Quote:
Originally Posted by bcedhk
With the real estate downturn, I wonder how those realtor 'gurus" are doing financially with all of their rental properties with negative equity and 0 transactions?
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Anyone can be a guru during a bull market. It's the downturn that makes the difference.
As I have been saying, right now is a great time to be doing researches. There would be sellers who crash under the pressure and there would be deals to be had.
Of course, I speak much from the commercial side of things. But even in residential, if you are in the market for a place, regardless what you are buying, be it condo to castles, you can stretch the same dollar that you have so much further in a bear market. 15-30% more would be the usual. But it's only going to be for those prepared for it. YVR's RE market is extremely sensitive. As soon as there is good news on the horizon, the market can turn super quickly.
And I don't see too much more time for the bear market. The BoC is running out of ammos unless it starts doing QE on massive scale. Interest rate is back to historical lows (let's not take what happened during covid as something normal) and it doesn't have a lot of rooms assuming the target is at 2%.
My prediction is that we'd go into recession, inflation would dip below target 2% and BoC would start changing its narratives. All this within a year or 2.