Amen! I saw Kennedy Stewart on the seawall in Yaletown the other day. I wanted to ask him when he's gonna get rid of the bums littering my neighborhood with needles... but I maintained self control and just kept walking.
Hi Owen, long time listener and fan of your vlog. I just wanted to say how much I enjoyed reading the Psychology of Money by Morgan Housel, it really changed the way I look at investing in my family's future and path to financial freedom. Thank you for the life-changing recommendation and for all that you do, looking forward to buying your book next!
Owen, can you speak to the elephant in the room? That being the looming interest rates going up in order to recover government debt. And how will this impact home ownership and the housing market...is this inevitable...?
Basic economics Rates go up RE prices will come down! No idea how some people will handle or react to an eventual rate increase? Rates can only go up from here! Will have very little impact on me.. ( That's really the only person i care about as i only focus on things in my life i have controll over.) I have a tremendous amount of equity in all my properties and can easily absorb a rate increase as do the vast majority of my clients. We are all using conventional mortgages 20-25% down to purchase and we all leave a financial buffer for future rate hikes.. Many of my clients are putting far more down on detached homes. We don't use high ratio in Vancouver. Vancouver has a very high percentage of owners who have clear title on a property ( Have two homes currently listed that are clear title. Now are there people out there who have gone to second or 3rd tier lenders and have put every last dime into the downpayment and have no buffer... For sure! Not my clients but they exist for sure. Some high ratio borrowers are going to be in trouble if we get any kind of substantial increase. When is that going to happen? How much ? In my experience the ones who get in trouble and maybe are forced to sell will be quickly purchased ( Perhaps at a nice price) by the ones who have the financial ability. Then the cycle start over. Been thru this for coming up to 35 years now... nothing really has changed. Bottom line if you live your life in fear of what might or might not happen.. worry about other peoples finances and how they may bleed over into your own. Are we headed for a crash? or recession ?etc you will be forever frozen on the sidelines.
You're video was terriffic. As home buyers looking for a townhouse in Burnaby - We have realized that the supply of single family homes in the wake of covid is unsustainable, and likely to get worse. We see all the poorly zoned land that is either used for industrial lots or scrubland and are beside ourselves that the governments in the lower mainland are simply not interested in addressing the demand. Improved transportation for suburbs and aggressively redeveloping industrial yards in burnaby/newwest/coquitlam and buying up the scrubland and hobby farms in richmond/delta would go a long ways to helping demand. While I am excited to get into the property market too - and I understand the appeal of vancouver real-estate visa-vis other investments - I do not think vancouver's pasttime of real estate investment is healthy for our city.
Removing the principal residence exemption to slow rising prices is once again in the news. When will they learn, doing this would decrease inventory. Why would I sell my primary residence if i have to pay taxes. How could I afford an upgrade on my next primary residence if i have to pay taxes on capital gains, so i just won't sell and ill continue living in it.
Agree.. People will hold tight to defer taxes and tighten supply further. Will also cause a massive drop in PTT revenue which the Government is dependent on.
Hi owen, been noticing that listings are piling up for detached in vancouver/burnaby and the sales numbers not catching up. 4 bedroom detached are sitting and seeing some price changes as well. I think market could have peaked. your thoughts? would make a nice episode for you to talk about
Hey Owen. My wife and I have a 1-bed plus den with 1 parking unit in downtown. Our current tenant will move out at the end of the March. We are struggling with finding another tenant as we listed up on craigslist for a month already but still no one interested. the feedback we got is that the unit is too small (500 sq ft) and there are bigger size out there for $1900 rent. Do you think we should lower the price now or wait for a month? We can suffer 1-month vacancy without rental check but probably not longer than that :( thanks a lot
@John L , not sure if I believe you or not. The vacancy rate is so terribly low. You could go to Craigslist and go to “rooms wanted” theirs a lot of people seeking downtown one bedrooms.
Thank you Owen !
Thanks for shedding light to this issue, most folks think the problem is the greedy builders/ developers, but in fact its the city and gov.
Bigland for Mayor of Vancouver!
Amen! I saw Kennedy Stewart on the seawall in Yaletown the other day. I wanted to ask him when he's gonna get rid of the bums littering my neighborhood with needles... but I maintained self control and just kept walking.
@@NWYVR you should have given that clown a piece of your mind. The guy is a waste of space.
Thanks for the great video!
Great take on the current conditions of trying to build units as a developer here in Van. Thanks O
Very welcome
Great video as all ways! Thank you!
City Hall is drunk on the revenue - TRUTH!
Hi Owen, long time listener and fan of your vlog. I just wanted to say how much I enjoyed reading the Psychology of Money by Morgan Housel, it really changed the way I look at investing in my family's future and path to financial freedom. Thank you for the life-changing recommendation and for all that you do, looking forward to buying your book next!
Your welcome.
Owen, can you speak to the elephant in the room? That being the looming interest rates going up in order to recover government debt. And how will this impact home ownership and the housing market...is this inevitable...?
Basic economics Rates go up RE prices will come down! No idea how some people will handle or react to an eventual rate increase? Rates can only go up from here!
Will have very little impact on me.. ( That's really the only person i care about as i only focus on things in my life i have controll over.) I have a tremendous amount of equity in all my properties and can easily absorb a rate increase as do the vast majority of my clients. We are all using conventional mortgages 20-25% down to purchase and we all leave a financial buffer for future rate hikes.. Many of my clients are putting far more down on detached homes. We don't use high ratio in Vancouver. Vancouver has a very high percentage of owners who have clear title on a property ( Have two homes currently listed that are clear title.
Now are there people out there who have gone to second or 3rd tier lenders and have put every last dime into the downpayment and have no buffer... For sure! Not my clients but they exist for sure. Some high ratio borrowers are going to be in trouble if we get any kind of substantial increase. When is that going to happen? How much ? In my experience the ones who get in trouble and maybe are forced to sell will be quickly purchased ( Perhaps at a nice price) by the ones who have the financial ability. Then the cycle start over. Been thru this for coming up to 35 years now... nothing really has changed.
Bottom line if you live your life in fear of what might or might not happen.. worry about other peoples finances and how they may bleed over into your own. Are we headed for a crash? or recession ?etc you will be forever frozen on the sidelines.
You're video was terriffic.
As home buyers looking for a townhouse in Burnaby - We have realized that the supply of single family homes in the wake of covid is unsustainable, and likely to get worse. We see all the poorly zoned land that is either used for industrial lots or scrubland and are beside ourselves that the governments in the lower mainland are simply not interested in addressing the demand.
Improved transportation for suburbs and aggressively redeveloping industrial yards in burnaby/newwest/coquitlam and buying up the scrubland and hobby farms in richmond/delta would go a long ways to helping demand.
While I am excited to get into the property market too - and I understand the appeal of vancouver real-estate visa-vis other investments - I do not think vancouver's pasttime of real estate investment is healthy for our city.
Glad to be your 100th like on this video. 0 dislikes I see....have you finally worn all the negative people out?!? 👈😎
Lol.. ahh i'm sure there's still a few out there.
Removing the principal residence exemption to slow rising prices is once again in the news. When will they learn, doing this would decrease inventory. Why would I sell my primary residence if i have to pay taxes. How could I afford an upgrade on my next primary residence if i have to pay taxes on capital gains, so i just won't sell and ill continue living in it.
Agree.. People will hold tight to defer taxes and tighten supply further. Will also cause a massive drop in PTT revenue which the Government is dependent on.
Ella was a nice project, wish I had a chance on it.
just to correct its on nanaimo and grant
Yes.. thank you for the correction.
Say hello to you
Hi owen, been noticing that listings are piling up for detached in vancouver/burnaby and the sales numbers not catching up. 4 bedroom detached are sitting and seeing some price changes as well. I think market could have peaked. your thoughts? would make a nice episode for you to talk about
Hey Owen. My wife and I have a 1-bed plus den with 1 parking unit in downtown. Our current tenant will move out at the end of the March. We are struggling with finding another tenant as we listed up on craigslist for a month already but still no one interested. the feedback we got is that the unit is too small (500 sq ft) and there are bigger size out there for $1900 rent. Do you think we should lower the price now or wait for a month? We can suffer 1-month vacancy without rental check but probably not longer than that :( thanks a lot
I'd sell it and take a huge profit now. Market is HOT. Otherwise, make a deal. Like 6 months with a discount and full price after that.
@John L , not sure if I believe you or not. The vacancy rate is so terribly low. You could go to Craigslist and go to “rooms wanted” theirs a lot of people seeking downtown one bedrooms.