So every month, my team asks me for my take on the most current, frequently searched topics of Toronto real estate. This month, they wanted me to talk a little bit about the foreign buyers ban, and whether or not 2023 will be a buyer or sellers’ market. So here it goes, here is my 2 cents – I simply don’t know. Disappointing answer? Sure. But unfortunately, no one can tell the future, and if anyone says they can, well I’m sorry but they’re full of it. In my opinion, these are the wrong questions anyway.
Why do I say that? Because does it really matter if someone from Europe can buy a home here? Maybe, but also no – it’s not something that happens a lot, contrary to what media reports say.
We too often look at what others are doing, and we all try to “game” the system. The dream is, sell high and buy low. But if you hit that, well you might as well have won the lottery. I get questions all the time “when is the best time to sell”, or “when is the best time to buy”. Well, there are two answers:
1. Whenever makes sense for you
2. Right now!
My pet peeve (among many in this industry, don’t get me started lol) is that agents try to tell you on how, or what, or when to do something. That is not our job. Our job is to represent you, the client, and do what’s best for you, based on your wants, your needs, and your life. Rather simple right? Here’s an example. If someone lost a partner and couldn’t afford their home on their own, and selling the house NOW would allow them to move on, and relieve them of some stress, then it would make most logical sense to do so. Why would they delay and cause more pain and stress, all because someone on a talk radio show or podcast said, “wait until spring”? Change the page and start a new chapter, and we will do everything we can to maximize the results – that’s our job. “Can you”, “could you”, “would you”, “should I have”, are dangerous phrases. In the grand scheme of things, would you really suffer for 6+ more months, all for an extra $50,000k in your pocket?
Here is another great example. I met a young family who lives in a 1-bedroom condo off of Bay St. Three humans, one being a newborn, in 500 sq. feet of space, all low on sleep – not the most comfortable of situations. If they can afford to move right now, granting them some comfort, what’s the dollar value of that worth? Their fear is if they sell now, they’re going to lose out on $100,000, because in February of last year, their condo was worth _____. Sure, while that’s valid, you don’t really lose something you never had, right? And if you take this example and look at what’s next: your condo is worth $600,000 (for arguments sake) and yes, it was worth $700,000, but that house you need now is $1,300,000, when it was $1,500,000. So sure, you may not get that extra $100,000 now, but if you’re thinking about it that way, all-in-all you saved $200,000!
As agents we need to prioritize thinking in the context of, “what’s in it for the client”? What’s best for them, and what’s best for where they are today, and then use our unique skills and services to make whatever that situation is, the best it can be. In 2022 my sales stats say that my clients earned more when they sold and saved more when they bought, and many of our agents are the same. That’s the way it is, because we genuinely look at the reasons why someone has to do what they do, and we make sure to support and guide them along the ride, to successful outcomes. That is what we should be talking about. “How can you help me today” – that’s the question people should be asking their agents.
As agents we need to prioritize thinking in the context of, “what’s in it for the client”? What’s best for them, and what’s best for where they are today, and then use our unique skills and services to make whatever that situation is, the best it can be. In 2022 my sales stats say that my clients earned more when they sold and saved more when they bought, and many of our agents are the same. That’s the way it is, because we genuinely look at the reasons why someone has to do what they do, and we make sure to support and guide them along the ride, to successful outcomes. That is what we should be talking about. “How can you help me today” – that’s the question people should be asking their agents.
Now, with all of that said, I’m a team player, so I wouldn’t leave my team hanging. Will the buyer bans change things? No. Will it be a buyer’s market? Not likely – not in Toronto. We weren’t in a buyer’s market in 2022, and that’s a fact, not an opinion. Are there deals? Absolutely. If you buy now, will you regret it? Maybe if you sell in 8 months from now, but definitely not if you sell in 20 years.