The Unfortunate Reason Your Real Estate Won't Sell In This Market

[@m.b5777]

The coming crash will unfortunately cause many people to lose their homes. According to Stats Canada, the economy is headed towards a recession. Job losses will cause people to sell their homes for whatever money they could get for it and prices will keep declining due to lower and lower comps. The US 2008 housing crash will be like a picnic in comparison.

[@kimhuns8535]

😂😂😂😂

[@SteveKarrasch]

“Stats Can” said there were 500,000 Non permanent residents that entered Canada last year. New data shows that number was low by…. 1,000,000 people. Should be called, “Wild Guesses Can” or “Who Knows Can”.

[@m.b5777]

​​@@SteveKarrasch look it up. Between 1986 and 1996 BC's population increased by 30%. If you bought a house in 1986 and sold in 2001. You lost big money in those 15 years. Your house didn't even appreciate by a dollar. And you paid for maintenance, taxes etc. The 30% increase in BC's population didn't stop the housing crash back then. It won't stop it this time. No one wants to catch a falling knife. Immigrants are not dumb to buy homes when prices are falling. If population increase means high home prices then India should have the most expensive housing on Earth with 1.4 Billion people. Their population doubled in just a few decades.

[@SteveKarrasch]

March 1986 $92,229 was Average home price in my market FVREB. March 1996 = $225,392, March 2001 = $220,632. Home Prices where mostly flat from 1994-2001. 1986 to 1992 they Doubled. Doubled again 2002 to 2008, Doubled again 2008-2021. I'll take 6 years of flat for the opportunity not to miss the next doubling. Remember, holding assets is not about their value increasing, but the value of the dollar decreasing.

[@littlemonster2801]

I agree with Steve. First using my parents as a sample of one, they bought a detached house exactly in 1986, in East Van for about $128k. They didn't sell until 2006, but around late 1990s similar homes were around $300 to 400k. If I am planning to live in a specific neighborhood for a long time, then personally I prefer to own. Regardless of the numbers. I would like to renovate and improve my home as my income grows. If am renting I would have to find a better rental, and even then might not be exactly what I would like.

[@kentA205]

Very informative video. Different from your other ones. I enjoy them all but this one made me understand inventory. Great Job ! I also like the way you brush-off the silly comments some people make using humour:)

[@suggz73]

I never comment. This is by far your best video. GJ

[@nicolerose7639]

So what about Calgary?

[@SteveKarrasch]

🔥🏒👎

[@VioletMagpie]

wouldn't population density in the area factor into your "inventory" calculations?

[@SteveKarrasch]

"maybe"

[@VioletMagpie]

lol yeah i guess that looks weird - i put inventory in quotes cuz i wasn't sure if i was using the term correctly

[@SteveKarrasch]

@@VioletMagpie Technically yes, if we keep the same amount of inventory and population grows, we are technically losing market inventor.

[@burlsmcburls7305]

First! ... And, fortunately, we have no desire to sell right now.

[@SteveKarrasch]

Thanks and ah shucks!

[@stage666]

Vancouver real estate to the moon!🎉

[@shannondavis5728]

Any type of Unsustainable,price gouging & greedy economic activity never ends well!!!

[@SteveKarrasch]

I didn't know the economy ends.

[@PaulYewchuk-k2l]

Rreal estate won't sell in this market because interest rates are too high.

[@SteveKarrasch]

We should tell all of the people buying and selling.

[@BentSmore]

double yo money and make a stack

[@DummMoney-rr1fi]

stack those properties!!