Ep #101: Future Focused: Projecting the Canadian Real Estate Market in 2024 with Phil Soper

On the 101st episode of The Richard Robbins Show, I sit down with a longtime friend and colleague within the real estate industry, Phil Soper.

Phil is President & CEO of Royal LePage and Bridgemarq Real Estate Services, the largest real estate brokerage firm in Canada, with over 21,000 agents across its businesses and doing roughly $146 billion in property sales in 2021.

With decades of experience in the real estate industry between us, Phil and I share our thoughts on what to expect in the year ahead in terms of sales, pricing and interest rates.

“If we were talking about the American market, our faces would be longer. It would be a more dire situation,” Phil tells me. Due to the conservatism of the Canadian banks, we find ourselves in a much safer position moving forward in terms of financial stress on Canadian homeowners.

In this special episode of the podcast, Phil and I are discussing today’s real estate market. We talk about what to expect come 2024 and theorize a few possibilities for the Canadian real estate market. We talk about the similarities of 2008 to today, why home prices could see a surge and why immigration is the key to Canada’s strong real estate industry.

Interested in hearing more of Phil Soper? Check out episode #2 of The Richard Robbins Show that I recorded with Phil in 2019.

Listen to the Full Episode:

What You’ll Learn In Today’s Episode

  • Phil’s outlook of the Canadian real estate market in 2024
  • Where do we project interest rates go in the new year
  • Young Canadian home investors
  • Why home prices could surge in 2025
  • The importance of immigration in the Canadian real estate market

Ideas Worth Sharing

It should be dead obvious to everyone in the real estate industry that immigration is the golden goose for our future as an industry. Phil Soper Click To Tweet We do have everything set up for a period of really uncomfortably high home price appreciation when the rates start to ease. All of the pent up demand has the potential to send prices up to those uncomfortably high levels. Phil… Click To Tweet Volume is lower but prices are holding firm. Why? Because we have many more people looking for a home to purchase or rent than we have homes available. Phil Soper Click To Tweet

Resources in Today’s Episode

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