Bilal started his professional journey in the car sales industry before moving to the travel industry for 10 years where he says he gained a different perspective on how everyone fits into the world. He’s now been in the mortgage industry for 4 years. When he’s not in the office you can find him travelling, taking a ride on his motorcycle, or spending time with family.
We sat down with Bilal to chat about working with Ourboro, how he approaches his role, and what his predictions are for the current housing market.
What’s your favourite part of your job?
Helping people achieve their goals and dreams! There is no better feeling when you help a family purchase their first home.
Can you tell us about your journey to becoming an Ourboro Referral Partner?
I heard about Ourboro when 8Twelve Mortgage joined as a partner. During this time I would often hear from clients about issues with down payment. Many folks I spoke to had good income and credit but did not have enough of a down payment to get into homeownership. I think the Ourboro program unlocked so many additional opportunities in my business and was the missing link for a lot of my first-time homebuyers.
On top of that, I find the referral partner portal a breeze and it’s easy to send in referrals smoothly knowing that the amazing team at Ourboro are looking after my clients, and are there to answer any questions that they have.
What’s the biggest challenge you see facing buyers today?
Qualification. That can be broken down into a multitude of different aspects like high interest rates, inflation, and of course the big one, lack of down payment.
What trends are you seeing for first-time homebuyers? Are there any common pitfalls you see play out?
I think there are many first-time homebuyers out there who are sitting on the fences, asking themselves if they should buy now or wait for interest rates to come down even more. The trick here is not to try and time the market. This will almost always not end up favourable for the buyer. I think in this market the best thing to do is to stick to the basics, do the numbers make sense for you and your family? if they do, you should 1000% buy now!
I do find that a lot of first-time homebuyers are trying to find their perfect dream home. To that I say, remember folks this is your first home not your last, generally we see that it’s your 4th or 5th property that’s your forever home. So if you want a double-car garage home but can only buy a condo at this time, then that is what you should do. The most important thing is entering the market. Experience home ownership and all the things that come with it and then progress towards that dream home. Remember, slow and steady wins the race!
What are your thoughts on the direction the Bank of Canada has taken with interest rates?
I think the downward interest rate trends will continue. I will add that I think the Bank of Canada will cut aggressively as the economy cools further. I feel that by Fall 2025 rates would have bottomed out and that’s when we predict the markets to trend upwards substantially as the demand will far outpace the supply.
Do you have any predictions for the fall market?
I think the fall market will be very similar to what we saw in the summer, meaning that there won’t be any massive shifts in the real estate market. Things will ebb and flow and continue to progress as we move into 2025. We will see a small uptick in distressed sales as some families are facing huge challenges due to rising debt loads, which may foster opportunities for new buyers entering the market.
What’s the most common misconception people have about mortgages?
Most people think that they have to have really amazing credit to get a mortgage, but this is not true. There are solutions for every credit type!
If you only had three words to describe your approach with clients, what would they be?
Solution-based approach!
What’s one fun fact about yourself that others would be surprised to hear?
I have travelled to 52 countries!
What’s your favourite GTA neighbourhood?
Cornell in Markham.
Is there a piece of advice you often find yourself giving to your clients?
Always think long-term. Mortgages, real estate, and investing are all long-term strategies! Always think 3-5 years into the future so you can make the most informed decision possible today to win tomorrow!
This interview may have been edited for both length and clarity. The views and opinions expressed in this article are those of the interviewee and do not necessarily reflect the views or positions of Ourboro.
