Broadview Table Talks: Toronto Real Estate Podcast Kenneth Yim from Broadview Avenue Group Toronto

Watch this podcast on YouTube: https://youtu.be/C6zFAzWvuEU

Schedule a 15-minute Zoom call with Ken: https://www.broadviewavenue.ca/appointments
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
Subscribe now to keep updated for more information.
If you want to chat with us, do the following:
1. Send an email at podcast@broadviewavenue.ca; or2. Send a direct message on my Instagram account below; or3. Book an appointment for a 15-minute video chat using the link on our website.
If you’re not ready to reach out and just want to follow for more, find us online:
YouTube: https://www.youtube.com/kennethyimhomes?sub_confirmation=1 Instagram: https://www.instagram.com/kennethyimhomesTikTok: https://www.tiktok.com/@kennethyimhomesLinkedIn: https://www.linkedin.com/in/kennethyimhomesFacebook: https://www.facebook.com/BroadviewAvenueWeb: http://www.broadviewavenue.ca
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

As we navigate these uncertain times, many are finding their pre-purchased condos aren't appraising at expected values. With the market down, you're faced with two choices. First, you could assign your property, selling your agreement to another buyer before closing. It might seem like an easy out, but with assignments stalling in the current market, finding a buyer willing to take over at a big profit is tough. Alternatively, you could close on the property, taking on monthly losses due to negative cash flow. This is a gamble, betting on the market's eventual recovery. Remember, closing means committing to years of potential financial strain unless the market swings back. The root of this dilemma? A market boom driven by low interest rates during the pandemic, leading to high purchase prices now misaligned with current values. Whatever path you choose, it's a decision weighed heavily by the market's unpredictable nature.

Condos are great, but their value largely depends on market trends, which we've seen can fluctuate drastically. If rates go up, then suddenly your investment's worth drops 15-20%.

With commercial real estate, you have more control. By increasing the property's net income through rent adjustments or renovations, you directly impact its value, no matter the market situation.

Let me walk you through an example of a property that you can increase the value by 1.5x almost instantly, just by doing some minor tweaks to increase the net operating income.

Listen to the whole podcast and learn how the latest economic trends, including Bank of Canada's interest rate adjustments and the impact of price stability on inflation, are shaping investment opportunities. Learn how buyer attitudes are affected by economic trends and how limited new construction predicts future market changes.

Last year alone, over 20,000 new condo units hit the GTA market, the highest in three years, thanks to a surge in pre-construction purchases back in 2018. But when COVID hit, construction faced massive delays, pushing back completion dates. Now, these units are flooding the market, looking for tenants.

Despite a federal cap on student visas aiming to slow growth, immigration remains strong, keeping demand up. Yet, with this sudden influx of condos, landlords face tough competition, nudging rental prices down.

This dip might seem like a win for renters now, but it's a temporary shift. With nearly 27,000 more units expected in 2024, the rental landscape will continue to evolve. But don't be fooled; the underlying growth in population and a slowdown in new constructions due to high interest rates suggest that this is just a short-term trend. In the long run, expect the market to bounce back, making it a landlord's game once again.

Taking a closer look at Final Offer, an innovative app designed to transform real estate selling by allowing owners to set their own terms and prices. This tool could significantly streamline the transaction process, offering a new level of control and efficiency. What's the potential impact on the real estate market?