Greetings, Hamilton real estate investors!
I’m worried for the next generation and for all your parents, as I imagine you are too. Here’s my baby sister, Emily, and her friends hanging out on Sunday night at my dad’s house. In catching up with her friends, their challenges to find work is quite different than mine as a fresh graduate from Business School even though I graduated six months after September 11, 2001. Back then it was tough, companies were slashing budgets and the dot com bubble was bursting.
Fast forward to today, and Emily’s friends who are all in they’re early 20’s, recent grads, one of them (he must be damn smart) has landed a job with Bloomberg in NYC in mobile application development. Have you ever heard of such a program at university or college? The education of today cannot predict the jobs of tomorrow, but this kids is a bright one. How about the less lucky? Another friend who is not in the photo is in Southern China right now on a one-year internship at big four Accounting firm paying him $20,000 for the YEAR. He was so desperate for work experience after exhausting all his options here in Canada AND his net Loss after rent and food is $5,000.
Maybe you roll in higher social circles, but these stories are more and more common. Getting a good job after graduating with a bachelor’s degree appears to be a thing of the past. Work experience and post graduate education seems to be a must before landing a true career job but once you get there, how much do you have saved for a down payment on a house or seed capital for a business? I worry for my kids’ futures. Worrying is negative goal setting so instead I take action: more small business creation for income and real estate investments for…. Income. I hope you’re all taking action to secure your futures and financial freedom.
Quote: “Success is achieved through inches, not miles.” ~ Darren Hardy, publish of Success Magazine.
In other news, this past week, my client (let’s call her Eve) escaped penalty for renovating without a permit. How? Thanks to Eve’s investor friends she’s made from networking at Mr Hamilton Inner Circle events, she found out how to navigate the inspector process by learning from their experiences of dealing with the city and Eve triumphed. She saved thousand dollars, months of hassles and red tape, maybe even a minor variance. I would not call this a home run but a success nonetheless.
The lesson to all is to keep gaining those “inches” by networking, making connections, reading books, and listening to our podcast which is now available on Google Play for all you Android users.
Google Play: http://goo.gl/CAM5Mn
Hamilton Joins the Ranks of Toronto
A third-quarter report from Canada Mortgage and Housing Corp. (CMHC) on Wednesday said overvaluation in Hamilton was similar to that of Toronto’s property market.
That means home prices are higher than would normally be explained by factors such as population, employment and income.
“But if we look back to 2013, we do see that Hamilton is attracting some buyers that are priced out of Toronto because Hamilton is relatively affordable,” he said.
The report is further evidence, the building industry said, that provincial intensification polices are driving up home prices in the Toronto area.
“The homebuilding industry has been consistent in its advocacy to increase housing choice in the GTA marketplace. The industry is building far fewer lowrise homes, especially single-family detached homes, today because we are mandated to,” said Bryan Tuckey, CEO of the Building Industry and Land Development Association.
- For those of you who have been investing in Hamilton for the last four years this should be no surprise.
- Both tenants and buyers have been competing for property in Hamilton for a long time now as the ripple effect of the City of Toronto rippled out their property prices to the GTA, to Halton/Burlington, and now Hamilton (and Durham Region as per the article)
- Developers want to build low rise homes because that’s where the demand is BUT supply cannot keep up nor will it ever with the Place To Grow Act and Lake Ontario limiting the amount of land to build on.
- For interest, I inspect the business cards left behind by agents at houses for sale to see where their offices are located and ethnicity of the agent. Many come from as far as Markham to Hamilton and many agents are Mandarin speaking Chinese
- We too are fielding calls from overseas investors with significant capital to invest in Hamilton and surrounding areas. Anywhere we tell them is good.
Thanks for reading and happy Hamilton real estate investing everyone!
Erwin Szeto | MrHamilton.ca
Rock Star Real Estate Inc., Brokerage
PS: If you are just starting out investing, start by spending more time with like minded people and take guided tour of Hamilton by joining us for the next Mr. Hamilton Inner Circle by clicking here!!!