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The Show is a weekly podcast giving Canadian Home Buyers advice,information & helpful tips of what you should know about buying real estate in Canada’s hot real estate Market. #realestate #canada #mortage #ontario #cambridge
Episodes
Wednesday Nov 02, 2022
Wednesday Nov 02, 2022
Trust the experts to be wrong
Hey, so yesterday I tuned into TikTok, obviously to upload my video and I came across a lady that's actually a real estate agent in the Toronto Real Estate Board.
She was pontificating about how she was tipped off about how agents who think they, just because they have a social media platform, they have the right to say whatever they want.
She was actually quite vulgar about it. And what was really interesting was she was actually exercising the very thing that all these other agents do, you know, using her freedom to say whatever she wanted on our social media, okay?
I think agents should do that. I didn't like the fact that she just wanted to generalize and make herself look better by putting down every other real estate agent.
I can tell you, you know, yeah, there's no question there's some bad people in the business, but I will say, for the most part, agents are pretty good people.
That's been my experience over 35 years in the business. Agents are pretty hard-working and they're pretty dedicated to their craft.
Yes, there are some that are crazy, no question about it, but for the most part, you can count on a real estate agent being a pretty good person.
Okay? Now here's the thing. One of the things she was going on about was she didn't like that agents were making, um, economic, predictions or giving advice. And, you know, why not? I mean, agents have boots on the ground. They know what's going on. They know what's going on at the offer table. T
hey know what kind of activity they're, they're experiencing in the, in the marketplace.
You know, in 2020, I don't know if you guys remember it or not, but Tiff Maclan basically told everybody that interest rates aren't going anywhere. So if you're making a big purchase, a house or an investment, you can be assured that interest rates aren't going anywhere wrong.
Okay, Scotia Bank, at the end of last year, I believe they predicted somewhere around a 2% lift in the marketplace, or almost double that. Okay?
These are experts now, the boots on the ground. Yeah, we didn't have a clue what was going on either, okay? But neither did they, they got all the education, these experts, you know, they go to U of T or Queens University or London, but Western University, that's fine. I, I have nothing against that type of education, but it doesn't make him an expert. I'll tell you, when I was first in the real first got in the real estate business in 19 87, 19 90, I met a gentleman by the main, by the name of Tom Wright. Now 1990 was a shit market, okay?
Now, Tom was very attuned to what was going on in the marketplace. And, you know, he read the Financial Post, he read the Globe Mail, he did all that and I asked him, What should I be reading in order to be astute about the marketplace as you are? Tom? And Tom said, Listen, Walter, don't worry about reading about any of that stuff. Talk to the guys on the shop floor, okay? They're the guys that know what's going on. They know when the plant is busy. They know when it's slow. They can feel the hum in the air in
Terms of what's going on in the marketplace. So before you, you know, give this whole deification to economists, they're not as great as people think, Okay, talk to the boots on the ground. They know what's going on. I would take that over any economist any day.
Tuesday Nov 01, 2022
Tuesday Nov 01, 2022
Let me give you the skinny on what happened yesterday with the, interest rate changes here in Canada.
Obviously, everybody knows, cuz everybody on TikTok and LinkedIn and Instagram and Facebook are all telling you that rates have gone up by half a point.
So here's the bottom line. The rate or the payment that you qualify for has not changed, obviously.
Okay? What you qualify for is a percentage of your income.
That's it. You can't change that unless your income changed. So if the point, if the interest rate went up by half a point, uh, the bottom line is you've lost basically 5% of your, uh, purchasing power.
I, the way on my calculations is, as for every quarter point that rates go up, you lose about two and a half percent.
Okay? So we're just under that. So I guess the good news for buyers is that your, your purchase price is gonna change if you're dealing with a seller that needs to sell.
They need to adjust to the marketplace, otherwise you're not gonna buy their property cuz you just plain don't qualify. So you're going to have to find a seller that's goingto cooperate to that.
So the good news is buyers, you get a better deal. Sellers bad news is, is you're not going to get as much money.
Now remember this buyers, purchase price is permanent.
Mortgage rates always change.
Remember that, take advantage of the market the way it is now because, uh, when interest rates go back down, you have locked in a price based on higher interest rates.
So this is good news for you, buyers and sellers. Hang in there. If you don't have to sell, hang on but if you do, you gotta take it on the chin.
Monday Oct 31, 2022
Monday Oct 31, 2022
So a lot of people are wondering what the value of their home is these days, given the adjustment in the marketplace.
So what I'd like to do is invite you to a website I've created called Value of my home.ca.
You just need to click on that red link down there, where it says, Get my home value now.
Then once you do that, you'll be taken to this page right here. And all you gotta do is just put your address in that box there.
I think after that I'll ask you a couple questions about your property and your email address, and we'll send you a market evaluation of your property.
Some of the comparables are a little wonky because it is a, you know, an automated system, but it does give you a good general idea of what's happening in your marketplace right now.
So go ahead and use it if you like, valueofmyhome.ca and if you need to reach out to me, um, my link's in the bio. So, please go ahead and do that.
Have a great day.
www.valueofmyhome.ca
Thursday Oct 27, 2022
Tuesday Oct 25, 2022
Monday Oct 24, 2022
Friday Oct 21, 2022
Friday Oct 21, 2022
Commandment #2 Thou shalt not buy a car truck or van or you may be living in it
Thursday Oct 20, 2022
Tuesday Apr 26, 2022
Friday Apr 15, 2022
Friday Apr 15, 2022
Welcome to this episode of The Real Estate Mortgage Show! How is the real estate industry at this point? Is it wise to buy first and then sell, or do you want to take a risk? Are there any possible alternatives for financing a property? Today, Walter Monteiro answers these pressing questions, the “disruptions” in the real estate industry and why it’s crucial to listen to your mortgage professional.
Standout Quotes:
- Lean on your mortgage professional to guide you through the real estate process. – Walter
- Remember, there are still not a lot of homes for sale. Canada is letting in 400,000 new Canadians into the country every year. A large majority of them don’t leave the Greater Toronto Area. – Walter
- Everybody has been giving you the advice that you should buy first before you sell. Because when you sell your home, you have nowhere to move to. – Walter
Key Takeaways:
- If you decide to buy a property, ensure that your finances are in order. You need to have multiple plans at your disposal if one plan doesn’t work.
- Walter advises being cautious when converting mortgages to a fixed rate. You either write it out or lock in shorter terms for a lower rate.
- It is better to choose real estate over money sitting in a bank because inflation erodes money’s purchasing power.
- If you can’t leverage bridge financing, you can go for private financing. However, keep in mind that private financing is not cheap.
Episode Timeline:
[00:00] – Introduction
[01:58] – What’s happening at MLS right now?
[02:55] – Bank rate increase in Bank of Canada
[03:33] – Mortgage conversion
[05:38] – Bridge Financing
[06:00] – Financing Alternatives
[07:14] – The effects of Inflation
[07:47] – Walter’s prediction
Phone: 519-240-0360
Email: walter@maximumresults.ca