“Commercial properties in Toronto are way overpriced,” Steve Kates of Northwood Mortgage told MortgageBrokerNews.ca. “There is so much money around and people will overpay for properties with the hopes they’ll make some money down the road.”
Kates now looks outside the GTA for most of his commercial deals, to places like Cambridge, Waterloo, Niagara Falls and Barrie.
And the competition for commercial properties isn’t just fierce among brokers – the big banks make it harder than ever to fight for a piece of this lucrative segment.
“It’s tough to compete with the banks because they have all the money,” Kates said. “They will do deals and get clients to move all their financial products over.”
Kates is vying for a spot in CMP’s Top Commercial Brokers issue – will you be one of them?
CMP’s list is an opportunity for commercial brokers to brand themselves as one of the mortgage industry’s top-performing brokers, with the magazine
once again compiling a list according to individual broker volume for 2013 (January to December).
All figures must be supplied by you, the broker/agent, by clicking here
, and submitted by July 25.
Please break down your sales figures by the relevant network or lender. Also include their contact names and telephone numbers. CMP may then contact the above to confirm your figures.
The names of all CMP Top 10 Commercial Brokers will be published in the August issue of CMP magazine
, profiling a number of those who made the list.
One leading broker in a niche space has to look outside major markets to find business as competition heats up.