Matter of fact, Steve Saretsky also predicted one rate cut in Q3 2023, but that didn’t happen, and he still admitted he was wrong so respects to that guy as well. Againnn Educated buyers will trust realtors who are not too optimistic and are more realistic in today’s scenario. Thank you for adding value to our lives Nav
It does not matter if you were a little off on your predictions, you still give all of us huge value for our time with every video you make. No one can predict the market accurately.
Much support Tom. The essence of a prediction is the rational behind the prediction. If that was logical. that's nothing to apology. No one has a crystal ball.
Respect , nobody can predict perfectly and good to see someone who is willing to admit it publicly. Just a heads up there are now some 5 yr fixed rates, for insured mortgages, below 5% as of this week just past
You should not stop predicting and then following up on those predictions with the honesty and integrity you’ve brought to the table. I operate the same way in real estate and follow you because I admire you for how you show up and show out! Keep up the great work!
2024 Rate still going to be higher than the past A lot of people with variable mortgage have to sell ( you need to remember Canadian are really good at holding on to their property, many have paid off their mortgages, many fix rate, many have savings, many have jobs so they still can afford their house 🏡 ) Economy is not going be so great but no crash Lack of supply, immigration and pent up demand will keep pressure and stop prices from falling hard. So, we are going to have flat year 🤓 But all depends on rates, more rate cuts for sure would bring more buyers in and vice versa!
I think you should still come out with a prediction anyways. My current call is double digit unemployment. I think sellers hold off on price reductions if they expect future cuts. However this will lead to increased inventory. New builds being completed will also be adding to supply at the same time. Once we get official hard landing headlines, sellers and speculators will try to front run each other. With all the inventory it should help prices come down. Once that inventory is absorbed, we go back to supply shortages as no one is applying for permits. There will be some prime opportunities coming up for those sitting on cash. The higher the unemployment rate is, the better the opportunity to buy.
the only places new builds are being completed are in Calgary and other 'cheap' areas where people aren't complaining about prices...... Van/Tor new builds are down 60%+ and still dropping. sellers/specs that had to sell have already sold.....they aren't waiting for a headline lmao. it's always amusing on other real estate channels that say investors are flooding the listing market cuz they can't take it..... but condos are barely going down (cheap condos still going up as they are the only thing people can afford) and in fact it is the houses that are dropping fast because well they are far more expensive and are far more sensitive to high interest rates.................yet they still pump dem houses and dump on condos.
@@GreenBeanGreenBean about the sellers/spec waiting for a headline. It has happened many times in the stock market before. I realize housing and stocks are different but the psychology of a sell off is related. There have been many times where the stock markets don't sell off until we get rate cuts. That is contrary to what many would believe. You overestimate the intelligence of sellers and speculators. If the smartest people on wallstreet have a hard time seeing it coming, what makes you think that the average joe will? Most people are clueless. Canadians are very gullible and easily manipulated by what they see on the news. There is a herd mentality, I wonder if social media also adds to that problem. You saw the herd mentality during the frenzy on the way up. I am just saying that it could also be like that in a sell off too. Smart people sold/deleveraged awhile ago and are sitting on cash.. They seen what was coming and will take advantage of the fall in asset prices. How many people can actually think for themselves though and do critical analysis? Not many and there is still a lot of speculation/hope that future rate cuts will rescue the economy. Many are saying "just hold on a little longer". When they can't hang on any longer, they will kick themselves for not letting go sooner. Let's see if you find my prediction funny when I'm right again. What other reason would there be for listings sitting longer and inventory building? There is a ton of demand out there, for the right price. Obviously a lot of sellers are still pricing in the lower rates in their asking prices... What don't you get about that yet? Want me to write you a book?
@@Casey-qm1nd You fundamentally misunderstand how many speculators there are, just like people who claim the foreign ban would do anything.....it didn't because there is only a handful of foreigners buying....just like a buncha bear realtor channels that say specs/investors are selling when the thing they have (condos) isn't going down, but the thing they don't have (houses) are the things going down. ..so do I want you to write a book? Nope, because it will be 95% gibberish with maybe 1-2 factual statements. The entire reason that prices are high is because there is literally not enough people spending $$ to build, because costs are sky high.....aka there is not enough speculators, not that there is too many of them.
@@Casey-qm1nd pain?? condos are still 5% from all time highs lmao. in fact one of my condos a similar unit just sold for the most money ever in that building, this was not even a month ago. summer is always slow so you shouldn't try and read any tea leaves about it. dropping a few percent in june to august and then going up in sept and oct are what happen every year.... don't try and cheerlead it. when Apple goes from 20 bucks to 300 at an all time high, then goes to 290..... that isn't pain... lol
We were all wrong about predictions for the Vancouver real estate market too. With the high rates I thought this would be a bear market but it went up and peaked in May and only went down a bit after.
Should I make a 2024 prediction video?! 🫣
Absolutely!
Yes please, it requires courage and integrity to say “i was wrong” we would trust you more than any other realtor.
Please make another video
Matter of fact, Steve Saretsky also predicted one rate cut in Q3 2023, but that didn’t happen, and he still admitted he was wrong so respects to that guy as well.
Againnn Educated buyers will trust realtors who are not too optimistic and are more realistic in today’s scenario.
Thank you for adding value to our lives
Nav
No
Saretsky is BC's version of a RE god. After all he was born and raised in Richmond. The Canadian capitol for corrupt Chinese money.@@exclusivenaf
My prediction is that everyone saying rates are coming down and the market will take off again will be wrong.
Rates will come down.
Market will Stabilize.
💯
It does not matter if you were a little off on your predictions, you still give all of us huge value for our time with every video you make. No one can predict the market accurately.
Much support Tom. The essence of a prediction is the rational behind the prediction. If that was logical. that's nothing to apology. No one has a crystal ball.
These prediction and reflection videos are fantastic. They help show the humble side of your online personality. Keep up the great work!
Takes courage to review yourself esp when you were wrong. Respect!!
Only if our government and elected representatives did this.
Tom I love u because u have courage to accept ur mistakes and learn from them for future.
Respect , nobody can predict perfectly and good to see someone who is willing to admit it publicly.
Just a heads up there are now some 5 yr fixed rates, for insured mortgages, below 5% as of this week just past
You should not stop predicting and then following up on those predictions with the honesty and integrity you’ve brought to the table. I operate the same way in real estate and follow you because I admire you for how you show up and show out! Keep up the great work!
No, no, keep on shoot these prediction videos. They are at least something to measure against to see where we are & how we did.
Great video 👍
Foreign buyers were only allowed back to buy commercial properties this year. Next year foreign buyers will be allowed back to purchase residential.
Not until 2025.
Shucks. Now I have to go back and re-watch mine.
Hmmm, bet you were wrong too. Word has it DonM is getting his RE license.
Your a Cutie Pie..your forgiven ,,and always interesting to listen too...Thanks for all your insights and info...Happy Holidays...
Tom has a fan with a crush
2024
Rate still going to be higher than the past
A lot of people with variable mortgage have to sell ( you need to remember Canadian are really good at holding on to their property, many have paid off their mortgages, many fix rate, many have savings, many have jobs so they still can afford their house 🏡 )
Economy is not going be so great but no crash
Lack of supply, immigration and pent up demand will keep pressure and stop prices from falling hard.
So, we are going to have flat year 🤓
But all depends on rates, more rate cuts for sure would bring more buyers in and vice versa!
Hey Tom , really nice video! I was wondering if I could help you enhance Editing in your videos and also make highly engaging Short Videos for you ?
Hey Tom, really nice video! I was wondering if I could help you edit your videos and also make them highly engaging shorts out of them.
I think you should still come out with a prediction anyways. My current call is double digit unemployment. I think sellers hold off on price reductions if they expect future cuts. However this will lead to increased inventory. New builds being completed will also be adding to supply at the same time. Once we get official hard landing headlines, sellers and speculators will try to front run each other. With all the inventory it should help prices come down. Once that inventory is absorbed, we go back to supply shortages as no one is applying for permits. There will be some prime opportunities coming up for those sitting on cash. The higher the unemployment rate is, the better the opportunity to buy.
the only places new builds are being completed are in Calgary and other 'cheap' areas where people aren't complaining about prices...... Van/Tor new builds are down 60%+ and still dropping.
sellers/specs that had to sell have already sold.....they aren't waiting for a headline lmao.
it's always amusing on other real estate channels that say investors are flooding the listing market cuz they can't take it..... but condos are barely going down (cheap condos still going up as they are the only thing people can afford) and in fact it is the houses that are dropping fast because well they are far more expensive and are far more sensitive to high interest rates.................yet they still pump dem houses and dump on condos.
@@GreenBeanGreenBean about the sellers/spec waiting for a headline. It has happened many times in the stock market before. I realize housing and stocks are different but the psychology of a sell off is related. There have been many times where the stock markets don't sell off until we get rate cuts. That is contrary to what many would believe.
You overestimate the intelligence of sellers and speculators. If the smartest people on wallstreet have a hard time seeing it coming, what makes you think that the average joe will? Most people are clueless. Canadians are very gullible and easily manipulated by what they see on the news. There is a herd mentality, I wonder if social media also adds to that problem. You saw the herd mentality during the frenzy on the way up. I am just saying that it could also be like that in a sell off too.
Smart people sold/deleveraged awhile ago and are sitting on cash.. They seen what was coming and will take advantage of the fall in asset prices. How many people can actually think for themselves though and do critical analysis? Not many and there is still a lot of speculation/hope that future rate cuts will rescue the economy. Many are saying "just hold on a little longer". When they can't hang on any longer, they will kick themselves for not letting go sooner.
Let's see if you find my prediction funny when I'm right again. What other reason would there be for listings sitting longer and inventory building? There is a ton of demand out there, for the right price. Obviously a lot of sellers are still pricing in the lower rates in their asking prices... What don't you get about that yet? Want me to write you a book?
@@Casey-qm1nd You fundamentally misunderstand how many speculators there are, just like people who claim the foreign ban would do anything.....it didn't because there is only a handful of foreigners buying....just like a buncha bear realtor channels that say specs/investors are selling when the thing they have (condos) isn't going down, but the thing they don't have (houses) are the things going down.
..so do I want you to write a book? Nope, because it will be 95% gibberish with maybe 1-2 factual statements.
The entire reason that prices are high is because there is literally not enough people spending $$ to build, because costs are sky high.....aka there is not enough speculators, not that there is too many of them.
@@GreenBeanGreenBeanread the original post. Going to nail it. It's still early too, more pain to come.
@@Casey-qm1nd pain?? condos are still 5% from all time highs lmao. in fact one of my condos a similar unit just sold for the most money ever in that building, this was not even a month ago.
summer is always slow so you shouldn't try and read any tea leaves about it.
dropping a few percent in june to august and then going up in sept and oct are what happen every year.... don't try and cheerlead it.
when Apple goes from 20 bucks to 300 at an all time high, then goes to 290..... that isn't pain... lol
Da ya ! of course, we love them..................... and your channel keep it up Tom !
I will predict the market will be higher next August. I mean more houses will sell then.
We were all wrong about predictions for the Vancouver real estate market too. With the high rates I thought this would be a bear market but it went up and peaked in May and only went down a bit after.
Absolutely, YES!
You're someone who learns from the past; always better to listen and consider words from someone who does!
"Housing experts in Canada" is a punchline.
You will get it right next year
please make a 2024 prediction video
“It's tough to make predictions, especially about the future.”
― Yogi Berra
Of course you need to provide your 2024 housing market predictions...it will help everyone!!
lower lower lower lower
rates sales listings prices
Definitely make a 2024 video so we know the inverse of your predictions will likely be reality
Hard to argue with that lol
Current score
Tom Storey. 11.4k
Steve Karrasch 11.4k
He's finally caught you
What I want to know is who's team is going to make more sales in 2024? Tom Storey Team or Steve's Team?
Tom’s
Dont make 2024 predictions and jinx us again.... JK. No one could have predicted these interest rates which changed everything