Vancouver & Toronto Real Estate Market Update November 2022

[@ivanandreevich8568]

43:30 Steve, blowing up speculators isn't blowing up 25% of your economy. If 25% of your economy are speculators taking out HELOCs to flip pre assignments, then fuck that "economy". It doesn't fit the definition of an economy.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@Wellspring604]

I wonder if it would be a good idea to do a podcast/interview that includes real estate agents from other parts of Canada? Thanks Steve!

[@janapixelphone1245]

Remember guys Steve doesn't have a post secondary education and is running online classes with TikTok realtors. I smell desperation

[@24ever12]

I am a property owner in Tampa, it is pitiable what is happening in the housing market. Ian was ruthless, but I wasn’t affected. I am not doing so well in the stock market but have currently increased the rent on my properties, I have 1M set aside for early retirement, I'm already 47. My major concern is that I ponder a lot how to make the best of the market irrespective of what the fed is doing.

[@maureensmiths6798]

How did you achieve it? I been trying to stick with index funds. I feel this new interest rates hikes could crash this economy. I'm looking out for a better investing strategy, I have a lump sum that inflation is steady eating up.

[@24ever12]

@@maureensmiths6798 My portfolio is very much diversified. I did it using copy trading system from a US regulated broker "Laura Estelle Dealy". Tbh it's been a huge relief. Good earnings and little to no engagement at all on my part. Her stock picks are outstanding. I can tell you she's quite the genius in trading and portfolio diversification

[@karynplumm878]

The FED knows. They aren't committed to attacking inflation. They are going to continue to inflate, stocks and commodities will continue to go up with everything else. You can't just sit on cash waiting for a crash, get your money working for you, start buying in slowly and then gradually increase the pace of buying as the prices continue to drop.

[@wildtxboy6083]

@@24ever12 I ran a quick check on "Laura Estelle Dealy". She's well regulated. Her qualification seem solid with positive reviews, she seems checked out. Also her services are available outside of the US for foreign investors. Is she that good?

[@24ever12]

@@wildtxboy6083 She's verified. I mean she's worth her salt as a professional trader my aggressive portfolio still kicking in huge figures. i don't even worry about market trends anymore

[@rastislavvelkamorava1624]

Powell just said they will be hiking and hiking regardless. Powell, however, highlighted that the “ultimate level of rates will be higher than previously expected,” Steve, there will always be an economy.🤭 The forest fire burns out and the renewal process begins immediately. The majority will not crawl into a fetal position and die, they will survive and go on while new opportunities arise.

[@davidkania3720]

Realistate in Canada will reset that's for sure

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@toddfromwork8931]

I'm stuck in traffic for 3 hours a day, haven't got a raise in ten years and shacks have become unaffordable but thank god we're getting more immigrants. How great is the food, amirite?

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@davidkania3720]

Urmi is awesome and asks these clowns some serious questions. The mortgage fraud that has occurred in Canada will be a major driver in this massive crash we are headed towards. Wakey wakey ! Eggs and bakey

[@muskokaboats]

Renter detected

[@janapixelphone1245]

@@muskokaboats says the overleveged loser

[@keepingitsimple88]

it's funny how nobody truly knows what the f is going to happen

[@nospm1244]

There is only so many days you can delay taking sheet. Let's see what happens next year with the inventory :)

[@toddfromwork8931]

As a soon to be 1st time buyer, I'm hoping some sellers will shake loose over the next 12 months

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@AcceleratedFreedom]

Rates will be back to zero in 3 years IMO. Cant afford the debt as a nation. Giant debt ponzi scheme

[@BoomBoomBoom2023]

Most of the people who bought between 2017-2022 are under water. Right now its a denial phase. Foreclosures are at door........2023 will be memorable year for Canadian Real estate.

[@DuncanL7979]

I've got lots of popcorn and i can't wait for the show!

[@Paul-km8ko]

you guys are hilarious and delusional lol. How is anyone that bought in 2017 under water? Anyone that bought in 2017 bought at much much lower prices and would have had a much smaller mortgage. Their wages have also gone up in the last five years. They're laughing all the way to the bank

[@BoomBoomBoom2023]

@@Paul-km8ko : 2017 was the peak year of real estate. Geniuses, probably you are one them who bought at peak in 2017 because interest rate was the lowest in history are getting there renewal in 2022. Most of them saw there properties appreciating at the fastest pace in history and took Heloc’s and bought pre sales and more than properties, as they thought that are genius and others are hilarious now are shitting in pants as they will be renewing at north of 6%. Of course exceptions are there and some people made money during these crazy years.

[@deanna6537]

@@BoomBoomBoom2023 Bought in 2018 (Dec) for $400K (freehold), same property is going for $750k and just sold this week actually. Have 3.6% 5 year fixed and 250K mortgage. So while 6% will be a much higher rate, it will not impact us much. And we won't be underwater until our property goes below $400K which doesn't seem like it will happen even though I am all for price drops.

[@BoomBoomBoom2023]

@@deanna6537 : Good for you Deanna, as I wrote exceptions are always there. There are tons of people who bought cash and had no mortgage at all. Well done 👍

[@darrendowns]

At 31:30 - In terms of the reference to most livable places are at the top - I don't even see Switzerland on there - a country where I think they have the real estate situation extremely well-run with almost complete balance. We also have one of the lowest home ownership rates but have the wealthiest population - so - go figure. Just different systems - and it all comes down to what is promoted through the tax system . .

[@ponnuponnu-kv5sz]

There are 2 things here, raising interest rates and the consequences. On the one side, it's inflation and on the other side is housing, recession, etc. Which one is bad, no doubt inflation! Why? because it may cause Wage-Price Spiral, and nobody wants it. Do you think, the BoC governor needs housing to be collapsed and hence the economy? Not definitely, but they have no choice, they have to act on inflation so that it won't cause Wage-Price Spiral. I felt that you guys always put the consequence if the inflation is stubborn or entrenched on the back burner. The reason maybe it's a real estate-focused show. But the truth is that the priority is to bring inflation in the 2-3 percentage range. How do you do that? Balance the demand and supply. Right now we have a situation where higher demand than the supply can handle. How do you fix it? Reduce the demand, How do you do that? make sure that people don't have enough money which could easily be spent. So, job loss, reduced value of the house, stock, etc anything is welcome which psychologically affects their spending habit. In short, BoC needs a recession, and all these are the side effects of a recession. You guys are saying that all these signs which in fact what BoC wanted to see will cause BoC to pivot? The truth is that BoC is trying to find a sweet spot where inflation can get close to the 2-3 percent range and the recession is mild. What’s the possibility of that happening?

[@janapixelphone1245]

Too much fling ads. Getting greedy Steve.

[@jamesholt5963]

Prices for building materials, fixtures is insane. Don't think you can deal with deficiencies on the cheap. Price and budget before you commit!

[@fillmorehillmore8239]

Exactly. This is why there is a housing floor. The price to build is still high which props up existing home prices when rates and purchase price is factored in. If material prices were to plummet then existing home prices would also decline. So many miss this when they talk about pricing.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@ElonKarp420]

Am I the only one who mistook John Pasalis for Rich Diaz from the looney hour?

[@saretsky]

LOL

[@nedhappily]

Both guys are telling the truth, love this video.

[@dukemocchi]

Summary: “Prices are slowly going back to pre pandemic levels”……..

[@jangolofit5718]

In your dream

[@AlexSuperTramp-]

Nice work Urmi

[@vikingvancouver9832]

Great update! The housing market can handle 5.4% interest rates. How? House prices need to come back down to pre-pandemic levels (where they were 24 long months ago); perhaps lower. Not crazy. The problem was interest rates from 2014-2020 were way, way too low - ever falling and finally insanely low mortgage rates blew a real estate bubble of epic proportions. The solution is not to try and blow another bubble (lower mortgage rates so prices can spike higher again). As people begin to realize +5% mortgage rates are ‘normal’ and here for years, then sellers will start to drop prices (affordability will force it). If inventory starts to build this spring… prices will likely continue lower.

[@Paul-km8ko]

House prices need to do this, house prices need to do that. Um, no, house prices don't need to do anything lol. The correction is over. Pay the market price or keep renting

[@keepingitsimple88]

@@Paul-km8ko you sound like a mortgage owner

[@mkoeder]

​@Paul haha, a good laugh to start the day. Thank you

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@keepingitsimple88]

@@cfcreative1 lol what !

[@jaymar1615]

I think investors will fold and rapidly add inventory to the market

[@jayzimmermann]

Another 200 points and this will happen. Otherwise investors are good

[@fillmorehillmore8239]

They will rent and hold. IF rates rise they simply put it on the renter which may push people into tent cities (It will happen unless wages rise to pay rents). Put in rent controls and those properties become dilapidated (slumlord) and worthless.

[@jaymar1615]

@@fillmorehillmore8239 other provinces just brought in reht control I think Ford will follow

[@travisirmen4200]

@fillmore Rental rates follow the market, nothing to do with mortgage payments or rate hikes. If no one is paying a higher rental price they can't raise it.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@Summer-nm9si]

I have a solution for Canada. Normalize the housing price. It went up 3 times. Don’t you remember the price we used to have? If the price of housing price is what it used to be, you will borrow less then interest rate wouldn’t be that much. The problem is you are borrowing 3 times more and plus interest. Don’t complain about the interest rate, complain about high cost of housing.

[@nathanhayhurst3212]

The cost of debt, is going to remain high for the next 5 plus years, maybe going into the next decade.... the world needs to adjust to this reality. Homes will continue to be built, governments will have to not milk them like they once did, building code have to revert to more realistic expectations, not this net zero bs.

[@Raygetto]

Hmm, so you’re saying if construction work reverts to mean our unemployment rate would also revert to something closer to NAIRU? Now there’s a thought. 😉

[@GumballGarage]

7% and rising mortgage rates = tbd

[@fillmorehillmore8239]

IF wages increase this will be a thing. If wages stay low to inflation then they might as well raise rates to 50% for it makes no damn difference to the borrower for nothing after X% is attainable.

[@mikeszymanski1413]

If the interpretation is that the BOC is pivoting then the FED reiterated that they are not. To ad fuel to the fire, the democrats just received the thumbs up from their populous via the mid terms so there will more then likely be less pressure on the FED to pivot from that end. The writing is on the wall folks..

[@fillmorehillmore8239]

Its all about ROI and liquidity.

[@Paul-km8ko]

Make no mistake, the demand for housing is out there. The demand at current prices not so much. Buyers need to accept that they either come up with a bigger down payment or buy in the boon docks. Those are your options

[@Lisa-vk2jw]

It’s been like that forever. For those of us that had no help from parents…well, we had to leave, we left north Vancouver and moved to Kamloops and that was in 1996. We could not get into the market when townhouses were 100,000 in north van., because we did not earn enough to pay rent and save down payment.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@thiparanjansivarajalingam1514]

Interest rates will be more than people expected, at least BOC interest going to be 6% end of next year and 7.5% end of 2024. Interest rate will be more than 3% until 2030, next 3 years will be very bad for everyone in canada and around the world. It will happen

[@saretsky]

your crystal ball works better than mine

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@Lisa-vk2jw]

What a great way for the banks to make even more money, extended amortization, rip off

[@EmilyHamsterLover]

I was just in West van, many for sale signs and nobody is working on the single family homes. On hold maybe??

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada.

[@at0977]

You guys/gals need to talk about removing property transfer tax. In USA we don’t have this ridiculous tax. At least try to reduce it

[@saretsky]

governments love it.

[@saretsky]

25% of GDP is equated to the FIRE sector. Nobody said anything about speculators.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@John-bq9jh]

History history history. I bought my first house with a 20% mortgage. 0 % are not normal. The average long term mortgage rate is 6%. What happens as globalization ends and onshoring becomes the norm rates will go back up to 20% as inflation is driven higher by more goods manufactured at home again. Where are all those new workers coming from to start making shirts in Kitchener again and washer and dryers in Guelph. Southeast Asia will be embroiled in a war over Taiwan. Supply chains will end. There’s a war in Europe that’s going to include more and more countries.

[@25Soupy]

Interest rates will be going up and staying up for awhile as onshoring is going to happen but not in Kitchener and Guelph but Mexico and the Southern US states. Higher prices moving forward but I don't see rates at 20%, double digits prossibly. I wouldn't mind because I'm a saver. Also, Trudeau's new target for immigration is more than double from 200,000 to 500,000 in 2025 to keep demand higher than supply to keep the housing prices propped up as Steve mentioned at 53:00 minutes of the video.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@John-bq9jh]

@@cfcreative1 and legally they should. Read about when the European’s first came to Canada in the 1700’s and how they committed genocide against the indigenous people and stole their land!!!!!! And have been breaking the treaties for the last 200 years. History history history. Don’t ignore it.

[@radiumescape9633]

Steve, can you do more about the province of BC rather than just Vancouver? The Kootenays for example is such a different market from the GVA

[@saretsky]

it is for sure but they do tend to move somewhat in unison.

[@cfcreative1]

The plan is for the United Nations to give over real estate to indigenous people thus having a dictatorship. The laws are being passed in Canada right now.

[@meekrodriguez6438]

Great video

[@saretsky]

Thanks!

[@baseline6786]

They need to leave rates where they are. And fix the other real causes in inflation.