Published January 17, 2023 at 1:09 pm
It’s the start of a brand new year, and when it comes to a housing market as unique as the GTA’s, it takes an expert to predict what’ll happen in 2023.
One expert – Mississauga real estate mogul Sam McDadi – believes 2023 will be a much different year, and a challenging one at that.
McDadi has been a household name in real estate for 35 years. His firm, now 12 years old, has ranked first in the GTA for all 12 years (based on dollar volume sold from exclusive sales, builder sales, and sales on the Toronto Real Estate Board for 2011-2022).
When asked by Insauga what the near future of real estate will look like in Mississauga and the rest of the GTA, McDadi said he expects it to be a different and challenging year, in contrast to when the market was defined by the frantic bidding wars in early 2022.
“This is the first time in a long time we’ve started seeing ‘power of sales’ because property prices have adjusted downward. We’ve seen [price drops] anywhere from 10 to 25% depending on location,” said McDadi.
A power of sale, different from a foreclosure, refers to a situation in which a homeowner defaults on their mortgage and the mortgage lender opts to possess and sell the house.
A report from September 2022 indicated that, year-over-year, sales had dropped a dramatic 45.9 per cent from September 2021.
On a year-to-date basis, home sales totalled 5,768 units over the first nine months of 2022 – a substantial decline of 36.1 per cent from the same period in 2021.
McDadi has some key advice for panicked buyers who purchased property earlier in 2022: Don’t sell just yet.
He believes the GTA housing market is one of the strongest in the world and will bounce back, with property values returning to what they were previously.
“We tell a lot of buyers who were unfortunate when they bought during the bidding war frenzy during the first quarter: Don’t worry, the market will always come back, the GTA is resilient. But as long as you haven’t sold it, you haven’t accrued a loss.”
One notable example of a property selling at a major loss involved a Brampton home which traded in the first quarter of 2022 (the height of the market) for $2,650,000.
Towards the end of 2022, the same property sold under power of sale for $1,850,000 – a stark difference of $800,000 within the span of six to eight months.
Despite the hardships, McDadi says there are opportunities in the market for those who have the courage to go against the grain.
For those who are sitting on the sidelines waiting, now’s the time to get into the market for 20-25% less than they could last year, he says.
While 2023 may be another turbulent and unpredictable year for real estate in the GTA, one thing is for certain: Sam McDadi Real Estate Inc. will continue to be a go-to firm for many buyers and sellers alike who are looking for answers to their real estate questions.
McDadi and his team of over 60 experienced agents have been the top GTA real estate team for 12 years now, and they’re looking to make it 13.
Their full service includes free home evaluations, staging including furniture and accessories, pre home-inspections and reports, ads placed locally, nationally or internationally, full-time photographers/videographers, drone videos, floor plans and virtual tours, complimentary home cleaning and detailing services, storage, moving services, and access to lawyers, mortgage advisors and more.
Sam McDadi, who was raised in Mississauga, is proud to call the city home. He graduated with an honours Bachelor of Science degree in Finance at Nicholls State University in Louisiana, then completed his Masters of Business Administration degree with honours at the University of South Carolina.
After returning to Canada and briefly working as a financial analyst, McDadi realized his true calling was in real estate, and he’s never looked back.
Today, Sam McDadi Real Estate Inc. has sold over 15,000 homes in 35 years (an average of more than one home a day!), sold over $9.3 billion in real estate sales, and has won multiple awards for excellent service.
In addition to all his work in the real estate sector, McDadi and his team regularly give back to the community via charity events, donations to charity organizations, and supporting numerous local youth sports organizations and players. Past events have included clean-ups at Mississauga parks and fundraisers to help provide funds to Ukraine.
Need help buying or selling your property? You can contact McDadi 24/7 for a free, no obligation quote.
More info on everything related to Sam McDadi Real Estate Inc. is available at their website, Facebook, Youtube, Twitter, and Instagram.
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