Open House - The Real Estate & Mortgage Show
Real Estate and Mortgage Answers
Every Saturday morning at 11 AM, Paul Rushforth and mortgage broker Frank Napolitano join CFRA's Steve Gregory on Open House.
They provide expert answers to real estate and mortgage questions from people just like you. You'll find plenty of information on how the market is doing and why, and they also have plenty of fun along the way!
Whether you're new to real estate or have plenty of experience already, you'll find the latest updates you need to prepare for your next home purchase or sale.
You can play the episodes by following the link below, or click here to get a list of transcripts.
Here are some highlights from past episodes. If you'd like to listen to the episode, visit the podcasts page.
August 11, 2018: Ongoing Trends and Knowing the Numbers
Paul was back with Steve and Frank this week to chat to callers and each other.
The Ongoing Trend is Still Small, Accessible Homes
In the last 5 years, the trend for buyers has been small, no-fuss, no-muss homes with minimal upkeep. Paul says this isn’t going to end anytime soon.
He predicts that there will be approximately 10 more years of this trend, but it really is hard to tell. There will always been some demand for the large homes, and this could grow as new homeowners enter the market.
But for now? Compact and move-in-ready properties are still king.
Check Out Our Latest Neighbourhood Guides
We’ve got the inside scoop on some of the best neighbourhoods in the city. Read them all to find your perfect fit.
August 4, 2018: More People Using Mortgage Brokers and Negotiating
Frank and Steve welcomed Lisa into the studio today for a lively discussion.
39% of Mortgages in Canada Are Done By Brokers
The number of homeowners using mortgage brokers has risen 6% in the last two years.
Frank says that this is due to many younger buyers realizing the benefits of working with a mortgage. Lisa agrees, saying many of her clients like the one-on-one relationship, the flexibility, and going to one person and getting multiple options.
Frank fully expects mortgage brokers to handle over 40% of Canada’s mortgages after the 2018 numbers are in.
Are You Prepared to Negotiate?
Many homeowners still think that because the market is so strong, they can buy or sell homes on their own. But Lisa raised a good point: are you prepared to negotiate?
If you aren’t able to negotiate, you’re going to end up losing money on your home sale, or even paying more if you’re trying to buy. The way to be successful in your real estate transactions is to have educated, experienced pros go to bat for you.
July 28, 2018: Curb Appeal and More
Can you believe July is almost over? The time is flying by with Steve, Frank and Paul dishing out real estate advice.
Make Your Home Look Lived In and Loved
Pauls says, "if you want people to see the inside of your home, make them like the outside." Even when the weather is hot and the last thing you want to do is mow the lawn, it's important to make your home look welcoming and well-loved.
Little things like putting out candles on your porch or tidying up your walkway can make a huge impact on a potential buyer's first impression.
Lenders Are Heavily Regulated and Need More Information
Frank says that when you're getting re-approved for a mortgage through a lender, they require a lot of information. This includes job letters, pay stubs, tax returns, and notice of assessments. This is because lenders are heavily regulated.
Not having the right information and paperwork ready can make the process of making a down payment and getting your mortgage much more complicated. It's best to talk to a mortage broker if you have any questions.
July 21, 2018: New CMHC Self-Employment Program, and Showing Your Home
Frank, Paul, and Steve beat the heat once again and talked about the latest in real estate.
CMHC to Introduce New Program for Self-Employed Individuals
It was announced last Thursday that the CMHC will be introducing a new program to make it easier for self-employed individuals to get a mortgage.
At this time, more details have not been made available. Frank believes this program will be focused on people who have extensive experience in their fields, and have decided to go into business for themselves in that field. More details will be shared as they become available.
Never Cancel a Showing
Just today, Paul had a client cancel a showing. The buying agent called and said that if his clients couldn’t get into see that listing, they’d most likely find and buy a different house later in the afternoon.
In markets like ours, it is incredibly important to never cancel a showing. Buyers are seeing multiple houses a day, and are unlikely to revisit a house that cancelled their showing.
This negatively impacts your chances of selling, and that’s the last thing you want to do. So unless there are some unavoidable circumstances leading to a cancellation, you should always be able to show your house.
Summer Selling Tips
- Curbside appeal is everything, especially in fair-weather seasons >
- More people go on vacation in the summer, but now is still a great time to list >
July 14, 2018: Prime Rate and the Best Time to List Your Cottage
It was another hot day, but Steve, Paul, and Frank stayed cool in-studio talking real estate and taking calls.
Prime Rate is Now 3.7%
On July 11, the Bank of Canada did raise the prime rate to 3.7%.
The bond market remained flat following the announcement, which is unusual. It also means fixed rates have not yet changed.
Historically this is a good rate. While predictions are being thrown around for as far ahead as 2019, Frank says that there are too many factors at play. This includes job reports and auto tariffs.
If you have questions about your rates, talk to your mortgage broker.
When Should You Sell a Cottage?
Unlike houses, you want to wait to list your cottage until sometimes between March-June. People buying cottages want the pretty landscaping that go with a cottage escape. They also want to take ownership in time to use it.
That’s why fall is also a bad time to list a cottage, even if it’s a four-seasons one. Most people don’t want to hold a cottage over winter.
What Else is New?
- Days on market continue to decrease as demand remains high >
- Our golf tournament raised over $35,000 this year. Check out the highlights >
Open House Transcripts
We post any available transcripts here: