National Market Update & Home Sales Hit 18-Month High

[00:00:00] Welcome to the Canadian Real Estate Investor, where host Daniel Foch and Nick Hill navigate the market and provide the tools and insights to build your real estate portfolio.

[00:00:12] Canadian Real Estate Investor podcast listeners, welcome back. My name is Nick Hill. I am a real estate investor and a mortgage agent.

[00:00:21] And I'm Daniel Foch, also a real estate investor and a real estate agent.

[00:00:25] And today we're talking about the Canadian Real Estate Association's monthly update, also known as CREA stats, as well as an RBC report about said CREA stats.

[00:00:37] And we're going to finish off with some boots on the ground updates from our hosts, our meetup hosts across the country.

[00:00:43] They're going to talk about their individual markets.

[00:00:45] So let's dive right in here, Dan. In a somewhat stunning reversal of fortune,

[00:00:51] the Canadian real estate market roared back to life in October 2024.

[00:00:58] Somewhat shattering expectations and breaking a long standing cold streak.

[00:01:03] We all like to break a cold streak, no matter what it is.

[00:01:06] So let's go over some of the first key highlights. Start me off here, Dan.

[00:01:11] First key highlight is that home sales activity reached its highest level since April of 2022,

[00:01:16] which we know is kind of when the market, the bull market ended, surpassing the 10 year monthly moving average for the first time since the Bank of Canada started hiking interest rates,

[00:01:27] which to me is pretty notable because we've been stuck under that line for a long time.

[00:01:31] So basically the real estate market has been running at really low volume, which is hurting real estate professionals.

[00:01:36] And I know nobody's really weeping for real estate professionals, but the reality is this is probably had an economic impact.

[00:01:43] Oh, for sure. I think you can you can see it.

[00:01:45] And then I think it extends outside of just the real estate professionals, because as we know, real estate makes up such a large part of the Canadian economy.

[00:01:54] So when we see a massive slowdown like that, it does affect a lot of other people outside of just real estate professionals being real estate agents.

[00:02:02] Right. That's the first thing that comes to mind.

[00:02:04] Yeah, I think like, you know, you're even seeing right now the the federal government actually announcing this GST relief that they're potentially doing.

[00:02:12] You know, it's clear that the economy is suffering.

[00:02:15] We don't know whether or not this is actually going to be or this is actually like, you know, directly related,

[00:02:20] but that retail consumption and other economic indicators are not reading positively for Canada's economy.

[00:02:26] And I would say, you know, we know that a significant portion of our GDP is residential investment and a significant portion of that comes from real estate commissions.

[00:02:33] So if they want to keep the GDP moving, they got to keep money in people's pockets.

[00:02:37] I don't think they're going to be able to avoid a recession, but they're certainly not going to stop trying.

[00:02:40] Well, we can avoid it if we just don't say the word because that has seemed to work for both sides of the border.

[00:02:46] USA and Canada just refused to say it.

[00:02:49] And thus we aren't in one.

[00:02:51] Yeah.

[00:02:52] Yeah, for sure.

[00:02:52] I mean, for us, like it's interesting because, you know, they started with record government hiring.

[00:02:56] Now they've moved on to or then they moved on to record immigration and now they're kind of neither of those are working anymore.

[00:03:02] So it's like, OK, well, let's see if we can just basically bribe people to spend money over Christmas with a two month GST holiday, which is fascinating.

[00:03:09] And speaking of holidays, actually, make sure you come to our holiday party, which is coming up.

[00:03:14] Yeah, there'll be a link in the show notes, but it's on Eventbrite.

[00:03:16] You'll see it on all of our social media.

[00:03:17] And if you use the code podcast, you'll get a discount.

[00:03:19] We want to see you.

[00:03:20] We want to meet all of our listeners.

[00:03:21] We're going to do a year end economic report and some predictions for next year.

[00:03:24] So please come out.

[00:03:26] We want to see you there.

[00:03:27] Anyway, so the surge that we were talking about before signals, you know, maybe the potential end to the recessionary feel that the real estate industry has been in.

[00:03:38] Right.

[00:03:38] So we've, you know, everyone else is kind of just getting to the recession, but we know, you know, you've heard us talk about this hope acronym many times on the show here.

[00:03:46] Housing gets impacted first.

[00:03:47] And for the past two years, housing, the real estate industry has been in a recession.

[00:03:50] We've been at like 50% reduction in sales volume.

[00:03:55] So realtors have very much been in a recession.

[00:03:57] Mortgage brokers have very much been in a recession for a year now, probably, or more.

[00:04:01] Everybody else is just getting to it.

[00:04:03] And maybe, you know, the same way that housing gets impacted first when rates get hiked, like you saw, house prices were the first thing to respond when the rate hiking cycle started.

[00:04:13] Now that we're in the rate cutting cycle, housing will be the first thing to respond in the recovery.

[00:04:18] I'm not saying it's going to start recovery immediately, but it will be, you will see it being the first thing to respond.

[00:04:22] You'll see unemployment probably rising at the same time that house prices are rising sometime later next year in 2026.

[00:04:27] So yeah, for sure.

[00:04:29] And that's marked here by a 7.7% month over month increase in sales activity, which is really dwarfed the modest gains in previous months.

[00:04:41] And Dan, we've been covering the career reports for a while and I can't recall in recent months, maybe even the last year where we've seen such a big jump, right?

[00:04:51] I mean, we're usually talking about such incremental jumps that they're less than even a percentage point one way or another for the last little while.

[00:04:57] So, you know, to see almost an 8%, you know, almost a double digit gain, I'm sure is a very welcome thing for a lot of people in the industry.

[00:05:09] Any comments on either of these two charts that you're sharing right now, the year over year change and the kind of 10 year moving average?

[00:05:16] Yeah, I think that, you know, again, the one with the 10 year average, I think like, you know, we're finally getting back to that more normal market.

[00:05:23] Again, not a growth market yet, but kind of getting back to some sense of normalcy, which is good.

[00:05:28] It's going to be necessary for Canada's economy to not suffer too badly.

[00:05:31] The residential average price one that you have in here, I mean, basically all markets except for BC went up in value.

[00:05:38] On a year over year basis.

[00:05:39] And that's using again, residential average price.

[00:05:42] If you use the house price index, it's technically down.

[00:05:44] And if you really look at prices on like on a price chart, we're basically in a sideways market right at a national, you seeing some bouncing up and down.

[00:05:51] But, you know, we said we would probably see a side sideways market for a year or two after that big crash.

[00:05:57] And lo and behold, here we are.

[00:06:00] Yeah.

[00:06:00] Love it.

[00:06:01] Not that we are claiming we told you so or saying our predictions were right, but occasionally, you know, you talk about the stuff and I guess we're right every now and then.

[00:06:09] And the surge that we're talking about, the surge in activity, it presents a complex yet multifaceted landscape, which offers both promising opportunities, but significant challenges for both buyers, sellers and real estate and mortgage professionals alike.

[00:06:27] And essentially anyone in that industry, right?

[00:06:29] The market dynamics have shifted dramatically, which has created a new environment that really will require more careful and thoughtful navigation and a little strategic, pragmatic decision making from all of those parties involved that I just mentioned, right?

[00:06:46] Buyers, sellers, investors, real estate agents.

[00:06:50] You know, it's now is the time to be doing the due diligence and be working on your investment thesis.

[00:06:57] If you're an investor and be really making those careful strategic decisions.

[00:07:02] If you are a buyer or a seller simply moving into an end user home.

[00:07:08] Yeah.

[00:07:09] And if you want help doing that, we do have a limited time offer for a course.

[00:07:14] So, uh, between now and Christmas, cause we usually see a rush of people joining during Christmas and, uh, and obviously the new year, new me folks.

[00:07:22] So if you're interested in that, send us a DM and we'll get it into your hands.

[00:07:26] Obviously just want to kind of meet everybody before they come through the gate.

[00:07:29] So send us a message to the show and, uh, and we're happy to, to send that offer over to you.

[00:07:35] So, yeah.

[00:07:35] So when you think about that, the, the real estate market right now, you're seeing pretty big changes in both buying and selling, right?

[00:07:42] You can see more people are looking to buy real estate, which you can see from the increase in sales.

[00:07:47] But at the same time, um, we're seeing more and more listings, right?

[00:07:51] You've seen an increase in listings basically since Q1 of 2023, the number of new listings has grown.

[00:07:57] Uh, and so this has led us to kind of like a market that's sort of, sort of balanced.

[00:08:02] And you got a sales to new listings ratio that actually jumped up in, in the, in the most recent month and the months of inventory fell.

[00:08:10] And so the question really becomes is, is this momentum that's building for a good spring market?

[00:08:14] Or are we potentially looking at a bunch of sellers who could have what we would call maybe pent up supply rather than pent up demand?

[00:08:22] Which story do you think is, is, is more like a more likely outcome, right?

[00:08:25] Do we think we're going to end up with a pent up supply story or a pent up demand story?

[00:08:29] That really would be the key thing for people to look at moving into the spring market.

[00:08:34] Cause you're kind of right now you're seeing an equal growth in buyers and sellers.

[00:08:37] So some months it looks like it's, you know, moving in favor of buyers.

[00:08:40] The next month it could look like it's moving in favor of sellers.

[00:08:43] Economically, do you think that the headwind of interest rate, interest rate cuts, sorry, the tailwind of interest rate cuts and the headwind of job losses and, and this mortgage renewal wall is going to, what do you think it's going to materialize in?

[00:08:58] Maybe are we going to see more sellers or more buyers in the spring market?

[00:09:01] Not up to me to guess.

[00:09:02] It's probably going to vary on a month by, or on a market by market basis.

[00:09:05] Yeah, definitely on a market by market basis.

[00:09:08] And, you know, I think we're back to that kangaroo market day, right?

[00:09:11] It just seems to change, you know, inflation's up, inflation's down 50 basis point cut being predicted 25 being predicted.

[00:09:19] You know, housing starts up in one province, housing starts down in another.

[00:09:23] And how I just got to say, I love how you're already talking about the spring market.

[00:09:26] We're not even in December yet.

[00:09:27] Talk about some forward thinking.

[00:09:29] I love to see it.

[00:09:30] So, you know, for sellers, which we're seeing more of, I think this surge in activity can present a positive outlook, right?

[00:09:39] The heightened demand in the market at the same time could potentially lead to accelerated sales and a potential upward trajectory in property values.

[00:09:48] And especially if supply remains constrained, which again, on a market by market basis, it seems to be, especially when we're looking at major housing markets that are actually still doing well, like those, you know, outside of the province of Alberta, which actually is the only province and the two cities there are the only Calgary and Edmonton are the only ones that are actually hitting and surpassing their housing start targets.

[00:10:17] Yeah. And Calgary, you do kind of see rolling over a little bit on, you know, I guess their growth is sort of tapped out for this potentially for this cycle, whether or not it gives back some of those gains.

[00:10:28] Well, we're about to find out, I suppose, but it doesn't seem to be growing at the pace that it was before.

[00:10:33] Yeah. I think the one thing that really stands out to me that a piece of data that came out between now and now and, or sorry, between when we did the CMHC report and this report is they released this chart basically showing mortgage delinquency rates in selected cities across Canada.

[00:10:52] And really the, like Toronto looks like the city that is going to have the biggest, maybe potential pent up supply situation.

[00:11:01] I've actually seen agents in the GTA posting about this multiple offers situation recently, which we haven't seen for a long time.

[00:11:09] Obviously, you know, that might give sellers a bit more negotiating power.

[00:11:12] Probably a lot of this as a result of that new CMHC policy that even the Bank of Canada has been warning about, you know, the Bank of Canada kind of mentioning that they feel like it's going to have consequences in the market.

[00:11:21] Maybe these are the consequences that we're seeing.

[00:11:23] Yeah, exactly. And it's funny. I haven't, I mean, I remember the days where the multiple offer was, was like a flex kind of thing.

[00:11:31] And, and then it went, then it went away very, very quickly.

[00:11:35] And now it seems to be, seems to be back.

[00:11:38] So, I mean, going back to what you just mentioned in, you know, the CMHC Canadian Mortgage and Housing Corporation report, just put out a report with projections on the rising delinquencies

[00:11:50] across numerous Canadian cities.

[00:11:52] You've got the, the chart up here, you know, it's everything from Halifax, Montreal, Ottawa, Toronto, Winnipeg, Calgary, Edmonton, Vancouver, and Saskatoon.

[00:12:02] Little variations there, but it seems like this is an issue everywhere.

[00:12:06] So talk to me about this article from, from BNN.

[00:12:11] To me, the, the only one where you're really seeing the scary part is like the, where you see a big increase, right?

[00:12:17] Like you look at Winnipeg and Saskatoon, like they, they have, they're, they're kind of sideways, but they do have higher, high delinquency rates.

[00:12:23] But they are kind of sideways, right?

[00:12:25] You look at a Toronto, for example, you know, you're going to see basically like what, what looks like from my perspective, like a 50% jump in delinquency rate, which is big.

[00:12:34] So everywhere else, like, yeah, you're seeing some increase.

[00:12:37] I think Vancouver is the only other one that really stands out to me as like potentially alarming.

[00:12:42] And then they also, we, we mentioned this in the, when we were reviewing the CMHC report, but you know, there's a huge increase in alternative lending, which is probably where people are going to hopefully, or in an attempt to probably stave off that delinquency, right?

[00:12:54] So they're saying, ah, I'm, I mean, they're going to not be able to pay my, my, my mortgage, or I'm not going to be able to renew, or I'm going to borrow a little bit more equity using a private loan to buy myself two years.

[00:13:04] Cause that's how long I think it's going to take for this to, to, to pass over.

[00:13:08] Yeah.

[00:13:09] Yeah, exactly.

[00:13:10] So let's just maybe go over a quickly, a couple of key points from, from this article.

[00:13:14] And one of many articles that they kind of cover this.

[00:13:17] So again, you know, we did see a, a rise in the average national home price just below $700,000.

[00:13:25] And again, that's up 6% year over year.

[00:13:29] But despite that being a positive trend, you know, the delinquency rates need to be going up and mortgage delinquencies are more than 90 days.

[00:13:39] And that's, you know, the delinquency rates are more than 90 days past due.

[00:13:40] So that's increased 0.19% in the second quarter of 2024, up 0.14% from 2022.

[00:13:49] So not crazy.

[00:13:52] But again, going in the wrong direction.

[00:13:54] Yeah, for sure.

[00:13:56] I would say like, again, you can see in the housing market a little bit, it's showing signs of recovery.

[00:13:59] But I think that, you know, there's probably also implications that, that, that recovery could be cut short or maybe delayed a little bit with some of the potential challenges ahead, especially with these mortgage renewals and delinquency rates that CMHC is observing.

[00:14:13] Yeah, yeah, agreed.

[00:14:15] Okay, so let's get back to the Korea stats here.

[00:14:17] You know, the housing market has been and will continue to evolve rapidly.

[00:14:23] Volatility is still part of the mix, right?

[00:14:27] Increased buyer demand coincides with potential supply growth.

[00:14:31] And that creates a difficult environment and complex environment for sellers and professionals alike.

[00:14:37] So we got to think of stuff like timing seems to be crucial when, when listing your home, right?

[00:14:42] You got to have a bit more strategy than you, than you used to.

[00:14:44] And of course, now more so than ever, expert guidance from a knowledgeable real estate professional is essential.

[00:14:51] Dan, I don't want to go too into the weeds here, but you and I have recently heard some, some really bad stories of, you know, the cousin or the brother or the uncle being used for something.

[00:15:02] And mispricing it, missing things, not doing things like getting an inspection beforehand and, you know, having like a major CapEx project, whether it be foundation or roof or furnace or heating, something like that being overlooked.

[00:15:17] And then of course, when you have something like that, you've got to, you know, let any other potential buyers know.

[00:15:23] So, you know, when we're in a market like this, it is crucial to have that good power team around you, whether you're an investor or just looking to, you know, buy your first or your next home or sell your home.

[00:15:37] Yeah, absolutely.

[00:15:38] And in that regard, like maybe from a seller's perspective, you are seeing speed, a bit of a speeding up in absorption and in the lower inventory markets.

[00:15:47] But probably could see again, if you're planning to list your home, increased competition, if we see that pent up supply or some sort of surge in supply.

[00:15:54] Similarly, you could probably see some competition on the buy side where that one to one and a half million shift in CMHC buyers could probably introduce quite a bit more demand to the lower end of the market.

[00:16:04] Well, I call it the lower end of the market for like Toronto, but that would be kind of your, I guess like that's, but first time home buyers or owner occupied buyers who are using CMHC mortgages are really going to probably push prices up.

[00:16:15] Cause I've said this a lot, like people kind of rag on me for it, but the reality is the first time home buyer is like your irrational buyer in the market, right?

[00:16:21] They have no experience.

[00:16:22] They've never bought a house before and they are usually using a newer agent just based on their age.

[00:16:28] So you could see some market shifts as a result of the CMHC policy.

[00:16:32] We're going to do probably a segment, maybe not a whole episode on Carolyn Rogers from Bank of Canada's comments on that, on, on the CMHC stuff.

[00:16:39] So I'm not going to belabor it in this discussion.

[00:16:41] Um, but yeah, I think we're moving towards kind of balanced or, uh, probably just continuing a balanced market in the spring.

[00:16:47] It'll vary on geographic basis.

[00:16:50] Yeah, for sure.

[00:16:50] And I think, um, I think real estate professionals at this point, uh, are probably happy to see this.

[00:16:57] And, and, and, you know, I think there's benefit for all parties when we see a bit more activity in the market, right?

[00:17:04] What increased transactions to welcome change for, for a lot of people out there, buyers, sellers, professionals alike.

[00:17:10] Uh, considering it's been a tough market out there, Dan, as you mentioned, right?

[00:17:13] All time lows in, uh, in the mortgage and the real estate space and global, uh, global mail, sorry.

[00:17:20] And, and a number of others just put a, a study out about this that we've seen Exodus of about 45,000 real estate workers.

[00:17:27] So not all just agents, but real estate professionals in the industry, um, since the slowdown.

[00:17:34] And this is the best part of it.

[00:17:35] Then it goes, uh, dash, but some say Toronto still has too many agents.

[00:17:40] What do you think, Dan?

[00:17:40] Too many agents still in Toronto?

[00:17:42] Yeah, I would say so.

[00:17:43] I mean, given the amount of transactions, it really depends on if like, uh, if people are comfortable with us moving towards a leasing market, right?

[00:17:49] Like you look at like all the agents who are cheering on house prices to go up for infinity.

[00:17:53] Like that's where you're going to end up.

[00:17:55] Once you get to the point where nobody can afford a house, you're all leasing.

[00:17:57] So be careful what you wish for, right?

[00:17:59] Like look at, look at Manhattan, look at Europe.

[00:18:01] You know, there's a lot of realtors, but not a lot of them are doing sales work.

[00:18:04] They're doing leasing work.

[00:18:05] So I'm just going to quickly jump to, um, maybe regional variations.

[00:18:09] Basically, you know, we're seeing average home price grew, I think about 6%, uh, year over year.

[00:18:14] But we looked at, you know, we went through the chart basically growth seems to be different.

[00:18:18] I think, uh, Newfoundland was the highest growth market in, in the country.

[00:18:22] And, um, the, and BC saw the lowest growth, uh, in the country for this point.

[00:18:28] Anything you want to add here before we wrap up?

[00:18:30] Uh, maybe, maybe RBC's take quickly.

[00:18:32] Yeah, let's just wait, maybe look at, um, what RBC had to say about this.

[00:18:37] So the series of interest rate cuts from the Bank of Canada, which now totals 125 basis points so far.

[00:18:43] No doubt lifted the momentum, lower borrowing costs, not only improved the math for purchasing a home,

[00:18:49] but signaled an imminent change in the direction of the market after the kind of two year slump that we'd been in here.

[00:18:57] Dan, talk to me about maybe what we're seeing across the country, namely in, you know, Toronto, Vancouver versus, you know, the prairies, for instance.

[00:19:06] Yeah.

[00:19:07] So I think, you know, I mean, it's, it's a lot tighter in the prairies, Quebec and parts of Atlantic Canada.

[00:19:11] You're seeing kind of moderate rises in those regions, but we've seen like, you know, big increases in new listings in Calgary, for example,

[00:19:19] where there's a first month over month drop in, in prices in almost two years, right?

[00:19:24] Edmonton is probably the only market that is sort of left with some heat in it.

[00:19:29] You know, you've got Edmonton and Montreal who are still seeing big jumps up in price in October, but we haven't really seen the strength, you know,

[00:19:38] in some of the more iconic markets that were growing over the last little bit, especially your Calgary.

[00:19:44] And then obviously Vancouver kind of pulling the BC average down.

[00:19:47] So rather than, than listen to Nick and I drone on and on about it, what we're going to do is we're going to jump over to the recorded conversation with our hosts.

[00:19:56] So these are all of our meetup, our meetup hosts from coast to coast.

[00:20:01] Remember, we have this in 26 cities across Canada.

[00:20:03] So if you like what any of them are saying, they're all putting on meetups on a monthly basis.

[00:20:10] And in, I guess, 26 cities across Canada.

[00:20:13] So, so go out, you can see a link in the show notes, go meet them, go have some discussions,

[00:20:16] go learn a lot about the real estate market and, and take their word for it, not ours.

[00:20:21] Okay. Welcome back everybody.

[00:20:24] After another wonderful night of events across the country,

[00:20:28] we've got a few hosts that aren't able to make it to the call today.

[00:20:31] They're out doing real estate things in the field.

[00:20:34] So I'm going to just quickly read the notes that they sent in.

[00:20:37] The first one is from Tony Reale in Aurora.

[00:20:43] Said to have several new attendees and a bunch of the usual suspects as well.

[00:20:48] A great mix of 18 people altogether with realtors, investors, and contractors.

[00:20:53] Mississauga was also success from Mariana of Wolf Street Real Estate.

[00:20:59] Had about 20 people, which half of which were new, half of which were repeat guests.

[00:21:03] Good mixture of lawyers, brokers, realtors, REIT managers, some potential condo investors,

[00:21:13] and just mostly industry professionals overall.

[00:21:16] And Zach Denny from the East Coast here in Charlottetown.

[00:21:23] The meetup went well.

[00:21:24] Probably had about 10 people.

[00:21:26] A couple of project management, property management companies,

[00:21:29] talking about services, tips, tricks, and the different services they provide.

[00:21:34] Dawson, why don't we start with you?

[00:21:38] You, Dan, and I can start this off.

[00:21:41] We had a great meetup last night.

[00:21:43] So Dawson, and just a reminder for everybody,

[00:21:46] the question that we're wanting to ask today is,

[00:21:50] is the market still active with people buying and selling?

[00:21:55] Did we see much of the fall market,

[00:21:57] or is the general consensus that people are kind of holding off

[00:22:00] and still waiting for spring?

[00:22:02] So Dawson, why don't you tell us a little bit about how last night went,

[00:22:05] kind of number of attendees,

[00:22:06] and then we can get into what's going on in the Winnipeg market.

[00:22:11] It turned out we did a little bit of a panel.

[00:22:14] So just asked Dan and Nick some simple questions,

[00:22:17] and then did a little Q&A.

[00:22:19] Didn't get too many questions out of that,

[00:22:21] but people really liked the panel that we did,

[00:22:24] and yeah, it was a great time.

[00:22:27] Yeah, I appreciate that, man.

[00:22:29] Probably had about 40, 50 people out,

[00:22:31] which was awesome.

[00:22:33] Younger demographic, which was great to see.

[00:22:36] A lot of kind of people as young as 18,

[00:22:38] and a lot of people in their mid-20s up to early 30s there

[00:22:42] who were doing deals and crushing it,

[00:22:44] which was great to see.

[00:22:46] Dawson, what do you think about the market right now?

[00:22:48] Are you seeing a slowdown, people waiting until spring?

[00:22:51] Did you see much of a fall market in Winnipeg?

[00:22:54] Yeah, quite the fall market.

[00:22:56] I kind of touched on it a little bit in their last meetup.

[00:22:59] I mean, maybe things have simmered down a little bit since,

[00:23:03] but still a lot of action going on.

[00:23:05] Still a lot of houses moving pretty quickly,

[00:23:07] unless they're not in the best areas.

[00:23:10] But besides that, people are still out there searching,

[00:23:13] especially with that interest rate drop.

[00:23:15] So I think there's a lot more first-time homebuyers

[00:23:17] that have maybe decided not to wait till the new year

[00:23:20] and maybe jump on things now.

[00:23:21] So yeah, I feel like we're definitely at a totally different spot

[00:23:26] than we were last year in November,

[00:23:28] kind of a slower market.

[00:23:30] It's a little bit more hotter than normal,

[00:23:32] but I think we're going to see it kind of just decrease a little bit.

[00:23:36] But I think it's still going to be very different from last year's.

[00:23:39] Yeah, great insight.

[00:23:41] And for the people, mostly James and Jessica

[00:23:44] and the rest of us that are in Ontario here,

[00:23:47] Dawson was kind enough to take Dan and I out

[00:23:49] to show us two properties before we went to an event.

[00:23:53] One of them was listed at $109,000,

[00:23:55] and the other one was listed at $160,000.

[00:23:59] So these are full, single-family,

[00:24:01] pretty much move-in ready,

[00:24:03] depending on who wants to move in.

[00:24:05] But absolutely fascinating to see some of the stuff

[00:24:09] in, of course, different parts of the country here.

[00:24:12] Now, on that note, why don't we, thank you, Dawson.

[00:24:15] Why don't we jump over to Zach and then Rob jump in afterwards, please.

[00:24:22] Hey, everyone.

[00:24:22] Zach DeJong here.

[00:24:23] I run the Kitchener Waterloo Meetup Group,

[00:24:29] mortgage agent in the region with Mortgage Center KW.

[00:24:33] We had a great turnout last night, actually.

[00:24:36] We took a step back from doing our panel.

[00:24:39] You know, we found, we did a few in a row,

[00:24:42] went back to just kind of letting everybody mingle.

[00:24:45] We did do our pot seat, which is always something fun,

[00:24:49] raises some questions, was a great mix of people.

[00:24:53] In fact, we had people who were from the UK coming over

[00:24:58] and looking at investing here and doing some,

[00:25:01] finding actually great opportunities.

[00:25:03] And it was interesting to hear just that different look

[00:25:09] on the Canadian market,

[00:25:10] opposed to, you know,

[00:25:11] some people out there saying that it might not be

[00:25:13] the best time to be involved right now.

[00:25:15] As for the market in our area,

[00:25:18] I definitely, on my residential side,

[00:25:20] seen a little bit of a slowdown on the buying.

[00:25:22] That's for sure.

[00:25:23] I've seen some of the multifamily listings

[00:25:25] pick up a little bit,

[00:25:27] a few people talking more about the multifamily opportunity.

[00:25:31] I think we're still seeing some people

[00:25:33] sitting on the sidelines,

[00:25:35] waiting for maybe some stuff to calm down

[00:25:37] with what just happened in the States there.

[00:25:39] But, you know,

[00:25:41] it's kind of a general idea

[00:25:42] of what we're seeing in the area.

[00:25:44] The infill stuff is picking up as well.

[00:25:46] I'm working on a couple of those right now as well.

[00:25:49] Very cool.

[00:25:50] Yeah, wow.

[00:25:50] People from England coming over

[00:25:52] to invest in Canadian real estate.

[00:25:53] Love to see it.

[00:25:54] Appreciate that, Zach.

[00:25:55] Rob, what was your take on last night?

[00:25:58] Yeah, thanks, Nick.

[00:25:59] Thanks, Zach.

[00:26:00] Rob Chopra here from 4Capital,

[00:26:02] one of the co-founders and partners at the firm

[00:26:04] were commercial mortgage agents

[00:26:06] specializing in the multifamily space.

[00:26:08] So we did a really great turnout last night

[00:26:11] to Zach's point at the Kitchener Meetup.

[00:26:14] A lot of new faces as well.

[00:26:15] A lot of entry-level investors

[00:26:16] all the way up to seasoned investors.

[00:26:18] Our hot seat last night was really interesting

[00:26:21] because we had a wide range of

[00:26:23] not just demographic, but age

[00:26:25] as well doing different types of things.

[00:26:28] So we had an insurance conversation

[00:26:30] for a little while as well,

[00:26:31] which I think was very interesting

[00:26:33] and also very appealing to the attendees.

[00:26:37] We've been noticing an uptick month over month

[00:26:40] in terms of how many attendees we're getting.

[00:26:43] A lot of people are finding us

[00:26:44] through various platforms,

[00:26:45] which is also really great as well.

[00:26:47] So it was great to meet a lot of new faces.

[00:26:49] Every month that goes by,

[00:26:50] we're getting some new faces

[00:26:51] and making some new friendships and relationships.

[00:26:54] And it's really good.

[00:26:55] From the commercial side of things,

[00:26:57] for me in the areas that I'm transacting in,

[00:26:59] I'm seeing a lot more of my clients

[00:27:01] coming out that have been kind of standing around,

[00:27:04] waiting for further opportunities

[00:27:05] in the multifamily space.

[00:27:08] We're getting a lot more opportunities

[00:27:10] direct of turnkey assets going direct to CMHC

[00:27:13] as examples,

[00:27:15] along with repositioning loans

[00:27:17] becoming more appealing

[00:27:19] in the Ontario market for specific investors

[00:27:22] that are in a liquidity standpoint.

[00:27:24] So things are moving

[00:27:25] in the commercial real estate market that I see

[00:27:27] and that I'm transacting with my clients

[00:27:29] and it's really good.

[00:27:30] Yeah, that's great to hear.

[00:27:30] In that commercial space,

[00:27:32] I know, are you talking mostly,

[00:27:33] you know, larger to midsize kind of multifamily?

[00:27:36] Because I know that's what you guys do a lot of, right?

[00:27:38] Yeah, a lot of the,

[00:27:39] even some of the smaller cap stuff,

[00:27:41] but a lot of the midsize is moving for sure.

[00:27:45] And I would say anything in the,

[00:27:46] you know, 15 to 40 unit range,

[00:27:48] we're seeing a lot more opportunity.

[00:27:50] Liquidity still becomes a huge factor

[00:27:53] for a lot of those investors,

[00:27:55] but you're starting to see a lot more people

[00:27:57] partnering up as well.

[00:27:59] And those, you know,

[00:28:00] with those different types of structures

[00:28:02] and again, it's, you know,

[00:28:04] it's an opportunity for them

[00:28:05] to bring their capital funds together

[00:28:07] and be able to go, you know,

[00:28:08] move forward in the asset.

[00:28:10] Yeah.

[00:28:11] Yeah.

[00:28:11] Very cool.

[00:28:12] Thanks for, thanks for sharing that, Rob.

[00:28:14] Yeah, thanks.

[00:28:16] All right.

[00:28:17] Let's jump all the way over

[00:28:18] to the West Coast, Best Coast.

[00:28:20] Why don't we start with,

[00:28:21] with Jessica and then,

[00:28:23] and then James,

[00:28:24] how did Vancouver go guys?

[00:28:26] Vancouver was good.

[00:28:27] We had, I think about like close to 50 RSVPs.

[00:28:31] And we think,

[00:28:32] I think we had about 30 people show up

[00:28:34] and it was a lot of,

[00:28:36] a couple of people that came from last month.

[00:28:38] And then we had a lot of new faces.

[00:28:40] And I think from what I saw last night,

[00:28:43] it was a lot of developers that came out.

[00:28:45] And then a lot of people that

[00:28:47] either own like a primary residence

[00:28:49] or are thinking about investing.

[00:28:51] And they're kind of seeing,

[00:28:53] wanted to meet people and see wet areas

[00:28:56] because they live in BC,

[00:28:57] but they want to see maybe perhaps somewhere else.

[00:29:01] So yeah,

[00:29:02] I think it was a really good turnout

[00:29:03] and people were staying pretty late.

[00:29:05] Yeah.

[00:29:07] And Jessica,

[00:29:08] you being on the mortgage side of things,

[00:29:10] how's business been?

[00:29:11] Have you seen a slowdown?

[00:29:13] Are people really coming back

[00:29:14] to look at restructuring

[00:29:16] or refinancing or renewals

[00:29:18] or what seems to be kind of driving business

[00:29:20] for you right now?

[00:29:21] Yeah.

[00:29:22] So we've had probably a couple purchases,

[00:29:26] but we've been actually pretty busy

[00:29:28] with a lot of renewals and refinances.

[00:29:31] And we actually have like a couple of weeks ago,

[00:29:34] we had like a handful of clients coming back to us

[00:29:37] that we just did their mortgage

[00:29:39] either a year ago or even six months ago

[00:29:41] and we're a year and a half to two years.

[00:29:44] And they're actually considering breaking their mortgage

[00:29:47] and going into just like a brand new term

[00:29:48] and doing the math,

[00:29:50] even after penalty,

[00:29:52] they're still saving quite a bit of interest.

[00:29:55] So yeah,

[00:29:56] we've been really busy

[00:29:56] with a lot of switch transfers,

[00:29:58] renewals and refinances.

[00:30:00] Yeah.

[00:30:01] Interesting.

[00:30:01] Very interesting stuff.

[00:30:02] Thank you, Jessica.

[00:30:03] James,

[00:30:03] what are,

[00:30:04] how are things going from year end?

[00:30:05] What are some takeaways from last night

[00:30:07] and market activity?

[00:30:09] Yeah.

[00:30:09] Thanks, Nick.

[00:30:10] James Anderson here with Royal LePage

[00:30:11] and Jessica and I run the Vancouver meetup.

[00:30:14] Yeah.

[00:30:14] We had a pretty good show up.

[00:30:15] I think it was probably the best we've had

[00:30:17] since,

[00:30:18] since I took over.

[00:30:19] But yeah,

[00:30:19] like Jess said,

[00:30:20] some good,

[00:30:20] good minds in the room,

[00:30:22] some younger,

[00:30:22] younger ones looking to start

[00:30:23] and older ones that are looking to add

[00:30:25] to development consultant.

[00:30:27] There's,

[00:30:27] is doing a lot of multifamily,

[00:30:30] starting with the multifamily stuff

[00:30:32] that BC is kind of,

[00:30:33] you know,

[00:30:33] starting to push out.

[00:30:35] So talking to him a lot,

[00:30:36] probably going to meet up with them later on too.

[00:30:39] But yeah,

[00:30:40] it was,

[00:30:40] it was a good,

[00:30:41] good room,

[00:30:45] casual conversations as usual.

[00:30:47] Great.

[00:30:48] Great to hear,

[00:30:49] man.

[00:30:50] Appreciate you guys sharing.

[00:30:52] Good to hear things are going well

[00:30:54] in my home,

[00:30:55] hometown there.

[00:30:57] Speaking of hometowns,

[00:30:58] Jonathan,

[00:30:58] who's also from BC,

[00:31:00] but now helps us do many things.

[00:31:02] One of them being running our Toronto events.

[00:31:04] Jonathan,

[00:31:05] how was last night in Toronto?

[00:31:08] Thanks,

[00:31:09] Nick.

[00:31:09] Toronto was awesome.

[00:31:10] We,

[00:31:11] we shifted venues for the first time in,

[00:31:13] in over a year.

[00:31:15] So we had it over at the Maddie local establishment for,

[00:31:19] for all you Toronto folks.

[00:31:21] And we had a pretty good turnout.

[00:31:22] We probably had about 40,

[00:31:24] 40 people kind of come in throughout the night.

[00:31:26] A lot of new faces this time.

[00:31:28] It could be because we shifted to a little bit of a more kind of central,

[00:31:32] central location,

[00:31:33] but a lot of good conversation.

[00:31:37] Um,

[00:31:38] we,

[00:31:38] uh,

[00:31:38] we actually had someone,

[00:31:39] uh,

[00:31:40] in from Belgium who was looking at,

[00:31:42] looking at some,

[00:31:43] uh,

[00:31:43] some properties in the GTA and,

[00:31:45] um,

[00:31:46] a good mix of people.

[00:31:47] So a lot of great discussion.

[00:31:49] Love to hear it.

[00:31:50] Lots of international activity going on in the meetups.

[00:31:52] Yeah.

[00:31:54] Maybe we should start advertising international.

[00:31:56] See what happens.

[00:31:57] Serge,

[00:31:57] why don't we go over to Mr.

[00:31:59] Capital city over here,

[00:32:00] Serge,

[00:32:01] how are you doing?

[00:32:02] How was last night?

[00:32:03] How many people what's going on up in Ottawa?

[00:32:05] Yeah.

[00:32:05] So thank you.

[00:32:07] Uh,

[00:32:07] Serge Papino here,

[00:32:08] host of the Ottawa meetup.

[00:32:10] And I'm a realtor with real brokerage in Ottawa.

[00:32:14] Meetup was good.

[00:32:15] We had,

[00:32:15] you know,

[00:32:15] like our usual is about 15 people.

[00:32:18] Um,

[00:32:19] but the quality of conversations were excellent.

[00:32:23] Uh,

[00:32:23] we had a really good mix.

[00:32:24] We had some mortgage brokers in the room.

[00:32:26] We had some home inspectors.

[00:32:27] We had some seasoned investors.

[00:32:29] Uh,

[00:32:29] there was a couple that was there there that got,

[00:32:32] uh,

[00:32:32] they,

[00:32:32] they'd been developing like sort of the bungalow SDU.

[00:32:35] They've been doing the bungalow SDU model for a while,

[00:32:37] and they've recently converted to building,

[00:32:40] you know,

[00:32:40] 20 to 30 unit properties,

[00:32:42] but all micro suites.

[00:32:44] So it was,

[00:32:44] it was really interesting to kind of hear about their experience and,

[00:32:47] and the numbers they're generating on some of those properties.

[00:32:49] So,

[00:32:50] yeah,

[00:32:50] a lot of,

[00:32:50] a lot of great conversations.

[00:32:52] Uh,

[00:32:52] as far as the Ottawa market goes,

[00:32:54] things are definitely like October is typically a time where things start to trail off in

[00:33:00] Ottawa,

[00:33:00] October,

[00:33:01] November,

[00:33:01] and we're actually seeing the opposite right now.

[00:33:03] We're seeing inventory levels come way down.

[00:33:05] We're seeing the sales to new listings ratio go up.

[00:33:09] The average selling price month over month,

[00:33:11] we're seeing like all time highs now.

[00:33:13] So it's a lot of the same signs that we had leading into 2021 and 2022,

[00:33:18] which were really hot years.

[00:33:20] So it kind of feels like we might be gearing up for another hot start in 2025.

[00:33:26] Very interesting.

[00:33:28] Okay.

[00:33:29] Appreciate that,

[00:33:29] Sergio.

[00:33:30] Okay.

[00:33:30] So this is what we're going to do.

[00:33:31] Cam Vander Suess,

[00:33:32] why don't you go?

[00:33:33] And then I'm going to read,

[00:33:34] uh,

[00:33:35] from,

[00:33:35] uh,

[00:33:36] the Calgary guys from,

[00:33:37] from cash and Brennan,

[00:33:39] Khalil and Tony,

[00:33:40] they're all international right now.

[00:33:42] Khalil has got to jump for a call.

[00:33:43] So I'll read that next piece,

[00:33:44] but Cam,

[00:33:45] uh,

[00:33:45] Vander Suess from London.

[00:33:46] Why don't you jump in and let us know how,

[00:33:48] uh,

[00:33:48] things down in London,

[00:33:49] Ontario went.

[00:33:50] What's going on y'all.

[00:33:52] It's Cam Vander Suess here in London at Coldwell Banker,

[00:33:55] power realty last night.

[00:33:57] We had a nice little turnout.

[00:33:58] It wasn't our busiest meetup.

[00:34:00] However,

[00:34:01] I don't mind the more intimate,

[00:34:03] uh,

[00:34:04] atmosphere.

[00:34:04] You get into those really good conversations.

[00:34:07] We had newcomers out last night.

[00:34:09] Uh,

[00:34:09] I was talking to a guy who's doing a 22 unit res conversion in a small town,

[00:34:16] just West of London.

[00:34:17] And he's got another parcel.

[00:34:18] We were trying to decide just a round table of,

[00:34:21] should we go accessible housing,

[00:34:24] senior housing or commercial space combination of both.

[00:34:27] Talked a lot about flipping,

[00:34:29] uh,

[00:34:29] last night.

[00:34:30] And then,

[00:34:31] uh,

[00:34:31] you know,

[00:34:31] just battle stories between realtors of,

[00:34:35] you know,

[00:34:36] nightmare closings,

[00:34:38] et cetera.

[00:34:38] Always fun to reminisce.

[00:34:40] Uh,

[00:34:40] war stories.

[00:34:42] Yeah.

[00:34:42] The war stories.

[00:34:43] Right.

[00:34:44] Anyhow.

[00:34:44] So,

[00:34:45] uh,

[00:34:45] for our fall markets,

[00:34:47] it started off honestly,

[00:34:49] quite tepid.

[00:34:50] September was not amazing as far as sales numbers,

[00:34:54] but the last two months,

[00:34:58] October.

[00:34:58] And now we're almost in the middle of November.

[00:35:00] We're starting to see less new listings coming to market and more sales happening.

[00:35:08] Last month was actually the first month since the beginning of the year where active inventory declined.

[00:35:16] So,

[00:35:17] you know,

[00:35:18] similar to what we heard up in Ottawa,

[00:35:20] if we have a decline in active listings and more sales happening,

[00:35:26] we could be in for a tightening market as we head into the spring,

[00:35:31] which eventually could lead to a substantial increase in prices.

[00:35:36] I don't think we're there yet,

[00:35:38] but that's those sales numbers and that active inventory is what I'm closely monitoring just to see what type of atmosphere we're going to be in as a spring market begins early next year.

[00:35:51] Okay.

[00:35:52] Interesting.

[00:35:53] Great,

[00:35:53] great takeaways,

[00:35:54] Cam.

[00:35:54] Appreciate the insight.

[00:35:55] Uh,

[00:35:56] okay.

[00:35:57] Quick pit stop back to,

[00:35:59] uh,

[00:35:59] Calgary,

[00:36:00] Alberta before we head over to Atlantic Canada.

[00:36:02] Uh,

[00:36:03] and as I said,

[00:36:03] I'll just be reading this on behalf of our hosts.

[00:36:06] It's out there.

[00:36:07] Brennan,

[00:36:07] who's in Hawaii,

[00:36:08] Tony,

[00:36:09] who's in Mexico and,

[00:36:10] uh,

[00:36:10] Calil who's holding down the fort for,

[00:36:12] for the rest of the team there.

[00:36:13] So Calil said we had a great turnout with an overall positive sentiment around the market.

[00:36:18] We had investors attending from as far as Slovakia and Houston,

[00:36:22] Texas,

[00:36:22] right through to about 50 regular local attendees.

[00:36:25] Wow.

[00:36:26] So the international theme is hidden strong this month.

[00:36:29] It's crazy.

[00:36:30] Uh,

[00:36:30] there's been general acknowledgement that the heated market of Q1 and Q2 is now starting to be a little bit.

[00:36:36] And to cool and correct a little bit.

[00:36:38] However,

[00:36:38] sentiment remains strong for Calgary longterm.

[00:36:41] Those that are sitting on cash are still eager to buy in anticipation of a stronger spring market.

[00:36:46] Immigration policies and the potential impact on the local market remain top of mind for many.

[00:36:51] However,

[00:36:52] most active investors feel that Calgary's market should be somewhat insulated from this versus larger,

[00:36:59] more expensive markets like Toronto and Vancouver.

[00:37:02] Okay.

[00:37:02] So it sounds like Calgary is just chugging along.

[00:37:06] And,

[00:37:06] um,

[00:37:07] you know,

[00:37:07] it was funny,

[00:37:08] Dan,

[00:37:08] I think one of the things that we spoke about a lot of the people that we met in Winnipeg,

[00:37:12] uh,

[00:37:12] actually were interested in investing or at some point even moving to Calgary.

[00:37:19] So Calgary just still seems to have the,

[00:37:21] that national pull factor.

[00:37:24] Okay.

[00:37:24] Let's jump over to Atlantic Canada.

[00:37:27] Ryan,

[00:37:28] why don't we start with you,

[00:37:29] Ryan from Keystone Capital Group.

[00:37:31] How was last night and what's going on in Atlantic Canada?

[00:37:35] Yeah.

[00:37:35] Thanks,

[00:37:35] Nick.

[00:37:36] Uh,

[00:37:36] Ryan McNeil,

[00:37:37] uh,

[00:37:37] president and co-founder of Keystone Capital.

[00:37:39] We're a private lender out here in Atlantic Canada,

[00:37:41] and we're the host of the Halifax meetup.

[00:37:43] Uh,

[00:37:44] so this was our third month doing the meetup here.

[00:37:47] Uh,

[00:37:47] best turnout yet.

[00:37:48] We were just shy of 30 attendees,

[00:37:51] tons of new faces last night.

[00:37:53] Um,

[00:37:54] and this was the first time that we actually picked a topic to,

[00:37:58] to discuss with the group.

[00:37:59] Uh,

[00:38:00] so we kind of took the lead on that.

[00:38:01] We just did a quick five,

[00:38:02] 10 minute presentation on fix and flip financing,

[00:38:05] and just really wanted to set the lead on this so that other attendees,

[00:38:09] whether they're brokers,

[00:38:10] investors,

[00:38:11] realtors,

[00:38:12] uh,

[00:38:12] property managers can step up,

[00:38:13] and,

[00:38:13] and do it next time.

[00:38:15] But that was pretty well received.

[00:38:16] And,

[00:38:17] and,

[00:38:17] uh,

[00:38:18] the only challenge is,

[00:38:19] uh,

[00:38:19] you know,

[00:38:19] with 30 people was trying to gather the attention because,

[00:38:22] um,

[00:38:22] surprisingly Nova Scotians like to drink.

[00:38:24] So,

[00:38:25] uh,

[00:38:26] but,

[00:38:26] uh,

[00:38:27] overall it was really,

[00:38:29] really great.

[00:38:30] Um,

[00:38:30] and,

[00:38:30] and,

[00:38:31] you know,

[00:38:31] a lot of support from the experienced real estate investors in the room to

[00:38:34] offering advice,

[00:38:36] uh,

[00:38:36] or help to,

[00:38:37] uh,

[00:38:37] to newer ones who wanted to get in.

[00:38:39] And,

[00:38:39] uh,

[00:38:40] most of the group actually stayed close to three hours.

[00:38:42] So,

[00:38:43] uh,

[00:38:43] pretty cool to see.

[00:38:45] Yeah,

[00:38:45] that's fantastic.

[00:38:46] The six to eight,

[00:38:47] uh,

[00:38:47] seems to be a very loose timeline.

[00:38:49] I think I speak for everybody when,

[00:38:51] uh,

[00:38:52] I say,

[00:38:52] I don't think I've ever gotten out of one of these things at,

[00:38:54] at eight o'clock or even eight 30,

[00:38:57] which is,

[00:38:57] uh,

[00:38:57] which is usually a good sign that that's great to hear.

[00:39:00] Ryan,

[00:39:00] I appreciate it.

[00:39:01] Um,

[00:39:01] Cam moved to Moncton,

[00:39:03] Cambaroo.

[00:39:04] How was,

[00:39:04] uh,

[00:39:04] how was last night?

[00:39:06] It was great.

[00:39:07] We are still small and intimate.

[00:39:09] We have a pretty big meetup list from COVID.

[00:39:12] I've been doing this for a little while,

[00:39:13] but a lot of people like the online and obviously,

[00:39:16] uh,

[00:39:17] we can't offer that.

[00:39:18] We do a small in bar meetup.

[00:39:20] Uh,

[00:39:21] we don't do a hot seat or anything like that.

[00:39:23] The theme of last night was the investor mindset.

[00:39:27] So we had a pretty diverse crew that were there.

[00:39:29] Uh,

[00:39:29] everybody from just heard an episode of the podcast wanted to come out to,

[00:39:34] you know,

[00:39:34] somebody who's collected millions of dollars and has a fund.

[00:39:37] Um,

[00:39:38] and it's,

[00:39:39] you know,

[00:39:39] how do you start?

[00:39:40] How do you put one foot in front of the other?

[00:39:42] And that's really meaningful because right now we're in a balanced market and

[00:39:45] investment and investment properties don't always pencil out.

[00:39:49] So people are trying to position themselves as best they can.

[00:39:52] So the hope of the group is to do some deals together as,

[00:39:56] uh,

[00:39:56] the market is shifting.

[00:39:57] And from my own experience right now,

[00:39:59] there are a lot of potential sellers that are trying to gear up and plan for

[00:40:02] next year,

[00:40:03] uh,

[00:40:04] with retirement tax planning,

[00:40:05] all those things.

[00:40:06] We should see some deals and the hope is that they can pencil out.

[00:40:10] Yeah,

[00:40:10] that's very cool.

[00:40:11] Love to see the group coming together and,

[00:40:14] uh,

[00:40:15] kind of creating that,

[00:40:15] that power team right there.

[00:40:17] That is exactly what we,

[00:40:18] what you want to be seeing.

[00:40:20] You know,

[00:40:20] one of the reasons we,

[00:40:21] we,

[00:40:21] wanted to start doing these things that we really want everyone to be one

[00:40:24] degree of,

[00:40:25] of separation away from that next power team member that they need.

[00:40:29] And what a,

[00:40:30] what a great way to do it.

[00:40:31] Um,

[00:40:32] so that's great to hear cam.

[00:40:33] Okay.

[00:40:34] Nevin,

[00:40:35] you are our,

[00:40:35] our ringer,

[00:40:36] uh,

[00:40:37] from St.

[00:40:37] John's Nevin,

[00:40:38] how did last night go attendees?

[00:40:41] What's going on in that market over there?

[00:40:43] Hey,

[00:40:44] so unfortunately we weren't able to have a meetup last night.

[00:40:46] We had some scheduling conflict stuff.

[00:40:48] So we're setting up for a big December one,

[00:40:50] but our,

[00:40:51] I haven't been on these calls,

[00:40:52] uh,

[00:40:53] previous,

[00:40:53] but our,

[00:40:54] our fall meetups have been going really good.

[00:40:56] We've had a real diverse blend of people,

[00:40:58] everything from,

[00:40:59] uh,

[00:41:00] lawyers who,

[00:41:01] uh,

[00:41:02] you know,

[00:41:02] real estate lawyers who are there to provide information on,

[00:41:05] uh,

[00:41:06] you know,

[00:41:06] setting up holding codes and whatnot.

[00:41:07] Uh,

[00:41:08] we've had that,

[00:41:09] we've had some real estate agents show up.

[00:41:10] We've had investors who are looking to get started,

[00:41:13] seasoned investors.

[00:41:13] And we even had a major developer who has,

[00:41:16] um,

[00:41:17] who has a lot of,

[00:41:18] uh,

[00:41:19] I guess development that he's looking to unload.

[00:41:20] He's at the,

[00:41:21] at the end of the line in his career and he's looking to do that.

[00:41:24] So there was a lot of a good synergy there,

[00:41:26] a lot of good information.

[00:41:27] We were able to connect some people to lawyers who were needing stuff.

[00:41:31] Um,

[00:41:31] we were able to discuss deals and the big discussion,

[00:41:34] um,

[00:41:34] um,

[00:41:34] I guess the big discussion in our markets all on MLI select,

[00:41:38] honestly,

[00:41:38] because we have very little multifamily in this marketplace and it's coming

[00:41:41] on stream.

[00:41:42] Like there was another major project approved in St.

[00:41:45] John's,

[00:41:45] uh,

[00:41:46] yesterday at the city council.

[00:41:49] So like,

[00:41:50] you know,

[00:41:50] it's,

[00:41:50] it's sort of the movement towards that.

[00:41:52] I think a lot of people are trying to figure out how they get away from

[00:41:54] the,

[00:41:54] the single family rental or the two unit rental and into some multifamily.

[00:41:58] And that's sort of what's been dominating the discussion.

[00:42:00] And our next meetup,

[00:42:02] there's going to be real focus on Airbnb,

[00:42:03] tourism is quite big here.

[00:42:05] And that's been the feedback that I've gotten from people.

[00:42:07] So,

[00:42:08] so far we've only been getting,

[00:42:09] you know,

[00:42:09] say 15 or 15 ish,

[00:42:11] 20 ish people out.

[00:42:12] We're pretty new at this,

[00:42:14] but like really long list,

[00:42:15] like each night,

[00:42:16] I'll get like probably 70 or 80 messages.

[00:42:18] All like,

[00:42:18] sorry,

[00:42:19] I missed it.

[00:42:19] What was discussed?

[00:42:20] Can we come to the next one or whatnot?

[00:42:22] So we're going to try to get really focused for December and,

[00:42:25] um,

[00:42:25] sort of do it as a bit of a Christmas social as well.

[00:42:27] Kind of thing.

[00:42:27] Try to,

[00:42:28] you know,

[00:42:28] on my goal is to get like 75 or 80 people out.

[00:42:31] Love it.

[00:42:31] Love it.

[00:42:32] um,

[00:42:33] yeah,

[00:42:34] Christmas should be a,

[00:42:35] should be a fun one for everybody.

[00:42:36] Well,

[00:42:37] we will,

[00:42:37] uh,

[00:42:38] we will wrap it there.

[00:42:39] I want to sincerely thank everybody for again,

[00:42:42] hosting these amazing events and,

[00:42:43] uh,

[00:42:44] giving back to the community like this for all those listening,

[00:42:47] get out to an event.

[00:42:49] Um,

[00:42:49] there's several hosts that weren't able to make today's calls.

[00:42:52] Uh,

[00:42:52] there are events happening in over 20 cities across the country with almost 5,000 people on our meetup.com group.

[00:43:00] So if you are thinking about going to an event,

[00:43:03] this is your sign to do so.

[00:43:05] Thank you so much,

[00:43:06] everybody.

[00:43:06] We'll see you next month.

[00:43:08] The Canadian real estate investor podcast is for entertainment purposes only,

[00:43:12] and it is not financial advice.

[00:43:15] Nick Hill is a mortgage agent with premier mortgage center,

[00:43:19] and a partner in the G and H mortgage group license number one zero three one seven agent license M two one zero zero four zero three seven.

[00:43:30] Daniel Foch is a real estate broker licensed with rare real estate,

[00:43:34] a member of the Canadian real estate association,

[00:43:38] the Toronto real estate board,

[00:43:39] and the Ontario real estate association.