Q_01_web-singlepage_Jun15

“The naysayers keep saying there’s going to be a “correction”
but I haven’t seen that happen in all the years I’ve been in the
business. Even in the dead of winter we still have bidding wars.”
knowledge and you truly care about them, then you are a
success. And it doesn’t matter who the client is to me—I
treat everyone the same. It does not make a difference if it’s
someone rich and famous or a family struggling to make
ends meet—I treat them all the same.
What is your favourite area in Toronto’s west end and why?
I really like the Humber River valley. There’s green space for
walking dogs and my house is right on the Humber ravine.
I look back there and I feel like I’m in a cottage. And you
don’t get any of the toxins or pollution—the green belt kind
of buffers it. I like Bloor West and Roncesvalles too, and the
Kingsway area is great—you have the subway line right there,
which is pretty convenient.
Toronto real estate continues to boom. But some fear there
is a “Manhattan-ization” of the real estate market occurring,
in which property is becoming unaffordable for averageincome
homebuyers. Are there still opportunities for middle
class homebuyers?
There are still opportunities, although unfortunately it’s
getting tighter and tighter. There’s less land and more people,
just like New York. One of the things keeping it affordable is
low interest rates. It’s hard even for a double-income family
in Toronto to live a really comfortable lifestyle because
prices are so high. But that’s just the way the market is, and I
don’t think it will go down.
On the flipside, because the market shows no signs of
going down, one would imagine purchasing Toronto real
estate is pretty much a rock solid investment regardless
of entry cost. What are your thoughts?
I definitely think it’s a rock solid investment. As the saying
goes, “They’re not making any more land” and people are
being born every day. And having a place to live is a necessity
of life. In fact, I’d say real estate in Toronto is pretty much
bulletproof at this point.
Some people have the mindset that Toronto real estate
is so hot these days that a house can “sell itself”,
meaning an agent isn’t really needed. How would you
respond to that?
Well, you can pull out your own tooth, too—so who needs
a dentist? And you can do your own accounting, but maybe
you won’t be able to do it correctly... which you might find
out the hard way when you get audited. I would suggest that
someone should hire an agent that specializes in a certain
area—someone who knows every neighbourhood, every
street. I would say that’s important. If you sell your house
yourself, maybe you’ll get $2 million. But if an agent knows
of a purchaser from overseas that you don’t know about,
maybe your house could’ve fetched $2.5 million. Yes, you’ll
pay a commission but you’re going to be getting a lot more
in terms of the selling price. Over the years, I have literally
amassed hundreds of people from all over the world asking
for a certain product. Sometimes there’s no inventory. But
when a suitable house does come along, I have a file of
potential buyers.
Do you have a motto to live by?
Yes: “Do the right thing.” Maybe that means putting in more
work to close a deal or maybe a certain deal is going to be
more tiring to pull off. But when I do put in that extra effort
for my clients, I can sleep better at night. I mean, I’d rather
not be in real estate if I couldn’t do it properly.
What motivates you?
I like seeing people understand the whole real estate market
after I’ve talked them through it. What’s gratifying is when I
hear people say to me, “I was nervous before getting into the
market, but now I get it—let’s get another house.” Real estate
can be like an addiction—once you understand how it works,
you want more and more. And I love to see a couple finally
settle into their house. Once the sale closes, I like to drop off
a gift and see how they are doing.
If you were to do some crystal ball gazing, what lays
ahead for the future of Toronto real estate?
I think we are fairly safe here in terms of houses going up
in value. There are so many factors that affect real estate,
but I don’t think interest rates are going up anytime soon
and even if they do go up it will be very little and very
gradual. A lot of people need to work and live in Toronto,
so there’s a demand, which makes Toronto real estate a safe
investment. The naysayers keep saying there’s going to be a
“correction” but I haven’t seen that happen in all the years
I’ve been in the business. Even in the dead of winter we still
have bidding wars.
Speaking of bidding wars, what’s your mindset when a
bidding war breaks out?
Every situation and every property and every buyer is
different. There are always different dynamics. Once you
feel out your playing ground, you speak with your buyer and
consult with them. And sometimes it is better to walk away
rather than overpay. There will always be another property!
Beecher & Associates Real Estate · Right At Home Realty Inc., Brokerage
416.400.9117 · phil@beecherrealestate.ca · www.beecherrealestate.ca
37