What Toronto Can Learn From Paris

Much is said about Toronto’s so-called status as a world-class city. But having just returned from a weekend in Paris, I can attest we still have a long way to go.

True, real estate is much more expensive in the French capital. Consider the loft below — this is what $1,200 per square foot looks like in Paris.

,200 per square foot  loft in Paris

Now contrast this exorbitant price with Toronto’s, where the average cost per square foot is just shy of $600.

The truth, however, is that Parisians don’t seem to mind. Sure, they may complain about rising prices. And they may not necessarily enjoy living packed together (Paris being about 6 times more dense than Toronto, most apartments there are small and cramped).

But their city and its amenities are built to help them make the  most of it.  Parisians don’t do big screen TVs — they go outside and enjoy the city:

Public skating, Paris-style.

Public skating, Paris-style.

An elevated walkway above street. Parisians walk everywhere, although….

An elevated walkway above street. Parisians walk everywhere, although….

…Paris has been made even easier to navigate with electric car sharing service Autolib', a follow-up to the city’s successful bicycle sharing system, Velib’, which is the second-most extensive system of its kind in the world.

…Paris has been made even easier to navigate with electric car sharing service Autolib‘, a follow-up to the city’s successful bicycle sharing system, Velib’, which is the second-most extensive system of its kind in the world.

In Paris, there’s a subway station every 400 metres or so, yet their Métro is cheaper than our TTC.

In Paris, there’s a subway station every 400 metres or so, yet their Métro is cheaper than our TTC.

People even live on boats in Paris.

People even live on boats in Paris.

Parisians enjoy going out to galleries, museums, and art exhibits.

Parisians enjoy going out to galleries, museums, and art exhibits.

My point? We’re fortunate to live in relatively affordable city, but we still have much to learn in terms of making our streets and our city truly enjoyable. Better public transit will play a key role, as will the current high-rise condo boom.

Have you been to Paris? Which trait did you find yourself wishing we had back here?

Is the Toronto Real Estate Market Really About to Crash?

real estate bubble / burbuja inmobiliaria

If you watch the news or read the papers, you know the Toronto real market is about to crash.

But is it?

Not according to my friend Andy Brethour. The president of PMA Brethour Realty Group and an expert on all things real estate, Andy wrote an excellent post last week outlining all the reasons why he’s certain there will be no such crash.

In fact, to quote Andy, “the Toronto market, despite the alarm, is back to normal!”

Reasons for this include:

  • Recovering employment rates and modest but positive income growth
  • An immigration flow that will still see demand for over 30,000 households every year (despite more immigrants settling in other regions rather than Ontario)
  • Affordability, which is helped by some of the lowest interest rates in history

While it’s true that the real estate market has changed, for example with the first-time buyer engine running somewhat slower, Andy predicts the Toronto Market will remain very stable and steady — and I concur.

Click here to read his article and let me know what your thoughts are!

Working Smart Vs. Working Hard

surrey house 3

Is your boardroom an unused museum that only clients get to see?

When you run a company called BAM with a core philosophy of providing impactful solutions, you’d better develop effective strategies that will help you save time and work smart.

We have recently taken to meeting at least once a week in the boardroom. We bring everyone in — from our Client Services Coordinators to our web guy to our eBAM department. We used to avoid this, as we thought it a waste of time, say, for our Google Adwords guy to spend 10 minutes listening to a signage problem.

Yet we’re finding this keeps everyone engaged and on the ball. We work better together and save time explaining things later on. Ultimately, it helps us serve our clients better.

When you run an agile company that doesn’t have too much staff, you’d better make the most of it.

What are your favourite strategies for working smart rather than just hard?

Embracing the Dark Side

I’ve preordered the iPhone 5. Are you getting it?

We’ve done it. We’ve done the unthinkable, or at least what used to be unthinkable — we’ve ditched BlackBerry and we’ve ditched Outlook and Entourage and Microsoft servers. We have, in fact, gone Mac. And we love it.

It’s not really surprising. I’ve used an iPod for the last ten years. Recently, I got an iPad, and I love the damn thing. Sure, it’s far from perfect. I even hate a couple of things about it (for example, couldn’t the battery life be better?). But it has sure come in handy in many a client meeting. I’m also using it heavily at home — I just borrowed an ebook from the Toronto Public Library, which I’ll hopefully read over the next two weeks.

Of course, I didn’t make this decision based just on my iPod and iPad experiences. For one thing, I’m concerned about BlackBerry’s future. I also like having a solution that integrates so seamlessly across different devices, from calendars to photos to bookmarks. What’s more, most of my staff use and prefer Macs anyway. Many have iPhones.

Last but not least, the older I get, the more I enjoy trying new things. That’s why I’ve taken up waterboarding and snowboarding. Switching to Mac is a lot less risky and a lot more reasonable.

Bad Times Are Coming — and That’s Good for BAM

Housing Ladder 1

Have we hit the home affordability ceiling?

Have you noticed? The market is turning.

I’m not referring to the condo market, where we’re already seeing a drastic reduction in investors’ appetites. I’m referring to the low-rise market— it may not be common knowledge yet, but I predict the period we’re about to enter won’t be so hot anymore.

The why doesn’t really matter

This spring, we’re seeing lower traffic compared to last spring, due to increased resistance to Ontario’s ever-escalating prices. Have we hit the affordability ceiling? Is the government’s bad press about the new homes market to blame? Or are the new, tightened mortgage rules responsible?

More than likely, it’s a combination of all three factors. Ultimately, however, the “why” doesn’t matter. We can do nothing about the “why.” All we can do is try and solve the problem.

It’s happened before

We’ve all known bad spells before. This old dog has survived three of them already. For example, after 2007 (which was the best year ever), the market simply died in September 2008. A lot of people were scared, yet it all sprung back in the spring of ’09.

So while a rosy past may not seem comforting, it’s helpful to remember many of us have survived storms before. The world didn’t end then and it won’t now.

The answer: more than pretty faces

Ironically, BAM’s built for bad times. This is why part of me wishes for bad times. It keeps us on our toes. It proves to our clients our knowledge of the industry and our sound strategies have helped them build a solid foundation, one that will allow us and them to not just to survive, but to continue to do well.

Because we rely on brains and not just on ads with pretty faces — because we’re all about a solid strategy and a thorough knowledge of the industry, our clients are well prepared. In fact, they’re actually in a good place for what lies ahead.

Now I turn it over to you: do you agree things are about to get tougher?

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