Conversations with Industry Pros

We spent the last week or two reaching out and connecting with many of the professionals that we work with and trust. This included individuals from a wide variety of fields including electricians, lawyers, investment advisors, contractors, foundation repair specialists, photographers, mortgage brokers and insurance brokers. We were looking to build a well rounded understanding of the local economy and how it relates to the housing market. Just as importantly it allowed me to chat with a wise & interesting group of individuals with a wealth of knowledge & perspective. We are better prepared to advise our clients due to these rewarding & beneficial relationships. If you ever need a referral to a trade or service consider asking us, we may have a great recommendation for you!

Here are some interesting quotes from those recent conversations. We won't editorialize too much before or after, and will let the quotes speak for themselves.

"For obvious reasons, people are unsettled by the various geopolitical issues and conflicts going on. Many people comment on a perceived disconnect between what they see on television and in the media, and what financial markets are doing. The issue has been well reported however, for some investors it's a concerning situation. These concerns are not focused on individual companies or stocks, but there is an expressed desire to take some risk off the table in their portfolios." Kevin McAdams, IG Private Wealth Management Executive Consultant

"People are getting work done if it needs to be done. Water leaks for example. Repairing sump pumps. Air conditioners. Urgent issues. Not taking on the elective jobs like bathroom or basement renovations as much. People are more cautious with spending." Ivan Pondor, MIV.CO Contractor

"Drains, water proofing, backwater valve, sump pumps - that side of the business is busy. The rebates provided by municipalities help. Business slows in one area, and picks up in another. Overall steady." Naji Mejalli, Precise Plumbing Owner

"The nature of the economy is always changing. Similarly lenders can be cautious on some asset classes in certain situations yet more liberal in other times. Class A Downtown office is back to being more attractive to lenders with the return of the workforce. Assets that consistently generate strong cash flow will always be attractive to purchasers and lenders." Mark Hart, NCompass Financial Commercial Lender

"Residential homeowners are more cautious to spend & invest. Instead of long term protection, many people's budgets only allow them to address the most urgent issue. We work to find different solutions and approaches based on clients needs & budgets." Cyril Philips, CAP Waterproofing & Building Restoration Owner

"My perception of how people respond to uncertain times, is that they tend to become more cautious about making short term commitments and shift their focus towards outcomes that they can control, like transferring cottage properties to their children or planning their estates." Mike Vokes, Vokes & Pettinato Lawyer

"Incoming calls are up, pre-approvals are up, higher level of positivity. Still very much a divide between the have & have nots in this economy, which is an issue. We are noticing more conditional transactions falling apart due to home inspections. Lack of disclosure by sellers and listing agents can create problems. Buyers have more power and choice so if they find an undisclosed issue they are more likely to walk. We recommend listing agents should get ahead of issues and disclose." Tom Hogg, R.D.M. Financial Consultants Mortgage Broker

Some repetitive themes emerged from these conversations. A number of business owners made comments about the public being more cautious & conservative in terms of their decision making & spending. Other themes emerged including the resilience of quality businesses. The professionals we spoke with are all experienced, knowledgeable & respected in their fields. Despite headwinds in their industries and the economy as a whole they are all benefiting from their adaptability & strong reputations. If you would like to hear more about our conversations, or if you need a referral from an industry professional, just give us a call. We would love to chat. Cheers, Joe, Doug & Randal Real Estate Team