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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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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.
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The Globe and Mail - Oct. 12, 2022
Real estate observers see rocky road ahead
Crumbling consumer confidence is dampening hopes for a rebound in Canada’s real estate market as economic signposts point to more strife ahead. One industry executive who holds that view dives into statistics and forecasts, but he also relies on one proprietary yardstick: his firm’s trust account. When buyers have an offer accepted by the sellers, the buyers provide a deposit, which is held in trust by the real estate brokerage until the deal closes. The sharp decline in funds held in trust is an accurate measure, Mr. Lusink says, and he sees no signs of a turnaround.
“The continuing decline in transactions is going to continue into the fall,” he says. “Based on the data, it’s going to be challenging for the next eight months.” Mr. Lusink advises that agents analyze and really understand the data. Having a strong grasp of the numbers will help with accurate pricing for sellers and accurate expectations for buyers, who need to understand what they can afford, he says.