The Vancouver Life Real Estate Podcast

Applying for a mortgage can be a daunting task, and it becomes even more complex when you run an incorporated business. As opposed to an individual, the income earned by a corporation is treated differently by lenders. If you are self-employed and have incorporated your business, you may find it challenging to obtain a mortgage as many traditional lenders are not familiar with this structure. Therefore, it's essential to work with a mortgage specialist who understands this structure and can help you navigate the process.Mychal Ferreira, a mortgage specialist at the Bank of Montreal, specializes in this style of mortgage where the gross income goes into the company, and the individual pays themselves personally through dividends. This structure helps minimize personal taxation, which is a significant benefit for self-employed individuals.In the past, most banks did not consider incorporation income when it comes to qualifying individuals for a mortgage. This created a barrier for many self-employed individuals who were unable to secure financing for their homes. However, things are changing, and more lenders are recognizing the value of incorporation income, especially for professionals who earn a commission-based income such as doctors, dentists, and realtors.Mychal Ferreira's expertise comes in handy as he walks clients through the process and teaches them how banks look at professionals in this situation. He helps them understand how they can position themselves for success when it comes to qualifying for a mortgage. Mychal's approach is to look at each client's unique situation and tailor the mortgage to their needs. He understands that each client's financial situation is different, and a one-size-fits-all approach will not work.Working with a mortgage specialist like Mychal is crucial as they can help you understand the intricacies of the mortgage process. They can help you navigate through the paperwork and explain the jargon used in the industry. Additionally, a specialist can help you access lenders who are more familiar with incorporation income and are more likely to offer you a mortgage.In conclusion, if you are self-employed and have incorporated your business, obtaining a mortgage can be a challenging process. However, with the help of a mortgage specialist like Mychal Ferreira, the process can be more manageable. Mychal's expertise and experience in working with self-employed individuals can help you obtain a mortgage that fits your unique situation. Remember, it's important to work with a specialist who understands your financial situation and can help you navigate the process successfully.Mychal FerreiraBMO Mortgage Specialist778.994.3222mychal.ferreira@bmo.cominstagram.com/mychalmortgages _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

The news across the nation this week was that the Bank of Canada came through on it’s word and held interest rates at 4.5%. This is the first time in a year that the Bank of Canada took it’s foot off the break and gave all variable rate mortgage holders a sigh of relief. As interest rates begin to stabilize and the bank of Canada moves to the sidelines, it’ll be interesting to see how the market responds. Typically this time of the year we have a lot more listings but with current inventory levels and really low levels, we’re already seeing the return of multiple offers for property that is priced to market. February saw prices rise for the first time month over month and with median prices already up another $22,000 this month, and up $82,000 in the last 9 weeks alone!! We are starting to see signs that the market is becoming much more active. Higher levels of activity will lead to higher levels of consumer confidence which we believe will continue to build throughout the year. Toronto for example saw an 8.5% increase in month over month sales - the highest in 6 months and what’s very important to note is that 40% of those sales last month were ABOVE the asking price! This is largely due to a lack of inventory and Vancouver was similar showing 20% of its deals selling over the asking price. All of this pointing to a 2nd month in a row of a sellers market.  We’ve had a number of sellers on the sidelines waiting to hear about this announcement. Many are now going to be listing this month as the data points to a much stronger sale price than over the last few months. If you’re considering listing your property and want to know if the market is trending in your favour, just reach out to the contact info below.  _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

We are extremely excited to have interviewed the creator of eXp Realty and on this episode we hear about how the home buying and selling experience is evolving and how the first ever digital brokerage is shaping the future of real estate.  A bit about Glenn:Glenn Sanford is the founder eXp Realty, CEO of eXp World Holdings, Inc. and Chief Strategy Officer for VirBELA. After being involved with a number of internet start-ups in the 1990s and early 2000s, including a stint at AOL, Glenn started a highly successful real estate career in 2002. In 2006, his fourth full year in the business, Glenn and his team closed over $60,000,000 in real estate almost entirely from online lead generation and was ranked as one of the top 50 teams nationally with Keller Williams. After the downturn in 2008, he and his team developed the first cloud-based brokerage model that uses a 3D avatar based online office to collaborate and communicate while abandoning the physical bricks and mortar infrastructure normally associated with real estate brokerage. In the last 11 years, since launching with 25 agents, eXp Realty has grown to over 87,000 agents across 24 countries.  eXp Realty refers to itself as Agent-owned and the company became a public company in 2013 and in 2014 started to distribute equity to its productive agent owners. eXp Realty provided the first ESOP style Stock Ownership Program for its agents and brokers as well as a revenue sharing program all designed to enhance the agent-centric business model.EXP is the fastest growing brokerage in history and has grown by over 11,000 agents in just the last 12 months alone.     The company saw revenues of $4.6 Billion in 2022, and was one of the few brokerages to post a significant profit in the downturn year.  eXp’s market value has exceeded $3.6 Billion and, as the largest shareholder, Glenn is one of the tech worlds most recent Billionaires.  In this episode we talk with Glenn about home buyer and seller behaviours and trends that he’s seeing from tracking sales from around the world.     With eXp entering its 15th year, Glenn Sanford discusses the exciting evolution of the brokerage and outlines some of the massive acquisitions they’ve made recently, and how these are focused on increasing agent abilities to dominate in any marketplace. Glenn talks about the role of artificial intelligence in Real Estate and if there’s place for it to completely remove the need for human interaction within a real estate transaction. As with any business model that achieves this level of success, the competition has noticed and the copy-cat brokerages are starting to appear.  Glenn offers his position on the competition, and what he see’s as the future for tradition brokerages.  This was a real eye opening and inspiring conversation with a true visionary and someone who has completely altered the course of Real Estate on a Global level. We hope you enjoy it too.To learn more about eXp, visit : https://expworldholdings.com _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

One of the biggest concerns that home buyers have when they're considering purchasing a new home is how much money they need to have on hand. It can be a daunting task to figure out how much money you'll need, especially if you're a first-time homebuyer.In this episode, we explore all of the home buyer options when it comes to this very important question. For instance, many people may be surprised to learn that they can buy a home with as little as a 5% down payment. However, if you do decide to go this route, you'll also be required to obtain Mortgage Insurance. But how much does that cost, and can it be added to the monthly mortgage payment?Additionally, many people wonder how much money they need to put down to avoid mortgage insurance altogether. This is also addressed in the episode, along with the question of how much insurance is required if you put down a 12% down payment instead. And why is the insurance even necessary in the first place? All of these questions are answered in the episode, and you may be surprised at some of the responses.It's also very important to know where these funds can come from. Did you know that you could utilize your RRSPs to buy your first home? It's true, and this is discussed in the episode as well, along with how long you have to pay that money back.Another important topic covered in the episode is the question of whether it makes more sense to save up for a larger down payment or to invest in a home now while prices are appreciating. This is a tough question that many potential homebuyers struggle with, and the episode offers some valuable insights.Overall, first-time homebuyers will definitely benefit from this episode. With all of the information presented, you'll be better equipped to make an informed decision about how much money you need to have on hand when buying your new home.For anyone looking to connect with Mychal, please reach out to him below:Mychal FerreiraBMO Mortgage Specialist778.994.3222mychal.ferreira@bmo.cominstagram.com/mychalmortgages _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

Vancouver home prices increased in February for 1st time in 9 months. Does this mean we’ve hit the bottom and headed back up? Slow down - not yet! One month does not make a trend but it does help further reinforce that our stagnant levels of inventory are causing all kinds of pain for Buyers - this plus the combination of higher rates is setting us up for could be an interesting spring market. We are already hearing stories of and taking part in multiple offer situations at different price points and asset classes all over the lower mainland. In this episode we get into why that’s happening and we review the stats for the month of February. Furthermore we get into the new BC Budget and the new municipal property tax hike of 10.7% in Vancouver and the impacts that will have to the housing sector going forward. We also suss out our own assumptions about whether the market has hit bottom, and where you can expect prices to go in the coming months. This is a very important episode especially for those who have been watching the market on the sidelines waiting for your opportunity. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

How to access the equity in your home:This week we explore how to access the equity that exists in your home with Mortgage Specialist Mychal Ferrera. It's something that exists for many people who own property and learning how to unlock and use this to your advantage could be the difference in creating serious wealth. For example, did you know that you can access up to 80% of the equity in your home and reuse that equity to invest in another property? Let’s say you have a $1 million dollar home with a 500k mortgage, you would have access up to $300,000 of equity that can be used for future investment. We also explore an alternative financing options that very few know about called Homeowner Redline. This product allows you to borrow up to 80% of your home’s value which you can split between a mortgage and a line of credit. So, as you pay off the mortgage portion, the principal you repay increases the limit available on the line of credit portion that you can use for a home renovation! Lastly, we also explore how a conventional HELOC works (Home Equity Line of Credit) in comparison to these other options.Mychal FerreiraBMO Mortgage Specialist778.994.3222mychal.ferreira@bmo.cominstagram.com/mychalmortgages _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

The roller coaster ride that is now the Canadian 5 year bond jumped another 50 bps in just the last 2 weeks with bond yields above 3.6% for the first time since early November! Why does this matter? It’s the best indicator we have for what’s going to happen with fixed mortgage rates which had briefly come down to into the mid to high 4% range but now back into the mid 5% range and higher.This jump in the 5 year bond was kicked off by the January jobs report which added 10 times the expected amount with the government expecting 15,000 new jobs but instead reported adding 150,000 jobs. Furthermore, this is the second month in a row where economists were off by a factor of 10!  In this weeks episode of The Vancouver Life Real Estate Podcast, we go through what this likely means for the rate hike in March, how this will affect our already very low inventory and what it could spell for inflation. Furthermore, we take a dive into Canadian Real Estate broadly speaking as national home prices continued to soften down 1.9% in January. However, are we seeing the same thing here in Vancouver? What about the stories of multiple offers? With sales just scraping by, are activity levels artificially low? Tune in and check out where we think the Vancouver Real Estate market is headed next!If you’re wondering whether it makes sense to Buy or Sell in this environment, each case is different - so just reach out below and let’s chat about it. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

Did you know that you can pre-qualify for a mortgage on a pre sale condo?   You can, and up to 3 years in advance.     There are a number of very compelling reasons why this is a good idea too.   Firstly, you can lock in at today's rate, meaning that if rates increase, you benefit from the previously lower rate.    And should rates go down, you can qualify at those lower rates now too.Secondly, and possibly most importantly, the Bank Of Montreal will appraise your pre sale property at TODAYS valuation and should that move up or down by the time of completion, you can actually get money BACK on your purchase.Find out how, and a few more pro tips, in the episode all about Pre Sale property financing with Mychal Ferreira. Mychal FerreiraBMO Mortgage Specialist778.994.3222mychal.ferreira@bmo.cominstagram.com/mychalmortgages _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

There’s an information battle going on with what we’re reading in the news compared to what we're actually seeing take place on the ground. There appears to be two very different stories emerging. With recent news articles from the financial post, stating that economists at Oxford Economics believe we are only halfway through the housing price correction - quote: “Prices are already down 14% since the peak in February - and will fall another 16% by the middle of this year. When home prices hit bottom, they will correct by 30%”.  What’s more, they even address a worse case scenario which would see housing prices collapse by a total of 48% from peak to trough putting us back to 2014 levels! Despite admitting that it is a very rare possibility, we just don’t see the same narrative taking place.Furthermore and in the same week, Stats Can released a consensus report showcasing how 50% of Vancouver homeowners do not have a mortgage - meaning these interest rate hikes are not affecting principle residences like many Buyers thought and hoped. The report is very interesting as it really helps Buyer’s understand why we haven’t experienced any kind of panic selling in the lower mainland. Interestingly the report found that 43% of home owners in Toronto are also mortgage free - however with more condo supply coming to the market, will this hold true? For Vancouver the story appears to contradict the Oxford Economics report because without a surge in supply, the price for homes will only shift down moderately if interest rates persist.This weeks podcast we address these two topics and interview Merete Lewis, a high performing and award winning Real Estate agent working in the GTA to give us her perspective on these two issues and whether Toronto, Canada’s biggest real estate market, is seeing a similar story to what we’re seeing here in Vancouver. Check out the episode and hear the first hand stories of properties selling multiple offers in both regions, line ups of Buyers and what feels like an early spring buzz.  Where do you think the market will go from here? _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com

This week we jump into a great conversation with Ryan Andrews of PCL Construction’s Infrastructure Manager for the BC Region along with serial entrepreneur, real estate investor and co-owner of the Penticton Speedway, Mr Ingo Seibert. The purpose of this weeks episode is to gain an understanding of what billion dollar corporations are seeing, why they believe in the region and why they are continuing to help the province build the necessary infrastructure for what will be a major increase in population and density. Furthermore, we contrast that from the perspective of smaller entrepreneurs, what they have been up against since the pandemic and how they are making plays not only here in Vancouver but also in the interior. Who is PCL and why do they matter? PCL is a leading construction company in Canada, with a strong presence in the Vancouver area. Over the years, PCL has been involved in several major infrastructure projects in Vancouver, contributing to the development and growth of the city. They have a unique perspective on the needs of a growing city and have a unique understanding of where future investment is going.One of the most notable projects that PCL has worked on in Vancouver is the Canada Line. The Canada Line is a rapid transit line that connects downtown Vancouver to Richmond and the Vancouver International Airport. The line was built in partnership with the  government of British Columbia and TransLink, the regional transportation authority. PCL was responsible for the construction of the elevated guideway, stations, and systems for the line. The Canada Line has been a great success, providing fast, reliable, and convenient transportation for the people of Vancouver and the surrounding areas.  For more on PCL, see: https://www.pcl.com/ca/enWhat is the Penticton Speedway? It is a motorsports facility located in Penticton, British Columbia, Canada. The track is a half-mile oval, and it is one of the most popular destinations for racing enthusiasts in the region. The facility features a variety of racing events, including stock car racing, sprint car racing, and midget car racing.Throughout the racing season, the Penticton Speedway hosts a variety of events, from local amateur races to professional events that attract top drivers from across North America. The facility also offers a number of amenities for fans, including grandstand seating, food and beverage vendors, and a souvenir shop. The track also offers a number of opportunities for fans to get involved, including pit tours, driver meet-and-greets, and other interactive experiences. For more information visit: https://www.pentictonspeedway.com _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com Ryan Dash PREC 778.898.0089 ryan@thevancouverlife.com www.thevancouverlife.com