Broadview Table Talks: Toronto Real Estate Podcast

The number of home sales in December is down by -48.2% year-over-year, new listings coming to the market are at an all time low of -21.3%, and the average selling price is down by -9.2% overall.

OFSI is contemplating new lending rules, and they have not touched the stress test. Inflation is running wild. Interest rates are high. Unemployment is low now, but what happens if we have a hard landing?

The Bank of Canada overnight lending rate is now 4.5%, with a +0.25% rate increase. How will this impact the housing market?

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British Columbia is the first Canadian province to require a three-day cooling period for buyers. This means that after a purchaser has signed an agreement buy a home, they can back out of a residential resale deal within 3 business days.

What does this mean for the industry? Do you think this is fair for sellers? Will it affect housing affordability?

Here’s the official FAQ for the new legislation:

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Toronto recently proposed legislation that will allow (licensed) rooming houses and come in to effect as soon as March 2024. They would all have to undergo annual inspections by staff from Toronto Fire Services and Municipal Licensing and Standards to ensure safety.

What are the impacts of this, and could this make a difference for housing affordability?

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Most people that think they have lost their chance to build wealth in real estate, but there is still opportunity to win in this market. You just have to get a little creative.

Does it have to be one house, one family anymore? Will sellers buy down mortgage rates? Developers putting in second dwelling units? How about seniors with lots of equity in their homes? Tenants in non-rent controlled buildings?

There are so many possibilities given our current landscape. It's no wonder why Glenn calls it a crisis and an opportunity at the same time.

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I got invited to speak on a round table on CBC The National, our national public broadcasting station. It was such an honour to be there representing the landlord’s perspective.

It’s such a polarizing issue, they had to cut it down to 11 minutes but we could have gone on for hours. We did actually, off camera.

So here we are, discussing the very same topic with the team. It’s an honest conversation from both sides of the spectrum, as we have renters, owners, landlords, and combinations of the mix at this table. We are becoming a renter nation, and a handful of landlords are having to bear the rising cost of housing. Tenants on the other hand, find that landlords are taking advantage of their situations, gouging them for the right to live. These are the extreme views of course, so let’s discuss.

If you’re watching this on YouTube, let us know what you think in the comments. If you’re listening to this on audio, we would love to hear your feedback somehow. Get in touch with us, and let’s talk.

Here’s the CBC video:

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Everybody goes and says, “I built equity in my house. I bought this house". A year later, it's worth $400,000 more. Sure. So you ask them or her, “what did you do to the house?" What have you done to the house to make it worth $400,000 more?”

Who put that? Who put that money inside that house? The government, obviously the government, through quantitative easing. It's diluting money, making it worth less great inflation. Sure. And inflation. That house belongs to the government. That equity belongs to the government. If they want to take that money back, they're taking it back right now.

As we are in an environment where interest rates are rising the quickest in history, times are getting tougher economically for everyone and it's top of mind. What can we do in this scenario?

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Toronto is a rapidly growing city. We are seeing approximately 100,000 new immigrants to the city every single year, yet we are limited by the lake and the greenbelt. So what's the impact of all this intensification that's happening around us?

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Doug Ford just recently announced his plan for more housing. We need 1.5 million houses in Ontario in the next decade. And traditionally that's 150,000 units per year. In 2021, we've delivered 100,000 housing completions, but that’s an all-time high. We’ve typically only built around 40,000 to 60,000 units per year. So we need to be super aggressive on building these homes. Today, we are going to be talking about how to convert single family homes to triplexes, and why you should.

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Let’s talk about the current state of the market, and try to answer the big question: are we near the bottom of the market?

I’ve been in the real estate business and in the real estate market as an owner for almost two decades. I've seen a lot of ups and downs, and I want to share with you my thoughts on whether or not we're near the bottom. So let’s talk though it.

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The real estate brokerage business is changing. The pandemic has forced people to adopt the progression of the internet, and more realtors are helping their clients buy and sell homes without ever having to step into a real estate office. Some other brokerages have actually closed their physical offices and moved to a purely online presence. Is this the future of the brokerage industry? Or will there always be a place for in-person brokerages?

Join Michael Ng and Kenneth Yim as we sit with Donny Mangos from our Keller Williams office and discuss our approach. Donny and Ken are also real estate investors, we touch on some tips that we’ve learned along the way.

Follow Donny on Instagram at https://www.instagram.com/teammangos.

Schedule your call now to discuss more.

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Subscribe now to keep updated for more information. If you want to chat with us, do the following:

Send an email at [email protected]; or

Send a direct message on my Instagram account below; or

Book an appointment for a 15-minute video chat using the link on our website.

If you’re not ready to reach out and just want to follow for more, find us online: YouTube: https://www.youtube.com/kennethyimhomes?sub_confirmation=1