Why Quebec Needs To Be MORE Selfish and Save Itself Billions
Posted by Don Campbell | September 30, 2017
Why Quebec Needs To Be MORE Selfish and Save Itself Billions

Can the Quebec government increase its selfishness and save itself billions of dollars, support human rights all the while pumping more money into its provincial programs? Absolutely, but they would have to be brave to do so.

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Are You Caught in the “Average” Trap and Don’t Know It?
Posted by Don Campbell | September 25, 2017
Are You Caught in the “Average” Trap and Don’t Know It?

We live in a world of headlines that pump national average house price, average number of housing starts, and the average household debt. The most important thing to remember about all these average numbers is that they don’t mean much in the grand scheme of things.

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How You Label Yourself Will Determine Your Level of Success
Posted by Don Campbell | September 20, 2017
How You Label Yourself Will Determine Your Level of Success

Long term successful investors find their results in being Connective Pragmatics. They understand that that markets will never be at statistical norm, conditions will never be perfect. They have just learned to observe, adapt then act (and sometimes ‘act’ means sitting on the sidelines). Here’s how to see if you are using this advantage.

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The Inevitable Pain of Removing Port Mann Bridge Tolls
Posted by Don Campbell | September 11, 2017
The Inevitable Pain of Removing Port Mann Bridge Tolls

Yes having no toll access to Port Mann bridge is nice for individual drivers. But will prove to be terrible for the environment and livability of the Vancouver region as well as add much long-term financial pain to people across BC

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How To Evaluate Your Real Estate ‘Coach’
Posted by Don Campbell | September 3, 2017
How To Evaluate Your Real Estate ‘Coach’

Right now, everywhere you turn you hear people offering Real Estate ‘coaching services’. So how do you know if this service will be of value to you? Below are some key due diligence questions to ask if you are looking for a coach:

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Have You Guessed The Market Wrong?
Posted by Don Campbell | August 14, 2017
Have You Guessed The Market Wrong?

There is a difference between guessing what the real estate market will do, knowing what the market will do AND caring what the market will do. Strategic investors understand that there is a balance between all three that must be found in order to have long-term investing success.

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Ontario’s Housing Market – What’s Next?
Posted by Don Campbell | June 27, 2017
Ontario’s Housing Market – What’s Next?

The recent Ontario Government housing market legislative changes are going to hit hard, but the real consequences are not what the government says was their intention…. but are the consequences they quietly want?

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3 Simple Actions To Establish Instant Engagement With Everyone You Meet
Posted by Don Campbell | May 30, 2017
3 Simple Actions To Establish Instant Engagement With Everyone You Meet

Have you marvelled at how some people are always working on deals and always have an exciting opportunity they are involved with?

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Research Revealing “Sales over Asking Price” Skyrocketing in GTA
Posted by Don Campbell | February 27, 2017
Research Revealing “Sales over Asking Price” Skyrocketing in GTA

Are bidding wars going to continue to skyrocket across the GTA or will it finally come to a frenzied end in 2017? Well, if you are awaiting a crash in pricing you may be disappointed.

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Days on market in GTA a critical indicator – Guest Post
Posted by Don Campbell | November 27, 2016
Days on market in GTA a critical indicator – Guest Post

Here’s a simplified way to look at Canadian housing markets:

1. Average price of real estate is a lagging indicator,
2. Economic Fundamentals are a leading indicator
3. Days-on-market are a market trend indicator

Yes, of course there are many other factors that play into the headline grabbing numbers that make the GTA housing market seem out of control. These include the “Places to Grow Act”, the condo demand cycle, transportation improvements, in-migration and on and on.

But, today we are going focus on a statistic that is either not spoken about much… OR used incorrectly.

In this “Special Guest Post” we have asked our friends at TheRedPin to analyze the GTA for days on market, including trends of specific neighbourhoods. Enjoy this look into the future direction of the GTA market:

Days On Market – What’s Really Going On in GTA?

While most headlines are quick to zero-in on property prices, and how much they spike or drop year-to-year, days on market is just as useful an indicator of where housing is – and where it’s heading.

A measure of how fast or slow a property for sale gets snatched off the market by a buyer, DOM is key to deciphering whether conditions are those of a buyer’s or seller’s market and serves as a litmus test of where the relationship between supply and demand lies.

TheRedPin, a Toronto-based full service real estate brokerage, recently broke down some interesting facts around days on market specifically in the GTA.

  • Where do homes spend the fewest days on market in the GTA?

 After tracking down 17 major cities, TheRedPin highlighted how fast homes sell across the Greater Toronto Area. To keep an even playing field, the brokerage only factored in detached homes rather than pooling all home types together.
Click on this picture to get full interactive map

Click on the Map above to see the full interactive map

 In Q3 2016, the cities of Whitby and Ajax saw detached homes sell the fastest, with an average of just 10 days on market. On the other end of the spectrum, King City and Burlington saw detached properties spend the longest days on market, with average DOM hovering around 30 and 24 respectively.

  • Days on Market and Seasonality

Just as prices can drastically fluctuate based on seasonal highs and lows during the year, the same is true for days on market.

For example, in the frigid cold winter month of January, where the real estate market experiences a considerable slowdown, average days on market tends to plummet. Especially when compared to the ultra-competitive spring market.

When isolating 6 years of GTA housing market statistics, TheRedPin found:

Real-Estate-Days-on-Market-Statistics (1).png

Higher days on market suggests homes take longer to sell, competition isn’t as fierce and conditions are more in favour of buyers. Therefore, house hunters in search of a deal can often use seasonality to their advantage by strategically timing their purchase to fall in winter.

In fact, when highlight how average sold prices compare between January and May, TheRedPin found a $60,000 gap.*

Sellers who put their property on the market in winter are usually more motivated to sell given they’re choosing to list in the off season. Whether it’s due to a sudden move for a new job or for family reasons, sellers in January tend to want to flip their property quickly and are often willing to take a dent in the asking price to do so.

  • Days on Market and Home Type

When pitting the detached family housing market against condominiums, some clear trends arise.

For one, resale values for detached residences outpace the high rise market considerably.

In Q3 2016, detached homes in the GTA saw values climb a whopping 22 per cent year-over-year. Condo apartment on the other hand, saw a far more moderate but still impressive 9.6 per cent increase.

In a similar pattern, days on market for detached homes sits just below 15, while DOM for condos hover around 25.

As with almost everything – supply and demand have a huge role to play. Tighter inventory in the family homes sector means that not only do values climb faster compared to high rises, but properties also take considerably less time to sell too.

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