We talk about everything Real Estate, the Universe, and Everything in Victoria BC and Vancouver Island. Stay up to date with market updates, industry and policy changes that affect buying and selling real estate. Do you have more questions about real estate in Victoria? We are both happy to help you with all of your real estate needs. Feel free to reach out. Sign up for our weekly Newsletter to stay up to date eepurl.com/iwctfE Patrick Novotny, Realtor, eXp Realty Call/Text 250-858-0288 info@patricksellsvictoria.com BJ Brahmachari, Realtor, eXp Realty Call/Text 250-415-8667 bj@victoriahomesell.com
9 years ago, after getting divorced and getting 30k of some of the ex-wife's IRA, instead of floating this to my IRA tax free I decided to take a huge penalty and hit of like 30% and owed the IRS 14k as I banked the money, paid off debt, then put a down payment on a nice condo. Thank god I did as this same place has more than doubled in value and rents are crazy. If I did not buy 9 years ago (IRS paid off now) I would be living with three other god knows who roommates and not happy. This is Massachusetts. Prices are nuts.
Exactly which market are you referring to? Toronto condo pre-sale market? Sure. Single family homes in Toronto… umm. No. Fact is you’re still better off buying property over the long run vs renting.
Love hearing your opinions and insight to the Victoria market. I may agree sometimes and disagree others, however I do like tuning in to see what your take is on your latest episode. I also watch Jon Flynn, Bald Prairie real estate, and a couple guys out of Vancouver. But I watch your channel for local perspective. Cheers guys.
Good things are coming. Fast. Inventory is growing up in every single city. And I am doing business in over 30 cities in GTA and surroundings. We are on the right path. Follow my account for real information, daily.
How about condos that sold at $1500-$2000 a foot that at best is worst $1000. Do you think that might be just a bit of a problem with 100k condos being completed in the next 3 years? Maybe
30,000 condos out of about 220,000 completions each year. It's about in line with historical completions. Developers do not typically build without having a certain percentage of presales done to get financing anyways, so there might be 60%-80% sold before the occupancy. Will there be some deals that collapse due to higher interest rates, yes of-course and they will be in the headlines.
That's a good point. Perhaps with an influx of population more jobs will be created or in demand. Perhaps with more remote work it is possible to move without having employment in the new location.
Just got my E2 Visa approved last week and heading down to Florida on Thursday ❤ Canada is far from what it used to be and the future is only looking darker. Sad times.
I hope the Canadians moving south are investing in kevlar, I refuse to move down there unelss something is done about the gun violence problem and the health care system.
Canada fuck up since maybe china tell truro what to do. Everyone remembered the last time he met xi Jim pin the evil Jim said to truro . This is not what we talk
There is no way 70% of Canadians have left Canada...where is your proof and statistics??? We would have a massive amount of housing if that was the case. The population of Canada is 38.9 million. Only 800,000 people left since 2020 and most of them were probably retirees going to sunny Florida like my in laws. I only know 3 people in all my neighbors, CO workers, friends and family across Canada who left for the States over the past 20 years. These is NOT reporting the facts.
@@XD-te6vj No these are 14 different families. I know it because one of the agent I know did their paper work, tickets & accommodation in South America. I had plans to buy some property in Nicaragua but then it became expensive due to recent migration from Canada.
Just my two cents, I believe majority of those who left Canada will come back again, after their emotional surge has faded away gradually. Afterall why they chose Canada in the first place? I'm pretty sure they weighted everything and housing was only one of those things they thought about before making the decision.
I would suggest many people left because of the political climate in Canada. Millions of Canadians were demonized by their governments in the past 4 years or so. Many of those people changed provinces and some left for less tyrannical political climates. So many parameters why people decide to leave. Good info, cheers.
less tyrannical...wow. you people have zero clue what tyranny is. Plus, united shithole of america is far from a good place. falling for trump bs will teach you.
Wage inflation, service inflation, shelter inflation, among other measures is still too high. In fact, shelter inflation is higher now than it was a year ago. They cannot cut with that, without costly effects that is ...
This year is not going to cut rate. People need to wake up. Canal's Federal Detit today is $1,220,029,544.571 39 and GROWTH OF DEBT PER DAY $109.863.013.70.
Total rock and hard place is the b.o.c. s position. Canadas economy is totally shot.. at best they can provide 20 years of stagflation keeping it where it is.. lower and you will get hyper inflation. Raise and it woll wipe out the entire housing market which needs to be done frankly.. if the later happens it will it will save the dollar and your house will drop 75%. I cant believe anyone believes a damn word of the stats they spew
If the market can tolerate historically normal interest rates, why would Tiff drop rates? Central bankers need ammo for the next crisis. Only reason to drop rates is if the next crisis is on our dirt step IMO.
War. If some major escalation happens in Europe, Asia, and the Middle East, money is needed to finance, and the military/government can't finance those with high interest rates. So they will amp up interest rates before massive financing is needed, which is now. Then when money printing starts it will be used to finance wars but at the same time economy will be supported with lower interest rates. I think at this point in time it is safe to conclude war escalation will happen in the following years.
too much fake news out there... lowest per capita GDP ever is not a strong economy. employment growth?! replacing fultime jobs with part time? government jobs? all lies. rates needed to lower long ago. any change takes a year to kick in.
No amount of supply can satisfy the market demand when the system favors the overleveraged HELOC borrowers and BRRRRR investors. The come-to-Jesus moment for overleveraged people will be their mortgage renewal dates in 2025 and 2026. I will let them meet the lender first and then I will buy. BOC policies have reduced the number of first-time buyers and I think the only way for them to regain affordability is to keep rates high for a long time. The market is still asking for pandemic era price and sellers will not realize until they go for renewal.
