(May 13, 2018) In this episode we talk with the author of Vancouver’s leading real estate blog (VanCityCondoGuide), Steve Saretsky. Visit VanCityCondoGuide and subscribe to The Saretsky Report and follow Steve on Twitter @SteveSaretsky.
Podcast Notes:
Interview with Steve Saretsky:
- areas and property types impacted the most in todays Vancouver real estate market
- market affordability for “locals”
- bidding wars have subsided, but the market is still strong (for now)
- foreign buyer tax, empty home tax, rising interest rates, mortgage stress test…what will impact the average Vancouver buyer the most?
- “days on market” statistics could (inadvertently) be misleading at times
- Vancouver’s real estate market is extremely dynamic. Selling and buying strategies vary with property type (detached, 1 bedroom condo, 2 bedroom condo, etc)
- supply of new condos to be hitting the market in the next couple of years
- outlook for the rest of the spring market
- areas of opportunity in the Vancouver real estate market
The Mortgage Minute:
- mortgage pre-approvals are more crucial than ever, especially in todays environment
- secure an interest rate for up to 120 days
- by securing an interest rate, you also lock in your maximum mortgage qualification amount. As rates increase, your mortgage qualification amount decreases
- a credible mortgage pre-approval involves three things: (i) an exchange of personal information (ii) an exchange of personal documents, and (iii) a conclusive summary document from your mortgage professional of your qualification details and conditions
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