Real Estate Acumen -January

NEW YEAR, NEW LOOK

As you have no doubt noticed, things look a little different around here lately. We have kicked off 2024 with a new name (kind of more on that below) and a new look. The rebrand was inspired not by evolving design philosophies or the latest business trends, but, instead, by a desire to connect with, and more accurately reflect, our true essence.

A commitment to authenticity has always been a guiding principle of our organization. It is with this in mind that Shaheen & Company was born.

While it may seem like a new name, it is, in fact, one steeped in tradition. Meaning “eagle” or “falcon,” it is the original name bestowed upon our founder, Shawn Tahririha, and a moniker imbued with significance that dates back generations.

Thank you for being an integral member of our community. Your referrals and testimonials are more valuable than any marketing initiative we could ever endeavor to undertake. You strengthen our brand, and, as such, ensure our continued, mutual success. As we move into 2024, we would be most grateful for your ongoing support as our treasured Shaheen & Company Ambassadors.

We truly appreciate you!

A PROMISING START TO 2024

Steady interest rates and rising consumer confidence are expected to bring the return of a more balanced market

The month of January invariably brings with it the promise of new beginnings. Our inboxes and social feeds are flooded with pitches fo products pledging better health, increased wellness, stronger bodies and more. Much of it, of course, hinges on our collective notion that the new year represents a fresh start. Insofar as the real estate market is concerned, however, there is viable reason to believe that this year is going to be different from the last. After a tumultuous period of economic uncertainty and decreased consumer confidence, 2024 appears poised for positive change.

The year 2023 was a period of adjustment. It seemed everyone waited with bated breath for the Bank of Canada to announce yet another interest rate hike in a steady stream of attempted economic corrections. As the cost of borrowing soared, buyers who had ventured into what had been a robust market were left scrambling to keep up with their rising monthly expenses. The TRREB numbers released earlier this month reflected the uncertainty borne out of these conditions.

SUCCESS STORIES

One of the best things about our job is when the perfect property comes to market, the stars align, and the client is able to act quickly to secure the home they have been waiting for. In this case, the client was a professional single mother with three kids who decided she wanted to secure an income property for her children to eventually live in. I talked to the kids (who are all still school aged and living at home) and gained some insight into where I thought they would want to settle after university. This house is perfectly located on one of my favourite blocks on Euclid, and also a preferred location for the client. She was busy the day it was listed, and showings required 24 hours notice, but we knew it would sell quickly so I secured the house for her that night - sight unseen and based solely on my recommendation. I included a condition that allowed the client to get out of the deal within three days if for some reason it was not what we had envisioned. When we went to see the house the next day, it was immediately obvious that it was the perfect fit. The client was thrilled with the outcome and particularly thrilled to secure the house for $100,000 below asking.

We are so grateful to be part of our clients real estate transactions and to be part of such meaningful experiences.

TIDES ARE TURNING

There were fewer than 70,000 total transactions throughout the GTA last year – the lowest number in over 20 years. However, the end of the year brought with it a halt to the rise of the interest rate and expectations are that not only will the pause continue, but we may very well see cuts to the prime lending rate in the coming months. This shift in tide will likely be a very significant one and will bring with it a return to the market by those who had put their real estate decisions on hold.

While things are looking up, we are not likely going to see a return to the frenzied seller’s market of recent years. Instead, we can expect a more balanced market, where buyers and sellers are on a more level playing field. Inventory may remain on the market longer than it once did giving buyers more opportunity to explore their options, but the price of homes will likely begin to regain momentum, putting sellers in a better position, too.

OPPORTUNITY AWAITS

What all of this translates to mean is that there are opportunities for both buyers and sellers who are looking to re-enter the Toronto real estate market and the best way to seize those opportunities and ensure optimal results, regardless of which side of the playing field you are on, is to align yourself with experts in the game. If you are looking to buy, sell, or invest, or you simply have questions about what more may lie in store in the year ahead, the team at Shaheen & Co. would love to hear from you