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The Vancouver Life Real Estate Podcast

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The Vancouver Life podcast exists to educate, inspire, entertain, add value, challenge and ultimately provide guidance to its listeners when it comes to Vancouver Real Estate.
154 Episodes
The collapse of SVB, the 15th largest regional bank in the US, sent shockwaves through the financial industry in March 2023. The bank announced on Wednesday that it was attempting to raise $2.25 billion and complete a $21 billion asset sale to overcome the difficult situation it found itself in after rates accelerated by 450 basis points over nine months. However, by Thursday afternoon, reports emerged that there was a $42 billion bank run on deposits, leading to the bank's negative balance of $958 million and a 60% drop in the stock price by the end of the day.The collapse of SVB highlighted several key issues in the financial industry, including what feels like the age of institutional negligence creating a conversation around the re-emergence of personal responsibility, and that there should be major consequences for actions that are taken by people in these positions. For instance, the CEO of SVB sold $3.5 million worth of personal shares one week before the collapse, and in the last two years, there were nearly $84 million worth of insider share sales.One of the significant impacts of the collapse of SVB was the sharp fall in bond yields. The 5-year government bond fell from 3.57% to 2.89% in just three days! The largest drop in 27 years - more than the pandemic and the 08’ GFC causing markets to price in two rate cuts instead of one rate increase by summer. The collapse of SVB had significant implications for the financial industry and the economy, and it highlighted the importance of taking personal responsibility for one's financial well-being and keeping  the majority of savings in hard assets that produce consistent cash flow.The collapse of SVB is not an isolated incident in the financial industry. According to the FDIC, between 2001 and 2023, the US experienced 562 bank failures, which is an average of one every two weeks. This indicates a lack of accountability and responsibility in the financial industry, and it raises concerns about the stability and security of the banking system. By contrast, Canada has not experienced any bank failures with assets over $1 billion. This is a testament to the country's stable banking system and regulations that prioritize accountability and responsibility. The absence of bank failures in Canada is noteworthy and provides an example for other countries to follow in establishing stable and secure financial systems.The issue of bailouts is not limited to the financial industry. The COVID-19 pandemic has also led to a significant increase in government bailouts for homeowners and businesses. For instance, the B.C. government provided a $479 million bailout to TransLink to help the transit system deal with the impact of the pandemic. The funding kept fares stable for transit users and avoided service cuts.The collapse of SVB also had implications for the housing market in Canada. Canadian home prices fell $130,000 since their peak, and the housing market recorded the fewest number of new listings for the month of February since 2003, with a 20-year low on a national basis. National home sales hit their lowest levels for the month of February since 2009, and house prices have fallen $130,000 on average from peak to trough. Check out the conversation in this weeks podcast and get the local numbers for Vancouver. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
Applying for a mortgage can be a daunting task, and it becomes even more complex when you run an incorporated business. As opposed to an individual, the income earned by a corporation is treated differently by lenders. If you are self-employed and have incorporated your business, you may find it challenging to obtain a mortgage as many traditional lenders are not familiar with this structure. Therefore, it's essential to work with a mortgage specialist who understands this structure and can help you navigate the process.Mychal Ferreira, a mortgage specialist at the Bank of Montreal, specializes in this style of mortgage where the gross income goes into the company, and the individual pays themselves personally through dividends. This structure helps minimize personal taxation, which is a significant benefit for self-employed individuals.In the past, most banks did not consider incorporation income when it comes to qualifying individuals for a mortgage. This created a barrier for many self-employed individuals who were unable to secure financing for their homes. However, things are changing, and more lenders are recognizing the value of incorporation income, especially for professionals who earn a commission-based income such as doctors, dentists, and realtors.Mychal Ferreira's expertise comes in handy as he walks clients through the process and teaches them how banks look at professionals in this situation. He helps them understand how they can position themselves for success when it comes to qualifying for a mortgage. Mychal's approach is to look at each client's unique situation and tailor the mortgage to their needs. He understands that each client's financial situation is different, and a one-size-fits-all approach will not work.Working with a mortgage specialist like Mychal is crucial as they can help you understand the intricacies of the mortgage process. They can help you navigate through the paperwork and explain the jargon used in the industry. Additionally, a specialist can help you access lenders who are more familiar with incorporation income and are more likely to offer you a mortgage.In conclusion, if you are self-employed and have incorporated your business, obtaining a mortgage can be a challenging process. However, with the help of a mortgage specialist like Mychal Ferreira, the process can be more manageable. Mychal's expertise and experience in working with self-employed individuals can help you obtain a mortgage that fits your unique situation. Remember, it's important to work with a specialist who understands your financial situation and can help you navigate the process successfully.Mychal FerreiraBMO Mortgage _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
The news across the nation this week was that the Bank of Canada came through on it’s word and held interest rates at 4.5%. This is the first time in a year that the Bank of Canada took it’s foot off the break and gave all variable rate mortgage holders a sigh of relief. As interest rates begin to stabilize and the bank of Canada moves to the sidelines, it’ll be interesting to see how the market responds. Typically this time of the year we have a lot more listings but with current inventory levels and really low levels, we’re already seeing the return of multiple offers for property that is priced to market. February saw prices rise for the first time month over month and with median prices already up another $22,000 this month, and up $82,000 in the last 9 weeks alone!! We are starting to see signs that the market is becoming much more active. Higher levels of activity will lead to higher levels of consumer confidence which we believe will continue to build throughout the year. Toronto for example saw an 8.5% increase in month over month sales - the highest in 6 months and what’s very important to note is that 40% of those sales last month were ABOVE the asking price! This is largely due to a lack of inventory and Vancouver was similar showing 20% of its deals selling over the asking price. All of this pointing to a 2nd month in a row of a sellers market.  We’ve had a number of sellers on the sidelines waiting to hear about this announcement. Many are now going to be listing this month as the data points to a much stronger sale price than over the last few months. If you’re considering listing your property and want to know if the market is trending in your favour, just reach out to the contact info below.  _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
We are extremely excited to have interviewed the creator of eXp Realty and on this episode we hear about how the home buying and selling experience is evolving and how the first ever digital brokerage is shaping the future of real estate.  A bit about Glenn:Glenn Sanford is the founder eXp Realty, CEO of eXp World Holdings, Inc. and Chief Strategy Officer for VirBELA. After being involved with a number of internet start-ups in the 1990s and early 2000s, including a stint at AOL, Glenn started a highly successful real estate career in 2002. In 2006, his fourth full year in the business, Glenn and his team closed over $60,000,000 in real estate almost entirely from online lead generation and was ranked as one of the top 50 teams nationally with Keller Williams. After the downturn in 2008, he and his team developed the first cloud-based brokerage model that uses a 3D avatar based online office to collaborate and communicate while abandoning the physical bricks and mortar infrastructure normally associated with real estate brokerage. In the last 11 years, since launching with 25 agents, eXp Realty has grown to over 87,000 agents across 24 countries.  eXp Realty refers to itself as Agent-owned and the company became a public company in 2013 and in 2014 started to distribute equity to its productive agent owners. eXp Realty provided the first ESOP style Stock Ownership Program for its agents and brokers as well as a revenue sharing program all designed to enhance the agent-centric business model.EXP is the fastest growing brokerage in history and has grown by over 11,000 agents in just the last 12 months alone.     The company saw revenues of $4.6 Billion in 2022, and was one of the few brokerages to post a significant profit in the downturn year.  eXp’s market value has exceeded $3.6 Billion and, as the largest shareholder, Glenn is one of the tech worlds most recent Billionaires.  In this episode we talk with Glenn about home buyer and seller behaviours and trends that he’s seeing from tracking sales from around the world.     With eXp entering its 15th year, Glenn Sanford discusses the exciting evolution of the brokerage and outlines some of the massive acquisitions they’ve made recently, and how these are focused on increasing agent abilities to dominate in any marketplace. Glenn talks about the role of artificial intelligence in Real Estate and if there’s place for it to completely remove the need for human interaction within a real estate transaction. As with any business model that achieves this level of success, the competition has noticed and the copy-cat brokerages are starting to appear.  Glenn offers his position on the competition, and what he see’s as the future for tradition brokerages.  This was a real eye opening and inspiring conversation with a true visionary and someone who has completely altered the course of Real Estate on a Global level. We hope you enjoy it too.To learn more about eXp, visit : _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
One of the biggest concerns that home buyers have when they're considering purchasing a new home is how much money they need to have on hand. It can be a daunting task to figure out how much money you'll need, especially if you're a first-time homebuyer.In this episode, we explore all of the home buyer options when it comes to this very important question. For instance, many people may be surprised to learn that they can buy a home with as little as a 5% down payment. However, if you do decide to go this route, you'll also be required to obtain Mortgage Insurance. But how much does that cost, and can it be added to the monthly mortgage payment?Additionally, many people wonder how much money they need to put down to avoid mortgage insurance altogether. This is also addressed in the episode, along with the question of how much insurance is required if you put down a 12% down payment instead. And why is the insurance even necessary in the first place? All of these questions are answered in the episode, and you may be surprised at some of the responses.It's also very important to know where these funds can come from. Did you know that you could utilize your RRSPs to buy your first home? It's true, and this is discussed in the episode as well, along with how long you have to pay that money back.Another important topic covered in the episode is the question of whether it makes more sense to save up for a larger down payment or to invest in a home now while prices are appreciating. This is a tough question that many potential homebuyers struggle with, and the episode offers some valuable insights.Overall, first-time homebuyers will definitely benefit from this episode. With all of the information presented, you'll be better equipped to make an informed decision about how much money you need to have on hand when buying your new home.For anyone looking to connect with Mychal, please reach out to him below:Mychal FerreiraBMO Mortgage _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
Vancouver home prices increased in February for 1st time in 9 months. Does this mean we’ve hit the bottom and headed back up? Slow down - not yet! One month does not make a trend but it does help further reinforce that our stagnant levels of inventory are causing all kinds of pain for Buyers - this plus the combination of higher rates is setting us up for could be an interesting spring market. We are already hearing stories of and taking part in multiple offer situations at different price points and asset classes all over the lower mainland. In this episode we get into why that’s happening and we review the stats for the month of February. Furthermore we get into the new BC Budget and the new municipal property tax hike of 10.7% in Vancouver and the impacts that will have to the housing sector going forward. We also suss out our own assumptions about whether the market has hit bottom, and where you can expect prices to go in the coming months. This is a very important episode especially for those who have been watching the market on the sidelines waiting for your opportunity. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
How to access the equity in your home:This week we explore how to access the equity that exists in your home with Mortgage Specialist Mychal Ferrera. It's something that exists for many people who own property and learning how to unlock and use this to your advantage could be the difference in creating serious wealth. For example, did you know that you can access up to 80% of the equity in your home and reuse that equity to invest in another property? Let’s say you have a $1 million dollar home with a 500k mortgage, you would have access up to $300,000 of equity that can be used for future investment. We also explore an alternative financing options that very few know about called Homeowner Redline. This product allows you to borrow up to 80% of your home’s value which you can split between a mortgage and a line of credit. So, as you pay off the mortgage portion, the principal you repay increases the limit available on the line of credit portion that you can use for a home renovation! Lastly, we also explore how a conventional HELOC works (Home Equity Line of Credit) in comparison to these other options.Mychal FerreiraBMO Mortgage _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
The roller coaster ride that is now the Canadian 5 year bond jumped another 50 bps in just the last 2 weeks with bond yields above 3.6% for the first time since early November! Why does this matter? It’s the best indicator we have for what’s going to happen with fixed mortgage rates which had briefly come down to into the mid to high 4% range but now back into the mid 5% range and higher.This jump in the 5 year bond was kicked off by the January jobs report which added 10 times the expected amount with the government expecting 15,000 new jobs but instead reported adding 150,000 jobs. Furthermore, this is the second month in a row where economists were off by a factor of 10!  In this weeks episode of The Vancouver Life Real Estate Podcast, we go through what this likely means for the rate hike in March, how this will affect our already very low inventory and what it could spell for inflation. Furthermore, we take a dive into Canadian Real Estate broadly speaking as national home prices continued to soften down 1.9% in January. However, are we seeing the same thing here in Vancouver? What about the stories of multiple offers? With sales just scraping by, are activity levels artificially low? Tune in and check out where we think the Vancouver Real Estate market is headed next!If you’re wondering whether it makes sense to Buy or Sell in this environment, each case is different - so just reach out below and let’s chat about it. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
Did you know that you can pre-qualify for a mortgage on a pre sale condo?   You can, and up to 3 years in advance.     There are a number of very compelling reasons why this is a good idea too.   Firstly, you can lock in at today's rate, meaning that if rates increase, you benefit from the previously lower rate.    And should rates go down, you can qualify at those lower rates now too.Secondly, and possibly most importantly, the Bank Of Montreal will appraise your pre sale property at TODAYS valuation and should that move up or down by the time of completion, you can actually get money BACK on your purchase.Find out how, and a few more pro tips, in the episode all about Pre Sale property financing with Mychal Ferreira. Mychal FerreiraBMO Mortgage _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
There’s an information battle going on with what we’re reading in the news compared to what we're actually seeing take place on the ground. There appears to be two very different stories emerging. With recent news articles from the financial post, stating that economists at Oxford Economics believe we are only halfway through the housing price correction - quote: “Prices are already down 14% since the peak in February - and will fall another 16% by the middle of this year. When home prices hit bottom, they will correct by 30%”.  What’s more, they even address a worse case scenario which would see housing prices collapse by a total of 48% from peak to trough putting us back to 2014 levels! Despite admitting that it is a very rare possibility, we just don’t see the same narrative taking place.Furthermore and in the same week, Stats Can released a consensus report showcasing how 50% of Vancouver homeowners do not have a mortgage - meaning these interest rate hikes are not affecting principle residences like many Buyers thought and hoped. The report is very interesting as it really helps Buyer’s understand why we haven’t experienced any kind of panic selling in the lower mainland. Interestingly the report found that 43% of home owners in Toronto are also mortgage free - however with more condo supply coming to the market, will this hold true? For Vancouver the story appears to contradict the Oxford Economics report because without a surge in supply, the price for homes will only shift down moderately if interest rates persist.This weeks podcast we address these two topics and interview Merete Lewis, a high performing and award winning Real Estate agent working in the GTA to give us her perspective on these two issues and whether Toronto, Canada’s biggest real estate market, is seeing a similar story to what we’re seeing here in Vancouver. Check out the episode and hear the first hand stories of properties selling multiple offers in both regions, line ups of Buyers and what feels like an early spring buzz.  Where do you think the market will go from here? _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
This week we jump into a great conversation with Ryan Andrews of PCL Construction’s Infrastructure Manager for the BC Region along with serial entrepreneur, real estate investor and co-owner of the Penticton Speedway, Mr Ingo Seibert. The purpose of this weeks episode is to gain an understanding of what billion dollar corporations are seeing, why they believe in the region and why they are continuing to help the province build the necessary infrastructure for what will be a major increase in population and density. Furthermore, we contrast that from the perspective of smaller entrepreneurs, what they have been up against since the pandemic and how they are making plays not only here in Vancouver but also in the interior. Who is PCL and why do they matter? PCL is a leading construction company in Canada, with a strong presence in the Vancouver area. Over the years, PCL has been involved in several major infrastructure projects in Vancouver, contributing to the development and growth of the city. They have a unique perspective on the needs of a growing city and have a unique understanding of where future investment is going.One of the most notable projects that PCL has worked on in Vancouver is the Canada Line. The Canada Line is a rapid transit line that connects downtown Vancouver to Richmond and the Vancouver International Airport. The line was built in partnership with the  government of British Columbia and TransLink, the regional transportation authority. PCL was responsible for the construction of the elevated guideway, stations, and systems for the line. The Canada Line has been a great success, providing fast, reliable, and convenient transportation for the people of Vancouver and the surrounding areas.  For more on PCL, see: is the Penticton Speedway? It is a motorsports facility located in Penticton, British Columbia, Canada. The track is a half-mile oval, and it is one of the most popular destinations for racing enthusiasts in the region. The facility features a variety of racing events, including stock car racing, sprint car racing, and midget car racing.Throughout the racing season, the Penticton Speedway hosts a variety of events, from local amateur races to professional events that attract top drivers from across North America. The facility also offers a number of amenities for fans, including grandstand seating, food and beverage vendors, and a souvenir shop. The track also offers a number of opportunities for fans to get involved, including pit tours, driver meet-and-greets, and other interactive experiences. For more information visit: _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
Well the numbers are in and January is already the first of twelve chapters already done for 2023. January was a very slow month not only just in volume of sales but also in terms of overall inventory. With only just over 1,000 sales this month, sales volume numbers were dismal at best and represented a 55% drop from the same time last year. Important to recognize though that this time last year was nearly the peak of the market before we saw the introduction of interest rate hikes. Even so, last months sales were 43% below the 10 year average. With 173% more listings added to the marketplace in January, you would think there would be climbing inventory but only just as there were also many properties that were pulled from the market keeping total inventory below 7,500 units. For reference the region had more than 20,000 listings in the GFC where consumer sentiment echoed the same as it does now and such low inventory is providing a price floor for many Sellers. And with the Sales to Active ratio officially cruising in a balanced market, we are likely seeing a time where selling conditions favour Buyers.We also explore how HPI prices are beginning flatten out with prices only dropping 0.3% last month. With many indicators pointing to price stabilization and private banks cutting fixed rates as they get more aggressive for what could be an interesting spring market. On the flip side, markets tend to take the path of most pain and with such strong job numbers coming out of the US, it could create a bit of a problem in their efforts to keep inflation in check. Time will tell. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
This week was all about macro economics as we looked at how the BoC raised rates again by 0.25% and we also assess the forward guidance provided by Tiff Macklem. Can we expect to see the BoC hold rates at the next announcement? Have they done enough to curb inflation? We also evaluate their credibility considering the last year, and will they achieve their inflation target given the respective timeframes? We have also recognized that Mortgage Rates at some of the major institutions across North America have already begun cutting their rates, especially insured rates, as the volume of sales continues its decline in the housing sector. With that being said, there are local rumours of stale listings all of sudden going into multiple offers and it appears to be true as Buyers who decided to stay out of the market throughout 2022 are frustrated with the lack of inventory and very little panic selling - at least to date - and have decided to pursue what’s currently available.Lastly we take a dive into housing starts, Canadian housing inventory levels, the cost of rent in major metros along with a local Vancouver market recap. Spoiler alert, the volume of sales is extraordinarily low, inventory levels are at critically low levels and yet prices continue to persist having only fallen off by $40,000 on average since June 22'. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
It’s becoming more and more clear that the Bank of Canada is nearing the top of its current rate hike cycle as the latest inflation print showed real signs of slowing, down 0.5% to 6.3%, a welcome reprieve considering the last 9 months. However that likely won’t change the outcome of next week’s rate hike which will almost certainly come in at 0.25% -  a number largely baked into today’s economy. We also take a look at some of the major headlines reported this week in real estate, including comments from the Deputy Head Economist of CMHC who feels "We've seen quite a large price decline but there's such a shortage of new construction of new houses in Canada that this inexorable rise in demand is just going to continue in the future," Iorwerth said. - "Don't know exactly when it's going to kick in again, but the shortage in supply means the prices can't go down too much further."Even the Canadian Real Estate Association has predicted prices will fall another 6% from their peak in 2022 and level out throughout 2023. They were even so bold as to predicted sales volume will increase by 10.2% in 2024; however if the last two years has taught us anything, it’s that predicting two years into the future with any degree of accuracy is a very difficult thing to do, especially considering the geo-political environment the world finds itself in. Any abrupt changes to our supply chains, to energy, fuel, and labour supply could pose a serious threat to the rebound from which our economy recovers from. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
This week was a good week in real estate, and the financial markets reflected a similar sentiment as US inflation data printed lower at 6.5% - down from its previous mark of 7.1%. This was the largest drop since July 2022, and was mostly led by lower fuel prices. This trend continues its 6th month decline as Inflation is now back to Oct 2021 levels; however core inflation remains sticky as it increased by 0.3%, totalling 5.7%.In this week's podcast episode, we uncover how consumers really feel about their finances as result of the recent rate hike cycle and how that is affecting home buying decisions.We look at recent debt surveys which indicate 1 in 4 mortgage holders say they’ll be forced to sell if rates increase much further. What does this mean for the real estate market in the coming months? Will there be a flood of listings or will the bank pivot sooner than later? _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
The stats are in for the last month of 2022 and while we know activity is low - we didn’t know it would be one of the lowest activity months ever recorded. Without a doubt Buyers and Sellers are digging in their respective heels to get what they want in this transitioning marketplace. Buyer’s are making the case for lower prices through tougher affordability and Sellers are still attached to the market that was here at the start of 2022. The divide between what Buyers are prepared to pay versus what Sellers are prepared to sell for is wide and it’ll take some time before we see more movement. That movement will come from the BoC shifting it’s position on it’s interest rate hike forecast along with compelling data that inflation is coming down - but alas, we aren’t there yet and it’ll likely be some months before we see higher levels of activity. With that said, there were a mere 1,206 new listings in the month of December and we sold nearly 1,300 homes. With inventory continuing to fall, it is artificially maintaining the market prices as Buyers struggle to find the quality they are looking for in the available inventory. Where do we go from here? The Bank of Canada will almost certainly be raising interest rates again this month - likely a quarter to half a point and this will depend largely on the inflation data we receive on January 12th. From there it’ll be a function of supply versus demand but with very few people listing, there won’t be much competition from other Sellers and many Buyers have parked their interest on the sideline until there’s better inventory quality. If you have a home in good shape and priced to market, it could be a surprising opportunity to sell now versus in the coming months when more listings will come to market. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
It’s customary here at The Vancouver Life  Real Estate Group, that at the end of every year we make predictions about how our Real Estate market will pan out in the year to come. This week we cover what we believe could be the major economic drivers and potential economic landmines for the real estate industry in 2023. Plus, we make our price predictions about where the value of real estate will go throughout the GVRD in 2023.Getting specific, we take a look at condos, townhouses and single family homes and the respective forces that will affect their performance in the coming year. Will Townhouses outperform Single Family Homes next year? If so, in what market? Are we going to see further softening in the suburbs? What about downtown? We also take a look at the top 5 neighbourhoods that we think will outperform the average price growth in the GVRD. Predictions are made with respect to where the Bank of Canada will take interest rates by the end of 2023 and we discuss where inflation could end the year!This episode is packed full of predictions, so tune in this week and get our insights on the year to come! _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
What a crazy year! Nothing tells the story of 2022 better than comparing the predictions we made at the start of this year with how they actually turned out. While we nailed a few predictions, we also had some significant misses as we review the year.Historically, this episode is always a lot of fun but especially this time around as no one saw the extreme change in headwinds coming like the Bank of Canada did.  Yes, we even reviewed their promise to keep rates low until 2023 and how long they let inflation run before acting. While we felt interest rates would be a part of the story, no one could have predicted how quickly they rose. We take a swing at inflation numbers, price predictions, lockdown probabilities and much more on this entertaining episode. Next week we make a whole batch of new predictions for 2023. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
2023 is going to be full of change in the Real Estate industry as we have two major introductions that will change the landscape. With the introduction of the Foreign Buyer Ban and the Cooling Off Period, it remains to be seen if these measures will help alleviate the pain felt by Buyers in a hot market. There’s only one problem - there isn’t a hot market to test these on and with the amount redundancy's that have been written into the new policy’s we feel it’ll create more pain and confusion than anything else. The Foreign Buyer Ban is a very controversial policy as the Government intends to exclude all foreigners for a period of 2 years from buying any real estate in Canada. And yet in the same breath the Government has increased our immigration targets by substantial margins to replace the aging workforce and declining birthrate in Canada (hello rental wars - just when you thought rent was expensive enough). Last week we discussed that by 2032, most of Canada’s labor force will be foreign workers, and yet the very people who we need to work inside of our economy, who pay Canadian taxes, will not be allowed to buy Canadian Real Estate. Xenophobia is alive and well in Canadian politics. With all these changes coming compounded by a slowing marketplace there will be more hurt with further interest rate hikes expected in the new year. With that being said, it’s likely we will see these rate hikes slow to some degree and hopefully lessen in their size. However, there will be a number of opportunities that will come out of all of these changes and if you listen until the end of today’s episode, you’ll see exactly what some of these look like and when you could expect to see them. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
This weeks podcast has us exploring the new rate hike thanks to the BoC’s continued quantitative easing. While it’s been difficult for many seeing rates up 400 basis points in 9 months - that’s an eye watering 1,600% since the start of the rate hike cycle - and it has all but erased the credibility of the Bank of Canada who waited until inflation was at 6.7% before acting and indicated rates would be low until 2023. We explore the new debt levels faced by Canadians who have a whopping debt to GDP ratio of 117% or $75,000 per capita. These are the kinds of debt levels that will take a generation to pay off. As we look for solutions the only apparent saviour is immigration. Immigration has exploded this year as we hit 700,000 new immigrants in 2022 and 23% Canada’s population (or 8.3 million people) were either permanent residents or immigrants before becoming citizens. Furthermore, immigrants now account for most of Canada’s labour force and by 2032 most of Canada’s increasing population base will be entirely new immigrants. As we close out 2022 and look towards more aggressive immigration targets in the years ahead, places like Quebec are reducing the amount of new immigrants (they will only take 10% as they intend to preserve their French Canadian heritage). This will eventually put more and more housing pressure on other metro’s like Toronto & Vancouver in the years to come.Comparison as they say is the thief of joy - unless you’re a Vancouverite comparing the housing market to our fellow Torontonians. Inventory levels are up 160% in some Toronto suburbs and while 2021 saw 12,000 pre-sale units sell, 2022 will end the year with about 3,000 pre-sales sold!! That's a jaw dropping fall off in sales volume. Furthermore prices have fallen beyond 20% in Toronto while Vancouver sits around 12-13% and inventory remains incredibly tight. For two major metros that often move in unison, we are starting to see the divergence of the marketplaces with Vancouver showing off its resilience in a difficult market. _________________________________ Contact Us To Book Your Private Consultation: 📆 Dan Wurtele, PREC, REIA 604.809.0834 Ryan Dash PREC 778.898.0089
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