Surrey BC presales are a TRAP (watch out for new construction real estate)

[@GermynGroup]

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[@briansmith5239]

Those 'investors' buying 3 presales were speculators/gamblers basically. Ive heard this story multiple times before. Pre sales are the biggest scam going, go for tangible product, it is much cheaper these days. Good video and an important warning to people 👍

[@GermynGroup]

Thanks for your comments

[@wanabe014]

Helpful video. How about the anti-flipping tax. I might've forgotten that

[@GermynGroup]

Yes! The federal one is already in place, the made in BC one kicks in Jan 1 2025. Thanks for watching!

[@badfeng]

Great breakdown at 9:15. I've only ever bought used property and didn't know GST got added to the sale of new property. Yikes.

[@GermynGroup]

Thanks for your comment. Yes GST is a surprise, good news is that it is being talked about at the federal level right now, this may change in the future...

[@billfairhall7828]

Watched this happen in Toronto years ago. History repeats itself. If you can’t hold it you don’t own it. That means unless you have a clear title you don’t own it.

[@GermynGroup]

It’s happening a lot now

[@checory]

3 preconstruction units for one buyer? we need more buyers like him/her/them to support the local economy (and many construction jobs)! we can't thank that person enough!

[@GermynGroup]

Hahaha!

[@madhurparashar]

Excellent video, but.... Please lower the volume of your background music (better to completely remove it).

[@GermynGroup]

Thanks for the feedback

[@doesthismakesense6720]

Like your content. Please turn off the background music. It's distracting.

[@GermynGroup]

Thanks for watching

[@lumberdog198]

pre stale construction @ 7:18 is that a fruedian slip

[@GermynGroup]

Might have been

[@andrewlegault3943]

That’s not much of a drop 80,000. I mean you just said it went up over 200,000. So the property is still well above normal value of 120,000 with the $80,000 drop at least according to my math. And yes, the changes in the interest rates definitely caused a lot of issues and they’re still going on. So if someone can weather the storm, they definitely are gonna come out ahead in the game because many people at sometime are gonna be able to afford a place no matter what everything that is being set out there. What’s your opinion?

[@GermynGroup]

Yes if they can weather the storm they may get lucky, assuming they have made money since buying. For those that bought at the peak of the market however, this won't be the case.

[@lumberdog198]

we no longer recommend pre construction purchases @12:16 well hind site is 20 20

[@GermynGroup]

I have never been a fan of them. After accounting for the taxes of PTT (threshold was recently raised) and GST, I don't think they make sense at all compared to resale

[@goldguilder9554]

Looks like with more cuts be a bit more patient. Currency devaluation will help them get out higher than what they bought for

[@GermynGroup]

Yes if they can close on them, and wait, they might get lucky

[@pacbdnabcde9203]

You forgot to say about capital gains and personal tax? Sale of such units income will be added to your personal tax and you could end up paying 53%?

[@sam7324]

When you say reconsider investment properties do you mean here in BC/Canada or in general? Here in Canada makes 0% sense, extremely hard to cashflow and very tenant friendly. When the rates go down in many places outside Canada there are excellent off market deals for investment.

[@GermynGroup]

I can't speak too much on outside of BC, this video is specific to BC and primarily the lower mainland.

[@sam7324]

@@GermynGroup Here you've got to have lost your mind to try to cashflow properties, theres no way to make the math add up.

[@KuldeepSingh-v5s1h]

you must be talking about my cousin who eagerly bought in the Surrey City Centre presale and now is regretting.

[@GermynGroup]

Could be. For privacy reasons I of course cannot reveal names or details. Thanks for watching and commenting

[@jaspreetsidhu5708]

What development was it?

[@isaiah_b_3798]

Need an Indian visa to move to Surrey now.

[@GermynGroup]

Surrey is very diverse

[@isaiah_b_3798]

@@GermynGroup nah. If Surrey was diverse there would be all sorts of races. As it stands now it's mostly all brown eyes which isn't very diverse at all when you stop and think about it

[@Mapleleaf-d8n]

Problem is most can’t afford the pre con prices. They usually aren’t buyers they are renters. It’s not like back in 2016 where by Chinese ppl brought lots of money to support the high prices here.

[@isaiah_b_3798]

@@Mapleleaf-d8n usually there's 15 to 20 in a household spanning over 3 generations so somehow they make it work.

[@donrayJ]

@@isaiah_b_3798 39 languages spoken in the local high school. That's diversity

[@Eaqub1]

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[@GermynGroup]

My hero! Haha, send me an email with your ideas, if they fix the video I will hire you for more.

[@Eaqub1]

@@GermynGroup I have mailed you please check.& please reply.

[@Eaqub1]

@@GermynGroup i have mailed you please check.thank

[@evhvariac2]

@@GermynGroupgreat response!

[@romilpatel7045]

Waiting for Great Recession

[@GermynGroup]

When will it happen?

[@romilpatel7045]

@@GermynGroup it's just around the corner ⏰

[@andrewlegault3943]

Wouldn’t it be more advisable to just sit and wait as bankruptcies increase? I know many people that are upside down on their mortgage and their homes. I know quite a few that are considering just walking away if things aren’t getting better because they are not getting by. Wouldn’t it be better just to stay on the sidelines a little longer and wait to see exactly what’s gonna happen over the next year to 18 months.??

[@GermynGroup]

I don't think that will be the case. With the recent rate drops, with more likely to come, cheaper money will bring people back into the market. Here's a video we did on this kzbin.info/www/bejne/hp-bmZakdtGdb7s

[@AnujPatel-xi1tf]

Hello, thank you for such an informative video. Unfortunately I didn’t make it in time to get the free course of yours. Would be nice if you can still hook me up. Cheers 🎉

[@GermynGroup]

Here's a link for you rb.gy/dca4d4

[@AnujPatel-xi1tf]

@@GermynGroupthank you

[@cryptounleashed5305]

Is this really depends like sometimes it allows people to buy into properties and take some wild to get in I was fortunate that I was able to buy a property that's actually cash flowing

[@GermynGroup]

It always worries me, so many people buy into them that don't have their finances in order. I always wonder if developers should even be allowed to sell pre-sale, perhaps they should have to be built out before being able to sell but problem would be the financing.

[@cryptounleashed5305]

@GermynGroup I just purchased a condo and I basically have 50 bucks of cashflow after strata/insurance/property taxes