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It's Chai time celebrating 18 Years in Real Estate

I fully appreciate your support over the years. Thank you for your business, your referrals, for reading my reports and generally appreciating and encouraging my work as I celebrate 18 years in the business, a “Chai” achievement, and still top 10. Looking back onto the detour taken to my second career, as a realtor, and my success,  I owe it all to you and thank you for helping me get to this point. I am looking forward to more of your broad smiles through your continued success and happiness in your home and investments.

Despite the winter weather and borrowing rates remaining high, January’s home sales of 4,223 were 37% higher than January 2023. A great start to 2024! Buyers were plentiful. However, while the number of new listings was up, they were only up 6%, thereby contributing to tighter market conditions raising the specter of increased bidding wars, which has already started. 2 weeks ago, a listing of mine attracted 2 early low offers that were, on my advice, rejected. 8 days later we had 4 offers competing and sold the home for 6.8% more at more than 97% of asking. My prediction is multiple offers will become the reality again this year as the Bank of Canada starts cutting its borrowing rates, likely in the second half of 2024.

We simply do not have the housing supply to support our population increase through immigration to Canada and Toronto real estate prices reflect it. The various governments have responded with programs to boost supply to satisfy demand but red tape, permit delays and funding obstacles continue to keep housing starts stymied.  Prices are rising and will continue to rise more dramatically while all levels of government posture to garner votes rather than achieving progress to balance the Buyer/Seller field. The land is there, builders are ready, willing, and able. Yet building permits contiue to take years, not months, to be issued.

How about more purpose-built rental buildings?  Everyone knows we need more! But with a one-sided Landlord and Tenant Act and related rent control system in favour of tenants, few builders are prepared to build rental units. While the idea of rent controls is a good one, unless it finds more balance, it continues to fail everyone. While the situation is challenging and regrettable there is no quick fix.  

Think about it? Borrowing rates are about to fall while house prices and rents are bound to increase. If you are considering upgrading your current home, downsizing, or looking to purchase an investment property, great real estate opportunities exist today! Perhaps you have a child who will be entering university in a few years, is a pre-construction condominium the right fit for you? Each situation is different and merits analysis andadapted  guidance that works for you.

Give me a call, let's talk! After all, I am here to help you and you won’t do better than your friend and Point Man in Real Estate, MAKING A DIFFERENCE FOR YOU!

To a Good Life!

Sam Chaim

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