Ask a Stager: What are the best staging techniques for highlighting different property types?
Welcome to Ask A Stager, your regular staging advice column designed exclusively for real estate professionals. Whether you’re grappling with how to enhance the visual appeal of your listings or seeking innovative strategies to captivate your target audience, you’ve come to the right place. Ask A Stager offers you the opportunity to pose any and all staging-related questions and receive expert advice, for free. No query is too big or small — if it’s about elevating the look of your real estate, we want to hear it and we want to help! Email your questions to ninadoiron@isodesign.ca Whether you believe it or not, effective home staging is essential in today’s competitive real estate market. It helps potential buyers visualize themselves living in the space and can lead to quicker sales at higher prices. However, staging is not a one-size-fits-all design; different types of properties require different approaches as well as furniture and accents. It’s best to avoid designs that clash with the home’s style. Instead, embrace the property’s unique features to enhance its appeal for buyers specifically looking for that type of home. Here, we’ll discuss simple staging techniques tailored to various property types as well as what to avoid to ensure your staging efforts are cohesive and successful. Modern new builds Characteristics: Today’s modern new builds tend to be sleeker in design, and often have open-concept floor plans, large windows and a minimalistic aesthetic. Staging tips: Maximize light. Use light, airy curtains or blinds/shades that allow natural light to flood in. Mirrors can also be strategically placed to reflect light and make spaces appear larger. Declutter. Keep surfaces clear and maintain a minimalistic look to highlight the clean lines and open spaces typical of modern homes. Neutral palette. Use neutral colours for walls and furniture to create a sophisticated backdrop. Add pops of colour through accessories like cushions, throws and artwork. Contemporary furniture. Select modern, sleek furniture that complements the space’s architecture. Avoid overly bulky, dark or ornate pieces. Functional spaces. Demonstrate the functionality of the space by clearly defining areas for living, dining and working. This helps buyers visualize how they can use each area. Strategic placement of furniture or area rugs can help define the different spaces. What to avoid: Overcrowding. Don’t fill the space with too much furniture or decor, as this can make it feel cluttered and small. Personal items. Avoid leaving personal items out. They can distract potential buyers from imagining themselves in the space. Traditional suburban homes Characteristics: Traditional suburban homes, built in the 80’s and 90’s, are synonymous with comfortable, family-friendly layouts, often with a mix of formal and informal spaces. Staging tips: Warm and inviting. Use warm colours and cozy textiles like plush rugs, throws and cushions to create an inviting atmosphere. Highlight formal spaces. Stage formal living and dining rooms with elegant furniture and decor to emphasize the home’s traditional charm. Functional family areas. Arrange family rooms and kitchens to showcase their practicality and comfort. Consider adding a few family-friendly touches like a game area or a cozy reading nook. Connecting spaces. Widen doorways or remove doors to create a more open-concept feel. Personal touches. Use tasteful decor and accent pieces to create a homey feel, but be careful in overdoing it with highly personal items and collectibles. You want potential buyers to imagine their own family in the space. What to avoid: Outdated decor. Avoid using large outdated furniture or decor that can make the home feel less appealing to young families and the modern buyer. Over-personalization. While some personal touches are good, too many can make it hard for buyers to see past them. Farmhouse properties Characteristics: Modern farmhouses exude rustic charm, large kitchens, wood elements and a cozy, lived-in feel. Staging tips: Embrace rustic elements. Highlight wooden beams, exposed brick and other rustic features as the focal point. Use wooden furniture and natural textiles to complement these elements. Farmhouse decor. Incorporate farmhouse-style decor like mason jars, wooden signs and galvanized metal accessories. Cozy and inviting. Create a warm, inviting atmosphere with plush textiles like quilts, woven rugs and soft cushions. Functional spaces. Showcase large, functional kitchens with farmhouse sinks and ample counter space. Set up the dining area with a rustic table and pair with elegant dining chairs. Outdoor areas. Stage outdoor areas with comfortable seating, a fire pit or a porch swing to highlight the property’s connection to nature. What to avoid: Too much clutter. Farmhouse decor can easily become cluttered. Stick to a few well-chosen pieces to avoid overwhelming the space. Neglecting modern touches. While embracing rustic elements, don’t forget to include modern amenities that buyers expect, such as additional bathrooms or the addition of a powder room if one does not exist. While not all clients will want to take on this renovation, some will if they know that there’s a positive return on investment. Lighting. Farmhouses tend to have a cozy and darker ambiance. Enhance the lighting by adding fixtures with dimmers to allow for more illumination in the evening, while still maintaining the warm and inviting atmosphere of the rooms. Victorian-style homes Characteristics: Victorian-style homes have more ornate detailing, high ceilings, large windows and an eclectic mix of styles. Staging tips: Highlight architectural details. Emphasize unique features like stained glass windows, intricate mouldings and decorative fireplaces. Elegant furnishings. Use furniture with classic lines and rich fabrics to complement the home’s ornate details. Bold colours. Don’t shy away from using bold, rich colours that were popular in the Victorian era. These can be incorporated through paint, wallpaper or decor. Mix styles. Embrace the eclectic nature of Victorian homes by mixing different furniture styles and periods. Just be sure to use a less-is-more approach while still maintaining an overall cohesive look. Dramatic lighting. Choose chandeliers and ornate light fixtures to enhance the home’s dramatic feel. What to avoid: Overcrowding with antiques. While antiques can be charming, too many can make the space feel like a museum. Balance them with modern pieces while still making each room feel spacious. Neglecting light. Victorian homes can feel dark. Ensure that all rooms are well-lit to avoid a gloomy atmosphere. Effective staging is a critical component of the home selling process, tailored to highlight the unique features of each property type. By following these simple staging techniques and avoiding common pitfalls, you can create inviting spaces that appeal to potential buyers and help your property stand out in a competitive market. Whether it’s a sleek modern space, a cozy farmhouse, or a grand Victorian, the right staging can make all the difference in your sale. Got home staging questions for a future column? Submit them to ninadoiron@isodesign.ca
The latest economic update for the week of June 18-23, 2024
Here is the latest economic update for the week of June 18-23, 2024, including key economic facts and a focus on Toronto, Ontario, and Canada, with an emphasis on real estate. US Economic Indicators: US 10Y Treasury Yield: 4.43% 🔼 10YT Minus 2YT Spread: -0.46% 🔻 US 30-Year Fixed-Rate: 6.85% ━ US Prime Rate: 8.50% ━ SOFR: 5.33% ━ US Inflation: 3.3% ━ USD/CAD Exchange Rate: $1USD = $1.36CAD 🔻 S&P 500: $5,473.17 🔼 Gold: $2,368 🔼 Lumber: $493 🔻 Crude: $74.53 🔻 Gasoline USD/Gal: $2.36 🔻 Global Container Freight Index: $3,487 🔼 Bitcoin: $70,976 🔼 Ethereum: $3,857 🔼 Luxury Watch Index: $33,209 🔻 Canada GDP Growth: The GDP growth for Q1 2024 was 1%, with the Bank of Canada maintaining a cautious outlook for potential rate cuts later this year (FinViz). Inflation: Projected to stay around 3% in Q2 2024 and ease below 2.5% in the latter half of the year (Bank of Canada). Interest Rates: The policy interest rate was reduced by 25 basis points to 4.75% (Bank of Canada). Employment: The national unemployment rate stands at 6.7%, a slight decrease from the previous month (Job Bank). Canada Prime Rate: 6.95% 🔻 Ontario Unemployment and Job Market: The unemployment rate in Ontario is 6.7%. Employment trends vary by sector: Manufacturing: Employment decreased by 1.7%. Transportation and Warehousing: Employment dropped by 4.1%. Healthcare and Social Assistance: Employment increased by 2.4%, driven by new healthcare facilities and provincial investments (Job Bank). Toronto Employment: The Toronto economic region saw a 1.8% increase in employment year-over-year, adding 66,900 jobs from May 2023 to May 2024. However, the unemployment rate rose to 7.9%, up 2.1 percentage points from the previous year (Job Bank). Real Estate and Construction: Toronto's real estate sector remains robust with ongoing construction projects and new housing developments. The recent interest rate cut by the Bank of Canada is expected to positively influence mortgage rates and the housing market (FinViz). Real Estate Market Insights Toronto: Housing Market: The real estate market in Toronto continues to grow, supported by significant developments and new housing projects. The rate cut by the Bank of Canada is anticipated to lower mortgage rates, making housing more accessible (Bank of Canada) (FinViz). Commercial and Investment: Toronto remains a prime location for commercial and investment properties, with ongoing urban development and infrastructural improvements. Ontario: Regional Variations: While Toronto experiences high unemployment, regions like Stratford–Bruce Peninsula have significantly lower rates. Employment in sectors like healthcare is increasing, indicating a strong demand for specialized services (Job Bank). Summary The economic indicators for the week of June 18-23, 2024, reflect a dynamic landscape with mixed trends across different sectors. While the US economy shows stable growth and controlled inflation, Canada's focus on reducing interest rates aims to support economic stability. Toronto's real estate market remains strong, bolstered by ongoing construction and housing developments.
Rentership boom across Canada brings more tenants and demand than ever before
According to the latest Canadian census, there are almost 1 million more renter households now than a decade ago — to unprecedented levels across all age groups. The city driving the trend is Montreal, according to a recent Point2 study that analyzed renter levels in Canada’s 50 largest cities. Besides financial savings from renting vs owning in some higher-priced locales, there is a mix of reasons for the increased renter numbers, including higher immigration, an aging population, the popular preference to live maintenance-free and relocations to job centres. A record number of tenants, with millennials & baby boomers the largest groups Canada is experiencing a significant increase in its number of renters, with 33.4 per cent of households now renting — the highest percentage ever recorded. Young millennials and baby boomers are the largest groups contributing to this trend. Recent initiatives like the Canadian Renters’ Bill of Rights and new housing aid funds try to support renters amid low vacancy rates and high demand. Over 40 per cent of homes built between 2016 and 2021 are now rented, marking the highest tenant rate in decades. Cities with the highest shares of renters Montreal leads with the largest share of renters — over 63 per cent of households there rent, more than double the national average. In Vancouver, over 54 per cent of households rent due to high home prices, while Sherbrooke, Quebec offers more affordable rental options (less than $1,500 even downtown). Of the country’s largest cities, Toronto is home to the highest number of renter households (551,290) but has the fifth-largest share of tenants (48 per cent). Kingston, with its large student population, sees nearly 93 per cent of under-24-year-olds renting, while Montreal remains attractive to Gen Z. Growth in rentership across major cities Richmond, B.C., saw the most significant increase in renters, rising from 17.6 per cent to 28.7 per cent. Ontario cities like Waterloo and Markham also saw increased rentership. In contrast, Richmond Hill experienced a decrease in renters despite high home prices and incomes, indicating a preference for homeownership among families. Renting is particularly popular among younger demographics, with over 81 per cent of those under 24 years old and more than half of 25-to-34-year-olds renting. There’s also an increase in Baby Boomer renters. The growth in rentership in Canada highlights ongoing shifts in lifestyle and demographics. With the extension of the ban on foreign ownership and an expected rise in newcomers, the demand for rental housing is more pressing than ever. Review the full study here.
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