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Immigration, Inflation and Real Estate Cycles
Looking back to the late 1980s and some of the leaders in Real Estate I admired, one man constantly comes up. Guy Leblanc. Picture a chubby, bald, middle-aged man who wore a white suit and drove a white Cadillac. You get the picture. However, he was very wise. What I learned from him can be illustrated…
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I’ve got a secret. Promise not to tell?
How important is confidentiality when it comes to the sale of Real Estate? For some, it is an “iron clad” rule never to be broken, and to others, well the lines are a bit blurry. Let’s go back to the market of the early 1990s and review a sale I had worked on. The Seller had his…
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Where the Real Estate Market in Durham Region was 2 years ago
Think back to September 2020…. Lockdowns, masks, hand sanitizers, restaurants doing take out and delivery with no indoor dining. It was a crazy time and thank goodness we are past the restrictions and the fear of the pandemic. Another crazy part of the pandemic is what happened to Real Estate in Durham region over the past 24 months. When our…
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Hurricanes, Insurance and Tenants
The big news over the past week has been the destruction caused by something named “Fiona.” The hurricane devastated parts of our east coast as it moved north along the USA coastline. I was speaking with a person who hails from Newfoundland, and she shared that her parents purchased a property in Port Aux Basques to use as a…
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When Strategies Work Against You
We recently had an experience that caused quite a bit of conversation and introspection. What came out of the experience was a short list of “things that sounds sexy to a Seller, yet do not serve them.” The experience that had us looking at how different strategies work and how what worked before, is not…
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Are Bidding Wars still a Thing?
In the past week, Oshawa had 57 properties sell and of those homes, 27 sold for over the asking price. This would indicate that over 50% of the properties sold had multiple bids. It looks like little has changed however when we in dig a bit, we can see that the market slowing down has…
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Has the definition of Luxury Real Estate changed?
When I was growing up many of my friends dreamed of buying a luxury car like a BMW or Mercedes Benz. By the time I was in my late 20’s these cars became as common as Ford F150’s. Leasing and creative financing options allowed regular folk to drive these fancy wheels. Over the last few…
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Raising Rates are like Grounding a Teenager
The average prices are in for July and guess what? The values dropped. Here is what they looked like for detached homes in June over July: Oshawa – June/22 $886,000 July /22 $816,000 (-$70,000)Whitby – June/22 $1,123,000 July/22 $1,097,000 (-$26,000)Clarington – June/22 $999,500 July/22 $909,000 (-$90,500) This should surprise no one who has been following…
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A Tale of Four Houses
It was American Thanksgiving, and I was in Phoenix doing my best to enjoy a turkey dinner whilst recovering from emergency dental surgery. In-between bites, I ended up selling a home in east Oshawa. The Sellers ended up settling a good price which helped them move to a rental and enjoy the equity their home…
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What does July, 2022 and 2008 have in common?
It’s not the average price of a home in Oshawa, Whitby or Clarington. In 2008 the average detached home averaged $283,000. Currently, the average is $993,000. It’s not the price of a litre of gas. In 2008 a litre of gas was about .78 cents and currently, it is floating around $1.80. No, it’s mortgage…
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