Article presented by Nick Kasmik
For Canada’s real estate market, 2022 was a year that’ll go down in history books for more reasons than one. After the extreme real estate boom that caught wind in 2021 and went into the beginning of 2022, the fall was sudden and drastic.
In Ontario, WOWA reports, home prices started peaking in January and, by mid-April, were in decline in all areas of the province. The average home price went from $795,322 in January 2021 to $998,544 in January 2022, peaking at $1,089,493 in February 2022.
By January 2023, the average home price in Ontario dropped to $798,835. Data from the Canadian Real Estate Association show a 38.3% drop in activity in January 2023 compared to the year before. Compared to the ten-year average, sales are down over 25%.
With a 4% interest rate rise throughout 2022, and an additional 25-point hike in January 2023 to reach 4.5%, the Bank of Canada’s response to inflation had a slowdown of real estate market activity as one of its consequences. With new listings appearing ever more slowly, it’s hard to say where the market will go by the end of the year.
In a market that’s so unpredictable, buyers and sellers alike would do well to have an experienced real estate agent in their corner. Those eyeing Ontario’s market are in luck, though, as they can work with Lorraine Jordan.
With over 30 years of experience in real estate, Lorraine Jordan is one of the leading experts in Ontario’s real estate market. She is one of the top agents in Keller Williams Canada and a head of a team of 22 agents and 39 teammates. For Lorraine, every market has something to offer.
“I think it’s like everything else in life — you either see it as glass half-empty or half-full,” she says. “And opportunities don’t sink to the bottom. They rise to the top, so that’s where you need to choose to look.”
Lorraine Jordan has plenty of experience to draw from regarding real estate markets and all the predicaments they can be in. She’s sold thousands of investment properties and helped ten thousand families buy, sell or invest in real estate. Even in a sector that’s often tumultuous as real estate, she’s managed to stay ahead of the competition.
“I’m not only a real estate agent, but I’m a real estate agent running a team,” Lorraine Jordan explains. “So having the opportunity to go to these quarterly or bi-monthly get-togethers with the other 1% at Keller Williams globally and Gary Keller himself, and understanding at a very high level what’s going on with the market is just invaluable.”
Lorraine Jordan believes that knowledge sets apart a good agent from someone who opens doors and does tours. As a strategic thinker, she’s always trying to be a few steps ahead and know all the information in the industry, such as who is the best finance person in this market or the best contractor. Knowing those things and being able to advise clients on them is a surefire way to separate oneself from a crowd and build good connections.
It’s also what lets you approach real estate deals strategically. Even though real estate agents deal in property, their clients are humans with specific needs and wants. As a real estate agent, Lorraine Jordan has been in situations where her strategizing was the thing that made the deal possible.
On top of everything else, Lorraine Jordan is a real estate investor. She’s concerned about her own investments and those of her clients. She’s more than willing to, as she says, put the money where the mouth is and invest in the properties herself.
Setting goals is one of the big pieces of advice Lorraine Jordan offers clients. Her process is simple — people write down what they want and then think about how committed they are to getting that. Are they committed to doing it daily until they reach their goals?
Overall, it’s safe to say that one of the best reasons to work with Lorraine Jordan through Ontario’s weird real estate market is her personable approach. She’s been here as a buyer and knows all the pitfalls and tricks that non-professionals use.
After so many years in real estate and so many homes she bought and sold, it’s safe to say that nothing can surprise Lorraine Jordan.
“In real estate, you’re responsible for people’s biggest investment. So you have to show up and be the best version of yourself for that, Lorraine Jordan explains. “Always seek new education. I’ve been doing this since I was 18, and I’m still constantly learning how they get better and how to earn the privilege of working with clients.”