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Michele Has Her Magic Ball To See The 5 year Real Estate Forecast
April 5, 2022 | Posted by: Michele Cummins
Warning! This is a digitally automated transcript of the show so there will be mistakes throughout.
Michele Cummins - PREC:
She
Curtis Pope:
that time we have checking with Michelle coming Saturday morning, which means it's time for the Cummins Real Estate Group show. Good morning, Michelle.
Michele Cummins - PREC:
Good morning, Curtis, how are you?
Curtis Pope:
I am doing wonderful. And how are you this fine morning? Are you sitting back with a Christmas coffee? Perhaps?
Michele Cummins - PREC:
No, I am not. However, that always sounds good.
Curtis Pope:
It's always an option. Even if you don't take it.
Michele Cummins - PREC:
I can just imagine drinking it and my taste buds can taste it. That's good enough. That's how I lose weight.
Curtis Pope:
Yeah, exactly. You just have to have that memory. Right. That's right.
Michele Cummins - PREC:
So I we Okay, so last week, we had, I had some good things happened last weekend, and some not so good. Some bad things. And but, you know, yes. Yesterday, though, actually, the day before yesterday, it was I had this great experience. I got to be part of a career day for the Mission School District. So I interviewed I was interviewed in like zoom way for classrooms. And they have it out too. They said that about 700 students. So that was a real blast. It was really fun, helping to inspire youth and help them understand, you know, that they can do anything that they put their minds to, and that they want to and, and doesn't matter if they have $0 or not, that they can get to wherever they their ideas and dreams take them as long as they put in the belief and effort. And time. That was a lot of fun.
Curtis Pope:
You're molding impressionable minds.
Michele Cummins - PREC:
Ah, yeah, just remembering back, you know, when, when we were used? Would you do? Have you ever done that for being a radio DJ,
Curtis Pope:
I've done I've done like individual projects, with some with some students, I haven't really gotten to speak to an entire class or anything like that, but there's been a few kids that have done projects on it over the years for high school or elementary school and, and so I've had chats with them, and calls with them and things like that. So sort of, but not to the degree you did,
Michele Cummins - PREC:
you shouldn't do that, I think it'd be so fantastic and so rare, you know, like, how you can infer that nobody knows, it's kind of it's unknown, right. And I think that would be so fun.
Curtis Pope:
Ya know, I always enjoy talking to to students, you know, I have gone back and spoke at BCIT a couple times where I graduated from the radio program and, and have spoke to a couple of their graduating classes here and there and, and, you know, got them set up for what the industry is like, which is just, it's just a lot of fun to go back and talk to a bunch of radio people and say, Alright, everything that teachers have told you to expect is true. You're not gonna make a lot of money, you're gonna have to travel. I know, you don't want to hear this from me. And I know you kind of read off some of the things that teachers say to you. But guess what I can tell you from experience. They're bang on.
Michele Cummins - PREC:
Exactly. Like it's hard to believe. But yeah, I was one of the questions was, you know, what is it like, you know, financially when you get into it? And can you have another job, and I'm all you know, you want at least six months of living expenses saved up. And while you can have another job really to do to really grow and set your roots and be great and do a great job and be successful at it. You got to put 100% and do it. And you can't do that if you're working another job. So, but it's hard. Yeah. It's financially you got to be prepared.
Curtis Pope:
Yes. I mean, that's just, I mean, many, many years ago, we I worked with a woman and she worked with me. And then she was on this commission basis. And her husband was a real estate agent. So there were some months further, she said they were eating, you know, flaming yawn. And it was other month they were eating hamburger helper, because they were both on commission.
Michele Cummins - PREC:
Oh, I remember those days when Richard and I were like, we were the starving artists, you know, like me asking his musicianship and like, you know, we just cared about our art and our trains and, and, you know, while we had $7 in the account, and you know, that we're eating, like you said, Top Ramen and macaroni and cheese.
Curtis Pope:
Yeah, no macaroni. And that's, that's one of the staples and radio that everybody always says, when you when I was asking people before I got into it, like, what do I need to know about getting into radio, they'd say, I hope you'll like Kraft dinner. And I've used that line on many people now too, because, yeah, for the first for the first year. Yeah. And thankfully, Kelly had a pretty good job that helped but I mean, I will admit it right now and it's been a while but I started my career making $1,450 a month pay and that was before taxes. Oh, wow. Oh my goodness. I was basically making just above minimum wage at the time, just above minimum wage to start in radio.
Michele Cummins - PREC:
You go to school of hard knocks you'd like get into it, you you grind at it and you just work hard and you don't look at those dollars in the beginning you just look at the outcome, your goals,
Curtis Pope:
exactly focus on the goal, you got to focus on the goals and and and and you know, that's one of the things in any entertainment industry. You know this from acting and Richard knows from the music industry is same with radio, you got to do it because you love it. And if you do that, eventually you'll be able to live comfortably at least but there's gonna be a few tough years.
Michele Cummins - PREC:
Yeah, and that's no April Fool's joke.
Curtis Pope:
No, it's not that was yesterday.
Michele Cummins - PREC:
I was gonna ask Did anybody do a joke on you? Or did you do a joke on somebody else? No, I
Curtis Pope:
you know, I like little pranks, like year round, as most of my coworkers know. So for me to do something on April Fool's Day just kind of seems you know, like, it just seems kind of superfluous cuz I'm gonna do it any day. And why do it on a day when you might be expecting it? So I don't pull a lot of April Fool's jokes down and I might pull something small. But no, nothing happened to me. And I didn't do anything to anybody this year now.
Michele Cummins - PREC:
Oh, I didn't either. I just you know, I'm not the greatest the jokes, telling them or or giving them like, No jokes. No fooling around here. All serious. You are
Curtis Pope:
not safe for me 365 days of the year. So there is no such thing as April Fool's really in my life.
Michele Cummins - PREC:
Oh, somebody, as I mentioned, you know, there are good things that happened last week and bad things and reflecting on it. One of the bad things and I want to bring it up because means so much to me. And she meant so much to me. But someone near and dear to me who was a fellow colleague out of my REMAX little oak mission office, bar, Patrick passed away this week. And it was a horrible shock to us. anybody listening, who knew her knows how wonderful and beautiful she was, she was so full of life and full of love. And so long and positive energy and character and charisma and April Fool's, she would have played a full joke. And it would have been funny. She was such a good realtor, and she really cared about her clients and people and she enjoyed her job and, and life and just now we lost a good one. And we feel, I feel, and I know everyone that knows her feels the hole that she left. leaving so early, but it's hard when you know, that is part of life. And it's something that does happen to all of us, but it's always hard, no matter but when when somebody leaves your life without knowing or, you know, no preparation. It's really it's really tough in our broker manager, Natalie parents said something beautiful about Barbara and I wanted to, to mention what she said she said Barb has been a Realtor at ReMax little oak for a very long time and in my personal friends to know Barb, you would have experienced her fabulous sense of humor, Cookie coloring, and exceptional professionalism with her clients. If you were lucky enough to have her as a friend, you would have received her immense kindness, cheery thoughtfulness and never ending loyalty. My heart is broken for she was taken far too soon. See you on the other sidebar Somewhere Over the Rainbow. That's so beautiful.
Curtis Pope:
It is very, very well said. And you know, I know my mom used to always say that. She didn't like to say goodbye. She always like to say Till we meet again.
Michele Cummins - PREC:
I like that. That's right. perspective. And hope.
Curtis Pope:
Right? Absolutely.
Michele Cummins - PREC:
So moving forward, because it's now April 2. And that means that two days ago, marked the end of our first quarter of the year. And I don't know about you currently, but wow. Did it fly by?
Curtis Pope:
did fly by I can't believe it's already April. Yeah.
Michele Cummins - PREC:
It's crazy. And I'm planning to review my first quarter as overall in life and in growth in business, of course. And I'm going to do that this weekend. And in the midst of finishing, getting my accountants all that stuff they need. It's a lot of stuff too. I have a great bookkeeper and amazing accountant. And I'm pretty organized but it can be overwhelming when you have a lot going on. And I have a lot going on. And I realized that every time this time of year when I actually have to review everything.
Curtis Pope:
But on the plus side the weather has been great for you get out in the motorbike so you haven't had that distraction
Michele Cummins - PREC:
I've had you know what it's been like April Fool's every day on the weather app because I look at the weather and it's always showing rain but for some reason we've been having really great weather. It doesn't rain when it says it's gonna rain and then it's like, it's April fully, fully me every day.
Curtis Pope:
Yeah. And then it changes its mind. You know, you go now it's been okay, afternoon and like seven o'clock at night, the rain starts.
Michele Cummins - PREC:
Yeah. So a part of the notes. I, I don't there's not, you know, there's not doesn't seem that many weddings when you seem to, you know, in my family anyways. You know, I have a lot of family members, but I find that someone is actually getting married in my family coming up in a couple of weeks. And it's my oldest blood related nephew. And, you know, he grew up is like, I'm gone mother to so special to me, and I'm super excited. And they're getting married at my detail in Oregon. Very nice. It's gonna be beautiful, wonderful memories, and it's gonna be great.
Curtis Pope:
That'll make for some absolutely amazing wedding photos. That's for sure.
Michele Cummins - PREC:
Yeah, we got to get the drone video for that. I think that would look really great. I'm have my realtor there in your hat. Her husband does drone video for realtors. And so I think we're gonna hire him to do that. Because I think that would be fantastic.
Curtis Pope:
Very cool. It sounds like that. Yeah, that'll be an amazing time for sure.
Michele Cummins - PREC:
Do you know Do you have anybody in your family or friends getting married this year?
Curtis Pope:
Well, I have to think ahead here. i He's are they getting married this year? I know we know some Kelly's coworkers think he's getting married this year. Next year, I came in keep track of it all. All I ever know is when I get asked to emcee because that's one of the occupational hazards of being in radio. I've emceed about 20 Weddings over the last 20 years. And the funny thing is, I don't have a great track record, because I don't even think half of those marriages have actually lasted. So I don't think anybody should see.
Michele Cummins - PREC:
Okay, you you're not allowed to market yourself.
Curtis Pope:
No, no, I don't think I should emcee weddings anymore. Because I have not had a great track record. Although my my buddy and his wife, I emceed their wedding, they've been married for 21 years. So I have a couple of lawston.
Michele Cummins - PREC:
Nice. Okay, a couple of quick real estate tips before we go on our commercial break. Okay, so subject. You, did you and hopefully anybody who had to claim your vacancy tax actually claimed it by March 31. We didn't mention on the radio in the previous episodes, but by by March 31, that had to be claimed. And if you didn't get on it right away, but beware that the government will charge you anyways. And it'll be months and months before you get your money back. But do claim it if you didn't, because that was due by March 31. And let everybody know that it's not a good time for short term real estate investing such as flipping as the market is shifting. Many people say we're at the height of the market. And now is the time for long term investing, if you have the equity and are able to do so maybe take that line of credit out of your primary residence or multiple investments to be able to purchase more long term purchases rather than the flip because the day and age is making good coin flipping maybe in the past right now. And so when we come back from our break, we're going to talk about the REMAX unlocking your future the five year housing outlook, because they just came out with that. So we're going to talk about that when we come back.
Curtis Pope:
Alright, sounds good. When people want more information about what you do as a realtor and and some of your listings, where can they go? Michelle cummings.ca All right, we're back with more right after this.
Michele Cummins - PREC:
She
Curtis Pope:
to have the group show no show you tease that you had a five year outlook at real estate which is do you have a magic crystal ball kicking around or something?
Michele Cummins - PREC:
Yes, and it's called the the crazy amount of people professionals involved all coming together and doing their due diligence and surveys and it To come up with the report. So we REMAX has come out with this report, just this last week. It's called unlocking the future side your housing outlook. And I have it available, I'll put it on my website. If anybody wants to go on the website, I'll have it there on the homepage by maybe Monday. Otherwise, you can just email me or contact me for the report if you would like it. But it goes into detail. And I'm going to not obviously read the whole report but the executive summary so unlocking the future, the economic chapter is a five year outlook on Canada's housing market developed by REMAX Canada in collaboration with CIBC capital markets and the Conference Board of Canada. The report examines how the country's housing market might respond to specific scenarios between 2022 and 2027, such as interest rate hikes, annual immigration volumes and taxation and explores how these factors may impact Canadians capacity to buy, sell and maintain their homes in a stable manner. subsequent chapters which will be released throughout 2022 will consider the influence of climate change. The statues of one on premise work with technology on Canadian housing leading up to 2027 as the second quarter of 2022 approaches, many of volatile factors are in play for us, from inflation to rising interest rates and a war in Europe that will alter economic conditions in the short and long term based on specific, plausible and confirmed scenarios. Exploration within this report focuses on how policy decisions could affect Canada's housing market over the next five years. I know that Richard and I are meeting with our wealth management gentlemen next week to discuss all the things that are happening in the world, and his take on things and what that looks like in his professional advice on things. And so it is a good idea to kind of have a look at your life of what you have of the assets you hold. The equities you have and and what life looks moving forward and always good to be prepared. As I always say,
Curtis Pope:
I'm a special weird for the wealth management guy to have a musician come talk to him about wealth management.
Michele Cummins - PREC:
And you know what, every everybody needs that and you don't even know that you need it until you actually speak to these professionals. And then they start asking you questions and they pull out of you. Things that you didn't even know and they help you focus and then they help you have this positive change to be able to, you know, get your dreams to come true and everything so it's amazing.
Curtis Pope:
I can hear it. Now. Michelle, you know that your portfolio is great, you know, the real estate's going well, you know, I love these retail these rental properties you have Richard, for the love of God do not buy any more guitars.
Michele Cummins - PREC:
I know right? Unless it's like Elvis Presley's or some investment guitar, right?
Curtis Pope:
That's an investment guitar. No, it's not. Yes, it is. No, it's not.
Michele Cummins - PREC:
Yeah, like my pink Paisley like, oh, yeah, it's like the one that converted Burton played with Elvis Presley, but it's not V one, but it's like the Exactly.
Curtis Pope:
But then he had to go buy his own Paisley guitar as I recall.
Michele Cummins - PREC:
Yeah, blue Paisley. Like, like, we need another Paisley guitar.
Curtis Pope:
You can never have enough guitars case. Richards listening.
Michele Cummins - PREC:
Although I would like a wall of Paisley guitars, one in every color.
Curtis Pope:
That would be really cool. Actually. That would be cool. wall wall art. Wall Art. Well, you just got to buy cheap knockoffs and paint them.
Michele Cummins - PREC:
Yeah. Whoo. Okay, that's smart. Yeah. Okay, now who's got the good ideas I'm going to run with. So pragmatic policy across interest rates, immigration and taxation could deliver a stable albeit expensive Canada housing market through 2027. This is some insight in this outlook that they have here. So REMAX Canada launches Chapter One of unlocking the feature five year outlook report. And, and so you definitely want to go on and check it out. But you want to see the key takeaway. That's what I think I'll share here and the key takeaways is the interest rate increases at a reasonable schedule of four times a year would create a stable and more relaxed housing market over the next five years. Also, current immigration policy is focusing nificantly on accepting new Canadians on the basis of their economic and social capital characteristics that is For example, education, French English language skills, and previous Canadian work or study experience, however, the policy could be more clearly linked with national labor market demand, especially related to construction trade, potentially addressing housing supply issues driven by skill shortages. And the third key takeaway is, while the deployment of taxes such as the foreign buyers tax has been front and center over the last five years as a tactic to calm Canadian housing market prices, removing the exemption on capital gains for principal residences could have a greater impact on market disruption. So according to a ledger survey commissioned by REMAX on this the report, it's over the next five years, it explains, it says that taxation is 50% rising interest rates. These are the concern 46% and the possibility of an economic recession 42% ranked as their top three worries when it comes to buying a whole thinking ahead five years 37% of Canadians say they preferred community would be suburban, while 30% want to live in an urban environment. And 27% Say rural was quite interesting stats. And 61% of Canadians agree that real estate is the best long term investment they can make, which they don't see changing over the next five years. Interesting information. However, rising property related taxes is 64%. rising interest rates is 58%. And a possible capital gains path is 55% of people are the factors that cause barriers or concerns when it comes to buying a home in that timeframe. So this report goes into detail. But that's really interesting stats on people worried people concerned what they're focused on, you know, so those are the key takeaways of the report.
Curtis Pope:
Very interesting stuff. And a lot of it, you know, really does make sense and that things that will definitely affect well should affect the housing prices around here. But let's face it, the prices I've been hearing for 30 years that the prices are going up, they have to max though they can't go any higher. They can't go any higher. And they do.
Michele Cummins - PREC:
Well, I'm talking about you know, prices we were just chatting before the show about a friend of yours and how they put in an offer on a place and how they didn't get it and you're like, what's that price for that price of a house and I'm like, they should be thinking about ledgeview row homes in East
Curtis Pope:
Abbotsford. Absolutely, they should be because that is a pretty cool project.
Michele Cummins - PREC:
So cool. They're brand new, they're going to be brand new, they're going to be estimated completion dates this summer of 2023. And right now you the first three inside units to sell and we just released the nine luxury rowhomes you will save the GST that's a $65,000 Saving for those inside units. And these are large homes like they're full houses don't think they're they're row homes. So they may be attached like in groups of like four and five and one group of three. But they're freehold. They're non strata and they are fully landscaped, fully fenced yards, none of them face another unit. There's nothing behind them nothing in front of them. It's green space adjacent to ledgeview trails, you could walk to legendary Golf and Country Club. You can you're right next to the tree farm you're surrounded on on the south side by government lands and their four bedrooms and three and a half bathroom. So two full stories has a full walkout daylight basement with a Ruskin wet for wet bar or an in law suite if you wanted to. So they're great The size is over 2500 square feet. So yeah, and limited time those are the only three of the inside units will say DSP. So anybody out there listening, definitely contact me if you're interested in and check out ledgeview homes.ca and register there so you keep updated on all our newsletters and all of our updates and we have a great video there and yeah, so great information so why did you hear that and hopefully your friends listening?
Curtis Pope:
My friends don't listen to me. They don't listen to me in person. They don't listen the On Air they're sick of me. Oh, golly.
Michele Cummins - PREC:
No, I I've known you for quite a few years now, sir, it's I'm not sick of you yet.
Curtis Pope:
Well, you're a rare breed Michelle. I got to find more friends like you.
Michele Cummins - PREC:
I just maybe I have some Doppel listeners out there maybe. So okay, so some more new listings I want to share. So tomorrow I'm previewing a coming soon listing with a potential buyer already, because they're open to that the sellers are if you are looking for a place in Tampa deer estates, it's a gated community right on the Harrison river. And this is a rancher. It is actually one of those houses. It's not one of the RV locks or the trailer locks or the manufactured home blocks. This is there's only one row of actual cottages and houses in this community. And this community has an indoor pool, it's got a sauna, it's got a cozy, it's got a great community for long term like full time living, but also great if you're vacationer because you can get away in the winter go to Mexico or whatnot and it's safe game community. Wonderful and this is a rancher backing onto privacy trees greenery ferns, Curtis for fun, and it has side RV or boat parking and it's got a single garage so it's very rare again and and it's right next to the Sandpiper golf course you can canoe fish, oh, ATV in that area, you can just ATV to your heart's content mountain bike, just right from your house like it's great. So that's coming soon, I will definitely have most likely it priced and everything next week. But right now it's pre. So I'm just chatting about it, let me know. And then we are going to do I am going to do a condo in Harrison Hot Springs, this actually this afternoon. And it's going to be coming on the market. It's an amazing water view. It's a corner, apartment, three bedroom, and two big deck. Awesome place and location. So again, keep an eye on next week, I'll probably have the price and everything on that one too. But I'm having a look at that today. They've recently renovated it
Curtis Pope:
those places because I have a friend who lives in one of those apartments looking right on the water. And what you don't realize is about 60% of the people. That's a summer vacation property in the winter. There's like nobody in the building. You have it all to yourself.
Michele Cummins - PREC:
It's so true. It's so true. And it's good all year round to
Curtis Pope:
yeah, my friend loves it. They're so quiet and peaceful. He's got that beautiful view. Oh yeah.
Michele Cummins - PREC:
And then now in the winter, they have their little ice rink that they even have. Mm hmm.
Curtis Pope:
And then they had the lights as well that they put up and for Christmas and yeah, it's Harrison's beautiful splittable
Michele Cummins - PREC:
and I just walked the trail and there's the natural hotspring which I never been to but I finally I didn't go in it. I didn't bring my bathing suit, but I did walk to it. It's really neat. Yeah,
Curtis Pope:
there's so much around there. And then
Michele Cummins - PREC:
okay, brand new to the market also as of yesterday, and it's ready for quick possession is a double wide waterfront, mobile with a large fenced backyard, two bedroom, two bathroom. It's got amazing water and mountain views. It's a two bedroom, two bathroom. I've mentioned that already. It's got a sunroom. It's beautifully renovated. It got a large carport and a workshop a shed. It's really nice. And it's priced only at 425,000. There pad rents because it's a park and you have to be approved by the manager. So be nice. Matt that is just went live. And then we have a new fourth floor, two bedroom and two bathroom two year new condo in downtown Abbotsford in the upper Montrose building, it's the hip downtown living and that one is 550,000. Actually, that's going to come out next week as well. So there's a whole bunch Oh, next week, our show, Curtis and I have Betty loofah in as our guests. So we're gonna have the statistics show for the first segment. And then we're going to have Betty Lou on and she's from Send Out Cards. And so we're really cool. It's something I've been using for the last four months or so. I love it. So I wanted to bring her on to share what that is and how it could benefit and bringing love to your friends and families and everyone you know. Anyway, that's next week and the quote of the Week. This week is strive for progress, not perfection.
Curtis Pope:
Wise words from Michelle Cummins, as always,
Michele Cummins - PREC:
thanks Curtis.
Curtis Pope:
If people want more information about your listings, and what you do as
Michele Cummins - PREC:
a realtor, where can they go without cummins.ca
Curtis Pope:
And join us again next week and we will talk real estate in order to unlock your real estate potential on the show real estate is maximized. Thanks for listening
If you missed last week's episode where Michele talks Tax Tips and What People Are Looking For In A Home, please go back and take a listen - it's well worth it!