Media & Real Estate [101]: Why Media Headlines About Real Estate Are So Misleading!

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There’s so much to talk about with regards to media real estate headlines in Toronto.

News & media can be a very beneficial medium if you want to find out what’s happening in the world, or the latest local news, weather and sports.

But when it comes to real estate news & real estate updates very often the headlines in the news can be VERY misleading.

I was giving a talk last week for a group of  people.
And in preparation for my talk I printed off some articles all from  within  just a  2 week period leading up to that date.

And one headline said “The CANADIAN real estate market is seeing the biggest “gain or loss or whatever”….. and  so the article continued.

As I looked into the article further, it was written by an analyst … from the U.S. and justified or supported by statistics mostly derived from Calgary.

Now … the first thing anyone should remind themselves is …WHAT IS A MARKET?

You see … right here in the Great Toronto Area there is a different market for Empty Nesters than for First-Time Buyers, than for middle-aged people with kids still living at home.

There is a different market for condo buyers & sellers than there is for detached  dwellings.
There is a different market in Thornhill, Richmond Hill, Vaughan, than in Keswick/Georgina or Mississauga, or downtown Forest Hill area or Scarborough or Oshawa.

So there are different MARKETS for certain demographics (ages and stages of life).
There are different MARKETS based on geographic region.
There are different MARKETS based on type of dwelling.

If a HEADLINE says the MARKET is up 5% or down 7% that’s an overall AVERAGE that might have nothing to do with where you’d be selling or buying.

Specifically, there might be less demand by first-time home buyers at a certain point in the downtown core depending on interest rates, required down-payments, and ability  to  get financing approved.

So  if  you’re  thinking  of  selling  a condo down there it might effect you.
But  Empty Nesters looking for a multi-million dollar condo on Bloor Street or Yorkville could still have much more demand than supply at a given time so if  you’re thinking of  selling a multi-million dollar condo the market could be higher than ever.

If people are migrating in droves to a certain suburb or neighbourhood or community then the headlines might say the market is going in one direction but the market in that suburb or are neighbourhood or community might be different.

And finally … ANY TIME you see a headline that says CANADIAN real estate  market  vs. TORONTO  real estate market it isn’t even an AVERAGE of our city but rather an average  of  the whole country. And do you really think that whatever is happening with the real estate market in Calgary, Saskatoon, or Halifax or Moncton should in any way serve as an indicator of what’s happening in the Greater Toronto Area.

Obviously not!  So if you really want accurate & reliable information about what’s going on in real estate or how the market is doing … and more importantly in the areas  that might effect where you might sell or buy if that time were to come then you really should speak to a Realtor you trust, who really understands market data AND is very active with buyers AND sellers in those areas so that they are IN THE KNOW and see what’s going on first-hand each and every day.

As a full-time Realtor I get asked every day whenever I bump into someone or talk to someone … HOW’S the MARKET.

I often hear other Realtors answering that question with things like the Toronto Real Estate Market is booming, or the Toronto Real Estate Market is hot right now, or the Toronto Real Estate Market is a little quiet right now but it’s the season.

When I’m mentoring newer Realtors I teach them to answer that question differently (as I do when I’m asked).

When people ask me “How’s The Market” I always respond with “it depends if you’re Buying or Selling or Investing or Renting.
And it depends WHERE.

I love the DOCTOR analogy.  If you see a doctor at a dinner party and ask why your shoulder hurts and they give you an instant answer well let’s just remember that DIAGNOSIS without ANALYSIS is MALPRACTICE.

Normally a doctor should tell you to make an appointment where he/she will ask you all sorts of questions before they can accurately respond.

So I always recommend that when you see Toronto Real Estate headlines you take them with a grain of salt and if you really want to know then call me or a Realtor you trust … who really KNOWS the market as it applies to you and your interests. Because whatever the news is reporting even if it’s accurate in the most general sense might be totally irrelevant to you![/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

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