namaste to all my friends all over the world welcome to entrepreneur extraordinaire
folks we have a great new guest today and we're in a new setting in ontario canada in this video
we're going to talk about the real estate market of canada for first-time home buyers
and for people who are also selling or buying but if you want to get the tips from an expert who
knows the market inside out this is the video for you so if that interests you stick around for more
my friend here investor realtor entrepreneur amber sheik is with us to tell us about the real estate
market amer has extensive experience in real estate for over a decade but not only that amer
is also an entrepreneur he's got international businesses all the way up in dubai so without
further ado i want to introduce my friend amir shaykh thank you nan for having me here
awesome well tell us a little bit about yourself amber what are you what do you do who are you
so i've been uh in real estate for the last eight years before that i moved from middle east quake
a lot of people know it as a oil rich country so amer a lot of things are
happening in the real estate market it's pretty crazy don't you think so it is it's
uh the market's pretty hot here yeah and it's been like this for the last few years yeah
where do you think i know this is a tough question where do you think is the market going right now
that's a question that's been on um everyone's mind for quite some time you know
you've probably been reading in the news that it's a big bubble but apparently it's not and the
market's uh climbing high where we see it heading in 2022 is it's probably going to stabilize as the
interest rates go up but overall it will be a pretty much a balanced market that's what we
expect for 2022. so amer tell me one more thing as you were telling me in the car we're driving
you guys were seeing properties in canada because amir has inspired me to invest here
so tell me something about the highs and lows because you were saying even in the bubbles
there's a higher bubble and lower bubble the lows and highs what i mean is like typically in summer
or you know there are some times in summer or peak winter when you will see not many properties
in the markets so the chances of bidding are not as high as comparing to the to the early spring
market when you know the market's pretty hot so that is a good time if buyers want to get into
so amber i guess one thing that always worries me is that first-time buyers are the ones that always
get killed in the market do you have any tips or nuggets of information you want to offer to these
first-time home buyers uh done for first-time homebuyers i always suggest them if you are in the
market and you're looking to purchase that first home and you have that five percent ten percent
down payment that you're looking for uh do not delay most first-time home buyers are often scared
um to invest in real estate or you know to take that first step and that is where we are here
or i'm here to always help them and guide them to the process if their affordability is uh just on
to purchase a condo apartment take that first step get in because this way you're at least
taking that step to get in the market than being out of it that's a great point so i mean one
of the things i would highly recommend folks is that you can obviously amer is very very busy but
you know he has his assistants and other people who can also help you with loans but definitely
reach out to someone who knows the market and knows your area amer is just not a realtor he's
also also an entrepreneur right so he has access to information that other people don't yeah one of
other things we do aka for first-time homebuyers is we usually have our daily or even on weekends
tours for the houses that are up for sale so this way we take them out uh show them properties which
are there and then sometimes a buyer doesn't even know let's say look for a townhouse they realize
okay no you know what we prefer a condo apartment and it's the opposite as well sometimes they go
out to see a condo apartment and they realize our affordability meets where we can afford
a townhouse and that's where we see ourselves living so folks there's an exploratory period
where amer because of his expertise can actually help you qualify for something that you may never
thought you could qualify for as you said you may be qualified for a town home but you're really
looking at a condo because you understand all the rates and you know technicalities of loan
processing and so on so forth so amer my next question is which are the key and the best cities
to buy to get the most value for investment okay currently uh the good cities to buy are calgary
um that's where a lot of investors are going and some great projects are coming there you can still
purchase a townhouse there for about 400 000 or less than that versus what you get for a townhouse
here you're looking at over a million dollars right now to purchase in toronto now what about
like do you recommend someone buy a a house that's you know old and beat up and maybe need some work
or a turnkey brand new property what are your views on that i would say it just depends
on the currently the market is so hot that even if you buy a beat in our house there are a lot of
contractors lining up to purchase those properties um and that's what typically happens when you
are in um in a seller's market right now what about the rates what's happening with the rates
and how do they play a role in this market i mean where the rates are going right now
2022 we are expecting the bank and bank of canada has already hinted that they will be raising their
interest rates so it could be a rate increase which typically we see 0.25 could be a 0.5
and and then going on 0.25 or 0.1 it just depends but they will be testing the market looks like
that so so uh amir the infamous question that everybody wants to know okay is the market going
to crash or not the canadian market is it going to crash or not you're about to find out people
that's a big question that we get asked or i had asked
every single day is the market going to crack i think the the big answer to this question is i
don't expect the market to crash and that's the prime reason is we have our immigration open
a lot of immigrants coming in especially ontario vancouver i wouldn't call it a crash but we might
see get into a balanced market right where we won't probably see any of these bidding wards
going anymore versus i i don't expect a crash and uh so maybe a correction you think maybe
a correction oh maybe a correction yeah but we have seen that correction even in 2017 when the
market hits its peak and we did see a correction where you know and and it only i would say affects
people when people don't think and they go out and purchase properties which they cannot afford
now if the correction happens or an adjustment right do you expect the values to go down 10 20
30 is there any formula or thought behind that like typically what happens uh when when such
changes do come is currently people who cannot afford in the greater toronto area i would say
they go out of toronto like to kitchener cambridge you know waterloo these areas
where the affordability lies for them that's great that's good to know uh my other question
amer is that what about people who have this theory that you can rent maybe right now sell
their house rent somewhere for a year or so watch for the market to come down and then boom you know
buy your house we're seeing two kind of people what we're seeing is uh investors or you know
even homeowners who are taking out that hundred thousand nine hundred thousand of that property
moving further to the rural areas where they're purchasing properties for half a million or less
on the other end we are also seeing people who are you know coming back to your question
which is where people are selling and moving into rental properties right thinking when the
market tanks down that's when we will you know buy when the market goes down they're just our tanks
down they're just waiting on that perfect time to purchase the property but there's no perfect time
there's no perfect time exactly me and you we know about this there's no perfect time so the key is
folks that you set a number in your mind what rate you want to pay what price you want to pay and if
you are in one of those camps as amer said that you want to just go and rent until the properties
or the market he said as adjust you know there's an adjustment in the market if that happens then
you know you set a number and once you're comfortable with that number just go with it
because you know at the end of the day a house is an investment you're putting your money in a place
where you're going to live hopefully long term and make a lot of money as we hope that you would do
so folks thank you very much as you heard a lot of good nuggets of information from amir he's an
expert in this market in this specific market in this specific country and region so ontario
i would say amir is the king here please consult with him ahmed is there any social media or
they're following where you want people to go and find you where can they find you on the internet
you can find me on facebook my page is america yeah that's where uh you can find me you can
probably link my link down in the comments yeah okay folks so uh as you heard from amir a lot of
good tips on when to buy should you rent should you buy a new house versus old house the market
the rates so i just want to close this video by saying i want to thank you all you could be
anywhere but you decided to be here with us and what a pleasure to come to this beautiful country
of canada and talk to an expert who knows real estate market like the back of his hand
so thank you amber for time appreciate you so much more hopefully this is not the last time
we're doing this hopefully we can do this a few more videos definitely thank you aka thank you
for having me over we'll we'll definitely do a few more awesome thank you so much bye bye now