Wealth & Real Estate: Part 1 – Expanding Family & Buying Larger Homes

If you've been listening to the show for a while, you know that we take a very holistic approach to money management. Whether we’re talking about primary residences or properties that generate income, real estate is a huge part of people’s portfolios.What do you need to know before buying your first home? What should you do to put yourself in a good position as a seller? Do you need to work with a real estate agent? We’re answering those questions and many more in our new series on wealth and real estate.Our three-part series will start with everything you need to know about buying bigger homes, whether as a first-time homeowner or moving on from your starter home. We’ll then move into downsizing from a larger home and wrap up the series with a look at urban real estate.We’re joined by Sean Broady and Scott Broady of the Broady Windsor Group for today’s discussion. I'm a huge fan of how they're doing things online and their unique approach to helping homeowners with the buying process and beyond.In this episode, Sean, Scott, and Keith talk about why people upsize their homes, the unprecedented state of the Canadian real estate market, home pricing trends, their top advice for first-time buyers, and so much more!Thank you for listening!Key Topics:Why we’re doing this series on wealth and real estate (1:24)What we’ll be covering in this wealth and real estate series (2:05)Introducing Sean Broady and Scott Broady (3:02)Two types of buyers looking to upsize their homes (4:46)The average length of time homeowners stay in one home (5:59)How lockdowns and pandemic restrictions impacted the real estate market (7:19)Current pricing trends across Canadian real estate (9:52)Critically low levels of available real estate (12:32)Home features many buyers are looking for (14:42)How the pandemic has opened up wider opportunities for buyers (15:40)What people want to see in a new home (18:06)The problem with reactive home buying during the pandemic (20:30)Why there’s such a low supply of homes available in the market (22:54)The changing goals of empty nesters and seniors (24:52)What the offer process looks like right now (26:10)Sean and Scott’s number one piece of advice for buyers (28:00)Understanding blind bidding (30:59)How changing to open bidding might affect buyers and sellers (32:35)Why capital gains tax on property is such a contentious issue (35:23)Policy changes needed to address supply issues in the market (38:26)The NIMBY effect (39:51)Why the low supply of housing is a problem for both seniors and first-time buyers (41:26)What it means to “drive until you qualify” (43:32)Why Sean isn’t concerned about a housing market crash (44:55)How the mortgage stress test protects both buyers and lenders (46:07)Why a mortgage pre-approval is a critical first step for home buyers (47:41)The benefit of working with a real estate professional (49:45)The extremely short window that houses stay on the market (51:11)Why Sean and Scott created their Homeowners Advisory Club (53:06)How the Homeowners Advisory Club serves its members (54:40)And much more!Thanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected] or 514-695-0096 ext.112Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram