I am Kyle Mark, a real estate advisor specializing in Vancouver, guiding Vancouverites through one of their largest financial decisions. Powered by eXp Realty's Luxury Division, we're setting new standards in luxury real estate in Vancouver, British Columbia. I leverage cutting-edge techniques to not only sell homes faster and for higher prices but also to prepare my clients for long-term success. My proven track record speaks volumes, backed by numerous 5-star Google reviews.
🏅 Top 100 Agent for eXp Realty in 2023 🏆 Top 10% of Realtors in Greater Vancouver
I integrate AI for the best marketing, ensuring your property is prominently featured online as over 95% of buyers come from the internet. You deserve more; your home deserves more. I offer a bespoke service tailored to each client's needs with clear, technology-assisted communication and extensive property marketing investment.
Great video Kyle! You should have way more subs by now! I just sold in FV and bought in VW. My experience aligned with your data perfectly - having to pay more in VW and sold for less in FV (when measured as % of last July's assessment values). Keep up tge good work Kyle!
Congratulations on the purchase and the sale and welcome to Vancouver! RU-vid can be a tricky beast to figure out but I’m just trying my best to bring the best content out to the public. I know you are settled in to your new home but don’t be a stranger feel free to reach out if you have questions about the market at anytime! Also if there is just one person you know who is looking for guidance and looking to sell I’m always here to help and connect with them. Cheers!
That will have no bearing on the Vancouver market. Perhaps in other parts of Canada but Vancouver is vastly in a different place than where it was 50 years ago. People such as yourself have been calling for the bubble to burst for half a century and they will continue to be wrong.
Prudence suggests based on the trend it is wise to wait to buy and hurry up if you need to sell because you'll be paying a higher mortgage payment when you refinance
Some good insight for sure! I think a lot will be based off of what the BOC will do on July 24. If they hold rates it will still be a great time to be a buyer for the remainder of the year. History shows us that once the BOC drops rates on average we see a 2.35% drop which is significant. I rather buy now at a higher rate than wait for a lower rate and have to compete in a multiple scenario pushing up the purchase price, erasing your equity and carrying a higher mortgage amount.
@@iamkylemark BOC will not be able to do anything. If you like history study the late 70's and early 80's to see how this all comes apart. Too much debt and the printing press is no longer working.
The address is 1801 - 1311 Beach Avenue. The property has been sold! Is this the type of property you are looking for? Thanks for the positive feedback! You can book a call with me and to talk about your goals and I can send you over some similar listings.
The thumbnail is from Vancouver Canada and writhing 3 seconds of the intro it states the video is regarding Vancouver Canada. Are you looking for a Vancouver Washington video?
Thanks for the in-depth info. When do you think inventory is going to noticeably favour buyer’s market? That’s a huge increase in inventory….you mentioned South Cambie as a good opportunity for buyers right now. How much per square foot would you consider a fair price?
Good question! You can see that there are a few sub areas such as South Cambie and Oakridge where the conditions highly favour buyers right now. In terms of the price per square foot questions that really depends on the age of the building as well as the construction type depending if the building is a wood frame or concrete build. I can for sure jump into these questions in a lot more detail with you if you would like to schedule a consult here: bit.ly/3vtAyvs. That way I can get all of your specific questions answered in the most detailed way possible. Are you currently looking in Vancouver's Westside areas?
It is getting very hard to maneouver here in Vancouver with all of the recent regulations to the real estate industry. Where are your investment properties located?
I appreciated your feedback but I don't think we will see a massive regression in the market especially since interest rates will begin to come down quite quickly over the next 2 years.
Rate cuts means you stay at the same mortgage payment you have now & you only pay interest & no principal. In some cases, with the lower rate, your payments will go higher!
I have never heard or seen that a drop in rates will result in higher payments, that doesn’t make any sense. Keep in mind the Bank of Canada rate decrease o my applies to variable mortgages, it has no bearing on fixed rates as discussed in the video. Variable rate holders are saving between $13-$15 per $100,000 of lending on a traditional variable product.
@iamkylemark this is coming from my friend the just renewed at a lower rate & was told they have to stay at the same payment with reduced principal. It's not getting better its getting worse, & now they say the banks will start giving 50 year mortgages in Canada.
there were some homeowners that decided to move forward with a trigger rate variable product. What that meant was that their rate would not change and they would just be making interest only payments. What this did was add amortization on the back end of their mortgage and it would then be problematic for those homeowners when it came time to renew because of the way they added years to their mortgage. I agree it is not great here but a lot of homeowners leverage themselves at historic low interest rates which was not good financial planning. There was only one way rates would go and that was up so leveraging yourself at a time of historic lows has put a lot of people in financial hardship. It is always so crucial to align with a realtor and a mortgage broker who strategies a plan outside of just buying a home and going over all scenarios in a best case and worst case scenario. Hopefully your friends property has appreciated over that timeline. If they renewed their mortgage after a 5 year period they should be sitting on some good appreciation. Thanks for the explanation and your perspective it’s certainly realtor a lot of people. I also am feeling the pinch but was super happy that they dropped rates as it has saved my family money. I told all of my clients not to get into a trigger rate scenario with their mortgage, also sometimes it’s better to rent than just buy a home and be leveraged.
It is the first BOC rate drop in 4 years. The BOC averages 2.35% in total drops over the last few cycles that have occurred. For those in Vancouver it is saving them hundreds of dollars a month and it will cascade into much more savings over the course of the year. This is good news and thanks for tuning in!
I agree we need more but it is a start. You can see from the graph in the video that the average drop of rates totals 2.35% over the course of 2 years so the relief is coming. I know that many people are very happy, it is much better than the BOC holding rates for a couple of months. At least it is providing some relief. Are you currently living in the Vancouver area?
I work the Vancouver market and many people here have mortgages that represent millions of dollar, it is a lot more than a free tank of gas. Around the country in smaller markets I agree the relief is minimal but that is why in the title it is directed to Vancouver home owners. Are you living in the Vancouver area?
@@iamkylemark For an healty household budjet, 35% of the disposible income should go on the mortgage payment, If that principle was applied in 2022 then a couple should have a disposable income of 290 000$ of combined salaries for a 2M $ mortgage at a variable rate of 2%. Now that the variable rate is at 6.9% then with the same disposable income then the mortgage payment represent 57% of that income so almost twice of what is considered an healty budjet.
@@comptegoogle511 I 100% completely agree with you on those facts. Unfortunately when you live in a market like Vancouver where the median salary is very low in comparison to the housing prices, home owners are tipping into that 50% number instead of that 35% number for disposable income going towards housing. The same goes to the rental market as well, there are very few people who live here in Vancouver that can boast that they can adhere to those ratios.
@@iamkylemark Now for those who already put 50% of their disposable income on a mortgage at 2% in 2022 what's the percentage now that the that the rate is at 6,9%... I't's not going to end well!!!
@@comptegoogle511 I totally agree and that is why there are many people facing defaults and foreclosures right now. As a buyer there are opportunities in the market place with a surge in inventory and sellers being stuck in precarious financial positions.
Hey Kristina the prices in Vancouver are extremely high I agree with you on that. I don't necessarily agree they are a rip off as Vancouver properties hold their value well and are great assets to hold. There are other projects that are cheaper if that is something you are interested in shoot me a email kyle@kylemark.ca!
Due to the fact that Vancouver cannot build out like other cities such as Calgary, Edmonton and Toronto is why the property values stay high. With the Pacific Ocean, North Shore Mountains and the US border, not to mention 22 protected view corridors Vancouver has no more capacity to build more and higher to increase density.
Agreed with the rate drop trend started, i do see the spring of 2025 busier and potentially 2026 hot. Note that 0.25% of 100K is $250 which is about $20 per month of less interest payments.
Great assessment! I agree with you on the 2025 and 2026 years that will bring back a huge resurgence if rates continue to drop over the next 2 years. In terms of the calculations it is not a straight across the board calculation as the numbers don't work 1:1. There are things to keep in mind such as your amortization on your mortgage if it is based on a 25 year or 30 year mortgage and the calculation I used was the most conservative. Brokers will state that for every $100,000 the savings are between $13-$15/month on your mortgage. Are you in the Vancouver market?
2.8 million? holy heck i just dont see it but i guess others do but for me it better have heated floors throughout, whole home Sound system, Central entertainment server and home control system, wifi and cellular boosters, r60 walls, Vacuum insulated windows which i dont understand why are completely ignored by the industry, sound dampening in floors and walls, and a back up generator system. Who knows maybe they have those features but i doubt it.
Hey Zach thanks for your detailed response. In terms of the price points the $2.8 price tag are for the detached townhouse units which are quite rare in this particular area for new construction. The attached units range in the mid $2.3 mark. All the homes come with AC and in floor heating, they do not come up with a back up generator but I can find the information for you regarding the R rating and some of those other items. If you drop me an email to kyle@kylemark.ca and I can get those details for you. Do you live in the Vancouver area?
That is why it is tagged to the full length video on the entire subject. The 50% tax is still in place up until $250,000. Go check out the full length video!
buddy i will take this at full market price if only to get you some money to sue your barber for the things he did to you fix that cut buddy its not to late to go bald
Time will tell, tomorrow’s rate announcement will be interesting. We have had 5 straight months of inventory come to market and the most amount of inventory in 4 years. Buyers it’s your time to shine right not and to your point it may be short lived. Do you think they will drop rates tomorrow?
We have one of the best transit system in Canada, the best summers, as well with fall. We are a diverse city and handle it well. You embellish things to put us in a bad light. You are not going to get many sales with that attitude. lol
I do quite well but thank you for your concern. It’s an honest response and your perspective does not make something factual. Case in point from an article in late 2023, “According to TransLink, overcrowding in the region's transit system is "rapidly worsening" and without more funding, four in 10 rush-hour bus trips will be "severely overcrowded" by 2025.” We have no light rail transit, skytrain does not have the capacity to run 24 hours and outside of the down town core it is inefficient and not easy to get around. I call things the way I see them based on research and I believe most people would want an honest man not someone who wears rose coloured glasses.
@@iamkylemarkyour research sucks. we have the second best transit system in Canada after Toronto. We have many Skytrain lines, the Canada line, Rapid buses, Seabus, Night buses, and west coast express. Funding is always a problem with any transit system . Vancouver keeps expanding with more buses and the broadway subway with help from all levels of government. We keep it rolling and most tourists agree that the system is great, along with the locals who use it.
@@jpl9148 I am a man of my word! Thanks for your continued support! What are your thoughts on the current market? My next market update video will be up next week.
Kyle makes a few good points. It's expensive and wages are not what you'd expect. Vancouver is not a place to move if your motivation is climbing the corporate ladder. It is a lifestyle city that is more about the outdoors and nature. Nightlife is marginal. But Kyle is outright wrong about or exaggerates a lot of the other negatives. But do choose where you live wisely. If you can't afford the central area, make sure you're within walking distance of SkyTrain, preferably not too far out. Look for the half a dozen growing new "city centres" to make your life more walkable and less car dependent. If you can, just don't own a car and save yourself a fortune and a lot of headaches. That's easy in some parts of town and hard in others.
I appreciate your detailed comments but would like to know how I exaggerated the negatives. I did my best to bring in using hard data but would love to know what I’m out right wrong about. By stating that you are saying what I’m saying is not truthful and I can give you multiple data points and facts for each point.
@@iamkylemark Right away I'd argue that point 1 and 5 are the same, 3 and 6 are the same and 11 repeats 1, 3, 5 and 6 - so you're down to 9 points or less. 2. it's absolutely absurd to say rain is constant from October thru May. It rains a lot starting in November and you'll get what seems like too much rain for 3 months out of those 8. If you ski the rain is wonderful snow on the mountains. If you're moving to Vancouver you can probably afford sunny relief during the worst times. But even if you've got to tough it out, it rains, maybe, 15% of the time on average and 50% in a horrible month. We use it as an excuse for all sorts of things. But it's just not that bad. 3. Heavy traffic is only if you choose your location poorly. Less than 5% of street parking (in the core only) has been removed for bike lanes. But Vancouver is known to have a very high proportion of off street parking spaces compared to the North American average. Nobody ever fails to find a place to park. They're whiners who want to park in front of every shop. This is a city! Too many think we still live in a small town and want it to stay that way. Urban people the world over become less car dependent or suffer the consequences of that choice. 6. Taxes may be high compared to the US and Alberta (which pollutes the country to achieve that). They are not high compared to much of the world. Carbon taxes are a highly effective means to reduce our emissions as among the worst emitters of CO2 in the world. You can all but eliminate them with ethical lifestyle choices. 9. Vancouver works best if you can live near excellent transit of which there is far more than any city of comparable size in North America. It can't compete with Europe or Japan. But I never have to deal with traffic. I walk, ride a bike and take transit and it's awesome. And it's cheap. I book car-shares from time to time. Owning a car is expensive. Stop doing that if you can help it. Don't tell people transit is bad. Tell them where to aim for excellent transit. Show them the excellent options. 10. There is amazing cultural diversity here. Of course if you have more diversity you will have more conflict. But it is generally pretty tame. Look at what goes on in the US with systemic discrimination of blacks and an entire powerful political party that secures power by demonizing others. Racial conflict had been low in other parts of the world because they had severely constrained immigration. In recent decades other countries have been dealing with more tension than we have with our massive differences. One caveat and national embarrassment is the First Nations. Thankfully we are seeing concerted broad based efforts to rectify those harms. 12. There is truth about the lack of community, especially compared to many other cultures that live in small homes but congregate in public spaces. The North American nightmare is everybody being the king of their castle, and that's no different in Vancouver. But I also know it's a matter of making an effort to search out the type of community you resonate with. Communities are more intentional here, rather than being made up organically among neighbours. This needs much improvement, but community is here. Perhaps provide guidance rather than just claiming it's all bad.
It’s important to know both sides of the coin. Not sure if you watched till the end in which I said I live here and to me the benefits outweigh the cons and I would not live anywhere else. I also have a couple other videos about the benefits and positives of Vancouver. I’m just portraying things from my perspective.
So ride your bike on those bike lanes. Transit is way better in Vancouver than NA cities of comparable size. Don't drive if you can help it. That's just good advice anywhere. Transit gets less dependable the farther out you go. But if you live in the city or the inner ring of suburbs it's generally fine.
That is a false narrative you are presenting. The overcrowding of the bus and skytrain system is a huge problem. Case in point, take a look at this quote: “It has become clear that transit service is struggling to keep up (with) population growth, and without future investment, this problem will only worsen,” TransLink CEO Kevin Quinn said in the review.
@@iamkylemark All growing systems go through growing pains, and certain spurts we're seeing, especially post-covid, will have short term crowding. Note that Kevin Quin is appealing for government funding with those words. In a funding plea he's not going to suggest we don't need funding. There is no doubt that there have been some bus routes that can't keep up with growth, and, guess what? We're building high-capacity, grade-separated rail and BRT routes to catch up. It is a testament to how well our transit system works that it is popular enough to sometimes become over-crowded - as it does in most big cities. Would you rather have empty buses like so many other cities where transit is abysmal? You had said traffic was terrible. But that's a false narrative, too, if you live in a sensible area. In both cases it's a lot about where you choose to live and travel on a daily basis and, to be fair, sometimes a bit of luck. If you can't afford the core area, choose one of half a dozen developing walkable regional centres near fast, frequent transit.
The weather isn't as bad as so many make out. Yes, November and December can be disheartening - as much because of the darkness as the rain. But to be fair, it helps to have a flexible work schedule during winter so you can take advantage of the rare sunny weather. Vancouverites are whiners, so that's a reason to stay away. Common narratives are, "it always rains", or "it rains nine months of the year". That's complete BS. For nine months of the year, Vancouver's weather is comparable to any non-sunbelt city. Summers are usually awesome. If you had to put a number to it, I'd guess it rains about 15% of the time on average.
Crazy greedy home owners want to squish the last blood drop from potential buyers. Just yesterday, I made an offer on 1mln townhouse in Richmond that needs total renovation. Was ready to pay 25-30.000 over asking price, but owner wants minimum 1.1 mln. Greed is going out of control! What should happen to stop this insanity - 7.5 earthquake, Fucusima 2, taxing residential and investment properties as everything else in Canada, so people will only buy when home is needed to live and not to turn it in printing money machine...?
On the flip side, as a home seller will you be willing to sell your home at a discount then? In Canada we are taxed so heavily that a principal residence is one of the only tax free vehicles someone can use to keep money in their pocket. If this seller had a family and needed a bigger space they need every penny they can get to get a home that fits your families needs. There are strategies that I use to make sure my home buyers don’t have to be the highest bidder. If you would like to hear about a strategy like that feel free to book a strategy call with me. Money isn’t always the number 1 thing if you strategize correctly. The market is competitive right now and empathize with you! I would love to help you save money on your purchase.
I would love to see you at the Open Houses this weekend - Sat/Sunday April 5th/April 6th - Do you think Mt. Pleasant is Vancouver's best area to live in? - Need more info book a call with me: bit.ly/3vtAyvs
You're the expert brother 😅, put out the content you think a layman like me would understand. The way you did it in this clip is great, short and concise, easily digestable 👍 @@iamkylemark
