Please tell us a bit about yourself and your company
I have been a realtor in Mississauga, Ontario, Canada, for more than 25 years. To date, my team and I have achieved approximately $2.5 billion dollars in sales, with more than 7,000 homes having been sold. We help families, friends, and clients buy and sell homes—everything from small condos to expansive mansions— throughout the Greater Toronto Area; mainly in Mississauga and nearby areas.
Throughout my career, I have always remained committed to my clients. My strategic approach to the real estate business includes having an amazing team of professionals. My team allows each and every client to receive the highest level of service possible—we have home inspectors, photographers, stagers, graphic designers and writers on staff. We also have an extended team of lawyers and mortgage brokers that our clients are preferred customers with. As a direct result of our efforts, Team McDadi continues to be one of the top-ranked teams of real estate professionals in all of Canada.I started as a solo agent in the late 1980s and formed my own team, as demand warranted, a couple of years later. After spending the majority of my career with Re/Max, I took the next step in my Mississauga real estate career and opened Sam McDadi Real Estate Inc. in 2012.
In recognition of our success, I’ve been featured on radio and television helping to educate the public about the real estate industry. I have also authored real estate books.
I have won almost every conceivable award a Mississauga real estate professional can obtain. For the 14 years I was with Re/Max, Team McDadi was ranked #1 in Mississauga each and every year, until I opened my own brokerage. In fact, for four years running, we were among the top 4 RE/MAX teams world-wide.
What has the property market been like this year?
The market continues to be strong in the Greater Toronto Area. I would say that homes priced under $600,000 are still moving relatively quickly. We see homes that still sell in a matter of days, especially in that price bracket. It is the higher priced houses that aren’t moving as fast. Homes priced above $2 million, especially, aren’t selling as quickly. There just aren’t as many buyers for such homes, so the demand isn’t as great.
What do you expect to happen to the market in 2014? Are there any "hotspots" to look out for?
I suspect the real estate market in 2014 to be very similar to this year’s market, with more affordable homes selling quickly, while higher priced homes take a little bit longer. Mortgage rates in Canada are still very low so this is helping the housing market and buyers. Certainly, there are some neighborhoods in Mississauga and the Greater Toronto Area that are very trendy right now and they will likely continue to be. Some high demand neighborhoods include Lorne Park and Credit Woodlands. Some of the more expensive neighborhoods may experience a dip in prices as sellers try to entice more buyers.
What are the major challenges faced by expats looking to buy?
As there are no or only a few restrictions on foreigners buying property in Canada, buying a home is not difficult for expats. Homebuyers from abroad are subject to all the same fees and taxes as Canadians when purchasing real estate — although they can face higher property or land transfer taxes in some jurisdictions and are subject to different capital gains tax rules when they sell a property.
That being said, I do recommend all expats who wish to buy a home in Canada, do some research on which neighborhood suits them best. Do they wish to be within a quiet suburban setting or do they want to be close to shopping? Individuals coming from larger metropolitans may feel more comfortable with downtown condo living, while other expats may feel more quaint suburban living is best for them. For expats with children, I strongly recommend they research schools.
What advice would you give to expats going through the buying process?
All expats buying a home in Canada should be comfortable with the realtor they are working with. They should feel at ease, knowing that their agent is working in their best interest to help them find their best residence.
It might be necessary to interview a couple of agents, prior to determining who you would like to work with. In Canada, you work with only one realtor at a time when buying a property. In some countries, you can visit one real estate office and then another, hoping to find the right property. But in Canada, you sign a contract with a specific realtor, agreeing to only work with them for that predetermined period of time.
I also would recommend any expat who is considering buying a property in Canada to first be pre-approved for a mortgage. In other words, you should know exactly what your budget is. This will help you stay on track.
Can you be contacted for further information?
My contact info is: sam@mcdadi.com or 905-502-1500 or toll-free 1-866-707-0061 or www.mcdadi.com