Wow! The last 52 days saw more changes than in the previous 24 months! October marked a turning point for the GTA housing market as sales increased at their fastest pace since COVID, when interest rates were at record lows.

Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Royal LePage Signature Realty in Downtown Toronto.

While sales volumes remained below average last month, it won't be long before the market returns to a normal level of activity.

With inflation back below or around the target 2%, more rate cuts on the horizon, and more relaxed mortgage insurance rules coming into effect on Dec 15th (including an increase in maximum amortizations from 25-to 30-years and an increase in the price cap from $1.0 to $1.5M), the momentum seen in October is expected to continue.

The next several months may see a 'pop' in activity as buyers waiting on the sidelines over the last couple years jump back in.

Those waiting for further interest rate cuts should consider that the increase in demand underway will likely result in significantly higher prices in the coming months, thereby eliminating the benefit of any further rate decreases.

Following the results of the recent U.S. election, five-year Canada bond yields have risen off their October lows as financial markets expect tax cuts and new tariffs imposed south of the border will most likely lead to higher inflation.

As such, fixed rate mortgages (currently at about 4%) may already be at or near their bottom, while variable rate mortgages (currently just above 5%) are not projected to fall much below the 4% level according to the latest bank forecasts.

So ask yourself, when do YOU want to buy? Now when there is a lot of inventory (ie choice), reasonable prices, many incentives, and fewer buyers competing or in the spring/summer when inventory levels will be much lower, incentives will all but have disappeared, and pricing is higher?

Ciao Ciao 😊

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Royal LePage Signature Realty in Downtown Toronto. In today's episode my special guest, Zachary Soccio-Marandola, a Toronto-based lawyer, explains the difference between a lease assignment and a sublet, as well as the rights of the landlord and tenant.

Assigning means that a new tenant takes over your tenancy. The amount of rent and the terms of the rental agreement stay the same. If you assign your tenancy, you do not have the right to move back in. And you are not responsible if the new tenant causes damage or owes rent.

“Sublet" means that another person moves into your apartment but you move back in at a later date. If you are subletting, you are still responsible for making sure the rent gets paid or for compensating the landlord for any damage done to your apartment in your absence.

Law Office of Zachary Soccio-Marandola
1 Dundas St W, Suite 2500
Toronto ON M5G 1Z3
(647) 797-6881
zachary@socciomarandola.com

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

There is specific criteria to be considered when applying for Federal and/or Provincial programs, rebates, mortgages. In this episode of Building Wealth Through Real Estate...Brick by Brick, I outline the different categories and qualifying criteria if you want to purchase property in Canada and specifically in Ontario as a First Time Home Buyer.

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

September went by in a flash and we are about a week away from Thanksgiving, fall will be over before we know it! The GTA housing market began to improve this past September with home sales up 8.5% over the same month last year. Buyers are starting to take advantage of more affordable market conditions brought about by interest rate cuts (3 so far) and lower home prices.

Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Royal LePage Signature Realty in Downtown Toronto.

The number of available homes for sale of all types increased by over 35% to 25,612, continuing the Buyers Market trend of over 5 months of available inventory. The average selling price, $1,107,291 was down by only 1% compared to September 2023's average of $1,118,215. On a seasonally adjusted basis, the average selling price edged up slightly compared to August.

The Toronto Regional Real Estate Board's Chief Market Analyst, Jason Mercer, stated that there continues to be a better-supplied market allowing for increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments that are popular with first time buyers.

What's Next?

BoC Interest Rate Announcements

• October 23 which happens to be my 🎂
• December 11

New Mortgage Rules December 15

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

Another major shift in the real estate market in September as a result of these 7 announcements/changes. In this episode of Brick by Brick: Building Wealth Through Real Estate with me, Nico James-Bock, a Broker and CondoWiz at Royal LePage Signature Realty, I outline the 7 announcements/changes and provide my insight in what they mean for you:

1. BoC makes it’s 3rd interest rate cut, bringing the overnight lending rate to 4.25% and indicated further rate cuts in future announcements.

2. National Inflation Rates Drops to 2% - Meets the BoC's Target Rate

3. No new stress test when renewing your mortgage

4. Ottawa (CMHC) announced raising the price cap for insured mortgages to $1.5-million, up from $1-million.

5. Ottawa announces 30-Year Mortgages for certain people under certain conditions

6. Unemployment on the rise, again. Nearing 7%

7. US Federal Interest Rate Cut - First cut since 2020

The federal government’s decision to bump up the amortization period and mortgage insurance cap is a double-edged sword. There’s a cost to a longer repayment horizon.

The main caveat here is that the longer a mortgage time frame, the more will be paid in interest over that period.

The impact of the new policy will largely depend on each consumer's circumstances and needs. Now, if the goal is to get the house you want, it can be seen as positive positive, but if your goal is to pay the least amount of interest, then it’s not.

The BoC is keeping an eye on unemployment and will continue its aggressive interest rate reduction in the coming months.

Nothing we’ve seen so far will help ease the housing crisis. Wow need to see more in terms of federal, provincial and municipal governments to help lower barriers to building more homes, make the time frame from start to finish shorter so developers can provide finished homes to consumers faster, lower capital gains so investors can release investment properties sooner.

Webinar: The Great Market Shift with Gareth Cahill from Dominion Lending Centres

When: October 9th 7:00pm

RSVP Here: https://event.webinarjam.com/register/1/pgk00ux

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

Welcome to another episode of Brick by Brick; Building Wealth Through Real Estate.

In this episode I discuss the recent Bank of Canada announcement which called for a third interest rate reduction and I summarize what the leading economists predict when it comes to further rate cuts by the end of 2025. This is done while keeping the 7 factors that drive real estate values at the forefront of the conversation. also analyze the current state of the real estate market, attributing the slow buyers' market to high inventory and a weak Canadian labor force, and predicted an improvement with more rate cuts and job security. Lastly, I share insights on the Ontario economy, stating it is not heading towards a recession, and advised people to get into a mortgage now rather than later due to expected rate cuts and price increases.

My data is taken from daily analisys of TRREB's market stats, insights from our stats guru Chris Slightham, Broker of Record at Royal LePage Signature Realty, and these esteemed individuals that round out the trifecta:

Dr. Sherry Cooper - Dominion Lending Centres
https://sherrycooper.com/

Shaun Hildebrand - Urbanation
https://www.urbanation.ca/about

Also leading the way and providing timely information regarding the provincial regulations from the Ontario Real Estate Association is Tim Hudak, president of OREA
https://ca.linkedin.com/in/timhudak

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

In today's episode of Building Wealth Brick by Brick I'm unpacking the BoC's July 24th rate announcement. Helping me is none other than award-winning mortgage expert Sean Humphries of Dominion Lending Centres.

Key Points:

• July 05 marks the first rate cut in 4 years
• July 24 represents the 2nd cut in as many months - Brings overnight lending rate down to 4.5%
• June market stats - Available Listings Up 67%
• Average Sales Price Down slightly by 1.6% Year Over Year
• Prices Stablizing
• MOI - Months of Inventory Hovering Around 4% - Lots of Inventory
• Fewer Buyers = Low Demand
• 2 Rate Cuts Bring Another Shift
• Inflation Down to 2.7% - Closer to the BoC target rate
• Next Rate Announcement Sept 4th - Another Cut???

We are heading in the right direction!

Exclusive invitation -RSVP 👉🏼 Navigating Shifts - In-person Seminar July 31 2024 7pm in Etobicoke (Kipling/Dundas). Refreshments served and all attendees will receive an e-gift card after the event. You don't want to miss this.

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

Investing in Preconstruction in this economy is one of the best ways you can enter the market and build wealth. In this episode I talk about the differences between re-sale and pre-construction and the benefits of investing in pre-construction in ANY economy. My name is Nico James-Bock and I'm a Broker and CondoWiz™ with Royal LePage Signature Realty in Downtown Toronto.

Some Benefits of Preconstruction Investing

1. Potential for Appreciatio

2. Customization

3. Extended Payment Structure

4. Newer and Modern Amenities

5. New Home Builder Warranties

6. Fixed Price

7. Hedge Against Inflation

8. Build Generational Wealth

9. No mortgage to assume immediately

10. Plan for retirement

The Main Differences Between Preconstruction and Re-sale

1. Purchase Timing

2. Pricing and Market Value

3. Customization and Upgrades

4. Risk and Certainty

5. Paperwork & 10-Day Cooling Period


These factors should be carefully considered by potential investors to align their investment strategy with their financial goals and risk tolerance.

Ciao ciao

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock