We sold at the peak our townhome in bc and moved to Saskatoon a few years ago. so glad we were able to capitalize on the crazy market and have a great place here for much much less. Really like your channel
Always happy to see your videos! It's been a busy summer for you so I'm happy to see you sliding a video in! I know here in Sudbury, the market has definitely slowed down. Owners can't place their houses low and expect a massive bidding war (hence they can lose money) while there's a massive growth of inventory with less sales than houses on the market shifting it all. Prices are somewhat flat though. I'm with you expecting the prices to go down. 🙂
I went to the bank for a mortgage and the bank approved me for about 50 percent more than I wanted to spend. Guy I work with said the same thing. You are a realtor. Do people buy the most expensive home they can get approved for or are like me and go cheaper?
Excellent question! When I meet with buyers, I tell them to go to the bank and ask, "how much can I get approved for". Once you have that number established then work your budget backwards from there. I always say find that number that you are comfortable with and is within your budget then we will go find the best house we can in that price range. Most often my buyers are under their max, but I also work in a market where most don't need to max out their budgets in order to find a nice home for their needs.
@@Ian-of9oi everyone, for the most part, has the same debt service ratios. Basically you are only allowed to borrow what works out to a payment of 40% of your monthly pre-tax income. And all your debts combined cannot exceed 45%.
Canadian born and I left Canada.. was too expensive. But I tried! 2001 to spring of 2023..bidding war hell so we left winter 2023. If canada wants me back, give me 2019 prices with no bidding wars.
Oh man that might actually be the hardest question I have been asked on this channel. I am not sure I could pick just one. If I made a list I would have: Douglas Park, Lakeview, Wascana Park, Creekside/Parkridge, Lakeridge on there for sure.
They should fix the mortgages not extend them. There should be no way for the interest to vary during your fixed payments. Have you signed up for 5%? It should stay at 5%. If the interest rates go up, they should not be able to change the amount of interest and principle you are paying while you're contracted.
@TRdiscovery that's what fixed rate mortgages are. For the term of that mortgage the payment, nor interest rates change. Roughly 75% of Canadians that have a mortgage go with a fixed rate mortgage.
Unemployment really isn't that high at 6ish%. The problem is that we have been growing the population so quickly there are ever more people looking for jobs. Full employment is an economic term denoting that essentially everyone who want's a job has a job. There will always be a portion of the population that is not employed. Most economists consider 5% unemployment full employment. If you flip the question and look at how much of the entire population has a job, the employment rate, that is very interesting. The unemployment stat only counts those actively looking for a job. The employment rate in Canada right now is 61% which is above the long term trend of 60%. Now I am not saying things are just humming alone fine in the Canadian economy, things are not. But if we were not growing the population at the out of control rates were are right now the numbers would probably look better.
@@BaldPrairieRealEstate Regardless of the statistics we are being fed, that doesn't change the reality of what people are experiencing first hand. There are no shortage of stories of people across Canada that are facing difficulty finding meaningful employment. Even minimum paying jobs are not exactly easy to land in this economic environment. The Bank of Canada needs accelerate interest rate cuts before we start to see double digit unemployment. As for the numbers regarding those employed, that can be skewed because many people are only working part time or full time with cut hours. The next few months should be telling.
@@cityboyis2 outside of the temporary COVID spike the last time we had double digit unemployment was in 1992 at 11%. How will cutting rates improve employment rates?
@@BaldPrairieRealEstate You are arguing my point. Look at rates back in the year 1990 when the prime rate spiked. Take into the lag effect and 2 years later you got 11% unemployment. Back then consumers were not in debt to levels anything close today and house prices and over all maintenance costs didn't suck the wallets like they do today. People are hurting and it's only a matter of time before businesses feel the pinch and begin to layoff. Rates have spiked over the last two years. The impact will be the same as it has in the past. Interest rates have dropped from 1990 to September 2021. They went down for a reason, to maintain an over indebted country. This is the only tool the BofC has to help the economy.
Is the prediction an average 2024 price forecast for the full year or just a 'prices will be this on Dec 31 as compared to Jan1'..... because it doesn't take much to go up 4% if they are quoting an average price....... that happens if you sell a few more high priced houses and can happen with the rest of the market flat........ in fact most of the average price 'declines' since peak 2022 were actually just less high priced houses selling and more condo/low end stuff, not actual price declines. Cuz q4 of last year and especially december were very low comparables so getting a 5% or 10% bump isn't actually that hard.
Market going uppa uppa uppa. God love Canada. God love Phil Soper. God love our blacface PM. God Bless our Finance minister Short Round Freeland. For now.
RLP has been pretty on the ball in past forecasts, but I don't agree with this one. I also fully expect them to revise down this forecast later in the year.
@@EvansBoy1992 does the mechanic not have a stake in the advice they are providing you when you take your car into the shop? My point is there are good and bad actors in any sector.
