Whoa, Chelsea deserves a lot more kudos than she got. I heard the Association she led was a huge shit show, and under her watch it all worked out!! On a side note, I see her smiling face every time I drive thru Kamloops on the Yellowhead Hwy...that is one huge billboard!!
The best way to sell a rental is to private sale it to a tenant with no commission fees. Then you have no vacancy, no needyo do touch ups and cleaning and home inspectors giving you lists of stupid shit thats been that way for 26 years wnd works fine to fix, etc. Better to give a tenant 20k less then appraisal, save 20k in realator commissions. Then your benefit is it was rented out until the day you sold it, tenant doesnt need to move, stays in the unit, and you dont have to spend 3 months dithering with stuff trying to sell the house. I have tenants in each of my units interested to buy but they want to wait for better mortgage rates. By time rates go down i wont want to sell tho because i can get that rate too.
I'm still hearing about highly speculative plays like negative cashflow rentals. I don't think this is over until all the speculators are flushed out of the market.
LOL - bad news bud. Investors payments just started heading downward. The only flushing happening is with precon. Resale investors are a big group, and we just started loving life again! Maybe next cycle, bud .. PS my rents are headed up
@@vert911 I'm talking about speculators, not investors. In Toronto, where I live, there are a lot of people who have high-leverage, low equity, non-cashflowing properties. Relying on the concept of "real estate only goes up" isn't an investment, it's speculation.
"a lot of multi-generational wealth" - aka basically all young people in the interior would be in poverty without their parents. Sad. A whole generation of ski guides with trust funds.
lol, that is somewhat true. But the interior is growing at almost a 2% per year clip in population, so there is huge opportunity for any kid that wants to start a service business to service these said Trust fund parents.
@@CorpoCanada I wouldn't be able to live with myself if I knew that the most important milestone, most important purchase, most important achievement of my life was given to me simply because I stayed in Mommy's good books into my adult life. If you are implying that young people have no shame because they are greedy, that's pretty sickening. I guess whatever it takes to look successful compared to your friends? Anyone reading this who was given downpayment help, had a cosigner.... know you are the issue with society. Sleep well.
The last sale in Discovery Bay which was one of those short term rental specifically zoned properties on Sunset Drive, was in early April! Nothing is selling in there after the ban.
With development fees and taxes, the 600k price is not dictated by greedy investors. Its the government that sets the price. most don't understand this. There will never be 400k units built.
Happy Sunday! “One voice”. Is the local board or association where they secretly hammer RE agents into never publicly admitting that prices will continue to drop?😂
Alberta is doing nothing and rental units are going into over supply and the housing market is waking up again. But prices are still going up. Rents will get soft if all the units cant be filled.
the free market works very well. Has anyone ever told Ravi about this concept?? I'm sure he spent his time behind the lecture hall blowing doobies with his frat buds during that class.
When Russia hypersonic missiles the oil sands with ICBM's to cut off oil to the USA. Combined with gulf, west coast refineries, and Texas oil infastructure attacks that knocks out 70% of american diesel fuel production.
I paid about $12 principle in the first year of my first mortgage too. Zero down. Sold it 16 years later and made 400k. Put it all on a 1mil property. Don't be afraid of interest if you believe in the long term value of the property.
The market quite literally doubled in some markets in 2 years. If you think that's normal I have a great ocean front property to sell you in Paris ontario. 400k in 16 years is a lot, but I cashed out 350k in just 2.5 years. This rate of increase is completely unsustainable and you would never be able to get in the market without your previous gains. There will be a slow downward spiral for the next 5+ years as salaries slowly climb and bring things into somewhat of a balance.
You will own nothing and be happy is were they are putting canadians. Prices in area houses went up by 2 times the value and sold now for a bit more of first value
Why are people so broke that they can’t deal with not getting rental payments for a few months? Just boot the tenants and sell if it don’t sell than re rent? ! Good lord if you’re sketching about five or ten grand you really don’t have any business owning. Draw on your line of credit, return your car to the lot, cash in some savings or stocks. Deal with it 😂
@@stephenn88 my business is doing fine but I’ve never been scared to boot a tenant out for convenience. Penny wise pound foolish. You can float an empty unit for a few months.
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Happy Sunday! Seems like Canadian real estate has come back to reality. Big thanks to Chelsea for joining us.
Whoa, Chelsea deserves a lot more kudos than she got. I heard the Association she led was a huge shit show, and under her watch it all worked out!! On a side note, I see her smiling face every time I drive thru Kamloops on the Yellowhead Hwy...that is one huge billboard!!
The best way to sell a rental is to private sale it to a tenant with no commission fees. Then you have no vacancy, no needyo do touch ups and cleaning and home inspectors giving you lists of stupid shit thats been that way for 26 years wnd works fine to fix, etc.
Better to give a tenant 20k less then appraisal, save 20k in realator commissions. Then your benefit is it was rented out until the day you sold it, tenant doesnt need to move, stays in the unit, and you dont have to spend 3 months dithering with stuff trying to sell the house.
I have tenants in each of my units interested to buy but they want to wait for better mortgage rates.
By time rates go down i wont want to sell tho because i can get that rate too.
This is a best case scenario. Unfortunately those who rent luxury rarely can afford to buy it.
"... but they want to wait for better mortgage rates." And this is how they miss the boat. The best deal they'd ever hope to get on a home.
Probably going to see a LOT more private sales direct to tenants as over leveraged speculators become more desperate to flog cash flow negative units
Thanks for watching Sunday’s ONLY real estate podcast!
Her mortgage renewal story was amazing lesson I learned from this week show, thank you 👌
Agreed. Everyone needs to know you can negotiate with your bank on the renewal.
I'm still hearing about highly speculative plays like negative cashflow rentals. I don't think this is over until all the speculators are flushed out of the market.
LOL - bad news bud. Investors payments just started heading downward. The only flushing happening is with precon. Resale investors are a big group, and we just started loving life again! Maybe next cycle, bud .. PS my rents are headed up
@@vert911 I'm talking about speculators, not investors. In Toronto, where I live, there are a lot of people who have high-leverage, low equity, non-cashflowing properties. Relying on the concept of "real estate only goes up" isn't an investment, it's speculation.
@@vert911😂😂😂
@@quixomegafacts
@@vert911 what market are rents heading up in? Not in most of BC
"a lot of multi-generational wealth" - aka basically all young people in the interior would be in poverty without their parents. Sad. A whole generation of ski guides with trust funds.
lol, that is somewhat true. But the interior is growing at almost a 2% per year clip in population, so there is huge opportunity for any kid that wants to start a service business to service these said Trust fund parents.
@@CorpoCanada I wouldn't be able to live with myself if I knew that the most important milestone, most important purchase, most important achievement of my life was given to me simply because I stayed in Mommy's good books into my adult life. If you are implying that young people have no shame because they are greedy, that's pretty sickening. I guess whatever it takes to look successful compared to your friends? Anyone reading this who was given downpayment help, had a cosigner.... know you are the issue with society. Sleep well.
Serious question: How often do these “subject to sale” chains on detached homes end with a condo listing?
The last sale in Discovery Bay which was one of those short term rental specifically zoned properties on Sunset Drive, was in early April! Nothing is selling in there after the ban.
Thanks Ravi.
On a side note, I saw Eby and Ravi having lunch at an empty Mission Hill tasting room.. Ravi was acting up, after his third bottle of red.
@@DummMoney-rr1fi 😂
Happy Sunday! 🎉
🔥
🎉
GM, happy Sunday.
1:09:30 never have truer words been spoken by Tom
600k is still overprice !! Overbiding doesnt count , REA talks like its natural .... Overbiding doesnt bring value up to suburbs ...
With development fees and taxes, the 600k price is not dictated by greedy investors. Its the government that sets the price. most don't understand this. There will never be 400k units built.
Happy Sunday!
“One voice”. Is the local board or association where they secretly hammer RE agents into never publicly admitting that prices will continue to drop?😂
"continue to drop" - a phrase never used to describe Toronto real estate. Ever.
Yes they do. Badly overpay.
organized real estate...an offer you can refuse
So the buyers that won the bidding war, didn't win.
Alberta is doing nothing and rental units are going into over supply and the housing market is waking up again.
But prices are still going up. Rents will get soft if all the units cant be filled.
the free market works very well. Has anyone ever told Ravi about this concept?? I'm sure he spent his time behind the lecture hall blowing doobies with his frat buds during that class.
Rates going to 3% very soon
Rates below 3% very soon!
@@RC-fh2lk 0% very soon lol
2.5 inflation rate today!! ✂️✂️✂️✂️✂️
1:11:28 Tom , did you say while.asking the guest for her promo " for all those who are watching and Listing " or Did i hear it wrong 😂
Shirtless next time please
it's not often that Tom and Steve come in last place in the Easy on the Eyes contest
Solutions for both parties are encouraged however when they are on one side is political asinatiion.
At what point do we declare a soft landing?
When Russia hypersonic missiles the oil sands with ICBM's to cut off oil to the USA. Combined with gulf, west coast refineries, and Texas oil infastructure attacks that knocks out 70% of american diesel fuel production.
@@rustyscrapper ... Riiiiiiight
When we declare it in a TH-cam title…
I paid about $12 principle in the first year of my first mortgage too. Zero down. Sold it 16 years later and made 400k. Put it all on a 1mil property. Don't be afraid of interest if you believe in the long term value of the property.
The market quite literally doubled in some markets in 2 years. If you think that's normal I have a great ocean front property to sell you in Paris ontario. 400k in 16 years is a lot, but I cashed out 350k in just 2.5 years. This rate of increase is completely unsustainable and you would never be able to get in the market without your previous gains. There will be a slow downward spiral for the next 5+ years as salaries slowly climb and bring things into somewhat of a balance.
@@RA-el6vn rates are headed to 3 percent and the buying will commence
No one wants to sell for less .
You will own nothing and be happy is were they are putting canadians. Prices in area houses went up by 2 times the value and sold now for a bit more of first value
The young lady was very honest. The guy that can't disclose should not be on a podcast. RVER
NRVER RVER?
If anyone wants a car rag send me a dm
What's bidding at for Steve's?
Why are people so broke that they can’t deal with not getting rental payments for a few months? Just boot the tenants and sell if it don’t sell than re rent? ! Good lord if you’re sketching about five or ten grand you really don’t have any business owning. Draw on your line of credit, return your car to the lot, cash in some savings or stocks. Deal with it 😂
Can you go to McDonald’s get food without paying? McDonald is billion dollar company 😂😂😂
What kinda of business are you running … I would like to know how you feel if your clients are not paying your services 😂😂
@@stephenn88 my business is doing fine but I’ve never been scared to boot a tenant out for convenience. Penny wise pound foolish. You can float an empty unit for a few months.
@@Mizsheen you can does not mean you should