Still Bullish on Vancouver Real Estate
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- Опубликовано: 16 сен 2024
- With over 35 years in Vancouver Real Estate I’m going to list some of the catalyst for Vancouver and Lower Mainland Real Estate prices to continue rising over the next 10-20 -30 years.
Thanks to all the viewers and commenters on all my videos. As a busy Realtor I may not have the time to reply to all comments here. Some of your questions can be answered by going through my many videos posted here on my channel. But I will do my best to respond when I can. Appreciate everyone who is watching and commenting!
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OWEN BIGLAND
MACDONALD REALTY WESTMAR
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2018 - 2022 Medallion Club Member, Top 5% of Greater Vancouver Realtors
2018 - 2022 Macdonald Realty Westmar, Top Producer in Annual Sales
VANCOUVER BC HOMES & CONDOS
GREATER VANCOUVER BC REAL ESTATE FOR SALE
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CORRECTION - I misspoke on my mortgage renewal. In December I locked in a 2 year fixed at 5.5% not 6.5%
You gave me some hope Owen, I'm an emigrant from eastern Europe who came here (Vancouver) in 1990 to escape socialism and ironically this country has become even more so than the one I left behind.
The quality of life has degraded way too much; I know several people (small business owners like myself) who want to go back to where they come from. I'd regret to leave this country because by now (at 57 yo.) I have spent more than half of my life here and there are still some positives, but I'm concerned.
Great show, thank you for posting.
Bc of liberal gov't.. anyone 1st 2nd or 3rd generation Canadians are hurting. They dont want wealth and citizens ever in the same sentence.
More wealth less reliant on gov't
I really hope you get together with these people and make your voices heard to your elected officials. It's so hard for anyone trying to start a small business.
Thanks for the comment. I agree we are in a strange time where people embrace socialism and continue to drink the NDP cool Aid. Stay tuned for a Saturday video on this soon.
Longlive Owen! Under rated but most reliable real estate and investor vlogger i am following for years. I watch the negative vlogger out there and he has 30k plus subscriber. No wonder why many could not enter market because they keep attaching themselves to negative people.
Thanks for watching.. I appreciate that!
Been watching you for years now
Awesome you mentioned Peter Zeihan. Thanks again for your video. Love the longer format. 🎉
Well said Owen !! I love your channel. I got into real estate exactly as you said. I made it my priority to save up for down payment instead of spending money on entertainment etc. This was decades ago in 90's and early 2000's and even then the real estate was expensive considering what the wages were. Yes, now the real estate is more expensive, however people make way more money compared to decades ago. I agree - the fundamentals has not change !!
Really great video !!!!!👍👍
Nice work! That's how it's done.. no shortcuts to success in Real Estate. Time in the market will do all the heavy lifting for you.
No more rate hike implied today. Guess more sitting on the sidelines are coming back to the ownership consideration
Yes looks like we might see some small rate reductions by the end of year or early next year. I'm already seeing more buyers and offers on my listings. Buyers were waiting for guidance on rates and now they have it. I think it's going to be a busy Spring and favour the seller in most price categories with the exception of the luxury condo market.
Listen to Zeihan a bit more on Canada, Owen. He's not all that bullish on Canada compared to the US or Mexico. He sees Alberta independence as a real threat to national unity. He finds the provinces too protectionist against each other. He finds the US presidents as being more and more isolationist and protectionist, and not necessarily taking Canada along with that. He sees our population aging way too fast compared to the US, and the people we're bringing in as older, contributing fewer years to the economy than US immigrants. He says real estate is way too high here. Search Zeihan and Canada and see what you think. I'd love to hear your comments on that.
I would add Australia and New Zealand to that list of sought after countries…their major real estate markets are incredibly similar to ours in Sydney, Melbourne and Auckland.
Your point on long term is good, as a long term investment real estate is good. Short term it is very risky and we are seeing the results of that risk now. All data points to further price decline, and it only makes sense as housing got out of control. Rate hikes have sent affordability out the window so pricing needs to adjust, and as supply grows it will. But right now demand will never take off again simply because many people can't even qualify for a mortgage at these rates and pricing.
Now I would like to point something out as a ton of agents seem to talk about the massive amount of immigration. First off it's rare those targets are ever fully realized. Additionally Canada has a birthrate of 1.5 children per women, meaning natural growth is negative. This gets offset by immigration, without immigration our population would begin to decline. This also does not take into account emmigration from the country. So just keep that in mind the population growth rate in Canada is actually slowing and is now down to some of the lowest numbers we have evver seen in this country and is expected to fall even further.
Been watching you for years now Owen. Looking to buy my first home in the summer! You've been super inspirational!
Awesome! Thank you!
Thank you for keeping it real for us.
You bet!
Lookin' sharp my man
Thank You.
Hey Owen, what did you mean by the interest on your mortgage being deductible?
Rental property Mortgage Interest is Tax Deductible.
Thanks David
Friends of mine are trying to get into a nice duplex in the mount pleasant area. They aren’t seeing any slow down at least for new duplex’s and bigger townhomes .
You're right. Very little as far as quality homes for sale right now and what is for sale is selling quickly and for top $$$. The duplex and townhouse market still favours sellers and i think it's going to become even more of a sellers market as we move into Spring. Same thing with high quality 1 bedroom and 2 bedroom condos priced under $1100-$1200 a sq ft.
You are a true visionary! Thank you Owen!
My pleasure! Anthony
Owen, I do agree that immigration will play and is already playing a huge role in the housing market prices. Only in 2022, over 145K Ukrainians have come to Canada due to war. I’m 2-3 years these people will be already to buy but even now they are pushing hard on the rental market. Calgary alone has seen 40K+ Ukrainians settle down which spiked the prices up despite high supply of housing. We’ll be seeing huge uptick in prices in 2-3 years especially when restrictions to buy for non-residents will be lifted.
What is the percentage of older people in Calgary and how many of them are going to move out of residence due to old age or die forcing the sale of their property in the coming years? There is a reason why the feds try to get so many immigrants in and the reason is declining population, which is projected to decline even further despite replenishments. With the economy the way it is I doubt that single moms or families with 2+ kids (which is the typical profile of Ukrainian refugees) will be in the position to buy anything, they may wait 3-5 years save as much as they can get their passports and leave instead. Don't forget Canada is not what it used to be especially for newcomers, car insurance alone can set you back $400+ a month (4.8k a year!!!) if you are a new driver (which everybody who comes here is, even if you have years of experience).
Thanks so much for yet another excellent and amazing video & summary!!! So much appreciated!!!
You are so welcome!
My wife and I purchased our original one bedroom condo a decade ago, and last year we upgraded to a larger home and rented out our original condo. Let's say in another decade or 15 years we sell our original one bedroom condo, how does the capital gains tax work? Are we taxed for the entire appreciation since 2012 when first purchased or from 2022 starting when it first no longer was our primary residence?
@micrasystems - here's a video I did on "Converting Your Principal Residence to Rental and Adjusted Cost Base"
ruclips.net/video/2OAAL87g61I/видео.html
Very inspiring video!
Thanks so much!
Good on calling out unelected Ebi reckless tightening on the demand side of real estate.
Stay tuned for a video this Saturday on details of the new cooling off period and how it favours sellers not buyers as it was intended.
Hi Owen! been watching your videos for a while and I'm soon to be a realtor in Vancouver, what are your thoughts on MACDONALD realty as a brokerage for new agents? I'll appreciate any intel, thank you :)
I've been with Macdonald Realty my entire career and have been very happy here. I do suggest new Realtors interview 3 brokerages before making a final decision on who's the best fit for you. The managing broker should play a big part in your decision because you will be spending a fair bit of time in the first few years learning under him or her.
Thank you 🙏
Any time!
I read an interesting book by Ray Dalio called "Changing World Order". Basically its about the eventual fall of the United States Empire, which he explains is inevitable and closer than a lot of people think. He does a great job going through the history of the rise and fall empires and their reserve currency, first with Dutch Empire and the guilder, and then the British Empire and the pound. Nothing is forever. Its really interesting as he explains the signs nations go through when in decline or when on the rise. And the signs are basically always the same throughout history since it is human nature. Highly recommend the book if you like history and also economics. It gives a bit of a different perspective but it hasn't changed my investing strategy other than maybe diversifying a bit outside of North America.
Owen, what’s your thoughts in brentwood mall TAB buildings for long term?
Long term will be fantastic! Buy a quality unit live in it , enjoy it or put a tenant in there and keep it for 20-25-30 years. and you will be very happy with the results.
Buy and never sell..
That's what i like to do. I guess one day i will start to sell off some of my Real Estate as for my equities will more than likely just live off the ever increasing dividend income that pours in on a monthly basis.
In terms of your buffer I really do think there's a possibility for getting up to 10% in the next few turns. The increased rates have hardly created a dent and energy costs are going to keep going up which raises the prices of everything. Hoping for the best but preparing for the worst.
Yeah i don't see 10% happening.. not even close. Looks like we have topped at 5.65% most are now calling for rates to start coming down later this year and into next year. Governments are drunk on the tax revenue that Real Estate produces. We were overdue for rates to rise. 8 hikes in 10 months was plenty and probably overdone.
Hi Owen. Thanks for the update. How do I get a copy of your book?
Amazon.ca or Amazon.com if ur in the USA. Just search my name on the Amazon homepage or the name of my book. Along for the Ride. Thanks
any thoughts on Calgary Real Estate?
Sorry i don't follow Calgary market but buying and holding quality RE will work in pretty much any major city. You buy a quality home today in Calgary live in it , enjoy it with your family and keep it for 20-25 years you will do very well. Probably become a millionaire just from that house with all the capital gains going to you tax free when you sell it.
@@OwenBigland appreciate the reply, great content! I agree if you live in it you can’t go wrong. Currently I’m in invested in equities but I’ve always been interested in real estate. Only thing that holds me back is as a software engineer I might move to the states for more pay. I will wait until I’m settled back in Vancouver.