Soaring prices leaving some renters priced out [Video]
While the housing market may be cooling down, the rental market is on fire, with the price of an average unit up 10 per cent compared to last year. That has left many renters scrambling to find suitable housing.
Housing experts say rents are high across the country, primarily due to life getting back to normal after the height of the COVID-19 pandemic.
"Right now there's definitely very high demand for rentals, we are in a very busy rental market. I also think that we have a lot of people that are just moving back into the city in general." -Shay Asnani, REALTOR® at Right at Home Realty, Brokerage
We quizzed three real estate bigwigs about the state of the industry, the hottest neighbourhoods and whether a cooling market is anything to worry about.
Dream job as a kid: “An adventurer, like Indiana Jones.”
First thing you do in the morning: “Walk my dogs, Bella and Sophie.”
Secret to success: “Perseverance. In real estate, you get told ‘no’ nine times before you hear ‘yes.’ ”
Celebrity doppelganger: “Michael J. Fox.”
Toronto neighbourhood with the most untapped potential: “Bloor West Village. A lot of renewal can happen there.”
How you would improve the Toronto real estate market: “More transparency in the bidding process. Buyers are mostly unaware of how it works.”
Describe the current state of the GTA market: “We’ve seen a drop in activity directly related to an increase in mortgage rates.”
How long until it corrects? “If we’re fortunate and inflation comes under control, we might see a bit of a rebound in the fall 2023 market.”
Right at Home Realty celebrates grand opening in Barrie
Brokerage opened during the pandemic, but held its grand opening June 2. Even though Right at Home Realty opened in Barrie two years ago, they held off on popping the champagne until a proper celebration could be planned. As assistant manager Robin Lepine celebrated the grand opening June 2, she said she is happy they ventured into the Barrie area. "We're here to provide the best resources and work for our agents," Lepine said.
The brokerage continues to be the No. 1 in the Greater Toronto Area and now has 10 offices in the province. "We were a disrupter in the real estate industry, because realtors get to keep the commission they earn," president John Lusink said. Those agents processed more than 29,700 deals across the province in 2021. And the local housing market isn't slowing down, Lepine said.
Real estate company finds new home in south-end Barrie
Right at Home Realty officially opened a new Barrie branch last week. Thursday's event included a ribbon-cutting, food truck, a chance to meet the staff, and tours of the branch, which is located at 684 Veterans Dr., Unit 1.
On hand for the grand opening were Right at Home Realty president John Lusink, Acting Mayor Barry Ward and Barrie-Innisfil MP John Brassard.
Right at Home Realty bills itself as Canada’s largest independent real estate brokerage. Founded in 2004, Right at Home is a full-service brokerage. The company has a presence in 12 regions across Ontario and a network of more than 5,800 Realtors.
The Globe & Mail - Apr. 20, 2022
Toronto real estate market gears down, but those immune to rate hike still active
The deceleration in the Toronto-area real estate market continues as buyers and sellers come to grips with the most recent interest rate hike by the Bank of Canada.
“I’m hearing a lot of ‘wait-and-see,’ ” says real estate agent Manu Singh of Right at Home Realty Inc. “They’re feeling a bit paralyzed.”
Amidst the confusion, some properties are seeing sluggish activity while some outliers are creating a frenzy.
“Every week it feels like it’s different with the market.”
Mr. Singh is working with clients who entered the contest for a four-bedroom detached house in the Baby Point neighbourhood in Toronto’s west end.
The house was listed with a below-market asking price around the $2.8-million mark and Mr. Singh estimated it would sell for $3.2-million or possibly $3.3-milllion.
Forgoing a home inspection? How buyers can protect themselves in competitive markets
“In this market — especially the Toronto market but it’s also shifted to Ottawa, Barrie, Burlington, and elsewhere — it would be very rare to see a condition on a home inspection,” said John Lusink, president of Toronto-based Right At Home Realty.
“Most realtors would be saying, ‘If you put that condition in, you will never ever get a home in the current market.’”
So is it still possible for buyers to protect themselves against hidden defects and costly repairs, and still obtain a home in an in-demand neighbourhood? Experts say yes, as long as they’re willing to think outside the box.
- In the News