The Vancouver Life Real Estate Podcast

In this special episode of the Vancouver Life Real Estate Podcast, we welcome Doug Porter, Chief Economist at BMO Financial Group, to provide unparalleled insights into Canada’s economic landscape. With over 30 years of experience and a proven track record as one of the top economic forecasters in North America, Doug shares his expert analysis on the Bank of Canada’s recent rate cut and its potential ripple effects across the economy, financial markets, and the Canadian housing sector.We dive into hot-button topics like the impact of immigration policy changes on housing affordability, the long-term economic consequences of tariffs, and the evolving lending landscape in Canada. Doug also unpacks how the so-called “mortgage renewal cliff” may not be as alarming as it sounds, highlighting how Canadians are adapting to higher interest rates.From analyzing regional housing trends—like Vancouver’s surprising resilience compared to Toronto’s cooling condo market—to exploring the broader implications of geopolitical tensions, this episode is packed with actionable insights for homeowners, investors, and anyone curious about Canada’s economic outlook.Doug’s practical advice for buyers, his predictions for interest rates, and his views on what Canada must do to foster economic stability make this an episode you don’t want to miss. Whether you're planning your next real estate move or simply want to understand the forces shaping Canada’s financial future, this conversation will leave you informed and inspired.Tune in now and gain a deeper understanding of the market trends that matter most. _________________________________ 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 final numbers for Canada’s housing market in 2024 are in, and they've revealed some unexpected trends. Despite challenges such as high interest rates and declining housing starts, national home prices rose by 2.5% last year, bringing the average home price to $676,640. Every province and territory saw price increases except for Ontario, which experienced a modest 1.7% decline. The Northwest Territories led the nation with a remarkable 34.8% price increase, followed by New Brunswick at 15.5% and the Yukon at 12.8%. British Columbia also performed well, with home prices rising by 5.9%, while Alberta saw solid growth of 9.4%.Ontario’s slight decline, however, masks significant issues in the pre-construction condo market, particularly in Toronto, where sales hit a 28-year low in 2024. Newly constructed condos flooded the market, driving prices down by 10-15% or more in some cases as sellers undercut each other. Yet, when viewed at the provincial level, Ontario’s overall housing market showed resilience, with a decline that remains manageable by most standards.Meanwhile, inflation continues to ease, as the latest Consumer Price Index (CPI) print came in at 1.8%—the second-lowest reading in 46 months. This marks a slight decline from December’s 1.9% and the 16th consecutive month of cooling mortgage interest costs, which dropped from 13.2% to 11.6%. Rent inflation also eased, falling from 7.7% to 7.1%. Inflation has now remained within the Bank of Canada’s target range for 12 straight months, with the broader CPI reading excluding mortgage interest costs coming in at just 1.3%. These metrics, coupled with a strong employment report, suggest the Bank of Canada may lower interest rates at its next meeting, with markets currently pricing in a 0.25% cut that would bring the overnight rate to 3%, its lowest level since August 2022.This data reinforces the importance of understanding how hyper-local real estate markets operate. For instance, in Vancouver’s Mount Pleasant East neighborhood, half duplexes reached their highest prices ever in 2024, climbing 7% above the 2022 peak. By contrast, condos in the same area are 3% below their peak prices, and detached homes are down 9%. These variations emphasize the need for precise, localized market insights when making real estate decisions.Next week we have Mr. Doug Porter, the Chief Economist for the Bank of Montreal coming back on the show to discuss how he sees the Canadian economy shaping up for 2025 _________________________________ 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’s episode is packed with crucial updates and insights that could directly affect your real estate decisions in 2025.A much stronger-than-expected jobs report has thrown a wrench into predictions for interest rate cuts, potentially keeping the Bank of Canada on hold this January. With Canada adding 91,000 jobs last month, (far exceeding expectations) compounded by labour market strength is complicating the case for lower rates. However, not all is as it seems: 62,000 of those jobs went to workers over 55, and a significant portion came from public sector growth (44%!). We break down what this could mean for mortgage rates and why the 5-year bond yield is already climbing.In Vancouver, affordability continues to be a challenge as recent policies are expected to push home prices higher. On the flip side, there’s good news out of Burnaby, where one of the first multiplex building permits has been approved. The timeline, fees, and offsite costs surprised even the developer—and might give hope to those exploring small-scale development opportunities.We also tackle the ongoing affordability crisis, exploring how the ban on natural gas in new construction and new net-zero mandates are inflating the cost of homes. For example, a fourplex project now have an additional $150,000 for electrical upgrades, adding roughly $40,000 to the cost of each unit. These policy changes are a stark reminder to “watch what they do, not what they say” when it comes to government claims about building affordable housing.Meanwhile, mortgage arrears are also starting to climb, with delinquency rates hitting a 9-year high in Toronto. Yet even as the headlines grab attention, the data tells a different story—arrears remain well below pre-pandemic levels, and the overall risk of panic is low. However, with 50% of mortgage holders set to face higher payments over the next two years (in excess of 30+%), it’s clear that financial strain is building for many Canadians.We also take a closer look at the nearly 30% of homes listed for sale that are vacant. Are they former Airbnbs, second homes, or properties listed to dodge the vacancy tax? It’s a fascinating trend that raises more questions about the current state of the market.And to cap it off, we’re excited to showcase a stunning family home on Vancouver’s prestigious Golden Mile in Kitsilano. Located on West 1st Avenue, this property boasts breathtaking ocean views, over $1 million in renovations, and one of the most luxurious primary suites you’ll ever see. Don’t miss this incredible listing—check it out at www.3262W1st.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

In this episode, we explore our predictions for the 2025 Vancouver Real Estate Market, diving deep into the economic and financial trends that will shape the year ahead. With Canada’s GDP growth expected to remain moderate, driven by immigration and resource exports, the potential for a mild recession looms if elevated interest rates continue to slow consumer spending and business investment. We analyze the possibility of economic turbulence while discussing key signals in sectors like housing, manufacturing, and retail. Meanwhile, Canada’s population growth is expected to drop considerably from before but will still be pushing the annual growth, to what extent remains to be seen. This sustained influx will fuel housing demand but could strain infrastructure and services.On the employment front, the unemployment rate, currently at 6.8%, is projected to remain somewhat stable within the 6.5%-8% range. While population growth could create new job opportunities, sensitive sectors like construction and tech may see some challenges. Inflation, sitting at 1.9%, is anticipated to close the year between 2.0% and 2.5%, assuming stable monetary policy and limited disruptions in energy prices or supply chains. This outcome largely depends on US trade policy which has yet to be sorted out. The Bank of Canada’s interest rate, currently at 3.25%, is forecasted to ease slightly by year-end if inflation targets maintain and economic growth softens. In tandem, mortgage rates are likely to decline as well, with variable & potentially fixed rates dropping too. Despite these adjustments, Canada’s mortgage arrears rate, historically low at around 0.15%, may see a slight uptick as households adjust to higher payments on renewals.Turning to real estate, we predict a steady recovery in sales volumes, with activity returning near the 10-year average, barring any significant rate fluctuations. The sales-to-active listings ratio which is currently signaling balanced market conditions may tick up into a Seller's market with more interest rate fluctuations. Inventory levels may see modest growth too as many who did not sell in 2024 will return to the market to try again. In the pre-sale market, developers are projected to cautiously release new projects, reflecting a gradual increase in buyer confidence. After an 8% decline in rental rates during 2024, the rental market is expected to stabilize though this will largely depend on immigration levels and the overall performance of the economy.In this episode we also highlight the top markets poised to outperform the Greater Vancouver region in 2025. We look at Surrey and Langley as they continue to attract buyers with affordability and infrastructure investment among a list of other locations that we strongly endorse. Tune in and find out which areas those are!This episode provides a comprehensive roadmap for navigating the opportunities and challenges of Vancouver’s 2025 real estate market. Whether you’re a buyer, seller, or investor, these insights will help you stay ahead in a shifting landscape. Tune in to learn more about what to expect and how to make informed decisions in the year ahead or book a one-on-one exploratory call with us and we'll help guide you through this recovering marketplace. _________________________________ 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

Welcome to the first episode of The Vancouver Life Real Estate Podcast for 2025! As we kick off the new year, we start this year by reflecting on an intriguing 2024 in Greater Vancouver real estate. Today, we’re unpacking December’s freshly released market stats, analyzing how 2024 wrapped up, and exploring what’s on the horizon for 2025.This is a special double-header episode where we’ll revisit our 2024 real estate predictions to see where we were right, where we missed the mark, and what new trends are setting up 2025 to be a dynamic and potentially surprising year.Highlights from December reveal some fascinating trends. Sales reached their highest December total in three years, up 32% year-over-year, though still 15% below the 10-year average. New listings surged 26% year-over-year, marking the highest December total in three years. Inventory remains elevated, with December’s levels the highest since 2018 and 25% above the 10-year average•The Sales-to-active ratios show balanced market conditions for the eighth consecutive month, with townhomes and apartments pushing us into the upper limits of a Balanced market.In terms of pricing, Vancouver’s housing market defied more pessimistic predictions, with all three price metrics—HPI, median, and average prices—rising year-over-year. Notably, median prices climbed 4.5%, just 2% shy of the all-time high.As we dive deeper, we’ll also compare Vancouver’s performance to Toronto’s market and national trends. While BC lagged behind the national average home price increase of 7.4%, it still holds the title for the highest average home price in Canada. Tune into the rest of the episode and find out where we right and where we went wrong as we review the predictions we made for 2024. _________________________________ 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

Welcome to a special holiday edition of The Vancouver Real Estate Podcast! As we wrap up 2024, we’re thrilled to celebrate a major milestone—our channel hitting 5,000 subscribers on Christmas Day, doubling in size over the past year! This achievement means the world to us, especially for such a niche channel, and it’s all thanks to you—our viewers who have tuned in, shared our videos, and subscribed. As we move into 2025, we’re committed to improving the channel, fostering open conversations about Vancouver real estate, and connecting 1-on-1 through our Calendly link. Looking back, 2024 was a year of housing promises from all levels of government. Initiatives like Bill 44, which aimed to densify single-family neighborhoods, faced hurdles like municipal pushback and high taxes & community contribution fees. The federal Housing Accelerator Fund & Trudeau promised over 3.9 million homes but has yet to deliver any completed builds.  CMHC raised its mortgage insurance limit to $1.5 million, which helps buyers access more expensive homes but doesn’t address affordability. Meanwhile, policies like the anti-flipping tax are unlikely to curb rising prices but may reduce the supply of renovated properties, exacerbating the supply-demand imbalance. The market also saw significant struggles, with pre-sale projects shelved, developer insolvencies up 36% year-over-year, and building permits near all-time lows. On the brighter side, 2024 marked the first-interest rate cuts in over four years, which has started to provide relief for buyers and developers alike.   Inflation remained below 3% throughout the year, though maintaining this stability amidst global uncertainty will be a challenge, particularly with political shifts like the return of Trump and Canada’s federal leadership changes. The Airbnb ban disrupted short-term rental markets, while stricter renters’ policies continued to deter smaller investors, limiting rental supply.  As we head into 2025, the focus must shift from adding more policies to addressing the root issue: increasing housing supply by removing red tape and, ideally, reducing government fees and taxes.  Thank you again for helping us reach 5,000 subscribers, and we look forward to continuing this journey with you. Join us next week for a recap of December’s stats, and don’t miss our 2025 predictions episode on January 11.   Happy Holidays, and we’ll see you in 2025! _________________________________ 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

Inflation is cooling in Canada, but rents are unexpectedly climbing, particularly outside major cities. A looming potential for rate cuts from the Bank of Canada contrasts sharply with the Federal Reserve's recent action in the US, highlighting economic divergence. The job market is struggling with high unemployment rates, leading to a significant imbalance in job availability. Meanwhile, the housing market faces challenges despite increased housing starts, driving discussions about government accountability and the need for fiscal responsibility.

The Bank of Canada (BoC) lowered its policy rate by 50 basis points this week, bringing it to 3.25%, the lowest level in over two years. This significant cut, which follows weaker-than-expected GDP growth and rising unemployment, has increased buying power for borrowers by 21%, enabling higher mortgage affordability. However, questions remain about whether these rate cuts are sufficient to revive the economy and ease challenges for mortgage holders renewing at higher rates in 2025. Despite the BoC’s confidence in achieving its 2% inflation target and avoiding a recession next year, rising insolvencies and declining consumer confidence suggest significant financial strain for many Canadians.Economic indicators paint a concerning picture. Unemployment has risen to 6.8%, the highest in eight years outside of the pandemic, with Toronto particularly hard hit, where the jobless rate has surged by 47% year-over-year. Consumer and business insolvencies are climbing sharply, especially in Ontario, which saw its highest single-month insolvency filings in 14 years. Additionally, consumer confidence has experienced its steepest decline since mid-2022, casting doubt on near-term economic resilience compounded by reduced immigration forecasts, slowing housing starts, and looming risks from potential U.S. tariffs.The housing market remains a mixed bag. Toronto sales rose 39% year-over-year in November, with prices showing a slight monthly increase, but pre-construction sales have collapsed by 84% over the past year. Nationally, arrears rates have remained stable at 0.2%, supported by significant home equity gains over the past five years. This equity provides homeowners with options, such as re-amortizing mortgages or downsizing, to mitigate financial pressures. Meanwhile, affordability is improving incrementally. Monthly mortgage payments for a typical Vancouver home have dropped 19% from 2023 peaks, and rental rates are also declining, signaling some relief for buyers and renters alike.Looking ahead, the BoC is expected to implement further rate cuts in early 2025, with a potential pause to assess the economy's state. However, with unemployment rising, consumer spending weakening, and housing construction slowing, the path to recovery remains uncertain. While rate cuts may provide temporary relief, deeper structural challenges in Canada’s economy suggest a long road ahead. _________________________________ 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

If you own a home in British Columbia, you could be sitting on an untapped financial opportunity worth seven figures. Thanks to Bill 44, homeowners now have the chance to significantly increase the value of their properties by converting single-family homes into modern multiplex developments. In this episode, we’re joined by David Babakaiff of Alair Homes, an award-winning builder and expert in multiplex construction, to help homeowners understand how they can unlock this incredible potential.David explains how this new legislation impacts over 300,000 properties in the Lower Mainland, opening the door for homeowners to turn their lot into a wealth-generating asset. He shares real-life examples of families who have added over $1 million in equity by building duplexes, triplexes, or even larger multiplexes on their properties. Whether your goal is to sell the new units, rent them for passive income, or even live mortgage-free in a beautiful new home, the possibilities are multiple.This episode breaks down the process step-by-step, including how to assess the feasibility of your lot, secure financing, and design a project that maximizes profit while meeting your goals. David also highlights how his team simplifies the journey, offering a seamless approach with experts in financial planning, architecture, construction, tax strategies, and real estate sales.Your home might be worth far more than you think, and this podcast is your guide to finding out how much. Imagine transforming your property into a multi-unit building and walking away with significant financial gains—without losing ownership of your land. If you’re curious about how much money you could make with a multiplex, reach out to us today to explore your options. This is your chance to turn your property into a wealth-building powerhouse.About David BabakaiffDavid is a veteran of residential building spanning almost three decades in BC.   His companies are multi award winning, building custom homes at volume, small multifamily mixed-use buildings and multiplexes. He has been vice president of BC interior's Canadian Home Builders Association; co-founder of a $5 million VCC fund, and founder of companies in forestry logistics and industrial waste management as well as industrial alternate energy technology. In 2012 David brought Aliar Homes to Vancouver, and today David's focus is helping homeowners unlock wealth by converting their houses to multiplexes.david@alairhomes.comAbout Alair HomesAlair began building one-of custom homes in Nanaimo and has grown to over 100 offices across North America. Today, Alair® has the largest footprint of any premium custom home building and large-scale renovation/ remodelling brand in the world. _________________________________ 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 episode delves deeply into the housing affordability crisis in Canada, a critical issue that remains at the forefront in 2024. With persistently high home prices, elevated interest rates, and a rising cost of living, homeownership is becoming increasingly unattainable for many Canadians.The data tells a sobering story. Homeownership rates in Canada have declined from 69% in 2011 to 66% today, with younger generations facing even greater challenges. For Canadians aged 25 to 29, the homeownership rate has dropped sharply, from 44.1% in 2011 to 36.5% in 2021. This decline underscores the growing barriers to entering the housing market.The struggles extend beyond prospective homebuyers. Developers are contending with soaring construction costs, skyrocketing municipal development fees, and high interest rates, creating a hostile environment for new projects. These challenges have led to a surge in shelved developments, land sell-offs, and insolvencies within the sector. Projects like "The Riv," a 37-story condo tower planned for Toronto, have been canceled due to insufficient buyer interest and unsustainable pre-sale thresholds. These setbacks highlight a looming crisis in housing supply that could worsen the affordability challenges Canadians already face.Adding to the complexity, Oxford Economics projects that housing affordability will not return to reasonable levels until 2035. Their Housing Affordability Index, which evaluates factors like home prices, wages, and interest rates, reveals that homes were affordable between 2005 and 2020 but became increasingly unaffordable, peaking in 2023. While affordability has started to improve slightly, it remains far from sustainable. For many Canadians, the prospect of waiting more than a decade for improved affordability is daunting, particularly in historically expensive markets like Vancouver and Toronto.Recent data from StatsCan challenges the narrative that home flipping significantly contributes to housing unaffordability. In British Columbia, only 3% of properties were flipped within a year in 2021, with minimal impact on overall market prices. While flipping can influence price volatility in overheated markets, its role in Canada’s broader housing crisis appears overstated. The core issue remains the chronic mismatch between housing supply and demand.This episode also explores the November Greater Vancouver real estate statistics, offering insights into market trends. While total sales decreased by 20% month-over-month, they were up 29% year-over-year, signaling a potential shift. Inventory dropped to a seven-month low, though it remains 26% above the ten-year average. Despite elevated inventory levels, prices in some categories have remained stable or even increased, reflecting the market’s resilience.Looking ahead, the episode discusses the Bank of Canada’s upcoming December meeting and the potential implications of a rate cut. While a reduction could stimulate an early spring market in 2025, questions persist about whether it would genuinely address affordability or merely fuel demand without resolving supply constraints. _________________________________ 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