THIS Hasn't Happened In Surrey Real Estate Since 2019!
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- čas přidán 26. 05. 2024
- Listings have surged in the Fraser Valley and we are seeing the highest number of homes on the market now, than we have seen in many, many years.
In today’s video, Surrey Real Estate Specialist, Steve Karrasch of Macdonald Realty takes a look at the number of active listings in the FVREB going back to 2005 to gain a clearer picture of what 7,000 active listings on market could mean right now, what you need to expect as a seller in this market and where you may find a “deal” as a buyer.
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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.
First! Listings, listings, listings.
We are far from the first listings! 🤣
Lots more inventory to come with rate renewals rolling over. Prices are still too high. If you’re a buyer, wait.
Buyers always be waitin.
I am VERY patient.
Better: don't buy. Anyone buying a house in the fraser valley for over 500k is insane. Fraser valley is very low quality real estate, not to mention RE has had negative real returns for years and literally anyone can buy a gic and get 5% at zero risk. And even worse: taking on a mortgage is paying double for something that isn't worth half. Then you look at what you get: a decrepciating asset priced in a depreciating currency in a distant suburb of a city where the median individual income is below 50k.. Like what?
@@user-le2hu1ct4t slow clap for you mate well said
Landlord’s advice - keep renting, best time to buy is when my mortgage is paid off
I say "Bring in lowball offers!"
Normal market is a market where prices are at least 30% lower than today. It will take some time to get there, or we may never get there (thanks to the fed gov bringing in 1.3M newcomers), but we cannot be a country in which 50% of people can NOT afford to buy a house or a condo. That is simply not normal, and cannot be normal, no matter how much we convince ourselves that it is normal.
Yo the new comers want deals too.
It's normal in most of the world.
Go to Calgary or Winnipeg
I believe there are thousands of over leveraged investors and owners on the sidelines and if BOC cuts even .25 inventory will SKYROCKET by 50% or more from current levels
I’m betting on a hold.
this is good news, let the numbers grow and prices will come down sooner or later
That's supply and demand.
Thanks for the useful information as always!
Thanks for watching!
The price is still unaffordable high. It is at least 40% higher than 2019.
Yup
Prices are triple what they were in 2012. And 5 x what they were in 2005 and so on....
Ditto for the market in the North Okanagan ! Thank you for a very good synopsis of what is really going on!
The crash is coming big time. Baby boomers are downsizing and dying off. Unemployment is going to skyrocket. Remortgaged homes are going to bleed $ at these rates and they won’t drop by much otherwise Canada will have a currency crisis. It won’t be a normal market for at least decade, think of the 90s. I feel for real estate agents but they got greedy and have no clue what’s coming.
Crash always just around the corner.
I can’t say I feel that bad for them. But I hope that they can find prosperity with different careers.
It’s quite interesting how they keep propping up the market. The current government will do anything to stay in power but once it switches over that’s when we might see some crazy town!
The crash has been coming for the last 20 years. Meanwhile what's also coming for renters is being priced out.
Great imfo as usual
At the end of the day if your a seller and your property is sitting on the market for over a month and your not getting any action expect low ball offers period.
If you are not sold in 21 days, reduce.
Very good and meaningful analysis of the current market. Totaly agree with. Makes a lot of sense for Canada as a whole. Good job.
Love it when Steve looks distressed in the thumbnail! More!
Honey? Is that you?
Lol i love all the sassy replies. I actually live in Ontario and have no stakes in BC and their real estate lol. But I really like your floor plan reviews, and this is an interesting peek of what's happening in BC. Pretty cool. We probably have the same here in ON
If you have money this is the time to BUY!!!!!
I am quite appreciative for devoting your time to providing numerous real estate industry insights and training. Every video I watch makes it evident that I need to put my money in the US real estate market.
That CDN to USD conversion should be fun.
Langley Detached hasn't had higher inventory since ...2012 😬😬. Great video btw !!!
I don't see a large drop coming in entry level SFHs. There's just too much of a buy wall waiting to suck up that inventory.
More like a pay raise wall
Any price drop is never enough for the doomers.
Real estate agents should switch their trade to insolvency trustees in the coming years. They have leg up with a long list of potential clients who bought into this overinflated mess.
Home sales save most from insolvencies.
I wonder what the ratio of buyers is that can realistically afford the buy at current prices vs listings compared to 2019.
2019 prices are coming, probably even lower especially for condos. income to housing ratios is so wildly out of wack and it's time for it to get back to fundamentals
Don’t hold your breathe.
It is a very good time to buy entry level apartment and townhouse now in surrey. If the rate drop, here the market will be crazy again. See how many India new comers now, please go to the high school esl to take a look... They love surrey so much.
Condos have some deals for sure.
i noticed more and more properties are getting on big cities housing market list. it directly shows current Canada's economy situation. considering long term trending down of Canada's economy, house market will go back to normal and real value eventually. Are there endless rich people keeping taking over sky high house price in Vancouver? NO any way. Canada is in deep trouble now. Too much investment is in real estate, it leads much less money to invest businesses to boom economy. it is time to slow down and end carnival.
How's the small acreage market in Langley, West Abby and fraser valley doing at the moment ? Not much of any youtube twitter content on this segment of market
More expensive that anyone wants it to be. Well except for the owners.
buyer's market for Metro Vancouver / Fraser Valley is already and it'll get even more of one soon. The fall is here - buying right now (unless you have to) is a sucker's errand. FTHB here, sitting with my hands in my pocket until at least 2025, possibly 2026. 30-40% reduction in the condo/TH market is coming and no amount of $38k salary immigrants are going to change that.
Vancouver is doing a lot better. I guess you missed that video.
Daddy I'm listing today too and upgrading listing around 1.6ish looking for 2.6ish
No call?
The melt down begins!
It’s always just a few months away.
I remember a realtor video of him being so busy he didn't have enough time to finish his guniness pint - those were the days eh karrash?
You must be the one with too many pints.
Shocker
When's Ravi coming back on to go over how his policies are coming along?
Wrong channel.
Shocker. Just the start IMO.
Boom Crash Bang
Rate cut coming in a week. Boom hoes the next up market.
Good for views 😉
Wanting to sell… but there are SO many listings with price drops. Awful for someone waiting to sell.
Some people need/want to sell regardless of market conditions.
Its all the RCMP listing their houses now that they have been given the boot haha
Not seeing that... yet.
the future trend should be renting
Nobody should make renting a goal.
7000 listings Doesn't seem high for 3 million population
This is only the Fraser Valley. Not Vancouver.
Yeah what are these listing? SFH?
SFH and now crappy condos.
YAY!!!!
Whoo hoo!
Get ready for a second wave of rate hikes.
With inflation already more than 2% below the current BOC rate, explain why we need higher rates?
@@SteveKarrasch Have you heard of blind spot? Look there.
@@user-kv4kp4co1r Thanks for the un-answer.
Race to the bottom!
That’s a slow race.
@@SteveKarrasch slowly and then all of a sudden 😱
Interest rates are having landlords selling off their rental homes and struggling creating more homeless. Rent control and taxes and higher mortgage payments are pushing canadians out of their homes . Bad government policies caused this. People in the rental market are getting out of therental market. People sell to downsize but if rents are higher than the mortgage payments home owners will wait till they get their price
Get out before your Neighbour puts his house on the market
Tent for you
@@SteveKarrasch we can be tent neighbours the way this economy is going
Just sold my tent before it’s too late.
@@SteveKarrasch might be a rough time weathering the storm with out your tent
Tents are about to crash, cardboard is where it's at.
Canadians cant afford BC living anymore
fthisplace
I'm going to move to AB by 2027 . Waiting for that crash 🥰
Always waiting.
Bubble, crash, sell sell sell
Boom bang.
Way too early to buy in. We're going to see another 50% haircut...much the same way as we experienced during the last BC-NDP decade of darkness. Best learn how to code.
Pre Plandemic?
I see what you did there.
The great correction is coming. We aren’t here to buy the greedy out of their financial mistakes. Collapse is impending for the global housing markets.
Looks like you'll show them!