Woah more doom and gloom then I expected/wanted to hear! I've been hearing so many different market stories from different realtors, Vancouver realtors are saying its a sellers market again already and spring markets in full swing. In my market on vancouver island I have been noticing a lot of for sale signs, but a few properties i've had my eye on have been sitting for over a month now and one even did a price drop. So hard to gauge these markets, out in AB I am also hearing lots of tales of hot markets right now, but I feel thats also attributed to as you said alot of inter provincial migration to Alberta which I think is still continuing out of B.C.
Ya each market is different. Spoke to a broker from the island and he mentioned it was pretty sluggish. I’m still licensed and doing biz in Calgary, I can tell you that market is nuts. Sellers market. Will be for a while. Affordability driving the market and will continue despite oil prices. First time I’ve seen that in my career! Thanks for the comment! 😊
Any thoughts on how the new short-term rental laws have effected condo's/apartments? Are you seeing an uptick in listings for properties that would otherwise serve the AirBnb and short term rental audience?
In the downtown core on St.Paul there is currently 15 months of supply. In playa there is 13 months of supply, meaning, that there have been no sales (Brooklyn had 1) in the first quarter of this year. Comparative to last year at the same time, Playa had 6 sales and St.Paul had 3. Are these ridiculous rule changes affecting the market? I think it is certainly a factor, is it the only thing? No, definitely not. Thanks for the question and for watching! 😀
Lower home prices are a better alternative to lower interest rates. It is better to have a 5.8% mortgage on a $400,000 home than a 2.9% mortgage on an $800,000 home.
@@livelovekelowna yes. Is it true average list price for a SFHs in Kelowna has nearly halved in the past 6 months? Is this due primarily to change of composition of listings? Like 850k for average SF home seems much more reasonable than 1.65 M but if the “fixer uppers” are still on the market while fewer nice, move-in-ready homes are that may not be so much improvement. I appreciate content from channels like yours even though I struggle to relate with Kelowna housing prices. Kelowna has nicer weather and better scenery than my prairie city but, on the flip side, at least I can pay off my house in one lifetime. The 2+2 bedroom house I bought last October was $400k.
@@livelovekelowna I mean no disrespect to you or your city. Kelowna is a lovely city and I think it is a shame it is so difficult for “middle class” and less affluent people, notably families, to live there.
@@dougpatterson7494 Thanks for the question. I don't follow the average pricing model, the benchmark is down 16% from the peak of the market in 2022, so not half. The government in BC has introduced yet another tax that will remove those fixed up homes from the market through an anti flipping tax. Meaning, if you intend on flipping a home and sell it prior to 730 days, you will pay a very punitive tax effectively taking those remodled homes from the market. This province is becoming increasingly difficult to live in due to these kinds of policies. My prediction is we continue to see people leave this province and move to AB due to affordability.
No wonder why they raised taxes. There is much less income from GST, transfer taxes, revenue from realtors, and less growth in property taxes... Real estate is not generating revenues as it used to few years back.
Cost for the quality received for homes in Canada is a joke of epic proportions. Not one house in Canada is worth the price. The criminal Realty market is killing the future of all Canadians who are looking to buy a home.
Thanks for the comment John. I know man, the cost of living here is crazy. There is no doubt that housing in Calgary is a little cheaper but you'll pay more in property tax there, also, we have found that utility costs are a little higher as well. But you will make up those costs in other ways like cost of insurance, groceries, fuel etc... happy to have that conversation whenever you're ready ;)
He is right, AB is cheaper to get into but property taxes here generally seem to be alot more. We bought a place in a mid size town in AB and although our house is half the value of our BC house the property taxes are almost 2x, and utility bills can be pretty crazy mine are manageable for now but you will hear horror stories, again easily 2x or 3x what BC hydro will run.
Thank you for your comment. IMO average price would compare those two, not benchmark. It is incredibly difficult to give an idea of what homes are worth outside of digging into all communities, that's why the benchmark is typically used more than average or median in most markets across Canada. Here is a good definition of each of pricing matrix, Average, Benchmark and Median: "The benchmark price is often considered a better indicator of relative home values than average price - which takes all home prices in aggregate, divides it by the number of homes to arrive at the “average price.” The benchmark, in contrast, refers to what the typical home purchase price is in any given market and, unlike the average price, it excludes the highest and lowest prices from its calculation. After all, those homes are by no means “typical.” Median price, by the way, is similar to average price, but it is really the price of the home right in the middle of the spectrum of prices of all homes in a specific market." 😀
Good video that is actually spitting facts instead of just pumping the real estate market like most do. Well done.
Thank you! TIme for another one! Putting it together today, hopefully ready to load before the end of the week!
Woah more doom and gloom then I expected/wanted to hear! I've been hearing so many different market stories from different realtors, Vancouver realtors are saying its a sellers market again already and spring markets in full swing. In my market on vancouver island I have been noticing a lot of for sale signs, but a few properties i've had my eye on have been sitting for over a month now and one even did a price drop. So hard to gauge these markets, out in AB I am also hearing lots of tales of hot markets right now, but I feel thats also attributed to as you said alot of inter provincial migration to Alberta which I think is still continuing out of B.C.
Ya each market is different. Spoke to a broker from the island and he mentioned it was pretty sluggish. I’m still licensed and doing biz in Calgary, I can tell you that market is nuts. Sellers market. Will be for a while. Affordability driving the market and will continue despite oil prices. First time I’ve seen that in my career! Thanks for the comment! 😊
So how long can people hold their breath? As prices slide lower, one can only keep paying interest and maintenance fees for so long until it’s a loss.
Any thoughts on how the new short-term rental laws have effected condo's/apartments? Are you seeing an uptick in listings for properties that would otherwise serve the AirBnb and short term rental audience?
In the downtown core on St.Paul there is currently 15 months of supply. In playa there is 13 months of supply, meaning, that there have been no sales (Brooklyn had 1) in the first quarter of this year. Comparative to last year at the same time, Playa had 6 sales and St.Paul had 3. Are these ridiculous rule changes affecting the market? I think it is certainly a factor, is it the only thing? No, definitely not. Thanks for the question and for watching! 😀
Lower home prices are a better alternative to lower interest rates. It is better to have a 5.8% mortgage on a $400,000 home than a 2.9% mortgage on an $800,000 home.
The problem is the $400k homes are few and far between in Kelowna at the moment unless you're good with a 1 bedroom condo.
@@livelovekelowna yes.
Is it true average list price for a SFHs in Kelowna has nearly halved in the past 6 months? Is this due primarily to change of composition of listings?
Like 850k for average SF home seems much more reasonable than 1.65 M but if the “fixer uppers” are still on the market while fewer nice, move-in-ready homes are that may not be so much improvement.
I appreciate content from channels like yours even though I struggle to relate with Kelowna housing prices. Kelowna has nicer weather and better scenery than my prairie city but, on the flip side, at least I can pay off my house in one lifetime. The 2+2 bedroom house I bought last October was $400k.
@@livelovekelowna I mean no disrespect to you or your city. Kelowna is a lovely city and I think it is a shame it is so difficult for “middle class” and less affluent people, notably families, to live there.
@@dougpatterson7494 Thanks for the question. I don't follow the average pricing model, the benchmark is down 16% from the peak of the market in 2022, so not half. The government in BC has introduced yet another tax that will remove those fixed up homes from the market through an anti flipping tax. Meaning, if you intend on flipping a home and sell it prior to 730 days, you will pay a very punitive tax effectively taking those remodled homes from the market. This province is becoming increasingly difficult to live in due to these kinds of policies. My prediction is we continue to see people leave this province and move to AB due to affordability.
@@dougpatterson7494 I don't disagree with you.
No wonder why they raised taxes. There is much less income from GST, transfer taxes, revenue from realtors, and less growth in property taxes... Real estate is not generating revenues as it used to few years back.
Thanks for the comment!
Cost for the quality received for homes in Canada is a joke of epic proportions. Not one house in Canada is worth the price. The criminal Realty market is killing the future of all Canadians who are looking to buy a home.
Hmmmm…”Criminal realty market”. First time I’ve heard that term 😂thanks for the comment!
Great break down man, nice work 🤙🏻
Thanks Adam! Hope you’re well dude
Can't wait to sell my place in kelowna going somewhere way cheaper
Thanks for the comment John. I know man, the cost of living here is crazy. There is no doubt that housing in Calgary is a little cheaper but you'll pay more in property tax there, also, we have found that utility costs are a little higher as well. But you will make up those costs in other ways like cost of insurance, groceries, fuel etc... happy to have that conversation whenever you're ready ;)
Try south America
Cheaper
@@JS-jh4cy El Salvador
He is right, AB is cheaper to get into but property taxes here generally seem to be alot more. We bought a place in a mid size town in AB and although our house is half the value of our BC house the property taxes are almost 2x, and utility bills can be pretty crazy mine are manageable for now but you will hear horror stories, again easily 2x or 3x what BC hydro will run.
Benchmark price is a misleading stat.
It puts a house in rutland in the same equation as a house on the lake.
Thank you for your comment. IMO average price would compare those two, not benchmark. It is incredibly difficult to give an idea of what homes are worth outside of digging into all communities, that's why the benchmark is typically used more than average or median in most markets across Canada. Here is a good definition of each of pricing matrix, Average, Benchmark and Median: "The benchmark price is often considered a better indicator of relative home values than average price - which takes all home prices in aggregate, divides it by the number of homes to arrive at the “average price.” The benchmark, in contrast, refers to what the typical home purchase price is in any given market and, unlike the average price, it excludes the highest and lowest prices from its calculation. After all, those homes are by no means “typical.” Median price, by the way, is similar to average price, but it is really the price of the home right in the middle of the spectrum of prices of all homes in a specific market." 😀
Not moving? Lower the price.
Seems simple doesn’t it? 😮