BOC Interest Rate Cut Is NOT What You Think
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- čas přidán 9. 06. 2024
- The first BOC rate cut is here. But what does that really mean and how will it actually affect your ability to purchase a home in the Fraser Valley Real Estate market?
In this month's Surrey Report, Surrey Real Estate Specialist, Steve Karrasch of Macdonald Realty provides some insight into how a rate cut of 25bps will affect the real estate market in Surrey and the Fraser Valley.
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Benchmark Prices: (Surrey Combined) (+/- yoy):
🏠 Detached = $1,663,200 (+2.6%)
🏘 Townhomes = $887,300 (+2.1%)
🌆 Condos = $548,600 (-0.1%)
#SurreyRealtor #SurreyRealEstate #FVREBStats
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.
We gonna end this year with 4.50% interest rate. The rate isn't gonna go down quickly due to global uncertainty.
Or it will go down real quick due to global uncertainty.
Why would a rate cut make people feel better?
Rate cuts are a sign of hard economic times.
This is why RE drops for 12 to 24 months after the first rate cut.
You Steve happen to represent an area in which your clientele is mostly immigrants, which you have stated on the other podcast you participate in.
So that being said your area would be one of the exceptions.
But overall as a country, it means employment instability and fear of large purchases.
Like RE
My buyers are mostly immigrants, not my sellers.
@@SteveKarrasch
That's what I mean.
The only buyers are immigrants.
Areas that aren't desirable to immigrants have no buyers, just an increasing pool of sellers.
Got a question regarding capital gain tax. If I rented out an investment property, and decide to move back in after a few years and make it as my principle residence(working in Toronto, rental is in Van), am I exempt from the Capital Gain Tax?
Very informative
Btw are you looking for video editor?
Depends, are you looking for a house?
@@SteveKarrasch nope 😅I don’t have money now
But seriously i can help you to boost your content
Until you buy a house, I don't have the money to have you boost my content.
@@SteveKarrasch ok thanks for taking your time
Bro, can you please share how many offers are lapsed in your area - surrey? Also, can you please share the reason ?
What does lapsed me bro?
Even if interest is at "0" % ,just paying monthly payments on these prices is out of reach for most people.Average salary in Canada is just above 54000.00 thousands dollars?
My average buyer makes a ton more than that.
@@SteveKarrasch Really?That is Canada 's average..Majority of people can't afford home today.I was of 5 thousands?he average annual salary in Canada in 2021 was $59,300. That number if divided by 12 brings the average monthly salary to $4,942. Ranked among the top 20 countries with the highest salary, Canada is known for its high quality of life, political stability, and job security for families.Feb 16, 2024
Do average salary people buy real estate in Vancouver tho?
@@SteveKarrasch no, and that is the point?
Perfect. So we have that settled. People with above average incomes buy above average real real estate.
Personally im just riding this market out. Ill think about selling in 2028.