John Meredith started his career with Household Finance in Toronto. He left a salaried job as a manager making $12,000 a year for a 100% commissioned job as a mortgage manager, where he made $92,000 in his first year. Four years later, Meredith started CityCan Financial Corporation at a time when there were only 500 mortgage agents in Ontario. To this day, CityCan remains in the same location with Meredith as the head of the company.
In addition to being an industry leader in private mortgages, Meredith is a real estate appraiser with a CRA designation from the Appraisal Institute of Canada and is a member of the Toronto and Mississauga Real Estate Boards.
Throughout this 40-plus years in the industry, Meredith has seen firsthand the ebb and flow of the market. “The main force behind higher real estate prices has been the long period of low interest rates with almost no increase until this year,” he says.
“These low rates have pushed up home prices to artificial levels with an estimated 40% of the market being investors, speculators and flippers.” Looking toward 2018, Meredith predicts that prices will level off as demand falls for larger detached homes, while condo prices will continue to increase as people are forced out of the detached home market.
FSCO license: M08000189