Message from Tom and Nick
OK, a few weeks ago, we shared that we love sourdough bread, real sourdough bread, not the "sort of" sourdough bread you find in many grocery stores.
And the response to that email showed how seriously you all take your sourdough.
Who knew how passionate people get over sourdough!
I claimed that Eataly's classic sourdough loaf was one of the best in town.
However, multiple people called out Amalfi Bread & Pastry in Etobicoke as the top dog in the GTA sourdough game.
So what did we do?
We went and got a loaf of course.
And wow, it lived up to the hype. It's incredible. I mean, it's very very good.
8.7 out of 10 good. For me that's high. You just can't find this type of sourdough easily.
Here's where things get interesting...
I still like the crunch of the Eataly sourdough crust and would rank it as my favourite.
But I think more people will love Amalfi's loaf.
The current YLYT ranking for sourdough, in my opinion, is...
#1 Eataly
#2 Amalfi Bread & Pastry
#3 TBD
#4 TBD
#5 Grocery Store Bakery Sourdough
So if you have any other sourdough suggestions, please feel free to share so we can fill out the #3 and #4 spots properly, LOL!
And since we're on this topic we've shared our current favourite olive oil.
That bottle you see up there is incredible.
I've tried countless Italian, Greek, Croatian, and Tunisian olive oils.
And that bottle of Sicilian olive oil up there ranks as my current top choice. Fortino's, by some miracle, started carrying it a few months ago. Otherwise you had to get it at speciality shops.
Look, you're going to use different olive oils for different purposes.
But that bottle up there is amazing when paired with fresh sourdough and good quality prosciutto.
That combination of foods is an incredible light, quick and easy, summer lunch.
But you need good quality in all three categories: the sourdough, the olive oil, and the prosciutto.
OK, on to some real estate trends...
Here's what we're seeing on the streets.
The market is still choppy all around the GTA.
If you have a starter home, that is priced well, and has been updated, we're seeing multiple offers.
But even then the properties are selling for just about the list price.
So 30 offers on a good quality starter home aren't getting a sold price 20% higher than the list price like back in 2021. Sometimes, even with that many offers, they're selling just under list price.
Other starter homes (single family, duplexes, and towns) that are priced a tad too high (even just a little) or are not updated inside, are sitting.
They eventually sell, but usually for 10-15% below list price and it's taking months.
Obviously we're generalizing here and there are exceptions to what we're sharing but that's pretty much how we're seeing the market.
It's "choppy".
So when we've heard the media and bank economists over the last few months share that "interest rate hikes" are on the horizon, we've been very skeptical.
Unfortunately, real estate plays an oversized role in the Canadian economy.
And because of this we believe rate hikes this year, with the data we have today, are a pipe dream.
If anything we think the probability of a surprise drop in rates is more probable than a rate increase.
Now, the Canadian dollar has been struggling.
So if the U.S. Dollar doesn't begin to weaken soon, like very soon, then perhaps this is wrong.
But with midterms around the corner and huge debt needing to be refinanced this year, we think the U.S. Dollar is primed for a "sudden and unexpected" fall in value.
So for the rest of the summer we expect to see a continued choppy market.
Some homes will sell quickly and some will take weeks, maybe months.
We're in this sideways chop for a little while longer.
If you're looking for "deals" in the real estate market, they're out there now! Right now. Make an offer on something, don't be shy, you'll never know what price a seller would accept right now.
As much as mainstream economists don't like to admit that real estate is a high priority for the government, look at the British Columbia condo bailout as proof that it absolutely is.
Hope you're enjoying the summer!
We have one more LIVE and IN-PERSON real estate investing class before we take a break for the summer ourselves.
Get all the details and reserve a spot by clicking here.
If you'd like to come out and chat, ask questions, discuss sourdough or olive oil, then this is your chance!
We'll see you there!
Stay cool!
Tom & Nick
p.s. Yes, we're very picky about our olive oil, so unless you are sure your olive oil is top notch don't be replying to this recommending some run-of-the-mill stuff, LOL!!