Headed For A Buyer's Market (Not Clickbait)
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- Опубліковано 27 бер 2024
- Today's video is a bit of a long winded ramble about the current Surrey and Fraser Valley real estate market. Listings are flooding to the market and Buyers are retreating. Sellers want too much money and First time buyers trying to enter the market have all but disappeared.
So... does this mean we are headed for a Buyer's market?
It's starting to look that way.
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Which way do you think the market is headed?
balanced to buyers
Lower
Multi-generational living?
I’m very biased. Been crying “wolf” for the past 15 years:). So now I’m only watching and listening:), no forecast😅
Down to hell?
A lot of us are waiting for a huge correction. Not because we are wanting people to lose money (equity) but because housing is unafordable.
It's affordable for those who are buying it.
@@SteveKarrasch
Which is smaller amount of people than the amount of people that are selling it.
Says the realtor.
Affordability is a simple equation, income vs average cost of home , and that has been insane for over a decade
Investors have been stopped dead in their tracks, which has killed the rest of the real estate momentum. When you hit a wall, there's no way to push through it.
PUSH!
Not even close. 2008 it took 4 yrs to change direction. Canadas market is five times as pumped as that market.
Easily 75%reduction if not more
95%
I hope for the sake of my kids you are correct.
105% reduction.
Free house
People ignored the examples in recent history. I frankly think it was a central banker test run. The creature from jekyl island is a good read people
I like this style of video best !!!
No flashing memes , magnifying in and out.
I like serious talk over flash and glitter 😊
Cheers
Thanks. I'll mix them in. Also, check out the podcast.
I haven't watched one of your videos in a while, but it's great to get that update. On an other note, I am one of those first-time home buyers on the sideline.
Have a 20% down payment. But the math doesn't math. Prices and rates are too high. My rent is cheap compared to buying. And this whole thing smells bad. It smelled bad in 2021-2022, when I was getting ready to buy. Decided to stay away from the insanity.
At that time, companies were hiring lile crazy, giving huge bonuses and salary increases to get new talent. One of my friends got offered a 40% pay increase to move to a different company! Now, 2 years later, my collegues are getting laid off. Things moved fast, it's a little scary.
All that to say. It smells even worse now. I'm so glad I didn't buy a home back then, I would be so stressed out right now with a mortgage on my head.
Currently waiting until 2026 to see how things pass, saving up good money in the meantime. Cheers !
You will wait too long.
@@SteveKarrasch Maybe! But it's fine. Wether I buy this year, next year, or the one after that... On the grand scheme of things, 2 years is nothing. I won't fomo into buying something, I want to be safe and ready (and happy!) when it happens!
@@marlaoutatsgamingcollectibles Ditto, not going to be FOMO into buying. I think those who did will regret it soon, if not already. :c
I kinda agree. I think everyone is exhausted. Happy Easter.
Just another day in the oil sands.
Greed has gone too far. I expect things to continue to slow and to be fair homes across the country are highly overpriced. Canada will be in serious economic trouble unless things dramatically cool down, and fast. Once the recession hits, renewals explode and people start losing their jobs, repos will increase supply, causing people to wait for better and better deals and further decrease in prices. Here's hoping my kids and yours can afford their own home 5 or so years from now.
I hope my kids can by at 14 years old too.
Appreciated the video. Thanks and enjoy the long weekend.
Thank you too
Fortunately he will be back on Sunday Morning
Just gonna say it...I very much enjoy the unscripted unedited style. Obviously it doesn't always work, but would like to see more when doable
I always respect your forecast …always bang on
Always, not always.
Good realtors like yourself will always have lots of work. I imagine price drops would help get things moving again and help increase transactions. I think with the new rules coming in , new immigration changes and boomers selling their houses there are a lot of forces that could over correct. I bought a detached in 2016 in Kelowna and am really feeling the payment shock of renewal now but will manage. No vacations in the horizon lol . This is why I think the economy will struggle. Housing is sucking up all the income right now.
"You're going to regret not buying in December"
-Steve Dec 2023
Nice work I like the transparency
See through 👻
Interesting metrics perspective on perceived sentiment. Kind of scary that it's happening in the spring. Thanks for sharing.
😱
Happy Easter and Good Friday
You too
Great video, Steve. Happy Easter!
🐣
I'm here for the comments, and to debate left-wing radicals
Fan of these unedited videos,they flow nicely
🙏
Maybe unpopular, but I really liked this unedited open discussion with your viewers. Good job 👏
🎬
There is less interest in RE because we are in a depression.
People who had hope about RE are now depressed and can't participate.
People who bought at the peak are depressed as they are cash flow negative.
People who are wise are staying in their parents' basement are saving up to leave Canada for a better life.
And go to? Every single western country have the same problem
Immigrants will return to where they came from. Educated professionals will go to the States or Europe. Boomers will retire abroad. @@igboman2860
It's interesting to see the contrast in different regional housing markets. I'm still baffled at how it is in Calgary now, feels like Q1 2022 with less inventory. Last week a seller rejected my offer because they'll only consider unconditional offers that are over ask, it's nuts
Wow!
You already own a home. Why are you bidding on more homes? I know you. Hopefully your unending greed comes back at you
@@WizardHarry69
Thanks for the kind words, best wishes in your endeavours
Was in Florida and you can feel the change the reality that these florida houses are not worth the money is setting in. I was in Orlando and realized Orlando is just a swamp without Disney. There is just noting there without Disney. Also those rent prices are coming way down so the property values are following as well. The locals can’t afford $2700 rent
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I enjoyed this format of video! What tool do you use to record yourself + share screen (with small video of talking head )
Appreciate you
OBS for the win
I live in the Okanagan. People are listing houses they bought at the peak in 2022 for a 1 million at 1.3 million. None seem to be selling. What is going on?
I'm in Kelowna and I've seen it too. I think they're trying to get out of mortgages they can no longer afford and they're pricing based on trying to cover what they owe on their mortgage plus penalties, realtor fees, closing costs etc instead of actual market value which is why they're sitting on the market. I'm assuming reality will hit eventually and they'll just have to suffer the losses...
K-town!
The houses in Kelowna they paid $1.3m will sell this summer for maybe $900k if they are lucky.
I don't think that is luck.
that is called market fluctuations. Hang on until 2033 and they will be 1.8M@@SteveKarrasch
LOL Low balling durring a slow market is how I got my current house in 2018.
2018 was a good year to buy, it just didn’t feel that way at the time.
Steve, have you watched the Michael Oswald documentary, The Princes of the Yen ? We were in Japan a year ago to visit a family member and that family member had purchased a really nice, solidly built house for $100,000.
They have a little different immigration strategy in Japan.
This is true, but my understanding is that bubbles and central banks are global.
It would be very useful if at the beginning of your video you would mention which market is slowing down, US, GTA, Vancouver? Ty
Welcome to the channel.
Thanks for the update Steve. I agree a bit more normalcy is a good thing. I’d be happy to never see another 2021 frenzy again in my life, but I guess a realtor could have another take on that. hah
We don’t like markets like that either.
Noticed the same trend in Kelowna, listings are rising fast
This is the way.
Yes hop works
I'm looking in Toronto for a detached from a detached in a better location, but it real feels like a "wait and see" situation. 1.5 for wha you get seems like a joke.
Detached in Toronto is still hot from what I hear.
Only thing i like to say realestate is all about patience wait and watch the trend. Always invest in land if someone can afford bcz structure value always depreciate. Always Check future city zonings what is allowed to build on land or house you are going to buy . Same as TOD introduced by BC govt. Now what happen for landowners around these transit areas of 200m-800m in just blink of whole situation is changed. "Invest in land invest in future"
Great video as always. Keep up the great work. I am sitting on the sidelines with a $1.3M cash deposit. I still can't afford the house I want even though my wife and I make well over $200K a year. I am looking at houses that are 20-30 years and requires extensive reno or a brand new one that is approaching $2M on a 6000 square foot lot. It is very discouraging. That is not a mansion - just a nice house in the 'burbs that blends in with the others.
None of us can afford the house we want.
At end of day materials and permits are 50 percent with greed as well so 20 percent drop unlesss market failure on top
I agree with you Steve - however, most of the listings aren’t good properties. The good ones are getting scooped up in the GTA…
They aways do!
Doom porn seems to always have an market? I guess other people like hearing that someone else has an shitier experience
I'm glad I just made work optional for my wife in 2024 thanks to owning RE for the last 15 years, now I'm working on eliminating my jobs one at a time, starting with the need for my Sunday moonlighting job, then my side hustle, then my main hustle. Damn, I love RE.
Yeah, I've seen a lot of schadenfreude once we got into the 2020's
Very good video. You should start an unscripted podcast.
Can you find me a co-host?
🙄
I hear double subscribe Don got the boot from CRES@@SteveKarrasch
Triple subscribe to TTSS
Honestly I say it has to come down prices arent matching peoples incomes across the country but who knows wait and see
Prices have no need to relate to incomes.
@@SteveKarrasch that's where we would disagree but we both have a right to our opinions
You are correct about 2017, sure was a mad house, win out on a place no one wanted. let see 2.0 2024
Let’s see.
Nothing over 2 million is selling
Nothing?
I have to say, if only there would be a crash to
Help those that couldn’t afford the prices. But sadly its a sellers market and i do believe its pretty much here for a while regardless of people thinking the prices are high. Still
Lots of demand and shortage of houses. And people with money willing to invest.
Lots of demand… lots of listings.
Investors over estimated the rental market, and under estimated the renter's power to make your life miserable.
Most mom n pop investors have buyer's remorse. At least the ones I know.
Investors are completely not interested
No renters rights and stricter borrowing parameters are going to slpw things down a bit. I was looking for another investment property in Canada but would rsther ride out some higher interest GICs until I see if they continue along this path of disencentivising the middle class investor
I predicted a few months ago on your video that i will buy a condo newer than year 2000 for 400k or less in surrey with 2 bed 2 bath. You said no. Its going to happen...probably less than 400k but 400k for sure. Btw, i will buy it from you just for fun :)
Still $629+, keep waiting.
@@SteveKarrasch you are lying even on price! There are plenty at 550
Karma man.. Time is your enemy and my friend. It's only going to get worse and worse. Let's wait and see.
Don't you mean better and better? Lower prices are better for investors like me.
Empty unit do show
a friend who wants to sel was told not to put it on the market
I always do what I'm told.
🧐
Economic uncertainty is a bitch on all assets
🧙
I think new immigration caps will.hit market very hard. I wont say it will crash ..it wont rally
capping new immigrants at 1M per year?
Real estate fatigue👍
we exhausted.
I’m retiring in 5 years and hope and planning for a 25% increase by then. I’m thinking 25% is minimum 🤷♂️.
BTW…great synopsis on the market…very realistic
I think you will get your 25%… eventually.
I'm on board with all assets rising about 5% a year on average, and I agree Steve is one of the best
I wonder what this is going to do to the general mood of canada. As mortgage payments go through the roof and people lose their homes are we going to become an 'angrier' nation ?
Or we can stop complaining, roll up our sleeves and get to work.
@@SteveKarrasch I'm not complaining I dont have a mortgage :)
@@Canadian_Eh_I We=🇨🇦
so what ur saying is that i need to go all in on bitcoin
seems like a smart move.
Prices higher then income
I lowballed when I bought my house many years ago. My advice for young folks is to lowball and lowball until eventually one seller will accept your offer. I’m sure there are desperate sellers out there but you have to patiently wait like I did after house hunting for almost 6 months. It’s not against the law to offer a lowball offer.
Hope market dankd
Wait till layoff season starts
NHL or NBA Layoffs?
@@SteveKarrasch employment / jobs
100%
Or more!
Bro.... we have already been in a buyer's market in Canada for the past few years, at least. Especially in big cities. Have you even been paying attention?
Bro.
@@SteveKarrasch It's true, bro.
Price competition is about to start!
It’s possible.
LMFAO ... DREAM ON !... MARKETING 101 : The offers VS the demand... WE are SHORT in house, condo even in renting... SO, your ``PRICE`` competion have to start with ; produce on the market and older peoples doesn`t want to leave ther house and it is almost MORE expensive these days to rent an appartment... than having a house... SO , your ``dream`` NOT HAPPENING. Sorry bud, until the Government decide to lower interest and investor START to build ... AND Justin Trudeau LOWER the `` ILLEGALS``... NOT HAPPENING...
@@SteveKarrasch NO... Dream On. We are in HUGE housing defficit... And NO construction , and MORE migration... JUST and SIMPLY do the maths...
@@DTrent-uy1wl NOT here in the east...
❤
😍
Fewer clients, not less. Grammar.
way less
Support comment 🎉 👯🏻♀️💃🏻
you are wrong wait till July and August rates are going to drop and the mass influx of people are going to drive prices up big time in Ont, BC
That might be.
Hey Karrasch , really nice video ! I was wondering if I could help you with Best Quality Editing in your videos and also make a highly engaging Thumbnail which will help your videos to reach to a wider audience ? Pls let me know what do you think ?
Losing interest. It is sad that you have to work 2 full-time jobs or a job and a side job or business to make a living here. Sad sad place. I bought and I am selling paying condo fees property tax hoa fees etc makes no sense when it takes up your entire salary. This is just terrible. All investors own multiple properties. Depressing.
If you talk to any Indian in brampton they will tell you its amazing
I wonder what Canadians in Mumbai say?
Bro are u actually out looking for houses, because the market is actually heating up again, im out looking for a house and there is a tun of interest
Depends on the market and price point for sure.
Market is only going up from here especially when they lowest the interest rate
@@inferno691
Pump it up buddy.
Less people buy it every day.
Lol
The market isn't going to switch on a dime. Once the Federal Liberals are kicked out in October 2025, things will improve. Homeowners who can afford to do so will hold on to their property. Lack of housing and massive immigration allows for some creative solutions for the die hards.
No worries, Fraser Valley market is bullet proof. Didn't you say Fraser Valley is the capital of Canada 😂
Capital F
We keep brining immigrants, how is that gona help with buyer's market?
Will they buy!?
People can go south of the border and buy for a fraction of Trudeau's market.
Don't forget the exchange rate.
I think the market will come roaring back next year especially with all the new zoning. I’m 31 and bought my first property in 2023 in Kelowna that cash flows 1050$/month after all expenses including property management. I got a 4.99% 3 year rate and I put down an extra 2000$ straight to the principal every month. In 6 months ive reduced a 30 year amortization to 27 years. My plan is to buy another one in 2025 and a third by 2030 and retire at age 41. Try to live off rental income. 🎉
Great job!
I still think balanced for rest of the year.
🤞
Nah, it's going to get ugly. Many people can barely keep their head above water
Pro Tip: I only buy land located above water.