Inventory hits a 4-year high, mortgage rates are falling and here is your market update

If you bought an average detached house in Greater Vancouver in January, you are now almost $120,000 richer

If you bought an average townhouse in Greater Vancouver in January, you are now almost $69,000 richer

If you bought an average condo in Greater Vancouver in January, you are now over $25,000 richer

In this episode, we cover the new legislative changes to the Residential Tenancy Act as well as a number of skill, testing questions. Keaton covers what all the latest changes mean including the negative and positive implications. We also cover questions like, what's a bad tenant or lousy landlord? When is it time to seek help from a property manager? What do you think of the new Airbnb ban...

Listen and subscribe for more!

The Bank of Canada Holds is over Overnight Rate at 5%. This came as no surprise, most of us in the industry didn't expect much much to happen until June. To be clear, the bank Canada announcement is specific to variable or line of credit mortgages. Fixed mortgages have been coming down since last October, but the media doesn't seem to be covering that for some reason. 

So you might be asking, what's the holdup? Why are they not stopping the pain and lowering floating interest rates?

High inflation in the US is a huge factor, it has a ripple effect up here in Canada. The high cost of housing also keeps our Canadian inflation numbers high. Obviously, the higher cost of fuel with things like a carbon tax doesn't help either.

Canada is currently experiencing high unemployment numbers.

Yes, you heard that right. Our federal government is added again and wants to make it harder to qualify for a mortgage starting in 2025.

If it's not hard enough already, I am disheartened to say that it's about to get harder

The new rule, set to take effect in the first quarter of 2025, limits the amount of mortgage a bank can issue to a maximum 4.5 times a borrower's annual income

The loan-to-income (LTI) ratio compares the size of the homebuyer's mortgage to their gross income.

You can thank OSFI for this, aka Office of the Superintendent of Financial Institutions

How is that going to affect you?

Proper pre-approvals, why this is crucial to your success for many reasons. 

People often overlook the dangers of waiting to buy real estate in hopes of seeking lower mortgage rates. However, it is generally substantially more expensive to do this, and you don't necessarily qualify for more with a lower rate because the purchase price is substantially higher. Of course, I can't predict the market, but I can tell you I'd be shocked if it didn't go up 10% in the next 12 months. 

A purchase price of $1,000,000 with 20% down, a 5% rate, and a 30-year am will result in a monthly payment of $4,270. When that rate is dropped to 4%, the monthly payment is $3,804, a difference of $466.

Now, $466 x 12 months = $5,592 or $27,960 in payment over 5 years (if selecting a 5-year term).

You are far better off buying at a higher rate with the lower purchase price in most circumstances in Greater Vancouver.

In this episode, we review a new-ish plan aimed at finally tackling Canada’s housing crisis. Right now, the government is thinking about how we can build as many homes as fast as possible, and they look to the past to pave the way to the future.  Pun intended ;)

In a nutshell, they are creating a catalogue of the pre-approved building designs at the federal level. Now this isn't exactly a fresh new idea, though.  After the Second World War, a similar policy was implemented with tremendous success. In 1941, the government set up a company called Wartime Housing Limited. They prepared thousands of identical blueprints and mailed them to builders nationwide. They obviously didn’t have email back then. These cookie-cutter homes were referred to as Strawberry Box Homes or Victory Houses.

Guess how long they took to build? Two months... Two weeks? How about only 36 hours...

Listen and subscribe for more!

👉 Learn more, call Jessi at 604 716 6474, email [email protected] or schedule a time to chat here: https://calendly.com/jessirealestate

Like many realtors, we were skeptical about eXp Realty when we first heard about it. It seemed too good to be true. I initially thought that only low-producing realtors went there because of the low monthly fee.

It's got to be a pyramid scheme...

I'm not interested in recruiting agents...

I like having an office...

The model isn't sustainable…

I had a lot of skepticism when first learning about eXp so… 

In this episode, I will cover why I am glad I waited to join eXp. Listen and subscribe for more!

In this episode,I will cover the pros and cons of my personal experience of joining eXp realty

I am Jessi Johnson, an 18-year real estate veteran helping show you what to do, and what NOT to do, in your realtor business

Founded in 2009, eXp Realty has quickly become a significant player in the global real estate industry, thanks to its cloud-based model.

It has now surpassed RE/MAX in the US and is the fastest-growing real estate company in the world.

Although eXp is ideal for most, it isn’t for everyone, and I am happy to help you decide for yourself.

PROS... watch & subscribe for more!

__________________________________________________________

👩🏼‍💼 REALTORS! 👨🏼‍💼

Level up your production and create realtor retirement.

Suggested STEPS:

#1 ~ I recommend investing less than 10 minutes of your time for your future prosperity and watching "eXp Explained in less than 10 minutes": https://www.loom.com/share/209a3cd078...

#2 ~ Book a confidential meeting with Jessi to learn if eXp is right for you: https://calendly.com/jessirealestate/...

#3 ~ Run a cost analysis to compare doing the same business at your current brokerage verses eXp. For new agents, we can run scenarios. 

The year I left RE/MAX in 2021, I only made $300,000 in annual commissions. I decided to compare what RE/MAX cost me versus exactly what it would cost if I did the same business with eXp, specifically in the Collaborative Movement. The difference was over $47,000 (when including 12k in coaching). In my first year with our Collaborative Movement group, my commissions jumped 35%, I am working less, and this was during COVID lockdowns. 

In this episode, I will articulate what a BC Assessment is and how to figure out the true value of your home

I am Jessi Johnson, guiding you with 18 years of experience as a mortgage broker and realtor.

First off, BC assessments are expired calculations

They are calculated based on July 1st of the previous year so they can be upwards of an entire year outdated

A lot can happen in a short period of time when it comes to real estate property values, especially in Greater Vancouver!

You might be thinking, if I can't trust BC assessment correctly to assess the value of my property, how can I figure this out?

There are two solid methods:

#1 - Hire a local professional licensed property appraiser
#2 - Seek guidance from a local expert realtor

The appraiser will cost you $300 to $500, on average but you would generally only use this when it comes to getting a mortgage

If you like in Greater Vancouver, just call me and I will help you figure it out

Factors that affect your assessed value are...

Enjoy and subscribe for more!