MortgageBrokerNews.ca has tailored this winter’s weather forecast for brokers; what kind of effect will it have on business in Canada’s unique markets?
“I do have a lot of referral sources and I do most of my business in the condo market so I didn’t see an impact last year (which had its fair share of inclement weather days),” Sheldon Brown of MortgageBrokers.com told MortgageBrokerNews.ca. “If you’re more rural and deal outside Toronto you’re more likely (to be affected by poor winter conditions); I have business partners that do what I do in other areas and they are impacted.”
The Weather Network has called for a somewhat topsy-turvy winter, with blustery storm-spells giving way to more temperate days. And while they’re calling for a winter that has its ups and downs, the ups are forecast to be more plentiful than they were last year, which saw a number of snow storms that slowed business for brokers across the country.
This year, however, brokers will be well advised to slog through the colder, more stormy days in wait for milder days. At least those who depend on first-time buyers for a large portion of their business.
“It depends on the broker’s business model: If you have somebody who has a large percentage of his business that deals with refinancing or people with poor credit, or subprime business it’s not as seasonal,” Brown said. “But if you deal a lot with first time homebuyers it slows down and (is affected by the winter).”
And this truism is most apt for those who operate outside major city cores. For those who deal primarily in the condo market, however, it may just be business as usual.
“Obviously if you can’t see the landscaping it factors into the value of the property you are buying and that makes it seasonal type of real estate; the condo market isn’t really impacted,” Brown said. “With a condominium you don’t have to look at landscaping and you can be more active in the winter (when shopping for a home).”
So what does the weather hold for each region specifically?
The East Coast is expected to experience fewer north-easterly winds and precipitation and temperatures hovering around winter norms.
Ontario and Quebec:
Expect a seesaw of mild and cold weather, as arctic air flows in and out throughout the winter months.
The prairies were hit with an early and especially nasty winter but expect the weather to normalize through the rest of the season.
Canada’s most westerly province is expected to see normal levels of precipitation.