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Buying your first home can be stressful. It can also be heartbreaking, tedious and exhilarating. The latest reboot of Property Virgins captures the process on camera — and this time real estate agent Wendy Wolfe is at the helm.
Property Virgins debuted on HGTV Canada in 2006 with Sandra Rinomato as host before Egypt Sherrod took over in 2012. Wolfe’s version airs Thursdays on CTV Life Channel, with repeats on Fridays. It’s also available at ctv.ca.
As always, each episode features a couple with a set budget and wish list for their new place. It’s up to Wolfe to show them their choices — whether that’s a fixer-upper, a turnkey home or something that’s a bit of both. Wolfe spoke with Postmedia about the Canadian real estate market, managing her clients’ expectations and her best tips for first-time buyers.
Q: How does the current real estate market affect your clients?
A: The market is everything! Since we’re currently in a buyer’s market, first-timers have more buying and negotiating power. Because there are no bidding wars, we put conditions of home inspection and financing in our offers, which provides peace of mind to the process, unlike when we filmed the most recent season of Property Virgins. We were in a seller’s market then, and that meant the sellers had all the power.
Q: Where did you film, and how does it compare to the real estate market in the rest of Canada?
A: We filmed our season of Property Virgins in southern Ontario. Being so big, Ontario is full of cities and towns that, price-wise, represent all of Canada. Toronto pricing is equivalent to that of Vancouver; Hamilton pricing is equivalent to parts of Alberta; and London pricing is equivalent to the Ottawa Valley. Prices are significantly lower in Midwestern Canada, where sourcing employment can be difficult, and east toward Newfoundland because it takes a special kind of person to handle those winters!
Q: How do you manage your clients’ expectations?
A: I get to know my clients somewhat intimately, so I can have very honest and candid conversations with them. And I educate ad nauseam because an educated client is the best kind of client. Clients typically underestimate all of the costs of home ownership, including the incredible amount of upkeep involved. I tell all of my clients, “A house is like a good relationship; it needs constant work.”
Q: Can you describe a particularly memorable episode?
A: The episode that still tears me up features Chris and Megan, a couple who broke up partway through filming the episode, which left Chris gutted. We soldiered on, and he, with his family’s help, ended up buying a house. Nevertheless, there were a lot of tears … I still keep in touch with Chris. He’s a great dude.
Q: What are your best tips for first-time buyers?
A: First, get a pre-approval letter (a.k.a. commitment letter) from your bank or mortgage broker, so you know exactly how much you qualify for. Second, interview a few realtors; don’t just use “your mom’s guy” or someone’s “best friend’s cousin’s neighbour.” There are a lot of bad realtors out there who have no idea how to negotiate on your behalf. Third, make a list of needs and wants, and stick to it. You probably won’t get everything you want with your first home, but that’s OK; it’s called a starter home for a reason.
This interview has been edited for length and clarity.