CREA Stats, Market Updates, & Landlords Vs. Tenants

[00:00:00] Welcome to The Canadian Real Estate Investor, where hosts Daniel Foch and Nick Hill navigate the market and provide the tools and insights to build your real estate portfolio. Hey, it's Nick and I just wanted to hop on before we get into today's show to remind you that we have two amazing events coming up. April 1st, an event called Navigating Capital. It can be attended in person if you are in the Toronto or GTA area. We also have virtual tickets.

[00:00:29] That event is all about sourcing and structuring capital in order to purchase real estate. The second event that I wanted to remind you is Dan and I are going to be in Edmonton on April the 8th to host a free real estate meetup. Really hope to see you at one or maybe both. That would be pretty cool if you could do that too. Anyways, enough of me. Let's get into today's show.

[00:00:53] We are going to cover three things today. We're going to start off with a really cool survey from Canadian rental platform, live.rent. We're going to cover the Canadian Real Estate Association's monthly stats. And then we're going to get a boots on the ground market update from our meetup hosts across the country, which includes a lovely group of folks from all walks of life, realtors, investors, mortgage professionals, etc. Which is always one of my favorite things to do as an episode.

[00:01:23] Honestly, I just love hearing their perspectives and what's going on in every different city across Canada. Yeah, it's super cool, man. It's not just us that enjoy them and they get a kick out of them. The listeners love them too. They're always high up on the listening charts in our back end. But we'll get to that lovely segment of the episode when we finish off with that. Dan, you pulled up this kind of cool survey, landlord and renters divided opinions.

[00:01:51] Oh, man. What are we getting ourselves into here? Let's go through some of the interesting findings that they've come up with. And maybe as a landlord and a renter, I'm curious to see where I land on some of these. Yeah. So it says among a quickly changing rental landscape, we surveyed over 350 renters and landlords to get their opinions. The three key points. Number one, two thirds of landlords report not making a profit.

[00:02:20] Yikes. Yeah, not good. Number two, market conditions created disconnect. Number three, government policies create a point of tension. No surprises there given we've got the election coming up and I would say my Instagram comments are a point of tension in my own life at this point. Oh, man.

[00:02:39] You know, it's, you know, we, we try to be careful not to politicize pretty much, you know, anything. I just think it's, you know, people come here for information, right? So our goal would be to kind of model the most likely outcome so that we can make real estate investment investments depending on that. Fortunately, it's not like the US election where it's like going to be, you know, a year long. It's like 30 days in Canada. Yeah. Yeah.

[00:03:05] And so it's not a huge amount of volatility. But I will say that the one thing I've observed, and we'll get to this when we get to the Korea stats is that Canadians really seem to pause their purchase decisions when facing uncertainty. And we've had so much uncertainty. So we've had a really slow start to the year for real estate. And we now we have more uncertainty with an election. So yeah, I mean, the uncertainty just seems to be compiling for like literally five years nonstop now.

[00:03:32] But again, we'll get to that. And we'll get to kind of the more sentiment play when we get to Korea stats and when we hear from our hosts. So let's get back to this, this interesting report here, Dan.

[00:03:43] Yeah. So I have it up on my screen. I don't know if you have it up on your screen, but it's the first page 58 says rental market divide high property expenses causing a rift nearly half of landlords 54 sorry 45% say their rental income. I'll do the landlord side Nick since I own my property that I live in and you can do the tenant side since you rent your property that you live in.

[00:04:04] It says 45% say their rental income doesn't cover property expenses while 43% of renters argue that current rent prices are too high. So landlord, here's the question. How do you feel about the current rent prices you're charging? 45% said they're lower than I'd prefer not covering all expenses. 27% said they're fair but not highly profitable. 18% said they're adequate to cover my costs. And 10%, only 10% of landlords are saying they're profitable.

[00:04:32] How does it, how does it, how does it ask a similar question? How does the tenant side respond, Nick? Yeah, well, we'll get to that in a second, but this is, that is tough to see, man. I mean, are you a real estate investor if all your stuff is losing money? Like, I mean, again, and what are landlords doing to try to battle that?

[00:04:59] And yeah, I mean, just so many questions. That's a really tough one to hear. Yeah, for sure. The other side of it is on the tenant side. So the tenant side says, how do you feel about the amount your landlord charges for rent?

[00:05:20] Well, that's a really tough one to hear. Well, that tells a bit of a story right there. Lower than expected, that lucky 7%. But, you know, almost half of the people, and Dane, we've seen rents actually come down in the past.

[00:05:45] Last couple weeks, couple months, kind of across the country here. You know, I've been speaking to landlords across the country, and a lot of them are dealing with vacancy rates and having to cut rent, even in like hot markets like Calgary and Edmonton. So that's very interesting to see. I mean, the sentiment is pretty obvious. Okay, the next one is from the landlord side of things. What is your actual financial outcome from renting your property?

[00:06:10] 33% taking a loss. Another 33% breaking even. And a lucky 31% making a moderate profit. And then, of course, that 2% still seeing a significant profit from the landlord side of things. The question for the renter. Do you believe your landlords are benefiting financially from the current rental market? So this is your tenants or guys like myself that are renters but also own property.

[00:06:38] I'm sitting here wondering, okay, I'm paying a lot in rent. Is my landlord making money off of me? 4% think no, they might be losing money. 9% no, they're likely just breaking even. 30% are thinking, yeah, they're probably making some money, but it's not a lot. And then, this is kind of weird. 57% of renters think that their landlords are making substantial profits. Wow, that is a misconception right there. It's big divide, eh?

[00:07:07] Yeah, kind of crazy. Yeah, it's interesting too because this extends beyond just like the individual transaction of the landlord and the tenant, you know, who they're renting to. And there's also a rental market mismatch. Renters say there's high demand, whereas landlords say there's low interest. 67% of renters feel the rental market is extremely competitive and report struggling to find a place. Where 26% of landlords are experiencing very few applications and 36% of landlords report receiving some applications but not as many as they would expect.

[00:07:37] So there's that vacancy discrepancy that we've been talking about and kind of seen in a lot of markets. Yeah, 100%. So, and then if you go looking at rental platforms, the majority of tenants say that they find theirs on a rental platform and then social media after that, which is really interesting. Yeah, there you go. So all those posts that Realtor's throwing out actually seem to work maybe. Yeah, the other piece is regarding the rental caps.

[00:08:05] 42% of renters believe that rental caps aren't strict enough with prices rising too fast. But 40% of landlords argue that they are too restrictive, making it harder to cover rising costs. This is where, you know, heading into an election, it's really fascinating because it makes it a tough policy environment for these policymakers to do.

[00:08:23] So maybe we'll leave it there and we'll jump over to the Canadian Real Estate Association's stats, which you can find at stats.creia.ca, C-R-E-A. It comes out on a monthly basis and we did a little bit of an analysis on it as always. So dive in. As we like to do. Yeah, well, it kind of continues the, I guess, the sentiment and the fragmented disjointed, right?

[00:08:48] And I mean, Canada's resilient market is maybe now weathering a storm that it might have some trouble with. Korea's February 2025 data saw both home sales plunge dramatically, almost as if the market collectively paused to reflect. And is this surprising? Not really. It's a reaction many predicted as the trade war with the United States continues to escalate, throwing economic certainties into question.

[00:09:17] We've been talking about this since Trump's election victory in November. So Canadian homebuyers, are they in a wait and see mode or are they in a panic mode? Well, you can find it in a second. But before you do that, make sure you check out realist.ca to join our free monthly meetups, our free online community, as well as our paid monthly group coaching community for $99 a month. Where you can chat with myself and Nick and other real estate investors in Canada at least twice a week.

[00:09:47] Thank you, Dan. A nearly 10% drop in home sales month over month isn't a measly statistic. It is a loud and clear message that homebuyers are hitting pause. And it looks like those proverbial sidelines are not getting emptied anytime soon. And they're doing so in what is historically one of the busiest times of the year, right? The onset of the spring market. Now, of course, this winter for most of us has been a bit longer and a bit more brutal.

[00:10:16] Lots of more snowstorms. And we're now in late March and it seems to be kind of dragging on. But ever since the tariffs and related threats made their unwelcome debut, potential homeowners across the nation seem to be content to observe from those sidelines, which again have been so full for the last couple of years. Sean Cathcart, Korea's senior economist, describes its reaction as hardly surprising.

[00:10:40] But should buyers be concerned or is this caution prudent, Dan? I would say, you know, if you look at Ontario's greater golden horseshoe region, including Toronto, those areas felt the pinch sharply. There's usually a vibrant pulse of a spring market and the area's decline is not just worrying, but I think it's a broader uncertainty that is gripping Canada's urban markets and big cities especially. Yeah, for sure. Now, I guess this kind of begs the question.

[00:11:10] All right, prices are cooling. That's obvious now. Now, if you were transactions, is this the beginning or are we in that correction that, you know, people such as yourself and I have been talking about for so long, Dan? That predictable domino effect maybe is going to start on pricing that 0.8% month over month decline from the home price index. I'd see minor at first glance, but that's not overlooked the significance.

[00:11:34] It's the sharpest monthly drop, monthly dip story since December of 2023. Even more revealing is the 1% year over year decrease in the HPI or house price index combined with a notable 3.3% year over year drop in the actual not seasonally adjusted national average sale price. So it's official house prices are technically going down on a year over year basis again.

[00:12:00] This significant downward shift indicates not merely a gentle market cool down, but possibly the first tremors of a deeper, maybe another down leg or correction in the Canadian real estate market facing uncertainty, recession, and whatever ugly stuff lies ahead for us here, Nick. Now, there are pessimists and there are optimists, and there might be one of each on the show.

[00:12:22] And some market optimists might view lower average prices as a much needed reprieve from the rapid price escalation of previous years, offering a little bit of affordability breathing room, right? So a little bit of negative growth in house prices might not be a bad thing. However, it would be unwise to view this as purely a good news story.

[00:12:48] And I don't think many people are looking at it that price drops prompted by widespread caution, economic unease rarely stay like this. And they can quickly spill over into broader market disruptions and even more negative sentiment. The silver lining is that, yes, more people are likely to buy more homes if they can afford them. And yes, lower prices will make homes more affordable.

[00:13:12] With that being said, people are less likely to buy homes if they're afraid they'll lose their job, as an example, or their business will fail, or their investments are going down in value. And those recessionary fears seem to be more present now than ever in Canada. Yeah, you know, I hate to even use the word, but like the vibe session, it feels more real. Now, you're trying to sell some merch?

[00:13:39] We do have vibe session tees, just saying. We do. I wasn't even trying to sell merch, but they are hilarious. And I think they might sell really well after we get out of the vibe session. Maybe not when we're rated it. But listen, it would appear that buyers aren't the only ones hitting pause. Sellers seem to be adopting that wait and see approach as well, right?

[00:14:01] February also saw a dramatic reversal in the number of homes listed, dropping by 12.7% and negating the usual spike that was usually witnessed in January. Now, you'd think that fewer listings would tighten the market, yet sales also fell, maintaining that oddly balanced state that we have found ourselves in here.

[00:14:25] That sales to new listing ratio crept up slightly to 49.9%, comfortably within that balanced market territory. Yet, we find ourselves in a really fragile equilibrium, kind of easily disrupted if buyers or sellers decide they've had enough.

[00:14:43] And, you know, Dan, it's so funny thinking back, how many times have people been hoping and crying out for shouting from the mountaintops for lower prices and lower interest rates? And now we're in the midst of them and there seems to be no action taken. Yeah, I think, you know, the rising inventory that we're seeing that jump from 4.1 to 4.7 months would typically signal more choice and less urgency for buyers.

[00:15:10] But there's an uncomfortable undertone here. Buyers aren't choosing to wait, per se. They're kind of hesitantly stepping back. The healthy market usually will have active participants eager to buy and sell. But what we're seeing, at least in a lot of the bigger markets in Canada, is a little bit more hesitation, growing uncertainty, and the economic outlook. And Korea's chair, James Mabee, acknowledged the psychological impact of recent events, saying the uncertainty in the last few weeks seems to be causing some buyers to think twice about big financial decisions right now.

[00:15:38] Which I can totally empathize with that. It makes sense. It's not purely about economics that are driving decisions anymore. A lot of it is the psychology of it. Even if you're not actually worried about job losses, it just doesn't feel like the right thing to do, right? You know, make this big financial decision when you have really no idea what the outcome of at least probably the next four years at this point are going to be like. You know, you have predictable political events.

[00:16:05] I would say like the last election, you can kind of say, okay, we know what this presidency is going to look like. Trump, I think, won a lot of volatility and chaos, and Canada wasn't so much the victim of it. And we even did an episode sort of analyzing that when the election first happened, and nobody saw this tariff thing coming, right? So every headline right now is about the escalating Canada-U.S. trade war.

[00:16:28] And each one of those kind of chips away at consumer confidence, leaving buyers hesitant to commit, fearful that today's tensions could be tomorrow's economic crisis. Nobody wants to be the one to catch the falling knife, right? Yeah, I just think there's been too many horror stories of catching that so-called knife in the past few years, right? We've seen it with the interest rates. We've seen it with investors overextending themselves. We've seen it in the pre-construction space.

[00:16:53] And look, the truth is no one knows what's going to happen. No one knows how long this trade war and the trade war ripple effect in the shadow will hang over Canada's real estate market. What I can tell you is that short-term volatility looks unavoidable, okay? We are in it right now. The market feels like it might be at a bit of a tipping point.

[00:17:18] You know, one strong gust of economic news could tip it sharply in either direction, right? Something really good happens. Hey, boom. Let's start buying real estate. Let's start opening up business again. Let's start booking vacations.

[00:17:40] Let's start booking vacations. And, you know, her and I chatted this morning. She was like, tell me what's going on in the market.

[00:18:06] And I told her kind of what I was seeing, which, you know, overall isn't great. Obviously, there are still great things happening and great stories. And we're still helping people getting deals done. But overall, it is not a pretty picture out there. And she was like, well, you know, have you been through markets like this before? And I was like, well, strictly based on my age, I've kind of missed some of the last recessions. But I've researched them with Dan at extent. And she was like, look, this comes and it goes. And it's a piece of a cycle. And it's a moment in time.

[00:18:34] And the people that can stick through this are going to be the ones that, you know, make it out better on the other side. And that's just, you know, it's one of those things that we all know, right? This isn't going to last forever. Is it over yet? By no means. Will it get worse? Possibly. Will it get better? Yes, we don't know when. But we're all here along for the ride together. So any final thoughts from you, Dan, before we bring in our wonderful meetup hosts? All good on my end. Let's get to the hosts. They're way better at this anyway. Okay.

[00:19:04] Welcome back to some of our hosts here. We did have some people that can't make the meeting today. But we do have some rock stars from across the country, a couple different provinces and cities represented here. So you guys know the drill. We're just going to go through, get a little bit of a market update. How is the event? What's the sentiment going? You know, we ask a question every month. And I think the best question right now is just what's the general sentiment?

[00:19:31] What's the market activity that you're seeing at these events and the people that you're speaking to, right? We've got, we're in the midst of this emerging trade war here where, you know, we've got a lot going on with interest rates announcements and all this other stuff. So Jonathan, why don't you start us off and let us know how Toronto was? Thanks, Nick. Jonathan hosted the Toronto Meetup. I work alongside Dan and Nick helping organize these meetups across the country. Toronto Meetup yesterday was awesome.

[00:20:00] We had about 50 people come through throughout the night and a lot of activity. I think sentiment, people are starting to get excited, a little bit more optimism compared to probably six months ago. So people are starting to figure out their financing and start to check out some more properties. And I guess along with everything else going on in the world, obviously a lot of just chat about what's going on in the news. So a little bit uncertainty there, but generally sentiment is pretty good. Wow.

[00:20:29] That's great to hear. Yeah. Definitely a lot going on in the news. A trade war will do that, I guess. Thanks, Jonathan. Mike, over to you. Hi, everyone. Mike Kardashian. I'm a The Vaughn Host Meetup, Realtor 3 Max Premier. As far as market sentiments, I would actually say from my point of view or from what I'm hearing anyway, it's slowing down a little bit. People are slightly less gung-ho in the sense of, you know, wanting to spend big amounts of money.

[00:20:57] I know a couple of people that I'm working with, for example, they're trying to refinance construction debt. So that's kind of interesting. And as far as like sales and things in the Vaughn area, I'm seeing actually a little bit of maybe a substitution effect. Some of the more expensive houses aren't selling quite as like their sales to price listing is kind of falling a little bit. But the areas that are like semis, townhomes, things like that, they're actually picking up. Like they have really good price to listing ratio.

[00:21:23] So I thought maybe we're doing a little bit of a substitution effect here in Vaughn. We are still moving. But yeah, I think people are just kind of waiting to see what happens. I know tariffs were a big, big topic, not just in the office, but with clients as well. And yeah, I think we're going to be in a little bit of a holding pattern here in Vaughn. We're not panicking by any means, but I think that's the general sentiment. Yeah. Appreciate the insight, man. James, over to you on the West Coast. What's going on?

[00:21:52] Hey, James Anderson here from the Vancouver Meetup. Had a good meetup last night, probably about 30 people out. Lots of different conversations. Guys that own over 100 doors, doing a lot of MLI Select projects. I got it's building MLI Select projects out in Victoria. Whole bunch of different types of investors, beginners, and obviously seasoned ones as well.

[00:22:15] In terms of markets, yeah, it's seasonally adjusted, probably pretty slow where we normally see market pick up pretty good. It's pretty slow right now compared to what we were seeing in January. Not a lot of activity. Things are still selling, but just not to the extent where we normally see here in March, basically. More people just hanging out in the sidelines. A lot of looking, a lot of contemplating.

[00:22:42] Those sidelines have been full for quite a while now, right? I'm wondering when we start to see people get off of those proverbial sidelines. But no, that's interesting. I mean, Vancouver is a tough market. James, were a lot of those people investing in Vancouver or outside of Vancouver? We had some that were the typical what we've seen in the last few decades of condo owners in Vancouver. That's typically what we've had for investors.

[00:23:06] Most of the people, though, I'd say were the greater share of their wealth is outside of the lower mainland. Agri, Ottawa, Langford, like I said, MLS Select builder there. He's building a 75 unit out there. So there's some interesting projects going on. Great. Appreciate the insight, man. MLS Select, this is a good time to turn it over to Josh. How's the meetup? What's going on in your market? Yeah. Hey, guys. Josh Finlay, one of the co-owners of Build Financial. I host the Hamilton meetup. It was good.

[00:23:36] We had a few new faces out. A lot of the conversation was about just actually policy decisions, understanding essentially what's going to happen with the tariffs and how is that going to affect investment moving forward. A lot of the general sentiment right now is how do I continue to invest in today's market? And how do I overcome the limitations of qualification? And how do I get cash flow? And how do I scale?

[00:24:02] So, you know, what we're seeing is people having just more questions about the uncertainty in the market and then just trying to kind of read policy decisions and how that is going to affect the future. So a lot more just insightful questions from investors kind of digging deeper into federal policy decisions and trying to get a firm grasp of understanding how rates are actually moving markets. Yeah, really interesting. I feel like some of the questions you mentioned are like just some of the most classic real estate questions, right? How do I get in? How do I finance it? How do I make it work?

[00:24:29] Questions that you didn't really have to ask for a while over the last couple of years. But it's great to hear that those solid questions are coming back because that's what every real estate investor should be asking themselves every day with every deal they do. So appreciate that insight, Josh. Brandon and Carol, I had the pleasure of joining the two of you at your meetup last night. We had some wonderful conversations. Please tell us more about the market and what you're seeing. Yeah, absolutely. So we're Brandon and Carol.

[00:24:55] We specialize in helping businesses and individual optimize their finances through our mortgage business as well as I'm a chartered accountant. So that's what we do. We had a bit of an intimate event yesterday. And again, it led to great conversations. There was a shift in the conversations that we've been having over the past month at the last event. There was a little bit of optimism and a sigh of relief when the terrorists got delayed. But that still wasn't strong enough, I guess, to change the sentiment overall.

[00:25:25] I think that that sentiment of uncertainty is certainly affecting the market. The conversations we've been having is that now about 20% of businesses don't expect to be able to continue with the current tariffs past two years. So that sentiment is trickling down to buyers. And so a lot of the clients that we're talking to nowadays are more so looking to optimize their finances.

[00:25:45] And in terms of businesses, they're looking to take advantage of provincial loans that are looking to improve research and development in order to boost investments in different things that allow them to be more self-sufficient here in Canada. So there's been an increased talk about that. And then from the real estate market, again, it all trickles down to that confidence.

[00:26:04] So if businesses are starting to feel like they're not going to be able to survive for two years, 20% of businesses, you start to see a little bit more of that fear and people looking to refinance and optimize how they can make more or keep more in their pockets for now. So a lot of conversations around that. Yeah, it's funny. You mentioned fear. And we always like to reference the fear and greed index. And people are very fearful right now. There's no doubt about that. Carol, you mentioned something interesting last night as well, just because I know the two, you put out a lot of great content.

[00:26:32] You said your reception to the content has been a lot more positive from newer investors or people looking to get into real estate, whereas we're seeing more of the savvy or legacy investor types, again, going back to what others have said, sitting on those sidelines. Can you elaborate on that a little bit? Yeah, absolutely. So for a while, we were helping people with more complex structures like joint ventures, like understanding vendor takebacks and taking advantage of different opportunities in the market.

[00:27:01] But now it's really just down to basics. It's like, where can I get the most return? How do I invest in real estate? The common barriers of, you know, I'm too scared to manage properties. What if people don't pay rent? And talking about the controls around that. That's been more the conversation, again, that we've been having and just taking it back to basics.

[00:27:18] For example, you know, if you invest $400 a month into your RSP, what does that get you versus, you know, $400 a month by taking a $100,000 loan that is now going to be a $500,000 property? What does that get you, right? And the impact is quite powerful when you break it down like that. That's the kind of conversations that are driving majority of our phone calls and the questions that we're getting from our clients. Yeah, really interesting. Thanks for that.

[00:27:48] Brennan, over to you. How was Calgary? Tell us about the event and the market. Hey guys, Brennan Holawady here with Cash in Homes, wholesaling company out of Alberta. We run the Calgary and Edmonton meetups. Last night I attended the Calgary meetup. There was about almost 40 people in attendance. And it was, again, another mix of investors, mortgage brokers, realtors, lots of great conversations.

[00:28:14] I find that all of our events are quite constructive and lots of people come with great questions. I think the overall sentiment and what I've been seeing just in the off-market space. I work with a lot of builders, fix and flip investors. Not as much on the buy and hold side, but a lot of the builders are definitely changing their strategy. Most of the builders actually were getting excited to do these MLI select projects. Last year, almost all of them that I know have pivoted to not doing MLI now.

[00:28:44] Interesting. Probably a few dozen, actually, that are just steering clear of it just because of immigration is one of the reasons they're not confident in the rental rates that they're going to get in the evaluations. So I see a lot of builders just going back to the basic strategies of just building a semi-detach on these lots instead with basement suites.

[00:29:05] And just getting a product that they're familiar with back to market instead of being, I guess, a landlord or trying to build their own portfolios with the MLI select. So, yeah, just a lot of lost confidence in that. And then the market sentiment as a whole, I'm even seeing some builders requesting me or their builders are requesting from me fix and flips, which is very interesting. So that just tells me that everyone wants shorter term projects, so they're not exposing themselves to one plus years of risks.

[00:29:35] So I think, yeah, that's interesting just to see. I think it's just tying back to the uncertainty in the market and just so many different things going on. Yeah, no, that's really interesting. It seems like that's the theme of today is kind of back to the basics across the board here. And you guys are early on in the funnel, given the nature of what you do, which is providing off-market deals to investors. So it's really interesting to hear kind of what's happening on the front lines there.

[00:30:00] Just to clarify, Brendan, these projects that were once MLI, are they getting shelved indefinitely? Are they just getting canceled and those builders or investors are doing completely different things? So they're actually trying to exit them. They're selling them with DP approvals. They're attempting to sell them with DP approvals. I don't know exactly how much they're in the projects for on all of them. Some of them I do. And guys are just looking to get out, just even at a break-even and just go back to just their normal strategies. Interesting. Okay. Thanks, man.

[00:30:29] Ryan, over to you on the East Coast. Yeah, thanks, Nick. Ryan McNeil, president of Keystone Mech and host of the Halifax Meetup here. We had a fantastic night last night. It was probably one of our best ever, over 30 attendees. Amazing. Not sure if it was the nicer weather we're getting here or maybe some parents wanted to get out of the house during the kids' March break. But overall, market sentiment, a bit of a mixed bag still. So rates coming down, obviously, creating some optimism.

[00:30:58] But there's more product on the market with the building boom plus immigration declines. And we're starting to see significant increases to vacancies. So a lot of downward pressure on rents, causing some concerns with investors kind of wondering what to do. Some even considering liquidating their portfolios and pivoting to other investments in the space as well. So some of the new buildings that we're even seeing as well are giving incentives to new tenants.

[00:31:23] So it's likely going to be a challenging road ahead for some of the older product in the market here for the next couple of years. With that said, overall, still the market's been solid. February is typically really slow, but listings were up 7% versus last year. Sales up 3%. And average price is still up about 6.5% across Nova Scotia. And the realtors in the room last night still feeling optimistic overall about the spring market, especially on the single family side. Awesome. Thanks, man. That's great to hear. Okay.

[00:31:52] Thank you so much, everybody, for joining us today and providing those market updates like we get from you every month. Really interesting times that we're in right now. So it's fascinating to hear the different stories coming out of different markets, right? Things are very bullish in Nova Scotia and things are a little more bearish in a place like Calgary. Who would have thought? So again, really appreciate you all showing up today and sharing your experience and your insights with Dan and myself and, of course, all of our listeners across the country.

[00:32:21] If you are listening to this episode and you have not gone out to a meetup yet, please do yourself a favor. 26 cities across the country, almost 6,000 members. There are deals getting done, connections being made, and partners being found at these things. So again, thank you, everybody. We will see you next month. The content of this podcast is for educational and informational purposes only. It is not intended as financial, legal, or investment advice. Always consult a qualified professional for advice tailored to your unique circumstances.

[00:32:51] The views expressed are those of the hosts and guests and do not necessarily reflect the opinions of affiliated organizations. Daniel Foch is a real estate broker licensed with Valerie Real Estate Inc. The website is Valerie.ca, V-A-L-E-R-Y.ca, and a member of the Canadian Real Estate Association, the Ontario Real Estate Association, and the Toronto Real Estate Board.

[00:33:15] Nick Hill is a mortgage agent and partner at OWL Mortgage License Number 10317, Agent License M21004037.