In the News

  • Morning Star - Market Updates

    Canadians: Don’t Rush To Buy a House

    “In mid-2022, we saw a dramatic pull back in transactions, close to 23%, and in many markets, it was 40%,” recalls John Lusink, President of Right at Home Realty. In some higher-demand neighbourhoods, price drops have been more subdued and activity is still brisk. “On buyers’ side in Toronto, he continues, we still get two or three simultaneous offers, but it’s not 20 or 30 as we saw a year ago. People will no longer pay excessive amounts over the asking price.”

    As we argued in a previous article, the present slump is not a catastrophe, but a welcome adjustment of prices.

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  • CBC Radio One 99.1FM CBLA | January 25, 2023

    BOC raises interest rates to slow down inflation – buyers in holding pattern

    The Bank of Canada has again raised its benchmark interest rate.... The move designed to bring down Canada's record high inflation rate. But it makes borrowing even more expensive.

    “Everybody is, I think, very much in a holding pattern.” John Lusink says as interest rates climb home sales drop. “Certainly, buyers are not able to qualify. Many of them add couple of points interest where the stress test factors in and it’s eliminated a whole group of buyers.”

    Hear the full broadcast via link below.

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  • RISMedia

    INTRODUCING RISMEDIA’S 2023 REAL ESTATE NEWSMAKERS

    INTRODUCING RISMEDIA’S 2023 REAL ESTATE NEWSMAKERS
    Our 2023 Real Estate Newsmakers are a shining example of not letting market conditions dictate the future, but taking control of your own story instead. Congratulations to our 2023 Hall of Fame and to all of our Newsmaker honorees. We are grateful for your leadership and inspired by the example you set.

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  • The Globe and Mail | January 18, 2023

    Slow sales, hard scrabble in Toronto real estate

    The real estate market in Toronto, Ottawa and many Ontario cities is off to a slow start in January with thin inventory, jittery buyers and Bay Street predicting another interest-rate hike.

    John Lusink, president of Right at Home Realty Inc. and Property.ca, says the market is more balanced between buyers and sellers at the moment but also complicated and unpredictable.

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  • Financial Post | January 6, 2023

    The question after a tough 2022: How much further do real estate prices have to fall?

    Home prices in Canada’s biggest markets ended 2022 well below the soaring peaks posted earlier in the year. Now the question is: How much further do they have to fall?

    When comparing each region’s peak against December’s benchmark price results, Toronto, Vancouver and Calgary have dropped by 21 per cent, 19 per cent and nearly five per cent, respectively.

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  • CityNews Business Report - Dec. 12, 2022

    Continued near-term struggles for the market ahead

    November real estate data showed close to a 50% drop in overall sales for many markets, and buyers and sellers staying on the sidelines are just waiting to see how much higher borrowing costs will go, or prices to fall. For first time buyers looking to enter the market, well those stress test levels just to qualify for a mortgage jumped to about 8%.

    "It's really making it impossible for folks who are already stretched at their limits, to come close to even qualifying - even with some of the reduction in pricing, it's not enough to bring their payments inline." says John Lusink, President of RealServus, Right at Home Realty and Property.ca.

    To listen to the 680 News radio feature, click 'Read More' below!

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