In this episode, we debunk the myths surrounding the alarming statistic of a 9.1 months supply of new homes. I break down the data to reveal that this figure includes homes that are under construction and even those that haven't been started yet. In reality, there are only 1.9 months of supply of completed homes. We also discuss the recent trends in the housing market, the surprising percentage of new homes bought with cash, and the impact of falling lumber prices on the construction industry. Additionally, we touch on the latest mortgage demand data and the challenges in the rental market in Canada.

Timeline Summary

[00:00] - Introduction and debunking the 9.1 months supply of new homes myth.

[00:37] - Breakdown of the three categories of new home supply.

[04:12] - National Association of Home Builders survey on cash purchases of new homes.

[05:09] - Announcement of "Buying Vegas" Episode Two release.

[05:37] - Importance of understanding your local market and buy box.

[07:56] - Recent trends in mortgage demand and refi applications.

[08:21] - Discussion on the crashing lumber prices and its implications.

[10:29] - Upcoming guest appearances and opportunities for community engagement.

[11:17] - Layoff announcements and the impact on the economy.

[12:10] - Rising rental costs in Canada and the affordability crisis.

[13:05] - Examination of price cuts and the bifurcated housing market.

[14:30] - Prediction of a slowdown in existing home sales.

[15:02] - Success story of a seller financing deal on four duplexes.

[16:13] - Encouragement to do the work and take advantage of market opportunities.

Links & Resources

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