The Vancouver Life Real Estate Podcast

The Consumer Price Index (CPI) for March revealed a 2.9% year-on-year increase, slightly up from February's 2.8%, primarily driven by surging gasoline prices. However, the report unveiled a concerning trend in the Bank of Canada's preferred measures of core inflation. Both CPI median and CPI trim not only declined on a 12-month basis but also fell well below 2% when measured over three and six months. This decline in core inflation underscores the dominance of shelter costs in driving overall inflation, with mortgage interest expenses rising by 25.4% and rent by 8.5%. Excluding shelter costs, consumer prices rose by a modest 1.5% year over year.This data adds weight to arguments favoring a rate cut by the Bank of Canada in June, as lower rates could effectively address the rising shelter-driven inflation. However, the potential impact of such a cut might not be as significant as previously anticipated, given the approaching slower season and the likely modest reduction of only 0.25%. Yet, sentiment in the housing market remains buoyant, with recent months witnessing an increase in home prices, largely driven by optimistic sentiment.In parallel, the Federal Budget 2024 places a significant emphasis on housing, earmarking $8.5 billion of the $53 billion total spending over the next five years for this sector. The government aims to address the affordability crisis by unlocking 3.87 million new homes by 2031, predominantly through initiatives focused on increasing supply - we'll see how realistic this is as there's an awful lot of skepticism arising around the feasibility of this ambitious target, as it necessitates a substantial increase in annual home constructions, potentially straining resources and exacerbating construction material costs.The budget introduces various measures to incentivize housing supply, including the Housing Accelerator Fund, Apartment Construction Loan Program, and Affordable Housing Fund. Additionally, initiatives like leveraging federal land for housing development and investing in infrastructure aim to facilitate the creation of new homes. However, concerns are raised regarding the effectiveness of these measures, particularly in light of challenges such as a shortage of construction trades and logistical hurdles in implementing zoning reforms and building approvals.Furthermore, changes in capital gains tax regulations, notably raising the tax rate for gains over $250,000 from 50% to 67%, could have profound implications for the housing market. Investors may expedite selling off assets to avoid the higher tax rate, potentially impacting market dynamics in the short term. Additionally, the budget's deficit spending raises concerns about future economic stability, as it may exacerbate inflationary pressures and hinder the ability to navigate future downturns or unprecedented events effectively causing potentially greater or deeper pain in future recessionsWhile the budget demonstrates a commitment to addressing housing affordability, questions persist regarding the feasibility and long-term implications of the proposed measures (think trades, speed, investment and cost) especially amidst broader economic uncertainties and challenges. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In a landscape of economic uncertainty and shifting market expectations, the Bank of Canada's decision to maintain its overnight rate at 5% on Wednesday marks the sixth consecutive hold. This is solidifying a rate that has remained unchanged since July, now spanning nine months. With the next announcement slated for June 5th, Canadians are hoping to find relief but a level of uncertainty still remains and expectations continue to be on the move. With that said, there has been extended period of stability over the last year and possibly lasting until at least 2025 when the Bank projects inflation to finally reach its 2% target.Despite indications of excess supply in the Canadian economy, the Bank anticipates growth in the coming years, albeit amidst lingering inflationary pressures, particularly in the housing sector. Financial markets, however, foresee a departure from this status quo, anticipating a series of rate cuts starting in June. This speculation is fueled by mounting evidence of economic strain, including a recent uptick in unemployment, signaling potential challenges ahead.Meanwhile, south of the border, the US economy continues to outperform expectations, buoyed by robust consumer spending and resilient business activity, albeit accompanied by stubborn inflationary pressures. However, recent data suggests that the Federal Reserve may postpone rate cuts until September, as consumer prices continue to rise, prompting concerns about how that could impact the upcoming presidential election.The juxtaposition of economic indicators paints a complex picture, leaving analysts and policymakers grappling with the question of whether inflation can be tempered without triggering a recession. With each passing day, new data points emerge, fueling speculation and uncertainty about the future trajectory of interest rates and the possibility of recession.In Canada's largest city, Toronto, the real estate market faces mixed signals, with declining home sales but resilient prices, especially in the condo segment. Conversely, Calgary and Edmonton experience surging demand and dwindling inventory, driving substantial price appreciation and highlighting migration patterns influenced by affordability.Amidst these economic fluctuations, one thing remains clear: the road ahead is uncertain, and stakeholders must navigate a landscape fraught with both challenges and opportunities, as they await further developments in the months to come. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In March 2024, the Canadian housing market experienced another notable increase in home prices, particularly in the condominium segment, which reached a new all-time high. This surge in prices reflects ongoing trends in the housing market, characterized by persistent demand and limited supply. The condominium market's resilience, despite broader economic conditions and rising interest rates, underscores the segment's attractiveness to buyers seeking relatively more affordable options in an increasingly expensive market.More and more we are hearing about rising mortgage delinquencies and When you consider the March 2024 statistics an analysis of Mortgage Delinquencies. Despite concerns about a potential mortgage renewal crisis, the data reveals that Canada's mortgage delinquency rate remains relatively low, especially compared to other countries like the UK and USA. The comparison offers insights into the robustness of Canada's housing market and its ability to weather economic fluctuations.Moreover, we explore the impact of inflation on mortgage interest costs, a significant factor influencing housing affordability. In Canada, where mortgage interest costs are included in the Consumer Price Index (not the case in most countries), the surge in these costs contributes to inflationary pressures, affecting overall affordability for homeowners.We also delve into the new 'Renters Bill of Rights' and its implications for rental housing providers. The government's initiatives to regulate the rental housing market are raising concerns among landlords, potentially affecting their profitability, usability and investment incentives for would be housing providers. This regulatory environment may lead to a slowdown in rental property development, exacerbating existing supply shortages in rental housing.Furthermore, the announcement of a $6 billion federal housing program aimed at funding provincial housing infrastructure signals government intervention to address housing affordability and supply issues, or at least attempt to. By incentivizing municipalities to adopt policies that promote housing development, the program aims to alleviate supply constraints and stimulate construction activity - such as putting a freeze on development costs for the next 3 years.February 2024 housing stats are also out and we delve into them in detail on this week's podcast, providing additional insights into market dynamics, including sales volumes, new listings, inventory levels, and the sales-to-active ratio. Despite fluctuations in these indicators, largely to the upside, the overarching trend reflects a market that is skewed towards sellers, with limited inventory and high demand contributing to rising home prices.Looking ahead, the housing market remains a hot topic amidst tight inventory and rising prices despite lending conditions. Anticipated adjustments in response to potential interest rate movements underscore the market's sensitivity to economic factors, policy changes and of course, affordability. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

The recent announcement by the Immigration Minister to cap growth targets in Canada underscores the profound impact of immigration on the nation's demographic landscape. Over the past two years, Canada has experienced significant population growth, largely attributed to the influx of temporary workers and foreign students, which has exerted immense pressure on the rental market. This surge has seen rental rates skyrocket to unprecedented levels, with an annual increase of 8% and a staggering 30% surge since the pre-pandemic era.Notably, there exists a striking correlation between the influx of non-permanent residents and the escalating rental rates, highlighting the crucial role played by this demographic segment in driving housing demand. The surge in non-permanent residents, which has risen  from comprising a mere 0.5% of Canada's population in 1975 to a current level of 6%, reflects a trend that is deemed unsustainable.In response to these challenges, the government has announced plans to reduce the population of non-permanent residents by 20% over the next three years, aiming to alleviate the strain on the rental market and moderate population growth. However, concerns linger regarding the timeliness and effectiveness of this measure, given the significant downturn in permanent residency applications observed in recent months.The anticipated decline in population growth is expected to have far-reaching implications for Canada's economic trajectory, with projected annual growth rates dropping to just 0.8% by the following year and further tapering to 0.7% by 2027. This represents a stark departure from the pre-pandemic years and presents substantial headwinds to economic expansion.In tandem with these immigration-related developments, the government has unveiled a comprehensive Renters' Bill of Rights aimed at safeguarding tenant interests and ensuring fairness in the rental market. However outside of providing Renters with an opportunity to improve their credit score, it's really lip service by the federal government in an attempt to gain popularity among Gen Z & Millennials. Additionally, out east our friends in Toronto are dealing with a very strange announcement - Mayor Olivia Chow is pushing a new initiative that proposes taxing stormwater to address "environmental concerns" while generating dedicated funding for stormwater management. In other words, they are going to tax the rain water that falls on your home.However, amidst these policy "interventions" or whatever you want to call them, challenges persist in the housing supply landscape, particularly for single-family homes. Housing starts have plummeted to a 34-year low, exacerbating existing shortages and further complicating efforts to address affordability concerns. Although condominium construction remains buoyant, with starts nearing all-time highs, the discrepancy between demand and supply continues to pose a formidable challenge.In light of these multifaceted challenges, uncertainties abound regarding the efficacy of policy responses and their ability to address the underlying issues plaguing Canada's housing market and demographic dynamics. As stakeholders grapple with the intricacies of trying to create economic growth, affordability, and environmental sustainability, the path forward remains complex and fraught with uncertainties. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

This week's economic and real estate roundup unveils a surprising twist in inflation rates, dipping to 2.8% from the previous month's 2.9%, and landing well below the anticipated 3.1%. This unexpected shift marks a pivotal moment, with grocery prices rising a modest 2.4%—the smallest increment since July 2021, signaling a potential easing of living cost pressures that have burdened households across the nation.Moreover, the landscape of housing finance is witnessing a noteworthy adjustment. Mortgage interest costs, following a late 2023 peak, have begun to show signs of a downturn as rates soften and base effects take hold. This development hints at a broader recalibration within the economy, suggesting that the Bank of Canada's (BOC) rigorous monetary policy is gradually manifesting in the inflation metrics, raising debates around the timing and necessity of interest rate adjustments.As the BOC eyes back-to-back declines in the inflation rate, with a drop from 3.4% just two announcements ago to now 2.8%, analysts and homeowners alike are keenly observing the central bank's next move. With the next interest rate decision slated for April 10, the prevailing sentiment veers towards maintaining the status quo, though speculation about a June rate cut has surged to a 75% likelihood, stirring conversations about the future trajectory of Canada's economic policy.Transitioning to the real estate sector, a recent report from The Vancouver Sun highlights the tribulations faced by developers in today's volatile market. A notable case involves a developer owing over $37 million, with daily interest accruing at $16,555, underscoring the harsh realities of surging interest rates and financial overextension. This scenario not only sheds light on the precarious nature of real estate development but also serves as a cautionary tale for investors navigating the complexities of the market.In the United States, a landmark settlement with the National Association of Realtors (NAR) has stirred the pot in the real estate commissions debate. The NAR's agreement to a $418 million payout to settle claims of artificially inflated commissions, along with the decision to eliminate the standard 6% commission, marks a significant shift in the industry's pricing structure, potentially setting a precedent for similar actions in Canada and beyond.Finally, a broader look at Canada's housing market reveals a mixed picture of recovery and challenge. National home prices remain 14% below their 2022 peak, with variations across provinces reflecting the uneven impact of economic policies and market forces. Particularly in British Columbia and the Greater Vancouver Regional District, price dynamics exhibit resilience, with median prices inching towards an all-time high despite significantly higher interest rates compared to the near-zero environment of 2022.This detailed exploration into the current state of inflation, monetary policy, and the real estate market offers a layered understanding of the forces shaping our economic and living environments. As we move forward, these developments will undoubtedly influence consumer confidence, investment strategies, and policy decisions, framing the narrative of economic recovery and sustainability in the face of uncertainty. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

Today's episode is a little different as we decided to take opposing views of the current economic landscape and we discussed both the positive and the negative elements that are currently affecting the real estate market in Canada. We touch on 5 broad subjects and dive into the current economic climate that has presented a world of challenges including our declining GDP alongside rising unemployment and corporate bankruptcies. Will this get better or will it continue to worsen? While uncertainties persist about the long-term effects of COVID-19 decisions, the potential onset of a recession could lead to interest rate cuts, offering hope for a quicker recovery. Though with sticky inflation, rates could also stay higher for longer. Which camp do you find yourself in?We touch on interest rates specifically and whether lowering interest rates is necessarily the right course of action. Certainly by doing so it will stimulate economic growth by encouraging borrowing and spending which can lead to increased investment, asset prices, and ultimately, a reduction in unemployment. However, careful management is required to balance these benefits with potential inflation concerns.Immigration and population have been a really hot topic, especially considering the eye watering numbers we've become accustom to seeing over the last few years. While slowing population growth can alleviate strains on resources, improve labor market stability, and enhance social cohesion, we could also hamper any strong recovery by not having enough skilled people in the workforce to handle a growing economy.  We also dive into the introduction of the Plex Plan and weather it will transform the real estate landscape, particularly in transit-oriented development areas. While its impact may initially be limited, it has the potential to slow price escalation and increase housing supply, especially with supportive immigration policies. But what about the single-family home market? How will it be affected? Lastly, we touch on inventory. Challenges have persisted in creating sufficient housing supply over the last decade despite initiatives like the housing accelerator fund and other government initiatives. However, policies such as the Plex Plan and Transit-Oriented Development offer hope for densification and new inventory. Middle housing and family-oriented condo designs could further address housing needs as we look to find solutions to our ever shrinking supply of homes in Canada. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In this episode, we unpack the latest developments in Vancouver's real estate market and the broader economic landscape. Home prices in Vancouver have experienced an unexpected surge, breaking a six-month downward trend. Despite this, the Bank of Canada (BOC) has maintained its interest rates at 5%, leading to alarming trends such as increased mortgage arrears and a shocking spike in corporate bankruptcies.The BOC's decision to hold rates at 5% was expected, with the central bank highlighting slow economic growth and easing wage pressures. While there's a possibility of rate cuts in the future, some critical data points suggest the need for more aggressive action. Markets are pricing in three cuts this year, but the BOC's historical tendencies may result in a delayed response.Insolvency data is revealing a concerning picture, with business insolvencies reaching levels not seen since 2006. Corporate bankruptcies are particularly alarming, hitting a monthly high of 570 in January, far surpassing the long-term average of 170. This downturn in the business sector is leading to a decline in private sector payrolls and a five-quarter negative trend in per capita GDP, signaling a potential recession...Mortgage arrears are on the rise, reaching 0.18%, a 28% increase from the 2022 low. Although still below pre-pandemic levels, the 500-mortgages in arrears increase is the largest since 2020, indicating potential challenges ahead. However, the impact on the Vancouver housing market remains relatively muted, with residents not rushing to sell their homes despite the higher rates.The local real estate market in February witnessed a 14% increase in total sales compared to the previous year, reaching 2,070 units—the highest since August 2023. However, this surge is still 23% below the 10-year average, suggesting a selective hyperactivity driven by low inventory. New listings increased by 31% year-over-year, bringing total inventory up by 6% and shockingly, the active inventory is sitting 0.3% above the 10-year average, indicating a potentially sustained low-inventory environment.The sales-to-active ratio experienced a significant 6% increase, reaching 23%! This marks a return to a sellers' market after five months. This trend is evident across property types, with detached, townhomes, and apartments all experiencing notable increases. Prices also rebounded after a six-month decline, showing a remarkable 1.9% increase in the HPI in February.Despite economic challenges and sounding like a broken record, the Vancouver housing market remains resilient. Home prices are inching closer to peak 2022 levels, defying the two-year interest rate hike cycle. With a median price of $960,000 and average price of $1,279,000, the market is showing signs of strength. However, warnings from market experts, suggest that broader economic issues might not be fully reflected in the BOC's decisions.As the market forges ahead, we explore the implications of tightened inventory and the potential impact on buyers. Investment houses provide a cautionary perspective, hinting at larger economic problems than acknowledged by the BOC. With corporate insolvencies rising and employment numbers under threat, the broader economic outlook remains uncertain and we urge you to consider a holistic view beyond central bank statements. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

The latest episode of the Vancouver Life Podcast provides an analytical overview of the pressing issues affecting the Vancouver real estate market. The episode covers a wide array of topics, including the anticipation of interest rate cuts, the introduction of a new flipping tax, the dramatic decrease in building permits, and the numerous obstacles developers face in bringing new projects to market.The conversation kicks off with the discussion on the potential for three interest rate cuts in 2024, a development spurred by better-than-expected inflation data, and its potential impact on the real estate landscape. We then critically examine the newly announced flipping tax, aimed at discouraging short-term property speculation, questioning its effectiveness and fairness.A significant focus of the episode is on the alarming decline in building permits, which have reached an eight-year low, indicating a worrying trend for the future housing supply. They also shed light on the challenging environment for developers, who are burdened by high fees, taxes, and bureaucratic delays, potentially leading to a decrease in new construction initiatives.Throughout the episode, the hosts scrutinize the effectiveness of various taxes introduced in recent years, arguing that these measures have done little to enhance affordability or address the fundamental issues plaguing Vancouver's housing market. They advocate for a shift in focus towards supporting supply rather than penalizing demand, suggesting incentives for builders and a reevaluation of regulatory and tax policies to encourage development.The episode concludes with a market update, noting an increase in sales and prices, suggesting a potential slowing in the rate of decline and possibly signaling a nearing of the market bottom. We speculate on the Bank of Canada's next moves regarding interest rates, considering global economic conditions and local employment and inflation figures.This episode offers a comprehensive and analytical perspective on the current state and future outlook of the Vancouver real estate market, providing valuable insights for homeowners, buyers, investors, and industry professionals alike. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In this comprehensive economic update, we delve into the key factors shaping Canada's financial landscape. Join us as we explore the recent developments in inflation, corporate bankruptcies, the rental market, sentiment, and mortgages, providing you with a nuanced understanding of the current economic climate.Canada's annual inflation rate unexpectedly decelerated to 2.9% in January, marking the first time in seven months it dropped below 3%. This has led to increased speculation about an early interest rate cut, with markets now placing a 58% probability of a rate cut in April. The Bank of Canada's core inflation measures also eased, prompting discussions about the possibility of rate cuts despite the key overnight rate remaining at 5%.Corporate borrowers are closely monitoring the situation as Canada experiences a 35-year high in corporate bankruptcies, reaching 400 per month! This alarming surge, a 266% increase in just three years, raises concerns about potential repercussions on employment rates. We explore the impact on major corporations like Bell Canada, which recently underwent a significant restructuring, shedding 9% of its workforce.The rental market, currently at its highest level in 40 years, contributes 0.6% to inflation alone. However, a record low in apartment vacancy rates and a surge in average rent by over 8% year-on-year present challenges. We discuss the factors that may lead to a cooling effect in the rental market, including the construction of 200k rental units, adjustments in immigration policies, and a cap on international student visas.Housing sentiment continues its upward trajectory, reaching the highest point since August 2023. Sales activity in major cities like Toronto and Vancouver has surged, with monthly mortgage payments showing a decline since late 2023. Despite affordability challenges, the Housing Affordability Index is trending downwards, currently at 49%. We explore how positive sentiment is driving real estate activities, particularly among the affluent 1% of the population.Mortgage originations are witnessing notable shifts, with an increasing number of individuals opting for variable rates. The popularity of 3 or 4-year fixed mortgages is on the decline, while total mortgage originations align with the 10-year average. We delve into the reasons behind these shifts and their implications for the broader economy.In a closer look at micro-market trends, we observe a 40% year-on-year spike in sales, with February tracking for a 10% increase. Prices are rising, inventory remains below 10k, and the situation mirrors the dynamics of 2023. We provide insights into the factors contributing to these market trends and their potential implications which look like increasing prices so long as inventory levels remain low and Buyer demand continues to increase.Stay informed about the latest economic developments by watching this detailed analysis. Subscribe for more updates on Canada's economic landscape and make informed decisions in these dynamic times. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In this episode of the Vancouver Life Podcast we dive into the innovative realm of real estate investment with our guest, Jonathan Fireman. Jonathan shares his vision behind Investium, a platform aimed at democratizing real estate investments by facilitating collective property purchases. This approach aims to make real estate investment more inclusive and accessible, especially for first-time investors and homebuyers.Jonathan highlights the common hurdles investors face, such as capital limitations and the daunting task of managing properties. He stresses the importance of partnerships in overcoming these obstacles, allowing investors to pool resources, knowledge, and skills to achieve their financial goals. We discuss the evolving interests of investors, noting a shift towards larger, development-focused projects as a result of collaborative investment efforts.The conversation also touches on the critical aspect of due diligence and establishing transparent, trustworthy partnerships within the real estate investment sphere. Jonathan emphasizes the necessity of aligning with partners who share similar visions and intentions, suggesting early, small financial commitments as a means to gauge compatibility and commitment.Investium, as Jonathan outlines, is not just a platform for connecting investors but also a community where serious, long-term investors can find like-minded individuals and embark on substantial projects, avoiding the pitfalls of solo ventures. He encourages listeners to explore Investium and reach out to him directly for guidance on navigating the platform and forming fruitful investment partnerships.This episode sheds light on the power of collaboration in real estate investment, offering insights and tools for individuals looking to expand their portfolios and venture into new markets with the support of a community-driven platform.www.investium.ai  _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In the insightful episode of the Vancouver Life Podcast we tackle the groundbreaking rezoning legislation poised to reshape the British Columbia real estate landscape. This legislation, referred to as the Plex Plan, is described as the single largest rezoning initiative in the province's history, impacting hundreds of thousands of properties and aiming to significantly alter housing dynamics across the region. The hosts bring on Bill Laidler, a developer with a rich background as a realtor and an impressive portfolio of over 500 units currently under construction, to shed light on the intricacies of this transformative plan.Laidler provides a comprehensive overview of the Plex Plan, detailing how it intends to convert single-family lots into multiplex units, thus facilitating a new wave of housing development aimed at addressing the critical housing shortage in the province. He discusses the strategic advantage of homeowners becoming civilian developers through this plan, emphasizing the critical importance of collaborating with seasoned professionals to navigate the complex development landscape successfully. This collaboration is vital to avoid the common pitfalls that can arise during the development process, such as planning and zoning challenges, construction missteps, and financial risks.The conversation delves into specific aspects of the Plex Plan, including the criteria for property eligibility, exemptions, and the anticipated effects on property values and urban infrastructure. Laidler highlights the proactive measures property owners should consider, such as waiting for more clarity from municipal bylaws before embarking on development projects and the potential benefits of being early adopters in the market.Moreover, the discussion touches upon the broader implications of such a legislative shift, including comparisons with similar housing initiatives in other parts of the world, like New Zealand, where a comparable approach to multiplex development led to notable changes in housing affordability and market dynamics. Laidler points out the potential for significant shifts in community planning, infrastructure needs, and the overall character of neighborhoods as a result of increased density.Parking regulations, an aspect of urban development that directly impacts the livability and accessibility of neighborhoods, also come under scrutiny. The podcast explores how the Plex Plan addresses parking requirements for new developments.Laidler shares insights into the strategic considerations for property owners contemplating development under the Plex Plan, including the financial and logistical aspects of partnering with developers, the timing of project initiation, and the importance of market readiness.In wrapping up, the Vancouver Life Podcast episode emphasizes the monumental impact of the Plex Plan on British Columbia's housing market, offering a nuanced understanding of the opportunities and challenges it presents. Bill provides valuable advice for homeowners and potential developers, underscoring the need for careful planning, professional guidance, and a strategic approach to navigating the forthcoming changes in the real estate landscape. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In January, the real estate market exhibited notable trends, providing insights into the trajectory of 2024. Total sales reached 1,427, marking a 39% increase from January 2023 and a 7% rise from December. However, this figure fell 20% below the 10-year seasonal average, signaling a slow start akin to the latter half of 2023.New listings surged to 3,788, reflecting a 14.5% rise compared to January 2023 but remained 9% below the 10-year seasonal average. Meanwhile, inventory experienced a historic anomaly, dropping 2% from December to 8,221, the first time January inventory was lower than December. This unprecedented occurrence raises questions about a potential year of low inventory, stabilizing the market.The market landscape shifted significantly over the past three weeks, with multiple offers becoming prevalent, particularly in the detached segment. The scarcity of available homes led to heightened competition and swift sales for desirable properties.The sales-to-active ratio increased to 17.3%, up from 15.9%, marking the second consecutive monthly increase after six months of declines. Detached homes saw a 12% ratio, up by 1%, townhomes increased to 26%, up by 7%, and apartments reached 20%, up by 1%.The average price in January was $1,161,300, indicating a 4.2% increase from January 2023 but a 0.6% decrease compared to December 2023. This decline marked the sixth consecutive monthly decrease, resulting in a total drop of 4% over six months and a $100,000 decrease since the peak in April 2022.January witnessed a spike in activity likely because many are having discussions about potential 2024 rate cuts. However, the landscape continues to shift, almost daily, as bond yields rose, USA job numbers exceeded expectations, foreclosures remained minimal, and arrears rates stabilized or increased only slightly. Canada's GDP exhibited a 0.2% rise, suggesting economic acceleration after three months of flat growth.The outlook for rate cuts has become more uncertain now than perhaps ever before. The job market remained stable with unemployment sitting at 5.8%, the economy expanded by 0.2%, and no significant signs of distress appeared. While markets initially priced in cuts starting in July, this could and will likely change given the evolving economic landscape.Looking ahead to 2024 predictions include the absence of a renewal cliff as 50% of mortgages that were set to renew already have. 2024 will likely see a mirroring of 2023 with low inventory and below-average sales volumes, and a shift in the buyer demographic. We also look at the challenge of predicting where interest rates will go and what a realistic inflation band looks like. Lastly, we touch on single-family homes, with building permits hitting a 45-year low translating to one new home for every 25 people added to the population - this is a disappearing asset class. Additionally, tear-downs are increasingly turning into duplexes or multiplexes, reducing available detached homes on land. The scarcity of single-family housing is anticipated to persist for at least the next few years, contributing to the rarity-driven dynamics of asset pricing. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In today’s episode, we're diving deep into the world of economics and financial forecasting with none other than Doug Porter, a luminary with over three decades of experience in analyzing global economies and financial markets. As the Chief Economist at BMO Financial Group and the mastermind behind the influential publication 'Talking Points', Doug not only shapes the macroeconomic and financial market forecasts but also leads a team celebrated for its precision in forecasting, clinching the #1 spot across notable awards and surveys. From starting his illustrious career at the Bank of Canada to becoming a revered voice in economic commentary, Doug's journey is nothing short of inspirational. His insights have not only earned accolades but have also made him a sought-after commentator in the press and on air. Stay tuned as we explore the mind and motivations of the man who's been at the forefront of economic forecasting, offering a rare glimpse into the intricacies of financial markets and what it takes to lead a team to the pinnacle of success in the challenging world of economic analysis.In this episode we explore the nuances of Canada's economy and its direct impact on the real estate market. Porter, with his three decades of experience, provides a comprehensive overview of the current economic landscape, noting a significant reduction in inflation from over 8% in the summer of 2022 to around 3%. He attributes this decrease to effective monetary policies that have managed to curb inflation without precipitating a recession. Despite this success, Porter forecasts modest growth for the Canadian economy, primarily due to the lingering effects of recent interest rate hikes, projecting a modest real GDP growth.Porter also delves into the future of interest rates, suggesting potential cuts in the latter half of the year, given the downward trend in inflation and the economy's modest growth. He highlights the significant influence of mortgage interest costs on inflation, suggesting that future rate cuts could alleviate some of this pressure. On the topic of the housing market and affordability, Porter discusses the resilience of Canada's real estate market amidst high interest rates and addresses concerns about the "renewal cliff" of mortgages due for renewal in 2025 and 2026. He downplays these concerns, expressing confidence in the market's ability to adjust to these challenges.The conversation also touches on global economic factors, such as supply chain disruptions in the Red Sea, and their potential impact on inflation. Porter believes these factors will not drastically alter the inflation landscape, emphasizing that the primary drivers of inflation are now services, housing, and wages rather than goods. Looking ahead to 2024, Porter identifies opportunities in the tech sector and resource industries, particularly mining, driven by the global push towards decarbonization. He acknowledges the inherent risks and uncertainties in economic forecasting, especially in the current volatile environment, but remains optimistic about Canada's economic resilience and the potential for growth in specific sectors.The interview with Doug Porter offers invaluable insights into Canada's economic prospects and the interplay between economic policies, global factors, and the real estate market.  _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In this insightful episode we engage in an in-depth discussion about the complexities and challenges of the Vancouver real estate rental market. The episode features a compelling narrative from Jeannie Ball, a landlord who recounts her tumultuous journey dealing with a rental property. This journey, fraught with challenges, leads her from confrontations with difficult tenants and the Residential Tenancy Branch (RTB) to an escalated case in the Supreme Court of British Columbia.Jeannie Ball shares her personal experience with her rental property located in Duncan, Cowichan Valley. Jeannie opens up about the trials she faced, including eviction proceedings, the discovery of significant property damage, and the ensuing legal entanglements. As the narrative unfolds, listeners are given a glimpse into the daunting legal battle Jeannie faced, uncovering unfair practices at the RTB that potentially affect thousands of cases across British Columbia.We delve deep into the repercussions of these legal challenges, discussing how such disputes and RTB’s practices can deter landlords from renting out their properties, consequently impacting the overall housing supply in Vancouver. The episode provides valuable insights and advice for both landlords and tenants who might be navigating similar situations, emphasizing the importance of understanding one's legal rights and procedures in rental disputes.Jeannie, in a call to action, urges listeners, particularly homeowners and landlords, to advocate for fairer practices at the RTB. She highlights the necessity of this for increasing housing availability and improving the rental market. The podcast concludes with a strong message encouraging active involvement and communication with housing authorities to foster a more equitable and accessible real estate environment in Vancouver.View The Supreme Court Outcome Ruling Documents:https://drive.google.com/drive/folders/19LVzuDeghMYH6YC7OxudU818QEskxOyZ  _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

Join us on this episode as we dive into an insightful discussion with Patrick Francey, CEO of the Real Estate Investment Network (REIN), renowned Canadian real estate investor, business owner, educator, and coach. With over 40 years of experience, Patrick is a luminary in real estate investment education and personal and professional development. His journey from humble beginnings to a celebrated Canadian-based real estate investor and speaker is truly inspiring.In this episode, Patrick shares his unparalleled insights into the current and future landscape of the Canadian real estate market. We explore the dramatic changes over the last two years, including higher interest rates, new taxes, the foreign buyer ban, and the impact on short-term rentals like AirBnB. Patrick offers his perspective on how these changes affect rental housing providers and the real estate investment landscape.We delve into the implications of new legislative changes in BC, specifically the Multi Plex Plan, and how investors and homeowners can benefit from these changes. Patrick weighs in on the importance of macroeconomic trends versus site-specific microeconomic trends in real estate investing.The discussion also covers the potential opportunities arising from the recent immigration surge, including micro units and modular homes. We look at local areas outside of Vancouver, like Langley, Surrey, and Port Moody, and their potential for future investment. Patrick gives his take on the viability of investing in high-priced areas like Downtown Vancouver and shares his insights on the Alberta real estate market, particularly Calgary's recent growth.We also compare Residential Tenancy Branch rules across provinces like BC, ONT, and AB, and Patrick imparts the unwavering principles he's learned in his four decades of real estate investing.Finally, Patrick introduces the audience to REIN and how it aids investors of all levels, from novices to seasoned veterans with extensive portfolios.Don't miss Patrick's valuable insights and join us for this enlightening conversation. For more wisdom from Patrick, tune into his "Everyday Millionaire Podcast."www.reincanada.comwww.instagram.com/pfranceywww.youtube.com/@mindsetmatters23https://www.linkedin.com/in/pfrancey🏡🔑💼 #PatrickFrancey #RealEstateInvesting #REIN #CanadianRealEstate #InvestmentInsights #TVLPodcast #EverydayMillionairePodcast _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In this exclusive interview, we delve into the wealth of experience and expertise of Kyle Green, a renowned mortgage broker and investment property specialist. Since 2006, Kyle has been a pivotal figure in the real estate finance sector, especially known for his work with the Real Estate Action Group and numerous other investors. His accomplishments include funding over 4,000 mortgages and surpassing $1 billion in financed properties, marking him as a leading authority in Canada's investment property scene.Key Highlights:• Proven Track Record: Kyle's journey in the real estate sector, highlighting his specialization in investment properties since 2008 and his notable achievement in funding over $1 billion in mortgages.• Award-Winning Creativity: Discussion of Kyle's unique approach to real estate deals, including the award-winning $1.15 million property deal completed without any personal investment.• Innovative Tools for Investors: Introduction to Kyle's popular Cash Flow Analysis Spreadsheet, a tool widely used by thousands of investors.• Market Insights: Kyle shares his perspective on current real estate trends, focusing on high-demand areas and the viability of investment in places like downtown Vancouver.• Challenges in Real Estate Investment: Analysis of how governmental policies, like increased down payment requirements and AirBnB restrictions, are impacting real estate investors.• Investment Strategies and Recommendations: Kyle's advice on mortgage types, investment opportunities in Alberta, and predictions on interest rate movements.• Investor Sentiment and Market Trends: Exploring the current mindset of investors, potential shifts in market dynamics, and the impact of the Multiplex plan on real estate investment in Vancouver.• The Green Mortgage Team: An overview of the unique services and tools offered by The Green Mortgage Team to support clients in their investment journeys.Whether you're a seasoned investor or just starting in real estate, this interview with Kyle Green offers invaluable insights and guidance for navigating the complex landscape of real estate investment in Canada.🔗 Subscribe to our channel and don't miss out on more expert interviews and real estate tips!CONTACT KYLE GREENwww.greenmortgageteam.ca/kyle@greenmortgageteam.cawww.instagram.com/kylegreen_14/ _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

Over the past two years, Canada has witnessed an unprecedented surge in its population which has recently garnished a lot of attention due to its significant consequences on various aspects in the country. This surge has been fueled by headlines surrounding escalating home prices and rising rents, leading to a further exploration of its implications on infrastructure, the economy, inflation rates, and interest rates.The roots of this population surge can be traced back to the government's aggressive immigration policies, resulting in a staggering increase of 1.2 million people in the past 12 months alone. The immediate effects have been felt in the real estate sector, with rental rates reaching all-time highs just four months ago. Additionally, the healthcare system is strained, schools are overcrowded, and the electrical grid in British Columbia recently hit an all-time high approaching its maximum capacity!This population boom has thrust Canada into what is termed a "Population Trap," where rapid growth outpaces the ability to maintain living standards due to insufficient infrastructure and housing plans. The government's seemingly forgotten lessons from the extreme monetary policy changes during the COVID-19 pandemic are now mirrored in immigration policies, creating a situation with long-term consequences.The housing market, in particular, is grappling with the challenge of absorbing this unprecedented rate of growth. The supply deficit has reached alarming levels, with only one housing start for every 4.2 people entering the working-age population, compared to the historical average of 1.8. Despite government initiatives, housing starts in 2023 were 7% lower than in 2022, falling far short of the required 150% increase.Economically, Canada finds itself in a precarious situation as policymakers grapple with the implications of population growth on GDP. The capital stock (on a per-capita basis) has been trending downward since the mid-60s. All signals point to it collapsing in 2023, leading to stagnant growth in real GDP per capita terms. This situation, referred to as the "Population Trap," is typically seen in emerging economies, not established ones - raising concerns about Canada's economic prosperity.We also delve into the recent Consumer Price Index (CPI) data, pointing out the rising inflation rates attributed to factors such as base-year effects with gasoline and escalating shelter costs, particularly rents. The potential for higher interest rates in the short run is becoming more real and the long-term strains on housing, healthcare, and education systems (because of immigration policies) emphasize the need for a better plan to tackle these challenges.Other short-term problems are presenting themselves as another Vancouver high-rise project has moved into receivership. This story sheds light on the challenges of developing housing supply amid stringent regulations and the large financial risks faced by developers. Overall, this weeks podcast paints a comprehensive picture of Canada's current demographic and economic landscape, highlighting the urgency for more logical and strategic policies to navigate these challenges successfully. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

The real estate market in 2024 has seen a surge in activity since January 1st marked by increased optimism not witnessed in almost a year. In this episode we look at several factors that are contributing to this shift, with a primary focus on the Bank of Canada's anticipated actions, fixed mortgage rates, Toronto's unique market dynamics, the rental market, and immigration issues.The BoC is expected to implement rate cuts in 2024, with projections indicating the first cut likely in March. Forward looking markets now suggest the overnight rate is anticipated to end the year at 3.5%, a decrease from 3.75% last month and 4.25% in November. Rising debt loads, mortgage renewals and lower job vacancies are key factors influencing this decision. Although a cut in January is not expected, the meeting on the 24th could hold potential surprises, contingent on inflationary trends.Fixed mortgage rates are decreasing, with deeply discounted rates hovering around 5.2%. Real estate sentiment is increasing due to the anticipation of lower interest rates, reflected in the RE Confidence Index rising from 37 to 45 in 8 months. Despite this, buyers still face higher than average interest rates, tempering buying behaviors and prices. With the average cost of mortgages still 60% higher than pre-pandemic levels, we don't foresee a rush back to the marketplace or pandemic pricing to return.Looking to Toronto's real estate market, which faced significant challenges in 2023, with the lowest home sales (66k) since 2000. However, a sudden spike of 21% in December sales suggests a potential shift, though likely due to the new municipal land transfer tax that was implemented in the new year. New listings fell by 13% in December, causing a notable increase in the sales-to-listings ratio. Prices dropped 1.3% last month, totaling a 15% decrease from record highs. The supply-demand dynamic will likely influence price trends in the coming months.Turning to the rental market, December rental data is showing stability in asking rents, with Vancouver leading the country in rates. Burnaby experienced a significant 15% year-over-year increase landing itself as the second most expensive rental market in Canada. Toronto remains relatively flat, while Guelph, ONT, saw a 2.3% drop in 1-bedroom rents.With 1.2 million immigrants in the last year, the housing market has experienced increased stress. Rental rates reached an all-time high in 2023, and healthcare and education system strains are emerging. The long-term impact of these challenges is expected to persist throughout 2024 as these are not easily fixed.Lastly, we look at the recent property assessments in BC which have been released by the BC Assessment Authority, with most markets showing a 5% increase or decrease in single-family home prices. While some experts attribute this to homeowners making adjustments to cope with rising living costs, latent data indicates HPI avg home values are actually down 3.5% since the assessments were conducted.  _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In our first episode of 2024, we dive into the December stats to wrap up 2023 and present our predictions for the year ahead. This podcast episode covers two exciting topics: the year-end Vancouver Housing statistics and our predictions for 2024, focusing on economic drivers and real estate trends.Starting with the December stats, noting that total sales reached 1,345, marking a 3.2% increase from December 2022. While somewhat better than last December, this figure is still 36.4% below the 10-year seasonal average. This continues to indicate a decreasing trend in sales. New listings in December 2023 were 1,327, reflecting a 10% increase compared to the previous year but still 22.7% below the 10-year seasonal average!The inventory stands at 7,594, showing a dramatic 43% month-over-month decrease, this is big - even for December. This low level of inventory historically leads to a bullish year in prices, as seen in 2016, 2017, 2021, and 2022. The sales-to-active ratio is 18%, up 1.7% which is a little baffling considering the notable drop in sales and continues to highlight a year that never saw a buyer's market! Looking to prices, price dropped to $1,168,700, down $16,400 or 1.4%, marking the fifth consecutive month of price decreases and a 3.6% drop overall. Days on market have increased to 24, up 4 days from the previous month.Transitioning to predictions for 2024, we dive into the would-be economic drivers for our region and what that will do to real estate forecasts. Despite facing recessionary headwinds and what will likely be a further slowing in the economy before the BoC reveals their much anticipated rate cuts, there's increasing optimism, particularly in real estate sentiment looking at the latter half of 2024.In the almost impossible world of real estate forecasting, we are anticipating a much different year from 2023. Dan and I go through the major economic drivers for 2024 which help provide insights into the local economic arena that will dictate how the real estate sector performs and predictions for it. In this part of the episode we delve into interest rate predictions, inventory and home price predictions - we even look at which markets will outperform the GVRD.The episode is packed with great content as we consider the notable trends, challenges, and opportunities that are expected to shape the real estate landscape in 2024. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

In our latest episode, we ventured back in time to the start of 2023 to review the predications we made about how Real Estate in 2023 would unfold. Beginning with Marco economic drivers, global trends and then backing down into the local economic real estate market. We made bold predictions and share insights on various economic fronts some with great accuracy and others... without!For example, Covid was a huge topic at the start of 2023 and Ryan's foresight was intriguing, especially his anticipation of a second supply chain shutdown linked to another virus surge - However, the unfolding reality proved he couldn't have been more wrong but as he alludes to in the episode, he was also very happy about being wrong on this one! On a different note, Dan's accurate prediction of a world without more lockdowns demonstrated a more accurate understanding of the evolving situation.The war in Ukraine emerged as a focal point and while Ryan envisioned a time where the world could have come to Canada for it's vast amounts of energy resources. Unfortunately, governmental restrictions, moral high grounds and not a enough infrastructure built emerged as the limiting factors, overshadowing the potential he foresaw for a potential resource boom.Navigating the realm of quantitative easing and tightening, Dan's foresight proved accurate as he predicted a Quantitative Tightening (QT) scenario for the remainder of the year, resulting in a drop in Canada's money supply. We discussed the potential of a recession which brought mixed results from both of us. Dan's technical stance against a recession held true, although per capita data revealed a rise in unemployment. Conversely, Ryan prediction of a minor recession aligned with the actual outcome, including his predictions on GDP, inflation and wage growth fell ended up for more accurate than he anticipated.Immigration took center stage, surpassing the expectations outlined by both Dan and myself. The repercussions on rental numbers unfolded as predicted although neither of us saw rents rising by 8% on average before the end of the year. Turning our attention to the job market predictions framed a 5.2% unemployment rate, Dan's foresight on wage growth and unemployment rates proved remarkably close to reality. Ryan's slightly higher unemployment forecast may yet find equilibrium in future data but not by the end of this year!We looked closely at Inflation which was running at 6.8% during the initial predictions recording and mortgage rates saw a deviation from both of our forecasts, indicating the unpredictable nature of financial institutions and proving that no one can anticipate Tiff Macklem's strategy or the kinds of information the BoC will deem important at any given time. Stock market movements are currently near all-time highs as, which when you consider the quantitative tightening that took place over the last year, we're not sure anyone could have guessed the S&P 500 to experience a surge of this magnitude. From there we got into Vancouver Real Estate price prediction, immigration levels, federal, provincial and municipal policy changes and lastly which markets out performed the GVRD in 2023!Definitely tune into this entertaining episode and have a laugh with us as we found out where we went wrong but also what we got right as we hold ourselves (at times) embarrassingly accountable to our 2023 predictions. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com