kingofsurrey Posted June 9, 2018 Share Posted June 9, 2018 Link to comment Share on other sites More sharing options...
kingofsurrey Posted June 11, 2018 Share Posted June 11, 2018 Is it time now to see our homes and move to the rental market before the collapse. My brother has a home approximate value of $ 800,000 to 850,000 out in the Fraser Valley.... Should he cash out now and rent for a few years and then buy in again for a few hundred thoussand less. Is it time to move from home owner to renter - basically time to sell SHORT on the market..... Link to comment Share on other sites More sharing options...
Rob_Zepp Posted June 11, 2018 Share Posted June 11, 2018 1 minute ago, kingofsurrey said: Is it time now to see our homes and move to the rental market before the collapse. My brother has a home approximate value of $ 800,000 to 850,000 out in the Fraser Valley.... Should he cash out now and rent for a few years and then buy in again for a few hundred thoussand less. Is it time to move from home owner to renter - basically time to sell SHORT on the market..... 1 Link to comment Share on other sites More sharing options...
Violator Posted June 11, 2018 Share Posted June 11, 2018 If that bubble burts that will essentially bankrupt bc Link to comment Share on other sites More sharing options...
kingofsurrey Posted June 11, 2018 Share Posted June 11, 2018 (edited) 4 minutes ago, Violator said: If that bubble burts that will essentially bankrupt bc When that bubble bursts..... Not if. For Sale signs up everywhere now ... not the time to be a buyer....... Edited June 11, 2018 by kingofsurrey Link to comment Share on other sites More sharing options...
Chicken. Posted June 11, 2018 Share Posted June 11, 2018 27 minutes ago, kingofsurrey said: Is it time now to see our homes and move to the rental market before the collapse. My brother has a home approximate value of $ 800,000 to 850,000 out in the Fraser Valley.... Should he cash out now and rent for a few years and then buy in again for a few hundred thoussand less. Is it time to move from home owner to renter - basically time to sell SHORT on the market..... Out of curiosity, have you sold your house yet, are your renting ? Pretty hypocritical if you are sitting owning while preaching the rest of us to sell now. It's not like renting in the lower mainland is particularly affordable either Link to comment Share on other sites More sharing options...
kingofsurrey Posted June 11, 2018 Share Posted June 11, 2018 4 minutes ago, Chicken. said: Out of curiosity, have you sold your house yet, are your renting ? Pretty hypocritical if you are sitting owning while preaching the rest of us to sell now. It's not like renting in the lower mainland is particularly affordable either The real estate market in the lower mainland has seen record growth ..... is it the time now to sell the market short ? This is a discussion and i want to hear what over posters think about the subject. Link to comment Share on other sites More sharing options...
Frankie Sinatra Posted June 11, 2018 Share Posted June 11, 2018 36 minutes ago, kingofsurrey said: Is it time now to see our homes and move to the rental market before the collapse. My brother has a home approximate value of $ 800,000 to 850,000 out in the Fraser Valley.... Should he cash out now and rent for a few years and then buy in again for a few hundred thoussand less. Is it time to move from home owner to renter - basically time to sell SHORT on the market..... No, Harvey told me not to sell. He is an expert in the field so I will listen to him... 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted June 11, 2018 Share Posted June 11, 2018 1 minute ago, Frankie Sinatra said: No, Harvey told me not to sell. He is an expert in the field so I will listen to him... Most realtors say if you are prepared for the long term you can wait out the upcoming dip / drop / crash... But are you missing an opportunity if you go this route... Link to comment Share on other sites More sharing options...
Frankie Sinatra Posted June 11, 2018 Share Posted June 11, 2018 (edited) 10 minutes ago, kingofsurrey said: Most realtors say if you are prepared for the long term you can wait out the upcoming dip / drop / crash... But are you missing an opportunity if you go this route... The market may dip a bit in the near term, but once the banks realize their mortgage portfolio is down 30-50% because of the higher interest rates and increased stress tests that make it almost impossible to qualify for a mortgage, I believe the banks will ease up on their restrictions and the market will get busy again. Right now inventory levels are at a 5 year high, over 11,000 properties for sale at the moment, and sales are down 34% from this time last year. That is what is causing this slow down effect into a temporary buyer's market. It's a great opportunity right now to shop for a bargain in some areas in terms of detached homes, condos are still running into multiple offers. If you can find a good deal on a detached home then go for it. Once the deals are had and once inventory levels drop and once the banks ease restrictions on mortgages and once rates start to drop again the market will pick up. Summer will be much slower, so shop around now while you can. If you cash out where will you go? If you just cash out to rent you are taking a risk that you may not be able to get into the market again if prices increase. Also, the market is not technically crashing at the moment. Prices have barely dropped from April to May even on the detached side. Condo prices haven't dropped at all. Edited June 11, 2018 by Frankie Sinatra 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted June 11, 2018 Share Posted June 11, 2018 14 minutes ago, Frankie Sinatra said: Also, the market is not technically crashing at the moment. Prices have barely dropped from April to May even on the detached side. Condo prices haven't dropped at all. Not at the moment ... but wait 2 months... looks for some big drops once summer real estate doldrums arrive.. Link to comment Share on other sites More sharing options...
kingofsurrey Posted June 11, 2018 Share Posted June 11, 2018 1 hour ago, Frankie Sinatra said: The market may dip a bit in the near term, but once the banks realize their mortgage portfolio is down 30-50% because of the higher interest rates and increased stress tests that make it almost impossible to qualify for a mortgage, I believe the banks will ease up on their restrictions and the market will get busy again. Right now inventory levels are at a 5 year high, over 11,000 properties for sale at the moment, and sales are down 34% from this time last year. That is what is causing this slow down effect into a temporary buyer's market. It's a great opportunity right now to shop for a bargain in some areas in terms of detached homes, condos are still running into multiple offers. If you can find a good deal on a detached home then go for it. Once the deals are had and once inventory levels drop and once the banks ease restrictions on mortgages and once rates start to drop again the market will pick up. Summer will be much slower, so shop around now while you can. If you cash out where will you go? If you just cash out to rent you are taking a risk that you may not be able to get into the market again if prices increase. Also, the market is not technically crashing at the moment. Prices have barely dropped from April to May even on the detached side. Condo prices haven't dropped at all. You seem alot smarter than that Harvey character....... 1 Link to comment Share on other sites More sharing options...
Frankie Sinatra Posted June 11, 2018 Share Posted June 11, 2018 5 minutes ago, kingofsurrey said: You seem alot smarter than that Harvey character....... You can never trust those Realtors, it's all about the money for them really... 1 Link to comment Share on other sites More sharing options...
BabychStache Posted June 11, 2018 Share Posted June 11, 2018 Just got back from exploring the Kelowna market prior to moving my family out there. The market is flooding out there with homes, but prices are not dropping much yet. I should be ready to purchase in August. I think that will be good timing for the market to adjust prices a bit. Every single day i get 10+ homes sent to my email direct of new listings matching our criteria. Crazy. Link to comment Share on other sites More sharing options...
Bizarre Posted June 12, 2018 Share Posted June 12, 2018 2 hours ago, BabychStache said: Just got back from exploring the Kelowna market prior to moving my family out there. The market is flooding out there with homes, but prices are not dropping much yet. I should be ready to purchase in August. I think that will be good timing for the market to adjust prices a bit. Every single day i get 10+ homes sent to my email direct of new listings matching our criteria. Crazy. Good luck! Did you enjoy what you saw? Hopefully you're right and the prices dip just in time for you. 1 Link to comment Share on other sites More sharing options...
BabychStache Posted June 12, 2018 Share Posted June 12, 2018 54 minutes ago, Bizarre said: Good luck! Did you enjoy what you saw? Hopefully you're right and the prices dip just in time for you. Thank you! We figured out the areas we like. Our dream is to be out in the country on the east side towards Big White. Nothing we saw jumped out to us, but we really like our realtor and are optimistic. My home in Alberta listed today and we have multiple showings already booked for tomorrow. So we may be moving faster than anticipated. Link to comment Share on other sites More sharing options...
kingofsurrey Posted June 12, 2018 Share Posted June 12, 2018 Okanagan is really over-rated ..... You can't even find a decent cup of coffee in area...... why don't you move out to the most beautiful area of BC .... Surrey..... 1 Link to comment Share on other sites More sharing options...
Down by the River Posted June 12, 2018 Share Posted June 12, 2018 23 hours ago, Frankie Sinatra said: You can never trust those Realtors, it's all about the money for them really... It took me about 3 years to find a realtor I genuinely trusted. This is going to sound pretty sexist (keep in mind I'm a guy), but I don't trust male realtors (at least the ones I met). They all seemed sooooo sleazy and could almost bet that they quoted Glengarry Glen Ross in the mirror every morning. When my wife and I bought our condo, we found an amazing woman that was really patient, understood we were first-time buyers, and worked her damn butt off. Link to comment Share on other sites More sharing options...
taxi Posted June 12, 2018 Share Posted June 12, 2018 On 6/10/2018 at 8:18 PM, Frankie Sinatra said: The market may dip a bit in the near term, but once the banks realize their mortgage portfolio is down 30-50% because of the higher interest rates and increased stress tests that make it almost impossible to qualify for a mortgage, I believe the banks will ease up on their restrictions and the market will get busy again. Right now inventory levels are at a 5 year high, over 11,000 properties for sale at the moment, and sales are down 34% from this time last year. That is what is causing this slow down effect into a temporary buyer's market. The individual banks don't put the higher restrictions in place. The Bank of Canada, which is controlled by the Minister of Finance, puts those rules into place. The individual banks have already slashed their lending rates pretty close to prime and the Bank of Canada is expected to increase interest rates. So if anything it will be harder to get a mortgage over the next few years, not easier. Interest rates will probably rise another .5% over the coming year. Canada's debt to income ratio is way out of wack. It's at the point now where the IMF and international lenders are starting to worry about Canada's sustainability. Currently our benchmark interest rate is 1.25%. It's predicted that the rates will have to go up to 2.5% to put us in any kind of normal economic position. Part of the reason for the stress test was to see if borrowers could deal with the increased interest rates, either due to variable lending rates or after a mortgage renewal. 1 Link to comment Share on other sites More sharing options...
NucksPatsFan Posted June 12, 2018 Share Posted June 12, 2018 16 hours ago, Down by the River said: It took me about 3 years to find a realtor I genuinely trusted. This is going to sound pretty sexist (keep in mind I'm a guy), but I don't trust male realtors (at least the ones I met). They all seemed sooooo sleazy and could almost bet that they quoted Glengarry Glen Ross in the mirror every morning. When my wife and I bought our condo, we found an amazing woman that was really patient, understood we were first-time buyers, and worked her damn butt off. Interesting. When my GF & I bought a year and a half ago, the realtor company was owned by a male [Alastair something], but it was his female employee/colleague (realtor herself) who did all the hard work, showed us tons of places, offering genuine advice to first time buyers. Link to comment Share on other sites More sharing options...
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