Angry Mortgage Condos. Unemployment. Rates | EP. 133
Aug 5, 2025
In this engaging discussion, Anthony Scilipoti, President and CEO of Veritas Group and a seasoned forensic accountant, returns to tackle pressing issues in real estate and finance. He delves into the staggering liquidity loss in the condo market and the potential billions at stake. Unemployment trends and future interest rates are prominently examined, shedding light on their impact on housing affordability. The conversation also highlights the risks of entering a turbulent market and the importance of realistic pricing strategies, making this a must-listen for real estate enthusiasts.
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Early Condo Mystery Shop
- In 2010, Anthony and his team did a condo mystery shop and found buyers only needed ID and a $5,000 cheque, no credit checks were done.
- This showed early warning signs of a bubble with prices detached from income and cash flow realities.
Interest Rates & Unemployment Rule
- Interest rates and unemployment are the two key drivers of real estate market stability.
- Since 2010, low interest rates and benign unemployment allowed housing prices to stay elevated.
Impending Construction Layoffs
- Construction industry layoffs loom as condo starts have stopped, with crews shifted to finishing existing projects.
- This will create a workforce bulge of unemployment impacting the broader economy.