Why Homebuyers are so frustrated with the BC Real Estate Market.... | #DrinksWithDarin November 2021

In this months episode we talk about the potential mortgage rates rising and what that could mean for our real estate market moving into next year, while also talking briefly about the proposed "Cooling-Off" period for buyers and how it can have positive or negative impact. Don't forget to watch the whole video for our most recent stats.

This month, we feature the Four Winds IPA, which is one of our personal favourites. Let us know in the comment section what your favourite beer is and it might get featured next month!

Surrey REALTOR reacts to proposed Cooling Off Period in BC

4 sneaky strategies to find off-market homes in 2021

Homes are going to get more expensive in 2023

Steve Karrasch's Channel

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About the Germyn Group: The Germyn Group consists of Darin Germyn, Personal Real Estate Corporation, and Adam Howsam. Two realtors located in the Fraser Valley looking to help our clients get it right, the first time, when buying or selling real estate. Darin has been in the real estate industry since 2007, and has had the luxury of helping over 500+ families in real estate.

Darin was the former President of the Fraser Valley Real Estate Board in 2019, and top 1% in the FVREB for volume. Darin has also been featured on News 1130, CKNW, CTV News, Global News, Business Vancouver, Real Estate Video Influencers, Three Best Rated, The Georgia Straight, Country 105 & Real Estate Magazine

Transcript Below:

Welcome to this month’s #DrinksWithDarin. I'm excited to see you guys and we got something really awesome we are drinking today. It's the Four Winds IPA, so if you haven't had it, give it a shot. This is one of my favourites. So before we get into to this month’s content, I want to make sure to congratulate. Sarika82, the winner of last month’s content for subscribing to our YouTube channel. Sarika82 is going to enjoy two custom #DrinksWithDarin mugs. Not the same one that we got here. We've got some new, really cool ones made that should be arriving any day now and something really great to fill them up with. If you want to be entered into next month's contest, just be sure to subscribe to our YouTube channel and all of our subscribers are automatically entered.

So what do we want to talk about on this month's #DrinksWithDarin? Well, there's a lot in the news recently about the government cooling off period for people buying homes. And really what that is is to allow people when they're all in this big frenzy of making offers to take some time and get a sober, second thought about what they want to do when they've made an offer on a home to purchase.

Now I did a video on all of this that you may or may not have seen, so I have linked that below so you can check that out. As you can imagine, there is good to it, there is bad to it, and there's a lot to be debated and there's more of that to come. There was a bunch of other releases as well that they made about all the things he government is planning to do to help cool off this incredibly busy real estate market.

 If you are new to our YouTube channel as well, be sure to check out some of our other recent videos, which we've linked below, like 4 sneaky strategies to find Off-Market homes, and also one that I want all of you as my subscribers and clients to pay attention to about how homes are going to get more expensive in 2023, something you definitely want to pay attention to, especially if you've got a mortgage coming up for renewal soon.

 So getting into the market and really what's going on? You are probably aware that there is a massive shortage of homes available for buyers right now. This is happening across the board, but it's really pronounced in certain areas and for certain types of homes more so specifically, detached homes and townhomes. This ultra-low inventory is having incredible effects on the pricing, and we are seeing people make offers that are circa 2016 or even circa 2021 like they were earlier this year.

 Now, while the stats I'm going to show you today don't necessarily show these changes just yet, because the stats are usually maybe a month or so behind. They're definitely going to show it next month. But until we really start adding more homes to the market, this potentially could continue. Now, one of the things that is on the horizon is mortgage rates. Mortgage rates have already increased 2 or 3 times since July of this year.

One of the videos I mentioned earlier kind of discusses why, but largely the reason is the banks have to start insulating themselves against upcoming rate hikes from the Bank of Canada in Q2 of next year, if not sooner. This means the fixed rate mortgages have already started to go up and get more expensive and variable rate mortgages are likely on the horizon to fall very shortly. Every time the mortgage rates go up, home buyers can afford a little bit less home. And this is one of the ways that the market will start to cool itself naturally. 

Now, let's get into the stats so you know exactly what is going on for your type of home in your market. We saw apartments climb 1.9% in the last month alone and then to a 7.4% increase over the course of the last 6 months. 

Apartments started their run a little bit later than some of the other properties in the marketplace for the big growth in price. And they actually are one of the slower types of properties right now. But it'll be interesting to see if all the busyness in both townhomes and detached slide their way into the apartment market. 

 Funny enough, townhomes also came in at 1.9% increase month over month with a 10.4% increase in the last 6. Townhomes have been performing incredibly well and they are definitely one of the busier products right now.

 Lastly, we've got detached homes coming in at 2.5% in the last month and an 8% increase over the last 6. People are still buying detached homes like they're not going to be made anymore. 

 Now, I want to make sure that you check out our video next month because we are going to be doing our 2022 predictions. All of the thoughts and reasons why we think the market is going to do what it's going to do next year. I'm going to have my special guest, Steve Karrasch, another prominent Surrey Realtor.

 Join me where we're going to be talking about not only what predictions we made last year, how accurate we were, but also what we see on the horizon for 2022.

 Now, I'm filming this on a Saturday night.

 I hope you have an amazing weekend.

I hope you're safe.

 I hope you're healthy.

Cheers to you.

 And we'll see you on the next episode of #DrinksWithDarin.

 Don't forget to Subscribe.

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