Welcome to Episode 5 of the Under the Radar Real Estate Podcast! In this episode, Josh discusses three exciting topics. Firstly, he dives into the underappreciated Fairbank neighbourhood, exploring its unique features and affordability. Secondly, he shares his insights on the recent Bank of Canada rate increase and its implications for the real estate market. Lastly, he discusses the new Apple Vision Pro and its potential impact on the real estate industry. Let's dive into the details!
- Discovering Fairbank: An Under the Radar Neighborhood | Fairbank, located in the Northwest corner of Toronto, offers a distinct charm with its predominantly single-family homes and a few rental buildings dispersed throughout the area. The neighbourhood stands out due to its affordability, with average selling prices significantly lower than the city of Toronto. For example, the average selling price in Fairbank is around 1.3 million, representing a 32% savings compared to Toronto's average of 1.9 million.
- Bank of Canada Rate Increase: Effects on the Real Estate Market | The Bank of Canada recently raised its overnight rate by 0.25 points, resulting in higher mortgage rates. This decision has prompted buyers with pre-approvals to expedite their property purchases to secure the previously promised lower rates. While an immediate drop in housing prices is unlikely, there may be a gradual decrease over time. The rate increase has also affected buyer sentiment, leading to potential changes in affordability and criteria for purchasing homes.
- Exploring Real Estate Tech: Apple Vision Pro | Josh discusses the latest buzz in the real estate tech segment, the Apple Vision Pro. This innovative product has gained significant attention on social media and raises curiosity about its potential applications in the real estate industry. While the exact implications are yet to be determined, it presents an exciting opportunity to leverage advanced technology for various real estate purposes.
In Episode 5 of the Under the Radar Real Estate Podcast, Joshua explores the hidden gem of Fairbank, a neighbourhood offering affordability and unique characteristics. He also sheds light on the recent Bank of Canada rate increase, emphasizing its short-term effects on buyer behaviour and long-term implications for the housing market. Additionally, he discusses the intriguing Apple Vision Pro and its potential impact on the real estate industry. Stay tuned for more insights and valuable information on upcoming episodes!