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Larry Weltman’s Crystal Ball: On the Record With a Real Estate Opinion Leader

As economists, journalists and consumers all struggle to understand trends in the GTA housing market, Toronto real estate commission advance services expert Larry Weltman from AccessEasyFunds is emerging as a go-to source for up-to-the-minute data and insights.

In a widely circulated news release, he recently offered his perspective on the phenomenon of delistings and sales declines in the Toronto area market. He believes the latest figures are in fact masking fundamental strengths that will prevail over the long-term.

He sees pent-up demand from the pandemic providing a price safety net for the market, as successful professionals from throughout Canada and across the globe continue to choose communities in southern Ontario as ideal places to live, work and raise families.

Housing market strength is also being supported by a persistent shortage in dwellings, escalating rents, and the current slowdown in existing housing construction caused by supply chain disruptions, surging construction financing costs and labour shortages.

“An inflationary and rising interest rate environment does require a sober assessment of the real estate market today, but housing and construction will likely continue to be a solid bet far into the future,” Weltman predicted. “Although irrational exuberance is not warranted, neither is pessimism. Over time, I have great confidence in where we are going as a region.”

At first glance, recent market trends present a confusing mix of trajectories. Analyzing the variables that are affecting supply and demand, and quantifying their impact, requires a keen eye and years of experience.

“Although interest rate increases from the Bank of Canada have given some home buyers second thoughts, moderating and slightly declining prices in many neighbourhoods have kept monthly mortgage costs from soaring,” Weltman explained.

“Meanwhile, builders are still committed to long-planned construction projects , however many have slowed down current construction projects. Of course in the short- to medium-term we may likely see further price declines with the current interest rate environment, inflation, and possible looming recession slowing demand for several quarters.”

Reporters and industry professionals appreciate the fact that Larry Weltman is not simply offering his opinion; rather, he provides informed views that are backed by extensive research. In his news release, Weltman cited a report from CIBC Economics, a research arm of the Canadian Imperial Bank of Commerce, indicating the savings rate for the average Canadian household is at an historic high.

This is in part due to the fact that many Canadians benefited from higher income streams during the pandemic, but didn’t have myriad options for spending the accumulated savings.

The reason this background information is important: The savings cushion is allowing many prospective buyers to afford a home purchase, even with higher interest rates.

Larry Weltman is an accountant by training, with many years of experience working with Realtors at AccessEasyFunds, a leading commission advance provider to Realtors. Earlier this year, he established Weltman Consulting to help facilitate the ever-changing needs of realtors and brokerages in Toronto, across the GTA and throughout southern Ontario.

The firm provides consulting services to both real estate brokerages in their brokerage administration, strategic planning, cash flow management and accounting; and to real estate agents with their marketing plans, budgets, and other strategies.re