In today's episode of Building Wealth Brick by Brick I'm unpacking the BoC's July 24th rate announcement. Helping me is none other than award-winning mortgage expert Sean Humphries of Dominion Lending Centres.

Key Points:

• July 05 marks the first rate cut in 4 years
• July 24 represents the 2nd cut in as many months - Brings overnight lending rate down to 4.5%
• June market stats - Available Listings Up 67%
• Average Sales Price Down slightly by 1.6% Year Over Year
• Prices Stablizing
• MOI - Months of Inventory Hovering Around 4% - Lots of Inventory
• Fewer Buyers = Low Demand
• 2 Rate Cuts Bring Another Shift
• Inflation Down to 2.7% - Closer to the BoC target rate
• Next Rate Announcement Sept 4th - Another Cut???

We are heading in the right direction!

Exclusive invitation -RSVP 👉🏼 Navigating Shifts - In-person Seminar July 31 2024 7pm in Etobicoke (Kipling/Dundas). Refreshments served and all attendees will receive an e-gift card after the event. You don't want to miss this.

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

Investing in Preconstruction in this economy is one of the best ways you can enter the market and build wealth. In this episode I talk about the differences between re-sale and pre-construction and the benefits of investing in pre-construction in ANY economy. My name is Nico James-Bock and I'm a Broker and CondoWiz™ with Royal LePage Signature Realty in Downtown Toronto.

Some Benefits of Preconstruction Investing

1. Potential for Appreciatio

2. Customization

3. Extended Payment Structure

4. Newer and Modern Amenities

5. New Home Builder Warranties

6. Fixed Price

7. Hedge Against Inflation

8. Build Generational Wealth

9. No mortgage to assume immediately

10. Plan for retirement

The Main Differences Between Preconstruction and Re-sale

1. Purchase Timing

2. Pricing and Market Value

3. Customization and Upgrades

4. Risk and Certainty

5. Paperwork & 10-Day Cooling Period


These factors should be carefully considered by potential investors to align their investment strategy with their financial goals and risk tolerance.

Ciao ciao

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

Are home inspections still relevant in this economy???

Yes!!! Not only are they relevant, they are in my opinion obligatory.
In this episode of Building Wealth Through Real Estate...Brick by Brick, I talk about why I believe Home Inspections are necessary in ANY economy and in particular in this economy. My name is Nico James-Bock and I am a Broker and CondoWiz™ at Royal LePage Signature Realty in Downtown Toronto.

What is a Home Inspection?
A home inspection is a professional, third-party inspection of a property that you intend to buy. Its goal is to evaluate the home from a structural and safety standpoint, as well as to ensure you’re buying a hazard-free, up-to-code property that’s a good investment of your dollars.

Types of Home Inspections:

1. General Home Inspection

2. Mould Inspection and Testing

3. Lead-based Paint Inspection and Testing

+ 7 more types.

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

This is a very strange market...to some. To others in this business, it's another cycle in the business of real estate. Residential real estate markets are very sensitive to economic changes. Interest rates (ier the cost of buying) is on of those factors that have a direct influence on real estate.

My name is Nico James-Bock. Welcome to another episode of Building Wealth Through Real Estate...Brick by Brick.

Here's what you need to know:

1. Looking to BUY Real Estate, Now Could Be Your Opportune Time. Especially if you are a first-time buyer

2. Rents will continue to climb

3. MOV - Understanding Months of Inventory

4. WEAKER-THAN-EXPECTED JUNE JOBS REPORT KEEPS BOC RATE CUTS IN PLAY

5. THE CONDO MARKET WILL REBOUND!

You can sign up to attend my upcoming Navigating The Shifts Seminar July 25 at 7:00pm in Etobicoke (Kipling & Dundas St W).
RSVP for location and other details.

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

In this episode of Building Wealth Throu Real Estate...Brick by Brick, I present to you the CondoWiz™ Top 8 Condo Projects in the GTHA Part 1. These master-plan communities deserve serious consideration and should be top of mind when considering a pre-construction project.

Pro Tip: When researching any project, consider In order of importance 👉🏼1. Developer (no cancellations) then 2. Location (nearest to transit hubs and infrastructure) then 3. Completion Date (the longer the better)

1. Arcadia District - ELLIS DON - Etobicoke (Kipling Mobility Hub, Islington Station, Highway 427, Pearson Airport)
2. Q Tower - DIAMONDCORP & LIFETIME DEVELOPMENTS - Downtown Toronto (Gardiner Expy, Union Station, Highway 404, Billy Bishop Airport)
3. Pickering City Centre - CENTRECOURT - (Highway 401, Pickering Go Station, Pickering Town Centre)
4. Forêt - CANDERAL & KINGSETT CAPITAL - Midtown Toronto-Forest Hill (TTC Subway Station, TTC Streetcar)
5. TheDesignDistrict 41 - EMBLEM - Downtown Hamilton (Hamilton LRT, Hamilton Go Train Station, QEW)
6. Verge - RIOCAN LIVING - South Etobicoke (Queensway, Gardiner Expy, Islington Station)
7. The 9Hundred Signature Residences - HARHAY CONSTRUCTION - North Etobicoke (Eglinton LRT, Highway 427, Highway 401, Gardiner Expressway/QEW, Pearson Airport)
8. Festival Condos in the South VMA - MENKES & QUADREAL - Downtown Vaughan (TTC Subway Station - Vaughan Metropolitan Centre, Highway 7, Highway 400)

All projects have available inventory and are selling now with outstanding, unique buyer incentives.

Which appeals to you the most?

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

What’s the difference between a condo, a common elements condo, a co-op, and co-ownership?

In today's episode of Building Wealth Through Real Estate...Brick By Brick I talk about the most common types of ownership.

You can book a call with me using the link below.

Types of Ownership:

1. Freehold - You own the entire property and there is a unique PIN registered in Land Titles linked to your legal name.

Shared Ownership

2. The most common is a Condominium:

• You own your unit and receive a deed for it. Along with owning the unit, you share an interest in the common elements of the building with your fellow Condominium Corporation members. Separate PIN numbers for condo unit, parking, Locker

3. Co-operative or Co-op:

• You own shares in the private company that owns the building and by owning those shares you are given exclusive rights to occupy a specific unit in that building. Potential owners are also interviewed by the board.

4. Co-ownership:

• You own a percentage of the building and your name (along with all the other owners) goes on title for the entire property. Like a co-op, you have exclusive rights to a unit in the building. Potential owners may or may not be pre-screened by the board.

5. Common Elements Condominium - The best of both worlds:

If your buyer wishes to purchase a unit in a standard condominium corporation, they will be required to pay a common element fee for the maintenance of hallways, elevators, indoor and outdoor amenities etc...

• A common elements condominium corporation on the other hand consists of common elements like roads, visitor parking, and/or parks that are considered a parcel of tied land permanently attached to the property (POTL).

This type of corporation requires owners to fund their maintenance and repair of these common elements through monthly POTL fees which are typically much lower than the maintenance fees paid in a Standard Condominium Corporation.

Ciao ciao

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

Here are you 6 Takeaways From The May 2024 Market Stats & The BoC Announcement on Jun 5th:

1. THE MAY 2024 MARKET EXPERIENCED CONTINUED SOFTNESS DURING THE PRIME SPRING SEASON (ESPECIALLY IN THE CONDO SECTOR)

2. IMPROVED BUYER CONFIDENCE SHOULD MATERIALIZE AFTER THE FIRST RATE CUT (JUN 5TH), BUT AFFORDABILITY WILL CONTINUE TO ACT AS A RESTRAINT ON SALES ACTIVITY AS PRICES AND INTEREST RATES REMAIN ELEVATED.

3. SUPPLY IS CURRENTLY OUTSTRIPPING DEMAND, ALTHOUGH MARKET CONDITIONS ARE STILL BALANCED AND SUPPORTING PRICES.

4. ACTIVE LISTINGS ARE AT NORMAL LEVELS FOR LOW-RISE HOMES, BUT INVENTORY IS ACCUMULATING QUICKLY FOR CONDOS AS COMPLETIONS REACH RECORD HIGHS.

5. LACK OF DEMAND FOR PRE-CONSTRUCTION CONDOS IS CAUSING A STEEP DROP-OFF IN NEW LAUNCH ACTIVITY, RESULTING IN LOWER CONSTRUCTION VOLUMES THAT WILL FEED INTO LOWER COMPLETIONS IN A FEW YEARS. WITH THE NUMBER OF PEOPLE PURING INTO THE GTA, THIS WILL PUT UPWARD PRRESSURE ON PRICES OF EXISTING INVENTORY.

6. THE RENTAL MARKET IS EXPERIENCING A TEMPORARY SLOWDOWN FOLLOWING RECORD-BREAKING GROWTH OVER THE PAST 2 YEARS.

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock

On May 27 the Government of Ontario announced the Homeowner Protection Act, 2024,

This new act is designed to increase safeguards for consumers, provide greater transparency in the housing sector, and provide for more housing to help get a handle on the runaway housing crisis.

I’m Nico James-Bock, a broker with Royal LePage Signature Realty in Downtown Toronto. In this episode of Brick By Brick: Building Wealth Through Real Estate, I outline the 5 aspects of the new act.

The act if passed would

1. Include banning registrations for Notices of Security Interest (NOSIs) on title.
   
   
2. Implementing a 10-day cooling-off period for purchases of newly built freehold homes
   
   
3. Consulting on illegal building and selling
   
   
4. Building more housing near transit
   
   
5. Mandating public disclosure of a builder’s history of cancelled purchase agreements for newly built freehold homes.
   

2 pieces of existing legislation:

• The Condominium Act, 1998 provides a 10-day cancellation period for purchasers of new condominiums from a builder.
• The Home Construction Regulatory Authority can impose administrative penalties on unethical practices of builders and vendors who unfairly cancel pre-construction projects or terminate a purchase agreement.

In last year's budget, projections for housing starts had Ontario building fewer than 80,000 new homes in 2024, but that number is now expected to be nearly 88,000. Still not enough to satisfy demand. It is hoped that new policies and regulations will help to accelerate construction.

Question: Do you think the measures outlined in the act will help ease pressure that consumers are feeling in this new economy when it comes to housing?

Let me know in the comments.

Helping you increase wealth through #realestate

Book a time for a quick 15min Chat - Discovery: https://calendly.com/thecondowiz/15min
Social:
https://linktr.ee/nicojamesbock