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SEAS5 EP229 - Michele & Curtis Talk Canada Day and the Canadian Real Estate Market!

July 10, 2023 | Posted by: Michele Cummins

SEAS5 EP229 - Michele & Curtis Talk Canada Day and the Canadian Real Estate Market!

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Curtis Pope 0:21 That time it is time once again for the commons real estate show with Michelle Cummings and myself Curtis Pope Good morning Michelle Michele Cummins - PREC 0:28 Happy Canada Day to you Mr. Curtis Curtis Pope 0:29 cope the same to you it's it's just a couple days away happy Fourth of July to you thank Michele Cummins - PREC 0:34 you I love I get to celebrate to Canada days and to Thanksgivings, and Christmas all year round. Curtis Pope 0:40 Anybody I know who you know shares like, you know, American and Canadian citizenship or like, you know, families on both sides. They do love the two Thanksgiving so Michele Cummins - PREC 0:48 yeah, the more the merrier. I can't wait to see my family. I'm really gonna have a great time. And I'm gonna do this show next week. From working you are yes, I'm gonna call in. I'll videotape it. Of course for you. Curtis Pope 1:02 You're gonna where's your family? gonna join you on the show? Maybe Michele Cummins - PREC 1:04 y'all y'all have all of them? Oh, we won't get anywhere. No on that Curtis Pope 1:08 show. Oh, that that becomes a I don't know what you at an orchestra or something. I don't know like Michele Cummins - PREC 1:14 that hard Tunisians like the Kardashians Watch out. It'll be some show next week. Actually, next week, we'll also going to be doing our stat show for June and so that'll be very, very intriguing. So we love our stat show. So how was your trip? It was great seeing you sent you can Curtis Pope 1:31 Oh, it was fantastic. We went up to Penticton for a few days and and you know, we're and funnily enough, we were up there, just because we're nosy. We were walking, we walk or drive by and see a place for sale. I wonder how much that is? And we'd look it up and stuff like that. We have no plans to move to Penticton anytime soon, but we're still being nosy with some of the beachfront Michele Cummins - PREC 1:50 properties. And I got a great realtor there. If you need a good referral, realtors Curtis Pope 1:54 everywhere. When I said believes a couple of weeks ago, you said you have a realtor there. Michele Cummins - PREC 1:57 It's true. I've got connection you do. So today we're going to speak about well, it's Canada Day weekend. So you know, we figure why not talk about the Canadian real estate market. It makes sense. And we talk about wineries though you know what the newest trend is? And I just read this yesterday a whole report about it. Curtis Pope 2:20 Well, it trend in winery trend and wineries trend and winery and wineries. To not let Michelle comes in because he drinks all the wine. Michele Cummins - PREC 2:31 I share. Okay, as long as it's fair. No, it's like the newest investment it's like the newest thing that families and people are doing is buying a new communities are popping up. Curtis Pope 2:41 It makes sense because there's an awful lot of wineries and they're always new ones pop but what do we have like five or six of them in Abbotsford now? Yeah, yeah, Michele Cummins - PREC 2:47 exactly. We got like the sun strip that goes from White Rock all the way to you know, the Palm Springs of Canada has the whole area but like where you're from You said you've there was a new winery, you went to that family owned and operated Yeah, we Curtis Pope 3:00 went to this place in in we went to near Mata and there was this place there called moko Joe. And Diane was one of the owners and she did our tasting with us. And it's up kind of on the hill and you have a beautiful view of Lake Okanagan and the wine was amazing. And and just their whole story. They bought it like oh, maybe 10 years ago, and they were really cool. Michele Cummins - PREC 3:22 10 years ago, I love family owned and operated places. It's so wonderful and yeah, actually, that reminds me later you know, when we talk about the new listings coming up, I wanted to mention Sentra talking about wineries. I have this really, really unique opportunity in this up and coming community that's overlooking a winery. It's beautiful. It's an all over only less than a few hours from the Fraser Valley. It is a brand new preconstruction, actually it's being built right now and you can still choose color and everything that's coming on the market next week. You can either purchase that house, the view home brand new for 1.1 million or fractional purchase what a five fractional ownerships. One is $250,000. So you your friends, colleagues, you know, those that you get along with you can purchase just the fractional share and have it as a vacation rental. There's a suite in it. And you know what the rental is per day during high season, there are a lot $1,100 Curtis Pope 4:24 a day, where do you think we go for the year we go to all over every summer is where we go to the cottages. And I don't know what we pay for it because a father in law pays because I don't think if I was paying I'd be able to go there have a good father in law. I do. He's got money. Michele Cummins - PREC 4:36 Well let him know about this fractional ownership or why the whole thing and it's coming up next week on the mark. All Curtis Pope 4:42 right, I'll tell him so listen next week. Yes. Michele Cummins - PREC 4:45 But moving moving on from there now that we talked about. push that forward because that was like a perfect segue into that winery property view is, you know, we're halfway down the year of 2023. We're halfway through I can't believe it's July. First. Curtis Pope 5:00 Yeah, and also me just your birthday month. Michele Cummins - PREC 5:03 Yeah. And I'm still younger than you and Richard. Yes, Curtis Pope 5:07 yes. It will always be younger than us. You won't catch up. I have the same thing in my wife. I'll always be younger than her. So Michele Cummins - PREC 5:15 you want to keep it that way? Yes, no. So the trends of the real estate market now that we're halfway through 2023. So we're going to talk about that. So the continued population growth that's been happening, Canada is still experiencing steady population growth, particularly major cities. This growth may lead to demand for new houses and push the real estate market to allow for greater changes in the market. We should be prepared for this. Canada has a mandate for immigration to come in, and population growth is just inevitable it's going to happen and the next trend increasing demand for smart homes. A significant trend seen in modern real estate is an increased demand for smart homes or homes with integrated automation systems. Homeowners are looking for energy efficient devices and automation systems that will increase the overall value of their homes. So that's the trend and next work from home increases, it has not decreased, it's still increasing. remote work hasn't diminished since the pandemic it's now become a norm for many organizations. As a result, more people are working from home and require home office space. So homebuyers are also prioritizing homes that offer more space such as larger yards and additional bedrooms, which is impacted by the need to have more areas away from the home office space. Now, the fourth trend has been demand for affordable housing. Yes, that's still with us today. And I think it'll be with us for a while the cost of homes in Canada remains very high. Municipalities need to administer effective policies and programs to provide affordable housing assistance to more homebuyers. So that's we're still dealing with. And the next trend is Millennials driven condominium growth. condominium buildings will continue to be in high demand, especially with more millennials entering the market. Diversification in urban centers and the demand for affordable space among young buyers will continue to drive the trend. I know I just sold a couple of pre construction in beautiful Vesta properties. community there in Langley, a wonderful community that they're selling, they're very good developer. And then the next trend increased preference for sustainable living, homebuyers will continue to prioritize energy efficient and environmentally friendly buildings. So this reality will therefore lead to a significant increase in demand for building materials and designs that are energy efficient and high performing. And last, but not least, is foreign investments continue, you would think that after the Government of Canada raised its foreign investment tax, it would diminish, but it continues, foreign investment in the Canadian real estate market could create potential opportunities for real estate professionals and help stabilize certain regions in the market, understanding how to work with foreign investors. So that is the trends that are happening. Still the mid of 2023. Curtis Pope 8:27 Okay, so there is a lot going on. It's always busy, as we know. And then of course, I'm sure we'll see some of this, come up next week with the stats show. Michele Cummins - PREC 8:35 It's true. And then maybe before we go on break, one more tidbit of information I wanted to add is it goes along with the trends is the 15 Minute city idea. Have you heard of this? Oh, yes. And 15 minute neighborhood they call it. So it's the key, they say in solving Canadian housing crisis. So anything that can lend it to to correcting that helps. So Christopher Alexander is our president of REMAX Canada, and he's done a report and actually, it's in the Globe and Mail. Do you read the Globe and Mail? Curtis Pope 9:11 You think I can read? Come on I work in radio. No, I do read the Globe and Mail sometimes. Yes. You know, my father in law has a subscription to that. So when I'm his place, I'll read it and and I do actually read a lot. I like to make that joke that I can't read some in radio, but no, I been a pretty big readers from the time I could start to read. Michele Cummins - PREC 9:31 Yeah, it's actually the good articles like it isn't this fluff or the media stuff that you can't trust like it's reliable, reliable source. And of course, Christopher Alexander is very reliable and in everything so yeah, so the Canada in that whole 15 minute city. There's a great article in The Globe and Mail. I'll post it on my website. So you can have a read if you don't actually get Globe and Mail but he talks about how in 2017 there was The national housing strategy, they set out to create livable communities where families thrive, children learn and grow. And their parents have this, the stability and opportunities they need to succeed. But now that we have surpassed the halfway point of that 10 Year 55 billion strategy that they had, how much headway have we actually made toward making this promise a reality. And that's the basis of the article. So, yeah, so I encourage you to have a look at it, because with the over 213,000 units that they put in, already, but not enough, we've had over a million in 2022 population Curtis Pope 10:39 grow. Now we just hit 40 million people in this country. Like Michele Cummins - PREC 10:43 that is way surpassing the amount of added units that they've done. We need more housing. So yeah, so I encourage you to read that. Curtis Pope 10:52 All right, well, we should probably take a quick break here. If you've want more information about what you do as a realtor, and to maybe see your listings and things like that, where can they go, Michelle, we're back with more right after this. And we're back to segment two of the real estate show with Michelle Cummings and myself, Curtis Pope. Well, we talked about all kinds of stuff in the first segment. But now when we talked about here in the second segment, well, you Michele Cummins - PREC 11:59 know, we want to keep this short and sweet, because you know, it's Canada's day, it's candy, long weekend to start of it. It's so early, you know, half the people may not even be up yet. So let's talk a little bit more real estate, and then everyone can go have some fun. There we go. Um, so the pandemic, okay, the craze will return, if you can believe it. Once mortgage rates hit 5% You asked me how Curtis Pope 12:26 when you said crazy, I don't know why my mind went to me. I'm gonna have to like, you know, chase after toilet paper all over the place. Again, not that crazy. Not that crazy. Okay, good. The real estate credit real estate crash going back? Michele Cummins - PREC 12:36 Yeah, the pandemic craze, okay. So everyone, the interest rates were so low, and those who locked in at those low low rates, the reason why it's going to return and the reason why right now we don't have enough listings, we have way more buyers than we have listings, even though the interest rates are going up. And mind youth interest rates are going up again, July 13, it's almost a given. Everyone says they are. And we know that the government's mandate is to get that inflation down to 2%. And they don't mind a recession. In fact, we are in a recession, it's, you know, we are in it. And rates are gonna keep on going up until that that that rate gets to 2%. That's the target and they don't care how many foreclosures there are and all that. So we but right now, the reason one of the reasons we don't have a lot of listings compared to buyers is because there's who's going to sell their property, those that were got locked into the one point whatever percent under 2%, under 3%. And if they especially if their mortgage can't isn't portable, why would they sell now, just to purchase something that is much higher interest rate, so we have a lot of people holding on, they're just waiting, and then when their mortgage comes up for renewal, we're gonna see a lot hit the market. So that is the pandemic craze that's going to be returning once the interest rates hit that percentage, those that are coming from under two or two or three, you know, going up to 5% or more is going to be really tough on them. So that is what's gonna, you know, be in the future here. It's almost a given, it's almost like math, it's just gonna happen. And new listings to go along with that have plummeted 27% 27% marking biggest annual fall since the pandemic, so it's just while again, why would you listen sell especially since the market has been correcting since last year. So not only are prices a bit down, even though they're still really high, but why would you if you have such a great interest rate. So that's the news and that's something that we're in the midst of right now. So those realtors out there that are concerned or maybe they slow down sales have slowed down sellers that buyers buyers who are looking for a place and there's like there's there's just not enough to choose from, well, there will be more coming up in the future, but it doesn't mean that the market will be a better market to buy in. So that's something as well, a lot of buyers are holding off and waiting to because they're like, well, there's there's there's nothing really that works. There's all sorts of creative ideas for financing vendor take back mortgages are happening right now. I mean, you can take half of like, you can go into a shared you can go into rent own, there's so many things you and the seller can decide on that's actually good for both of you, that actually benefits both of you in today's style market, so many creative ways. Go knock on doors, go go find out. So if you're a buyer, and there's just not the right place for you, you know, get a realtor like myself, who doesn't mind hustling for you and finding the right opportunity for you because they are out there every day. So that's my little spiel on on that? Curtis Pope 15:57 Well, I was reading, some economists are saying that they figured that in of the g7 countries. And again, this is something I have a very rudimentary understanding of when it comes to economies and things like that, that by 2025, we could in fact, at the rate, we're going have the strongest economy of the g7 countries. So hopefully, that will help with all this too. I don't know. I learned very little about that. In school. So we are Michele Cummins - PREC 16:22 such a strong community and a strong area, Canada in general, but our area of Canada as well. And yeah, I just see it going I was just talking with somebody who came from Alberta, they they sold their place there for like 300 and something 1000 And it was beautiful was amazing. And they're coming here and they're needing to get into place but they got only $40,000 was what they got from from that. And they're like, that's not a strong enough really downpayment, definitely not a down payment, maybe a deposit initially, but definitely not for a down payment on a property here. They've got six kids, you know, it's a couple of six kids, Curtis, and they're trying to buy here from Alberta. And so that is gonna take some creative mess to find them a place where they don't have to rent, you know, because rent is so high and and you just how can you build up your deposit when you're renting at the rates that there are today, but there are creative ways of getting in the market. Because once you get in this market, you're golden, you're fine. You just it's just getting into our market. That's the tough part, right? So do everything you can to get into it, and then stay in it if you can, unless you're like retired and you're just gonna go gallivanting across, you know, the world or North America or you're like, I'm going, I've got enough to sustain myself, and I'm just gonna go have fun or you know, living in LA last week, our show was on the 10 most affordable places in BC. And it's funny, I had a comment, was it? I think it was on my TED Talk. On my TED talk. I had a comment from somebody who said, you know, it doesn't make sense the prices with with what you're saying is the most affordable, and I had to go well, it's not all about purchase price of getting into a community. It's it's how affordable is it living there? Yes. Right. So it's the jobs it's the how much is the food in that? How much is the gas in that community? How much is how much right so it's everything combined makes it the most affordable place to live. So not just about purchase price, but yes, that does obviously have a hand in hand with that. But yeah, so talking about that if you want to get in our community, this beautiful area of the Fraser Valley in the Lower Mainland into real estate, which is one of the best investments you can do. I've made I talk with so many people obviously but and some gal came from China. She's all I came here with hardly any money. She only had a little bit to put down and she'll she bought her first pre construction because you only have to had to put a little bit down her first investment in Canada. She's a single mom of two kids. And she did not have hardly any I think she said she had $15,000. And she initially did that. And then when she flipped it like before it completed she sold it. So she made a little bit of money. She was able to do it again. And she kept on replicating that she kept on doing it. And she has built her wealth and she owns a couple places in Ottawa, Ontario. She's owns a couple places here. She's She was able to help her kids through college. And she's a single mom and she did it all by just investing a little bit at a time and just building her Real Estate Wealth and that's all she did. So she doesn't work. That's all she did. And people do it all the time and it is the best Well, I have to say okay, I'm that's I love it too. That's why I invest in real estate. Obviously I've got some stocks and some other things right? But it is just tried and true. Tara Earth real estate it's real. And we will always need food fin a roof over our head. You know those two things in life and clothes that you know that helps. So going on to new listings coming up this week, it's a long weekend. So we're not gonna see these until Tuesday or Wednesday. But I got a townhouse coming up in Abbotsford, right near the hospital. It's a two story plus basement home, three bedroom, three bathroom, the yard is right off the dining area and the kitchen area. It's updated. It is a really cute townhouse and it comes with a carport. It's priced at 680,000. So that one's coming up if you want Abbotsford near the hospital, and if you got kids, you know, you might be walking them to the hospital every week because you know, kids are prone to Curtis Pope 20:37 you might have a Cody. Michele Cummins - PREC 20:40 Then I got a log townhouse coming up at Sasquatch resort where I bought one of my investments last year, awesome community up on Hemlock mountain. It's all season living and we know that the government is putting their overthrow $3 billion into building up that resort to make it the next Whistler so if you want a full time you can live there full time or vacation property. This is a great one because it's a corner one it's so it's got the windows and it's got a cute little place right next to it where the kids can sled down the hillside like it's a great location in this small. I think it's six units. Yes six unit townhouse complex and it's long. And it's a cabin feel. So ski mountain bike snow shoe, there's so much to do out there. So yeah, so that's the townhouse single garage. So you got a garage tree, you could put your ATV in there your snowmobiles in there. And it's a three bedroom, two bathroom deck looking out to the ski runs, obviously mountain views and actually the summertime up there I have found i i like even a little bit more, I think than the ski season. That's kind of cool. Yeah, it's it's really neat. And it's going to be listed at 630,000. And then I've got a 419,000 a 6800 square foot lot. And it's at Rivers reach in Harrison Mills, and it comes with building plans. And that's 1000s of dollars of worth for the these building plans, comes with them. Build it if you want build your own, if you want, customize it if you want. But that is a lot. So if you're a builder or you're an investor, or you're thinking about building your future home and you want to live where you play where the Eagles soar, then that might be the perfect place for you. Because Where are you going to buy a 6800 square foot lot in Michigan or Abbotsford or anywhere else for 419,000? nowhere, nowhere. And no open houses this weekend because this is Canadian Day long weekend. Yes, you can book any of my listings to view this weekend by appointment, but no open houses. So go have fun or call me for an appointment for one of my listings and have a wonderful candidate date long weekend. The quote. Okay, the quote for today, we generate fears while we sit. We overcome them by action. So if you're fear, feeling fearful, and you're sitting well get up and move to take action, and that's from Dr. Henry link. All right. Curtis Pope 23:12 I like that one. If people want more information about your listings and what you do as a realtor all that work and they go show And join us again next week and we will talk real estate in order to unlock your real estate potential on the show where real estate is maximized. Thanks for listening Transcribed by

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