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Michele Talks Rentals and Part 2 of Our Election Chat

Posted by Brad Fry on September 21, 2021
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Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name!
Curtis Pope: 

Saturday morning over the weekend is gonna be a little bit damp and dreary, but that's okay. We'll keep your spirits up. It's time for the Cummins Real Estate Group show with myself Curtis Pope. And of course, the star of the show the main attraction. Michele Cummins, - PREC Michelle

Michele Cummins - PREC: 

Curtis, no, you are the main attraction. Come on, we're, you know what, no more that you are the star you, I have to say that you've been amazing. And you are an amazing person. And you're you're the star of the show. Let's Get Real.

Curtis Pope: 

Well, let's let's be serious here. If you keep that up, I'm not going to be able to step outside the door here, my head won't fit. So let's like just keep it on the rails here.

Michele Cummins - PREC: 

You're the fun person here. I'm just all about that. You get to interview all these amazing artists, and you're creative and get me on radio every day. And I just I just talk about doubts and real estate.

Curtis Pope: 

Yeah, but that's where we have to come to you for all this information. Because I don't know what the heck I'm talking about when it comes to real estate, but You sure do.

Michele Cummins - PREC: 

Goodness, we make a good team that I guess so.

Curtis Pope: 

I guess it's a yin and yang kind of thing going on here.

Michele Cummins - PREC: 

It's true. That's what life's about. It's, yeah, it's true. Do you know we're on episode 148? Because you know, I'm so about writing things down all the time.

Curtis Pope: 

I can't believe 148 Wow. Yeah. Worth 148 episodes. That's very cool. Very cool. Indeed.

Michele Cummins - PREC: 

We're gonna have to celebrate at 150. Actually, we should celebrate it like ever. 149 151 51 every day is we're celebrating

Curtis Pope: 

Exactly. Although I thought we were doing the 29th episode forever. Oh, wait a minute. That's our ages. Right?

Michele Cummins - PREC: 

That's right. Well,

Curtis Pope: 

I guess we have to get talking real estate again, because that's what we do here on the show. And I know we're gonna carry on with our election theme for the second half. But what are we doing here for the first half of the show?

Michele Cummins - PREC: 

Well, we are going to talk about rents in Canada because they have had a freeze on increasing rental rates for you know, during this whole pandemic that we've been in. But things have been, you know, interesting lately and so we're going to talk about what rents in Canada and really specifically Vancouver, Greater Vancouver Fraser Valley area is doing. But first I wanted to ask because this is amazing, like downpour yesterday like the warning on my weather app was 70k mile winds and batten down the hatches because it's gonna be crazy and all the rain. And you know what, this time of the year it seems like the Fall Festival like the Corn Festival of the chilliwack and agassi area is it gets rained on but you know what, that's why we have such amazing terrain. And our area is so amazing. But what I mean this weekend, I was going to actually put the generally and our night writer car or night writer in the parade. That's happening in Anglesey, but this morning, we're supposed to be there, like at nine

9: 

30am. And I'm not quite sure yet. I'm like, I'm like do we do it? Do we not do it? What do you think? Well, we go to the trade this morning.

Curtis Pope: 

Well, I mean, I guess it depends whether or not you feel need a carwash or not. I mean, I look at this as mother nature's carwash to keep things clean. No, that would be a tough decision to make. I mean, we live on the west coast, right? We don't live on the west coast. I mean, we have to deal with this. And you know, it's nothing new to us. You can always tell the people that were born on the West Coast versus the people that weren't because for one we don't use umbrellas because we just can't be bothered because we know how often we need to use them if we start

Michele Cummins - PREC: 

I know when I have these amazing umbrellas that are clear and they've got my little logo on it. I love them. But you know what? I only have two hands. We all only have two hands. Yeah, exactly. We carry

Curtis Pope: 

you know I'm as West Coast as you can get. I was born in downtown Vancouver and you will never see me no matter how bad it's raining with an umbrella.

Michele Cummins - PREC: 

So what are you and Kelly and the kids doing this weekend? Are you just going to dance in the rain? Are you going to?

Curtis Pope: 

Well, you know, I you know, I figured I'd work on on the ark that I've been building in the backyard.

Michele Cummins - PREC: 

Is it big enough for me Richard and Bibi and all of our cars

Curtis Pope: 

I think so but my measurements you know, I you know the old time measurements in the Bible, I don't know how you convert them to metric. So I'm still struggling a little bit.

Michele Cummins - PREC: 

I know cubics this and cube exam, I still don't understand

Curtis Pope: 

how much a cube is in metric. So I'm working on the conversion. Short.

Michele Cummins - PREC: 

Well have a wonderful weekend. But okay, so I wanted to mention Jessica Oates. I don't know. I mean, I know you, obviously, we follow, you know, you're on social media, and you've actually done better than when we first you know, started our radio show a few years ago, better, follow better. And so a lot of social media, people are on social media. So I have been sharing weekly mortgage rates, changes from harmony mortgages, which is actually Jessica owes, but she's with Korean mortgages. And she's been sharing those with me. So I've been able to share them on on my social media, and I post them on Facebook weekly. And so that's been great. So I want to just thank Jessica Oates for her help there and in providing that for us, and so without further ado, because time is of the essence in real estate as it is in our radio show. So we're talking about rents in Canada. And January 1 of 2022 is when DC supposedly has the rent freeze will be released, but things change. We'll see what happens. But that's what set for bc that's our province. But for the fourth consecutive month, the average rent in Canada increased for all property types. And of course, you wonder how does that happen in BC? Well, when you purchase a property that has been previously lived in by the owner, or was their vacation property, or there was just not a tenant in it before, you can actually establish current rates for that property. And so that's how bc can be included in the stats. So for the fourth consecutive month, the average rent in Canada increased for all property types, rising to $1,763 in August, that's point 6% over July and up 5.2% since this year's market low of 1060 675,000 in April. So that's according to rentals, a.ca and Bolton research and consulting latest national rent report. So rents are expected to continue to rise as university and college classes resume as some workers returned to the office and as the border is reopening, this forecast is contingent on the Delta variant staying in check of course, because average monthly rent is still about $190 below the market peak of what it was in September 2019, which was 19 $154. single family homes have bounced back with a higher average rental rate in August than in the same month in 2019. The average monthly rent for apartments continues its slow and gradual increase year over year while average rents for condominium apartments continue their slow and gradual decline. But condo rental rates could soon turn around on a national basis as they are up 15% and 16%. from February to August in Vancouver. larger units with three or four bedrooms have experienced significant year over year increases, suggesting the demand for the larger unit persists as tenants expect working from home to continue in some fashion. Now Vancouver topped the list of 35 cities for average monthly rent in August for a one bedroom home at $2,167. And for average monthly rent for a two bedroom at $3,044. Now, Chris, we were talking before we started the show that we actually are having a guest on our show next week. We're so excited

Curtis Pope: 

about it. Yeah, it's been a while since we've had a guest before people get too excited. Not chipper. Joanna

Michele Cummins - PREC: 

I know you know what it that's going to happen soon. But next week we have Nathan and he is a multi tra ultra multi AI millionaire when it comes to real estate and investing and we were chatting about you know there's a few topics we can talk about what what should we hone in on and I just had bought another Airbnb unit in Vancouver I've got a city in the sky skyscraper two bedroom unit that I'm just sampling out right now I've hired Debbie Roberts and Christine Allen to design it for me so that I can start Airbnb in it now Vancouver only has a couple buildings that actually allow Airbnb units because over all the strata x and Vancouver weren't allowed But since the pandemic, some, a couple buildings have softened on the rules. So I'm really excited about that. Because I've experienced Airbnb. And it's phenomenal. It's wonderful. It's wonderful. As somebody who's using it, I, my first Airbnb that I rented was in Texas and all I loved it. So much better than a hotel, you get so much more for the money. And it's just such a great experience. And I wanted to share that with others as well. So I've been able to do that. And I'm excited about the Vancouver one. So I thought I, you know, I said, you know, he, one of the options were short term rentals, I said, let's talk about that. So next week, that is what he's going to speak about his short term rentals and how you can make really good money on that. So I'm really excited to bring Nathan on.

Curtis Pope: 

And I'm very excited to hear you have an Airbnb in Vancouver. So when we have concerts coming to town again and go, so Michelle, you got an availability at your Airbnb.

Michele Cummins - PREC: 

You can see bc place from my place, and the lights are so great. And there's like some old buildings and some new skyscrapers. And there's it's cross town. So you, you could walk the gas town, you can walk downtown, you can see science world, you can see the ocean, you can see then you could there's a couple ocean views. It's really great. So it's I'm excited about it. And yet, you and Kelly, you have to come down there and use it and have it. So yeah, and actually, literally, it's just this this week, it's happened. So But hopefully, you know, I'm actually surprised me Richard about it, because he doesn't know about it.

Curtis Pope: 

He doesn't listen to the show. We're fine.

Michele Cummins - PREC: 

Well, he doesn't wake up this early. He's a musician. You know, they sleep until 1pm.

Curtis Pope: 

Exactly. We're safe. You won't know for weeks.

Michele Cummins - PREC: 

Exactly. So, yeah, so that's the exciting news. And I wanted to mention some headlines, actually, we have to go to our break. But quickly a couple hot headlines. So for national headlines in central Canada, the BNN Bloomberg has said how a foreign homebuyer ban in Canada could backfire. Very interesting stuff. CBC News, stats Canada finds a mortgage borrowing hit a record in the spring financial posts as trailer parks could hold the interview Canada's national housing crisis. You wonder how all this things happens. But there's some great headlines in the news right now. And of course, it's all about economy, and affordability and real estate. And of course, we're going to talk about our second segment, which is the elections.

Curtis Pope: 

Absolutely. All right. Well, if people want more information about what you do as a realtor, where can they go? To come and stop See it? We're back with more right after this.

Michele Cummins - PREC: 

She

Curtis Pope: 

secret number two of the commons Real Estate Group show my name is Curtis Pope and of course the star of the show. Michelle Cummins. Okay, Michelle, we have an election coming up pretty quick here. And we're going to talk about some of the platforms here we went through the liberal and the conservative last week of memory conserve it serves. So I guess this week, you have a couple other parties.

Michele Cummins - PREC: 

That is correct. And we will start off with the NDP. So of course, we're really focused on on real estate. That's what this show is about. So some of the highlights that the NDP that we are going to talk about in they have on their their platform is to create at least 500,000 units of quality, affordable housing over the next decade with half the homes built within five years. Of course, we don't know how they're going to do these things that this is their platform. And that's what we did last week. And that's what we're doing this week with our three other parties here. And the second point is that they're going to reintroduce 30 year terms to Canada Mortgage and Housing cooperation, insured mortgages, on entry level homes for first time buyers allowing for smaller monthly payments. And then they're going to do double the homebuyers tax credit to 1500. So that's what they're promoting. Of course, we know that a lot of what the parties say they want to do that Whether they do them or not, is another story. But what's really important is knowing the history and and what they've done in the past and how they've showed true to what they said they would do. And if they actually did it, and and where their platforms are. So if you're familiar with the parties, and you're familiar with what they do, but the fourth thing that the NDP has on on their radar is that they're going to place a 20% foreign buyers tax on the sale of homes to non Canadians, and non permanent residents. And so NDP, D DJ Paul, from chilliwack, he is quoted to say chilliwack, and hope is experienced the high rates of population growth, while simultaneously seen skyrocketing rents. Not unlike other areas, demo evictions and ballooning home prices. And so that is the case with every area really we we know that. He says I believe the most effective federal strategy to increase housing and rental affordability would be the mandate, a percentage of affordable homes and units be required in new builds, and Canada Mortgage and Housing cooperation rules. So that CMHC so there's a lot of aspects, a lot of legs and arms that have to do with ideas and how things implement and what they do. But that is the quote from DJ pole, from chilliwack, NDP. And so the Green Party so we've got three parties we're speaking about today. And next, the Green Party has not yet released his 2021 platform at the time that I got my information a few days ago, but instead of Clanton Vale its commitments in pieces throughout the campaign. Well, we're really close. We're we're having elections, pre elections was last weekend, where you can elect early. And however, the following are the priorities that have so far been posted on the party's website and communicated by their leader. So the first is declare a national housing and homelessness emergency and establish a national moratorium on evictions. Second is to create a residential errors, Assistance Program. Third is to refocus the core mandate of the Canada Mortgage and Housing cooperation, which is CMHC, towards supporting development of affordable nonprofit housing. And then their platform is to implement a retroactive residential tenant support benefits and to create a minister of housing to oversee these policies. So that is where the Green Party stands on real estate. Right. And then last political party we will speak about is a People's Party government. So relatively, the People's Party government hasn't been in every election. But with everything that's been happening lately, we've got some information on that party and where they stand so substantially reduce the immigration quotas is what they want to do from about 400,000 plan by the Liberal government down to 100 to 150,000 per year, and that this will help reduce demand for housing and cool down these markets, especially in the large cities where most immigrants settle, and at People's Party government will modify the Bank of Canada's inflation target from 2% to 0%. This will cool down inflation in all sectors including housing, and stop funding social housing, which unfairly competes with private developers and has historically been a financial, social and urban planning disaster in every city where it's become widespread. It is not the government's role to build and rent apartments. dependency on government handouts is never the solution. and revitalize or dismantle the Canada Mortgage and Housing cool corporation which is CMHC. It's a mammoth government agency that fuels the housing crisis instead of helping to cool it down. All it has ever done is encouraged Canadians to buy houses they can't afford and accumulate massive amounts of debt for the federal government and ultimately, Canadian taxpayers will be responsible for and the PPC quote in trulock. from Robert said he's his said, first and foremost, our immigration policies must not exacerbate the problems Canadians are already struggling with He has said reducing immigration to less than 150,000 per year will help address the housing crisis because it will reduce demand within our housing market. So this is the people's, the PPC. So there, there's this, these are just quick little segments, quick little knot segments, a quick little spurts of kind of where they stand. But there's so much more that has to be explained per point that they have. Because how are you going to do that? Why do you see that helping, and then all the legs in there, all the things that happen because of everything that they stand on. So I find it very, very important and interesting. And it's for all of us to take the time, time is of the essence. I mean, we're all busy, I don't care what you do, or who you are, or even what age you're at really, time is so important for all of us. And to be able to really know where each party stands, and how they're going to help you and your family, better your life, better your quality of life. That's where what it comes down to. And, and so it's really important to really know who you're voting for, and that you do vote. And these are the times you really need to take aside and take that time to learn what each party stands for, and and vote. What's best for you and your family and your loved ones.

Curtis Pope: 

It takes a lot of research. There's a lot going on and a lot to read through. But you really do have to do your homework when it comes to these things. Because you don't want to vote for someone you're going oops, I missed this point. And I completely don't agree with that.

Michele Cummins - PREC: 

It's true. And sometimes they have some great things. But then there's other things you're like, I know or they don't mention it and but if your research reveals what what they're really all about, or what else they would do, and you got to wait, you know, nothing's perfect. No party perfect. No person you ever vote for is perfect. So you have to really weigh what's what's better than not right.

Curtis Pope: 

Yeah, you do you have to sometimes it's picking the lesser evil.

Michele Cummins - PREC: 

Exactly. So with that, I hope everyone has fun voting and, and does vote when if and when you can. So okay, so I've got a new listing. And this is a colas. Actually, I wanted as we're having an open house today. And tomorrow, both from one to 3pm. We thought let's leave it open to both days. And this is a colas with Christine Allen. She's a realtor with Remax little oak as well. And it's a newer listing. So actually, just this week, it's at 33270, brown Crescent in mission. And it's a rancher with a full basement. It's a five bedroom, one bathroom, it was built 1974 I love that year. And Curtis don't give away, we're 29 forever, remember exactly. And the size of the lot is 7500 square feet, and the size of the house is 2300 square feet. And it's on a quiet street and this house is very well maintained, and the basements first partially finished. And so it could convert into it in last week very easily. And the price on that property is 849 900. And when do you see properties under a million dollars anymore? Right?

Curtis Pope: 

No, not very often.

Michele Cummins - PREC: 

I know. So come out today come out tomorrow and have a look at the open house. And Christine Allen is going to be hosting that is from one to 3pm. And then I just want to say I have land assemblies that are exclusively things I do not have them on the general MLS, which is the realtor.ca ra w.ca. All the public sites No, he will not find my development properties on those sites. They're exclusive. So if you're a developer, if you're a builder, if you're an investor, if you're looking for something or if you have a property that you're like, I know the overall community plan is for higher density than this single family residential house that's on the property now, or what have you, then give me a call and I will help you find the perfect buyer who will pay you the highest price. And also I that's what I do is I work for property owners to sell their properties to hungry developers. And that really, really wants to get into the market today. So that when they develop five years from now, they're paying today's prices, not five years from now. So give me a call if you have any interest in that or if you have any questions about that. And Curtis You know what, I've got a quote in the week. Are you are you? Are you surprised?

Curtis Pope: 

No, I am not surprised at all. In fact, I've been waiting with breathless anticipation for this.

Michele Cummins - PREC: 

Okay, so this one is from the grades, as they all are really the quote is The greatest discovery of all time is that a person can change his future by merely changing his attitude. It's all about mindset. Okay, I just fit that one out the end there, but the actual quote is from Oprah Winfrey.

Curtis Pope: 

You know, and it is true because you know, it is it can be hard sometimes when the rains coming down, both figuratively and you know, and literally in your life, but you sometimes just have to pick yourself up and find that silver lining, right and find that positive attitude and it's amazing what it can do for you.

Michele Cummins - PREC: 

It is so amazing mindset is everything. So take your vitamins and you know, be the positive have a positive mindset,

Curtis Pope: 

all about the good vibes. Exactly. All right. Well, if people want more information about what you do as a realtor, where can

Michele Cummins - PREC: 

they go? Michelle COMM And stop 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 where real estate is maximized. Thanks for listening