Richard Silver

Cabbagetown is a Village in the middle of a big City. One of the many that make Toronto great and one of my favourite areas for its’ diversity. You can have a great coffee at the Jet Fuel Cafe and be verbally abused by the owner, lovingly named Johnny Jetfuel. Do not order a non-fat, no-foam Latte in a double cup (my usual Starbucks order) or you’ll be told “You’ll get it how I make it, with 2%, in one cup, and if you don’t like it-see ya!!”  However, if you can be flexible, it’s addictive and the Jet Fuel Cafe’ is the centre of the Cabbagetown Community.

Don’t be intimidated by the would-be Lance Armstrongs walking around in skin tight bicycling outfits. Johnny was a Bicycle Courier in earlier years and it has become the hangout for some really fit. However don’t worry! There are lots of real people, even Realtors like myself.

There is a Big Cow (not an Elephant) in the room when any discussion takes place about the US and its present credit crisis. Neither the Democrats nor the Republicans will touch this Holy Cow; Mortgage Interest Deductibility.

At its conception in the early 1900’s it was a great boon for a young growing economy but what it has created is a Society that has flourished on great amounts of debt.

A Canadian will proudly tell you that their Mortgage is paid off, an American will look at the Canadian and wonder why they would do something so foolish. Why not use the equity to buy something else until there is no more equity left, just debt. Sadly, the Bush Government has been running the Country the same way.

Canadian Banks allow Buyers to borrow up to a 33% of their gross income; American Banks allow 60% due to the deductibility of Mortgages.

In the US right now 20% of homes for sale are in default, in Canada, 1/4 of 1% of mortgages are in arrears. Interest Deductibility was a great idea at the time; however, it is time for tough talk in the States.

The US is a great country and will weather this crisis but will it do so with quick fixes or can it get everyone back on track. If not, the American Dream may become a nightmare.

When I encounter someone not in my small circle of friends, and they ask how I am, I know that the second question will be “How’s the market?”

Without trying to be rude (my first instinct…), I try to point out that it is almost impossible to gauge any statistic that would reflect a world economic crisis as well as Canadian and American elections within a short time frame.

Of course, the Real Estate market will be affected much as it was on and after September 11. That was short-lived and people got passed the paralysis and life moved on.

Let’s give all this chance to settle out and remember that your home is not a stock portfolio. It is where you share time with family and friends and where your health is more important than any property valuation.

Happy Thanksgiving!!

We live in a great City for biking….I really should do more but I love walking…you get to see so much more… and that is the problem.

As I walk through the City though, I find myself getting angrier and angrier at the Bikers. First of all, I am walking on a sidewalk…not a sidebike. What are bikes doing on a sidewalk especially when they are adjacent to bike lanes?  I live next to a street that has bike lanes on it, so what are bicycles doing zooming past me up on the sidewalk, going both ways with little or no respect for the walkers and runners that occupy the “sidewalk”.

It is then that I notice that the rolling racers are not wearing helmuts and that the Government only mandates those under 18 to do so. Yet, in this Province everyone sitting in a car must wear a seatbelt or you get a tagged…does that make any sense? Yesterday, on a very busy thoroughfare I saw a helmut-less mother with a matching helmut-less child in a jump seat behind her. Is it less money for the tax payer to pay for surgery on bikers than it is for car riders??

Now that we are on the topic…I did not know that rules of the road, such as stop signs, only applied to cars….as a matter of fact, to get out of our street, even though a sign says “Do Not Block Intersection”, this seemingly does not apply to bicycles. I have been told by the Police that should a bicycler not abide that message and hit my car, that I am legally at fault. In an accident between a car and a bicycle the car is legally at fault. Go figure!

When Summer is here and in full flush, you do need extra sets of eyes to avoid accidents and as much as it is my favorite time of year, I look forward to the upcoming months when most of the roads and sidewalks will be back to normal. Of course there is always the group of committed who continue through the slush and snow. Do they subliminally have a death wish or are they hoping for a holiday in an Emergency Room.

Don’t get me wrong! I am a big supporter of Bicycles when they adhere to the rules of the road but they must be taken seriously. I just think that because bikes are used so much as an instrument of enjoyment, the lines get blurred…common sense often goes down the drain. Please Drive Safely!

Not that I’m complaining, but I’m constantly amazed by the number of people who stop me in the street at any time in the day or night and assume that “How’s the real estate market?” is another way of saying, “How are you?” or “Wassup?”

I’m a Realtor, yet for many friends, clients and ad readers, I am the keeper of information that has become too much of a bell weather for their financial health. When I give my answers, I can hear their minds tally the spreadsheets and refresh the new totals.

As an immigrant from another part of Canada, I think that Torontonians are too obsessed with “market” and have forgotten the “estate” part of “real estate market”. No matter what the size, your home is where you entertain friends, express your private relationships, and raise your children. It should be your haven and not be judged by its fluctuating financial worth.

When I open my townhouse door, I feel happy to be HOME. That fuzzy warm feeling is the thermometer that you should use when you buy. No matter how good a price you bought for or could sell for, if that warm fuzziness is not there, you are missing the whole point of home ownership.

We’ve just gone through the holiday party season. Every year, as we get closer to party time, I start to cocoon. I intend to make it to all those invitations but often find excuses. I’d like to go talk about movies, food and the other interests that encompass my life. I’d love to talk about cars, furniture and all of those wonderful things that we buy every day, enjoy and gladly depreciate monetarily. However, I know that by the time I have my coat off and hit the bar, someone I don’t even know is asking me, “How’s the real estate market?” I also realize that Realtors have the power to cause a suicidal depression or a Holt Renfrew shopping spree.

And how do I respond? If I say that the market is good, in light of what is going on in the world, then I’m either lying or feel I should be filled with some sort of survivor guilt because I have had sales. If I say it’s bad, then I’m completing a self-fulfilling prophecy. Seeing that I don’t like being around negative people, even I want to walk away from me. I usually try to dodge the questions, but as the evening lengthens, my answers get crisper, my temper shorter, and I start yearning for the magic time when I won’t be the first to leave the party.

The Real Estate Council of Ontario is getting stricter about “agency” or fiduciary duty. It tells you that under their rules, any comment that Realtors make and act upon brings both parties into an agency relationship. Nothing deadens a party like a lengthy explanation of agency relationship, when it’s the response to “How’s the market?”

As the years go by, fewer invitations come my way and I’m drawn down south over the holidays to a place where no one knows that I sell real estate in Toronto. I can breathe easy, pretend to have a million other careers, and never face the scrutiny that exists as a Realtor in Toronto.

Don’t get me wrong. I absolutely love my city and especially my business. But, what I love about it is being able to put someone in a home, watch his or her families grow, and be part of that process. There are few highs that can compare. Speculating on fluctuating value is not one of them.

In light of the many issues in the world, let’s hope we move to focus on the quality of life in our homes and less on their value. I hope that next holiday season, more of my clients will remember that real estate agents like to party too!