All Forum Posts by: Samuel Sedore
Samuel Sedore has started 8 posts and replied 387 times.
Post: What does the BP community think about the Canadian RE Market?
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Originally posted by @Hai Loc:
Just a quick analysis of what I have seen in the past 6-7 months. Monumental price increases driven by multiple offer situations. I am seeing 10-15% during this span for single family and not just by a handful of houses but across the board on average. Biggest increases are the homes between $500-800k which are the more "affordable" homes in the GTA. It is absolutely ridiculous and I cannot for see something like this again. I have seen prices gradually increase since 2009 and thought it would slow down at some point but it never did. Lots of foreign money coming in and staying. Demand will always be here.
Interest rates haven't budged in a long time. I don't see this lasting forever.. This will be a game changer for a correction. I watched the "Big Short" a few days ago and was a phenomenal movie. No way the Canadian government will allow a crash like that to happen.
The crazy part to me is that people are still able to afford real estate in Toronto. I know my market is starting to get stupid with multiples because of everyone getting pushed out the GTA into KWC and Hamilton. Saw a triplex go 84k over list a month ago......it was really undervalued to begin with.
Post: What to say to motivated sellers.
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Why are you selling?
Where are you moving to?
when do you need to be there?
How much are you expecting from the sale?
So from what your telling me if I had x dollars and closed on x date that would be optimal for you?
If they need to be somewhere soon, that's where you get the win. Say listen mr and mrs seller in this market it could take over 60 days to list and sell a home. I will offer you x now and close in half that time so you can get to where you need to be in the time you need to be there.
Solve their problems
Post: Should I become a real estate agent?
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Originally posted by @Jeshua Moore:
Sure I could invest with no money down but I need to have money to invest right? So would becoming a real estate agent be a good way to make money and help me to acquire knowledge about Real estate? If not what jobs would you recommend? That would help me acquire knowledge about real estate, and make the money I need to invest?
What do you do for a living now? If you have a decent and stable income becoming a realtor may not be a great idea. It's not easy money and the fail rate for first year realtors is over 85%.
Post: Renovate an inherited house?
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
@Luc Boiron Thats good advice! Find out what is selling in the area and what the buyers actually want.
Post: What does the BP community think about the Canadian RE Market?
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Originally posted by @Roy N.:
Originally posted by @Arthur Zaragoza:
Toronto is a world class city and it still consider undervalued compared to other major cities like NY, London Tokyo and Beijing. We still have lots of growth coming our way. However as an educated investor you have to make sure the numbers works and you can ride any economic waives that may occur.
Arthur:
Actually, not so undervalued depending upon the study you read.
@Samuel Sedore
While NB, NS and NF lead the country in aging populations (mostly as a result of migration), 50% workforce retirement in the next 10-years would be on the alarmist end of predictions.
that would make sense I heard it through an interview I forget the gentleman's name he was a politician from NB on CBC radio. basically predicted negative growth due to extreme rises in health care costs and lack of incoming tax money
it was wrapped up with his grand scheme on how he can fix it :-p
Post: What does the BP community think about the Canadian RE Market?
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
I believe there will be some stagnation in the the bigger markets such as Toronto, Mississauga, Brampton here in Ontario as prices have been crazy last year or two. But I see the markets around those area keeping steady as we play catch-up. Right now Ontario and BC look to be the future supporting economies which does not inspire much confidence. I'am seeing lots of job creation in my area due to all the tech start-ups and constructionmbut province wide we don't look to be growing as fast as we should to support any other province when the time comes, since we can no longer ride the Alberta oil cash cow.
Alberta is really going down! with no immediate signs of recovery.
I don't know much About @Roy N. stomping grounds out east, but I have heard they expect over 50& of the workforce to retire in the next 10 years. That true?
I think we will have to wait and see what Justin trudeau
Post: What does the BP community think about the Canadian RE Market?
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Originally posted by @Michael Lam:
Hi @Paul Gill
Wow what an excellent question.
I want to make it clear, I don't speak for BP, but I have been studying world markets and I'll answer your question with a few questions. If you or other still don't understand my drift and people want me to clarify then ask me.
1. Avg home prices in Canada are roughly +$1M, but local incomes don't support such pricing. So is it locals buying up and driving up prices?
2. Who makes up majority of foreign investment? What country? And is that country experiencing some tightening policy around currency movements?
3. Use pure logic, +20 years without major pull back (I would double check this). but even with that, just x years consistently doesn't mean it will continue that way. Look at the economic factors that drive this and see if its external fabrication. Or in other words as this 'external' influence been there???
I can get into more details if folks want but want other BP folks to chime in on this. Its a GREAT topic!
Where did you get these stats?
Post: Would you buy a house with rats?
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Rats are not to bad in the sense they they dont chew wires or pipes as often as mice.
But I had a big Norwegian one in my rental and it was a battle trying to get rid of it.
Compare apples to apple, will the cost to remedy this problem be more or less then the money you will be losing
Post: What is the best way to determine ARV without a realtors help
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Iam in Canada and we don't have zillow but from my experience any american realtor tends to speak lowly of there zestimates. Also in Canada sold information is private, therefore all youre seeing is what the property was listed at and that it has actually sold.
If you're honest with the realtor tell them your plans they will have no problem helping, what if you buy 50 flips? 100 flips? even if you use the realtor for half that's over a years wages.
Also get srtategic , strike a deal with the realtor, say hey listen ill buy all my properties through you if you list them at a discounted rate, etc.
Post: What is the best way to determine ARV without a realtors help
- Real Estate Agent
- Kitchener-Waterloo-Cambridge, Ontario
- Posts 408
- Votes 90
Either strategy above would work but I would be cautious and use a realtor as if you make a mistake its expensive. Just buy them a coffee or some lunch