Helping YOU Build Wealth through Real Estate ....Brick by Brick with Nico James-Bock

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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In this episode of the Real Estate Podcast with Nico James-Bock,  seven condo and 3 castle (freehold) pre-construction projects will be presented:

The CondoWiz™Top 10 Pre-Construction GTA Projects: 

1. AKRA Living -  Curated Properties - Yonge St & Eglinton Avenue East 
2. Kipling Station Condos - CentreCourt - Dundas St W & Aukland Rd (just west of Kipling Avenue) at the Kipling Mobility Hub
3. Lansing Square  - Almadev - Sheppard & Hwy 404
4. Raglan House - CamrostFelcorp - Bathurst & St Clair Ave West
5. Union City - Metropia - Unionville next to the Go Train Station
6. Porta - M(M Developments - Downtown Belleville
7. Northshore - National Developments - 490 Plains Rd E in Burlington
8. Lot 16  (Freehold) - Sphere Developments - 16 Melbourne Ave in St Catherines
9. Mila II (Freehold) - Madison Group - 1555 Midland Ave* Scarborough (*Midland Ave & Lawrence Ave E)
10. Midhurst Valley (Freehold) - Sundance Homes - Springhurst, North of Barrie

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:

www.RealEstateWithNico.com
https://www.instagram.com/thecondowiz_gta/
https://www.instagram.com/nico_realestate/
https://www.linkedin.com/in/nicojamesbock/
https://www.facebook.com/RealEstateWithNico
[email protected]
Office: (416) 203-0355

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

Book a time for a quick 30 min Chat / Strategy Call: 
https://calendar.app.google/rPNY2BnpvJ1oAx5G7

Social:
https://www.instagram.com/nicojamesbock/

WhatsApp: +1 (416) 709-3884

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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Helping YOU Build Wealth Through #RealEstate #BrickByBrick

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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: [email protected]

#HelpingYouAchieveWealth through #RealEstate

Ciao ciao

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

Book a time for a quick 30 min Chat / Strategy Call: 
https://calendar.app.google/rPNY2BnpvJ1oAx5G7

Social:
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WhatsApp: +1 (416) 709-3884

In this new episode of The Real Estate Podcast, I get into mortgage and title fraud and list 8 ways you can prevent yourself from falling victim to a fraudster.

Mortgage fraud is the deliberate misrepresentation of information to obtain mortgage financing that would not have been granted if the financial truth of the applicant had been known.

Title fraud occurs when a fraudster assumes the identity of an individual homeowner and then uses that false identity to pose as the homeowner. They could then assume the title on the home, sell the property or obtain a mortgage on that property or other properties in the homeowner's own name.

Eight ways to prevent yourself from becoming a victor of mortgage and/or title fraud:
1. Use a Password Manager – you have to remember only 1 password (to access the Password Manager)
- Create a different PIN (if applicable) and/or password for ALL accounts (bank, social network, travel sites…) and remember to change them yearly
2. Don’t sign papers until you understand them. If necessary, seek legal advice or have them translated.
3. Always know who you are doing business with. Deal with licensed or accredited lawyers, and mortgage and real estate professionals.
4. Don’t add your name to another person’s credit or mortgage application unless you plan to make payments on it.
5. Get independent advice from a lawyer, accountant, or financial adviser. Talk to them about title insurance or alternative methods of protection.
6. Don’t ever share your usernames, passwords, or personal ID.
7. Before you buy a property, do your due diligence during the conditional period:
(a) get its sales history through the land titles office
(b) consider having it inspected
(c) When making the deposit, be sure it is held ”in trust” by the seller’s realty company or a lawyer (2nd line of defense). Never give a deposit directly to the seller.

Before closing your lawyer will do a Title Search to see if anyone other than the seller has a financial interest in the property, or if there are any outstanding liens or tax arrears.

8. If you will be away from your home for more than 3 weeks,
(a) have the mail held or forwarded to an alternate address.
(b) Have a trusted individual check on your property, turn on lights, water plants, and most importantly, remove the accumulation of junk mail from your mailbox (even from the communal mailboxes in subdivisions) or front door (if in a freehold property or common elements condo)

 Zoom presentation available on YouTube

That's it for today's episode. Remember you can always get in touch with me by leaving a comment here, or reaching out through my various channels: Facebook Business Page (Real Estate with Nico), Instagram & Twitter (Nico_RealEstate) or through my website www.nico.royallepage.ca

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

Book a time for a quick 30 min Chat / Strategy Call: 
https://calendar.app.google/rPNY2BnpvJ1oAx5G7

Social:
https://www.instagram.com/nicojamesbock/

WhatsApp: +1 (416) 709-3884

Welcome to a new episode of The Real Estate Podcast with Nico James-Bock, a Broker with Royal LePage Signature Realty in Downtown Toronto.  My guest on this special episode is award-winning mortgage broker Sean Humphries from Dominion Lending Centres who offers a quick primer and a hot take or two on what’s happening this week in the world of mortgages. We’re hoping the January 25th (variable) rate hike is the last rate hike for a while, and at the same time, we’re watching fixed rates fall.

This episode is available on YouTube where you can view the charts and slides referenced in this audio recording:  https://youtu.be/Bs-hTMrSaSM

As of Wednesday, January 25th, the prime rate is now 6.70%.  The Bank is now satisfied with their current rate policy, and will watch it work its way through the economy before making any further changes.  

"With persistent excess demand putting continued upward pressure on many prices, Governing Council decided to increase the policy interest rate by a further 25 basis points. The Bank’s ongoing program of quantitative tightening is complementing the restrictive stance of the policy rate. If economic developments evolve broadly in line with the MPR outlook, Governing Council expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases. Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target, and remains resolute in its commitment to restoring price stability for Canadians. "

For purchases over $1M and all refinances, five-year variable rate discounts are unchanged and currently sit at about 6.30%.  The five-year fixed rates are falling and currently sit at approximately 4.99%.  For every $100K of mortgage that’s about $533/month for fixed rates and $619/month for variables calculated using a 30-year amortization. 

For purchases under $1M with less than 20% down, the five-year variable rate discount is holding steady at Prime minus .90%, but the overall rate has gone up because of the prime rate increase (5.80%) and five-year fixed rates are at 4.59%, with more lenders lowering rates this week.  For every $100K of mortgage that’s about $560/month for fixed rates and $630/month for variables, calculated using a 25-year amortization.  

#mortgagerates

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

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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

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

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WhatsApp: +1 (416) 709-3884

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: [email protected]

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

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

Book a time for a quick 30 min Chat / Strategy Call: 
https://calendar.app.google/rPNY2BnpvJ1oAx5G7

Social:
https://www.instagram.com/nicojamesbock/

WhatsApp: +1 (416) 709-3884

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/

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

Book a time for a quick 30 min Chat / Strategy Call: 
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Social:
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WhatsApp: +1 (416) 709-3884

The market has returned to a more sustainable and healthy level. These are the 3 facts you should know that summarize the end of this summer 2022 residential real estate market.

Support the show

Helping YOU Build Wealth Through #RealEstate #BrickByBrick

Your support means the world. If you’ve found value in these conversations, the best way to keep them going is by subscribing 🙏 

Book a time for a quick 30 min Chat / Strategy Call: 
https://calendar.app.google/rPNY2BnpvJ1oAx5G7

Social:
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WhatsApp: +1 (416) 709-3884