Canadian homeowners dealing with a stalled

housing market

may find there are several factors beyond their control that can make their properties less appealing, according to

a recent survey by Re/Max Canada

.

For example, the condition of neighbouring properties and the neighbourhood in general can make or break a sale for many of those looking to enter the housing market.

The survey also said 41 per cent of homebuyers cited a lack of curb appeal as an impediment, while 40

per cent said rooms being smaller than they appear in the pictures turned them off. Too much competition and being too close to bars and restaurants were cited by
36 per cent and
28 per cent, respectively.

“While the home is the ultimate goal for buyers, the neighbouring properties and surrounding community often say a lot about what life might be like there for you as a resident,” Don Kottick, president of Re/Max Canada, said in a news release.

“Not all homebuyers are able or willing to see past a rough exterior to find properties with potential, and something like an unkempt streetscape could be their sign to keep on walking.”

On top of those issues, homeowners in some of Canada’s biggest cities are dealing with a stalled market due to economic uncertainty and

elevated interest rates

.

In Vancouver, the average home price declined three per cent year over year in July to about $1.24 million, while prices fell 5.5 per cent in Toronto to about $1.05 million. In Calgary, home sales fell 11.6 per cent as inventory climbed to levels not seen since the pandemic.

The Canadian market isn’t in a complete hole, as sales climbed in both Montreal and Ottawa.

But there are some factors that homeowners can easily fix to make their properties more attractive, according to the Re/Max survey.

For example, cluttered or messy homes during a showing were a turnoff for 27 per cent of prospective homebuyers, while 18 per cent cited unhelpful real estate agents and 11 per cent cited sellers being present during a showing.

Re/Max Canada suggests homeowners can also make their home more appealing by tidying up the landscaping, giving the home a fresh coat of paint and adding some greenery to the space.

“Buyers have more inventory to choose from and more time to shop, make decisions and see what else is out there,” Kottick said. “When we talk about sellers adapting to current conditions, we’re not just referring to price adjustment. Sellers should be mindful of every detail of their property, including the ones that they can’t control — like the neighbour’s front lawn.”

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China has implemented more levies against Canadian canola oil as the Asian country ups its trade spat with Canada.

On Aug. 14, China plans to impose a 75.8 tariff on the commodity after a ruling that Canada’s canola supply and demand were distorted due to government subsidies.

China imported 6.39 tonnes of canola last year, primarily from Canada.

Read more here.

  • 1:30 p.m.: Bank of Canada to release the summary of its deliberations for its interest rate hold on July 30
  • Earnings: Metro Inc., Linamar Corp., Cisco Systems Inc., Stantec Inc., Equinox Gold Corp., Madison Square Garden Entertainment Corp.

 

 

  • Trump hiked Canada’s tariff rate to 35%, but just who’s paying it remains a mystery
  • CIBC rings in executive changes as it gets ready for a new CEO
  • Canada could be trade winner as U.S. tariffs undershoot global competitors by wide margin, says report
  • The great wealth transfer requires more than a 20-year-old will and naming a few beneficiaries

Going on vacation can be expensive, but there are ways to make that getaway a little more affordable. Planning meals ahead of time, freezing meals when possible, non-perishable foods and using a refillable water bottle can all help keep costs down.

Read more here.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column

can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

mortgage rate page

for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s

YouTube channel

for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

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