Vancouver Real Estate Quagmire
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- Опубліковано 6 вер 2024
- Why are Vancouver RE prices so high? Why is there so little for sale? Why are we not building more homes? When are prices going to start coming down? Why are rental rates so high? In this video I will give you the cold hard truth, and why Real Estate prices in Vancouver will continue to rise over the coming decades and why it’s not going to get any easier to get into home ownership in this city.
Thanks to all the viewers and commenters on all my videos. As a busy Realtor I may not have the time to reply to all comments here. Some of your questions can be answered by going through my many videos posted here on my channel. But I will do my best to respond when I can. Appreciate everyone who is watching and commenting!
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OWEN BIGLAND
Bigland Realty Group
MACDONALD REALTY WESTMAR
c: 604.889.1118
e: owen@owenbigland.com
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2018 - 2022 Medallion Club Member, Top 5% of Greater Vancouver Realtors
2018 - 2022 Macdonald Realty Westmar, Top Producer in Annual Sales
VANCOUVER BC HOMES & CONDOS
GREATER VANCOUVER BC REAL ESTATE FOR SALE
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6.7% on a 3 year fix at TD this morning . That escalated quickly …
Yikes
Scary 😮
That's low
penalizing, just wait til the inflation effect of this on rental housing
Realise that one requires a 200, 000 $ /year income to buy even a Studio in the gvrd.
AND that assumes a 150 ~200K downpayment.
GVRD is virtually uninhabitable.. Today, let alone in the future
Come on.. who are you kidding? Sorry but your numbers are very wrong. Get a new mortgage calculator and talk to another mortgage broker. Just sold a older wood frame renovated 1 bed/ 1 bath in Richmond for $435K. Buyer put approx 10-15% down approx $55K. Not sure their exact income ( I was on list side) but it's well under $90K a year. Sounds like you have given up hope? Lot's of young people are buying condos from me every month including Downtown Vancouver. Watch some of the dozens of videos i have done over the years on how young people are buying their 1st home and the type of careers and attitude you're going to need to do it. Just sold a concrete older renovated 1 bed in the West End for $550K in a quality strata. Buyer put down a larger down payment of $110,000 to make up for their lower annual income which i believe was under $75K a year.
Complaining and making up inflated numbers are not going to make things any better. Vancouver and the GVRD is expensive but you pay for what you get and unfortunately it's not going to get any easier.. but it can be done.. No shame in moving to Winnipeg but if you want to live here your going to have to make some sacrifices to get in. Just trying to help. Watching my videos especially my Saturday ones is a step in the right direction. I wish you the best of luck
why did prices only explode after the rates went up...we are literally talking 100-200k more than 2022
Excellent summary of the current market. Many thanks for the great videos.
My pleasure! Reza
I've been viewer of your channel for over 10 years. I am wondering if the recent GST rebate for rental development has any effect on regular rental investors?
Only to a Politician.. as the rebate doesn't really make much difference.
Certainly not to a builder as a full GST charge is simply passed onto the Buyer.
A buyer does save (are there any willimng to buy a rental buyilding in Canada given it's draconian rent controls) on the purchase price costs..
Will that be enough to help him/her meet the carrying costs of the new rentals building purchase price ?? Seriously unlikely.
These rental buildings aren’t even being built yet, wait 7 years
Will have no effect.
need to look back more than 40 years given the current interest rate movement didn't happen in the past 40 years.
At your level of wealth why do you continue to invest in individual condo units instead of multifamily properties? What are your thoughts on the multifamily market in general? Your channel is terrific and your on-the-ground knowledge is uniquely valuable. I'd be keen for some content specific to multifamily investments such as quadplexes.
Interested in knowing as well! As well as investing in commercial properties.
Because he lives in BC and that province has rental control under a NDP government. There are even talks of vacancy control yikes. So he's better off owning and renting out smaller condos like studios and one bedrooms. Tenants are more likely to out grow those and move eventually so he can reset to market rate. Larger homes including multi family would be worth it in say Alberta with no rent control. Also if the NDP actually do bring in vacancy control he can more easily offload condos to end users in the market.
very good point, didn't think of this angle@@micrasystems
I love your blog, please keep it coming, Mr. Bigland.
I agree with most of what you say, except your apparent dislike of our $15/hr minimum wage. Our lowest wage earners need protection.
Same in Toronto - and the PC Ontario government is no different than BC!!
Where do you get 3 year fixed term rate for 4.75%?
Impossible.
The most I could get was 5.49 % for 3 year fixed and that was when I locked the interest rate
in June. After a couple of rate hikes in the summer, now it's impossible to find 3 year fixed
under 6 percent and that was confirmed by my bank mortgage advisor.
owen can you talk about the new zoning in Vancouver. I just doesn't make sense to me. on 4400sq lot you can now put up 4 units. But don't new homes that are being built already have 4 units, main house, legal basement suite + nanny suite and laneway home. Also with the new zoning are is the owner able to sell each one off. I know on the 50 wide they can.
Stay tuned.. next Tuesday i will do a video on the new multiplex zoning in Vancouver.
that's good
Doesn't the NDP realize that small landlords provide most rental units for the population?
good point, I guess they don't or they'd allow bigger rent increases
I don't think the BC NDP pays much attention to reality.
Hi Owen,
What do you think about taking mortgage from credit unions?
Some of them have a lower rate than the big 5.
way less hoops to jump through too, in my experience
Owen what do you think about some of the Oil stocks like Cenovus paying 18% dividends with the Global demand at highest in history and Saudi Arabia wanting to see barrel at 90 to fund futuristic 2030 plan The line and Cube ext, also China has increase Oil intake 25% Is it time to think outside the Housing box and get into the Oil Boom dividends? As, Oil might even hit 150 a barrel in the near future!
Not a huge fan of commodity companies like oil. Price takers instead of price makers. That said i bought a small amount of SU about 2 years ago. I have owned small position in XOM for about 8 years. Don't think that 18% yield in Cenovus is sustainable?? I also own ENB but again small positions. You're right lots of potential moving forward but i'm happy sitting it out and investing in other areas that i understand much better and are not as volatile and speculative.
@@OwenBigland Thanks Owen greatly appreciated! All the best!
Gigitty
Nothing wrong with a high minimum wage - in fact, should be aligned with the actual living wage of a city IMHO which for Vancouver would be about $18 per hour. This would of course increase renumeration for everyone else but might address the labor shortage.
crazy. I worked for free when I was starting out in the trades, just to learn from the best. I'd work for free for Owen too
may I follow up saying I now make exponentially more than minimum wage
No then no incentive
18$ /hr Seriously ?? Business people I know shake their heads.. claiming it takes 24$ /hour ...to get ANY responses to job adverts.
jeesh, an entry job isn't for paying rent, it's for getting experience and moving up in the labour class. Incentive isn't always financial. Some of the best mentors own Tim's, McD's, Plumbing Co's, Drywall Co's etc@@barenekid9695
✔Owen ! For Vancouver the bastards responsible for the current situation have names: Campbell, Phillips
Volrich, Harcourt, Owen, Sullivan, Robertson, Stewart
Why do you stick to an economic analysis and not a political one?
because he's a real estate agent and not a politician.
he'd be a good mayor@@gorancyvr