Changing Residential Market
Although traditionally viewed as the quiet season in real estate, this summer proved to be an eventful period. The new FINTRAC requirements came into effect on June 23, requiring our members to modify practices to comply with this legislation. The changing housing market also became more pronounced this summer, with declining residential sales, compared to the previous year, and listings rising steadily.
The law of supply and demand affects price. We’re seeing more pressure on sellers to lower their asking prices. (Go to page four of this issue for a more in-depth look at current market conditions from three local economists.) These trends have had a significant impact on all of us in the profession. They have also brought heightened media and public attention.
The appetite for real estate information is always strong, but particularly when the market takes a directional change. In this era of the 24-hour news cycle, the public is inundated with information and opinions from a wide range of sources.
As a primary source of real estate data, the Board aims to deliver clear, consistent and accurate market information first and foremost to our members, and to the media and the public. By outlining market conditions with candour and transparency, the public is better positioned to make decisions based on fact rather than hearsay or speculation.
The Board maintains a vigorous media relations operation, which seeks to add the voice of our profession to the public dialogue concerning the housing market. Through media releases and interviews, we supply accurate information and responsible messaging on behalf of all members.
Our monthly statistics package is covered by the main media outlets in the province. The resulting coverage tends to be a broad-stroke discussion about fluctuations that have occurred in the market. (You can view our quarterly media analysis on page five of this issue to see the range of interviews and coverage that occurred last quarter.)
The role of the REALTORS® remains pivotal in focusing the picture of the market to clients. Canadians don’t expect to wake up tomorrow and hear a national weather forecast, as each region has their own. Similarly, they shouldn’t expect to hear a national real estate forecast.
People look to our profession to inject confidence, insight and certainty into their home buying or selling experience. With a specialist’s knowledge and an acutely localized understanding of your respective neighbourhoods, you are sought for local expertise and to make the data relevant for those in search of or reselling their home in a given community.