The Questionnaire: These real estate bigwigs have thoughts about the market

John Lusink

President, Right at Home Realty

Dream job as a kid: “An adventurer, like Indiana Jones.”

First thing you do in the morning: “Walk my dogs, Bella and Sophie.” Secret to success: “Perseverance. In real estate, you get told ‘no’ nine times before you hear ‘yes.’ ” Celebrity doppelgänger: “Michael J. Fox.”

Toronto neighbourhood with the most untapped potential: “Bloor West Village. A lot of renewal can happen there.” How you would improve the Toronto real estate market: “More transparency in the bidding process. Buyers are mostly unaware of how it works.” Describe the current state of the GTA market: “We’ve seen a drop in activity directly related to an increase in mortgage rates.” How long until it corrects? “If we’re fortunate and inflation comes under control, we might see a bit of a rebound in the fall 2023 market.” Describe your dream home: “A small house overlooking the ocean, in an undeveloped area in Mexico.” Is it a good time to buy a house? “If you plan to stay in the house for at least 10 years, it’s never a bad time.” Is the Toronto market crash-proof? “Toronto is the financial centre of the Canadian market, so it’s pretty close.”

Phil Soper

President and CEO, Royal LePage

Dream job as a kid: “A photographer for National Geographic.”

First thing you do in the morning: “Make a cup of coffee.” Secret to success: “Imagination. I always need to have a half-dozen ideas in the hopper, otherwise I’m not happy.” Celebrity doppelgänger: “Tom Hanks. We look similar and we’re both affable.”

Toronto neighbourhood with the most untapped potential: “The Port Lands. It has so much natural beauty.” How you would improve the Toronto real estate market: “Densification. We need more two-, three- and four-storey residential buildings.” Describe the current state of the GTA market: “It’s recovering from the irrational exuberance of the pandemic era.” How long until it corrects? “It’s correcting now. Prices will continue to flatten until the end of the year.” Describe your dream home: “Modern, with lots of windows and environmentally friendly features.” Is it a good time to buy a house? “The right time to buy a home is when you have the means and you or your family need it.” Is the Toronto market crash-proof? “Toronto is the biggest city in one of the best countries in the world. If there is any place a real estate investment is secure, it’s here.”

Tony Ma

President and broker of record, HomeLife Landmark Realty

Dream job as a kid: “Doctor. I wanted to cure cancer.” First thing you do in the morning: “Go for a walk and plan my day.” Secret to success: “Treating people sincerely.”

Celebrity doppelgänger:

“Jack Ma, co-founder of Alibaba, the e-commerce site. We have the same last name.” Toronto neighbourhood with the most untapped potential: “Don Mills and Lawrence. When they finish the LRT line, the community will grow and property values will go up. How you would improve the Toronto real estate market: “Reduce taxes for developers, which will increase housing supply and improve affordability.” Describe the current state of the GTA market: “It’s more balanced—there aren’t as many crazy bidding wars.” How long until it corrects? “By September, when the market stabilizes and buyer confidence increases.”

Describe your dream home:

“A quiet, mid-sized home, backing onto a ravine or forest.” Is it a good time to buy a house? “Yes, especially if you have a family. The time you spend with them in the home is invaluable.” Is the Toronto market crash-proof? “It’s a city with a rich history and a big population, so yes.”

Chris Kapches

President and CEO, Chestnut Park Real Estate 

Dream job as a kid: “A right winger for the Detroit Red Wings. My hero was Gordie Howe.” First thing you do in the morning: “Take a shower.” Secret to your success: “My parents, Alice and Danny. They taught me hard work and commitment.” Celebrity doppelgänger: “Dustin Hoffman.”

Advice for your 18-year-old self: “Travel more. Go live in Paris.” Toronto neighbourhood with the most untapped potential: “Victoria Park.” How you would improve Toronto real estate: “More houses, fewer condos. The city has become endless corridors of glass and steel.” Describe the state of the current market: “Prices have plateaued.” How long until it corrects: “The market will never correct. There will always be a strong demand because of immigration.” Describe your dream home: “A Frank Lloyd Wright–style home—one level, very flat, lots of windows, situated in a forest-like setting, with lots of open space and contemporary art, maybe in Prince Edward County.” Is it a good time to buy a house? “If you’re buying for long-term use, any time is a good time to buy, considering the consistent upward trajectory of the market since the ’90s.” Is the Toronto market crash-proof? “Yes, because of high levels of immigration driving demand.”