Unlock the Power of eSignature Lawfulness for Real Estate in Canada

How to eSign a document: eSignature lawfulness for Real Estate in Canada

what's going on in real estate well there are some very interesting things going on particularly in Ontario but let's hop across all right things in BC little bit like Ontario uh we'll we'll cover that in a minute Alberta stuff just sells that's it stuff just sells um you know the prices are up in Calgary they may start to bump into some sort of natural ceiling but yeah sales are fine there rest of the Prairie is fine Ontario come back to that um real estate sales in uh Quebec steady steady in fact a little bit they were a little bit up the Montreal area we must understand that Quebec is its own story Quebec has a much more muted much lower immigration capacity than Ontario and the rest of Canada and so they they form their own world and when you know people people buy in a kind of a more natural normal State uh in Montreal and in Quebec City um prices are still very reasonable in Quebec City and many of the places outside of Montreal very reasonable very reasonable I mean there a bunch of people go back saying Hell no not reasonable I think a crazy high but but compared to Ontario and British Columbia pretty reasonable all right pretty reasonable all right let's take a look at what's kind of the most interesting developments in the last few weeks in the Ontario Real Estate State sector and some of that overlaps into British Columbia so what are we seeing is the buildup of inventory in other words there's more listings listings in in those two problems is listings are sometimes very skinny in other words people just don't offer the houses for sale we've seen a lot of growth in listings particularly in Ontario and a very specific segment in the condo market now there's a good reason why there should be more action in the condo Market even though again this is way up listings are way up compared with some points in the past and and yet they that's condos are becoming the bulk of of the market in some regions I mean that's just that's just what's available that's just what people buy and sell that's just what the inventory is in a lot of places in particularly old 416 so what's going on inventory building what's it mean touched on it before there is some general concern in the micro condo we'll call it I'm going to go back to using my favorite phrase the dog crate condo it's a dog crate okay it's sub 500 square feet in some cases it's sub it's Le it's 385 square feet some of these 385 square feet God that's awful anyway these are all investor driven products these are all um owned by people who don't actually live in them um maybe a couple but vastly more people who are just investors renting them out a little bit of speculation in that Airbnb so what's happened the tightening up of different kinds of things like Airbnb almost impossible in BC right now um getting under a lot of pressure in um the Toronto just Toronto particularly um so people and capital gains capital gains inclusion bump makes people think well time to sell so we see some inventory growing steadily steadily growing in that area of small condos and also other condos single family listings are up too I mean the sales are still at 10year lows now remember whenever I talk about 10year lows in Ontario we've got to be very very conscious of the important fact there's so many more freaking people in Ontario than there was 10 years AG go oh man is there ever Jesus lots more so 10year level like sort of decade low sales is actually really bad okay it's it's it's very sluggish so what's it all mean clearly rates have been have not Fallen dramatically um therefore and we must understand that in extremely expensive housing markets like British Columbia but particularly Ontario it's just very very rate sensitive that's the truth it's just rate sensitive we got to accept it okay and rates have just been bouncing around not so hot so there's and there's clearly the story of Great Cuts by the Bank of Canada in early 2024 didn't happen they did not happen and I as much as people like to pretend I said they would happen they they didn't happen so what can we expect from this all right let's let's let's break it down people like to say okay well as soon as the rat drop everybody will jump in because there's just a million people on the sidelines waiting to jump in are there I I don't know that I don't necessarily know that yes there's some because there sales are very low um new builds are like in lowrise don't exist and uh yes there could absolutely be people willing to jump in are there really this huge numbers of of Corporations huge corporations willing to LEAP in and buy up all those condos I think the firm answer in Canada is no no that does not exist really it's kind of a urban legend that that's not really true what we have to know is this commercial real estate and the in terms of the sale of land when you're talking about hey this is we're buying this as land to be changed into something else land sales when they do occur they're basically 40% off their highs that's the truth in Toronto area when you sell a piece of land to say okay this is development land it's just a parking lot now and you're going to turn it into something those prices are down 40% that's real money that's a big goddamn difference so will that seep over into residential I'm not guaranteeing that but I am I'm not even saying it anything like it will happen because we have this difficulty with building lowrise properties we just don't have any new stock but something's happening we're going to know a lot more soon hang in the story of house sales and home sales and condo sales in Canada I think the real truth is just going to be written soon