Episode 103 - Toronto Under Construction with Cara Hirsch of Hirsch + Associates, Elliott Taube of Pivot Real Estate Group, and Sean Zahedi of SCOP Inc.

In Episode 103 of 'Toronto Under Construction,' host Ben Myers convenes a high-level broker panel featuring Sean Zahedi of SCOP Inc., Elliot Tobe of Pivot Real Estate Group, and Kara Hirsch of Hirsch + Associates to dissect the current state of Toronto’s real estate market. The conversation centers on the fallout from the post-pandemic market bubble, with guests agreeing that the industry shifted from selling housing to selling pricing momentum, driven by FOMO and speculative investment. They analyze the recent HST removal on new homes and 50% reduction in development charges, acknowledging the psychological boost but questioning their real market impact—especially for luxury high-rises. A major theme is the looming supply crisis, with projections of only 10,000 units annually by 2028, despite a record 24,000–26,000 units expected in 2024. The panel also confronts the erosion of trust in real estate, the rise of negative media narratives, and the growing role of rental conversions as a default strategy for developers. They express frustration over media bias, the lack of recognition for successful sales, and the disproportionate scrutiny of individual investors versus institutional players. The episode concludes with candid reflections on commission models, the decline of in-house sales teams, and the need for a fundamental reset in how the industry communicates value and builds trust. Key takeaways include: 1) The market is in a painful but necessary reset, with pricing now aligned to resale values; 2) The HST removal is a psychological win but not a game-changer for high-end projects; 3) Rental conversions are becoming a default strategy, especially for developers with deep pockets; 4) Media and social media have fueled a toxic narrative that harms confidence; 5) Developers and brokers must now do more heavy lifting in marketing and buyer nurturing, especially in the end-user space; 6) The industry must move beyond the 'pro-developer vs anti-developer' binary and focus on supply as a public good; 7) AI and data are now essential tools for sales and marketing, but human connection remains critical; 8) The future of Toronto’s housing market depends on rebuilding trust, improving transparency, and aligning incentives across the ecosystem.