Hot Topic: The Current State of the Canadian Real Estate Market with Steve Saretsky
PODCAST August 23, 2018
Today’s guest is Steve Saretsky, a Vancouver residential realtor and author behind one of Vancouver’s most popular real estate blogs: Vancity Condo Guide. Steve is a thought leader in the industry with regular appearances on BNN, CBC, CKNW, and CTV. He’s also a contributor to the BCBusiness magazine. Steve has built a successful business and is considered among the top 10% of Greater Vancouver realtors.
The main topic on today’s episode is real estate within Canada, with a focus on Vancouver real estate. Steve and Mark discuss the real estate boom around 2016, how the 15% foreign buyer tax impacted the market, how things are looking for sellers, and whether or not he believes we’ve officially moved into a buyer’s market. Steve also gives insight into his own experiences working with buyers and sellers, what he’s seeing first-hand, and his predictions for the future of the real estate market.
[:31] About today’s guest and topics of discussion.
[1:37] Why did Steve decide to get into real estate?
[2:14] What it was like to get into real estate during its booming years (around 2016).
[4:43] Did it feel like chaos before the 15% foreign buyer tax was implemented?
[5:28] What is shadow flipping and how did it end up getting banned?
[6:58] Did Steve see an instant slow down after the 15% foreign buyer tax?
[9:09] Did Steve experience more foreign buyers or native buyers looking to buy real estate?
[10:16] How much have detached homes in the west side of Vancouver come down since 2016?
[11:18] What drove the small increase in value to detached homes in early 2017? And how are they looking now, in 2018?
[12:42] How much is Steve seeing sellers not wanting to negotiate for less (even though they’re still making a profit, though it may be 10% less from the previous year)?
[15:50] Has it become harder for clients to qualify for financing (from the increased difficulty in qualifying for mortgages and the foreign buyer tax?)
[18:40] What is Steve currently seeing in real estate? Is it all “doom and gloom?”
[20:46] Is the real estate market in Vancouver just “returning to normal” or are we experiencing a low?
[22:21] If Steve was a seller in the Lower Mainland real estate market, what would he do? And if he was a buyer, what would he do in this current state?
[23:20] Does Steve think we’ve officially moved back into a buyer’s market?
[24:18] For the rest of Canada, does Steve see the same statistics?
[26:11] Are there still opportunities in terms of buying or is the whole market is saturated and overpriced?
[27:34] Steve’s take on whether or not we’ll see a bigger price correction in the future.
[29:40] Steve’s final thoughts and predictions on the Vancouver real estate market.
Mentioned in this Episode:
Steve Saretsky is a Vancouver Residential Realtor and author behind one of Vancouver’s most popular Real Estate Blogs Vancity Condo Guide. He is a thought leader in the industry with regular appearances on BNN, CBC, CKNW, CTV and is also a contributor to BC Business Magazine. He has built a successful business and is considered among the top 10% of Greater Vancouver Realtors. Additionally, he works with and advises various institutional investors, investment advisors, and Real Estate developers.
Steve prides himself on providing full transparency and data focused information to the public. He has become one of the most followed Vancouver Real Estate personas on social media, hosts an online video series entitled “The Saretsky Show” and authors a weekly newsletter to several thousand readers
About Your Host — Mark Therriault
Mark is the Financial Advisor and partner of Nicola Wealth Management — and your host for The Wealth Management podcast.
As a member of the NWM Planning Team since 2006, Mark has become his clients’ trusted advisor. He prides himself on providing an exceptional experience to his clients while quarterbacking their financial affairs.
Mark earned his Bachelor’s degree in Economics with a minor in Finance from the University of Calgary. He went on to secure his CFP designation and also completed the CIM, CSC, the B.C. Life Insurance License.
This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your NWM Advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. NWM fund returns are quoted net of fund-level expenses. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Projected returns are estimates only. Returns are not guaranteed. NWM is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities’ commissions in Canada.