Having just recently returned from the RE/MAX Collection Luxury Forum conference in Seattle, the hot topic, as one could probably guess, was the current state of our (North American) housing market. The common take-away was that real estate is doing well in most areas across the board, with particular interest in major cities including Vancouver, Los Angeles, Chicago and New York.
This was a rare opportunity to meet with colleagues from all over Canada and the US, and I was the only representative from the Toronto market!
I have always been a believer in the Toronto market and have invested in several income properties over my 12 years in the business. I see the potential Toronto has and the long road ahead for a marketplace still adjusting to a growing population and the many developments ahead.
Media outlets like to confuse with many differing opinions on the Toronto real estate market. These days, it’s easy to read one article about the demise of it all and another about how it is all about to get even more expensive to own.
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One factor that most articles are failing to mention however is the increase in the rental market. Prices are soaring and multiple offers are still prevalent in the rental world. So although it may be more expensive to purchase, it does become an appealing prospect for those with the ability to fork over a down payment and pay off a mortgage rather than rent.
At the end of the day, the world keeps turning and people need a place to live. There has never been a better asset to own than real estate and my advice is for those on the fence to get into the marketplace. Even if it is not your dream home or exactly what you had in mind, get into the game and change the mind frame. Start earning equity. Think of your future.
Renting equals paying off your landlord’s investment. As a Landlord myself, I am grateful for my tenants’ contribution. It feels good being on the ownership side as opposed to the renter side. Purchasing a property is putting your money into your own savings account that will continue to grow over time – that is not debatable. There is nothing better than owning an investment that is tangible. As you pay your mortgage down the equity you can pull out grows.
There is always going to be a ‘fear factor’ that will come in the way of making any financial decision, but when you simplify that to an investment that goes directly to you and your family, there is no other choice than Real Estate.
