Home Sellers Are About To Make A Big MISTAKE!
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- Опубліковано 15 чер 2024
- Home sellers that think home prices will increase between now and June, well, they could be making a BIG Mistake.
In this video, Surrey BC REALTOR® Steve Karrasch of Macdonald Realty discusses the mass amount of listings hitting the market that are giving buyers choice, which will likely cause prices to drop over the coming months.
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The FVREB just crested 6000 listings today! Are buyers rejoicing? Are sellers panicking?
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what should we do with the recent news of protests for the government to put in regulations to ban investing in primary home estates? they are saying that the artificial price inflation caused by investors buying up 60% of the homes in Canada and the US is a moral issue and is pricing more and more people out of both rent and home ownership forcing people to live homeless. This does appear to be a very real concern for investors like us. canada is already seriously looking into banning investment into primary home properties beyond just 2 extra property outside your primary that you own.
It's going to get worse for sellers
20 or 30 grand? Most acreages in Mission are 200 or 300 grand over priced.
That could be.
That could be true but I just recently relocated to Mission and I didn't do it for cheap prices. I did it for less noise and garbage than the city, and that's worth something to me. I keep my big city salary and enjoy a small town lifestyle.
Keep the updates like this coming. Short and to the point
Shorter the better.
If someone deletes the first listing on MLS because the property doesn't sell and relists the house again, wouldn't that be considered a new listing too?
So, the notion of "new" listing may not mean that there are an abundance of sellers desperate to sell due to unaffordability issues with interest rates?
It just means greedy sellers who thinks that their house is god's gift to buyers (Which is how every seller seems to think, when they don't use comparables in their neighborhood to set the price and price the house correctly to ensure it sells in a month or less).
🤔🤔🤔
Everyone believes in affordable housing, until its time to sell their house.
@@SteveKarrasch can they sue realtors that told them to buy at the highs? or is it buyers remorse.
great video
thank you for the update sir its almost been 3 yrs listening to your update.Im gonna list my condo, bought last yr its a 1yr old condo 845 sqft, selling because want to upgrade to 3bed TH. brand new or 2 yrs old..I feel like its good to upgrade now than later..
Well damn, more options! Also more miles and maintenance to be budgeted for your Dodge Ram?
Thank you for this!
I have a feeling we are going to continue to see a lot properties coming to the market and not selling at asking for multiple reasons.
May 1st marks the end of Air BnB in BC. These owners now to either find long term tenants or sell.
June 24th marks the start of the new tax structure on capital gains increasing to 66% for gains over $250k. Which may impact a lot of those people who bought for that passive short term rental income, but they'll feel that pain next tax season.
June 30th marks the start of the Zoning changes across the province to start allowing for density and permit secondary suites in "all zones"
I'm curious as to how this is all gunna play out this summer into the fall for rental, buyers, and sellers
But the properties flooding to the market are detached and not as effected by these rules like Condos will likely be. Interesting times indeed!
@@SteveKarrasch will that be going on in ontario as well? prices here i noticed are dropping fast, outside of toronto... although condos in toronto prices are dropping fast still!
@@SteveKarrasch A detached home is more likely to have a gain over 250k especially if an investor bought the property a while ago. Going forward, before June 24 we may see more pressure there.
@bryanlayton6400 My understanding is that condos are having a hard time in TO right now.
@SteveKarrasch from what I understand, detached homes that are not your primary residence will still be subject to the changes in capital gains. I'm sure there are less of them, but people do buy whole homes, reno them and Air BnB em.
As a potential first-time buyer in the next 2 years, I'm paying attention to every little detail 😂😅
good video sir
Even better comment.
I wonder if some of this new supply, is speculators trying to unload before a) a crash and/or b) capital gains tax increases soon.
The speculators would have to have a $250K+ increase in value and close before June. Highly Unlikely. And lets say you have a lift of $350K, the new tax is only an added cost of $8K. If you have a gain of $350K, the property price is likely much much higher, so negotiating the $8K would not be hard to account for.
This is a good thing! More supply in the market is great as that has been the long time complaint.
I agree.
Non-issue. Just look at homes per capita today, 5 years ago, 10 years ago, 20 years ago etc. (It has been very consistent)
Building is drying up in my market lol
What's the name of your mobile app??? It seems so perfect for my walks in neighborhood to see what's happening!!! Thanks and thanks for the video
Just use house sigma. Free to anyone.
What’s the app?
Redfin
@socialistcommiesarekillingcanucks
Thanks for the update.
I always enjoy listening to your trustworthy and insightful info even thou I am not from this market. I am in Calgary trying to buy townhouses here which is getting harder and harder. I know it’s not your city but can I ask your opinion on Calgary real estate market since all literally almost all realtors in Calgary are saying if Calgarians don’t buy now they won’t be able to buy homes here in the future.
Do you agree or do you have another thoughts on that as an expert from another city? Maybe you have more objective point of view on this unique market.Thank you🙏
I hear Calgary is on fire. like Vancouver 2021.
This is not a supply problem it has always forever more been a speculation problem. When Beijing China homes sell for 50x median income and they have conservatively 3x the amount of inventory to the population you can never build enough to fill the demand. Governments, realtors and everyone associated will tell you it’s supply supply supply. That’s so far from the truth. Canada has had more than a decade to ingrain the speculative fever. It doesn’t unwind easily. It will unwind. Take a look at what’s going on in China right now and take note.
you need to proof read your statement before posting............... you literally contradicted yourself inside of 12 words...... and yes, you are wrong in both attempts.
The reason why Chinese markets are bad is because the commie gov built more houses than people. Canada is #1 in lowest houses per 100k people in the western world.
We're not in China. Regulators have rolled multiple initiatives to address foreign buyers, empty homes taxes, etc. and it didn't help because we have a supply problem and a scarcity of land. Don't understand what you're on about here.
@@j.p.5058 everyone I know when they traded up they kept their old properties. They have become speculators. Everyone I basically know have an additional “investment property” they are speculators as well. The amount of Canadians that are holding on to multiple properties is through the roof. This is the same phenomenon as China. That’s what’s going on. We do NOT have a supply problem. Flush out the multiple property owners and you will see prices come crashing down. Guranteeed. Make that’s properties financially debilitating you will see the property equalize. The government inacts regulation they know won’t work. 6-7-8-9% rates will flush the toilet.
@@j.p.5058 scarcity of land that’s absolutely hilarious 😂 What realtor group told you that?
@@jeffotoole4509
Everyone I know did the same thing, moved up and kept the other as a rental or airbnb.
Or just bought a condo to turn to a rental.
Everyone did it
What is the App called ?
Is a realtor only app?
It's called Home Spotter (For agent use). Not sure if they have a public version.
Great info but does this apply to Ontario as well ?
This is a Surrey BC real estate channel.
@@SteveKarrasch I thought so.. Thank you all the same.. good luck in these crazy times.. we all gonna need it 😊👍
One thing to also note is that the inventory that IS currently available for lets say ~800k is pretty horrible. 3bdrms condos/townhouses built in the past 20 years are minimal, and the ones that are there pretty much have chicken coup flooplans.
Normal people who are buying right now are doing so because they desperately need a bigger chicken coup than they are currently in :)
Correct. Good listings are in short supply. Now and always.
What app are you referring to man?
Home Spotter man
Hi Steve, would be great to see, what price ranges in single family homes are actaully moving, seems there's way too many 2 mil and above homes, wondering who can afford that.
Interesting. I'll look into it. People make more and can afford more that other people think.
Trent I finally half agreed with you
@@SteveKarrasch , ive built 20 homes over the past 15 years, in kits, burnaby, Langley, white rock , abbotsford. All of them where over 2 mil, some at 8 mil. I dont see these peoples kids buying their legacy homes... then there are the people who made these homes as a wealth generator. Who never saw todays reality, with 5% rates. How many homes of these pricey homes vs who in the market can afford them is ver interesting. Esp. Since we dont have foriegn buyers anymore.
@@nathanhayhurst3212 Why worry about foreign buyers when Canada is now welcoming 40 times more foreigners as new citizens than the number who previously purchased real estate as foreigners before the ban?
@@SteveKarrasch lol, not worried , just see a shift in the market, think you're even more aware than me you being the professional, really value your insight. Really feel realtors very valuable to our market, dont really see anybody providing that perspective, how the market is shifting. I look at mls all the time, the sheer amount of 2, 3, 4 mil homes where people have built these places thinking, someone is going to land in a helicopter and overpay . Theyre very beautiful homes, yet an important part of the market is knowing your client and there needs.
Canadian household debt just reached $ 3 trillion. All of this pyramid is on paper. The IMF and Bloomberg have said Canadian real estate is the biggest bubble in the world.
Hey Steve! Do you think a number of these recent new listings are investors trying to sell their investment property before the increase of the capital gains tax?
No, they were coming on before that announcement. I think investors will hold until after that change is reversed by the next Government.
@@SteveKarrasch😂 there's no way it will be reversed. They will reverse the carbon tax but this tax only affects 1% of Canadians. It will be a political suicide for the conservative party to reverse this tax.
The carbon tax is the only tax that will be cut.
Capital gains will stay
Go Pierre!!! Keep Canada Great!!
@@SteveKarrasch political suicide to reverse capital gains tax as it only affects 1% of Canadians. It won't be reversed
There is definitely financial stress building up right now, which will likely increase the housing stock. That doesn't bode well for prices in the near term.
I agree.
Sad to see people waiting fir other people to loose their homes so they can scoop in for a deal
Those people waiting will never be able to scoop. They will hurt worse than home owners.
anyone not able to buy now needs a 50% drop to buy and should be planning on moving to a better place like saskatoon where middle income can still buy.
2 million house you would need 100k+ just to pay the interest every year good luck average Joe you better win the lottery.
Greater Victoria spring market is finished⬇️
Is it Summer there already?
Could be people selling their secondary properties before capital gain tax law comes into effect?
This was before that announcement.
It's a non issue, $250k is quite a bit
Almost like a normal spring market lol.
Prices will be up 9% by Q4 ... wait and watch
+15% inventory increase in 2 weeks is not normal. But yes, inventory levels are back to normal now, but for how long?
In my city, there’s an increase in the number of ads for rental homes in marketplace. How about in your city?
BC Agents don't work with rentals.
Ok Im back to 100% disagreement
Buyers might come out of the woods and scoop it up, who knows. Govt just raised ammortization periods for secured loans to 30 years which would allow more new buyers to enter the market because their buying power has now increased (and these new buyers may not even be aware of their new found powers).
But did you get the part that its only on new builds?
This country is toast.
It's a great place to accumulate wealth and then retire abroad and hide your wealth elsewhere. Hmmm, dumm socialism
lol offer assessed value only!
Even if assessed value is over market value?
@@SteveKarrasch some people((
@@SteveKarraschobviously not, but I have yet to see that. like a 🦄
Must not be looking in Surrey.
Don't sellers prefer spring summer to post their house for sale? Curb appeal and more buyers?...
They think Spring is best. That's not always true.
Here is a new take! Divorce. Instead of bitching about immigrants, if the Canadian family unit would just stay together, each family would only need one house.
With sky high divorce rates (you go girl) each parent needs their own house, and it has to be big enough to room the kids. These houses are often occupied primarily by one person.
We are seeing lots of divorce in today's market.
Divorce and single parents not brought up enough in affordability
Steve's favourite clients, sell 1 and buy 2
They most often don't buy again. It's never 50/50, its 33/33/33. The lawyers take their share too.
It’s called the spring market, of course more listings hit the market captain obvious.
There are thousands of buyers who are sitting on bank rate cuts. The spring is cooking and getting tighter.
At best homes will stay even.
I have a second home. I worked hard, I saved, I have housed a family for ten years and I have only turned a small profit.
Bank of Canada doubled my mortgage rate to try and sink me. My rent recieved is 600 less than my costs every month.
I took a chance and I deserve to get paid.
Now all the crying that I I should just give my house away because someone hasn’t saved enough money.
My house is actually over in Alberta. But no, I own something that’s in short supply. I’m not selling. Pice will go up due to demand, sooner or later.
This is a free market. It will self correct when it’s ready.,
Cope
guys buy property in Toronto now as prices are going way high in couple of months ....realtor kanwaljeet sahota
And they call me a pumper...
From you right?? 😂
Did autocorrect change realtor to real stoner again for you Trent? Another highly thought out commer
Its one pathetic systym lf sheep see sheep do. It will collapse soon enough 🎉🎉🎉
Here in Victoria the condo market is very weak; however, SFHs (especially $900,000 to $1,300,000) is much healthier.
I loved the Ravi bobblehead UA-cam short from a few days ago!!
Cool glasses Steve 👍
I thought so too, a couple of weeks ago
🤓
Panic selling hasn't even set in yet.We're about to see inventory sky.Rocket prices are going to plummet