Real estate industry prepares for a battle

Seven years ago, an advertising executive wanted to experience the bright lights and excitement of competing in a boxing match. So he launched Agency Wars – an event specifically for ad execs who wanted to show off their pugilistic skills.

This year, that same man is bringing the sweet science to the real estate industry.

“Over the period of those years, we’ve perfected the methodology. We have two teams, red and blue; we train the boxers as a team. For a lot of these people it’s the first time they’ve ever been in a boxing ring or gym,” Michael Clancy, founder of Agency Wars and now Toronto Real Estate Rumble, told CREW. “It’s reality show stuff; it’s amazing the transformation and drama they go through. You get in a ring, people throw punches at you, and it’s a transformative experience. We want it to be a really rewarding experience.”

A total of 24 amateur boxers – all from the real estate industry – have been chosen, following a rigorous tryout period, to take part at the event, which takes place Wednesday, November 22 in Toronto.

Clancy, who got into boxing at the age of 50, founded the events as a way for industry professionals to experience the allure of a big ticket boxing event.

“We want you to have that feeling. It’s like the ultimate fantasy. It’s a fantasy camp for boxing – you are going to work and train like a boxer for 12 weeks. We’re going to give the whole experience of the fight as well; the entourage, the robes, 600 spectators, ring card girls, cameras,” he said. “When I first put the show on I wanted to feel how Floyd Mayweather feels. We carefully put together something that gives the full experience that you’ll want to tell your grandkids about.”

The chosen boxers are currently embarking on a 10-week training program, which includes numerous weekly training sessions, nutritional counselling, and world-class coaching from elite-level boxers and trainers.

The real estate combatants will become legitimate amateur boxers, and the event is properly sanctioned by the Boxing Canada to ensure the utmost safety.

Boxers wear headgear and oversized gloves and, according to Clancy, the worst injuries that have occurred over seven years of running Agency Wars were bloody noses.

As for the real estate industry’s own iteration of the event, Clancy says those particular professionals will make perfect boxers.

“It’s very metaphorical for real estate guys: It’s a hard, competitive business and you don’t win every day,” he said.

The event is also raising money for two good causes: The We Foundation and imagine1day. It’s supported by a number of industry partners, incuding Garrison Hill Developments, Foundry Mortgage Capital, Concrete Mortgage Capital.

To find out more about the event, to purchase tickets, or to become a sponsor, check out the website here.

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Reporter shares real estate market insights

Jameson Berkow, who served as the Western Bureau Chief of BNN, was based in Calgary from 2012 to October 2015. In a report posted in BNN’s web edition on November 11, Berkow shared the events that transpired after making his first real estate investment in downtown Calgary back in early 2014.

Berkow said that a large part of what drove his decision to purchase a Calgary property is the estimated $15,000 profit a year after purchasing a $300,000 condo. What he didn’t anticipate, however, was the sharp decrease in purchasing power among Calgarians in the wake of a massive oil price crash.

“I was forced to sell for a loss when I moved back to my hometown of Toronto last month,” Berkow shared.

“But it wasn’t just the collapse of $100 crude that caused the collapse of Calgary’s home price growth. Overbuilding, dramatic bidding wars and an overwhelming sense of boundless price growth all contributed as well — and all those factors are continuing to drive the market down now that low oil prices have largely taken their toll,” Berkow added.

Upon moving back to Toronto, where he is now based, Berkow started sharing a rented duplex with his fiancé. However, while he is contemplating on cashing out after a few years and making a profit, he admitted that it would be unlikely in the face of market analysts’ predictions that massive price increases cannot continue.

Berkow cited experts’ remarks that extremely active markets like Toronto and Vancouver are at significant risk of major price corrections, especially if overseas buyers decide to invest somewhere else. Berkow noted that the current situation in Toronto has a lot of similarities with Calgary 2013, and that buyers are still subscribing to the same purchasing patterns that would lead to them ending up with massive debts.

In conclusion, Berkow said that it’s highly likely that interest rates will rise within five years, and that, ultimately, “There is no such thing as free money in real estate.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

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