Vancouver & Toronto Real Estate Market Update May 2024
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- Опубликовано: 1 июн 2024
- Inventory is finally coming to the market providing buyers more options, particularly for condos. More investors are hitting the sell button as cash flows deteriorate due to rising mortgage rates and rent controls. Mortgage rates are holding steady, with all eyes on the Bank of Canada next month.
Timestamps:
0:00 Intro
0:55 Vancouver + Toronto Market Update
11:30 Did a Delayed Rate Cut Cool the Market?
20:05 New Condo Sales Slump
35:30 Is a Condo Sell Off Coming?
48:17 Will Investors Make Housing More Volatile?
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fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
I lost over 60k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Patricia Annie Brooks.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Annie Brooks too? Wow that woman has been a blessing to me and my family.
YES!!! That's exactly her name (Annie Brooks) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺
I'm new at this, please how can I reach her?
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
I'm favoured $130k every 4weeks! I now have a good house and can now afford anything and also support my family
Wow that's huge, how do you make that much monthly?
I'm 37 and have been looking for ways to be successful, please how ??
Thanks to my co-worker (Alex) who suggested Claudia Vechi Nesse.
She's a licensed broker in the states 🇱🇷🇱🇷
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom .
that's nice She makes you that much!! please is there a way to reach her services, I work 3 jobs and trying to pay off my debts for a while now!! Please
In times like this you need a good expert like Claudia Vechi Nesse to help you get through.
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life.
Please how do you achieve this amount weekly?
I usually go with registered representatives. Georgette Wong has the best performance history (in my opinion) and does offer 1v1 consultation to her capitalists which I think is amazing.😊
Since meeting Expert Georgette, I now agree that with an expert managing your portfolio, the rate of profit is high, with less risk.
Wow.... She has really made good name for herself, she's also my account manager
Please how can I reach this Expert Georgette everyone is talking about?
Asking a RE agent what is happening in the market is like asking a car salesman how well car sales are doing? Do you really think they will be honest when it impacts their income?
Every renter sitting on the sidelines says the market will crash…. Everyone has their own narrative
Someone's making some astute observations...
Why dont business owners ever tell the truth. If your business is super profitable why do you need perpetual debt to bankroll it?
@@butwhytharum you can’t borrow from the bank indefinitely. You ever borrowed money from the bank before? Banks start seizing assets when you stop paying.
@@Observer168 one of the narratives is going to hurt a lot of people. Can you guess which one?
@@milhouse8166 yes but he ones renting into retirement
🔥🏠🔥 GAME OVER!
There is no.coming back from this mess.
The fix is painful and requires a level of backbone. No one in politics has.
Depends where someone lives
CORRUPTION, CORRUPTION, CORRUPTION......EVERYWHERE...!!!
How many of the 19,000 AirBnB properties now facing tax changes will soon be on the market as interest rates rise?
All have gone underground, most are using Chinese apps now
@@Observer168 the Chinese still have mortgage debt like fraudulent businesses that are leveraged to high hell and back.
Great great interview. I watch every episode.
I saw this video last week. Was this video uploaded again today by mistake?
Steve, could you get a hold of inventory per capita (or per housing unit) chart for the lower mainland?
Could probably be done
actually makes financial sense
No buyer wants rate cuts we want lower prices
What about Alberta? Why isn’t there news on Alberta ?! Alberta was able to weather off the 2008 what about this time?
I've been noticing more neglected homes that look like they needed a roof a few years ago. I'm guessing there are a lot of investors that don't have the cash to work on these projects.
The other factor that will take pressure off rent growth (in the medium term) is a concerted effort by governments at all levels to build more purpose-built rentals. Mom and pop investors will be competing against big builders who are now fully incentivized to build purpose built rentals.
Presale condo investors (and most RE investors) never heard of the stock market. Would have been better for them, for the country, and everyone else. And you folks have never heard of owner-occupied condos? FTHB's can only enter through the condo market.
so you want to stifle capitalism... maybe Canada is not for you...
Presale scam has been very favourable for investors for almost 2 decades atleast in Canada.
@@BoomBoomBoom2023 So has the stock market, since 2010 at least
Many investors do both? At least I did. It's called diversification.
Most of the Chinese (the condo investors) don't trust the stock market because of what China has taught them.
Is it normal that much higher price on bidding war because of high interest rate? Wait few more months when interest rate is down , then we will see the real pictures at that time .
lumber prices are waaaay down
Lumber prices are just back to pre pandemic prices
Concrete placers are a small fortune now. Decent placers cost as much as the concrete!
It's complete lunacy.
Only if you don’t understand who the buyers are. Canada is still full of affordable but less desirable cities
Look for the government to inflate their way out of this problem.
How?
By lowering interest rates?
That's Small P.P's idea just go more in debt..
I’m sure we’re seeing lots of people living in ‘boarding houses’ all across B.C. Even here in Whitehorse lots of single family homes are housing multiple hoards of immigrants.
It’s been like that for many generations. Owning has always been a luxury
Why are there immigrants in Whitehorse?!
@@mischa1880 what do you mean? Every large business needs them. I’d argue on a per capital level, there’s more immigrants in these northern communities than anywhere else in Canada.
Devoper financing is taking root
just like car manufactures
We need what china has got going. Government owns all land. Everyone gets a home who needs one. People have money in the bank, not burried in the ground like here.
Asking a RE agent what is happening in the market? Joke of the day!
Thanks for tuning in 😆
Sorry Steve - your assertion is false. There may not be a direct impact on bond yields to overnight rate adjustments but, bond yields generally react to any movement made by the Bank of Canada as well as the rate of inflation. When the BoC cuts its rate, it is typically a signal that inflation is trending downward. Bond investors like this, because it increases the value of their holdings; as a result, more investors purchase bonds, which drives the yield down further.
You are right if the FED is cutting along with the BOC. If the BOC is going alone then CAD being devalued against USD works against Canadian bonds. You could very easily see the boc cutting and bond yields not moving.
@@Jo-mf2vu I was arguing Steve assertion as presented, is false... are you disagreeing with me? Steve is generally out of his league in these macro-economic discussions... he should stay in his lane as a Vancouver RE peddler... he is not an economist... It is quite frankly eyeball rolling how many RE agents have recast themselves as pseudo macro-economists during the RE sales slowdown... Amateur RE investors should be wary of analysis by such unqualified commentators....
5% rates is cheap, its the home prices that are way too high and sales are at a 10 year low in Ontario. These people are biased, they all work and are invested in real estate. The truth is rates are low 5% is cheap. The buyers are waiting for HOME PRICES to come way down because they way over priced we do not care about the cheap 5% rates. These realtors and investors will loose money so they want to put all the pressure on rates not the prices
We need a Canadian Javier Milei to cut through all this government burocracy and spending thats slowly squeezing the hardworking middle class seriously it may be needed, everyone in the world should be watching Argentina. Milei though controversial had produced a government surplus in first quarter and the peso has held up relatively well to inflation. Government should be 20% the size it it. GOVERNMENT SPENDING IS THE ROOT OF INFLATION!!
I miss harper years predictability
Yada, yada, yada 🗑️
Wait for the renewals to come in 2025 and beyond.
Will be another big nothing just like the mortgage deferral cliff.
EXACTLY !
186,000 Mortgage renewals this year in 2024.... 325,000 occurring in 2025..... and a whopping ~400,000 Mortgae Renewals occurring in 2026 with an average of ~40% being NEGAMS currently still increasing Loan Balances.
ALL of which will be doing so at higher rates than initiation as there is NO WAY the BoC can lower rates to 'zero' again to hold against further 'debasment' based DEBT instrument expansion(~$3 Trillion Mortgage/Consumer DEBT) now already unsustainable within Gross Domestic Incomes(GDI) deriveable from within Canada's already stagnant 10+ years barely ~$2 Trillion GDP
@@Observer168 listen to Jeff Rubin dear.
@@user-kv4kp4co1r too many people making predictions that don’t happen just for clicks
@@Observer168 you know nothing about finance... This is more finance than real estate... They're talking more about money than a place to live...
This country is a mess in everything. Get a second passport, just in case.
People need to stop looking at just Vancouver and Toronto and look at more affordable options like Calgary, Edmonton, Montreal, Quebec City and Winnipeg.
I was surprised to see brand new 3 bedroom 3 bathroom townhouses being sold in Winnipeg for under 500k. Which isn’t very far above the cost of construction.
$399,900
1276 Fernbank Avenue
Winnipeg,
3
Bedrooms
3
Bathrooms
1250
Square Feet
Sh*thole cities.
It's Winnipeg. Not worth it. I'd rather be house poor in Vancouver
But its winnipeg lol
@@quantifiablyqorrect2905 tons of money left over for bug screens, mosquito repellent and a nice SUV for the winters. 1/2 the cost of Vancouver real estate. Don’t be picky if you ain’t got the money!
Canadian real estate is a biggest real estate bubble in the world. Total collapse of Canadian$ is the only solution left for millennials. Ontario real estate boards needs to be completely decommission & needs a new board which will stringent buying/selling process. Canada is nothing besides a illegitimate country since colonialism & confiscated 2nd largest land from the indigenous. The world needs to boycott all the countries formed through illegitimacy. There is a reason why BRICS nations pushing to de-dollarize the world. Intercontinental trades between Asia, Africa & central/south America dont need US $. Of course, the new world order will come after a full-fledged world war 3.
Hey China bot, get your money out of Canada while you can and invest in those brics countries since they're doing soooooo good. Heard the B in brics doesn't even wanna join...
🙄