The Bank of Canada surprised everyone this morning raising interest rates a full 100 basis points - the largest single increase in 24 years.   We’ve now seen rates increase by  2.25% in just 5 months, radically transforming the lending landscape and housing.Buying power is down over 20% and mortgage payments compared to January of this year are upwards of 50% higher.  Understandably, this is going to drastically affect house prices.   Already down 13% from the February high, you can expect prices to drop further - likely to the tune of 20% or more.Mychal Ferreira, the number 1 mortgage specialist for the Bank of Montreal in Canada, joins us on this episode to discuss how the recent rate hikes affect those with existing mortgages, those about to renew and for people thinking about buying a home. Buckle up, things are changing fast.Contact Mychal Ferreirahttps://www.linkedin.com/in/mychalferreirahttps://www.instagram.com/mychalferreira/

The Bank of Canada surprised everyone this morning raising interest rates a full 100 basis points - the largest single increase in 24 years.    We’ve now seen rates increase by  2.25% in just 5 months, radically transforming the lending landscape and housing.Buying power is down over 20% and mortgage payments compared to January of this year are upwards of 50% higher.  Understandably, this is going to drastically affect house prices.   Already down 13% from the February high, you can expect prices to drop further - likely to the tune of 20% or more.Mychal Ferreira, the number 1 mortgage specialist for the Bank of Montreal in Canada, joins us on this episode to discuss how the recent rate hikes affect those with existing mortgages, those about to renew and for people thinking about buying a home. Buckle up, things are changing fast. Contact Mychal Ferreira<a href="https://www.linkedin.com/in/mychalferreira" rel="nofollow" target="_blank">https://www.linkedin.com/in/mychalferreira</a><a href="https://www.instagram.com/mychalferreira/" rel="nofollow" target="_blank">https://www.instagram.com/mychalferreira/</a>

Massive Rate Hike!

Home sales dropped 35% from this time last year in the Vancouver area,  and a full 43% in the Fraser Valley.   Toronto saw a similar decrease at 41%.    This is the third consecutive month of declines where the sales sit at 23% below the 10 year average.       The landscape is now vastly different than it was 3 months ago when buyers lined up to compete for the same home.  Now, homes are sitting, prices are dropping, properties can be negotiated, and yet, buyers aren't interested.   Of course the rising rates have been the largest contributing factor, but oddly, all the cries for more homes and less competition have been heard, and the buyers are gone.  Perhaps sidelined is a better term.     With rates rising at the fastest rate in history, with the Bank of Canada increasing further next week, there is a feeling of 'shell shock' in the industry.   Buyers have pulled back to see where things will settle.  On top of this, many people have seen a tremendous amount of wealth eroded in the stock market.    Lastly, we're about to enter the typically slower summer months where minds shift away from real estate and more towards enjoying the weather.In this episode we look into the June numbers, share predictions on where prices are going next, and discuss recent Mortgage Rate Drops,  yes DROPS, that are already taking place in the States.www.thevancouverlife.com 

Home sales dropped 35% from this time last year in the Vancouver area,  and a full 43% in the Fraser Valley.   Toronto saw a similar decrease at 41%.    This is the third consecutive month of declines where the sales sit at 23% below the 10 year average.       The landscape is now vastly different than it was 3 months ago when buyers lined up to compete for the same home.  Now, homes are sitting, prices are dropping, properties can be negotiated, and yet, buyers aren't interested.   Of course the rising rates have been the largest contributing factor, but oddly, all the cries for more homes and less competition have been heard, and the buyers are gone.   Perhaps sidelined is a better term.     With rates rising at the fastest rate in history, with the Bank of Canada increasing further next week, there is a feeling of 'shell shock' in the industry.   Buyers have pulled back to see where things will settle.  On top of this, many people have seen a tremendous amount of wealth eroded in the stock market.    Lastly, we're about to enter the typically slower summer months where minds shift away from real estate and more towards enjoying the weather. In this episode we look into the June numbers, share predictions on where prices are going next, and discuss recent Mortgage Rate Drops,  yes DROPS, that are already taking place in the States. <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Where Did All The Buyers Go?

February 2022 has proven to be the most recent peak of property prices in Vancouver, which have since dropped 10%.  (That is in reference to the Median &amp; Average prices - the HPI, a lagging indictor, will follow in the upcoming months.)   The majority of this drop happened last month, to the tune of around 5%.Inventory though was a surprise in June, after increasing by 14% in April and 10% in May, it only increased by 2.5% in June.   Plus, we're now going into what looks to be a fairly typical summer where activity levels will be low - and new listings few and far between.     This could keep the sales ratio just at or above the sellers market position for the next couple months.But will anyone buy?   And will prices keep going down?     Global wealth is being eroded, at the estimated amount of $13 Trillion year to date, and this is definitely being felt in Vancouver as well.    Plus, we are less than 2 weeks away from another rate hike, further diminishing buying power.   There will be more pain in the system before things turn around. So what's next?   More inflation?  A recession?  Stagflation?   Right now it could go any one of those routes - and yet, here comes more money printing.    Have we really not learned our lesson yet? www.thevancouverlife.com 

February 2022 has proven to be the most recent peak of property prices in Vancouver, which have since dropped 10%.  (That is in reference to the Median &amp; Average prices - the HPI, a lagging indictor, will follow in the upcoming months.)   The majority of this drop happened last month, to the tune of around 5%. Inventory though was a surprise in June, after increasing by 14% in April and 10% in May, it only increased by 2.5% in June.   Plus, we're now going into what looks to be a fairly typical summer where activity levels will be low - and new listings few and far between.     This could keep the sales ratio just at or above the sellers market position for the next couple months. But will anyone buy?   And will prices keep going down?     Global wealth is being eroded, at the estimated amount of $13 Trillion year to date, and this is definitely being felt in Vancouver as well.    Plus, we are less than 2 weeks away from another rate hike, further diminishing buying power.   There will be more pain in the system before things turn around.  So what's next?   More inflation?  A recession?  Stagflation?   Right now it could go any one of those routes - and yet, here comes more money printing.    Have we really not learned our lesson yet?  <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Vancouver Real Estate Down 10%

Inflation hit a 40 year high this week reaching 7.7%, with food and fuel driving the gains. Mortgage rates continue their northern ascent with fixed rates at or above 5%, and variable expected to rise to the realm of 4.5%. Mortgage payments on your typical Canadian home are up $1,000 per month, or 60% in just 9 months. Yet the Bank of Canada is set to raise rates at the July 13th announcement with 90% of Economists predicting a 0.75% increase. This will affect housing deeply with prices and sales already falling fast.National homes sales are down 25% from last year and HPI prices ticked down for the second month in a row - not seen since 2019.Meanwhile, job vacancies in Canada surpassed 1,000,000 - and Permanent Residencies were handed out to 64% more people than last year to date.CMHC stated that 5.8 million homes are needed by 2030 just to start bringing prices down, while the actual is predicted to be closer to 1.5 million - meanwhile the Canadian Government is looking to put 3.6 million new people into the country over the same timeframe.So while the focus is all on inflation right now, when the cycle turns back up, the housing shortage issue will be there ready and waiting.www.thevancouverlife.com

Inflation hit a 40 year high this week reaching 7.7%, with food and fuel driving the gains. Mortgage rates continue their northern ascent with fixed rates at or above 5%, and variable expected to rise to the realm of 4.5%. Mortgage payments on your typical Canadian home are up $1,000 per month, or 60% in just 9 months. Yet the Bank of Canada is set to raise rates at the July 13th announcement with 90% of Economists predicting a 0.75% increase. This will affect housing deeply with prices and sales already falling fast. National homes sales are down 25% from last year and HPI prices ticked down for the second month in a row - not seen since 2019. Meanwhile, job vacancies in Canada surpassed 1,000,000 - and Permanent Residencies were handed out to 64% more people than last year to date. CMHC stated that 5.8 million homes are needed by 2030 just to start bringing prices down, while the actual is predicted to be closer to 1.5 million - meanwhile the Canadian Government is looking to put 3.6 million new people into the country over the same timeframe. So while the focus is all on inflation right now, when the cycle turns back up, the housing shortage issue will be there ready and waiting. <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Inflation Is Out Of Control

Vince Taylor is our guest on this episode and he brings with him an immense amount of knowledge, and experience, in the real estate market.  Having seen 5 major market cycles in his life, and as someone who bought his first Vancouver home for $67,000, Vince provides an almost contradictory outlook on the market then what you will hear on the news.  He gives his opinion on how prices will fall, and when and by how much they will rise after, he shares the key fundamentals that point to his predictions and shares where the true opportunities are in this type of market.  For more information on Vince Taylor, President of Pilothouse Projects, please visit: https://pilothouseprojects.com/----  www.thevancouverlife.com

Vince Taylor is our guest on this episode and he brings with him an immense amount of knowledge, and experience, in the real estate market.  Having seen 5 major market cycles in his life, and as someone who bought his first Vancouver home for $67,000, Vince provides an almost contradictory outlook on the market then what you will hear on the news.  He gives his opinion on how prices will fall, and when and by how much they will rise after, he shares the key fundamentals that point to his predictions and shares where the true opportunities are in this type of market.   For more information on Vince Taylor, President of Pilothouse Projects, please visit: <a href="https://pilothouseprojects.com/" rel="nofollow" target="_blank">https://pilothouseprojects.com/</a> ----   <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

The Sky Is NOT Falling

Inflation hit a 40 year high in America this week, reaching 8.6%.    The ramifications of this were instantly felt with the stock markets dropping sharply.  Canada's next CPI announcement will almost certainly print higher when they announce on June 22nd.    Should there be an increase, a 0.50% increase at the July 13th seems like a lock, with rumours already spreading that the BoC may go with 0.75%.   This puts the overnight rate between 2% to 2.25% up from 0.25% earlier this year.    Understandably housing is being impacted - sales are down 34% in 3 months in Toronto, and Vancouvers median price is down 10% from the February peak.   With inflation still rising, but housing dropping fast, how much further can rates rise before things really break?www.thevancouverlife.com

Inflation hit a 40 year high in America this week, reaching 8.6%.    The ramifications of this were instantly felt with the stock markets dropping sharply.  Canada's next CPI announcement will almost certainly print higher when they announce on June 22nd.    Should there be an increase, a 0.50% increase at the July 13th seems like a lock, with rumours already spreading that the BoC may go with 0.75%.   This puts the overnight rate between 2% to 2.25% up from 0.25% earlier this year.    Understandably housing is being impacted - sales are down 34% in 3 months in Toronto, and Vancouvers median price is down 10% from the February peak.   With inflation still rising, but housing dropping fast, how much further can rates rise before things really break? <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

How High Will Rates Go?

The effects of the interest rate hikes are being felt as home prices dropped 5% in May.    This was prior to the June 1st hike of an additional 0.5% that will further add downward pressure on prices as purchasing power has been eroded to the tune of 15%.   Inventory surpassed 10,000 for the first time in 10 months and detached homes entered into a Balanced Market for the first time in 2 years.    We did into the May numbers and let you know what to expect in the upcoming months, plus we give our insights into how much we expect prices to fall for the remainder of 2022. www.thevancouverlife.com 

The effects of the interest rate hikes are being felt as home prices dropped 5% in May.    This was prior to the June 1st hike of an additional 0.5% that will further add downward pressure on prices as purchasing power has been eroded to the tune of 15%.   Inventory surpassed 10,000 for the first time in 10 months and detached homes entered into a Balanced Market for the first time in 2 years.    We did into the May numbers and let you know what to expect in the upcoming months, plus we give our insights into how much we expect prices to fall for the remainder of 2022.  <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Vancouver Home Prices Drop 5% in May

The Bank of Canada just announced their 3rd rate hike of 2022, and third in a row, raising the overnight rate to 1.5%.   This equals 1.25% in hikes in just 4 months, rapidly changing the landscape - and peoples borrowing power and payments.   The most recent time rates increased was during 2017 to 2018 where it took a whole year to increase by 1.25%.    Understandably, people are on edge wondering what's going to happen to their mortgage and other debt payments, buying power and the real estate market in general.Our special guest Mychal Ferreira from the Bank of Montreal sheds some light into what you should be doing, what a Trigger Rate is and if it might affect you and how many more hikes you can expect this year.www.thevancouverlife.commychal.ferreira@bmo.com

The Bank of Canada just announced their 3rd rate hike of 2022, and third in a row, raising the overnight rate to 1.5%.   This equals 1.25% in hikes in just 4 months, rapidly changing the landscape - and peoples borrowing power and payments.   The most recent time rates increased was during 2017 to 2018 where it took a whole year to increase by 1.25%.     Understandably, people are on edge wondering what's going to happen to their mortgage and other debt payments, buying power and the real estate market in general. Our special guest Mychal Ferreira from the Bank of Montreal sheds some light into what you should be doing, what a Trigger Rate is and if it might affect you and how many more hikes you can expect this year. <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a> mychal.ferreira@bmo.com

Interest Rates Hiked Again

Inflation hit a 30 year high in Canada this month, and looks to continue that trend in the upcoming months.    This further galvanizes the Bank of Canadas expected 50 basis point rate hike on June 1st, with more hikes anticipated, until, we enter a recession.  You could argue the main indicators of a recession are already in place, being high interest rates, low consumer confidence, and stagnant wages or reduced real income in the labor market. The rising interest rates are already making housing affordability even harder.  The home price and mortgage rate increases over the last 6 months alone have made the average mortgage payment increase by $800.      The last time it rose by that amount it took 6 years. The early ramifications of the rapidly accelerating cost of living can already be seen.       Ontario home prices were down 6% last month, Vancouver median and average prices are down 5% in May, the first drop in Canadian HPI price since April 2020 happened last month.   Inventory is rapidly increasing and most notably, prices across Canada dropped with only 2.2 months of inventory.  This has never happened.  You have to go all the way up to 5 months of inventory to see the nearest price drop. The question now is, which will break first (or the most), the economy or housing? www.thevancouverlife.com 

Inflation hit a 30 year high in Canada this month, and looks to continue that trend in the upcoming months.    This further galvanizes the Bank of Canadas expected 50 basis point rate hike on June 1st, with more hikes anticipated, until, we enter a recession.  You could argue the main indicators of a recession are already in place, being high interest rates, low consumer confidence, and stagnant wages or reduced real income in the labor market.  The rising interest rates are already making housing affordability even harder.  The home price and mortgage rate increases over the last 6 months alone have made the average mortgage payment increase by $800.      The last time it rose by that amount it took 6 years.  The early ramifications of the rapidly accelerating cost of living can already be seen.       Ontario home prices were down 6% last month, Vancouver median and average prices are down 5% in May, the first drop in Canadian HPI price since April 2020 happened last month.   Inventory is rapidly increasing and most notably, prices across Canada dropped with only 2.2 months of inventory.  This has never happened.  You have to go all the way up to 5 months of inventory to see the nearest price drop.  The question now is, which will break first (or the most), the economy or housing?  <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

What's Worse, Inflation Or A Recession?

2021 home sales volume was 20% higher than any other year.  Along with all these home purchases comes debt in the form of mortgages.    A quarter trillion of new mortgages in 2021 to be exact.    Household debt in Canada is now at 180% of disposable income, a new all time high.  Whats more, with rates rising, the majority of new mortgages have been variable to the tune of 55%, up from just 8% two short years ago.    The amount of mortgages issued to people putting the minimum 5% down doubled from 2020.    So, is it all a house of cards about to come crashing down?  Or will record low delinquencies and homeowner equity carry us through to the next upward cycle?   We look into this further and share our vision on where housing is going next.www.thevancouverlife.com 

2021 home sales volume was 20% higher than any other year.  Along with all these home purchases comes debt in the form of mortgages.    A quarter trillion of new mortgages in 2021 to be exact.    Household debt in Canada is now at 180% of disposable income, a new all time high.  Whats more, with rates rising, the majority of new mortgages have been variable to the tune of 55%, up from just 8% two short years ago.    The amount of mortgages issued to people putting the minimum 5% down doubled from 2020.    So, is it all a house of cards about to come crashing down?  Or will record low delinquencies and homeowner equity carry us through to the next upward cycle?   We look into this further and share our vision on where housing is going next. <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Canadians Are Drunk On Debt

The Vancouver Life podcast exists to educate, inspire, entertain, add value, challenge and ultimately provide guidance to its listeners when it comes to Vancouver Real Estate.

On the 'plus' side, unemployment is at an all-time, never been seen before low, at 5.2%   Meanwhile, there are a whopping 862,000 job vacancies at the same time.    The economy looks good, right?    Well, stepping back a bit, wage growth is only at 3.4% while inflation is around 7%, making wage growth negative.   Businesses are raising prices faster than salaries and the FIRE industries shed jobs at the highest rate in 4 years.When it comes to housing, sales in Toronto are down 40% in 2 years, dropping faster than they did during the Global Financial Crisis and prices dropped 5% in April, the fastest ever for a non 'lockdown' month of April.   And more rate hikes are coming... In GRVD, active listings jumped 10% in the first 2 weeks of May, are up for the 5th month in a row, and are the highest dating back to July 2021.   The Median and Average prices have dropped 9% in the past 2 weeks alone.  It appears the Bank of Canada has already taken notice as the Deputy Governor is already publicly stating that “ how high rates go will depend on how the housing market responds to rising borrowing costs.”On top of this, there is a backlog of 1.8 million immigrants looking to obtain citizenship and move to Canada.So while the real estate market is dropping off a cliff, the question now becomes, how big is this cliff, and how high will it bounce off the bottom?www.thevancouverlife.com

On the 'plus' side, unemployment is at an all-time, never been seen before low, at 5.2%   Meanwhile, there are a whopping 862,000 job vacancies at the same time.    The economy looks good, right?    Well, stepping back a bit, wage growth is only at 3.4% while inflation is around 7%, making wage growth negative.   Businesses are raising prices faster than salaries and the FIRE industries shed jobs at the highest rate in 4 years. When it comes to housing, sales in Toronto are down 40% in 2 years, dropping faster than they did during the Global Financial Crisis and prices dropped 5% in April, the fastest ever for a non 'lockdown' month of April.   And more rate hikes are coming...  In GRVD, active listings jumped 10% in the first 2 weeks of May, are up for the 5th month in a row, and are the highest dating back to July 2021.   The Median and Average prices have dropped 9% in the past 2 weeks alone.   It appears the Bank of Canada has already taken notice as the Deputy Governor is already publicly stating that “ how high rates go will depend on how the housing market responds to rising borrowing costs.” On top of this, there is a backlog of 1.8 million immigrants looking to obtain citizenship and move to Canada. So while the real estate market is dropping off a cliff, the question now becomes, how big is this cliff, and how high will it bounce off the bottom? <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Canadian Real Estate Is Falling Off A Cliff

We just reached episode 100 and wanted to take this opportunity to thank all of you who have listened to our Podcast over the past 2 years and to all our interviewee's.    Over this time we have prided ourselves on bringing you real time information on the Vancouver real estate market along with a deep dive look into why prices are moving the way they are, and our expert opinion on what to expect in the upcoming months and how to best capitalize.   We also share our Top 5 Most listened to episodes and ask you, what would you like to hear next?  What do you want more of, less of, and who should we interview?   Please send us your feedback to info@thevancouverlife.com     Thanks again and here is to the next 100 episodes!!www.thevancouverlife.com

We just reached episode 100 and wanted to take this opportunity to thank all of you who have listened to our Podcast over the past 2 years and to all our interviewee's.    Over this time we have prided ourselves on bringing you real time information on the Vancouver real estate market along with a deep dive look into why prices are moving the way they are, and our expert opinion on what to expect in the upcoming months and how to best capitalize.   We also share our Top 5 Most listened to episodes and ask you, what would you like to hear next?  What do you want more of, less of, and who should we interview?   Please send us your feedback to info@thevancouverlife.com     Thanks again and here is to the next 100 episodes!! <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Thank You For 100 Episodes!

Home sales were just 1.5% above the 10 year average in April.   This is significant because for the last year and a half its been over 25% above.   This metric along with a record breaking reduction in the sales to active listings ratio are 2 of the biggest indicators of the shift in the marketplace.    In this episode we dive into the April 2022 stats and break down whats important and why the numbers are changing as fast as they are.  www.thevancouverlife.com

Home sales were just 1.5% above the 10 year average in April.   This is significant because for the last year and a half its been over 25% above.   This metric along with a record breaking reduction in the sales to active listings ratio are 2 of the biggest indicators of the shift in the marketplace.    In this episode we dive into the April 2022 stats and break down whats important and why the numbers are changing as fast as they are.   <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Vancouver Home Sales Drop Dramatically

After an intense 27 month bull market that saw prices rise 38%, the Vancouver Real Estate market has officially peaked and now prices are dropping.  April home sales saw a 30% reduction in volume, and prices are lowering for the second month in a row.  While the drop is only a few thousand, the indicators are pointing for this amount to increase, and steadily fall for months to come.    In this episode we examine the key drivers of this downward trend and share our predictions on how far prices will fall, and for how long. www.thevancouverlife.com 

After an intense 27 month bull market that saw prices rise 38%, the Vancouver Real Estate market has officially peaked and now prices are dropping.  April home sales saw a 30% reduction in volume, and prices are lowering for the second month in a row.  While the drop is only a few thousand, the indicators are pointing for this amount to increase, and steadily fall for months to come.    In this episode we examine the key drivers of this downward trend and share our predictions on how far prices will fall, and for how long.  <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Vancouver Property Prices Are Dropping

Sifting through rental ads and applying again and again for a rental can be frustrating to say the least.   And how do you tell if the rental information listed is even accurate?   And for landlords, sifting through dozens of applications is time consuming and again, very hard to tell who the best candidates are.   The solution?  Say hello to RentalHunt.ca      An idea spawned from 2 college students who know the pains of these scenarios first hand.  Sam and Amal share their vision of solving these pain points and how they see the future of rental housing.Learn more at rentalhunt.ca www.thevancouverlife.com

Sifting through rental ads and applying again and again for a rental can be frustrating to say the least.   And how do you tell if the rental information listed is even accurate?   And for landlords, sifting through dozens of applications is time consuming and again, very hard to tell who the best candidates are.   The solution?  Say hello to <a href="http://RentalHunt.ca" rel="nofollow" target="_blank">RentalHunt.ca</a>      An idea spawned from 2 college students who know the pains of these scenarios first hand.  Sam and Amal share their vision of solving these pain points and how they see the future of rental housing. Learn more at <a href="http://rentalhunt.ca" rel="nofollow" target="_blank">rentalhunt.ca</a> <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Helping Solve Rental Issues with RentalHunt.ca

The Bank of Canada raised interest rates a half point on April 13th marking the largest increase in 22 years, and the first back-to-back rate hike in 5 years.   Variable mortgage holders are now paying more for their homes and the BoC has all but guaranteed there will be more rate hikes, and soon.   So is it time to be worried about your mortgage?  Is it the right time to move into a Fixed Rate mortgage?   What does this mean to home prices?    Mychal Ferreira, a Senior Mortgage Specialist with the Bank of Montreal joins us this week to answer these questions. www.thevancouverlife.com

The Bank of Canada raised interest rates a half point on April 13th marking the largest increase in 22 years, and the first back-to-back rate hike in 5 years.   Variable mortgage holders are now paying more for their homes and the BoC has all but guaranteed there will be more rate hikes, and soon.   So is it time to be worried about your mortgage?  Is it the right time to move into a Fixed Rate mortgage?   What does this mean to home prices?    Mychal Ferreira, a Senior Mortgage Specialist with the Bank of Montreal joins us this week to answer these questions.  <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Worried About Your Mortgage?

With the March numbers firmly in place we can share that Vancouver home prices increased in value by over $130,000 in the first 3 months of 2022.   This comes on the heels of a record setting 20% increase in prices during 2021.   So when will this torrid pace of appreciating values end?  Soon.   Very soon.    2 of the 3 price metrics in March were lower - and this is just the beginning.  With most banks Fixed Rate Mortgages around 4%, we're seeing an immediate impact on the marketplace.  And how could you not?  With rates up 2.5% this year the average home buyer has seen their buying power decrease by 20%        A $2,400 monthly payment  a year ago got you a $700,000 mortgage.  Today, $500,000.   Big big difference.   So what happens next?  We dive into the data and give you our feedback, analysis and predictions on what is going to happen over the upcoming months.www.thevancouverlife.com 

With the March numbers firmly in place we can share that Vancouver home prices increased in value by over $130,000 in the first 3 months of 2022.   This comes on the heels of a record setting 20% increase in prices during 2021.   So when will this torrid pace of appreciating values end?  Soon.   Very soon.    2 of the 3 price metrics in March were lower - and this is just the beginning.  With most banks Fixed Rate Mortgages around 4%, we're seeing an immediate impact on the marketplace.  And how could you not?  With rates up 2.5% this year the average home buyer has seen their buying power decrease by 20%        A $2,400 monthly payment  a year ago got you a $700,000 mortgage.  Today, $500,000.   Big big difference.   So what happens next?  We dive into the data and give you our feedback, analysis and predictions on what is going to happen over the upcoming months. <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Home Prices Up $130,000 In Q1 2022

On March 28, 2022 the Minister of Finance introduced a one sentence amendment that would allow homebuyers the opportunity to back out of a contract within a given amount of time.   The details at this point are vague at best, but we wanted to share our thoughts on what we know so far.  Essentially, the Bill is being put in place, to be implemented by Summertime, to allow buyers the time to perform an inspection and obtain financing.  Well, any good realtor will tell you this can be done prior to an offer - along with a number of other practices that entirely protect buyers.   It goes on to mention that this right of recision period may potentially be waived.  What?   And that a financial penalty may be put in place for buyers who do not complete on a purchase.     It's important to note at this time the legislation was put forth without consultation with the Real Estate Industry.    Said industry has voiced their opinions though, and presented a 57 page white paper outlining its recommendations on how to further protect buyers.   We dig into all of this and present our own solutions. www.thevancouverlife.com

On March 28, 2022 the Minister of Finance introduced a one sentence amendment that would allow homebuyers the opportunity to back out of a contract within a given amount of time.   The details at this point are vague at best, but we wanted to share our thoughts on what we know so far.  Essentially, the Bill is being put in place, to be implemented by Summertime, to allow buyers the time to perform an inspection and obtain financing.  Well, any good realtor will tell you this can be done prior to an offer - along with a number of other practices that entirely protect buyers.   It goes on to mention that this right of recision period may potentially be waived.  What?   And that a financial penalty may be put in place for buyers who do not complete on a purchase.     It's important to note at this time the legislation was put forth without consultation with the Real Estate Industry.    Said industry has voiced their opinions though, and presented a 57 page white paper outlining its recommendations on how to further protect buyers.   We dig into all of this and present our own solutions.  <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Is The "Cooling Off Period" A Good Idea?

After a 2 year bull-run with 20%+ annualized gains the Canadian Real Estate market is facing some headwinds.  30 year inflation highs with raw materials up 13% in the last 2 months alone along with the major economical impacts of the Russian war yet to be felt in North America will all contribute to a sentiment shift in the market.   While under construction homes are at record highs, a majority of those are rental units and won't help the low supply issue.   Couple that with rising construction costs causing new building permits to back off, down 19% in the last year alone.    Meanwhile, employment rates are at an all time high with 900,000 job vacancies across Canada and 1 in 4 businesses offer higher wages this year.    The market is clearly being pulled in 2 directions right now and what we can guarantee is that the next 2 years will look very different than the last 2. www.thevancouverlife.com

After a 2 year bull-run with 20%+ annualized gains the Canadian Real Estate market is facing some headwinds.  30 year inflation highs with raw materials up 13% in the last 2 months alone along with the major economical impacts of the Russian war yet to be felt in North America will all contribute to a sentiment shift in the market.   While under construction homes are at record highs, a majority of those are rental units and won't help the low supply issue.   Couple that with rising construction costs causing new building permits to back off, down 19% in the last year alone.    Meanwhile, employment rates are at an all time high with 900,000 job vacancies across Canada and 1 in 4 businesses offer higher wages this year.    The market is clearly being pulled in 2 directions right now and what we can guarantee is that the next 2 years will look very different than the last 2.  <a href="http://www.thevancouverlife.com" rel="nofollow" target="_blank">www.thevancouverlife.com</a>

Canadian Real Estate At A Crossroad

Do you have the wrong kind of debt? The kind that is not tax-deductible? Most of us do. The wealthy have debt too. The difference is they routinely turn their loans into “good debt” by making the interest tax deductible with the help of expensive accountants and lawyers. So while the wealthy are transforming their house mortgage loans into free tax refunds, the rest of us are paying off huge amounts of mortgage interest with after-tax income. Until now. The Smith Manoeuvre has introduced a new, simple, and powerful method that extends those tax-saving benefits to the rest of Canadians. It is now easy for you and your Smith Manoeuvre Certified Professional to start turning your bad debt into good debt, right away. Are you investing enough, soon enough? Most Canadians aren’t. After ever-rising taxes and the cost of making ends meet, most of us don’t have the resources to put away 10% of our income or max out our RRSPs or TFSAs every year. The benefits of compound interest, which are essential to our long-term financial well-being, remain elusive. But there is a way to change that. It’s done by transforming mortgage interest into tax refunds. Next to winning the lottery, nothing improves your cash flow more efficiently than the act of reducing your income tax – and doing it by making your mortgage tax-deductible. The Smith Manoeuvre is a remarkably efficient way for you and your family to raise large amounts of new money, through free tax refunds, so that you can start building a larger nest egg, sooner.  You may or may not have a monthly savings program already (congratulations if you do!) but how would you like to have an additional $750 per month to invest for your future?  Maybe $1,000 per month?  More? Is your mortgage killing you softly? A $500,000 mortgage at 4.0% over 25 years will set you back about $289,000 in interest costs. So that $500,000 will end up costing you over $789,000.  And that’s after-tax income, which means you’ll have to earn about $1,127,000 to pay off your home if you’re at the 30% tax bracket. No wonder it’s difficult to save for the future. But if you make it tax-deductible using The Smith Manoeuvre, you will recover a good chunk of that interest in the form of yearly tax refunds. Use the tax department’s money to pay down your expensive, non-deductible mortgage faster, and you’ll see it melt away many years sooner than you imagined possible. It stands to reason: if you are going to have mortgage debt, why not make it tax-deductible? The Smith Manoeuvre shows you how. In a nutshell.The Smith Manoeuvre employs refined and proven debt conversion techniques to transform mortgage interest into tax deductions. The method has a remarkable snowball effect that generates large and growing annual tax refunds, enables the homeowner to knock years off the life of a non-deductible mortgage and build an impressive financial portfolio at the same time. It is the most efficient way for families to raise the resources they need to secure both their house and income in retirement. The Smith Manoeuvre uses the legal tools of the CRA and Canadian Financial institutions. It has been reviewed by Revenue Canada staff, and endorsed by respected financial experts and economists, investment planners, and lenders.   Schedule a chat with your Smith Manoeuvre Certified Professional today or visit www.smithman.net to learn more about how you can improve your family’s financial future.

Do you have the wrong kind of debt? The kind that is not tax-deductible? Most of us do. The wealthy have debt too. The difference is they routinely turn their loans into “good debt” by making the interest tax deductible with the help of expensive accountants and lawyers. So while the wealthy are transforming their house mortgage loans into free tax refunds, the rest of us are paying off huge amounts of mortgage interest with after-tax income. Until now. The Smith Manoeuvre has introduced a new, simple, and powerful method that extends those tax-saving benefits to the rest of Canadians. It is now easy for you and your Smith Manoeuvre Certified Professional to start turning your bad debt into good debt, right away. Are you investing enough, soon enough? Most Canadians aren’t. After ever-rising taxes and the cost of making ends meet, most of us don’t have the resources to put away 10% of our income or max out our RRSPs or TFSAs every year. The benefits of compound interest, which are essential to our long-term financial well-being, remain elusive. But there is a way to change that. It’s done by transforming mortgage interest into tax refunds. Next to winning the lottery, nothing improves your cash flow more efficiently than the act of reducing your income tax – and doing it by making your mortgage tax-deductible. The Smith Manoeuvre is a remarkably efficient way for you and your family to raise large amounts of new money, through free tax refunds, so that you can start building a larger nest egg, sooner.  You may or may not have a monthly savings program already (congratulations if you do!) but how would you like to have an additional $750 per month to invest for your future?  Maybe $1,000 per month?  More? Is your mortgage killing you softly? A $500,000 mortgage at 4.0% over 25 years will set you back about $289,000 in interest costs. So that $500,000 will end up costing you over $789,000.  And that’s after-tax income, which means you’ll have to earn about $1,127,000 to pay off your home if you’re at the 30% tax bracket. No wonder it’s difficult to save for the future. But if you make it tax-deductible using The Smith Manoeuvre, you will recover a good chunk of that interest in the form of yearly tax refunds. Use the tax department’s money to pay down your expensive, non-deductible mortgage faster, and you’ll see it melt away many years sooner than you imagined possible. It stands to reason: if you are going to have mortgage debt, why not make it tax-deductible? The Smith Manoeuvre shows you how. In a nutshell.The Smith Manoeuvre employs refined and proven debt conversion techniques to transform mortgage interest into tax deductions. The method has a remarkable snowball effect that generates large and growing annual tax refunds, enables the homeowner to knock years off the life of a non-deductible mortgage and build an impressive financial portfolio at the same time. It is the most efficient way for families to raise the resources they need to secure both their house and income in retirement. The Smith Manoeuvre uses the legal tools of the CRA and Canadian Financial institutions. It has been reviewed by Revenue Canada staff, and endorsed by respected financial experts and economists, investment planners, and lenders.   Schedule a chat with your Smith Manoeuvre Certified Professional today or visit <a href="http://www.smithman.net" rel="nofollow" target="_blank">www.smithman.net</a> to learn more about how you can improve your family’s financial future.

Turn BAD Debt into GOOD Debt with The Smith Manoeuvre

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