condowiz

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

Helping you increase wealth through #realestate
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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

Helping you increase wealth through #realestate
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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/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
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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
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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/
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We are only a few weeks away from the end of the first quarter of the new year!

I have an interesting update on the housing market as home prices have dropped over last year's record peak in February 2022. The drop in prices is assisting in mitigating the cost of higher mortgage rates and borrowing costs.   The average sale price in February was approximately $1,095,617, down 18% compared to February 2022 but it's up almost 5% compared to the same time in 2021.  The housing correction that started in March 2022 continues. But we are seeing signs of a return to normal housing appreciation.

Months of inventory levels dropped slightly and are now hovering around two months.  This inventory represents all home types, should the Toronto Regional Real Estate Board not add another listing, the GTA would be sold out of its residential real estate inventory in just two months.  

There has been an increased demand for real estate that is beginning to run up against a constrained supply of listings which is leading to increased competition among buyers. We feel this will eventually lead to renewed price growth in many areas of the market.  

The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening. No increase in the rate this time around. 

The residential new construction market has also begun to pick up with the Bank of Canada making their intentions clear to hold interest rates at their current levels, more buyers and investors are engaging in this area of the market.  With a limited inventory of available resale homes, first-time buyers, up-sizers and down-sizers have taken a keen interest in new construction opportunities.  

The charts and graphs are attached to the blog post. You can always view them and reach me through my various channels: 

Ciao ciao 

Helping you increase wealth through #realestate
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https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
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As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

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

The YouTube version is available by clicking HERE

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 percent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. The MLS® Home Price Index (HPI) Composite Benchmark was in line with the December result, but down by 14.2 percent compared to January 2022.

The 5-year trend line shows prices are stabilizing again during the month of January. Bidding wars are making a comeback but only in certain circumstances and micro-markets.

Here are your Take-aways:
1. When comparing January 2023 to January 2022, with the impact of higher borrowing costs over the last year, prices and volumes are down considerably. Not news. Just a fact. The only people affected by this fact are those that bought and/or sold in Jan 2022 & again in Jan 2023.

2. The longer you hold onto real estate, the greater the appreciation. Real estate is a long-term investment. 

3. The BoC rate announcement is on March 8, 2023. The options are another small interest rate hike or no hike at all.

4. Residential real estate values are in a holding pattern in most sub-markets with slight appreciation owing to time, aggressive pricing, proper presentation

5. Demand for housing continues to remain strong as active listings continue to be well below seasonal levels.  There are currently fewer than 10,000 homes of all types available across the GTA, leaving the region with only three months of inventory.  If the Toronto Regional Real Estate Board did not register another listing we would be sold out of product in just three months.  Three months is still considered a seller's market and even with the headlines reporting a slower market, homes continue to sell quickly and in some cases with multiple bids.

That's it for today's episode. As always you can reach out to me through my various social channels:

Instagram https://www.instagram.com/nico_realestate/
Twitter https://twitter.com/Nico_RealEstate
Facebook Business Page https://www.facebook.com/RealEstateWithNico
Website:  nico.royallepage.ca / RealEstatewithNico.com
Email: Info@RealEstateWithNico.com

#HelpingYouAchieveWealth through #RealEstate

Ciao ciao

Helping you increase wealth through #realestate
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The February stats are here! In this episode I present an overview of the February 2022 stats as they pertain to the freehold segment of the market. Plus the top 5 CondoWiz™️ project pics for March.

Helping you increase wealth through #realestate
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