🇨🇦 Worst Real Estate Market Since Great Financial Crisis
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- Опубликовано: 7 фев 2025
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Thanks to everyone that participated in the live chat. If you missed it, post your question here and I'll do my best to answer.
Hey Steve great stream, I own a detached four bedroom home in Walnut Grove. I owe around 220 for it and I think it’s valued around 1.25 mil we bought in 2017 and we’re not thinking it will be our forever home. Should we sell where can we move to and put half a million in our pocket and buy outright?
@@Pit_Sniper move to the interior
have you run into the left-wing, field hockey-playing Commie in North Delta lately? Or was the Cob's Bread lineup the last time you busted his balls?
this is actually a good topic, and well done. I'm usually hard on you guys, but you did a good job here....keep it up.
Great episode. You’re a 12/10 Steve and don’t let Tom tell you otherwise.
Steve's the GOAT
Informative and entertaining channel. Thx 🎉
Almost mirroring the auto sales market. So much inventory building up, but cost to own, insure and finance is getting out of control. I don't see it getting better by June.
Great video!
Hold on people. Look at history. This is the big cycle. Prices will come down.
Also they will go back up.
ok Bill Ferguson
Steve is the GOAT
As a buyer I am waiting for another 8-12 months for more discounts/ rationale prices. We have been in a RE bubble in BC for too long so patience will pay off. There is more risk than upside to buy today. Trump, tarrifs, unemployment, decrease in immigration and increase in visas being expire + a different LOGICAL federal government.
Save up to buy when you are unemployed.
@@SteveKarrasch if I am unemployed working in healthcare I will happily move to the States if I'm not there by the middle of this year. can't wait to make USD, have half the cost of living and make 40% more
Will they have you? Why not go now?
don't wait to buy, now is the time, just like almost any time in history. Steve is swerving into the fear-mongering lane a bit too much with this video
@ there is way more upside risk than downside. Biggest thing is to look at government policy and with the conservatives coming to power later this year there will be government job cuts and many people not staying as their visa expires. Demand will drop significantly
Tiff will dust off his Superhero cape soon! 😅 This makes me curious what the mix of new listings is like between distressed sales and those who just can’t wait any longer to make their move for life reasons. Great info Thank you.
Steve, I would like to list my primary residence this spring to get ahead of the market. I have a single detached home and would like to buy a double car detached pre construction home so I can save money while it’s being built and pay my credit cards down. All the builders I contacted refuse to move on their price. Guess what? This weekend one builder said they will take $20,000 off the price and another builder said they will take $60,000 off!!!! CAN YOU BELIEVE THAT? I’ll keep waiting 😊 Good video, thanks for sharing your expertise 🙌🏾
Regulation changes have spooked most from blowing bubbles.
Price discovery will be interesting.
Watching people giving catching knives a go
Took 4 to 6 years to bottom out in the 1990s.. this just the beginning.
By your own logic, we are already half way.
@end of year 1 or 2.. 2 to 4 more to go..
nope, it will boom in June
@ hahaha.. nice one
@@JustShaneB After the emergency full point rate cut in May, June will definitely boom
Good stats!
is asbestos problem a real issue with old houses built between 1900-80? If cleared by professionals, is it even worse because the material is actually all loosened now?
Asbestos is safe if not disturbed. Hire a professional to remove. Can be very costly
What are your thoughts about the BC interior?
Nice place to vacation or retire.
lol....not even remotely the same. THIS IS 100x times worse then 2008. Canada is a short until 2035 & will not turn until people are not interested in this 'investment' product....sad reality....
70000000x
Half that number the houses need complete overhaul which is double the price than 5 years ago
I see a lot of sales too but they are in the more sketchy kinda areas
But the nice safe areas with parks and schools are selling out all the time
With the way the economy is and the prospect of tariffs, I doubt interest rate will go higher , Cibc 5 years variable is now at 4.75%
Told you!
I bought a 1 bedroom condo and Im overall bearish on condos but my building is 10 years old with low fees. And I got it for 15% under ask. Part of me wishes I had held off or just rented a basement for the next decade and then hopefully afford a townhome with a secondary/basement rental suite.
But I still think many Canadian REITs are attractively priced now compared to the overall s&p index
Gunna be 12,000 listings by March
Probably not, but could be by summer.
sound good
I'm single, making $85k per year, have almost as much saved for a down payment, and would LOVE to buy a condo somewhere in Surrey or the Fraser Valley.
At the moment, I can't qualify for a mortgage on pretty much anything in the area. Even the 'Worst Real Estate Market Since Great Financial Crisis' isn't giving me any hope.
In your opinion, when should I move to Alberta? 🙃 (But seriously, is there any hope at owning in this situation?)
Keep saving. There is opportunity. With 20% down and no other debts, you should be able to buy a one bed.
I recommend even going out to Agassiz if you have to get on the ladder. In 2006 I lived in Cloverdale and bought a 1/1 out there for $65K. Sold in 2009 for $96K I think they go for 250K today. Beautiful area.
Man negotiate with your lender to give you variable rate of prime 1%. Some banks are giving that 😊
Canada didn’t have a real estate crisis after 2008. Are you sayin that there’s more homes than people to buy them? I hear there’s a housing crisis….i assumed (I guess) that there were no homes for people to buy. I’m quite honestly confused.
Welcome to the club.
There are more homes for sale than people with the money/credit to buy them
🙌
Lock in fixed.
Lock in for 3 years, reevaluate at renewal 32:00
QT - QE, I don't give it a F. Here's my strategy to combat the real estate Ponzi scheme. I plan to avoid purchasing any overpriced homes in Canada. If necessary, I'll consider buying assets in Africa or Asia instead of these extremely inflated properties. Life is already stretched thin with two jobs and no weekends. I'm quitting my second job and planning to sell some items, like my expensive car, to reclaim my sleep and weekends. I refuse to be part of a Ponzi scheme any longer.
Good luck.
Real estate needs to correct back to reality
it will melt up for sure, with the craziness coming with these looney politicians
@@DummMoney-rr1fi hmmm.. instability normally does the inverse. Particularly when people are worried about their job. Also, I see your nonsense comments about1% rate drop and market taking off. Hasn’t been the case so far and rates have already dropped 1.75%. Prices are the problem.
@@markb8360 whether it takes off immediately or 6 months after the emergency rate cuts, this real estate market will get frothy. I wouldn't want to miss out by being a sheeple of the fearmongerers.
houses are way too expensive in Canada, and that's the end of it! even with 50% hearcut they are too expensive. Tell truth don't try to convince sukers to buy now...
Bottom will be around 2027 - 2030. Il start shopping then
no chance, did Bill Ferguson change his name? He is regretting not buying the Walnut Grove homes for $350k in 2014 when he starting saying everything was over valued
Id hold it cashflow negative and write off the losses personally.
I'd wish I didn't have to, but if I found myself there, I'd do the same.
GTA agents are perma-bull. We call bearish agents in GTA "retired".
its correct, there is no such thing "bearish" in GTA
Will you be selling all of your real estate?
No chance. Looking to upsize.
@@SteveKarrasch Well deserved move.
@SteveKarrasch bullish
The muppet boiler room condo flipping market is dead 😂
But the muppets still live in the comments.
truth, but inflation will drive prices higher regardless
Those you stupidly bought a investor 1 bedroom condo will pay the price.
Some. Others are making bank.
Rent it out ! Canada RE never goes down....just give a few weeks, it will come back like 2022. Dont spread discouraging sentiment .
Calls’em as is sees’em.
Have some sense of humor, I was kidding guys. Canada RE is in dumps now , for 4-6 years.
Time to low ball😊
good luck
In the right spots.