realestatewithnico

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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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.

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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

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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

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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 :-)

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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/
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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

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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 

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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

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

The City of Toronto's Vacant Home Tax came into effect on Jan 01 2023.  All Toronto residential property owners must submit a declaration of their property’s 2022 occupancy status by February 2nd 2023. 

Keep in mind that a property is considered vacant by the City of Toronto if it was NOT used as the principal residence by the owner(s) or any permitted occupant(s), or was unoccupied for a total of six months or more during the previous calendar year. 

This podcast recording is available on YouTube:
https://youtu.be/BPUwyjqDlBU

#vacanthometax
#cityoftoronto
#torontorealestate

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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/

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