The Game Has Changed! Vancouver Real Estate 2021
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- Опубліковано 15 вер 2024
- Living and owning Vancouver Real Estate has changed a great deal over the past 25 years. In the past an average wage could still buy you a home in the city. Now earning an average wage will only get you a small condo in the suburbs. All is not lost however. Thanks to technology there are opportunities all around us to elevate our incomes well into 6 figures. As always the first step towards success starts with your attitude.
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
MACDONALD REALTY WESTMAR
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2018 - 2020 Medallion Club Member. Top 5% of Greater Vancouver Realtors
2018 - 2020 Macdonald Realty Westmar - Top Producer in Annual Sales
2017 - 2020 Macdonald Realty Westmar - Outstanding Performance & Achievement in Real Estate Sales
VANCOUVER BC HOMES & CONDOS
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I work for an FI in Canada for 20+ years. What I see is that wealth is not built based on income but on how well you plan and how discipline you follow your plan.
I’ve seen 2 professionals making over $400K combined and still living pay cheque by pay cheque while a 2 avg income family of $100K owning several houses & have over $200K in RRSPs.
Vancouver is a lifestyle city and if you are not discipline, very easy to fall into the paycheque to paycheque trap.
Agree 100% and have done many videos on this. Your earning power is only half the equation. The other half is paying yourself first and putting that money to work. To work is not in a GIC or bank account. It's in assets that can create substantial long term capital gains and even better assets that pay you to hold them. RE & equities are the two best by far.
You know it's gonna be a productive day if you start it with an Owen Bigland blog.
Thanks Sharanpreet.
Thanks Owen. I am one of those millennials you talked about. My wife and I are both professionals that have been in the workforce since graduating. We have always been very disciplined with our spending and have accumulated a good sized investment. Bought our two bed condo in 2013 and sold it last year for significant gains. Got ourselves into a detached home early this year while the mortgage rate was crazy low.
thats nice, I graduated in 2018, and the condo price just jumped +100% from 2017 level. It is indeed more difficult to hop on the property ladder post 2018. Finally bought a 1 bed in ghetto surrey for 370k this month.
This really is a golden age I believe in terms of opportunities for internet based side hustles etc. I started selling products on Amazon a few years ago, working on it outside my corporate job. I have generated $ 200k+ in income in about 4 years , working on it 5-10 hours a week. I know a local guy who just sold his Amazon brand in the beauty products niche for $ 3M usd. He is 30 I believe. He is an outlier but the point is made.
Wow That's fantastic Tmac. Nice work!
Teachers, RNs, Paramedics, and so on are definitely underpaid, and it's a sad reflection on what society values imo. These jobs are needed in any community, and they should be compensated fairly! I know I wouldn't want to lose people in these professions because they aren't being paid enough to stay in the city. Sometimes the status quo is B.S.
Agree. I have said several times on this blog that i would love to see the City of Vancouver provide some kind of housing subsidy to keep these people in the city where we need them. We are currently pumping half a Billion into the Downtown East side so we must have the $$$
Thank you so much Owen. I watch your vlogs every week, and I couldn’t agree more with your opinions!
You're welcome Thanks for watching
As a realtor myself, you hammered the nail on the head. Best time to buy house was 50 years ago, next best time is now.
👍 Thanks for watching. Happy New Year
Really informative & useful blog. Thanks for the great content! Owen Bigland: Always very consistent, and you stick to your word!! Keep up the good work!! 🙏
Finally someone who makes sense...key takeaway folks, the past is the past, we gotta deal with the present market and its conditions
👍
I think it’s important to note that a lot of these young people are getting help from their parents that have capitalized off the price increases, not to mention that interest rates are artificially low. I’m a young person and am not getting help from mommy/daddy. Ive been literally saving since the day I had a job. But I’m holding off until interest rates increase because I’d rather buy when rates are higher and prices somewhat lower to a reasonable figure.
The vast majority of the young buyers i'm working with in Vancouver are not getting any help from their parents. As a matter of fact many of them have an annual income that's higher than their parents.
Owen, I really enjoyed this video. I know it was created based on the hundreds of comments I'm sure you've gotten over the years including my comments in an earlier video. I still think we are conflating two arguments:
1) It's still possible for young people to buy Vancouver RE today
2) It is just as easy today as it was 20-30 years ago
I agree with #1. I still respectfully disagree with #2.
I respectfully think we need to compare apples to apples otherwise what's the point of comparing? You keep focusing on the high earners that you work with (low earners obviously won't be working with you) which supports #1. It doesn't support #2 unless you're saying "Vancouver RE is just as easy to purchase today than 30 years ago if you make 3x the average income". That changes the comparison drastically. If we're not comparing averages but solely focusing on the high earners, then it's a meaningless comparison.
It seems we may be arguing a technicality so let's just agree to disagree. I'm not sure if you have kids, Owen, but I wanted to comment that I definitely don't set my kids up for failure. I give them essentially the same advice you are giving (which is fantastic advice), without suggesting they have it just as easy as I did. That's it.
I still enjoy your videos and look forward to them every week!
@Am ir hey sorry for the late response as I hadn't received a notification and forgot about this comment. You have the right positive and optimistic attitude so keep it up. A comment about what you said regarding "As for the tech workers etc. that you refer to as "top earners", that's actually an average youngster in today's society!" - sorry that is wrong. Look up the average salary on stats can website filtered by age. Just because your close friends make 150k doesn't make that the average.
Your thoughts create your reality. For those that wake up to this their future is limitless. Great spiritual teacher...keep preaching Owen!
Agree Thanks Cam
If the mentality is “It’s too hard” your mind has given up on it. But if it’s “How can I?” Then your mind starts turning and solving. This has been huge for some of my challenges.
Agree 100% In the words of the Great Frank Zane " The only person in your way is you"
Inspiring video, thanks so much Owen!
You're Welcome Thanks for watching.
“Whether you think you can, or you think you can’t - you’re right” Think negative, get negative results. Think positive, get positive results!
True
Owen, thank you for this video. Very inspiring and provides a fresh perspective. I am in my late twenties and just getting started on buying rental properties in Richmond.
Fantastic! Thanks for watching
It’s all about manifesting it in your brain ! Stay positive and just go for it ! Keep on trooping away ! And indeed your attitude will change! It works !
Thank you Owen again , with coming out with that positive attitude for all to hear and see ! The young must take note however and find out , that the proof will be and is , in the pudding !
Well said!
Another great video! You preach the right way to grow wealth.
Yes! Thank you!
No matter how great the city is, Vancouver is definitely over priced currently, which you think is not. Thinking positively is a good point of view but you still have to be cautious if you are buying now. All the low interest rates have already been factored in the prices!
Always the straight goods from this guy .
Thanks Owen.
You're welcome
👍🏻 set your goal, stay positive, work hard for it. Thanks Owen.
Pretty simple formula.. Yet it works so well if you give it some time.
That "cocoon of sorrow" that blames everyone else. So true
The media just keeps the cocoon growing. On the positive side it lowers the bar for the optimistic, self motivated and ambitious ones to succeed.
Like you said, the best thing you can do is tune all of that out, stay positive and work hard.
I’m an immigrant to this country and I just bought my first Vancouver property this year, after years of working hard, building my skills, learning to become valuable and learning to leverage financial markets. All the tools are there for those willing to use them.
Canada is a land full of opportunities for those who know how to use them.
Owen, don't you think you're biased given your exposure in Vancouver real estate?
LOL I'm also bullish on about 30 or 40 other cities just like Vancouver. Not sure why you feel i'm biased.. as a matter of fact i'm the only person i'm aware of with 35 years experience commenting on Vancouver RE that gives you the unbiased truth on what buying and holding Vancouver RE will do for you. I'm also continually pointing out that RE corrections are common in the short term so don't try and speculate short term on RE . Timing markets is a muggs game. Instead buy your principal residence sooner rather than later and hang onto it. Pretty simple formula i preach here.. no bias involved. I highly recommend you spend a few hours and watch some more of my videos to see what i'm talking about.
@@OwenBigland Oh, I've been a fan of your show for many years. Just thinking not every homeowner will have the same investor's mentality, as a home for most is just a shelter, things happens, work changes, situations in life can change. A wrong decision at the wrong time and wrong location can easily lead the homeowner with unbearable loss. I was hoping you can reveal more of your professional insights about metro Vancouver real estate from all angles, less of telling people just to buy anything they can get their hands on. Thank you very much Owen😀
yes it's obvious owen opposes socialism (which is fair) and that is a form of bias
Great ! The real Bigland is back with great experiences & advices !
😀
A 40 foot standard size container (cabinets) shipped from Guangzhou to Vancouver, before covid cost 4200, now the same container with same product cost me over 22k, I could build you a 10feet x 10feet kitchen for 8K before covid, now twice the price! So, how can the real estate prices drop? No way…. It’s gonna keep going up
God bless you for telling the truth
Thanks Owen! You’re fantastic!
My pleasure!
3 kinds of leverage -
1) Financial leverage( Like Real estate/Deravitives)
2) Technological leverage(1 youtube video/tiktok scales to 8 billion people vs singing/doing your act on the street corner)
3) The emerging super cycle cocktail of Financial + Technological leverage(Bitcoin/Ethereum)
BTW- These young 32 year old Amazon/Microsoft engineers are relocating to Vancouver from Seattle with 300k/USD Salary+Stock options and that's of 1 income. If it's a DINK then it can be more.
The difference is you're competing globally now so you have to be the best at what you do.
Agreed, but your last sentence is very telling. If you now have to be the "best" and you can no longer be "average", I'm not sure that supports the notion that it's just as easier to buy today than 20-30 years ago. For reference, many average income earners or even minimum wage earners were able to buy a detached back then. Nobody had to be the "best".
Agree. Thanks for pointing this out. I have done several videos on this. I understand that Vancouver is at the top of the list for many of these Engineers working at the big Tech firms. This is why they are opening up and expanding their presence in Vancouver. I did a video on this last year. Vancouver is the carrot they are waiving in front of the talent. Come work for us. You will start in say Seattle but after 2-3 years we can transfer you up to Vancouver. Vancouver has the lifestyle that these your talented workers want.
As i said in my video a job that could buy you a house 30 years ago is not going to cut it now... in todays economy that's average.. Don't shoot the messenger i'm just giving you the cold truth. However as Tiger Fang points out Vancouver is now attracting highly skilled TEch companies. Who are hiring engineers at very high annual incomes. These incomes are able to save for the down-payments and purchase RE in the city. As i also point out in my video it's not only Engineers working at Amazon or Microsoft. Technology has allowed people of all ages to earn 6 figure incomes. They are now the ones who are buying RE. The old economy jobs have simply not kept pace with RE prices.
If i was on the outside looking in i and wanted to buy a home i would be getting myself aligned with these high paying careers.. Pretty simple. The ones who find it harder now than it was 20 years ago are the ones who have not kept pace with the changing job landscape. Is it fair???. Times have changed. Life , jobs, companies, economy are constantly changing and evolving. The successful ones finds way's to adapt. The ones that don't end up like Blockbuster video!
@@marklee4877 It's also a lot easier to find a niche globally at something you are really good at and interested in and find a nuanced audience of loyal overzealous patrons and supporters of that niche. Things that you may not find in real life communities for hobbies that don't really make money offline. ( Russian dog grooming content )( I don't understand the passion behind many of these myself but there are people who are even successful at seemingly mundane things like watching people eat, watching people study that have millions of viewers. Like a traditional business it's about building a network, a loyal audience and fine tuning the craft over time. The difference is technical leverage gives you global scale. And then there are things that everyone needs like the best math teacher in the world needn't make $100k teaching 100 students. He can make $5M teaching 8 billion people.(like Salman Khan at Khan Academy) There's a 8 year old boy (Ryan) who shows toys to kids on youtube that makes $5Mil a year. The opportunity of abundance is much bigger than most people think and this momentum will only get supercharged with digital native internet money seemlessly moving around the internet economy.
Excellent information ! Thanks Owen
My pleasure!
Awesome stuff!!
Thanks for watching.
thank you for speaking the TRUTH! it seems so dreamy when people look back at the numbers "i bought a house for $178K in 1990" but in relative terms, its just as hard or as easy today, based on all the things you are saying. im a new realtor and a brand new youtuber, please tell me: do you get leads from your youtube channel? do people reach out to you to ask you to be their realtor? thank for all the great content ! 😀🌸✅📈🐒
Thank you! You are right about this.
Thanks for watching!
I definitely disagree with you my friend. I’m in the USA and our American dream is over. My grandparents were average wage earners and ended up muti millionaires. The deals,the opportunity’s by banks aren’t there,do not exist anymore. You need lots of money to make money today, that wasn’t the case back then.
I will definitely disagree with you too my friend! American dream is far from over. As a matter of fact the opportunities for success today are far greater than they were 20-25 years ago. Now of course if u think it's much harder and the dream is over... it will be for you. Your attitude will determine your success in life.
The only one getting in your way towards success in this world is you! Lot's of people have already lost the game before they even take the field.
@@OwenBigland I love your positive attitude and outlook but these young kids and retirees are screwed. People with little education don’t stand a chance, the system is against them completely. Thank you for your reply and your bright outlook on economical future.
I live In Tennessee. My wife and I visited Vancouver 5 years ago. Very impressed! But even then I noticed the cost to live in Vancouver.
Sounds like you have a nice set up in Tennessee. I have visited Nashville on several occasions. Fantastic City... very friendly folks!
Great Video Owen, Big picture stuff
Thank you.
Bang on Bigland!
Unfortunately for most, in one ear out the other.
You're right but i'm happy if i can reach and convert a few more.
Very good speech, reminds me of the book i am reading right now haha... Stop giving people power, when you reply to their negative emotions you are empowering them not yourself.
Good news doesn’t sell newspapers !
Thank you! Awesome blog!
Glad you enjoyed it!
What if we studied other streams other than Computer. Only 5% of population will be doing ecom and Computer jobs and its not possible for society to function if everyone is doing these jobs.
100's of other jobs and careers that can generate a 6 figure income.
@@OwenBigland so what about teachers , public servants, cops, retail employees, restaurants business and several thousand others how society can survive if only highly paid people can live in a city.
Great vlog as usual
Remember when bill was telliing everyone in 2016 prices are down and will continue to fall? Well now condos are up 15% and detatch up 5% since then. Now his followers in his group getting upset with him lol
You can teach a person many things, but it's difficult to teach someone a good attitude.
Glad you enjoyed it
Platitudes aside, why not offer those teachers, nurses and so on concrete advice for getting into the market? For instance, four young teachers in their late twenties pooling their cash, buying their first rental condo collectively, using equity to repeat the process multiple times in five years--presto! they now all own their own condos and are benefitting from that equity no longer collectively but individually. Telling nurses and teachers to move further away; saying that technocrats are buying big--please offer some practicable tips. Thanks!
"Success in life is all about your attitude" Totally see this in the policing world. Doesn't matter how good or bad you had it growing up, if you have the right attitude you can do really well in Canada. If not I end up arresting you over and over and hear the same excuses at how it's everyone else's fault.
Agree. We are blessed to live in a country as great as Canada where success is yours for the taking.
Great stuff!
Thanks Brian
Do any of the comments that are not considered (by most normal people) to be trolling and are constructive in criticism get deleted or hidden? Sure looks like it, keep drinking the kool-aid!
Looks like they quietly slither away because they can't handle the positivity and highly useful information that we get here. Personally I'd rather drink this delicious Kool-aid and reap the benefits, versus drinking the poison that some people spew out there.
Great video - what do you think about using a HELOC to get more real estate if you already own your principal residence?
You need to be careful that your not taking on too much leverage. Generally the banks want to see new capital for the 20% downpayment on a conventional mortgage. Might be able to use 5-10% of HELOC $ for the conventional mortgage , depends on how much equity you have in your principal residence. Only your mortgage rep can advise you on this based on your individual financial situation.
I 89% agree with you. Especially on the motivational front. But there is no question that our age group were very fortunate to be able to accumulate assets had lower ratios
Are you seriously telling me that the March lows of 2020, only the people of a certain age group were able to take advantage of?
Owen, I respect your content, but I have to disagree with some of your statements here!
I remember back in early 2000 you could get a mortgage with almost zero down and no proof of Canadian income required! Where is that now? Most ppl cant even get an approval above 1 million even if they make more than the average house hold income.
I bought a condo in downtown vancouver back in 2005 from a company that owned 25 other units in that building and when panama paper leaked the company name was there among many others. So, I can tell you from my own experience that vancouver is the money laundry capital of North America and it plays a significant factor in Real estate industry! Criminals of all backgrounds find vancouver to be a safe heaven for them. I can contniue this forever as I work in this industry and i see how people move money around!
I do no recall a time in 2000 or anytime for that matter where the Canadian banks would ever allow you to buy with zero down and no proof of income.
@@OwenBigland if you had income outside of Canada banks would approve your mortgage. you would only need fraction of downpayment lets say 5% that's literally zero compared to the situation now.
Definately dont look 54
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great great video
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You should be stat a TV and show how to make money on real estate!
35 years ago, Owen, you just expose your age 😆
In china, this mindset is called "neijuan" means one person works 100 hours per week, the other one work 200 hours to cut it. Pointless and more hard work to earn the same money.
Hmm... big cities, i think they should pay higher salaries even to "lower demand" jobs.... otherwise who is going to serve your Starbucks coffee??? I feel like SB baristas are getting lower standard each year. Maybe warehouse workers, delivery guys, everyone who is needed don't feel motivated or productive enough....
Sure not everyone can be rich, but i think people just want private roof on top of their head no matter where they live. If they can afford to rent 1-bed condos or 2bed room condos, should be cool but they cannot even rent 1 bedroom themsleves... Remember 6 years ago went to DT apt, and they had 9 people living in 3-bedroom apt, all adults working for minimum wage jobs. Crazy.....
The sad part is, usually big cities have more job openings so.... I feel bad how negative and divided Canada is becoming. Who knows, after a decade or two, we might have complete socialist government elected by majority people who cannot afford or inherit house from parents. They might vote for what happened in China long time ago, steal land from the rich and distribute.
I hope my condo 1 bedroom can be used as leverage or become rental units once i get married.
It’s simple to debunk really. Your home is only worth what someone else will pay….and people are paying.
Also, the guy your talking about is doing his children a massive disservice. Imagine the effect it would have on a young mind to be told “don’t bother son, it’s too hard.” What an absolute clown and border line child abuser.
This is exactly how the new breed of low info envy voters are born who do their best to bring everyone down to their level. Crabs in a bucket.
Not sure who to blame, Owen for not fully understanding my comment, myself for not being ultra 100% clear since the internet likes to misinterpret things, or you for jumping to conclusions. Here was my original comment in his "Committing to Success" video:
I don't tell my kids "I had it just as hard as you". I tell them it's way more difficult today but you'll have to work harder and smarter, get creative and find ways to make more money, which is the same as your advice. I don't insult them by suggesting that it's just as easy today.
Perhaps I could've phrased it better in the UA-cam comment section but my point was that I tell them they have to work hard and rise above the rest, exactly what Owen's been saying. I just don't tell them "I had it just as hard as you" because my kids (mid 20s) are not stupid. They've always commented on how "Uncle Ben/Aunt Myra were able to buy a detached back then when they were making minimum wage". They are not stupid, they KNOW you can't make minimum wage, hell even an average wage, today and buy a detached. That's why I don't tell them it's "just as easy" because that's literally dismissing the real challenges that come with a large income to RE price disparity. I do, however, encourage them to work hard, be creative, and find ways to be successful and that it can certainly be done.
Your last sentence really shows your maturity level. Thanks for jumping to conclusions.
But all you do is tell us the facts.
How dare you.
😀
First
Nope