Real Estate Podcast with Broker Nico James-Bock

Should I buy first or sell first?

I get asked this very often.

Before making any changes to your REP, the very first thing you do is to talk to your 3 TRUSTED advisers:

• Realtor - can guide you in terms of pricing, buyer/seller sentiment, market conditions, real estate fundamentals.
• Mortgage Broker AND your bank contact/Financial Adviser if they are the same person. If you have an existing mortgage with CIBC or RBC, then speak with them first as they do not deal with external mortgage brokers. 
• Your lawyer - guiding you from a legal perspective especially if there are more people in your immediate family and/or partners involved.

That being said, let’s get’s started

Welcome to a new episode of The Real estate Podcast with me Nico James-Bock, a Broker with Royal LePage Signature Realty in the GTA.

I am going to put this as succinctly as possible. When you are making changes to your REP (Real Estate Portfolio), after you’ve spoke with your advisers, the way I see it you have 3️⃣ main options:

1. If you HAVE to sell in order to complete a purchase, SELL FIRST, HAVE SHORT-TERM ACCOMMODATION AS A PLAN B, and line up a couple of. storage options, set a 45-75 day closing window, BUY SECOND, closing date set for AFTER your sale closes (can be a week up to 30 days.

Reasons you Have to Sell:

• Job/Family relocation
• Separation/Divorce
• Court Order
• Upsizing / Downsizing
• Mortgage - Power of Sale - The bank takes over
• Health Problems

2. If you WANT to sell to free up capital or to cash in on multiple investments, SELL FIRST, if needed, have short-term accommodation as a plan B, take your time to search if you want to buy, BUY SECOND.=

• Upsizing / Downsizing  - More or Less Space
• Changing housing type (Condo <-> Castle - Freehold)
• Changes to your REP (Real Estate Portfolio)

3. If you DON'T HAVE to sell in order to complete a purchase, BUY FIRST, close on your purchase, SELL SECOND, if and when you want to, and set your desired closing.

Plan of action:

• Seerch available listings
• Make an offer
• Close on the purchase
• When ready, list your home for sale

That’s it for this episode. Leave me a comment or let me know your take on the buy first sell first question.

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In this episode of The Real Estate Podcast with me, Nico James-Bock, a Broker at Royal LePage Signature Realty in downtown Toronto, we delve into the intricacies of 6 Canadian real estate taxes, focusing on the major taxes involved in a typical residential transaction. Whether you're a first-time homebuyer, a tenant looking to jump into home ownership , or a seasoned investor, understanding these taxes is crucial for making informed decisions in the Canadian real estate market, in general, and more specifically, in the GTA.

This is not a comprehensive list nor is it tax advice. For tax matters, always seek professional advice from an accountant/tax specialist/lawyer.

Here are the 6 Taxes

1. Harmonized Sales Tax (HST)
2. Land Transfer Tax (LTT) + 
    Non Resident Speculation Tax (NRST)
3. Property Tax and Assessments
4. Capital Gains Tax + Income Tax
5. Foreign Buyer Taxes
6. Vacant Home Tax +
    Underused Housing Tax

Host: As we wrap up, it's important to remember that taxes are an integral part of the real estate landscape in Canada. By understanding the major taxes involved in a residential transaction, you can make informed decisions and navigate the process with confidence.

Host: That concludes today's episode of "Navigating Canadian Real Estate Taxes." Thank you for tuning in. Be sure to subscribe for future episodes, and if you have any questions or topics you'd like us to cover, feel free to reach out. 

Ciao ciao

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Your 5 Takeaways from the December 2023 Market Stats
Happy New Year! Welcome to the first episode of the New Year. In this episode of the Real Estate Podcast, i'm presenting you with your 5 Takeaways from the recent Dec 2023 Market Stats 

1. (GTA) home sales came in at less than 70,000 due to affordability concerns brought about by higher mortgage rates
2. Relief looks to be on the horizon with borrowing costs expected to trend lower by mid- 2024 (between April 10th - July 24th announcements). We have already witnessed a 30% decline in the 5-year Canada bond yield rate since its peak in early October. This has brought 5-year fixed mortgages down to almost 5% and has already encouraged some Buyers to re engage in the market. 
3. The Toronto Regional Real Estate Board's Macro Market Stats show that buyers who were active in the market benefitted from more choice throughout 2023, which allowed many of them to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs.
4. The average selling price for all home types in 2023 was $1,126,604, Months of inventory across most regions is hovering around 3. MOI - Absorption Rate (obtained by dividing the total number of active listings by the total number of sold listings) can assist sellers to determine the optimal price for a property. The absorption rate is useful information for buyers as well because it indicates the extent to which a seller may be willing to lower their asking price or make other concessions. 
5. We have just welcomed more people to Canada on a per capita basis than we have since 1957. From July 1, 2022, to June 30, 2023 (2022/2023) Canada’s population grew by 1,158,705 people (2.9%) to an estimated 40,097,761 on July 1, 2023. This represents a significant increase from the previous year (1.8% in 2021/2022) and the highest growth rate for any 12-month period since 1957 (3.3%) when Canada welcomed many refugees from the Hungarian revolution and when the post-war baby boom was at its high.Simply put. we do not have enough housing. Lack of inventory and increasing demand as rates stabilize and come down will put upward pressure on pricing. The window of opportunity for buyers in particular is closing.

That’s it for today’s episode. The Macro Stats have been posted to Instagram and to my facebook & LinkedIn business channels. 

Ciao ciao

Just one more thing, When would you like to go over the MICRO stats of your neighbourhood?

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As we end 2023, I’d like to talk to you today about what I like to call the Health First Triangle. Not the Bermuda Triangle which has a whole sort of negative connotations behind it.

A regular triangle has 3 equal sides. Equal in length means equal importance

Side 1: Physical Health

Rest during the day and at night when you are asleep. 

-Try and keep the same hours going to bed at roughly the same time and getting up at roughly the same time. 

- It’s said average adult requires between 7 - 9 hours of sleep a night.

-Add a nap or 2 during the day 10min to help you recoup your energy

Physical Activity

-Staying active means consciously making decisions that will help you

Walk 

Weight-bearing exercises, simply lifting groceries or a full bottle or package of flour if you don’t have free weights

Squats

Stretching

Yoga - which will also help with all 3 sides of the triangle

Proper Nutrition & Hydration - eat and drink in moderation

Side 2: Mental or Emotional Health

-Spending time, quality time with family and friends

Being present in conversations

-Meditation and Reflection (Yoga) - Spend time alone with your thoughts

-Active Reading

-Putting our cellphones away when we are interacting with people. Talk - listen 

We have 2 ears and 1 mouth. Listen more!

Side 3 - Financial Health

-Create a budget

-Maintain savings

-Manage debt: There’s good debt and bad debt

Good debt is a mortgage, you pay it down gradually so you can fully own your real estate

Bad debt is credit cards and short term loans

Seek advice from qualified financial express and mortgage professionals. Ask questions!!

Dr. Sherry Cooper - Dominion Lending Centres
Shaun Hildebrand - President of Urbanation (during the recording I said "vice-president")
Benjamin Tal - Managing Director & Executive Chief Economist at CIBC 

Have a great end to the year 2023 and an even better start to 2024!

Ciao ciao

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The Perfect Storm setup:
The Greater Toronto Area (GTA) showed signs of a buyer's market emerging during September as the economic data and latest communications from the Bank of Canada suggested that interest rates will need to remain elevated for longer than expected. This put upward pressure on bond yields and fixed-term mortgage rates, reducing ownership affordability and causing more homeowners to list their properties for sale.

How to prepare:
You cannot control how the market performs. No one can.
What can we control? 

- [ ] We can fight to keep our property if we’re  in danger of losing it. 
- [ ] We can find a way to reduce expenses and increase income. 
- [ ] Talk to your mortgagee and/or a mortgage broker
- [ ] We can do the next right thing to move forward with your goals and dreams.
- [ ] surround yourself with the people, the professionals and givers who fill your bucket every single day.
- [ ] Build your portfolio now 

No one has a crystal ball, but today is the time to take advantage of incentives. 

Pre-construction: 

So little deposit that you have to put down and the leverage at the end is big.

What you want to do is select a project with the lowest deposit structure, and you want to make sure that the closing date is as far as possible. The money is going to grow so much, you will probably double the deposit by closing.

Pre-construction: I have to put 5% down. Let’s say 10% in the first year. The purchase price doesn’t change over time but the end value does. Each year your money appreciates. The end value will be worth 5-6%/year more. 10% in the first year is 50,000.  This might be worth 2-3 times more than what I put down. That’s the play.

If you want ease, there are rental guarantees out there. It is a speculative investment (forward facing) - you are betting the future is worth more than today. 

Rental guarantee program - you know that you are getting a cheque every month. After 1 -2 years you can take it over.  So you can make more money.  You also have the option of selling the asset.

VS

Resale home today you have to put down a minimum of $120,000 today based on a $500, 000 purchase price.  You have to rent it out immediately to recoup your outlay and in the first year you will probably lose money or break even.

Here are the project mentioned in this podcast:

Note: In Hamilton, you are NOT being charged development charges. That already a savings of $15-$30,000 on closing. 

Arcadia District (Etobicoke)

The 9Hundred Signature Residences (Etobicoke)

Kipling Station Condos (Etobicoke) Kipling Mobility Hub 

Corktown (Hamilton) Go Transit 

Design District (Hamilton) Go Transit 

Q Tower (Toronto) Union Station / Billy Bishop Airport 

Forêt (Toronto - Forest Hill) - only multi plan community in Forest Hill at Bathurst & St Clair- right beside St ClairWest Subway station 

Pickering City Centre (Pickering) Go Transit 

Lot 16 (Common Elements condo) Go townhouse community in St Catherines Go Train / Highway 

Mila 2 (freehold) Scarborough (near University of Toronto Scarborough) 

3 Questions 

1. Do you have a mortgage coming due in the next 12 months?
2. What do you want from the jest 5 years in terms of where you live?
3. Can you or someone you know benefit right now from opportunities that exist in the marketplace?

That’s it for todays episode 

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People the sky is not falling. Times are tougher, yes. But this "sky is falling" narrative makes for good headlines but rarely tells the whole story.

Welcome to another episode of the Real Estate Podcast with me, Nico James-Bock, a Broker and CondoWiz™ at Royal LePage Signature Realty in Toronto.

Looking forward I believe there are a few things we need to remember. We are lucky to live in a place that is one of the most sought after in the world. Over 1 million people came to our country last year and we anticipate another record this year. Everyone needs a home. While there is temporary uncertainty due to today’s rate environment, we know the need for housing has not changed. 

In the months and years to come there will be great opportunity in our real estate market as we benefit from being the fastest growing G7 country in the world. Everyone needs a home and that will result in values rising over time. Let’s be sure we see today’s market for what it is, a market of opportunity. 

The next BOC interest rate announcements:

Wed October 25th

Wed December 6th

Here are you key takeaways:

1. The higher interest rate environment will be here for a while. 2/3 of people own their own home. That is going to continue.  People will find a way onto home ownership.
2. The demand for housing is just going to continue. There is no way we are going to build the homes we need. What does that mean. Prices are going to continue to rise. We’ll be back to double digit home appreciation. Desirable properties that show well and are priced well are seeing bidding wars.  Almost 75% of neighbourhoods however, are in underbidding territory.
3. People are mobile. Particularly young buyers are going to be bouncing around. A network of trusted partners and advisors nationwide. 
4. Opportunities exist for savvy buyers and sellers who are prepared and guided by agents with local expertise and experience. The time to capitalize on these opportunities is now!

That’s it for today’s episode. I hope you are able to take from it those bits of factual information that are relevant to your situation.

I want to mention this podcast is featured in Feedspot Top 25 </

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The GTA resale housing market activity was muted during August due to a seasonal lull in sales during the second half of the summer and as buyers awaited the Bank of Canada’s last interest rate decision on Sept 06th, a rate hold, following its July increase to a 22-year high of 5.0%. This is your recap of the August stats followed by my thoughts and analysis of what is going on in today's residential real estate market. 

If you are planning on entering the real estate market soon or are currently a homeowner, it’s important to follow along with the Bank of Canada’s rate announcements. These rate changes will have a direct impact on the housing market and housing affordability. You’ll be able to manage your expectations of the housing market better and make better decisions when it comes to your home ownership journey and budget.

The next announcements are Oct 25th and Dec 6th. Buyers should be in the market today taking advantage of the current rate hold and looking for those opportunities that exist. Take advantage of First Home Savings Account (FHSA)

September numbers won't be in until the first week in October but I'm seeing a similar pattern play out; softer prices and lower sales volume than seasonal normal. The fall market is the 2nd busiest market.

Affordability will remain a hot topic and controversial issue heading into the fall market. 

On Sept 21st Finance Minister Chrystia Freeland tabled new legislation to implement the promised removal of GST from new rental developments, and to revamp Canada's competition laws, framing the bill as a package that will result in more affordable housing and groceries, eventually.

Key takeaway:

The longer interest rates remain high, the more upward pressure there will be on listings as homeowners face difficulties managing their finances. So far, banks have been very accommodative with borrowers by allowing them to extend out amortizations. However, as more mortgages come up for renewal, more supply and motivated sellers can be expected to arrive on the market. While prices will be supported by demand fundamentals remaining strong due to record high population growth and supply being in a structural deficit, some further downward pressure on prices is possible in the near-term.

That's it for this episode of the Real Estate Podcast with me, Nico James-Bock, a broker with Royal LePage Signature Realty in Downtown Toronto. You can always review the charts posted to my various channels, call me when you feel the need, and/or fire off a quick text or email. 

Ciao Ciao

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Welcome to another episode of the Real Estate Podcast with me, Nico James-Bock. In this episode I recap the recent event that led up to the BoC's rate hold announcement on Sep 06th, including the TRREB August 2023 Market Stats and trends shaping our market. 

Here is my Market Recap for the week ended Sep 09th:  Nico's Quick Facts:

• Affordability in Toronto remains a very controversial issue, exacerbated by misguided government policies + the influx of people pouring into the GTA. 
• Co-ownership has emerged as a way to get into and stay in the market. By co-owning a property (with someone other than their spouse or significant other), homebuyers can not only divide the expense of homeownership among more people, but potentially access larger homes in more desirable locations that they may not have been able to afford on their own.
• The average selling price of all home types was at $1,082,496, remaining around last August's level, up 0.3%.
• Rents continue to go up Average condominium apartment rents continued to well outpace the rate of inflation in the second quarter of 2023. Despite seeing an increase in the number of units listed for rent, competition between renters remained very strong. This competition underpinned higher average rents. The average one-bedroom condo apartment rent was $2,532 in Q2 2023 – up 11.6 per cent compared to Q2 2022. Similarly, the average two-bedroom rent was up by 9.2 per cent over the same period to $3,264. The rent increase guideline in Ontario for 2023 is at that maximum of 2.5 per cent for rent-controlled units. Rent control only applies to units first occupied by anyone, not just the current renter, before Nov. 15, 2018.
• Inventory Levels remain low, not enough to satisfy existing demand, let alone the many hundreds of thousands of newcomers during into the city each year
• Tracking real estate trends is done weekly to be able to provide you with current data. And it has to be done on a micro (neighbourhood) level. The numbers are tremendously helpful. 
• Mortgage rate changes by the Bank of Canada will heavily influence the market, possibly creating opportunities. The Sep 06 rate hold announcement was pivotal and is already having an impact on the market, changing it, moulding it. there was little pressure for the BoC to keep raising rates. My expectation is that this period of "weak economic growth" is set to continue over the rest of this year and into early 2024. Same thing happened: March 8 and April 12th rate holds. Prices trended upwards, buyers were bolstered by the decision and returned to the market. Bank will raise rates if it thinks its necessary to get the inflation rate down to its target 2%
   
   Next: October 25th Interest rate announcement and Monetary Policy Report
   Dec 6th Final interest rate announcement of 2023

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I was recently asked, what I thought of Artificial Intelligence and if I thought it would one day replace the real estate professional.

My answer? AI definitely has a place in real estate

Realtors often us AI to generate or help bolster content

The recent controversy over AI in the film industry got me thinking...Would I enjoy the movie experience as much if the main players or even the peripheral players were generated by AI? The answer is NO.

In this episode of the The Real Estate Podcast with me, Nico James Bock, I reveal my 5 reasons why AI won't replace the Realtor:

1. If you replace the real estate agent with AI, you are removing a fundamental component of the real estate transaction and the person that brings in other professionals to complete that transaction. Therefore you'll have to replace all of the other players - lawyer, home inspector, appraiser, - with AI. Why not just replace the buyer and seller, or tenant with AI? If you replace 1 player with AI, you'll have to replace all of the main players. Would you allow AI to handle an upcoming operation or would you prefer your doctor to perform the operation? Would you have AI handle a separation agreement with property and kids involved? Which leads me to reason #2
2.  Human Touch and Emotional Intelligence:** Real estate transactions often involve emotions and personal preferences that require a human touch. Your  real estate agent can provide empathy, understanding, and tailored advice that AI might struggle to replicate. **Personalized Guidance:** Every transaction, every property, every person involved in a real estate transaction is unique. Realtors provide personalized guidance, emotional intelligence, experience, real intelligence acquired through training, to ensure the transaction is handled with care and expertise. 
3.  Complex Negotiations:** Negotiating deals, especially in real estate, can be highly intricate and context-dependent. Human agents bring years of experience, intuition, and adaptability to the table, allowing them to navigate complex negotiations effectively.
4.  Local Knowledge and Relationships:** Real estate agents have deep local knowledge and established relationships within their communities. This network provides them with insights about evolving neighbourhoods, market trends, and off-market opportunities that AI may not be able to access accurately.
5.  Condition of a property:** AI won't know what condition your property is in nor will it know if you've done any upgrades or made any major changes. The value of a property is based on 7 factors. AI can't analyze and interpret those factors to arrive at a market value.

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In this episode of The Real Estate Podcast, I provide you with 5 take-aways from the recently released July 2023 TRREB Market Stats.

5 Take-aways:

1. Real Estate is a long-term investment. Hang on!
2. Housing Inventory Fluctuates but we are in a severe need of more housing stock
3. Slight decrease in Buyer Activity 
4. Misalignment in Public Policy as it relates to housing
5. Double Digit Rent Growth in the 2nd Quarter

•We have no control over interest rates. 

•As these higher interest rates continue to work their way through the economy, the Bank expects economic growth to slow, averaging around 1% through the second half of this year and the first half of next year.

•The next scheduled date for announcing the overnight rate target is September 6, 2023. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the Monetary Policy Report on October 25, 2023.

•I mentioned in last month’s overview the fact that we can’t and shouldn’t ignore the impact new immigrants coming into Canada. With Canada’s population growing at a record pace, the medium-term outlook for the GTA housing market remains for the most part, positive. In the short-term, some further caution on the part of buyers can be expected as rates edge up or hover around current levels, although as we move into the 2nd half of 2023 and towards the first quarter of 2024, increased demand for housing coupled with low supply levels should limit any further softening in prices, and in fact we should see a return to an accelerated rate of price appreciation. 

Ciao ciao

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In today's episode of The Real Estate Podcast, I talk about the 3 key indicators everyone should know about if they are going to understand what's happening in the residential market right now:

3 Key Indicators:

1. Supply Indicators
2. Demand Indicators
3. Price Indicators

Nico's Final Comments:

•The fact that GTA housing prices returned to positive year-over-year growth in June should provide a signal to the market that the correction everyone is talking about is likely over. This should bolster confidence in both buyers and sellers. 

•What about interest rates? Well, any further interest rate increases by the BoC are expected to be marginal at this point. Rate holds and possible small rate increases are predicted for the next 2 quarters. While the economy is running a bit stronger than anticipated by the Bank of Canada, inflation is clearly slowing, decelerating from 4.4% in April to a two-year low of 3.4% in May. We’ll see further deceleration once we have final figures for June and July.

•As interest rates have risen 325 basis points over the past year (to June) and a total of 450 basis points since the low during COVID, rates are still at a restrictive level for the economy, which should cause inflation to fall into the Bank of Canada target range of under 3%. This should eventually lead to decreases in interest rates, first for fixed-rate mortgages in the final quarter, and then variable rate mortgages likely sometime in early to mid-2024. 

•We can’t and shouldn’t ignore the impact new immigrants coming into Canada. With Canada’s population growing at a record pace, the medium-term outlook for the GTA housing market remains for the most part, positive. In the short-term, some further caution on the part of buyers can be expected as rates edge up (benefiting the rental market), although low supply levels should limit any potential softening in prices. 

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Welcome to a special episode of The Real Estate Podcast! I'd like to formally introduce you to CondoWiz™ for iOS 📲 A multi-residential building and project search engine on steroids (Android version coming soon). This podcast is about why I created this game changing tool in the multi-residential building and project market, its benefits, and the process of getting my database to the App Store.

In today's fast-paced real estate industry, having access to accurate and up-to-date information is crucial. A comprehensive condo and project database app can be a game-changer for real estate professionals, property managers, and consumers offering numerous benefits that streamline workflows, enhance decision-making, and improve overall efficiency.

CondoWiz™was created in collaboration with Bunch Consulting, a tech company based in Ukraine. 

The top 3 advantages of using the CondoWiz™ app

1. Simplified Data Management:

One of the primary benefits of a comprehensive condo and project database app is its ability to simplify data management. Condominiums, purpose-built rental buildings, and co-ops all  have a unique personality and history. They represent communities and lifestyle.  Traditionally, real estate professionals and consumers alike  would spend significant amounts of time gathering and organizing data from various sources, making the process cumbersome, time consuming and prone to errors. However, with a dedicated app, users can access a centralized database that consolidates relevant information such as the location of various condos, co-ops, purpose-built rental buildings, hard lofts, townhouses, projects under construction, builders (Tridel, CentreCourt, Monarch Homes, Greybrook and more), architects (Graziani + Corazza Architects, IBI Group, Hariri Pontarini Architects and more), amenities, and more. This consolidation saves time and effort, allowing professionals and consumers to focus on analyzing important information and data rather than searching for it.

2. Enhanced Decision-Making:

In a jam-packed multi-residential real estate market, making informed decisions quickly can give users a significant edge. A comprehensive condo and project database app empowers those users with valuable insights and analytics, enabling them to make more informed decisions. By leveraging real-time, constantly update data, users can quickly locate relevant projects, evaluate investment opportunities, and pinpoint places of interest (building with direct access to the subway for example). Additionally, the CondoWiz™ app provides visualization tools like integration with maps allowing users to visualize the location of buildings and projects. 

3. Improved Efficiency and Productivity:

Efficiency and productivity are crucial factors in this fast-paced, always evolving real estate industry. A comprehensive condo and project database app can significantly improve both. By providing a user-friendly interface and advanced, specialized search capabilities, the CondoWiz™ app allow users to quickly filter and find relevant projects based on specific criteria such as location, builder name, condo corporation number, building type (condo, purpose-built rental, low-mid-high-rise, boutique building, townhouse), building style (hard loft, soft loft, apartment) and more. 

In conclusion, a comprehensive condo and project database app offers users a major advantage by providing a centralized platform with accurate and up-to-date information. CondoWiz™ enables users to quickly access loads of valuable information, make informed decisions, and streamline the selection process. Users can

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My special guest on today's episode of the Real Estate Podcast with Nico James-Bock is award-winning mortgage broker Sean Humphries from Dominion Lending Centres. Wer discuss the new rate announcement and what it means for consumers.

The Bank of Canada has raised its policy interest rate again, making the cost of borrowing more expensive.

The 25 basis points hike brings the Bank’s overnight rate to 5 per cent, the highest it’s been since 2001.

In its Monetary Policy Report, the Bank of Canada says the rate increase was necessary to help slow economic growth and reduce core inflation. Three-month rates of core inflation have been higher than the Bank’s expectation hovering around 3.5 per cent to 4 per cent since September 2022.

Sean;s Takeaways:

• The Bank's interest rate hike will likely cool the market going forward
• Hardest hit will be the seasonal cottage market
• Many sellers and buyers expect there to be a reduction in price, but price is often very sticky in these situations
• I expect that many people with a rate hold will actively be looking to use it before it expires
• Buyers will return to the market when we get more economic data that shows that the economy is cooling
• Immigration continues to fuel both the job market and the housing market
• If we didn't have the immigration numbers that we have, the market would have cooled a lot faster
• Demand continues to outstrip supply
•  No amount of interest rate hikes will take all of the wind out of the sails of the housing market.  
• Fixed interest rates have increased substantially, and there is room for them to fall well before the Bank of Canada decides to reduce the policy rate.

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Welcome to a new episode of the Real Estate Podcast with me, Nico James-Bock, a Broker with Royal LePage Signature Realty in Downtown Toronto.  Today is another big day in Real Estate as there are 2 events taking place today that will help determine the balance of the year and beyond.

July 12th Events
1. BoC Rate Announcement
2. Swearing-in of a new mayor of Toronto: Olivia Chow

Seven Factors Driving Today's Real Estate Market

1. Cost of Ownership
2. Job Security
3. Population Growth
4. Supply
5. Regulatory Changes
6. Global Factors
7. Replacement Cost vs Market Value

Prices are still trending upwards. We will continue to see the inflation dance as the powers that be try and wrestle it downwards. There isn’t anything we can do regarding interest rates and some of the other factors affecting value. We live our lives and make decisions that are best for us now and adjust those decisions as circumstances change. If you don’t have to move, stay put. First-time buyers, upsizers, downsizers, and most renters can and should take advantage of opportunities in the resale,  assignment and pre-construction markets now! 

As for existing homeowners and investors, patience continues to be profitable, and will likely do so for many years to come.

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
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Canada's inflation rate reversed its brief cooling trend last month and moved higher, to a 4.4 per cent annual rate.

Economists had been expecting new data released by Statistics Canada to show the cost of living had eased from March's 4.3 per cent pace to something around 4/4.1 per cent. 

Instead, it moved higher again, as the cost of things like gasoline, rent and mortgages increased during the month.

This increase in the inflation rate will not come as welcome news to the BoC, which has been raising its interest rate aggressively since March 2022 wrestle down the inflation rate to a more palatable 2 or 3 percent.

Welcome to another episode of The Real Estate Podcast with me, Nico James-Bock, a Broker with Royal LePage Signature Realty in Downtown Toronto. Pay close attention to my 10 takeaways.

In summary, based on the information we have, combined with the historical data we study, the adage, “When’s the best time to buy real estate...yesterday”, still rings true. This is no blip. We will continue to see this inflation dance as the powers that be try and wrestle it downwards. From my personal and professional experience, the sooner you enter the market with a long-term view, the better your results. First-time Buyers and most Renters*: Get off the fence! Take advantage of opportunities in the assignment and pre-construction markets now! 

As for existing homeowners and investors, patience continues to be profitable, and will likely do so for many years to come.

Caio ciao

Helping you increase wealth through #realestate
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https://www.linkedin.com/in/nicojamesbock/
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Welcome to the latest episode of The Real Estate Podcast with Nico James-Bock. I received an official-looking letter from "Mackenzie Investments", a company of which I am aware but I have never transacted any business with this company. Upon checking various elements of the letter, I determined that it was a scam. Scammers used a photocopy of the MacKenzie Investments letterhead and created a rather lengthy 4-page letter warning of a data breach. 

Here are my 6 tips to avoid getting hooked by such a bold attempt at phishing:

1. Verify links before you click them. ...
 2. Avoid sending sensitive information over email or texts.
 3. Back up information so that you have another copy.
 4. Apply software updates and patches.
 5. Filter spam emails (unsolicited junk emails sent in bulk)
 6.Clear your physical mailbox (or have someone clear it) and forward mail if away from home for more than 3 weeks.

Protect yourself, your identity and your data. You can also check out an earlier episode of this podcast in which I talk about mortgage fraud and ways to avoid identity theft.

Ciao

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
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It has been just over a year since the BoC started hiking interest rates. While the economy has remained very resilient, the housing market has undergone significant changes. There is a rapidly growing housing shortage. As population growth remains strong and immigration targets rise, new home construction cannot keep up with the demand, putting pressure on prices. Demand for rental properties is also surging, and rents have risen sharply for new tenants. In this episode of The Real Estate Podcast with me, Nico James-Bock, a Broker with Royal LePage Signature Realty in Downtown Toronto, here are the 5 things YOU need to know about today's GTA residential real estate market:

1. The GTA Is In A Sellers Market
2. Prices are trending upwards...at a more moderate pace
3. Inflation is trending downwards
4. Low Inventory Attracting Many Buyers...if the conditions are right
5. Immigration Levels are way up

A seller's market is a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller. The main shift we’re seeing as a result of the many interest rate hikes beginning in March of 2022, is that sellers are not yet in a position to dictate price, like they were during the pre-pandemic years and briefly at the beginning of 2022 (Nov 2021- Feb 2022).

The Toronto Regional Real Estate Board reported 7,531 sales in April 2023, down by 5.2 per cent compared to April 2022. In comparison to March 2023, sales increased on an actual and seasonally adjusted basis. New listings were down by 38.3 per cent on a year-over-year basis. The average selling price in the GTA was $1,153,269 in April, down 7.8 per cent compared to $1,250,704 in April 2022. 

The average selling price also increased compared to this past March. TRREB Chief Market Analyst Jason Mercer has stated that demand for housing has picked up relative to supply, therefore, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings.   

With the renewed demand for resale homes, buyers have now begun to take a closer look at the option of purchasing new construction, residential low rise and high rise developments.  New construction has been a great way for buyers to get into the market as the deposit structures are spread out over the construction life cycle of the development.  

That's it for today's episode. As always you can reach out to me through any of my channels.


Ciao :-)

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
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Kipling Station Condos had it's official launched on May 8 2023 at 11:00am. I attended the exclusive Agent Only All Access Launch Event at Massey Hall. In this episode of The Real Estate Podcast with Nico, I provide an overview of this amazing new condo project by CentreCourt in the new Downtown Etobicoke.

CondoWiz Project Highlights
Community: Islington-City Centre West
Type: Low-Mid-High-Rise
Style: Apartment
Condo Corp: 0000
Floors: 50
Units: 552
Builder(s): CentreCourt
Architect(s):  B+H Architects
Interior Designer(s): Figure3
Date Completed: November 2027 (Estimated)

There is a unique deposit structure and several limited time only incentives. This is your opportunity to get in on the ground floor of this development in Downtown Etobicoke. Close to transit (Kipling Mobility Hub - TTC Go Train-Subway-Bus, Mi-Way Bus, TTC shuttle bus to Pearson Airport), stores (Cloverdale Mall, Six Points Plaza, Farm Boy), parks (Silverhill Park, Cloverdale Park, East Mall Park, Fairfield Park, Nick Park, Michael Power Park, Echo Valley park), schools (Kingsley Primary School, Bloorlea Middle School, Wedgewood Junior Public School, Burnhamthorpe Collegiate Institute)

That's it for this episode. For more information on this or any project in the GTA, reach out to me through any of my channels:

Facebook: https://www.facebook.com/RealEstateWithNico/
Instagram:  https://www.instagram.com/nico_realestate/
Instagram: https://www.instagram.com/thecondowiz_gta/
Twitter: https://twitter.com/Nico_RealEstate
Email: Info@RealEstateWithNico.com
Website: www.RealEstateWithNico.com

Ciao ciao

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
https://www.instagram.com/nico_realestate/
https://twitter.com/Nico_RealEstate

In this episode of the Real Estate Podcast with Nico James-Bock,  seven condo and 3 castle (freehold) pre-construction projects will be presented:

The CondoWiz™Top 10 Pre-Construction GTA Projects: 

1. AKRA Living -  Curated Properties - Yonge St & Eglinton Avenue East 
2. Kipling Station Condos - CentreCourt - Dundas St W & Aukland Rd (just west of Kipling Avenue) at the Kipling Mobility Hub
3. Lansing Square  - Almadev - Sheppard & Hwy 404
4. Raglan House - CamrostFelcorp - Bathurst & St Clair Ave West
5. Union City - Metropia - Unionville next to the Go Train Station
6. Porta - M(M Developments - Downtown Belleville
7. Northshore - National Developments - 490 Plains Rd E in Burlington
8. Lot 16  (Freehold) - Sphere Developments - 16 Melbourne Ave in St Catherines
9. Mila II (Freehold) - Madison Group - 1555 Midland Ave* Scarborough (*Midland Ave & Lawrence Ave E)
10. Midhurst Valley (Freehold) - Sundance Homes - Springhurst, North of Barrie

That's it for today's episode. I'm Nico James-Bock, a broker with Royal LePage Signature Realty in Downtown Toronto and founder of The CondoWiz™Group.  As always you can reach out to me through my various channels:

www.RealEstateWithNico.com
https://www.instagram.com/thecondowiz_gta/
https://www.instagram.com/nico_realestate/
https://www.linkedin.com/in/nicojamesbock/
https://www.facebook.com/RealEstateWithNico
nbock@royallepage.ca
Office: (416) 203-0355

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
https://www.instagram.com/nico_realestate/
https://twitter.com/Nico_RealEstate

Welcome to a new episode of The Real Estate Podcast with me, Nico James-Bock, a Broker at Royal LePage Signature Realty in Downtown Toronto.  

As we moved through the first quarter Realtors were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics support this with the average sale price above the average list price for the first time since May 2022.  It has been suggested that demand for home ownership will continue to recover this year as high average rents move more closely in line with the cost of ownership.

There were 6896 sales reported in March 2023, down 36.5 per cent compared to March 2022. On a month-over-month basis, actual and seasonally adjusted sales were up. New listings were also down on a year-over-year basis but by a much greater annual rate. This points to tighter market conditions compared to last year, at the end of March TRREB currently reported only a month and a half of inventory of available homes of all types.  

The average selling price was down by 14.6 per cent year-over-year to $1,108,606. The average selling price was up month over-month on an actual and seasonally adjusted basis.

TRREB's Chief Market Analyst, Jason Mercer, reported that with greater uncertainty in financial markets, medium-term bond yields have begun to trend lower. This has and will continue to result in lower fixed rate borrowing costs this year.  Along with record setting immigration, first-time buying intentions will continue to remain strong.

Takeaways

1.Home prices are trending upwards

2.We are expecting another BoC rate hold in the next announcement, Apr 12th

3.Fixed interest rates are directly affected by the Bond Yield

4.Variable Rates are affected by the BoC’s interest rate moves

5.Budget 2023 introduced Urban, Rural, and Northern Indigenous Housing Strategy and The Housing Accelerator Fund

6.an intention to reallocate National Housing Co-Investment Fund dollars from the repair stream to the new construction stream, as needed. 

7.enable financial institutions to offer the previously announced Tax-Free First Home Savings Account, starting April 1, 2023.

8.Bill 23 More Homes Built Faster Act – to see that more homes are built in a timely fashion and offer protection to consumers against unethical developers.

That's it for today's episode. I'm Nico James-Bock, a broker with Royal LePage Signature Realty in Downtown Toronto and founder of The CondoWiz™Group.  As always you can reach out to me through my various channels.

Ciao Ciao

Video Version: https://youtu.be/iBcuB26gT7c

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
https://www.instagram.com/nico_realestate/
https://twitter.com/Nico_RealEstate