As the deals dry up, some agents are quitting, getting rid of the fancy cars, or turning to side-hustles like driving for Lyft
Realtor Sharon Soltanian stands in a home undergoing renovation in the Willowdale area. Since peaking in 2016, Willowdale and the neighbouring Newtonbrook have seen some of the sharpest declines in sales in Toronto.Market reports about the Greater Toronto real estate market often focus on whether buyers are on the sidelines or if sellers are biding their time as the region grinds through a generally slow period.
“I know in the public eye, real estate agents are ruthless, heartless, all they want is to make money,” she said. “The reality is, the majority of these people are educated people, immigrants. … I have Phd-from-Harvard agents. I had a dermatologist that cannot work here as a doctor. These are normal people, they become agents, it was easy a few years ago for them, but now it’s very difficult.
The situation means realtors working in those markets – and in nearby York Region markets such as Richmond Hill and Markham that have seen similar declines in sales volumes and prices – face some tough career choices, according to Zoocasa chief executive officer and broker of record Lauren Haw. Ms. Raber said the team has seen signs of a flight to quality as their marketshare has grown: During the boom years her office would sell perhaps one of every 15 houses in a hot area, while now they are selling more like one in every nine houses. And while Mr. Cheng estimates the rest of the market saw sales drop 40 per cent, he believes Realtron agents outperformed the slowing market with only 15-per-cent to 20-per-cent drops.
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