b'REAL ESTATE"It will be important for employerssupport to back up employees financially, notes Lind. Relocation should be a positive experience for employees at both ends, but to understand the lack ofemployees will definitely need support to bridge finance as [they] will have to buy firm in multiple-offer situations. It may also take employees longer to find a home, so more temporary housing inventory in many of Canada\'sallowance may be required.markets and look to provideHere again, it is important to remember that relocations affect more than the assignee. As such, spousal and family counselling will be needed to ensure the trailing family is aware of the current alternative temporary housingmarket conditions and the challenges they might be faced with in finding an appropriate home.We have to be prepared to TEMPORARY SOLUTIONSShort timelines and impossible markets can make finding a accept longer-term, morepermanent home nearly impossible, at least in the beginning. To that end, incorporating more funds and considerations for expensive accomodation" temporary housing can ease the burden. It will be important for employers to understand the lack of inventory in many of Canada\'s markets and look to provide alternative temporary Elton Ash, housing," says Ash. "The rental market is also very tight, so they RE/MAX will have to be prepared to accept longer-term, more expensive accommodation, such as an all-suite hotel."HEIGHTENED CHALLENGES Building some leeway into temporary accommodation timelines also helps to ease anxieties. According to Campbell: "Using Many employers rely on their ability to move people at the speedtemporary accommodations is a stressor for people, so if they of business. Today, thats easier said than done. According to realhave the ability to go 10 days over their initial rental period estate veterans like Lenard Lind, broker of record and ownerbecause of some unforeseen delay, that can help."of The Lind Realty Team Inc., the competition remains tough. In addition to bidding wars, there are also some questionableWhile inventory is coming back and some markets are stabilizing, practices taking shape, he says. We have a tremendous increaseno one can predict with certainty how conditions will change in ethic complaints as \'agent\'s greed\' takes over. This includesover the coming years. On the one hand, Canada is set to receive \'underpricing\' to attract buyers who aren\'t qualified in the price400,000 new Canadians per year from 2021 to 2022; on the range the property will actually sell at to submit offers." other hand, real estate watchers see activity coming down in hot markets in Alberta, British Columbia and Ontario.On top of this, stressed buyers are facing a blind bidding process in multiple-offer situations, and finding themselves compelled toOffers Ash: We\'re seeing the market start to change now as make a clean offer with no conditions just to be considered. Andmore inventory is coming on the market and buyer demand is the growing trend to undervalue homes in the initial listing pricebeing met. As it does, price increases will become more muted. is creating buyer frenzy situations. Fortunately, says Ash, AsHowever, given we\'re also expecting a record-low interest rate inventory levels are now increasing this practice is diminishing. environment for the next 18 months and to see businesses and service industries start gearing up to meet pent-up demand as Relocators are well acquainted with helping employers navigateeconomies re-open, Canada\'s real estate activity will be strong for challenging housing markets. First and foremost, it helps to setthe next two to three years."expectations. "As soon as a client knows that a transfer may be happening, it really helps to get on the phone and help both themAs for the long-term prognosis, says Ash, My crystal ball and their relocating employees get a lay of the land," says Marniebecomes fuzzier. As it all stands right now, this is looking to be a Campbell, team lead for the Marnie Campbell Realty Team withstrong cycle with legs to last. MaxWell Capital Realty. That means discussing what their target market looks like, what they can expect, and how much money might be needed to make a deposit. It\'s important to get these factors out in the open because they may not be what employersDiamond Club Produceror assignees are expecting."In times like these, Campbell adds, it helps to give the process as much time as possible to ensure everyone lands on their feet. "Employee families may also require an additional home-buying trip to the destination due to the lack of inventory, she says. In other words, the longer the lead time to report to the newdestination, the better, and there will be a higher cost to the905-841-0000overall transfer."ISO 9001lindrealty.caFinancial support may also need to be reconsidered. In an era ofRegistered Service with professionalismrecord-high housing cost gains and ultra-competitive markets, companies may need to earmark more funds to give their peopleThe Lind Realty Team Inc., Brokerage For all your GTA referralsthe home-buying edge. Employers need to have relocation15105 Yonge Street, #100, Aurora, ONL4G 1M3 Greater Toronto Area, Ontario, CanadaFall 2021PERSPECTIVES23'