As real estate professionals, it is always exciting to have the opportunity to list a unique property. Recently, my colleague Mike Russo from Keller Williams Realty Centres, Brokerage had the chance to co-list a property from the beloved show Schitt's Creek. The property, known as Rose Apothecary, is a 5,000 square foot space located in the charming community of Goodwood. It is not only a storefront, but it also has a residential side to it, making it a truly special offering.
However, the real estate market has been facing some challenges recently due to the Bank of Canada raising interest rates by 50 basis points. This can make it more difficult for younger buyers to qualify for a mortgage. Despite this, we have noticed that some families are gifting money to their children to help them enter the market and purchase a home at a lower price. While this is a great opportunity for these young buyers, it can be a more challenging time for sellers who are trying to get a high price for their property. In some cases, sellers may have to make price adjustments as the market changes and shifts.
One thing we have observed in the market is that about 25% of homes in certain areas are being relisted due to not selling at the original price. This is known as "chasing the market," and it is important to avoid this strategy. Instead, it is crucial to be in the market and make informed decisions based on current market conditions.
Despite the challenges faced by buyers and sellers in the current market, there are also some positive trends to note. The number of listings across Canada is currently at one of the lowest levels it has been in a while, which means that these properties will eventually sell. It is also a good time to sell a home as the market is currently favourable for sellers.
As real estate professionals, it is our job to stay on top of market trends and help our clients make informed decisions when buying or selling a home. It can be a complex and competitive market, but with the right approach and guidance, it is possible to navigate it successfully. Whether you are a buyer or a seller, it is important to work with experienced real estate agents who can provide you with the knowledge and support you need to make the best decisions for your unique situation.
Overall, the property we are showcasing today, Rose Apothecary from Schitt's Creek, is a one-of-a-kind opportunity. The combination of its charming storefront and residential space makes it a truly special offering. While the market may present some challenges and uncertainties, it is still a good time to buy or sell a home with the right approach and guidance. We hope that this property and the insights we have shared will be useful for anyone considering a move in the real estate market.