Wake Up: Time is Running Out!
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- Опубликовано: 16 сен 2024
- Owning a home in Vancouver is not going to get any easier moving forward for a variety of reasons that I’m going to explain in this video. Time is running out and young people need to step up now and make some important decisions regarding homeownership and their financial well being. Getting into home ownership can be done .. I’m working with young 1st time buyers every month who have done it with zero outside help but you need to make a game plan and not waver from it.
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
Bigland Realty Group
MACDONALD REALTY WESTMAR
c: 604.889.1118
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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
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Agreed, time is running out. I live in Surrey and buying my 3 bed townhouse last year was over a million. It's expensive, but it is all part of wanting to live here in the beautiful lower mainland.
If you're single and young, just like Owen says, get your principle residence as soon as possible. Not only is it your home but also an important investment vehicle because if you do sell down the road in the long term, all that money is tax free.
I also believe Metro Vancouver will eventually be like big major cities like London and Paris where the ones who own properties are families that have passed it on through generational wealth. A city of land owners and tenants.
Is the lower mainland really beautiful though? Or is that just all you know. Let's just go with lower mainland is best place on earth 😂.. everyone come here. The rest of bc is small and boring :)
It seems many younger people look to the government for help. By the time they realize the government does the opposite, they are middle aged.
I tell ya. Going variable on my mortgage was a mistake. But owning and sacrificing in the long run makes sense.
Thanks for all the videos you post Owen, you are the definition of lead by example. Your book gave me the final push to fire my 1% manulife financial manager a few years back and I haven't looked back since.
I manage my own 7 figure stock portfolio, which is not difficult. I own 10 individual stocks (tesla, apple, google, amazon etc.) and only 3 ETF's (VOO, VGT, SCHD) I invest in both sides equally.
I have an almost paid off principal residence and 4 investment properties in prime locations (downtown and lower Lonsdale). With all the rate increases the last 18 months those properties are not all Cash flowing but I keep the long term outlook and the equity in the places is huge already.
I learned from you to tune out the noise (mainstream media). I deleted most news apps and cut my cable. This has been refreshing since it's all doom and gloom like you said many times and it's proven to be true.
For the rest I just stick to the plan and keep investing every month.
Thanks again for sharing your thoughts!!
Glad to help you're doing fantastic. Love your portfolio i own everything you do except Tesla. Cutting the cable and tuning out the news is probably the single best thing a person can do with the exception of exercise, sleep and proper diet
Thank you - gold f'kin nuggets every video.
Glad you like them!
Thx helping a lot of people.
I bought my first apartment over 20 yrs ago in Hong Kong for an equivalent of C$600/sf. It was expensive to me at that time but I followed my father's advice and made the downpayment. When I left in 2021 to move back to Canada, the price had risen to C$2,600/s.f. I totally agree with you how things are heading in Vancouver. We might think the price is crazy now but it will just get crazier.
That's crazy so a 350 Sq.ft condo in HK is now $910K CAD. I bought my first condo in metro Vancouver a decade ago at $375 per sq.ft and our second home a year ago at $760 per Sq.ft. Still own both and the first one now rented out. Its crazy seeing new condos now a days like in Brentwood over $1.5K per sq.ft .
@@micrasystemsThat’s about right. Some locations are cheaper but basically you will find nothing less than $2K/sqft. And the smallest apartment I’ve seen was 187sqft. Do you see a similar trend happening here? Detached homes are out of reach for young couples. Now even townhouse are becoming unaffordable.
@@woofelix I’d say even townhomes are unaffordable for most in Metro Vancouver for young adults without gifted money from their parents. Most buy condos to start. So a typical two bedroom, 900 sq.ft condo in say Burnaby can range from $700k to $900k depending on the age and location to transit. Townhouse are more like $1.1M to $1.4M and detached houses about $1.8M+. Realistically you’d pay $2M+ for a decent house here.
Owen, thank you 😊
My pleasure!
As someone born in Vancouver, I bought my first home at 21 years old. I worked my ass of saved up money since I was 16 and put $35k down on a 200k 1 bedroom apt in Yaletown. I don’t understand why any Canadian around my age (42) born and raised couldn’t have done the same thing. Now my properties are paid off, renting at top dollars and I vacation 6 months a year. As a Canadian we have this privilege to have purchasing power 20 years ago. If you missed the boat, too bad. Quit complaining and bitching about high rent prices. You had your chance !!
I wish I was born in the late early 80s. Damnnnn I missed the boat buying cheap in the late 80s.
Same age but you did better than me haha. Congratulations. Waited and bought our first condo just over a decade ago for $300K. Just over a year ago rented that original home out and bought our second larger home. Still have two mortgages but the Renter pays one. I'm working more than 6 months a year haha but I like my job.
@@jasonn2284If I was say 25 years old today then work and save up for that min 5% down payment for a condo. Even if it's a 1970s or 1980s one bedroom condo in New Westminster for $400 to $500k, it's fine as long as it's run by good strata as a first home. Just get in the market.
Yes, but can a 21 year old do the same today. What was the ratio between average income and average apartment cost. How many yearly salaries was the price of an average apartment compared to today. One apartment today is more than 10 time yearly salary and this is why it is so difficult toady to do what you did 20 years ago.
@@micrasystems $2000 per sq ft will be the norm by 2030.
And about immigration numbers coming in every year , if Canadians born here with all the education and experience can’t earn enough to buy a starter home for themselves, immigrants are gonna have to do similar jobs how will they buy ? I know some bring money with them. But that % is very low and they still need to qualify for these rates ti get a mortgage. What your thought on this bottleneck? And a lot of them are moving back to where they came from too.
most immigrants basically have a family or two of relatives to rent or buy, aka 4-6 people on the rental or loan application. Yes that makes it easier than just the 1 person income applicants that are crying because it prices them out.
Local Canadians have no idea how elite these new immigrants are in their home countries, and they have no idea how frugal these new immigratns would live their life in order to live in big cities like Vancouver and Toronto. Some software engineers from India is earning 300K+ annually working for AMAZON and spend only $300 on meals monthly and share a bathroom with roommates.
What do you think of the big developments in Kits by Burrard bridge and Jericho Lands? Will that over supply the dt market? With so many rental buildings approved, I’m concerned for investors. It would affect the rental price eventually.
I wouldn't worry about it as an an investor at all. Jericho lands are 15 years away or more. Burrard is going to be awhile too and units hugging onto a bridge in an all rental building are not going to give my prime downtown condo units any competition.
Seems you're finally acknowledging at 0:55 and other points in this video that the Vancouver RE market is "broken" in the sense that incomes have not kept pace with prices and that the door is closing. I've always felt your take on affordability in past videos to be skewed and disingenuous considering you work with the top 5% earners and don't see the 95% who don't work with you. Really glad this is a more realistic take. I own multiple properties (got in early when it was more affordable woohoo!) and actually want prices to correct for a bit to bring some sanity back to the market. How is this city supposed to survive if teachers, nurses, paramedics, and even some doctors can't afford to live here?
I have done dozens of videos especially on my Saturday installment talking about how expensive Vancouver RE is and how the Government is making it more difficult every year. The stress test alone took 20% off affordability with one rule change. However i have also been saying for over 6 years now how becoming a top 10% income earner or even 1% like i am according to CRA has never been easier. Times have changed but so have the prospects to earning big$$. Today we have technology and ways to leverage your time to earn money passively that i never would have dreamed about 10-15 years ago. Trying to buy a home today working in the old economy with a standard 9-5 job or on salary is going to be very difficult not only in Vancouver but dozens of N. American cities. In the past you could buy a home but not now. You need to be in the new economy and the opportunities here are endless. I guess i will have to do yet another video on this and give people more suggestions on where they need to be working and areas they should be persuing. It amazes me sometimes that people can't see where they should be persuing to make the superior incomes that most of my clients are making. Remember i'm working with dozens of young 1st time buyers every year that are easily making $100K + a year.
We're never going back to $700k a sq ft condos in this city people need to realize that. We live in one of the greatest countries in the world where you can earn as much as you want but it really all comes down to how badly you want it! Starting your own business, working for yourself getting into a sales career is going to take work, discipline and a few sleepless nights. Most people are not up to the challenge and instead want to do what's comfortable to them. You get out of life exactly what you put into it. Nothing more nothing less. If i wanted to retire as a Realtor and were forced to start all over again from square one. I can easily think of 3 or 4 areas i could get into that would have me earning $100K+ in less than 2 years time. $250K + within 5 years. Most would involve a sales career during the day with a side ( Pet Project) business ( RUclips channel) i would work on in the evenings and weekends.
Young people need to evaluate what there interests are and explore what there good at and have a passion for ( Note it needs to be something that you can make money at and monetize, Writing poetry is not going to do it.) . From there they need to develop these skills to become elite level , this can take many years but the rewards will be unlimited.
@@OwenBigland I wasn't trying to antagonistic. Aren't you worried about Vancouver's future if certain essential jobs (teachers, nurses, paramedics) are being priced out? That's all I'm saying.
I think we're heading into something more like San Francisco.
I know we haven't purchased tickets, but can you please pan the camera back a little so we can have a sneak peak at your enormous gun show? 👏
Thank you. Staying in shape and eating right has always been one my priorities. It sets you up for success in all other areas of your life. I often get asked what is the best thing someone can do to create financial success. It would be get in shape , eat right and get enough sleep. Once you have that dialed you will be surprised how things start to come together for you.
@@OwenBigland For sure! It takes discipline, hard work, prioritizing what's important etc. These traits definitely spill over into other aspects of your life: stable job, improving your career, following a budget, clean home, car, positive like-minded friends etc.
Hi,Owen
I am so glad I followed your advices on stocks, i now have the resources to upgrade my Richmond townhouse to either a older detached house in Richmond or a newer and bigger one in Langley, an investment unit is another option too, which option you think I should go with?
Never a bad idea to move up to a detached home. I would choose the city you most enjoy living in. Investment unit should only come after you have a quality principal residence in your case a detached home that you can buy and hold for 10+ years or more and you have your RRSP and TFSA fully maxed out.
@@OwenBigland hi, Owen,thank you very much for your response, I know where I should go now：)
Owen , don’t you think it’s a realtors selling this business model of buy investment condos house and never sell. And now they running out of buyer pool cause that practice cause less supply and more demand ?
Hey Owen, what’s your take on conversion of long term rentals to Airbnb? Is the top line lift worthwhile unless you scale it with 10+ units?
I will do another video on Airbnb soon. For the most part Airbnb is illegal in Vancouver not many people seem to realize this. Very few strata allow it and most of the few that do i would not buy into. The home must be your principal residence and you must reside in it at least 6 months out of the year to be able to rent it out the remaining 6 months. You must be licenced and the COV is auditing these
Owen can you buy a van dt condo today ? What were u doing when u bought your first when 19 yrs old ?
Hé bought a one bedroom in Richmond and he still has that unit !
Go out of town Kamloops Kelowna find a property manager to put a good tenant in there young people will to move places like TRU in Kamloops great University , they keep adding to the Hospital people are getting out of the lower mainland
Priceless advice!! I wish there were more people like you in our world! Keep up the good work!
I appreciate that!
Mr. Eby says he is going to overrule the municipalities and make 4-plexes legal on all detached house lots in the province. Do you think this actually goes through and will it create a supply boom
cost of construction (and zoning/city taxes) gotta come way way down before that'll happen..............right now it still costs too much to build anything substantial.
all for show and re-election
There is no infrastructure to support that kinda density increase… schools, hospitals, even street parking… it’s to buy votes