As we head into 2023, I wanted to share some of my thoughts and opinions on the current state of the real estate market.

 It seems to me that we are entering recessionary times, and I strongly recommend that my clients have a complete real estate strategy and plan in place heading into 2023 and 2024. With inflationary times and continuing rate increases at the Bank of Canada, we may be in for a bumpy ride ahead.
 
 Mark Twain once said that "history never repeats itself, but it does often rhyme." This is a wise reminder that we can learn from the past and prepare for the future. And as Andrew Carnegie, one of the wealthiest entrepreneurs of all time, famously said, "90% of all millionaires become so through owning real estate." Real estate can be a powerful wealth-building tool, and I have seen firsthand the success that can be achieved through wise real estate investments.
 
 As we navigate this new environment, it's important to remember that there will be opportunities for both buyers and sellers. The smart ones will either be winners or get burned, so it's crucial to have a strategy in place. I have been through various market cycles since starting my real estate business in 2012, and I know firsthand how epic they can be.
 
 I encourage you to call me to discuss your real estate strategy in more detail. In the meantime, I also recommend speaking with your mortgage broker to discuss your finance strategy. Each mortgage is complex and unique, and everyone should have a rate plan in place whether your term is locked or variable.
 
 Lastly, I wanted to share a few charts that I recently saw posted by the Canadian Real Estate Association and NBREA. It provides some valuable insight on the current state of the market and may be helpful as you consider your real estate strategy.
 
 Thank you for considering my thoughts and opinions. I look forward to speaking with you soon.
 
 Wishing you all a Happy New Year! 

Feel free to reach out if you are interested in discussing further. 

Sincerely,
 Joël Langlois