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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?

Helping you increase wealth through #realestate
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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 </

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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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

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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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Welcome to another episode of The Real Estate Podcast with me, Broker Nico James-Bock with Royal LePage Signature in Downtown Toronto. This is the first episode of 2023, a new year and new season. This first episode is also unique in that there is a Zoom recording of the podcast posted to my YouTube Channel, with charts and stats for you to view:

Podcast Season 1 Episode 1 YouTube

The Toronto Regional Real Estate Board released its final numbers for the year this week and there is a lot of interesting information. Following a very strong start to the year, home sales trended lower starting in the spring and continued throughout the balance of 2022 as aggressive Bank of Canada interest rate hikes hampered housing affordability, putting downward pressure on prices to mitigate the impact of the higher mortgage rates.

There were 75,140 sales reported through TRREB's MLS System in 2022 down 38.2% compared to the 2021 record of 121,639.  The average selling price for 2022 was $1,189,850 up 8.6% compared to $1,095,333 in 2021. This price growth was due to a strong start to the year.  

As we compare December 2022 with December of last year the adjustments in our market have become more evident.  Sales volume is down just over 48% with active listings up 169%.  With sales down and the supply of available homes up, downward pressure on pricing has begun to set in.  Prices are down 9.2% this past December compared to December 2021.

With the jump in the supply of all available home types the Months of Inventory number still remains in the seller’s market territory.  The supply of available homes for sale is still considered low which is assisting in the easing of prices; hence we are not seeing substantial price declines.  

Condominium pricing remains flat even with the volume of sales down over 50%.  Condominiums still remain an affordable way to enter the residential real estate market, with borrowing rates on the rise and the average price of freehold properties slowly moderating, condos remain in demand amongst first-time buyers and investors. 

New Home Construction wrapped up the year with fewer products entering the market and with a lower volume of sales.  Investors continued to sit on the sidelines and are waiting for borrowing costs to show some consistency before jumping into the market.  Construction costs still remain expensive and with the cost of borrowing going up, developers are unable to make any substantial adjustments to their pricing models.  However, developers have come up with some interesting promotions to attract purchasers, from cash back on closing to rental guarantees, developers are finding ways to sell units and keep buyers interested.  

That’s all for today’s podcast. Thanks for your attention. It is very much appreciated. If you want some clarity on the residential and/or commercial/industrial micro markets, or  If you have any interest in the pre-construction buying process,  don’t forget to follow and/or DM me on LinkedIn, Instagram, Twitter, and my Facebook Business Page. I post real-time stats on these channels that you don't want to miss. 

Instagram & Twitter: nico_realestate 

Facebook & LinkedIn: RealEstateWithNico

Email: NBock@RoyalLePage.ca

Website:  https://nico.royallepage.ca/

Helping you increase wealth through #realestate
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Every increase in the BoC's (ie: Bank of Canada’s) benchmark rate should bring sunshine into the life of the aspiring first-time home buyer.

Not so much for some existing home owners. This group is getting snowed under by rising mortgage costs. But if you have hopes of some day owning your own property, then the current rising rate trend is your best friend.

Here's why: The direct benefit of rising rates is higher returns on risk-free savings and investments that can help you reach financial goals like building a home down payment and/or an investment portfolio. Indirectly, rising rates have the effect of depressing house prices. What a huge switch from just  1 year ago, when interest rates on regular savings earned you next to nothing and house prices surged by double-digit amounts month-over-month.

My website https://nico.royallepage.ca/

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 another episode of the Real Estate Podcast with me, Nico James-Bock, a broker at Royal LePage Signature Realty in downtown Toronto. In today’s episode, I’ll provide a recap of the recently released TRREB June Market Stats, and talk about the next wave of interest rate hike announcements. 

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,  I’m going to give you a brief update on what is happening in today's residential real estate market, the effect of rising interest rates, as well as a summer market outlook.

Helping you increase wealth through #realestate
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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 me, Broker Nico James-Bock, I’m going to explain how we transitioned from a Seller’s Market to a more Balanced Market. I’ll also talk about the possibility of entering a Buyer’s Market and what that means as we head into summer 2022.

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
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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 Broker Nico James Bock, I will provide you with a brief update on what is happening in today's residential real estate market.  There have been many headlines  recently that speak of a shift or change in the real estate market.  

To fully understand this so-called “shift”, I’ll walk you through the first quarter results Jan - March 2022, then provide you with a detailed summary of April’s Macro Market Stats.

Helping you increase wealth through #realestate
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In this Podcast I’ll provide a summary of the March 2022 Stats and touch upon the 3 Factors Shaping the Real Estate Landscape:

1. Interest Rates
2. Immigration Policy
3. Taxation Policies 

Helping you increase wealth through #realestate
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We couldn't be more excited about this week's guest. Austin Yeh is the Co-Founder of one North America's Largest Growing Real estate Investment communities the RISE Network (Real Investors Serving Everyone). On top of that Austin has an extensive real estate portfolio holding 24 properties all before the age of 26. Austin breaks down how he turned 24k into 24 properties and how he was able to build such a successful investing community. 

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