be easier to supervise children’s social activities in a condo because it is a fairly self-contained vertical neighbourhood or a townhouse area that is quite compact. It’s easier for parents to keep track of their children’s whereabouts.

Sociability. Mothers at home with small children nearly always meet other mothers in the same situation. In some condos, enterprising mothers exchange services and babysitting, arrange meetings or go to a nearby park together.

Car Pooling. Carpooling for schools can more easily be arranged once parents know each other.

Similarly, condos are ideal when a mature couple or person wants to help aging parents where adult children may buy a suite for their parents in their building, or in an adjacent building.

A condo home is like a home anywhere else: location counts. Parents or would-be parents should look into the surrounding neighbourhood just as people do when they buy a detached home. Some areas are better than others and the same can be said about schools. It is recommended that you visit the neighbourhood school to make sure that your children can attend it. It's not always the case in some areas that have seen a lot of recent development.

Condo living does not mean that parental supervision is not necessary. For instance, small children should never be left alone on a balcony or terrace on floors above ground level. They could climb and fall. Neither should children be left alone in elevators. Unless a building has cameras in the elevators, children below the age of 14 should probably always be accompanied by another person. Underground parking areas are not a safe place for a child alone.

In other words, parents have to exercise the same caution and vigilance over their children that they would in other living environments. They only need to adapt their vigilance to the type of condo they live in.

We are seeing a great deal more in the way of multi-family developments in both established and newer communities that offer close proximity to schools, libraries, pools, and arenas, amenities that are obviously priorities for young families.

Home builders are also taking into consideration some of the more obvious requirements like more bathrooms, and bedrooms, and have grown more cognisant of the little things that families appreciate, like sound attenuation, extra phone jacks, and cable outlets. With many of those important details now being looked after by builders and developers, families don’t have to worry about it and can instead focus on what type of condominium development would best work for them.  Most tend to lean towards a townhouse style, with many units now offering sizes and plans similar to single-family homes.

How Paint Colour Can Affect Your Mood


Knowledge of how colour affects your conscious and subconscious mind can change your life. It can inspire you to discover more about yourself and embrace who you really are. The colour scheme that you select for a room has the ability to create the mood of the individuals that enter the space. Psychologists believe that colour can inspire people to action, conjure up memories from the past, promote intellectual thought, or even calm the human spirit.

When you prepare to select paint colours for decorating, consider the effect that the colour scheme you choose will have on people in the space. Below are some examples of colour and the mood that it inspires.

Neutral colours like sand, shell, coral and pearl create a sense of peace and well-being. Natural tones have historically been known for creating a mood of serenity in human beings. These are excellent colours for walls and furniture, with other shades used for accent pieces throughout the décor.

Grey, blue, red, burgundy, and cranberry create a mood that inspires intellectual thought. These colours also lead the individual to think of travel and education. While many may consider some shades of these colours to be too bold, the colour red, for example, is sharp and clean, leading to a mood of intellectual security and freedom. Depending on the shades of these colours, they can be used as either one of the prominent colours in the room, or as accent colours that complement neutrals.

Bubble gum pink, buttercup, wintergreen, all the berry colours and crayon colours are playful colours that can create a mood of excitement in any room. The decorator should be careful in using these colours because if overdone they can also lead to an exhaustive feeling after a period of time. Yet, when used in moderation these colours lead to a mood of movement, activity, playfulness and freedom. When used in a child’s room, for example, these colours should be offset by both natural and intellectual colours in order to ensure that the mood of the room does not create a mood of too much activity.

Colour psychology has become an important part of interior design projects in the last few decades. Colour psychology focuses on how colours that exist around us create moods or induce certain emotions.

Red: The colour red inspires passion and intimacy. It is a good choice when you want to stir up excitement, particularly at night. In the living room or dining room, red draws people together and stimulates conversation. In an entryway, it creates a strong first impression. Red has been shown to raise blood pressure, speed respiration and heart rate. It is usually considered too stimulating for bedrooms, but if you’re only in the room after dark, you’ll be seeing it mostly by lamplight, when the colour will appear muted, rich, and elegant. Red, the most intense, pumps adrenaline like no other hue.

Yellow: The colour yellow captures the joy of sunshine and communicates happiness. It is perfect for kitchens, dining rooms, and bathrooms, where happy colours are energizing and uplifting. In halls, entries, and small spaces, yellow can feel expansive and welcoming.

Blue: While some people may contend that blue is a cold colour, colour psychology focuses on blue as a tranquil and calm colour because it can be associated with water. Blue is an excellent choice for bedrooms, guest rooms and living rooms. With so many shades of blue to choose from, there are many possibilities with blue as a central colour in the décor of your home.

Green: This colour is considered a natural, peaceful inclusion in decorating. Colour psychology suggests that green can be used in any room because it is welcoming and inviting. Many people elect to use green in their kitchens, either as a central colour or as an accent colour because of the traditional use of kitchens as a gathering place for families and friends.

Orange: Most people associate orange with Halloween. Colour psychology suggests that this is because orange creates a mood of warmth and seasonal change that brings happiness in the fall season. Orange is a good colour to use in living rooms or family rooms for this reason.

Violet: An important colour in colour psychology, violet is considered the most effective colour when attempting to create calm and tranquil moods. For this reason, many modern operating rooms will paint their recovery areas violet.

What To Expect from Your Realtor

Buying or selling real estate is a complex and lengthy process. It is therefore wise to enlist the help of a real estate agent. A real estate agent can provide many useful services and work with you in different ways.

Very few consumers are familiar with the duties and responsibilities of their real estate agent or broker. As a result, a number of problems can arise during the various steps of a real estate transaction when consumers are not aware of their rights.

This article addresses the various types of working relationships that may be available to you. It should help you decide which relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate agents can provide buyers and sellers, and it will help explain how real estate agents are paid.

In some real estate transactions, the agent works for the seller. In others, the seller and buyer may each have their own agent. And sometimes the same agent works for both the buyer and the seller. It is important for you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other party.

Listing Agent
A listing agent is also known as a seller's agent because they represent the seller. A listing agent can be a real estate broker or a real estate agent. These types of agents owe a fiduciary responsibility to the seller under a listing agreement and must protect that interest.

The seller's agent helps determine the price of the home, suggests how to market the home, schedules advertising and open houses, shows the home to prospective buyers, and otherwise facilitates the sale.

Your property will be listed with the agent's real estate brokerage. You will be asked to sign a "listing agreement" authorizing the brokerage and its agent to represent you in your dealings with buyers as your seller's agent. Be sure to read and understand the listing agreement before you sign it.

For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.

Buyer's Agent
A buyer's agent is known as the "showing agent" and works with buyers to find a suitable property, contacts the listing agents, negotiates the best possible price and terms for the buyers, monitors the transaction, and sometimes helps to obtain financing.

In most cases, the seller pays the sales commission that is shared by the two agents. However, sometimes you may be required to pay your buyer's agent out of your own pocket if the listing agent refuses to pay. Whatever the case, be sure your compensation arrangement with your buyer's agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.

Buyer's agents may or may not require a buyer to sign a buyer's broker agreement, depending on local customs.

Dual Agent
Dual agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Dual agency can happen even if there are two agents involved—a listing agent and a buyer's agent—if both agents work for the same broker. That's because it is the real estate broker who creates the agency.

It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.

Some firms also offer a form of dual agency called "designated agency" where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each "designated agent" to represent each party.

If you choose the "dual agency" option, remember that since a dual agent's loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of what your relationship is with the dual agent and what the agent will be doing for you in the transaction.

5 Signs You Might Be Ready to Buy Your First Home

Buying your first home takes desire and commitment not only to navigate the complicated and time-consuming purchase process but also to make sure that you are ready to take up a homeowner's responsibility.

Maybe you've dreamed about buying. Or perhaps you've researched homes for sale online or tried to calculate how much you can afford to spend or peeked inside a few open houses. But are you really ready, emotionally and financially, to step up your game and make your move? Here are a few tips to help you decide if you are ready for homeownership.

1- Employment situation feels secure
Buying a home might seem like a no-brainer if your mortgage payment would be less than the rent you're paying. But that comparison doesn't account for other costs of homeownership, including down payment, mortgage-related fees, and home maintenance expenses.

When you buy a home, you should know you're going to stay for a minimum of five to seven years, and longer is better. If you try to do everything you need to do to make that house yours and then you turn around and sell it after three years, you're not going to break even and you are at risk of the market.

If your employment situation feels secure and you are prepared to stay in one place for a while, you might be ready to buy.

2- Have good savings
Even if you're emotionally ready to own a home, you need to be sure that you have sizeable savings. You not only need enough money for your down payment but also to have extra funds for moving expenses and home maintenance costs.

3- Pre-approved for a mortgage
Very few people have enough cash to buy their first home without a mortgage. Rather, most need financing to afford today's home prices. Realtors know that very well, which is why many won't spend much time with would-be buyers who haven't had a serious talk with a mortgage professional.

It is important for you to make sure you're preapproved for a mortgage loan. The loan approval process is no different for first-timers than it is for experienced home purchasers.


4- Timing
Timing is another crucial element in homebuyer readiness. For example, if your lease doesn't expire for many months or you need to move within 30 days, buying a home might not be practical for you. The ideal situation is to be ready to buy and able to wait especially if the housing market is hot in your city.

5- Have a realistic expectation
First-time buyers often believe buying a home will be easy. Giving up that misconception and being realistic about the time, effort, money, stress, and hassle involved is an important step toward being ready to move forward.

Most first-timers think buying will be a perfect scenario where it all happens as it does on TV shows. They see three houses. They pick one, and it all works out beautifully. Unfortunately, that never happens. Instead, prospective buyers who are successful understand that they might run into some bumps, but the end product is going to be a home they love.

Friday, February 3, 2023

Number of Home Sales Slow in January, but Prices Increase Across All Property Types

The number of homes sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) totalled 297 units, a decrease of 41.9 per cent compared to January 2022 and 31.0 per cent below the previous 5-year average for the month.

“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade,” says Megan Bell, president of WRAR. “Home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.”

Total residential sales in January included 176 detached (down 38.5 per cent from January 2022), and 61 townhouses (down 44.5 per cent). Sales also included 43 condominium units (down 48.2 per cent) and 17 semi-detached homes (down 46.9 per cent).

In January, the average sale price for all residential properties in Waterloo Region was $764,063.

 This represents a 20.1 per cent decrease compared to January 2022 and a 5.9 per cent increase compared to December 2022.

  • The average price of a detached home was $888,487. This represents a 21.5 per cent decrease from January 2022 and an increase of 7.6 per cent compared to December 2022.
  • The average sale price for a townhouse was $625,831. This represents a 26.1 per cent decrease from January 2022 and an increase of 2.2 per cent compared to December 2022.
  • The average sale price for an apartment-style condominium was $495,753. This represents a decrease of 9.3 per cent from January 2022 and an increase of 6.1 per cent compared to December 2022.
  • The average sale price for a semi was $650,588. This represents a decrease of 21.5 per cent compared to January 2022 and an increase of 5.5 per cent compared to December 2022.

“On a monthly basis, we saw the average sale price increase across all property types in January,” says Bell. “I’m also noticing more multiple offers happening, especially on detached homes that are priced under eight hundred thousand dollars.”

Meanwhile, the Bank of Canada again increased interest rates at the end of January by 25 basis points to 4.5 per cent. “While not a huge increase, the continuance of interest rate hikes is an ongoing factor in the reduction of home sales within the market,” says Bell.

There were 579 new listings added to the MLS® System in Waterloo Region last month, a decrease of 13.3 per cent compared to January of last year and a 28.7 per cent decrease compared to the previous ten-year average for January.

The total number of homes available for sale in active status at the end of January was 651, an increase of 167.9 per cent compared to January of last year and 34.7 per cent below the previous ten-year average of 998 listings for January.

The number of months of inventory is up 233.3 per cent compared to January of last year, but still historically low at one month. Between 2011 and 2015, January’s average months of inventory was 3.0 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

The number of months of inventory is up 233.3 per cent compared to January of last year, but still historically low at one month. Between 2011 and 2015, January’s average months of inventory was 3.0 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

The average number of days to sell in January was 25, compared to 9 days in January 2022. The previous 5-year average is 21 days. 

WRAR’s president says, “The demographic of buyers is also shifting as we observe fewer buyers coming from the GTA into the region.  While there are still some, it is nowhere like it was last January. These and other shifting influences mean it has never been more important for buyers and sellers to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”

Affordability, combined with ongoing supply constraints, makes it difficult for buyers to navigate the continuous market changes while sellers also need to adjust to the evolving circumstances. Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.