On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin talk about whether Toronto's real estate market is ready to come crashing down, renters being in a bind during the pandemic, a heartfelt letter sent to the Golfi Team by a prospective buyer, and how one of Hamilton's oldest homes has a new owner.
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The Golfi Team RE/MAX serves Hamilton, Halton, Niagara, and surrounding regions (See List of Service Areas below). Check out the Golfi TV YouTube Channel Videos. You will find videos related to the Real Estate Industry including new home listings. You will find industry tips and fun community features as well. Call 905-575-7700 for all your Real Estate Needs!
Thank you for watching. Please like, comment, and subscribe! And remember, Golfi Gets It Sold!
On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin talk about whether Toronto's real estate market is ready to come crashing down, renters being in a bind during the pandemic, a heartfelt letter sent to the Golfi Team by a prospective buyer, and how one of Hamilton's oldest homes has a new owner.
DON’T FORGET TO FOLLOW US FOR DAILY UPDATES AND SUBSCRIBE TO OUR YOUTUBE CHANNEL! :
Instagram: http://instagram.com/GolfiTeam
Facebook: https://www.facebook.com/RobGolfi
Twitter: http://twitter.com/RobGolfi
Website: http://robgolfi.com
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The Golfi Team RE/MAX serves Hamilton, Halton, Niagara, and surrounding regions (See List of Service Areas below). Check out the Golfi TV YouTube Channel Videos. You will find videos related to the Real Estate Industry including new home listings. You will find industry tips and fun community features as well. Call 905-575-7700 for all your Real Estate Needs!
Thank you for watching. Please like, comment, and subscribe! And remember, Golfi Gets It Sold!
good morning, Hamilton. This is Rob Golfi with the Golfi Team. Welcome to the Golfi real estate shell Hamilton edition with host Rexam brands morning. And Rob Golfi is a sales representative with Remax EscarpmentRealty, the Golfi team, you know where to go. Rob Golfi.com is the website. Rob G O L F i.com.
You can follow the Golfi team on Twitter. Facebook Instagram call Hamilton and Burlington's number one, Remax team and volume and unit sales. (905) 575-7700. Is the phone number to call again? (905) 575-7700. If you want to sell your home. In what is maybe one of the most intriguing, interesting red hot markets on the planet.
Call the Golfi Team today (905) 575-7700. And remember that golf feed not only gets it sold, but they do so safely during this COVID 19 pandemic. Lots to get to today. We'll talk about Toronto's real estate market. Is it ready to come crashing down? We'll talk about renters. Many of them in a bind during the pandemic.
There's a letter that an individual wrote a very heartwarming and well-written read a letter that a prospective buyer sent to Rob and the Golfi family. Also talk about one of Hamilton's all those homes. Has a new owner, but we will begin today with the Hamilton Burlington marketplace. What is the latest greatest in this area?
So I I'm always bringing up the numbers from the first 20 days of last month, March versus the first 20 days of April and things are changing. And it, I mean, it's there, we're adjusting and it's, it's not crashing, but they're adjusting. So for instance, in Hamilton in the first 20 days in March, they sold 797 homes.
The first 20 days of April 733. So we're 8% down in unit sales. Now in March in the first 20 days, the average sale price for a home with 793,937. Wow. In April, the first 20 days, it's 775,550. So we're down about 2%. So it's adjusting, but we're still way up from always, but it's just adjusting. So now in Burlington, you know, in March, the first 20 days, they sold 281 homes.
April 1st, 28, 248. So they're down 12% in Burlington now, Burlington in March, the first 20 days, 1,123,315. Now in, in Burlington, the first 20 days, 1,000,080 3078. They're down 4% month to month now Branford 137 homes sold in the first 20 days in March, 149. In April. So they're up 9%. And so the average price in March the first 20 days, 640,117.
Now in April, it's 630, 2,806. So they're down 1% average sale price. And, but they're up 9% unit sales. But look at this may I grew up in March, they sold 684 homes in the first 20 days. In April 753. So there are 10% up in amount of homes sold in the first 20 days of March. The average sale price in ag or a 688,880.
Now in April, the first 20 days, 708,000. They're up 3% the only area that's up. So Niagara still has. It's still rocking out there. They're still rocking in in numbers. It's just because it's affordable. I know that on average, when we have a house for sale especially in Niagara we're getting 50% of the business cards that are left are Toronto agents, Mississauga, Toronto, and all over the GTA.
So they're coming, they're migrating to a Niagara, especially Niagara falls. It's a hotspot. I don't know how much longer it's going to, you know, before it tapers off, but it is, it is a hotspot or a GTA people moving into the Niagara peninsula. What would you say? And I know each home is different, but what would you say would be the.
Ultimate high point in terms of price and Niagara. Right now, I know they have so many different types of homes because it is an older city, but what, what would be the max going forward here? I, I, what I think is you're getting w w what we're getting in a Niagara is that we were getting the retired immigrants, a couple that are selling their house in Toronto.
Which could be, you know, 1.2, 1.5 million that they live in for, for a long time. And they're coming to Niagara ball St. Catherine's or welling and buying somewhere between, I'd say between five 50 to 800,000, but they're, they're staying closer to the under the 700 Mark. Especially if it's a, if it's a young, I mean, a retired immigrant couple they're, they're cashing it.
And I, and I've met some of these people that, that were with their agents and really nice people. Like it's so hard to see so many retired couples looking to buy a house and only one of them is going to get it. And but that's, that's, that's, you know, we're, we're the. Craziness is going, is because we're getting all these GTA buyers coming in, buying a Niagara, which is making it difficult for the local buyer.
And it's, it's making it tough. I don't know how it's going to, I don't know, you know, if the local buyers going to be able to afford to buy a house, even in Niagara falls and it's becoming well. So where is the local buyer and Niagara falls going? I mean, if you're, if you're renting right now, Niagara falls you're are you looking to Welland?
Are you looking to Fort Erie? Wow. They're looking in their parents' basement right here. That's where, you know what that's, you know, the first time buyer if they're, you know, from Niagara it's it's, you know, they don't have the GTA wages, so they're trying to. Put an offering on houses and they're up against Toronto agents and it's becoming difficult.
And now here's the difference. Now eight Toronto buyer is coming in in cash, especially if they're retired, they're paying cash. They don't even need financing. Nothing. The first time buyer in Niagara, the. Financing, they have to do an appraisal and everything. So you got to really be careful. If you accept an offer from a local buyer, that's only coming in with 5% down.
If it doesn't appraise, we've got problems. We've got to put that house back on the market or unless the buyer, I mean, he's obligated to a contract. He can be in a lot of trouble. He may have to find more money to offset the difference. And and that's. And that's why you gotta be very careful as a realtor representing your sell it.
And you know, those first time home buyers, whether it's in Niagara or Hamilton or whatever the case is, when you're going up against a, you know, a retired couple who've made, you know, a lot of money over the years, they've sold their home in the GTA, which is going to give them that much more money that they can Trump pretty much any offers.
So the local buyers really at a disadvantage. Oh, big time, big time. And like we had to like, like my parents' house up for sale. And I put it at 500,000 and we were holding offers and we held offers till this past Monday. And we had 11 offers. I thought we would get over 600 for sure, but it didn't.
So, so now the buyers are very selective in how much they're going over. We went, we got, we actually got 90,000 over asking, which was pretty good. I thought we were going to get over 600 now if we had my parents' house up for sale like let's say a month and a half ago. I'd bet. Yeah, we would've probably got six and a quarter, maybe more.
That's the difference. Now I'm not saying the market's gone down. I'm just saying, Hey, it's, it's settling. It's, it's got a, it can't just keep going, going the way it's going. But but it always will. It's always going to be higher than it was last year or the year before. But, but but you don't know.
And I had a guy that was actually offering us verbally, not on paper 600,000. And I said, I think. You know, my parents want to wait and but we ended up at five 90. So, so I could have taken that 600,000 if you did put it on paper. And then, but then in the back of our mind, we would always thought, did we cash out too early?
Like, you know what I mean? So that's, that's the hard part about this business, about selling your house? Is like you take the preemptive offer the bully offer as we call it, or do we wait till that day? And and I told my parents, I says, we got to get this house going right away because the market's changing.
And I says, we got to get it. So I rushed and rushed and rushed and trying to get everything together. Got the virtual tour, the photographs, everything I got everything done. And we still, we still made it still made it pretty good. Now I have a friend of mine. They have a house we're putting up for sale.
And their son has got he's got contacted Clovis, so we can't do anything about it. So we have to wait until that's over. So he may miss the Mark. He may miss it. And and, and, and, and my buddy is going, Rob, what's going. I go, we can't send anybody there. I'm sorry. You know, there's nothing you guys have to be, have to have a clear built bill of health before we actually sent anybody to your house.
So that like, and I'm sure people are going through that right now. And so, and that could, and that could cause, cause him probably 10, 10, 20, maybe. $50,000 difference in his sale price possibly is such a fine line because you never know what that next offer is going to be. It could be 10, 20, 20, $5,000 more, or it could be less.
I mean, there's not really a sure thing either way. You don't know like, like the verbal, the verbal deal I got for 600 on my parents' house. I mentioned it to my parents. I said, you know, when somebody's, you know, sticking the offering 600 what are you guys thinking? And they're like, You know, they don't, they're looking for my guidance.
And I said, you know, like maybe let's just wait and see, but nobody was willing to come over 600 on that oper date and, and that's, and that's, and that's tough. And that's a tough one. When, when you have your house for sale, And, you know, cause you don't know what the, the next day is going to bring.
Right. So do you go, you jump on it now and everybody, and everybody's mind like everybody's a realtor out there, everybody, everybody that has a friend or a relative, they're all realtors because they're all giving them advice. You know what I'm saying? Oh, you should've done this. You should've done that.
Like everybody's all right. Not an expert, but but yeah, no, it's it's, it's. It's a funny game to play and that advice could be helpful, but it could also be hurtful as well to the, to the home sellers. Absolutely. And I've seen, I seen some people, we had, some people refused an offer and now, now they're kicking themselves not taking it.
And they you know, like, so you gotta be very careful and like the way I operate, I, I tell them, listen, this is what's going to happen. Here's not, what's going to go on. I says, you may be, you know, like, like think, wow, you know, we're, we're lucky we can, like a week later they're going to get a lot less than what they were offered.
And and, and we're going through that right now with somebody, we, we told them this was a great opera. You should take it. They didn't take it. So he's when the roll, the dice, this guy, we have one client willing to roll the dice. There was an interesting twist to the sale of the Golfi homestead. So to speak.
We'll get to that. When we come back, we'll also talk about one of Hamilton's oldest homes now has a new owner. You're listening to the Golfi real estate show Hamilton edition. On 900. CHML welcome back. This is the golf, your real estate show Hamilton addition on 900. CHML my name's Roxy imprint on the line.
Once again, Rob Golfi sales representative with Remax is Gartman Realty. The Golfi Team, you can call them today. (905) 575-7700 call Hamilton and Burlington's number one, Remax team and volume and unit sales. That number again, (905) 575-7700. Online. The website is Rob Golfi.com. That's Rob G O L F i.com.
Follow the Golfi team on Instagram, Facebook, and Twitter. If you have a question for the Golfi Team or you have a topic idea that you would like us to chew on on the future program, send them an email questions@robGolfi.com is the email address still to come and use Toronto's real estate market, ready to crash.
And we'll talk about one of Hamilton's. Oldest homes now has a new owner. Just before the break in our first segment, we were talking about selling your parents' home. That is certainly a process and an ordeal, but there's an interesting twist to that is one of the prospective buyers actually sat down.
And wrote you a letter and it, it really brought back a lot of memories for me. And I'm sure it opened up the flood Gates for you as well. Oh yeah, absolutely. Like this he was a 29 year old kid that wanted to buy my my parents' house. And he had like, like his parents were telling and his grandparents were immigrants.
So. She went through the same thing. My kids went through, going to their no-no known as house and, you know, having, you know, spaghetti and the garden and, and having the kitchen in the basement, the whole deal. And my mom was reading this and she was in tears. My mom was in tears. It was a great letter.
Like a fantastic letter. Yeah. And I was like, I, you know, I'm letting my parents go. I have to go. If you want to go with this guy, that's not a problem, but a great letter. It was a great letter. You get to the end of the story because there is an ending to this. Let me read the letter and then I'll get, I'll get some reflections from you as well on a leave out some of the particulars in terms of who this person is.
We don't want to embarrass the person or anything, but it starts with. Dear Mr. Rob Golfi and family. My name is Rob he's. 29 years old. Currently works as a GM at a restaurant at a hotel in Niagara falls, like many others. I had the opportunity to take a walk through your home and in instantly felt a connection.
It immediately reminded me of walking into my no-no and no-nos home from the photos on the walls, the crosses and rosaries above the beds, the Italian dictionary slash Bible on the coffee tables, the garden in the backyard and the. The kitchen in the basement. I can sense the amount of love and memories made in this home and the values that were instilled upon you and your family with your Italian background, much like my upbringing as a child, I'd find myself faking sick from school and calling no-no to pick me up to spend time there, mostly because, and you-I would be fed and she wouldn't ask questions.
I spent summers at their home with my older sister and younger cousins. Watching prices, right with no-no picking cherries from the tree in the backyard, learning how to cut the grass and mostly finding ways to get us into trouble. Being led to be chased around the home by no-no with the wooden spoon, the rake, a shovel, or a slipper all out of love.
Of course, my Nona and no-no were hardworking. People immigrating to Canada, not speaking a word of English and raising three girls and six grandkids. The values and lessons I've learned in life are largely in part to my Italian background. And. Bringing I understand this home has been a big part of yours and your family's life and how difficult it will be to part ways with the value of this home and memories made here or beyond any value that I can offer you.
What I can do is promise you that your home will always be cared for your memories will not be forgotten. The driveway will always be watered and the garden will always be full. Your home will always be one that stands out in the Crescent and this will always be your home. Oh, and you will always be given a fresh bundle of tomatoes for when you visit.
This is a huge step for me, as I'm taking the next step in my life and moving out of my parents' home, my hopes one day will be to raise a family in your home and create our own memories and where I can teach my children, the lessons and values. On which I was raised on and also leave the lawnmower running outside my son's window after a late night of partying.
But first I need to find a nice girl with money as no-no would say, thank you for your time and the opportunity to go through your home. I truly hope you find the right person and your home goes to a person that you can trust to take care of as you. All ones have sincerely Rob. So a heartfelt, very well-written memory filled kind of letter to you and your family.
Oh, absolutely. It was it was touching very touching and so we were trying to. Push and try to get that deal for that guy. Now that made a difference. We had 11 offers and out of the 11, like there was a few that came in with a condition and he had a condition on financing in there. So I called his agent and I said, Hey, you know, his agent, his name was Daniel.
I said, Daniel, I go, is there any way your guy can remove his condition? And he goes, no, he doesn't want to like, you know, he's got to make sure, like, You know, he's just scared to do that. And I said, I get it. I get it. So that was, that was one, one thing that was a little hiccup. Cause he wasn't gonna move in condition.
And, and at the time he was only 5,000 different. And I think, I think if he didn't have a condition in there, we probably would've went, went with that one. But then after then, after somebody came to the table say, Hey, I'm willing to go to five 90. And so we said, okay, well now. You know, there, there are $10,000 difference, but here's, here's the thing as, as a realtor yes.
Emotions, you want it, you, the right person. I wanted to sell it to the local guy I did. And, but so now we're 10,000 apart plus a condition. Now here's the difference? Rick is that if I took the other offer, which was great, But what if the appraiser didn't appraise it and we would have lost everything and it would have been, everything would have been all gone.
So like, if I'm representing you as a seller, you'd want, yes. The letter is great and it does hold weight to a certain degree, but then you don't want, you want to make sure it's going to close. When it closes. So a couple of things I told my parents, I said, well, this, I want to make it with this guy. But the thing is, he's probably going in with five or 10% down.
It definitely has to get financing any, definitely have to get an appraisal done. And we know now appraisers are getting a little bit leery on things. They're not appraising houses as they were before. So, so the banks probably put a little bit of a strain on the, on the appraisers. So. We went with the older couple that was put the offer in at five 90.
And we knew they were coming in with cash, basically. I mean, cash, there's no financing and everything there. They sold their house in North York. And they, you know, they're, they're, they're retired already, but now they're going to. You know, want to move to Niagara falls and spend the rest of life there.
So in all this the letter did hold weight for me to work with that agent. Okay. So if you're looking, if you're a buyer yes. Write the letter because it holds weight. But if it's too far apart, if there's, if it's not close it it just, it there's only so far you can go. But the one thing is we always try to get the local agent.
You know, if I know. The deal, but money talks, right? So you want to go, you know, sellers always want to go with the top dollar and the, in the Toronto agents and the Toronto buyers, they're coming in aggressively with their numbers. And so anyway that, that, that's the sad story of that young guy that wrote the letter.
Yeah. But happy story for my parents. They did well on the price on their house. And and life goes on fantastic letter number one, but number two, you know, as an experienced agent, you've dealt with, you know, a range of emotions from so many people in this, obviously being so much more closer to home because it's your parents, it's your parent's home.
You were able to separate the emotional aspect of this deal and getting the best deal for your client, which happened to be your parents. Yeah, absolutely. And, and, and you have to be not emotional, like emotions for deals, and that's why people hire realtors. Right? If you, if you're negotiating on your own behalf, sometimes you can mess up the deal, but it's better to get somebody else to negotiate on your, on your behalf.
So, I mean, I w I thought we would get over six, we didn't. And but I'll tell ya. Probably six weeks ago, we probably would've got over 600,000 for that. So I still think my parents cashed out. I don't think my parents' house is worth more, in my opinion, probably five 55 and a quarter to five 50 or the actual real, real valuation on that house would be, so they did extremely well and there's a way to do it.
So if you've got anybody out there that's listening and you still can get. Multiple operas in this market, but you just gotta know how to do it. Right. And that's the key factor is the right way to get top dollar. And to do that, you got to go online to Rob Golfi.com. That's Rob G O L F i.com. Call Hamilton and Burlington's number one Remax team in volume and unit sales at nine Oh five five seven five.
7,700 and follow the Golfi team on Facebook, Twitter, and Instagram as well. Let's switch gears and talk about one of Hamilton's oldest homes now has a new owner. So this is, am I pronouncing it right? The rake house? Yeah. So you're, you're probably better than me, Rick. You're the, you're the announcer.
So, so this house has been in the family, I think for a long time. It's on what? 79 Mary street. It was built in 1845. That's one year the four Hamilton would become a city and 22 years before Confederation. So this is an old home. This is an old house. And and I, I figured. They said there was about what 20 of them in in is it 20 of them or, or more in the Hamilton area.
And the break thing is, is sometimes people don't know what it is, but that's nice to have that piece of history. And I sent you the pictures of down, up, down, and you see the fireplace. I'm not sure if you looked through the pictures at all fireplace downstairs. And they said that was like servant's quarters downstairs.
Wow. And so. So this house is a bungalow and, and there's all two stories all surrounding it. So it was built by I guess a carpenter from the original people that built it. They figured they built it and there were Irish. And so they, and they did some nice carvings on the front porch and everything.
So one 79 Mary Mary street, that's, it's nice to know that you know, that kind of history on that house. I love, I love the I love knowing about different history of both different houses. I remember when I had my house on on main street and it was a century home was built 1900. I went way back to I think it was in the 16 hundreds, it was at 16, 17, 1800, sorry, 18 hundreds, mid 18 hundreds.
It was just a piece of land. And then, and then over time and they built a house eventually and all that I, I did. It was, it was fantastic doing the research. You have to, you have to go to the. To the city hall or to the registry office and go through the archives and see where originally, where who brought the first parcel landed in it and, and on and so on.
But it's, it's it's fantastic. I love, I love that piece of history that that. They put in the paper around just this past week. So it's 76 year old house. It's in the Beasley neighborhood. It's a, one of 40 that are left in Hamilton in terms of homes that are built pre Confederation. There's about a hundred in the outlying community.
It was listed for five 49 and the owner of the home who is 80 years of old or 80 years of age, her name is Dolores said, quote, that I thought I would. Never be selling this outside. Her quote is I thought it would be carried out. Meaning she, she thought she was going to pass away in the house and that would be it.
But her, her grandfather bought the house in 1942 from the last of the rake family. And Anthony Ray, who was a Wagenmaker bumped the house in 1865. And it was in his family for obviously generations. But here's the question I want to ask you about this house that are houses like this. Because this is a home that was designated under the Ontario heritage act.
How difficult is it to sell a house that is under the Ontario heritage act? You know what? Some people may not want it because they want to do changes to the outside. I don't know. But the way the house stands, they cannot change the exterior of this property. They cannot change it. So some people may say, well, I, if I can't change the exterior, I don't want the house, but I don't think it's that big of a deal.
I think, I think if you're buying a territory home, people want that. That's what people actually will fix it to make it look even like you will clean up the woodworking and make, you know, take if there's any, like they'll make it better to the original point where it was built. You'll make it the way it was, but maybe preserve it to a point where it'll go another a hundred years without, without rotting away.
And but yeah, no, I, I, you know, I, I, to me, it wouldn't bother me if I was buying a house and you know, preserving it. I had a host, a two, two and a half story, a brick Victorian, and it had what do you call it? Slate roof. And I, I redid half the house, all new slate roof. I wanted to keep it looking like a heritage home.
Now that costs me a lot of money to do that. But but I didn't put shingles on it. So now the next owner will not have to worry, like it doesn't have to worry about. The roof ever being replaced. That'll last another a hundred years now, the previous owner to me put slate roof on the back half, I put it on the front half.
So now, you know, we kind of shared the expense you know, putting putting this roof on this house. So, so now that now the owner that bought for me that they're not going to worry about it. And, and also the next. Probably five or six owners or 10 owners down the line, we'll have to worry about that route.
Well, and if there's listeners out there who are kind of scratching their heads and wondering where exactly the Beasley neighborhood is, it's basically bordered between Wilson and Barton and James and that Wellington. So basically in the heart of of that downtown kind of North end to Hamilton area.
So a wonderful home, if you can. It's still check it out to online and see some pictures of it. And Hey, you can listen to our show online through Spotify, iTunes, Google podcasts, Stitcher, and many more just search for the Golfi real estate show in your favorite podcast platform and hit the follow button.
So you never miss an episode still to come is Toronto's real estate market ready to crash. We'll also talk about many renters are finding themselves in a bind. During this pandemic and a surveys out that shows more than a third of Canadians have given up on owning a home, they've thrown their hands up and they've had enough.
We'll talk about that. When we come back here on the Gulf, the real estate show Hamilton edition on 900. CHML. You're listening to the Golfi real estate show Hamilton addition on 900. CHML my name's Rick San Brin joined once again by Rob Golfi sales representative with Remax escarpment Realty, the golfing team, you can call them at (905) 575-7700.
You're calling Hamilton and Burlington's number one, Remax team and volume and unit sales. That number again, nine Oh five. Five seven five seven seven zero zero. Selling your home. You got to go online to Rob Golfi.com. That's Rob G O L F i.com and follow the Golfi Team on Instagram, Twitter, and Facebook as well.
Hey, if you have a question for the Golfi Team or you have a topic idea that you would like Rob to discuss on a future show, send them an email questions. At Rob Golfi.com. Again, that's questions@robGolfi.com still to come. Many renters are in a bind during the pandemic. We'll dive into that, but we'll tackle this one.
Toronto's red hot real estate market. Is it going to crash is a crash inevitable. Well, the Toronto regional real estate board just recently said that residential sales. Surged more than 86% year over year in March. With more than 5,100 homes sold the average selling price spiking by an annualized pace of 21.6% to nearly $1.1 million, $1,097,565.
And a recent Angus Institute survey suggest that one fifth of Canadians are hoping for a home price crash with 22% desiring. A 30% decline in valuations, they should be so lucky. Toronto is red hot, but is it time for a crash? Are we going to see it soon? You don't want, I don't think we'll see a crash. I think we'll just see a small adjustment.
You're going to see a less home sale. You're gonna see. You're not going to see as many multiple offers. There's still a shortage of homes out there, but now people are getting a little bit, it's getting to a point where it's becoming, it's hit hitting the ceiling. And and I mean, everybody's been waiting and thinking there's going to be a crash and it, nobody knows where the market's going to go.
So nobody expected the market to do this. So, so, but. I don't think there's going to be a crash. I think there's going to be a small adjustment. We're still going to be up from last year. And I think it will, you know, people will have some breathing room down the road where they can actually look at a house by put an offer and do a home inspection and go to their bank and sit down and make sure that you're buying the house at a nice, slower pace without being pushed and rushed in into a house that you know, you know, They move into that ma they probably think later that buyer's remorse.
So it's, it's hard to tell. I know there's a shortage of homes out there and there's a lot of buyers out there that are now just, you know, sitting on the, on the wayside, just waiting and see what's happening. Cause they, they got. They lost out on so many offers and they're just saying, forget it. We're done.
And they're just going, wait and see what happens. But I still think it's going to continue. There'll be an adjustment, but not not enough to make a significant difference in the average sale price. You're going to see the average sale price be strong. Like even us talking about, you know, March, March versus April, that's telling us the market's cooling a little bit, which is good.
It's cooling and we need a normalcy in the market because we've had crazy market for a long time since pretty well, since October, November. And that's a long stretch of, of having, yeah. This kind of market. We never, never have a stretch that long, usually have a spring market. Yeah. And it, and it it, it levels off and then get to the summer and then you have a little bit of a fall market, and then you've got the winter and things are running smoothly, but not like what we've had here.
There's never been a a set a time where. Five months of just and that's what we've been going through. And it just kept going up and up. October was great. November was fantastic. December was incredible. January was unbelievable in February. It just amazed, like just, you just don't, it can't understand it.
And then March, same thing. And now, now things are settling in April are settling a little bit, but but yeah. And nobody knew, nobody knows this. Nobody. I mean, people, people, people could have, people could have sold their house and, and some people sold their house. And in a month later it's worth a lot more.
And we know we got people that are disappointed and that out there that they said, you know what? I should have waited to sell my house. Cause I would've got 50,000 more. But, but what happens if it went the other way? We don't know. So it's what could've, would've been showed up, but. But, you know, that's just the way the market goes.
Yeah, no one has a crystal ball out there, but there are three quotes that I want to read to you and our listeners regarding this potential crash in Toronto. Jason Mercer is the chief market analyst for the Toronto regional real estate board. Who stated in recently that the additional growth could occur due to rising demand.
And limited supply saying that the potential for double digit price growth could continue without a meaningful increase in the supply of homes available for sale. This will become more apparent as population growth presumes over the next year. Bay street veteran David Rosenberg, one that he thinks Canada's housing bubble today is very much like the subprime mortgage meltdown in the U S close to 20 years ago.
He says the numbers in Canada. On all the metrics are higher now than they were at the peak of the us housing bubble 13 years ago. And finally Benjamin tol who's the deputy chief economist at CIVC said, quote, if you think Toronto is unaffordable, now you wait so concerning very much for first time home buyers, but we're going to take a quick break.
I'll get you to reflect on those comments and also talk about renters and how they've been put in a bind during this pandemic. You're listening to the Golfi real estate show Hamilton edition on 900. CHML. And one last go round here on the Golfi real estate show Hamilton edition on 900 CHML Rick, same print in studio at one Mark Lind in his studio is Rob Golfi sales representative with Remax escarpment Realty, the Golfi team.
You can find them online@robGolfi.com. That's Rob G O L F i.com. Call Hamilton and Burlington's number one Remax team in volume and unit sales. The number is (905) 575-7700 and follow the Golfi Team on Facebook, Twitter, and. Instagram. Just before the break, we were talking about the Toronto of the crazy Toronto market.
And some are speculating that it could be due for a crash. Other saying, Hey, you haven't seen nothing yet. Prices are still going to go up. How has this all impacting what's happening in Hamilton? You don't want it, it will impact. And it's going to, and it just, it's like a wave that comes into Hamilton.
There is a lot of immigrants that have been okay to come into Canada, but they can't come in just yet, just because of COVID. So the government is still, you know, going through the process of people, applying to immigrate immigrants. The immigrant immigrate to Canada and what they're doing. So now there's going to be a huge wave coming in next year.
All these people that have been accepted in, okay to come to Canada, they're just, they're waiting. They're waiting in their own country. Now some of them are coming in slowly as we're speaking now, but there's going to be a huge wait. Now you're going to get a huge wave of people looking for rent, and then you're going to see you're going to see real estate going up.
Now. I truly believe that. The Mark, we're going to have another boom because of that. And then, and then everybody's going to be, you know, like, like this year, it, you know, some of us think at the, at the end of the year, it's going to change. We're hoping it does. You know, like we're, we're probably going to go through another summer of, of limited things that we can do, but.
We're hoping the end of this year that we can actually start going to doing normal normality here, but next year, things are going to change. And I think, I think in my personal opinion, we're going to have another boom and it's like, how much more can the houses go up? It will just because of the fact.
Immigrants are coming in. Things, people, people are going to be just start working again and thinks things are going to start happening and people have, and people got money. And now the people that do have money are spending it now, not like before they are spending it. And so. It's just things that things are going to continue.
Just like the, those guys said, wait till, wait till you haven't seen nothing yet. We're going to see a boom next year. Switching gears, renters are at least some of them were finding the pandemic extra difficult because some landlords. I've decided to cash in by selling their properties. According to the executive director of the Federation of Metro tenants associations, which is in the GTA quote, it's a landlord's market right now.
However, we should note that renters can't be evicted because a landlord wants to sell the landlord. Has to sell the unit or the home or whatever the case is. And then the person who has purchased it wants to move in and then, then you can evict the person. Am I correct? Well, you can't, you can't evict.
If, if the person that's bullying buying the house. Wants to move in you can't. So what the problem is is that there's a lot of people that have been staying in their houses for a long time, renting their houses and their rents are low. So for instance, let's say and I know I, and I know quite a few people have renters that are paying very low rent.
And so now they want to sell, well, the buyer says, well, Rents are so low. I it's, you know, you got to get rid of this tenant, but they legally, they can't, unless they're moving in. So there's so there's been a lot of things out there. People are paying off tenants, they're giving them, you know, two to $5,000 say, Hey, listen, here's $5,000.
I'm going to give you a notice and you find another place. But the problem there is is that the place they're finding is costing them sometimes between 500 to $800 more a month. So can you imagine. You're so used to paying a certain amount of money for renting where you are, and then all of a sudden you move into the next local next home that you're in and your, your expenses are $800 or $500 more a month.
That's a big chunk. That that hurts your pocketbook and that's after taxes, right? Like, like if you're paying $500, he probably had to earn like, you know, $800 to pay that extra $500 after taxes. So, so it's becoming a big issue and that's why there's such a shortage of rental. Rentals out there right now, because a lot of people are getting evicted and a lot of people are buying those houses, but a lot of the landlords are evicting them to get more money for their house.
Well, and if a landlord is offering a renter you know, $5,000 basically to move, I mean that renter is going to burn through that five grand pretty quickly. Oh, yeah, it he'll heal. You don't want $5,000 could be a lot of money and yeah, you're right though. It'll help him pay for their move. They'll help them find another place, but they're still going to end up paying more money per month, renting a house and, and that's, and that's the hard part.
And they put a freeze on, on evictions or, or the rental tribunal for courts and stuff. So, so it's, it's a big, it's a, it's a big problem out there between the landlord and tenant act. Right now. It's just, it's, it's causing a lot of issues out there, especially. With with new new new tenants and tenants that are currently renting houses and they are forced to leave well, amount of time.
We won't be able to get to a third of Canadians giving up on owning a home. So we'll get to that next week. We also have an interesting story that we'll touch on next week. About two families. Who have joined forces to buy a house and now they're learning to live together. So stay tuned for that coming up next week, Rob, thanks for another fantastic show.
Have a great week. And thank you for listening to the golf free real estate show Hamilton edition. We're back next Saturday at nine on 900. CHML.