The real estate market is in a constant state of flux, yet remains resilient despite numerous challenges. Sabrina Zavahir from the Global CEO Magazine connected with Mr Vijitha Bulathsinghala, a realtor from Century 21 in Canada.
Global CEO:Thank you for joining us. Can you provide insights into the real estate market in the Greater Toronto area, including trends and challenges observed over the past few years?
Vijitha:Thank you, for having me. The real estate market in the Greater Toronto Area is incredibly dynamic. Unlike the traditional housing patterns in Sri Lanka, here people tend to change residences every five years or so, often upgrading when their children change schools or universities. Additionally, downsizing occurs when children leave home. Canada’s efficient processes, characterised by less corruption and bureaucracy, facilitate swift transactions. For instance, securing a mortgage in Sri Lanka may take up to a year, whereas here, it’s typically completed within a few days. Another notable difference is the prevalence of pre-sale houses in Toronto, which are more cost-effective than building custom homes due to economies of scale enjoyed by builders who construct multiple houses simultaneously.
Realtors in Canada undergo a rigorous screening process, including examinations and licensing, ensuring they are well-equipped to assist newcomers in navigating the housing market. As for recent trends, the COVID-19 pandemic posed challenges, particularly for individuals in sectors affected by closures, such as salons. Additionally, fluctuating interest rates have impacted affordability for potential buyers.
Global CEO: As a Sri Lankan entrepreneur in Canada, what unique perspectives or strategies do you bring to the real estate industry, particularly in serving diverse communities?
Vijitha: In Canada, communities often organise things based on nationality, religion, or other factors. Realtors cater to specific groups, necessitating an understanding of cultural nuances to build clientele effectively. Additionally, comprehending clients’ needs, including proximity to workplaces or schools, affordability, and housing preferences, is crucial.
Global CEO: How do you prioritise trust and reliability with your clients, and can you provide examples of how these values influence your approach to client relationships and business transactions?
Vijitha: Building trust with clients is paramount, as much of our business relies on word-of-mouth referrals. Utilising modern technology, such as websites and social media, allow us to showcase testimonials and certifications, reinforcing our credibility. Furthermore, professional designations, such as my membership in the Real Estate Institute of Canada, serves as additional markers of reliability.
Global CEO: With your background in business management and experience in the real estate sector, how do you balance market dynamics and client needs to ensure successful outcomes for both buyers and sellers in the competitive Greater Toronto Area (GTA )market?
Vijitha: Over my 20-year career, I’ve witnessed various market conditions, allowing me to adapt strategies accordingly. From steady appreciation to turbulent fluctuations, I’ve learned to anticipate market shifts and advise clients accordingly. For instance, recent government regulations and interest rate changes have significantly influenced market dynamics, requiring proactive planning and guidance for clients.
Global CEO: How has your MBA education from the Postgraduate Institute of Management in Sri Lanka contributed to your success as a real estate entrepreneur in Canada, and which aspects of your MBA training do you find most relevant to your business operations?
Vijitha: My MBA education provided a solid foundation in business management, which has been invaluable in navigating the complexities of the real estate industry. Understanding marketing strategies and market positioning has been particularly beneficial in attracting and serving clients effectively.
