Jesse @ Kleine Real Estate @jesse_kleine
Sold 200+ properties in Surrey, Langley, and Greater Vancouver. I write a free real estate newsletter: https://t.co/uRPWLtv7TQ Sutton West Coast Realty kleineteam.com/solds View Sold Prices ➡️ Joined December 2019-
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Real estate market in vancouver feels like it's losing velocity. New listing trajectory is outpacing sales. Bid-ask spread is widening as sellers expected to list into a strong market this Spring and buyers feel like they have options.
Rate cuts are basically priced into fixed rates for the next 18 months. Only variable rates are really supposed to come down. IMO the first cut won't trigger much of a market response for this reason.
Greater vancouver real estate is a balanced market this spring. Certain pockets of entry level detached and townhouses are multiple offers and have seen some price movement. Condos are slower and prices flat.
Bank of canada keeping the lid on the spring housing market.
A lot more pre-sale assignment listings about to hit the market due to the new 20% flipping tax. Doesn't make as much sense to close then sell. Of course, this assumes the pre-sale is in the money... many are underwater.
New BC budget: - 20% flipping tax on homes sold within 1 year - Property transfer tax exemption raised from $500k to $865k, and $1.1m on new builds - No PTT on purpose built rentals until 2030
Bond yields back to July / August / September levels. When the market slowed. Feeling a bit of the resistance against the spring market. Collapsing deals, inconsistent listing results. Sales volumes is up though, even on a seasonal basis. I'd call it balanced out there.
Thoughts on Langford as a market for rental property investors?
Slight shift in the narrative happening right now "A decent job gain, a slide in the jobless rate, and persistent 5% wage growth are hardly the stuff of an urgent call for rate cuts," - BMO chief economist Douglas Porter
"we expect a delicate balance between rising sales and normalizing inventories, which should lead to a relatively quiet year for prices." BCREA prediction for this year. I think detached could pop a bit more than they anticipate
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@jesse_kleine Are you prepared to lose our bet? hehe
@jesse_kleine I was just talking to some lawyers and it seems like a consensus. Transactions are stalling. Numbers seem to be around 20% from this time last year here in the valley
@jordi_browne @jesse_kleine I was thinking exactly the same. Realtors, Notaries saying things are very slow.
@jesse_kleine Prices firm in the Valley. Listings up, but sales down. If we were a sailboat, we’d be in irons…
Currently on a 2000km+ road trip through the north and gotta say Tesla self driving is a game changer for long drives. So much less tiring to supervise instead of driving. Not perfect but so far averaging about 100km between interventions
@jesse_kleine Going beyond 120 days also makes mortgage financing difficult. Typically notice is given by sellers upon offer going firm but if move out and therefore completion is > 120 days then the buyer may have to re-up their mortgage approval.
@jesse_kleine I know of 2 peoples homes going into multiples and selling day 1.
Active listings are 20%+ lower than seasonal norms, one of the variables supporting prices where they are. Sellers continue to show they have staying power for now.
I predict that prices will be mostly flat for the next couple months. The buyer's urgency has reduced. In Jan people were afraid of market taking off as there was an initial price jump but buyers are seeing the market not launching and backed off. Tons of inventory coming now…
Anyone want to buy one of these? 😝
Setting aside the absurd appraisal value, the land value mark down from 2018 to today is reflective of the current market for condo development sites along Cambie.
The latest foreclosure in the #vanRE world: 7510 Cambie St. 2018: Coromandel Properties acquired for $44M. 2022: Appraised at $69M. 2023: BC Assessment values at $36M. 2024: Listed for $32M and set to be sold for $26M. storeys.com/coromandel-pro…
Interest rates are back to where they were 70 years ago. From 5% to 18% to 2% and back to 5%, while our housing problems got steadily worse Pretty safe to say that while rates are hugely important to prices in the short term, they aren't a root cause of our housing crisis
Really good shawarma platter - 1859 West 4th Make sure to get a good heaping of the white stuff (toum) to mix in with the rice/chicken. Big meal - $17 ~
There’s still a bunch of academics on here arguing that Canadian living standards are not declining. Maybe put down the spreadsheet and get out of the house, mate.
@BcarmB @jesse_kleine time is coming up for that bet
Economist panel at our mortgage Symposium. Topic rate cuts. Scotia: not ruling out rate increases. Earliest cut September. /2
There are wild deals available in the rental market right now. This place in the West End, 2,800 Sqft, Waterfront, listed for $8m in '18. Currently $9k a month as a rental. With the tenancy laws, they would never be able to get you out without finding a buyer, yours for life
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