What are we going to do with all the multiple offers this year?

Joel Olson • January 26, 2022

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So what is 2022 going to look like and how do we handle multiple offers differently?

So here we go. 2022 What's this year going to look like on the market?


Is it going to be another year full of multiple offers escalating house prices and buyers being frustrated not being able to crack into the market? 


Is it going to be another year where we see limited inventory as a result of a lack of supply? 


Where there isn't really that much to buy in the first place? 


I mean, there's lots of predictions. 


We all have our own opinions, but I suppose only time will tell. 


All we know is what it is today. 


And I can tell you a few things that we've learned that we are doing differently this year. 


First, we are expecting there are going to be a lot of situations with multiple offers in particular, where people are meant to go firm, at least until this cooling off period is put into place by the government.


That means we have to be a lot more diligent about making sure our clients are ready to put in an unconditional offer. 


A lot of brokers are scared to guarantee something like this. 


A lot of brokers are nervous to give clients the go ahead on unconditional offers. 


However, there's some better ways than what people have done. 


The key here is to set up what's called Plan B financing. 


It means that if, for some reason, the mortgage insurer doesn't approve you, if for some reason, you don't get approved by that lender that we’re 99.9% sure will approve you… what are we going to do? 


That may include some type of approval with a B lender, or a higher interest rate or attaching a cosigner or adding security for the property. 


All these things are things that we can put in place as a B plan so a client can go comfortably into an unusual offer, knowing that they do have at least guaranteed financing in some form. 


This is a key difference to what people are doing in the marketplace. 


You would not believe the amount of frightened phone calls we get from people that have firm offers that really didn't have financing organized in the first place. 


It's safe to assume that, even though people are telling you they think they'll be okay. 


Really, it's a scramble to the end making for a very, very stressful situation for our clients. 


So our plan and our process includes for everyone who's offered, to put a “B” financing plan in place. 


This is an important distinction and will make you look better to your clients and have a less stressful situation. 


It also means that the client can comfortably offer in a situation not just unconditional, but I think to go above asking they can do so comfortably with us talking through that. 


The second part that we might add to that would be to do an inexpensive pre-appraisal on a property through an actual appraisal.

 
Now we all know what property a should sell for and won't sell for - we will have our comparables, but why don't we have something that is legitimate from an appraiser? 


That’s something we can rely on… that means that we could actually go a little bit higher on that property. 


There's a way to do a pre-appraisal that can give some comfort around those values and comfort around going above asking (price). 


Now, of course, if this cooling off period comes into play, all bets are off.


It means that we will have a week to sort out financing.

 
This means our mortgage approval assurance plan we've talked about many times, which means our pre- approval is going to come with a $5,000 guarantee to the seller is going to make all the difference. 


If you don't know about that and want to schedule a time so you can have your clients take advantage of having $5,000 against the seller, please do schedule a call with me. 


Lastly, time kills all deals. 


We've heard loud and clear that a big issue with offers is that people do not have enough time to get the offer done. 


Many banks, many brokers, many lenders are asking for a full one week for some locations and finding that those offers rarely even pique the interest of most sellers. 


Now of course, people want to have adequate time, but what if there was a way to get the client extra pre- approved? 


I'm talking about making sure we have the identification.


Making sure we have the voided check, making sure we have every bank statement. 


What if there was a way for us to make that pre-approval work so that they can have a one day approval? 


This is possible for a limited amount of realtors and a limited amount of clients on an ongoing basis. 


We can offer approvals that are firm in one day.  If you'd like to know how to take advantage of this and the strategy this uses, please schedule a time with me because we can do an approval in one day. 


That's right. 


Make an offer 24 hours later and remove the subjects - this is huge in this market. 


Obviously these are just some of the many strategies we do and many are catered to your specific marketing needs. 


We would love to have a chance to go through anything we can help you with this year. 


It's going to be a busy one. 


Let's be prepared!

A man with a beard and a suit is smiling for the camera.
Joel Olson
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Make the Most of Summer: Outdoor Project Ideas for Every Space

By Joel Olson • July 10, 2025
Summer in Canada is short—but sweet. With warm weather and long evenings, it’s the perfect time to get outside and enjoy your outdoor space, no matter how big (or small) it is. Whether you have a tiny patio or a sprawling backyard, a few creative upgrades can go a long way toward turning your space into your personal summer oasis. Below are ideas for every type of outdoor space, from cozy balconies to large backyards! For Patio-Only Spaces Limited to a balcony or concrete patio? No problem! Small spaces can still offer big enjoyment. 1. Upgrade the Flooring Add interlocking tiles to give your concrete floor a more polished look—wood grain, grass panels, or composite styles are all popular, easy-to-install options. 2. Create an Outdoor Movie Zone Hang a pull-down screen or grab a portable stand, pair it with a mini projector, and voilà—your very own outdoor movie theatre under the stars! 3. Start an Herb Garden Railing planters are perfect for growing basil, mint, parsley, and more. Fresh herbs at your fingertips—and they smell amazing too! 4. Add Some Twinkle Wrap fairy lights around your railing or overhead beams to bring cozy vibes and nighttime charm. 5. Grill Like a Pro Maximize your BBQ season with a compact baby-que. Weber’s Q Series is a great option for small spaces without compromising grilling power. For Small Yards A little yard can still pack a lot of personality. Here are ways to make the most of every square foot: 1. Game Time! Add a mini putting green or an axe-throwing target (just be safe!) for quick bursts of backyard fun that don’t take up much space. 2. Warm Up Your Nights Add a heating lamp or portable fire bowl to keep your evenings cozy well into the fall. 3. Grow Your Own Produce Build or buy a raised garden box to grow tomatoes, cucumbers, lettuce, or other easy vegetables. Gardening is relaxing—and delicious! 4. DIY Bird Bath Make a pedestal bird bath using an old vase, a platter, and strong glue. You likely have everything you need already at home—and the local birds will thank you! For Big Yards If space isn’t an issue, the sky’s the limit! Here are some larger-scale projects to take your yard to the next level: 1. Build a Catio Yep, it’s a “cat patio”! Give your feline friends a safe way to enjoy the outdoors with a screened-in enclosure attached to your home. 2. Create a Permanent Fire Pit Use stones and a fire ring to build a beautiful, safe fire pit. You can even add airflow cutouts to reduce smoke—perfect for those marshmallow roasts! 3. Tile a Dining Area Install paving stones or tiles to define an outdoor dining space. Add a table, some string lights, and enjoy al fresco meals all summer long. Need More Inspiration? If none of these projects quite fit your vision, check out Home Depot’s DIY backyard ideas—complete with step-by-step instructions and material lists to help you bring your outdoor dreams to life. Soak It Up While It Lasts No matter the size of your space, there’s always something you can do to enhance your outdoor experience. So get out there, get creative, and make the most of these sunny summer days. See you back here in August—with more tips, tricks, and homeowner insights!
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4 Ways to Access Your Home Equity

By Joel Olson • July 1, 2025
If you've been a homeowner for many years, it is likely your property value has increased significantly. One advantage of homeownership is the opportunity to build equity. Home equity growth, partnered with the security of living in your own home, is why most Canadians believe homeownership is the best choice for them! While home equity is one of your greatest assets, accessing home equity is often overlooked when putting together a comprehensive financial plan. So if you’re looking for a way to access some of your home equity, you’ve come to the right place! Simply put, home equity is the actual market value of your property minus what you owe. For instance, if your home has a market value of $650k and you owe $150k, you have $500k in home equity. If you want to stay in your home but also access the equity you have built up over the years, there are four options to consider. Conventional Mortgage Refinance Assuming you qualify for the mortgage, most lenders will allow you to borrow up to 80% of your property’s value through a conventional refinance. Let’s say your property is worth $500k and you owe $300k on your existing mortgage. If you were to refinance up to 80%, you would qualify to borrow $400k. After paying out your first mortgage of $300k, you’d end up with $100k (minus any fees to break your mortgage) to spend however you like. Even if you paid off your mortgage years ago and own your property with a clear title (no mortgage), you can secure a new mortgage on your property. Reverse Mortgage A reverse mortgage allows Canadian homeowners 55 or older to turn the equity in their home into tax-free cash. There is no income or credit verification; you maintain ownership of your home, and you aren't required to make any mortgage payments. The full amount of the mortgage will become due when you decide to move or sell. Unlike a conventional mortgage refinance, reverse mortgages won’t allow you to borrow up to 80% of your home equity. Rather, you can access a lesser amount of equity depending on your age. The interest rates on a reverse mortgage can be slightly higher than the best rates currently being offered through standard mortgage financing. However, the difference is not outrageous, and this is an option worth considering as the benefits of freeing up cash without mortgage payments provides you with increased flexibility. Home Equity Line of Credit (HELOC) A Home Equity Line of Credit allows you to set up access to the equity you have in your home but only pay interest if you use it. Qualifying for a HELOC may be challenging as lender criteria can be pretty strict. Unlike a conventional mortgage, a HELOC doesn't usually have an amortization, so you're only required to make the interest payments on the amount you've borrowed. Second Position Mortgage If the cost to break your mortgage is really high, but you need access to cash before your existing mortgage renews, consider a second mortgage. A second mortgage typically has a set amount of time in which you have to repay the loan (term) as well as a fixed interest rate. This rate is usually higher than conventional financing. After you have received the loan proceeds, you can spend the money any way you like, but you will need to make regular payments on the second mortgage until it's paid off. If you’re looking for a way to access the equity in your home to free up some cash, please get in touch. You’ve got options, and we can work together to find the best option for you!