79: Using Data to Micro-Analyze the Market and Create Opportunities with Century 21's Dean Desrosiers

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Welcome back to the Clone Real
Estate Podcast.

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I'm your mortgage broker mortgage
broker host, Taylor Atkinson.

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And I'm your real estate agent
host, Matt Glenn.

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What's shaking today, Taylor?
Ah, some exciting things, man.

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Big time.

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First, I want to give a bit of a

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plug real quick to spot on mobile
detailing.

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I hired these two kids, like twin
brothers, wicked, wicked energy,

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came over to the house, cleaned
Emily and Maya's car, and like,

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you got kids and a dog?
It was unreal, man.

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So I wanted to give yeah, them a
special They you thanks.

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got kids and like, a It was dog.

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So yeah, unreal, I man.

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wanted to give them a special
thanks.

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They're like young kids just
hustling entrepreneurs.

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Yeah, you've been talking about
them.

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I love it.

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Yeah.

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And then in addition to that,
speaking about opportunities,

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young people, first time
homebuyers, CMHC, Canadian

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government has come out with some
really awesome news, actually.

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So they initially came out with
some of this news, actually.

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So they initially came out with
some of this news about five

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months ago that we spoke about.

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It was kind of a nothing burger

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because, yeah, it was basically,
you know, giving the benefit to

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first time homebuyers that were
only buying a new home.

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So the two changes they've made
are insured mortgages up to $1.5

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million purchase price, where
currently we're capped at a

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million.

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That's good.

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But the one that I think is most
impactful is switching from a

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25-year amortization that's
insured to a 30-year amortization.

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And that's for first-time
homebuyers and then all buyers on

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new builds.

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So both of these should be

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implemented in December.

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Yeah, what do you think, Matt?

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Any thoughts on that?
I think it's gonna help a lot of

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people.

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I've been hearing I've been

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hearing pushback, like this is a
supply side measure.

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It's just going to put people into
more debt.

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But I disagree with that.

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I think it does do that a bit, but

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this is going to help a lot of
people get into the market, right?

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Like just qualification and then
being able to service this debt.

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How much is it?
Like how much are we talking about

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extra costs here?
Like extra interest in the first

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five years?
I agree.

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So I think the 25 year M we'll
focus on that 25 to 30 year M that

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is going to be the most impactful.

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Again, I've heard some pushback on

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that as well, which I do not agree
with.

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Basically people just saying,
well, you know, you're tacking on

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X amount more interest.

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So we'll just break it down quick

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on a 25 year amortization with a
hundred thousand dollar household

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income.

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That'd be a $400,000 mortgage

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approval.

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Okay.

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So the monthly payment on that is
going to be $2,300.

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And the interest that you would
pay over that five-year term is

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$87,000.

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If we take that exact same

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mortgage amount, but we put it on
a 30-year amortization, the

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monthly payment is so $2,100, a
cost savings of $200 a month.

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And the interest difference, so
you'll now pay $88,000 on that

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interest.

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So that's only an additional

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$1,450 over five years.

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It's really nothing.

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Where the naysayers are jumping on
is this would add $62,000 of

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interest over the 30-year period.

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But who is keeping this mortgage

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for 30 years?
Yeah.

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Mortgages only last seven seven
years, right?

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Or something like that?
Yeah.

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Statistically, 60% of people break
their mortgage within three years.

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Yeah.

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It can be a refi.

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Yeah.

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People move, people refinance,

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like consolidation.

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They can turn into a rental.

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But the point being is we're
trying to get first-time

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homebuyers who cannot be approved
for a mortgage to help them with

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that approval to get into it.

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Now, in addition to that, once

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they're approved, they could
always elect prepayments and add

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that $200 a month into their
mortgage.

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Good point.

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Good point.

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And then you're paying out of the
principal at the same rate, but

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it's optional.

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$200 a month is optional at the

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end.

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Exactly.

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Yeah.

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And it's for the right Yeah.

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And it's for the right people,
right?

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Yeah.

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So the only other thing I'll So

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the only other thing I'll add on
that is essentially moving from a

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25-year to a 30-year AM, your
income on a 25-year AM had to be a

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hundred thousand dollars.

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Now it has to be $93,000 for the

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same mortgage.

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So we're helping people with, you

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know, a lower income, help it be
approved.

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The only things we don't really
know about this right now are

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like, what are the default
insurance rates going to be on

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that calculation with the extra
$1.5 million purchase price

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inclusion as of now, like default
insurance is, you insurance is

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upwards of $30,000 if you use in
the minimum down payment.

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So it's pretty expensive.

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With that $1.5 million purchase

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price, what are the down payment
increments going to be?

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Right now it's 5% on the first
500, 10% on the second 500.

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So we're not exactly sure how that
last 500 looks, but you know, to

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be qualified for a jumbo mortgage,
like a $1.5 million purchase with

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10% down, you need like a
household income of $300,000 with

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no other debt.

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I think that part of this, you

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know, 1.5 million doesn't affect
really anyone.

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The amortization does.

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One note with the 1.5 million is

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we get better rates with insurable
mortgages.

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So less than a million dollar
owner occupied 25 year am.

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Now this is yet to be seen, but if
insurable mortgages, meaning you

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don't actually have to pay for the
insurance, but technically you

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could get it if you wanted.

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If that goes up to 1.5 million,

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that's awesome for everyone.

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Now we can, as brokers provide

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better rates because that purchase
price, which in Kelowna, it makes

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sense.

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And then, okay.

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So okay.

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So interesting.

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So if we get better rates, will
that mean you'd be able to qualify

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at better rates then too?
Exactly.

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Yeah.

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I'm assuming that they're going to

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classify these as insurable
because why would you not?

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It's going to help the average
Kelowna person who is buying a

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$1.1 million house.

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It's going to get them a better

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rate.

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It's going to get them better

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monthly payment.

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It's going to help them qualify

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for that.

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So there is that kind of in the

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background that hasn't really been
discussed, but I think that's a

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really important piece to this.

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And then the Fed, US cut rates by

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50 points.

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by 50 Yeah.

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Jeez.

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Was that expected?

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I thought that was more than
expected.

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I don't think it was in the last
few months.

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Like they've been, you Yeah.

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Jeez.

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you know, kind of going the other
direction there.

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But really good sign for us as
Canadians.

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And then our inflation report came
out at 2%, which is But bang on

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target.

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And without shelter costs, it's

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closer to 0%.

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So we can expect now for Bank of

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Canada to come out with some very
aggressive rate cuts in the near

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future.

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Do you think in the short think in

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the short term, I think the next
rate announcement is end of

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October, October 20th or
something.

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In the short term, can we expect
the fixed rates to come down

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because of the Fed?
Yeah, fixed rates have still been

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dropping pretty consistently.

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I'd say every week, every lender

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kind of cuts it a little bit.

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They've mostly been on the

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five-year insured for those less
than 20% down.

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And they've also now been starting
to come with like the four-year

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and the three-year, which kind of
indicates all these larger lenders

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are trying to lock people in to
something over the next few years

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because they know that the
variable rate's going to be

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dropping and they'll lose money on
that.

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So we haven't seen a lot of rate
cuts on the fixed for like the

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non-insured or rental properties,
stuff like that.

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But I think it will be coming in
the next few months for sure.

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Interesting.

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So yeah, some really good news in

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the market.

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Yeah.

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But the thing is like you got to
keep in mind, though, is that when

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interest rates come, it's usually
because the economy is not humming

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along.

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So there's kind of like a

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double-edged sword there, right?
Absolutely.

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Yeah.

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I think, though, everyone's been

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feeling this pain for the last
year and a half, two years, and

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the economy's been quietly
struggling.

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Especially the people Especially
the people like me who have been

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like directly affected with just
high mortgage costs, right?

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Like finally some relief on that.

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So like what a difference that

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would make.

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So yeah, I know it'll directly

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help a lot of people, but yeah,
things are looking good for sure.

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All right.

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And then on today's show, we have

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Dean DeRossier, who is a broker,
owner, partner at Century 21

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Assurance Realty, shares his
thoughts about the market where

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we're at some interesting take on
pools which uh taylor and i go

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right into oh nice nice working on
my pun game yeah he nice broke

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down a bunch of stats for us kind
of what's been going on in the

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market and yeah he's got some
wicked insight yeah it was a fun

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episode too like it was a good one
yeah and this episode like every

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episode is sponsored by century 21
assurance realty today we've got

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dean on which talks about
assurance but it really is the

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best brokerage in the okanagan and
we're not only in the okanagan it

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was a fun episode too like it was
a good one yeah and this episode

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like every episode is sponsored by
century 21 assurance realty today

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we've got dean on which talks
about assurance but it really is

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the best brokerage in the okanagan
and we're not only in the okanagan

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now we're in kamloops fernan
shuswap kootenays we're everywhere

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we're taking over the interior and
we're here to stay it's an awesome

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brokerage great training if you're
an agent looking for a new

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brokerage i would seriously
consider talking to myself or dean

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or max about making the switch or
if you're a buyer or a seller

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looking for an agent century 21
assurance realty has got an agent

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for you there's no doubt yeah
enjoy the episode okay welcome

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back to the show two--time
returning guest, Dean Grossier.

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Yeah, I'm back again, eh?
Yeah, it's been a long time.

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Thanks for coming, Dean.

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You guys are amazing, by the way.

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It's been great to see your
podcast.

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Yeah, thanks.

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We get that a lot.

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Good for you.

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Yeah, thanks.

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We Mostly between Taylor and I
telling each other that we're

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amazing.

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00:08:22,819 --> 00:08:23,004
Yeah.

249
00:08:23,004 --> 00:08:26,091
Well, how we like to start our
show, other than telling everyone

250
00:08:26,091 --> 00:08:28,362
we're amazing, is what's your
Friday look like in terms of

251
00:08:28,362 --> 00:08:29,804
productivity?
What gives you energy?

252
00:08:29,804 --> 00:08:33,193
And yeah, what makes Dean Dean?
guys in Ontario don't work much on

253
00:08:33,193 --> 00:08:35,140
Fridays because they basically
drive to the cottage, right?

254
00:08:35,140 --> 00:08:37,759
So like Friday in Toronto, in the
summertime, the highway is crowded

255
00:08:37,759 --> 00:08:40,844
with people trying to get to
cottage country, which is

256
00:08:40,844 --> 00:08:42,361
basically heading north mostly,
right?

257
00:08:42,361 --> 00:08:46,680
And the highways are crazy.

258
00:08:47,160 --> 00:08:48,460
So the more successful guys, like

259
00:08:48,334 --> 00:08:49,500
the presidents, vice presidents
and stuff, they're out of the

260
00:08:49,980 --> 00:08:51,620
office by 10 or 11 to beat the
rush.

261
00:08:51,615 --> 00:08:53,941
So I've always felt this Friday is
kind of like a flex day.

262
00:08:53,937 --> 00:08:57,384
So for me, I cram most of my stuff
into Monday to Thursday.

263
00:08:57,380 --> 00:09:02,010
So yeah, Friday would be the day I
don't book a lot of stuff.

264
00:09:02,010 --> 00:09:04,560
I leave the mornings open for
maybe new development stuff, like

265
00:09:04,560 --> 00:09:06,988
maybe a new meeting with somebody
I don't know.

266
00:09:06,988 --> 00:09:08,870
That way I can prepare for it.

267
00:09:08,870 --> 00:09:24,740
If there's a social activity for a

268
00:09:24,574 --> 00:09:24,648
realtor, I'll go.

269
00:09:24,604 --> 00:09:24,740
This Friday, I'm going to go see

270
00:09:24,716 --> 00:09:30,359
Ann Wolf's open house.

271
00:09:30,269 --> 00:09:31,247
And then I play pickleball from

272
00:09:31,147 --> 00:09:32,143
four to six with some old farts.

273
00:09:32,107 --> 00:09:32,903
And I don't think they'd listen to

274
00:09:32,903 --> 00:09:35,009
this podcast, but if they ever
did, yeah, there are a bunch of

275
00:09:35,009 --> 00:09:38,220
old farts that are 10 to 12 years
older than I am.

276
00:09:38,220 --> 00:09:39,991
So it's kind of fun to go see how
good they are.

277
00:09:40,091 --> 00:09:42,220
Where do you play pickleball?
most We play at Parkinson, which

278
00:09:42,220 --> 00:09:44,577
is sort of in the center of
Kelowna and the courts that are

279
00:09:44,577 --> 00:09:45,756
sinking into the river.

280
00:09:45,756 --> 00:09:47,229
But yeah, it's fun.

281
00:09:47,229 --> 00:09:47,798
of Love the game.

282
00:09:47,798 --> 00:09:48,497
Is there indoor courts there or

283
00:09:48,497 --> 00:09:50,361
are they just outdoor?
courts there or are they just

284
00:09:50,361 --> 00:09:51,613
outdoor?
Because I see them.

285
00:09:51,613 --> 00:09:52,142
Just outdoor courts.

286
00:09:52,142 --> 00:09:53,883
Parkinson's has a gym and most

287
00:09:53,883 --> 00:09:55,719
gyms you can play pickleball
inside, but it's not quite the

288
00:09:55,719 --> 00:09:56,868
same experience as being outside.

289
00:09:56,858 --> 00:09:57,000
Yes.

290
00:09:57,480 --> 00:09:57,690
Okay.

291
00:09:57,790 --> 00:09:58,844
That makes a lot of sense.

292
00:09:58,844 --> 00:09:59,525
Fastest growing game.

293
00:09:59,525 --> 00:10:01,469
All the young kids are playing

294
00:10:01,469 --> 00:10:01,669
pickleball.

295
00:10:01,660 --> 00:10:02,480
It's just a great game.

296
00:10:02,471 --> 00:10:03,562
Yeah, that's awesome.

297
00:10:03,562 --> 00:10:04,908
Speaking of a fastest growing game

298
00:10:04,908 --> 00:10:06,038
or fastest growing brokerage,
we're expanding.

299
00:10:06,038 --> 00:10:07,223
What's happening there, Dean?
Oh, we are.

300
00:10:07,223 --> 00:10:07,600
Super exciting.

301
00:10:07,600 --> 00:10:08,515
Yeah, we've grown, goodness, since

302
00:10:08,515 --> 00:10:08,731
last March.

303
00:10:08,731 --> 00:10:09,843
We're not quite double our roster

304
00:10:09,843 --> 00:10:11,641
since last March, but we've added,
you know, 50, 60 agents in a very

305
00:10:11,641 --> 00:10:13,221
short period of time, which is
really exciting.

306
00:10:13,321 --> 00:10:15,486
And we have been given the rights
to Kamloops, Vernon, North

307
00:10:15,486 --> 00:10:18,495
Okanagan area, as well as parts of
the Kootenays to help out with

308
00:10:18,495 --> 00:10:20,752
recruiting, bringing more people
into Century 21 Canada.

309
00:10:20,752 --> 00:10:21,856
So we're really excited about
that.

310
00:10:21,856 --> 00:10:23,156
So it wasn't part of our business
plan two years ago, but we know

311
00:10:23,156 --> 00:10:26,663
the industry is changing and we
really focus as on the service

312
00:10:26,659 --> 00:10:29,034
level we have in Kelowna,
expanding that out to other areas.

313
00:10:29,034 --> 00:10:31,380
And that's been kind of exciting.

314
00:10:31,600 --> 00:10:32,563
And we've been getting great

315
00:10:32,563 --> 00:10:34,760
feedback from the other markets
and talking with the other agents

316
00:10:34,760 --> 00:10:36,872
with our team of four brokers is
going quite well.

317
00:10:36,872 --> 00:10:38,354
So that's been super exciting.

318
00:10:38,354 --> 00:10:40,480
So yeah, we're on the move,

319
00:10:40,520 --> 00:10:42,560
looking for new agents all the
time.

320
00:10:42,920 --> 00:10:46,460
And we do have a special brand of
service, which there's a lot of

321
00:10:46,460 --> 00:10:47,645
great brokers in the Okanagan.

322
00:10:47,645 --> 00:10:49,382
But I think that, you know, to

323
00:10:49,482 --> 00:10:51,967
compete, we always have to be just
a little bit better all the time.

324
00:10:51,967 --> 00:10:56,418
And I think that, you know, if I
look at the other brokers that I

325
00:10:56,518 --> 00:10:58,945
look up to locally here at the
other brokerages, you know, I

326
00:10:58,945 --> 00:11:01,789
think we do well, you know, I
think we honor that.

327
00:11:01,789 --> 00:11:05,536
I think maybe some ways we might
be better in one area, maybe we're

328
00:11:05,536 --> 00:11:06,817
not as good in another.

329
00:11:06,817 --> 00:11:09,033
But for the right kind of agent, I

330
00:11:09,033 --> 00:11:12,414
think we've got a great mix of
service and products and a

331
00:11:12,414 --> 00:11:15,220
network, which is in Canada right
now, with Century 21, just under

332
00:11:15,340 --> 00:11:17,027
13,000 members across the country
with just under 300 offices.

333
00:11:17,027 --> 00:11:19,705
And, you know, when you're in an
area like the Okanagan and the

334
00:11:19,705 --> 00:11:21,902
interior of BC, we do benefit
because people move here.

335
00:11:21,894 --> 00:11:24,814
You know, more people move here
than leave even though here, we've

336
00:11:24,814 --> 00:11:25,941
seen a lot of people You move,.

337
00:11:25,941 --> 00:11:27,376
more people know, move here than

338
00:11:27,376 --> 00:11:29,620
leave here, even though we'd seen
a lot of people move, you know,

339
00:11:29,720 --> 00:11:30,755
back to Alberta or move to
Alberta.

340
00:11:30,755 --> 00:11:32,958
But over time, you know, as a real
estate agent here, there's an

341
00:11:32,858 --> 00:11:33,283
influx of people.

342
00:11:33,383 --> 00:11:34,322
So being in a network like Century

343
00:11:34,322 --> 00:11:36,363
21 is tremendously advantageous
because, you know, all it takes

344
00:11:36,363 --> 00:11:38,766
is, you know, some really good
connections in different cities

345
00:11:38,766 --> 00:11:39,841
and getting out referral really is
nice.

346
00:11:39,840 --> 00:11:41,941
So I just want to look around that
point for a second.

347
00:11:41,941 --> 00:11:43,405
around that point for a second.

348
00:11:43,405 --> 00:11:44,725
That is a great point because just

349
00:11:44,725 --> 00:11:46,975
the other day I was sitting in the
office and these people came in

350
00:11:46,975 --> 00:11:47,415
from Ottawa.

351
00:11:47,415 --> 00:11:49,353
So from out of town, came in here

352
00:11:49,353 --> 00:11:52,415
and they want to buy a place at
Big White.

353
00:11:52,415 --> 00:11:56,588
And they just walked right in to
the Century 21 office because they

354
00:11:56,488 --> 00:11:58,209
knew it and were looking for an
agent.

355
00:11:58,209 --> 00:12:01,152
And we ended up selling them place
a week later.

356
00:12:01,152 --> 00:12:04,660
And I feel like the smaller
boutique brokerages like have

357
00:12:04,660 --> 00:12:05,055
their place and they're awesome.

358
00:12:04,875 --> 00:12:05,240
But like, I just feel like that

359
00:12:05,146 --> 00:12:05,500
would probably not happen a lot.

360
00:12:05,341 --> 00:12:05,500
Yeah.

361
00:12:05,376 --> 00:12:07,544
I learned that at one of my other
brokerages, I can't say their

362
00:12:07,444 --> 00:12:10,162
name, but it's a great brokerage
in town and people have their

363
00:12:10,252 --> 00:12:12,193
experiences with their agents and
the brands are always strong over

364
00:12:12,193 --> 00:12:12,288
time.

365
00:12:12,288 --> 00:12:14,239
You know, like I was always told,

366
00:12:14,239 --> 00:12:17,770
make sure you buy a brokerage at a
major brand.

367
00:12:17,770 --> 00:12:20,579
Well, as an agent, you know, does
the brand do anything for you?

368
00:12:20,579 --> 00:12:22,796
And yeah, you know, it's your
business card, it's

369
00:12:22,896 --> 00:12:24,175
professionalism, and it's a lot of
technology and training.

370
00:12:24,175 --> 00:12:29,064
But we take a bit of a different
approach to like our office, we

371
00:12:29,041 --> 00:12:29,536
base it on what we call a local
office model.

372
00:12:29,499 --> 00:12:30,200
So the idea that there's a local
office for the agents to meet

373
00:12:30,460 --> 00:12:31,436
clients at number one for safety.

374
00:12:31,429 --> 00:12:32,351
Number two, we know agents that

375
00:12:32,351 --> 00:12:34,492
have an office to go to tend to be
more productive.

376
00:12:34,492 --> 00:12:35,545
So they do better on average.

377
00:12:35,545 --> 00:12:36,698
And number it's training three,

378
00:12:36,698 --> 00:12:37,049
and culture.

379
00:12:37,049 --> 00:12:38,777
You so we have these know, local

380
00:12:38,777 --> 00:12:38,917
offices.

381
00:12:38,917 --> 00:12:41,612
But I love to hear you people come

382
00:12:41,612 --> 00:12:45,046
in off the street and buy a house.

383
00:12:45,046 --> 00:12:46,910
that, know, In my it didn't

384
00:12:47,010 --> 00:12:49,335
career, happen a lot because I
started after the big rush of 2003

385
00:12:49,224 --> 00:12:50,010
to 2007.

386
00:12:50,001 --> 00:12:51,020
I used to hear these stories of

387
00:12:51,120 --> 00:12:53,140
people walking into the office and
jumping into a realtor's car and

388
00:12:53,140 --> 00:12:55,531
going and buying a house and
coming back.

389
00:12:55,531 --> 00:12:56,556
That seems wild.

390
00:12:56,556 --> 00:12:57,580
Honestly, that exact thing

391
00:12:57,580 --> 00:13:00,174
basically just happened to thing
basically just happened to me this

392
00:13:00,274 --> 00:13:00,560
week.

393
00:13:00,460 --> 00:13:01,833
That was the story I told.

394
00:13:01,833 --> 00:13:02,291
Good for you.

395
00:13:02,391 --> 00:13:03,625
It still hasn't happened to me.

396
00:13:03,725 --> 00:13:05,470
So I'll teach you my conversion
skills one time.

397
00:13:05,470 --> 00:13:07,578
You know what?
I'm always willing to I told.

398
00:13:07,478 --> 00:13:08,726
Good for you.

399
00:13:08,726 --> 00:13:09,982
It still hasn't happened to me.

400
00:13:10,082 --> 00:13:10,750
So to learn.

401
00:13:10,750 --> 00:13:11,846
That's the one thing about this

402
00:13:11,846 --> 00:13:12,284
business.

403
00:13:12,284 --> 00:13:13,731
You never wake up and say, I got

404
00:13:13,731 --> 00:13:13,993
it.

405
00:13:13,993 --> 00:13:14,124
Yeah.

406
00:13:14,124 --> 00:13:15,172
That's a good Yeah.

407
00:13:15,272 --> 00:13:16,417
That's a good point there.

408
00:13:16,417 --> 00:13:16,941
Yeah, definitely.

409
00:13:16,941 --> 00:13:18,840
Well, since you guys are kind of

410
00:13:18,840 --> 00:13:21,807
expanding and bringing in, you
know, more people and having those

411
00:13:21,807 --> 00:13:24,432
conversations in other markets, we
wanted to kind of dive in to a

412
00:13:24,432 --> 00:13:28,900
little bit today about stats, you
know, mostly in the Okanagan, but

413
00:13:28,802 --> 00:13:30,560
kind of it can range around BC.

414
00:13:30,444 --> 00:13:33,982
You know, we hear a lot of things

415
00:13:33,936 --> 00:13:34,020
like, oh, the market's soft or or
we're down a percentage in sales

416
00:13:34,042 --> 00:13:39,161
volume, etc. Can you kind of
review where we're at now, where

417
00:13:39,010 --> 00:13:43,831
we were in the last kind of six
months and where we're kind of

418
00:13:43,813 --> 00:13:44,403
going?
Yeah, you know, stats are an

419
00:13:44,316 --> 00:13:44,431
interesting thing.

420
00:13:44,429 --> 00:13:45,014
You know, I got to set the table

421
00:13:45,013 --> 00:13:45,746
before we talk about statistics,
right?

422
00:13:45,746 --> 00:13:51,991
And I think one of the things that
we try to do, and when we're

423
00:13:49,628 --> 00:13:52,745
talking with clients and consumers
and teaching agents, they're

424
00:13:52,645 --> 00:13:54,470
statistics, the right?
history, And I think one of the

425
00:13:54,370 --> 00:13:56,919
things that we try to do when
we're talking with clients and

426
00:13:56,919 --> 00:13:59,593
consumers and teaching agents,
statistics, they're the history,

427
00:13:59,593 --> 00:13:53,877
right?
It's in the past, but they're

428
00:13:53,777 --> 00:14:00,929
definitely our trends, right?
And so we live in a really neat

429
00:14:01,029 --> 00:14:02,636
community because we get snow,
right?

430
00:14:02,636 --> 00:14:05,233
There's highways and, you know,
there's patterns throughout the

431
00:14:05,333 --> 00:14:05,630
year.

432
00:14:05,530 --> 00:14:07,237
And so really as a consumer, if

433
00:14:06,149 --> 00:14:10,593
you really look at what your goals
are, how can you use the

434
00:14:10,593 --> 00:14:13,438
statistics to kind of make sense
of what you might want to do?

435
00:14:13,438 --> 00:14:16,700
And, you know, what happens when
sales are down is generally the

436
00:14:16,700 --> 00:14:19,021
economic conditions are such that,
you know, people are not excited

437
00:14:19,121 --> 00:14:20,161
about buying a house.

438
00:14:20,261 --> 00:14:22,584
But I can tell you, you know, in

439
00:14:22,684 --> 00:14:25,333
the last year, holy cow, like 266
people this year bought houses

440
00:14:25,233 --> 00:14:28,549
with pools in Kelowna. 266 people
this year bought houses with pools

441
00:14:28,649 --> 00:14:29,442
in Kelowna.

442
00:14:29,342 --> 00:14:30,640
You know, 266 families spent

443
00:14:30,640 --> 00:14:33,403
millions of dollars on real estate
to live in the Okanagan with a

444
00:14:33,403 --> 00:14:34,193
pool this year.

445
00:14:34,193 --> 00:14:37,202
So as much as we may you say,

446
00:14:37,102 --> 00:14:37,643
know, that's crazy.

447
00:14:37,643 --> 00:14:39,317
When you start to look at it,

448
00:14:39,317 --> 00:14:40,344
that's a very large number.

449
00:14:40,344 --> 00:14:42,020
And our brains can't process that.

450
00:14:42,020 --> 00:14:43,087
That's a lot of cannonballs.

451
00:14:43,087 --> 00:14:43,424
It's amazing.

452
00:14:43,424 --> 00:14:43,592
Yeah.

453
00:14:43,592 --> 00:14:45,140
You know, and if it's the older

454
00:14:44,972 --> 00:14:45,459
pools, there is room in one end to
dive in.

455
00:14:45,496 --> 00:14:45,696
Right.

456
00:14:45,533 --> 00:14:45,927
So I look at it like as a real

457
00:14:45,759 --> 00:14:46,140
estate professional, our job is to
kind of help the client understand

458
00:14:46,140 --> 00:14:49,002
the moment that they're in.

459
00:14:49,002 --> 00:14:50,660
So statistics to me are what's the

460
00:14:50,700 --> 00:14:51,139
end value.

461
00:14:51,139 --> 00:14:52,280
There's a joke amongst

462
00:14:52,320 --> 00:14:53,226
statisticians called N equals one.

463
00:14:53,226 --> 00:14:55,131
And you'll hear somebody talk

464
00:14:55,131 --> 00:14:58,127
about how smart they are in their
experience.

465
00:14:58,027 --> 00:15:00,229
And now they're a life coach and
everything else.

466
00:15:00,229 --> 00:15:03,120
But the fact is, they don't have a
lot of N value.

467
00:15:03,085 --> 00:15:03,986
N is the sample size.

468
00:15:03,986 --> 00:15:05,874
And if my N value is one, I'm

469
00:15:05,874 --> 00:15:07,397
pretty sure that what I saw was
amazing.

470
00:15:07,397 --> 00:15:10,240
Those people wanted to spend $3
million on that one house.

471
00:15:10,240 --> 00:15:13,850
But the reality is, as agents, we
have to kind of look at these

472
00:15:13,850 --> 00:15:14,527
bigger samples.

473
00:15:14,527 --> 00:15:16,106
And yeah, there's been over 266

474
00:15:16,106 --> 00:15:19,865
sales of single family homes with
pools since January 1st this year

475
00:15:19,865 --> 00:15:21,386
in the central Okanagan.

476
00:15:21,386 --> 00:15:24,491
And you as much as we may you say,

477
00:15:24,350 --> 00:15:24,695
know, that's crazy.

478
00:15:24,583 --> 00:15:24,841
It's amazing.

479
00:15:24,714 --> 00:15:31,147
know, that's a lot bigger number
than a lot of people realize,

480
00:15:31,140 --> 00:15:31,532
right?
You You know, like people

481
00:15:31,525 --> 00:15:31,960
lamenting the market.

482
00:15:31,846 --> 00:15:32,196
That's a lot of sales.

483
00:15:32,188 --> 00:15:32,767
That's an agent on each side of
that.

484
00:15:32,716 --> 00:15:34,289
So that's 500 sales right there.

485
00:15:34,289 --> 00:15:35,771
I think you actually did this a

486
00:15:35,771 --> 00:15:39,755
couple you actually did this a
couple of years ago because Emily

487
00:15:39,755 --> 00:15:44,557
came back from one of your
meetings and said, but do you know

488
00:15:44,657 --> 00:15:46,620
the value that a pool holds?
Like if we're comparing single

489
00:15:46,760 --> 00:15:48,788
family homes, like a direct
comparison, one has a pool, one

490
00:15:48,788 --> 00:15:50,460
doesn't high level.

491
00:15:50,460 --> 00:15:52,337
I could tell you the value if you

492
00:15:52,337 --> 00:15:55,132
gave the value if you gave me more
specific criteria.

493
00:15:55,132 --> 00:15:59,165
So for example, if there's enough
of a sample size, so say if

494
00:15:59,165 --> 00:16:02,473
there's a hundred houses that are
selling that are a similar size,

495
00:16:02,473 --> 00:16:05,774
dimension, and age, and 50 of them
have pools and 50 of them don't,

496
00:16:05,874 --> 00:16:07,452
well, then I can give you that
difference, right?

497
00:16:07,452 --> 00:16:09,822
But then I would also have to look
at that difference based on maybe

498
00:16:09,822 --> 00:16:11,685
some of the other features in the
house.

499
00:16:11,685 --> 00:16:15,251
So, you know, you really can't
just pull it out and say, hey,

500
00:16:15,251 --> 00:16:16,970
that pool is worth, you know,
$80,000.

501
00:16:16,970 --> 00:16:19,868
I can tell you that pools with
houses at certain times of the

502
00:16:19,868 --> 00:16:22,388
year at certain prices sell quite
quickly.

503
00:16:22,388 --> 00:16:26,020
And for 98, 99% of asking price,
typically houses today, pools add

504
00:16:26,020 --> 00:16:26,476
value.

505
00:16:26,476 --> 00:16:28,663
In 2008, 9, 10, 11, people were

506
00:16:28,563 --> 00:15:32,410
filling their pools in with dirt.

507
00:15:32,402 --> 00:15:32,980
You couldn't give away a house

508
00:15:41,060 --> 00:16:29,380
with a pool.

509
00:16:29,280 --> 00:16:30,975
Nobody wanted the expense of a

510
00:16:30,975 --> 00:16:31,040
pool.

511
00:16:31,040 --> 00:16:32,258
And pools need new liners and they

512
00:16:32,358 --> 00:16:33,433
cost money and everything else.

513
00:16:33,533 --> 00:16:34,995
But once you hit 2 million, if you

514
00:16:34,995 --> 00:16:36,728
don't have a pool, you might not
sell your house.

515
00:16:36,727 --> 00:16:36,990
Right.

516
00:16:36,990 --> 00:16:38,590
So it's a little bit like this,

517
00:16:38,590 --> 00:16:38,790
you know, how big is the sample
size?

518
00:16:38,764 --> 00:16:40,571
And, you know, is it a light
switch feature or not?

519
00:16:40,544 --> 00:16:43,034
I call it light switch feature for
me as a pool, a suite, a steep

520
00:16:43,034 --> 00:16:43,265
driveway.

521
00:16:43,265 --> 00:16:45,913
And I think a pool is a light

522
00:16:45,813 --> 00:16:46,102
switch feature.

523
00:16:46,102 --> 00:16:47,955
And I think that you really can't

524
00:16:47,955 --> 00:16:51,268
compare the same house with a pool
without because people want a

525
00:16:51,268 --> 00:16:52,723
pool, they're going to sacrifice
something to get the pool.

526
00:16:52,823 --> 00:16:56,009
But yeah, I would say pools,
statistically, we could probably

527
00:16:56,009 --> 00:16:58,411
prove that they add anywhere from
50 to 100, $110,000.

528
00:16:58,411 --> 00:17:02,641
I mean, and if you look at that,
you know, a pool probably cost

529
00:17:02,641 --> 00:17:03,462
100,000 right now.

530
00:17:03,462 --> 00:17:05,680
So but at the same time, some

531
00:17:05,700 --> 00:17:07,958
houses in some markets, if they
don't have a pool probably costs a

532
00:17:07,958 --> 00:17:08,617
hundred thousand right now.

533
00:17:08,603 --> 00:17:10,308
So, but at the same time, some

534
00:17:10,308 --> 00:17:12,910
houses in some markets, if they
don't have a pool, probably won't

535
00:17:12,910 --> 00:17:13,272
sell.

536
00:17:13,272 --> 00:17:13,576
Yeah.

537
00:17:13,576 --> 00:17:16,752
It's hard to quantify like how
long it's going to sit on the

538
00:17:16,852 --> 00:17:18,367
market for, I guess, too.

539
00:17:18,367 --> 00:17:20,247
Like what's the monetary value to

540
00:17:20,247 --> 00:17:25,473
you as a seller to how fast you
can actually sell your house?

541
00:17:25,473 --> 00:17:25,752
Yeah.

542
00:17:25,853 --> 00:17:29,440
I mean, I live in a neighborhood

543
00:17:29,540 --> 00:17:36,344
where I have to have a pool in my
I live in a neighborhood where I

544
00:17:36,344 --> 00:17:38,502
have to have a pool in my house,
right?

545
00:17:38,502 --> 00:17:39,517
And it was funny.

546
00:17:39,517 --> 00:17:40,659
I fought My it.

547
00:17:40,659 --> 00:17:42,952
wife was like, I want a pool.

548
00:17:42,952 --> 00:17:43,891
I want a pool.

549
00:17:43,891 --> 00:17:46,356
I I go, don't have a pool in my
house, right?

550
00:17:46,356 --> 00:17:47,513
And it was My it.

551
00:17:47,413 --> 00:17:49,640
wife was like, I want a pool.

552
00:17:49,680 --> 00:17:50,309
I want a pool.

553
00:17:50,309 --> 00:17:51,663
I I go, don't was funny, I fought

554
00:17:51,663 --> 00:17:51,808
it.

555
00:17:51,808 --> 00:17:52,760
Yes, you My do.

556
00:17:52,860 --> 00:17:54,873
wife was like, I want a pool, I
want a pool.

557
00:17:54,873 --> 00:17:59,160
I go, I don't want a pool, they're
an expense and I got to clean it

558
00:17:59,580 --> 00:18:02,064
and I'm, you know, I got to hire a
pool person and everything.

559
00:18:02,064 --> 00:18:04,691
And, you know, halfway through the
build, I said, okay, yeah, you're

560
00:18:04,691 --> 00:18:05,306
absolutely right.

561
00:18:05,306 --> 00:18:06,692
If I statistically analyze this

562
00:18:06,592 --> 00:18:09,881
type of house that we're building,
if it doesn't have a pool, it's

563
00:18:09,881 --> 00:18:11,992
not the same house.

564
00:18:11,892 --> 00:18:14,118
So, you know, and there are other

565
00:18:14,118 --> 00:18:17,636
houses, for example, you maybe
it's a single where, family home

566
00:18:17,636 --> 00:18:22,000
know, in a doesn't have the same
neighborhood, you and there are

567
00:18:22,000 --> 00:18:22,475
other house.

568
00:18:22,314 --> 00:18:22,864
So, for know, where, houses,

569
00:18:22,903 --> 00:18:24,400
example, you know, maybe it's a
single family home in a

570
00:18:24,340 --> 00:18:25,527
neighborhood, doesn't have family
or kids or anything.

571
00:18:25,527 --> 00:18:27,159
And it has a pool, maybe it's a
three bedroom house, it's a

572
00:18:27,199 --> 00:18:27,478
rancher.

573
00:18:27,378 --> 00:18:28,237
And it's maybe for older people,

574
00:18:28,111 --> 00:18:30,747
but it has a pool and it's in a
family neighborhood.

575
00:18:30,747 --> 00:18:32,126
Well, that's going to be an odd
duck, right?

576
00:18:32,226 --> 00:18:35,125
So that's going to be a tougher
house to sell with a pool because

577
00:18:35,125 --> 00:18:37,547
the target market for the pool is
a family, right?

578
00:18:37,547 --> 00:18:40,425
So yeah, it's an interesting thing
having a pool, but it's a light

579
00:18:40,424 --> 00:18:40,724
switch feature.

580
00:18:40,724 --> 00:18:39,328
And I think in the Okanagan in the

581
00:18:39,327 --> 00:18:41,771
last six years, it's become almost
a must have for any executive to

582
00:18:41,771 --> 00:18:42,494
have a house with a pool.

583
00:18:42,540 --> 00:18:42,786
And in fairness, the

584
00:18:42,886 --> 00:18:43,411
infrastructure, we've got a lot
more pool service companies.

585
00:18:43,489 --> 00:18:43,959
We've got, you know, some great
pool builders.

586
00:18:43,936 --> 00:18:42,795
There's, you know, you can get
auto covers, you can get service,

587
00:18:42,704 --> 00:18:43,685
and there's a lot more services
for for pools and it makes the

588
00:18:43,653 --> 00:18:45,094
experience of owning it actually
quite enjoyable.

589
00:18:45,159 --> 00:18:45,669
I've really enjoyed having a pool.

590
00:18:45,579 --> 00:18:45,848
So that's fantastic.

591
00:18:45,825 --> 00:18:46,025
fantastic.

592
00:18:45,935 --> 00:18:46,400
Something over the last few months

593
00:18:46,460 --> 00:18:47,894
that we've kind of heard is like
supply and demand.

594
00:18:47,894 --> 00:18:49,435
Is there really a shortage in the
market of housing?

595
00:18:49,323 --> 00:18:50,776
Like, because there's so many
listings, like, you know, why are

596
00:18:50,776 --> 00:18:54,118
we saying that we need more houses
if there's so many listings?

597
00:18:54,118 --> 00:18:57,022
Can you kind of unpack that a
little bit?

598
00:18:57,022 --> 00:18:58,316
Yeah, that's an interesting one.

599
00:18:58,316 --> 00:19:00,380
I think if you look at an overall

600
00:19:00,660 --> 00:19:03,362
housing strategy, what I see is a
disconnect between what local and

601
00:19:03,362 --> 00:19:04,907
provincial governments want and
what consumers want, right?

602
00:19:04,721 --> 00:19:04,925
So what ends up happening is, you
know, the local government says,

603
00:19:04,886 --> 00:19:05,038
you know, we need more rentals.

604
00:19:04,998 --> 00:19:05,100
And, you know, they put in a lot

605
00:19:08,740 --> 00:19:10,509
of rentals and they give big
companies a chance to build these

606
00:19:10,409 --> 00:19:10,842
rental properties.

607
00:19:10,776 --> 00:19:11,811
you And, they know, put in a lot

608
00:19:11,811 --> 00:19:13,479
of rentals and they give big
companies a chance to build these

609
00:19:13,379 --> 00:19:13,679
rental properties.

610
00:19:13,613 --> 00:19:14,712
And, you know, a two bedroom, two

611
00:19:14,712 --> 00:19:16,225
bathroom condo downtown is great,
but there's no parking.

612
00:19:16,225 --> 00:19:18,672
And what if you have family and
you have kids, you know, we need

613
00:19:18,672 --> 00:19:19,628
maybe three bedroom, four bedroom
rentals.

614
00:19:19,628 --> 00:19:22,501
And so, you know, what do the
different age groups want to live

615
00:19:22,501 --> 00:19:24,362
in?
You know, do people want to live

616
00:19:24,362 --> 00:19:26,467
in condos?
Do people want to live downtown in

617
00:19:26,467 --> 00:19:28,783
a high rise on the seventh floor
in 600 square feet?

618
00:19:28,783 --> 00:19:31,372
Right.'m just not sure, how does
the market develop through that?

619
00:19:31,372 --> 00:19:32,804
And Kelowna's having growing
pains, for example.

620
00:19:32,804 --> 00:19:36,276
We have a lot of towers downtown,
yet we don't have a shopping

621
00:19:36,270 --> 00:19:36,604
center downtown.

622
00:19:36,583 --> 00:19:38,506
We don't have transit to get

623
00:19:38,606 --> 00:19:39,881
people downtown to the shopping.

624
00:19:39,881 --> 00:19:40,636
you the shopping.

625
00:19:40,536 --> 00:19:43,031
local government So, know, we want
we says, want hey, we want infill,

626
00:19:43,031 --> 00:19:43,186
that.

627
00:19:43,186 --> 00:19:44,896
this, But when you go to the walk

628
00:19:44,896 --> 00:19:48,487
score of a new townhome near the
hospital, it's no better than a

629
00:19:48,487 --> 00:19:50,240
house out in Rutland, you know.

630
00:19:50,520 --> 00:19:52,416
And you so, know, you've got this

631
00:19:52,416 --> 00:19:55,176
infrastructure, you know, and
yeah, we want to have bike lanes

632
00:19:55,176 --> 00:19:57,726
everywhere, but I'm not riding a
bike in December, sorry, right?

633
00:19:57,626 --> 00:19:59,888
And I would ride a bike sometimes.

634
00:19:59,988 --> 00:20:01,050
So, yeah, it's an interesting

635
00:20:01,050 --> 00:20:01,417
little thing.

636
00:20:01,417 --> 00:20:02,945
Like, are we going through a

637
00:20:02,945 --> 00:20:04,475
housing shortage?
We know demographically we're

638
00:20:04,475 --> 00:20:04,887
going to.

639
00:20:04,887 --> 00:20:06,017
We know immigration has slowed

640
00:20:05,917 --> 00:20:07,201
down a little bit.

641
00:20:07,101 --> 00:20:07,977
But, you know, where do people

642
00:20:07,977 --> 00:20:10,304
want to live?
Like, what kind of house does

643
00:20:10,304 --> 00:20:14,492
somebody want to live in?
And I think that, you know, that's

644
00:20:14,492 --> 00:20:17,575
where maybe local government's a
little bit disconnected and I'm

645
00:20:17,475 --> 00:20:19,183
not sure where we're going.

646
00:20:19,283 --> 00:20:21,215
I do know that, you know, the

647
00:20:21,215 --> 00:20:22,797
5,000, 6,000, 7,000 square foot
house, I mean, they're expensive.

648
00:20:22,797 --> 00:20:23,678
They're expensive to maintain.

649
00:20:23,536 --> 00:20:24,041
But in the Okanagan, where our

650
00:20:23,913 --> 00:20:24,601
lifestyle is really nice, I think
there'll always be a market for

651
00:20:24,595 --> 00:20:24,969
that kind of house.

652
00:20:24,827 --> 00:20:25,643
My concern is, you know, we don't

653
00:20:25,643 --> 00:20:29,021
have those newer 2,500 square foot
houses with double garages in

654
00:20:29,021 --> 00:20:31,020
neighborhoods for young families
to own.

655
00:20:31,020 --> 00:20:31,609
I agree.

656
00:20:31,609 --> 00:20:33,142
It feels like the new houses are

657
00:20:33,142 --> 00:20:36,451
all like big luxury a It feels
like the new houses are all like

658
00:20:36,451 --> 00:20:39,081
big luxury houses, like massive
ones, and there's not, or condos

659
00:20:39,081 --> 00:20:41,689
like the middle it just seems like
a single family house is kind of

660
00:20:41,689 --> 00:20:43,940
becoming a bit rare well and well
and they're also removing them

661
00:20:43,940 --> 00:20:47,738
right with like land that's what i
mean yeah yeah big time a nine

662
00:20:47,638 --> 00:20:50,104
hundred thousand dollar house
we're just working on info

663
00:20:50,104 --> 00:20:54,486
projects to put up row houses or
condo a lot of those houses are

664
00:20:54,386 --> 00:20:57,565
ancient though and they need
that's what i though they to be

665
00:20:57,565 --> 00:20:59,576
torn yeah for sure all of them.

666
00:20:59,576 --> 00:21:04,921
All of them, but like.

667
00:21:04,743 --> 00:21:04,933
There is a need in that.

668
00:21:04,887 --> 00:21:04,980
I mean, there is that rental base

669
00:21:05,010 --> 00:21:10,419
that we have to support.

670
00:21:10,419 --> 00:21:11,018
So then we can bring in trades

671
00:21:11,018 --> 00:21:12,265
people and professionals and then
kind of build those houses.

672
00:21:12,245 --> 00:21:12,874
And I couldn't agree more.

673
00:21:12,974 --> 00:21:13,712
Like, I think we need to build

674
00:21:13,712 --> 00:21:14,760
affordable, smaller, more
efficient houses and set

675
00:21:14,760 --> 00:21:16,981
expectations, you know, that, you
know, maybe not everyone has three

676
00:21:16,981 --> 00:21:18,986
bay garage or a pool or something
like that.

677
00:21:18,986 --> 00:21:21,490
I guess what restricts Kelowna
maybe is like the land value is

678
00:21:21,490 --> 00:21:22,440
still so expensive.

679
00:21:22,340 --> 00:21:24,032
So if you're looking at buying a

680
00:21:24,032 --> 00:21:28,008
plot of land for $400,000, is it
really worth to put a $700,000

681
00:21:28,008 --> 00:21:29,473
house there?
You know, then builders are like,

682
00:21:29,446 --> 00:21:30,460
well, my margin is so small.

683
00:21:30,358 --> 00:21:31,426
So how do we solve that?

684
00:21:31,426 --> 00:21:32,369
Because it doesn't seem like a lot
of...

685
00:21:32,469 --> 00:21:34,511
We can solve that for We can solve
that one.

686
00:21:34,506 --> 00:21:35,734
That's a tricky one, right?
Yeah.

687
00:21:35,734 --> 00:21:38,882
Well, part of it is what are your
expectations when you move to a

688
00:21:38,882 --> 00:21:40,887
community?
You know, like I moved here in

689
00:21:40,787 --> 00:21:44,605
2003 and I moved here because I
knew that the area was

690
00:21:44,605 --> 00:21:45,219
underserviced demographically.

691
00:21:45,219 --> 00:21:45,936
Housing was less expensive.

692
00:21:45,936 --> 00:21:48,834
I knew that the baby boomers were
coming and, you know, we bought

693
00:21:48,834 --> 00:21:50,578
our house, a nice neighborhood.

694
00:21:50,578 --> 00:21:54,064
It was one of the best houses I

695
00:21:54,064 --> 00:21:57,695
ever bought at the time, even
though it was on the Glenmore

696
00:21:57,795 --> 00:21:58,125
clay.

697
00:21:58,025 --> 00:21:59,287
But, you know, everything is about

698
00:21:59,287 --> 00:21:58,134
demographics, right?
And in my mind, it's demographics

699
00:21:58,134 --> 00:22:01,245
and people will come and go and,
you know, we're going to build

700
00:22:01,245 --> 00:22:02,344
these infill houses.

701
00:22:02,344 --> 00:22:04,248
We're going to have, you know,

702
00:22:04,248 --> 00:22:06,640
these little higher density
neighborhoods develop and it will

703
00:22:06,640 --> 00:22:08,070
just sort of work itself out.

704
00:22:08,070 --> 00:22:08,980
And, you know, people will decide

705
00:22:08,980 --> 00:22:12,002
if they want to live here or not
in those conditions.

706
00:22:12,002 --> 00:22:15,060
I think we do run the risk of
becoming a little bit like a

707
00:22:15,060 --> 00:22:18,006
Manhattan where you have, you
know, only people that live here

708
00:22:18,006 --> 00:22:21,471
kind of wealthy and we don't have
people to sort of, you know, work

709
00:22:11,455 --> 00:22:21,256
in the Starbucks kind of
situation.

710
00:22:21,471 --> 00:22:22,762
But I'm not sure if that's the
case either.

711
00:22:22,862 --> 00:22:25,020
I know that, you know, the typical
person that does come to the

712
00:22:25,160 --> 00:22:26,914
Okanagan wants to participate in
activities in the Okanagan.

713
00:22:26,914 --> 00:22:29,685
And I think the hardest part for
the city to deal with is probably

714
00:22:29,685 --> 00:22:33,079
in the long run, the parking, it's
going to be a parking slash

715
00:22:33,079 --> 00:22:33,879
infrastructure crisis.

716
00:22:33,779 --> 00:22:36,035
Because if you live downtown in a

717
00:22:36,035 --> 00:22:41,345
condo and you want to go for a
hike in the mountains on the

718
00:22:41,345 --> 00:22:43,095
weekend, how do you get there?
Yeah.

719
00:22:43,095 --> 00:22:44,220
Kelowna is a car city.

720
00:22:44,220 --> 00:22:50,114
It's a tough one.

721
00:22:50,114 --> 00:22:52,229
I should say a truck city because
like there's hardly any parking

722
00:22:52,229 --> 00:22:52,822
anywhere you go.

723
00:22:52,822 --> 00:22:54,037
And it's also far away to get

724
00:22:54,006 --> 00:22:54,091
everywhere.

725
00:22:54,091 --> 00:22:54,291
Yeah.

726
00:22:54,260 --> 00:22:55,664
But you know, it's still a vibrant
a tough one.

727
00:22:55,656 --> 00:22:57,505
I should it's still a vibrant
community.

728
00:22:57,505 --> 00:23:00,435
The one thing that I love about
being in Kelowna, you know, like

729
00:23:00,435 --> 00:23:02,332
culturally, we've got a lot of
diversity.

730
00:23:02,332 --> 00:23:03,280
The university has just been
amazing.

731
00:23:03,280 --> 00:23:03,885
And, you know, that'll bring in
different people with different,

732
00:23:03,947 --> 00:23:10,216
you know, ways of wanting to live
and, you know, community gardens

733
00:23:10,216 --> 00:23:10,703
are a big thing.

734
00:23:10,631 --> 00:23:11,782
And it's certainly a lot more fun

735
00:23:11,782 --> 00:23:12,398
than it ever has been.

736
00:23:12,358 --> 00:23:13,005
I just wish that somehow solutions

737
00:23:12,965 --> 00:23:13,677
were easier than they are.

738
00:23:13,605 --> 00:23:14,340
So they're not though.

739
00:23:14,440 --> 00:23:15,513
Yeah.

740
00:23:15,413 --> 00:23:15,882
Yeah.

741
00:23:15,882 --> 00:23:18,833
We're not like giving the city of
Kelowna a hard time.

742
00:23:18,833 --> 00:23:19,235
Yeah.

743
00:23:19,335 --> 00:23:19,604
Yeah.

744
00:23:19,504 --> 00:23:21,661
We're not like giving the city of
Kelowna a hard time.

745
00:23:21,661 --> 00:23:22,011
They're doing amazing.

746
00:23:22,011 --> 00:23:23,150
People want to make money want to

747
00:23:23,150 --> 00:23:24,127
make money on real estate.

748
00:23:24,127 --> 00:23:25,534
Kelowna is a tough place, right?

749
00:23:25,434 --> 00:23:29,957
Like if somebody said to me, Hey,
I want to make money on real

750
00:23:29,957 --> 00:23:30,165
estate.

751
00:23:30,165 --> 00:23:32,413
I'd be like, okay, well, as in a

752
00:23:32,313 --> 00:23:34,850
lot of times, you know, you look
at other markets where, you know,

753
00:23:34,950 --> 00:23:38,157
you can make money in real estate
where costs are lower and risks

754
00:23:38,157 --> 00:23:39,424
are lower and things like that.

755
00:23:39,524 --> 00:23:41,168
You know, I look at downtown and

756
00:23:41,168 --> 00:23:43,871
you're going to ask me, you know,
what would I buy in the Okanagan

757
00:23:43,871 --> 00:23:46,161
in the next 12 months?
And honestly, I kind of have an

758
00:23:46,161 --> 00:23:48,160
idea, but I'm not sure I want to
take the risk.

759
00:23:48,160 --> 00:23:49,258
There's still no better place to
live.

760
00:23:49,247 --> 00:23:51,184
So, you know, we'll continue to
come here and they'll adapt.

761
00:23:51,184 --> 00:23:52,517
And yeah, it'll still be fun.

762
00:23:52,517 --> 00:23:54,284
There'll still be lots of people

763
00:23:54,184 --> 00:23:55,530
to play pickleball with once I
retire.

764
00:23:55,530 --> 00:23:59,031
Well, in terms of kind of what's
happened over the summer, we've

765
00:23:59,031 --> 00:24:02,122
seen a lot of like subject for
sale, deals kind of falling apart,

766
00:24:02,122 --> 00:24:02,810
that type of thing.

767
00:24:02,810 --> 00:24:04,028
Do you have anything like creative

768
00:24:04,128 --> 00:24:05,406
for agents or home sellers or
buyers?

769
00:24:05,406 --> 00:24:08,633
Like where are the opportunities
in this kind of market where it's

770
00:24:08,633 --> 00:24:10,169
like a little bit stagnant?
Personally, I feel going into the

771
00:24:10,169 --> 00:24:13,344
spring of 2025, it's going to pick
up pretty substantially with where

772
00:24:13,344 --> 00:24:15,316
kind of interest rates are headed.

773
00:24:15,416 --> 00:24:17,452
But yeah, I'd love to hear your

774
00:24:17,452 --> 00:24:20,718
kind of knowledge on, you know,
where the opportunities are right

775
00:24:20,718 --> 00:24:21,235
now.

776
00:24:21,235 --> 00:24:22,527
You of know, every market presents

777
00:24:22,527 --> 00:24:22,915
an opportunity.

778
00:24:22,915 --> 00:24:24,957
And I think, you know, you just

779
00:24:24,951 --> 00:24:16,977
have to look for the opportunity.

780
00:24:16,877 --> 00:24:26,214
You have to kind of be brave a

781
00:24:26,214 --> 00:24:28,111
little bit too, right?
And I think that what happens

782
00:24:28,011 --> 00:24:30,486
because, you know, we had these
low interest rates and that

783
00:24:30,386 --> 00:24:32,220
expectation was that, hey, wow,
this is great.

784
00:24:32,660 --> 00:24:34,656
I can buy this and my costs are
low.

785
00:24:34,750 --> 00:24:37,932
And now interest rates went up and
then there's that shock and people

786
00:24:37,932 --> 00:24:38,666
are tied into things.

787
00:24:38,766 --> 00:24:40,031
And, but the reality is there's

788
00:24:40,031 --> 00:24:40,608
always a market.

789
00:24:40,608 --> 00:24:41,935
I know right now, you know, most

790
00:24:41,935 --> 00:24:46,372
of the people that I know that are
living in town homes with kids, I

791
00:24:46,272 --> 00:24:48,960
would probably say to them, hey,
you know, let's build a strategy

792
00:24:45,761 --> 00:24:47,555
for getting you into a house right
now.

793
00:24:47,555 --> 00:24:47,799
Right.

794
00:24:47,799 --> 00:24:48,960
Cause we know townhomes typically

795
00:24:49,040 --> 00:24:50,581
do well in tougher markets, right?
People do migrate to townhomes,

796
00:24:50,581 --> 00:24:52,751
townhome sales, if it's priced
right, or generally within two to

797
00:24:52,651 --> 00:24:53,962
three weeks of listing them.

798
00:24:53,962 --> 00:24:54,542
Houses are slower.

799
00:24:54,442 --> 00:24:56,626
They're 60, 90 days, right?
So, but it takes bravery to do

800
00:24:56,626 --> 00:24:58,739
that with kids, you know, to sell
your townhome when you have kids

801
00:24:58,728 --> 00:25:01,341
living with you, and then maybe be
homeless for a couple of months to

802
00:25:01,341 --> 00:25:01,965
buy another house.

803
00:25:01,965 --> 00:25:03,407
So people with kids are not as

804
00:25:03,407 --> 00:25:05,043
mobile, but I think that's a great
play right now.

805
00:25:05,043 --> 00:25:06,799
If I had clients that had kids
were living in a smaller

806
00:25:06,799 --> 00:25:08,729
situation, maybe you want a garage
or bigger living bigger yard for

807
00:25:08,722 --> 00:25:09,716
the kids, a move up market is
good.

808
00:25:09,716 --> 00:25:11,807
It's a good move up market because
overall, when values drop 1015% on

809
00:25:11,807 --> 00:25:13,845
everything, well, you know, 15% on
a million is $150,000.

810
00:25:13,845 --> 00:25:17,100
And Taylor, you know, in our
lifetimes, it takes a long time to

811
00:25:17,100 --> 00:25:18,860
pay off $150,000 in a mortgage,
regardless of what interest rate

812
00:25:18,820 --> 00:25:19,140
you have.

813
00:25:19,960 --> 00:25:22,165
You know, if you're at five and a

814
00:25:22,165 --> 00:25:25,081
half percent, $150,000 less of a
mortgage is still a good thing.

815
00:25:25,081 --> 00:25:27,881
I'm a big fan of move ups right
now.

816
00:25:27,881 --> 00:25:31,321
I'm actually a big fan of somebody
buying a house with a pool.

817
00:25:31,321 --> 00:25:35,108
You know, you might be able to
snag somebody that doesn't want

818
00:25:35,108 --> 00:25:38,535
their pool anymore, right?
And this time of year actually is

819
00:25:38,435 --> 00:25:41,679
not too bad of a time of year that
people tend to sell their homes

820
00:25:41,679 --> 00:25:44,926
with bigger discounts in the fall
when they have a pool for many

821
00:25:44,926 --> 00:25:45,240
different reasons.

822
00:25:45,240 --> 00:25:47,121
But one of them is, you know, it's

823
00:25:47,021 --> 00:25:48,840
harder to assess the pool systems,
right?

824
00:25:48,726 --> 00:25:51,201
Because once you lock your pool
down, there's risk for the new

825
00:25:51,101 --> 00:25:51,241
year.

826
00:25:51,341 --> 00:25:52,301
So, you know, somebody right now,

827
00:25:52,301 --> 00:25:54,657
if they have their house for sale,
and there's a lot, there's 372

828
00:25:54,657 --> 00:25:55,760
houses with pools for sale right
now.

829
00:25:55,760 --> 00:25:59,483
If I was looking for a house with
a pool, I would go find the best

830
00:25:59,483 --> 00:26:02,293
one and do my best to try to
secure it because in the next

831
00:26:02,293 --> 00:26:04,280
couple of weeks, pool's going to
be shut down, right?

832
00:26:04,280 --> 00:26:07,375
You know, that risk for the seller
and the buyer is while you buy the

833
00:26:07,375 --> 00:26:10,225
pool and next year you open it up
and, you know, the motor doesn't

834
00:26:10,225 --> 00:26:11,997
work and the liner's broken and,
you know, there's these extra

835
00:26:11,997 --> 00:26:12,200
costs.

836
00:26:12,200 --> 00:26:14,044
So that's kind of comes to mind

837
00:26:14,044 --> 00:26:14,163
first.

838
00:26:14,263 --> 00:26:15,829
I also think people may be looking

839
00:26:15,829 --> 00:26:16,484
for condos.

840
00:26:16,484 --> 00:26:18,270
If they want to purchase a condo

841
00:26:18,271 --> 00:26:21,913
and live in a condo, there is more
for sale, the absorption rates

842
00:26:21,913 --> 00:26:25,212
have been pretty good on it, but
condos are good too.

843
00:26:25,312 --> 00:26:27,702
So what's interesting, though, is
when you microanalyze a market,

844
00:26:27,702 --> 00:26:29,544
that's where you see the
opportunity.

845
00:26:29,444 --> 00:26:32,487
So I would be sitting down with my
real estate agent, and I'd say,

846
00:26:32,487 --> 00:26:35,057
Okay, here's what I'm selling,
here's what I want to buy, you

847
00:26:35,027 --> 00:26:36,119
know, here's what I'm looking for.

848
00:26:36,089 --> 00:26:37,151
This is the features I'm looking

849
00:26:37,151 --> 00:26:37,236
for.

850
00:26:37,236 --> 00:26:38,448
And really microanalyze it and

851
00:26:38,348 --> 00:26:41,359
look at what is days on market?
You know, how long does it take to

852
00:26:41,359 --> 00:26:42,286
sell?
How much inventory is there?

853
00:26:42,286 --> 00:26:44,372
And what are the list to sale
price ratios?

854
00:26:44,372 --> 00:26:47,622
Like, what is it really?
And I think those are the things

855
00:26:47,622 --> 00:26:51,061
that agents need to sit down with
their clients and talk about

856
00:26:50,961 --> 00:26:52,015
because there are always
opportunities.

857
00:26:52,015 --> 00:26:57,926
Goodness, there was, I got a phone
call from a client the other day

858
00:26:57,826 --> 00:27:01,249
and I don't do a lot of sales ever
anymore.

859
00:27:01,349 --> 00:27:04,756
And they just said, hey, what do
you think of this house?

860
00:27:04,756 --> 00:27:08,588
And I looked at it and I went, Oh,
even a dumb broker like me knows

861
00:27:08,588 --> 00:27:11,237
it was underpriced and it sold on
the first day.

862
00:27:11,237 --> 00:27:13,971
And so is that a seller's market
or a buyer's market?

863
00:27:13,971 --> 00:27:16,737
Well, for those sellers, that was
a seller's market, right?

864
00:27:16,737 --> 00:27:16,795
Yeah.

865
00:27:16,795 --> 00:27:18,070
I mean, you said absorption

866
00:27:18,070 --> 00:27:18,128
report.

867
00:27:18,128 --> 00:27:19,925
I think, yeah, the three of us all

868
00:27:19,925 --> 00:27:22,240
know, but can you kind of
communicate it to the listener

869
00:27:22,340 --> 00:27:23,810
who's looking to buy and what that
translates?

870
00:27:23,810 --> 00:27:25,641
And also where is it trending?
Like, is it just cyclical through

871
00:27:25,641 --> 00:27:28,518
the seasons in Kelowna?
Or, you know, are we kind of at a

872
00:27:28,518 --> 00:27:31,228
trend where the absorption rate is
now into a buyer's market, you

873
00:27:31,228 --> 00:27:33,122
know, across the board or just on
high end luxury?

874
00:27:33,122 --> 00:27:36,204
Yeah, I had some friends many
years ago, and they moved out of

875
00:27:36,204 --> 00:27:37,138
the US really smart people.

876
00:27:37,138 --> 00:27:38,427
And they always bought and sold in

877
00:27:38,427 --> 00:27:38,812
the fall.

878
00:27:38,797 --> 00:27:40,612
And they said, we don't like to

879
00:27:40,712 --> 00:27:42,036
compete with other people.

880
00:27:42,036 --> 00:27:44,028
So we do our real estate in the

881
00:27:44,028 --> 00:27:46,074
fall where the selection's a
little bit less, but then there's

882
00:27:46,074 --> 00:27:46,626
also less buyers.

883
00:27:46,626 --> 00:27:47,729
And so I remember buying and

884
00:27:47,729 --> 00:27:49,078
selling for them in the fall.

885
00:27:49,078 --> 00:27:50,781
And they were really cool to work

886
00:27:50,781 --> 00:27:53,149
with because they were kind of
like, well, we're going to list

887
00:27:53,149 --> 00:27:53,644
our house.

888
00:27:53,644 --> 00:27:54,960
If we don't get any offers right

889
00:27:54,960 --> 00:27:57,360
away, we got to drop our price
because we want to get it done

890
00:27:57,360 --> 00:27:58,233
before it snows.

891
00:27:58,233 --> 00:27:59,745
You so they were very realistic

892
00:27:59,845 --> 00:28:01,048
about the sales process.

893
00:28:01,148 --> 00:28:02,529
know, And they were very realistic

894
00:28:02,529 --> 00:28:04,655
about how when they went to
purchase, having their house

895
00:28:04,655 --> 00:28:06,063
already sold was a big deal.

896
00:28:06,063 --> 00:28:07,262
That was one of the seasonal

897
00:28:07,262 --> 00:28:07,992
trends that they knew.

898
00:28:07,992 --> 00:28:08,879
But when we're looking at

899
00:28:08,879 --> 00:28:10,827
absorption rates, absorption rates
are very interesting because they

900
00:28:10,727 --> 00:28:13,423
don't tell the whole story, but
you have to really know what they

901
00:28:13,423 --> 00:28:14,155
are.

902
00:28:14,155 --> 00:28:15,497
And they're expressed generally in

903
00:28:15,497 --> 00:28:16,695
two different ways.

904
00:28:16,595 --> 00:28:17,876
In the past, we never expressed

905
00:28:17,876 --> 00:28:18,734
absorption rates in percentages.

906
00:28:18,834 --> 00:28:20,322
But in the last few years, people

907
00:28:20,322 --> 00:28:21,397
have been throwing out
percentages.

908
00:28:21,397 --> 00:28:23,618
And so the absorption rate is
basically how much of the

909
00:28:23,718 --> 00:28:25,860
inventory that's in place right
now, let's just say there's 400

910
00:28:25,860 --> 00:28:27,120
listings on the market.

911
00:28:27,120 --> 00:28:28,764
In the last 30 days, how many

912
00:28:28,864 --> 00:28:29,960
houses have sold?
And there's 400 listings on the

913
00:28:30,300 --> 00:28:30,485
market.

914
00:28:30,485 --> 00:28:32,147
And we project that 30 days

915
00:28:32,144 --> 00:28:32,291
forward.

916
00:28:32,291 --> 00:28:33,900
And so let's say there was 40

917
00:28:33,800 --> 00:28:36,557
sales in the last 30 days, we
would say that the absorption rate

918
00:28:36,510 --> 00:28:36,940
is 10%.

919
00:28:36,893 --> 00:28:37,852
So there's 400 listings on the

920
00:28:37,852 --> 00:28:38,868
market and then 40 sold.

921
00:28:38,868 --> 00:28:41,202
So that would be a 10% absorption

922
00:28:41,202 --> 00:28:41,350
rate.

923
00:28:41,350 --> 00:28:42,540
But the more accurate way to say

924
00:28:42,540 --> 00:28:43,680
it is how many months of inventory
are there?

925
00:28:43,680 --> 00:28:48,249
Because if you look at it,
seasonalization, for example,

926
00:28:48,217 --> 00:28:49,225
August might be 40 sales, but
September traditionally with that

927
00:28:49,225 --> 00:28:50,501
many listings might be 50 sales
and October might be 55 and then

928
00:28:50,501 --> 00:28:50,938
November might be 35.

929
00:28:50,938 --> 00:28:51,878
So when we look at months of

930
00:28:51,878 --> 00:28:53,548
absorption, that's also considered
absorption rate.

931
00:28:53,548 --> 00:28:55,685
And typically months of inventory
is what I look at.

932
00:28:55,585 --> 00:28:58,891
So for example, we go back to the
pool scenario, there's 372 houses

933
00:28:58,791 --> 00:29:01,354
with pools for sale in September
in the Okanagan.

934
00:29:01,354 --> 00:29:03,789
Now, we also know that by October
15, 372 of those pools will be

935
00:29:03,789 --> 00:29:03,944
winterized.

936
00:29:03,944 --> 00:29:05,464
Well, I just said that from

937
00:29:05,464 --> 00:29:07,462
January till now, 266 homes sold
with pools.

938
00:29:07,462 --> 00:29:11,407
So right now with 372, we have
well over a year's worth of

939
00:29:11,507 --> 00:29:12,893
inventory if suddenly pools
started to sell.

940
00:29:12,893 --> 00:29:16,279
But the reality is we're not going
to sell 40 houses with pools in

941
00:29:16,379 --> 00:29:17,238
September and October.

942
00:29:17,138 --> 00:29:18,284
It's not going to happen.

943
00:29:18,284 --> 00:29:21,526
I mean, the highest month was
July, which was 46 sold, right?

944
00:29:21,626 --> 00:29:22,105
Of those 266.

945
00:29:22,105 --> 00:29:23,474
So there's probably a year and a

946
00:29:23,574 --> 00:29:25,541
half worth of pools on the market
right now.

947
00:29:25,541 --> 00:29:25,726
Wow.

948
00:29:25,826 --> 00:29:27,452
But when I told you guys, 266

949
00:29:27,452 --> 00:29:29,512
families spent millions of dollars
on pools before that sounded

950
00:29:29,513 --> 00:29:30,057
really exciting.

951
00:29:30,057 --> 00:29:31,638
But now when I say there's more

952
00:29:31,638 --> 00:29:34,729
than a year and a half supply of
pools on the market right now,

953
00:29:34,729 --> 00:29:35,751
you're like, Oh, wow.

954
00:29:35,751 --> 00:29:36,073
Well, yeah.

955
00:29:36,073 --> 00:29:38,399
So if you're the seller and you
hear this, you're thinking, okay,

956
00:29:38,399 --> 00:29:40,728
if I want to sell this in the next
month, I need a huge price

957
00:29:40,728 --> 00:29:40,948
reduction.

958
00:29:40,948 --> 00:29:41,516
Not so much.

959
00:29:41,516 --> 00:29:43,792
What you have to look at is what
is the activity on your listing?

960
00:29:43,792 --> 00:29:48,060
Does the activity show that it's
going to sell or not?

961
00:29:48,014 --> 00:29:53,495
Because that's something that we
have to show them as a realtor.

962
00:29:53,495 --> 00:29:55,123
There's a lot of activity that we
have access to on the Internet

963
00:29:55,029 --> 00:29:56,155
that can pretty much tell people,
hey, you've got the right activity

964
00:29:56,114 --> 00:29:56,419
to sell.

965
00:29:56,425 --> 00:29:57,053
And your agent with experience can

966
00:29:57,053 --> 00:29:58,489
help you with that.

967
00:29:58,489 --> 00:30:00,264
But in some markets, you know, you

968
00:30:00,249 --> 00:30:02,319
might drop the price an awful lot
and still not get an offer because

969
00:30:02,319 --> 00:30:04,563
there just might not be the
absorption to absorb your

970
00:30:04,663 --> 00:30:05,015
inventory.

971
00:30:04,915 --> 00:30:08,716
But at the end of the day, it

972
00:30:08,716 --> 00:30:09,244
always is price.

973
00:30:09,244 --> 00:30:11,239
I mean, a good price is always

974
00:30:11,339 --> 00:30:12,237
going to help.

975
00:30:12,237 --> 00:30:14,397
But I wouldn't be pulling the good

976
00:30:14,397 --> 00:30:16,111
price out of my pocket in
September.

977
00:30:16,111 --> 00:30:18,690
I would have been doing that in
June, right?

978
00:30:18,690 --> 00:30:19,757
Now that's that seasonalization
part.

979
00:30:19,757 --> 00:30:24,103
If it was me, I would probably
wouldn't list my house for sale in

980
00:30:24,103 --> 00:30:25,933
September if I had a pool.

981
00:30:25,933 --> 00:30:28,068
If I had a very competitive house,

982
00:30:28,068 --> 00:30:30,913
I would probably, you know, take
really nice photos next week and

983
00:30:30,913 --> 00:30:35,455
get it all looking really nice in
the moonlight and everything else.

984
00:30:35,455 --> 00:30:37,967
And I'd probably relist in
January, February.

985
00:30:37,967 --> 00:30:41,921
Now, risk of that would be if the
market picks up, I might sell my

986
00:30:41,921 --> 00:30:50,292
house in a hot market, but then I
also might be buying in a hot

987
00:30:50,292 --> 00:30:51,953
market too, right?
When the market's going you want

988
00:30:51,953 --> 00:30:52,286
to sell, Yeah.

989
00:30:52,386 --> 00:30:53,778
down, then wait, then When buy.

990
00:30:53,725 --> 00:30:55,940
the market's going you up, kind of
want to buy first and then wait to

991
00:30:55,940 --> 00:30:56,749
wait, then When buy.

992
00:30:56,749 --> 00:30:58,938
the market's going you up, kind of

993
00:30:58,838 --> 00:31:02,697
want to buy first and then wait to
sell.

994
00:31:02,697 --> 00:31:05,831
You want to time the first and
then wait to sell.

995
00:31:05,731 --> 00:31:07,088
You want to the market, right?
Yeah.

996
00:31:07,188 --> 00:31:07,907
Yeah.

997
00:31:07,807 --> 00:31:10,522
You know, the one thing I would do

998
00:31:10,522 --> 00:31:14,279
is I'd say, okay, what's my budget
for a pool?

999
00:31:14,279 --> 00:31:19,998
What's my budget for a house?
And ask myself, you know, if I

1000
00:31:19,998 --> 00:31:25,307
look at that house right now,
could I rebuild that house for

1001
00:31:25,407 --> 00:31:28,118
cost?
So could I buy the lot?

1002
00:31:28,018 --> 00:31:31,327
Could I build the house?
And right almost every now, house

1003
00:31:31,327 --> 00:31:34,089
that's for cost?
So could I buy the lot?

1004
00:31:34,089 --> 00:31:36,700
Could I build the house?
And right now, almost every house

1005
00:31:36,700 --> 00:31:40,303
that's out there on the market,
you can probably, if it's a resale

1006
00:31:40,303 --> 00:31:43,626
house, you're going to get that
house significantly less expensive

1007
00:31:43,626 --> 00:31:46,587
than you would if you had to build
it right now.

1008
00:31:46,587 --> 00:31:46,874
Yes.

1009
00:31:46,874 --> 00:31:48,094
So on a resale Yes.

1010
00:31:48,094 --> 00:31:51,107
So on a on a resale perspective,
most houses are really good

1011
00:31:51,107 --> 00:31:51,681
values.

1012
00:31:51,681 --> 00:31:53,119
Most houses are selling under

1013
00:31:53,119 --> 00:31:53,971
their assessed value.

1014
00:31:53,971 --> 00:31:55,845
That really doesn't mean a lot in

1015
00:31:55,845 --> 00:31:56,958
the grand scheme of life.

1016
00:31:56,958 --> 00:31:58,673
But I look at it, what would it

1017
00:31:58,673 --> 00:32:02,218
cost to replace that house?
In many situations, there's a lot

1018
00:32:02,118 --> 00:32:04,700
of really good houses that you
could buy for much less than you

1019
00:32:04,700 --> 00:32:05,700
could ever pay to build them.

1020
00:32:05,700 --> 00:32:05,817
Yeah.

1021
00:32:05,817 --> 00:32:06,636
And it is funny.

1022
00:32:06,636 --> 00:32:08,732
We don't use that approach for

1023
00:32:08,732 --> 00:32:09,642
residential appraisals generally,
right?

1024
00:32:09,642 --> 00:32:10,700
It's what the comparables are and
what's selling.

1025
00:32:10,700 --> 00:32:13,780
That's the funny place we're in
right now in the market is like a

1026
00:32:13,780 --> 00:32:14,652
house that's 10 years old.

1027
00:32:14,652 --> 00:32:15,702
You're never going to replace it

1028
00:32:15,702 --> 00:32:17,124
for the cost you you could build
it that, for.

1029
00:32:17,124 --> 00:32:20,280
know, And there are times when it
makes sense to you a number So, of

1030
00:32:20,380 --> 00:32:20,715
right.

1031
00:32:20,715 --> 00:32:21,238
years ago, build.

1032
00:32:21,238 --> 00:32:24,289
And, know, realtor and I were
sitting down and I said, would you

1033
00:32:24,267 --> 00:32:29,663
build right now?
And he was very experienced broker

1034
00:32:29,763 --> 00:32:30,367
and he just started laughing.

1035
00:32:30,367 --> 00:32:31,200
He goes, don't Oh, be stupid.

1036
00:32:31,176 --> 00:32:31,879
And I went, Oh, okay.

1037
00:32:31,879 --> 00:32:32,477
And shook my head.

1038
00:32:32,477 --> 00:32:34,739
And I kind of got my head around
and went, Oh yeah, wait a minute.

1039
00:32:34,629 --> 00:32:37,196
I can go buy that used house,
which is five years old and I can

1040
00:32:37,096 --> 00:32:38,112
put a pool in it.

1041
00:32:38,112 --> 00:32:39,469
But if I build a house, I'm going

1042
00:32:39,569 --> 00:32:41,128
to be underwater the minute I move
in.

1043
00:32:41,128 --> 00:32:42,904
And you know, probably the last
time.

1044
00:32:42,904 --> 00:32:44,251
Nice pool pun.

1045
00:32:44,251 --> 00:32:44,374
pun.

1046
00:32:44,374 --> 00:32:45,599
Literally, you got that right.

1047
00:32:45,599 --> 00:32:46,946
Raises a good question though.

1048
00:32:46,946 --> 00:32:49,115
Why are people building?
I mean, we're not building very

1049
00:32:49,115 --> 00:32:51,655
much right now, but why would
someone build their own house?

1050
00:32:51,755 --> 00:32:53,952
That's the own house?
That's the one thing when I was

1051
00:32:53,952 --> 00:32:56,792
selling real estate, you know, I
realized don't get in the way of

1052
00:32:56,792 --> 00:32:58,400
somebody wanting to do something.

1053
00:32:59,180 --> 00:33:00,154
You know, I mean, houses are

1054
00:33:00,154 --> 00:33:00,717
personal to people.

1055
00:33:00,717 --> 00:33:01,739
And this is a good point,

1056
00:33:01,739 --> 00:33:01,995
honestly.

1057
00:33:01,995 --> 00:33:03,109
If somebody has the money and they

1058
00:33:03,104 --> 00:33:04,880
can afford it, then let them build
a really good house.

1059
00:33:07,729 --> 00:33:07,800
You know, it might not be
something where you're going to

1060
00:33:10,660 --> 00:33:11,767
make lots of money and financially
it may not be a great decision,

1061
00:33:11,763 --> 00:33:11,400
but if you can afford it and you
want to build your house and you

1062
00:33:11,380 --> 00:33:12,165
want to have a relationship with
those builders and create

1063
00:33:12,078 --> 00:33:12,550
something, I'll get behind you on
it.

1064
00:33:12,550 --> 00:33:12,750
The challenge comes when you call
the realtor up and you want to

1065
00:33:12,640 --> 00:33:13,435
sell it within a year.

1066
00:33:13,347 --> 00:33:13,675
And unfortunately, the market is

1067
00:33:13,675 --> 00:33:14,017
not going to support that.

1068
00:33:14,012 --> 00:33:15,210
And those are the hardest

1069
00:33:15,210 --> 00:33:15,609
conversations.

1070
00:33:15,609 --> 00:33:17,405
And I would say, you know, if you

1071
00:33:17,405 --> 00:33:20,341
look at the number of houses that
are newer that are being sold

1072
00:33:20,341 --> 00:33:22,457
right now, those are tougher
conversations with sellers that

1073
00:33:22,457 --> 00:33:23,204
realtors are having.

1074
00:33:23,204 --> 00:33:23,889
And those are difficult

1075
00:33:23,889 --> 00:33:24,395
conversations, but they're really
important to have.

1076
00:33:24,374 --> 00:33:24,879
So, and sometimes, you know,
telling a client and a friend or a

1077
00:33:24,859 --> 00:33:30,828
family member or somebody you want
to work with something that they

1078
00:33:30,782 --> 00:33:32,142
don't want to hear, that's like
the hardest part of a real estate

1079
00:33:32,142 --> 00:33:32,295
agent's job.

1080
00:33:32,270 --> 00:33:33,189
And no one takes any delight in

1081
00:33:33,092 --> 00:33:34,580
it, but if you don't get the
honest answer, it's a tough one.

1082
00:33:34,580 --> 00:33:35,831
And sometimes we don't know.

1083
00:33:35,831 --> 00:33:36,052
I'm the first one to say, you

1084
00:33:35,831 --> 00:33:40,458
know, you might not know what the
exact price is, but if we've had

1085
00:33:40,458 --> 00:33:43,124
it listed for three weeks and we
don't have any showings and the

1086
00:33:43,124 --> 00:33:45,104
internet activity is dead, then
our price is just not doing it.

1087
00:33:45,104 --> 00:33:45,726
Generally it's price.

1088
00:33:45,726 --> 00:33:45,839
Yeah.

1089
00:33:45,839 --> 00:33:46,235
Yeah.

1090
00:33:46,235 --> 00:33:47,630
It's If It's funny.

1091
00:33:47,730 --> 00:33:50,197
That's an interesting point
though, that like real estate is

1092
00:33:50,197 --> 00:33:51,728
more than just like dollars here
and there.

1093
00:33:51,728 --> 00:33:52,781
Like these are people's lives.

1094
00:33:52,781 --> 00:33:54,346
Like some people do time the

1095
00:33:54,346 --> 00:33:58,858
market when they want to sell or
when they buy, but like a lot of

1096
00:33:58,858 --> 00:34:01,882
people just buy a house because
they have another kid or because

1097
00:34:01,882 --> 00:34:03,954
their parent is moving away or
someone passes away or like life

1098
00:34:03,954 --> 00:34:08,882
just keeps on going.

1099
00:34:08,701 --> 00:34:08,900
Right.

1100
00:34:08,719 --> 00:34:08,920
So like they don't care what the
market is doing.

1101
00:34:08,879 --> 00:34:13,020
They want to buy a house because
it works for them in their life

1102
00:34:12,962 --> 00:34:13,020
right now.

1103
00:34:12,993 --> 00:34:13,020
So it's like building a house.

1104
00:34:13,014 --> 00:34:17,554
If you're going to live there for
five, 10, 30 years, you don't care

1105
00:34:17,386 --> 00:34:18,813
if you overpay for the house right
now, because in 30 years, you're

1106
00:34:18,813 --> 00:34:20,159
going to look back and pat
yourself on the back of how good

1107
00:34:20,237 --> 00:34:20,888
of a deal it is now.

1108
00:34:20,987 --> 00:34:21,222
Yeah.

1109
00:34:21,121 --> 00:34:23,608
I had a client client in 2010 look
at me at the house it was a brand

1110
00:34:23,605 --> 00:34:26,737
new house the I had a client
client in 2010 look at me at the

1111
00:34:26,737 --> 00:34:29,277
house it was a brand new house the
builder had kind of lost the house

1112
00:34:29,277 --> 00:34:31,880
and another builder picked it up
and was trying to finish it off

1113
00:34:31,880 --> 00:34:36,520
and so we bought it and it was
2009 and a half yeah and the

1114
00:34:36,514 --> 00:34:39,331
market was definitely going down
and the buyer looks he says you

1115
00:34:39,331 --> 00:34:42,190
know what do you think this house
is going to be worth in a year and

1116
00:34:42,190 --> 00:34:44,556
i said oh it's probably 50 grand
less than what you're paying for

1117
00:34:44,657 --> 00:34:47,219
it now what and he looked at me
all shocked and he goes what, what

1118
00:34:47,380 --> 00:34:49,408
do you mean?
I go, well, if we look at the

1119
00:34:49,408 --> 00:34:52,121
trajectory of the statistics,
there was lots of at lots of end

1120
00:34:52,121 --> 00:34:53,320
values, right?
I mean, prices were dropping,

1121
00:34:53,290 --> 00:34:54,810
right?
And I said, but you don't have a

1122
00:34:54,909 --> 00:34:56,280
house to live in 30 days.

1123
00:34:56,280 --> 00:34:57,167
This fits within your budget.

1124
00:34:57,120 --> 00:34:58,598
This is the same amount that you
were paying before.

1125
00:34:58,598 --> 00:35:01,063
And you stayed in the same rental
for 21 years yeah what's the your

1126
00:35:01,063 --> 00:35:03,660
chances of you not making your
rent in this house in the next 21

1127
00:35:03,660 --> 00:35:07,011
years and he goes oh goodness well
no we're not going anywhere we'll

1128
00:35:07,011 --> 00:35:09,538
be stuck here and they did funny
part was he called me five years

1129
00:35:09,538 --> 00:35:12,342
later and laughingly said you told
me that it would not be worth what

1130
00:35:12,342 --> 00:35:15,084
i paid for it in six months and
that probably three to four years

1131
00:35:15,084 --> 00:35:17,806
later it would you know be worth
you know quite a bit more than

1132
00:35:17,806 --> 00:35:22,339
what i bought it and i said i just
got my tax assessment, I made

1133
00:35:22,339 --> 00:35:23,767
$50,000 in equity.

1134
00:35:23,667 --> 00:35:25,402
Yeah, Yeah, you you know, it's

1135
00:35:25,402 --> 00:35:26,937
what he called what he called me.

1136
00:35:26,937 --> 00:35:27,907
Probably like 100% equity in that,

1137
00:35:27,907 --> 00:35:29,328
right?
It's probably like double the like

1138
00:35:29,315 --> 00:35:29,795
double the value.

1139
00:35:29,782 --> 00:35:31,606
And now if you do the math from

1140
00:35:31,606 --> 00:35:33,962
like that purchase in 09 to today,
it's not even close.

1141
00:35:33,862 --> 00:35:35,564
You know, the house needs
maintenance over time, right?

1142
00:35:35,464 --> 00:35:38,127
And so, you know, you got to keep
them up and everything else, you

1143
00:35:38,127 --> 00:35:40,720
know, houses are not always, hey,
I'm just going to put my $50,000

1144
00:35:40,740 --> 00:35:41,858
down and make my mortgage
payments.

1145
00:35:41,858 --> 00:35:44,802
And, you know, part of the thing
that I see as a challenge for

1146
00:35:44,802 --> 00:35:48,080
first time buyers and for people
in Kelowna is that, you know, I'd

1147
00:35:47,980 --> 00:35:50,314
love there to be a lot of
affordable townhomes because one

1148
00:35:50,414 --> 00:35:53,838
of the worst things you can do as
a real estate agent is sell, you

1149
00:35:53,838 --> 00:35:56,168
know, a first time buyer, a used
buy level home.

1150
00:35:56,168 --> 00:35:58,301
They take a lot of money to
repair..

1151
00:35:58,201 --> 00:36:00,858
And you know, when you're 26, 27,
28 years old, and you have a good

1152
00:36:00,858 --> 00:36:03,735
job, you will not have any time or
any spare cash on the weekends, if

1153
00:36:03,735 --> 00:36:06,463
you buy a used house, right?
So now your lifestyle gets

1154
00:36:06,463 --> 00:36:06,582
hampered.

1155
00:36:06,582 --> 00:36:08,183
And I mean, I suffered that

1156
00:36:08,183 --> 00:36:10,146
through those years where man, I
call it $200 to death at Home

1157
00:36:10,146 --> 00:36:12,469
Depot, you know, like, I know how
to do things I wish I never knew

1158
00:36:12,459 --> 00:36:15,107
how the knew how to do, like, you
know, fix plumbing and repairs and

1159
00:36:15,107 --> 00:36:18,027
electrical junk, because I just
had to when we bought our fixer

1160
00:36:18,027 --> 00:36:19,860
uppers, you know?
That's a great point, Matt.

1161
00:36:19,860 --> 00:36:21,778
Why did you let me buy this house?
Money well spent.

1162
00:36:21,741 --> 00:36:22,873
I wanted to keep the economy
bumping, dude.

1163
00:36:22,835 --> 00:36:23,038
That's all.

1164
00:36:23,038 --> 00:36:23,200
Yeah.

1165
00:36:23,200 --> 00:36:24,232
You probably thought you were all.

1166
00:36:24,232 --> 00:36:24,543
Yeah.

1167
00:36:24,443 --> 00:36:25,872
You probably thought you were
handy, not handsome.

1168
00:36:25,872 --> 00:36:26,679
That's probably what it is.

1169
00:36:26,679 --> 00:36:27,860
No, I was never under that

1170
00:36:27,860 --> 00:36:28,164
illusion.

1171
00:36:28,164 --> 00:36:24,691
But so, yeah.

1172
00:36:24,691 --> 00:36:27,114
So, you know, to get back to your
question, for example, if you

1173
00:36:27,114 --> 00:36:29,197
microanalyze it, absorption rates,
you know, there are some hot

1174
00:36:29,197 --> 00:36:29,319
markets.

1175
00:36:29,319 --> 00:36:30,656
Kamloops is almost 14% absorption,

1176
00:36:30,656 --> 00:36:33,406
you know, and a buyer's market in
some areas is 15% or higher,

1177
00:36:33,406 --> 00:36:34,458
right?
The central Okanagan is about 9%

1178
00:36:34,458 --> 00:36:34,643
absorption.

1179
00:36:34,643 --> 00:36:36,005
So we're a little bit low, right?

1180
00:36:36,005 --> 00:36:39,097
But if you start going down on the
price ranges, you know, if you go

1181
00:36:39,078 --> 00:36:40,253
under 800,000, your absorption
rates are significant, right?

1182
00:36:40,253 --> 00:36:42,478
So if you're a first-time buyer in
a lower price range where we know,

1183
00:36:42,478 --> 00:36:44,940
you know, the sale price to list
price ratios are higher, so 99,

1184
00:36:44,940 --> 00:36:46,693
98% of asking price, are you
prepared to pay full price for the

1185
00:36:46,693 --> 00:36:48,135
house that you're looking at in
those price ranges?

1186
00:36:48,135 --> 00:36:50,908
Because those absorption rates,
they don't mean anything, you

1187
00:36:50,908 --> 00:36:53,937
know, when you start looking at
price, if you look at, you know,

1188
00:36:53,837 --> 00:36:55,874
houses without pools over $2
million, okay, you probably got

1189
00:36:55,874 --> 00:36:58,029
time to negotiate, right?
You put that house on Abbott

1190
00:36:58,029 --> 00:37:00,121
Street, you probably don't have
time to negotiate anymore.

1191
00:37:00,121 --> 00:37:02,155
Right?
So I always look at let's micro

1192
00:37:02,155 --> 00:37:03,606
analyze the numbers and really
show people.

1193
00:37:03,606 --> 00:37:06,927
But yeah, I mean, if you look at
houses under a million right now,

1194
00:37:06,927 --> 00:37:08,057
there's some pretty good buys.

1195
00:37:08,057 --> 00:37:09,062
I think there really is.

1196
00:37:09,062 --> 00:37:10,380
I would agree with that.

1197
00:37:10,380 --> 00:37:11,872
Even under 1.5. I mean, there was

1198
00:37:11,857 --> 00:37:13,749
even, you know, some houses to
sell three, four, five, six, seven

1199
00:37:13,749 --> 00:37:14,196
million dollars.

1200
00:37:14,196 --> 00:37:16,282
And you ask yourself, if it's such

1201
00:37:16,282 --> 00:37:19,160
a bad market, how is somebody with
four million dollars of money to

1202
00:37:19,160 --> 00:37:21,414
spend on real estate?
Why are they purchasing real

1203
00:37:21,414 --> 00:37:21,539
estate?
Yeah.

1204
00:37:21,539 --> 00:37:21,852
Yeah.

1205
00:37:21,852 --> 00:37:22,728
It's a great question.

1206
00:37:22,728 --> 00:37:24,888
Something we briefly spoke about
and I'll just bring up because

1207
00:37:24,888 --> 00:37:26,280
we're talking about those million
dollar houses is Brennan Ogdenson

1208
00:37:26,380 --> 00:37:28,838
put a YouTube video actually, and
his projection was in densely

1209
00:37:28,938 --> 00:37:30,733
populated areas right now in BC,
single family houses averaging a

1210
00:37:30,733 --> 00:37:31,207
million dollars.

1211
00:37:31,207 --> 00:37:33,280
By 2035, they should be at $1.5

1212
00:37:33,280 --> 00:37:33,645
million.

1213
00:37:33,645 --> 00:37:34,556
If we can't solve this, you know,

1214
00:37:34,556 --> 00:37:36,622
so-called housing crisis where we
actually just start building more.

1215
00:37:36,622 --> 00:37:37,595
So yeah, pretty interesting data.

1216
00:37:37,595 --> 00:37:39,073
I do think there's some good buys

1217
00:37:39,073 --> 00:37:40,556
right now in the Okanagan.

1218
00:37:40,556 --> 00:37:41,609
Kind of heading into some of our

1219
00:37:41,609 --> 00:37:42,007
wrap-up questions.

1220
00:37:42,007 --> 00:37:43,920
If you could buy a property in the

1221
00:37:43,920 --> 00:37:45,523
Okanagan in the next 12 months,
investment, personal, anything,

1222
00:37:45,523 --> 00:37:48,160
using kind of the data that we've
been talking about, where would

1223
00:37:48,160 --> 00:37:49,103
you put your money?
It's It's interesting.

1224
00:37:49,102 --> 00:37:51,334
Cause if you ask me, like, what do
people want to buy?

1225
00:37:51,334 --> 00:37:54,127
Like if you sat a group of people
down, you guys has aged my age,

1226
00:37:54,127 --> 00:37:57,323
and then, you know, maybe some
twenties and early thirties people

1227
00:37:57,323 --> 00:37:59,493
who are living in the Okanagan and
having a great lifestyle, what

1228
00:37:59,493 --> 00:38:02,167
would they want to buy?
I think you're going to find that

1229
00:38:02,167 --> 00:38:05,369
that product is missing, right?
I think you're going to find that

1230
00:38:05,269 --> 00:38:07,799
that product is missing, right?
I think you're going to find that

1231
00:38:07,799 --> 00:38:09,156
that product is missing right now.

1232
00:38:09,156 --> 00:38:11,201
I don't want to live in a two

1233
00:38:11,201 --> 00:38:12,438
bedroom condo on the eighth floor
downtown.

1234
00:38:12,438 --> 00:38:14,168
And I'm 57 years old.

1235
00:38:14,068 --> 00:38:15,331
And that's kind of the government.

1236
00:38:15,331 --> 00:38:17,276
Everyone's telling me I got to do
that.

1237
00:38:17,276 --> 00:38:18,217
But I want a garage.

1238
00:38:18,217 --> 00:38:19,848
I want to have an ATV.

1239
00:38:19,848 --> 00:37:38,833
I want to have a motorcycle and a
car in the same garage.

1240
00:38:21,751 --> 00:38:23,550
But I don't want a big house,
right?

1241
00:38:23,450 --> 00:38:26,811
We want a place for kids and that
kind of stuff.

1242
00:38:26,811 --> 00:38:30,537
I think if I was going to buy
something in the next while, I

1243
00:38:30,637 --> 00:38:35,801
wish that there was the product
that I want to buy, which is about

1244
00:38:35,701 --> 00:38:39,090
2,300 square feet, three to four
bedrooms with a two and a half car

1245
00:38:39,090 --> 00:38:39,754
garage, even multifamily.

1246
00:38:38,076 --> 00:38:40,117
Like it could even be on a lot,

1247
00:38:40,017 --> 00:38:41,640
but a townhome that not
multi-generational, but something

1248
00:38:42,380 --> 00:38:45,147
that's just a little bit bigger
than the 600 square feet on each

1249
00:38:45,247 --> 00:38:45,578
floor scenario.

1250
00:38:45,578 --> 00:38:47,710
You know, like I'm not ready for

1251
00:38:47,610 --> 00:38:52,029
that, but at the same time, I
don't want to be in a big house.

1252
00:38:52,029 --> 00:38:53,848
I'm in a big house right now.

1253
00:38:53,848 --> 00:38:55,032
And I quite like it.

1254
00:38:55,032 --> 00:38:57,436
But I know that maybe that's not
the future.

1255
00:38:57,436 --> 00:39:01,260
So I mean, my kids are moving
home, my mom's living with me now.

1256
00:39:01,260 --> 00:39:03,475
And so we're kind of making this
larger house work.

1257
00:39:03,375 --> 00:39:07,158
But I don't think the product
exists that a lot of people want

1258
00:39:07,058 --> 00:39:08,244
to buy right now.

1259
00:39:08,244 --> 00:39:10,168
And I think that, you know, the

1260
00:39:10,168 --> 00:39:12,545
market doesn't respond to that
because of zoning, pricing, costs,

1261
00:39:12,545 --> 00:39:13,154
things like that.

1262
00:39:13,154 --> 00:39:15,133
Like, I don't really want to live

1263
00:39:15,133 --> 00:39:18,234
in a three level grain elevator,
you know?

1264
00:39:18,234 --> 00:39:18,556
Yeah.

1265
00:39:18,556 --> 00:39:20,846
I really like the ones down in

1266
00:39:20,846 --> 00:39:24,078
Goochigan on the corner there, the
new ones that had the elevators.

1267
00:39:24,078 --> 00:39:24,353
Yeah.

1268
00:39:24,453 --> 00:39:26,826
I really like those, you know, and

1269
00:39:26,826 --> 00:39:29,985
I think that those are pretty cool
because they had double garages

1270
00:39:29,985 --> 00:39:34,943
and then they were wider and they
went up, you know, the second and

1271
00:39:34,943 --> 00:39:35,847
the third floor.

1272
00:39:35,847 --> 00:39:39,021
And I think that kind of stuff is

1273
00:39:39,021 --> 00:39:41,945
something that would really be
interesting for me.

1274
00:39:41,945 --> 00:39:45,400
I mean, I said to my wife, I want
to build a really cool house

1275
00:39:45,300 --> 00:39:47,913
downtown that has like a big
garage and a pool on the roof and

1276
00:39:47,913 --> 00:39:48,340
everything else.

1277
00:39:48,340 --> 00:39:49,670
And then, I mean, that's probably

1278
00:39:49,645 --> 00:39:52,123
the dumbest thing ever, but I'm
looking for a larger town home

1279
00:39:52,223 --> 00:39:55,032
that's detached or not detached,
but that has garage space and it

1280
00:39:54,932 --> 00:39:55,620
doesn't exist.

1281
00:39:55,620 --> 00:39:57,267
So that's where I'm at.

1282
00:39:57,167 --> 00:39:57,826
I like it.

1283
00:39:57,826 --> 00:39:59,409
Or I'd buy something with you.

1284
00:39:59,409 --> 00:40:02,913
So yeah, if you can't go wrong
with a view and wrong with a view

1285
00:40:02,855 --> 00:40:04,580
and Neil Canogans, that's for
sure.

1286
00:40:04,640 --> 00:40:07,840
You know, know, if you go 1.2 and
1.7 right now, there's a lot of

1287
00:40:07,840 --> 00:40:09,209
cool houses for sale.

1288
00:40:09,209 --> 00:40:09,494
Yeah.

1289
00:40:09,494 --> 00:40:13,360
Like, I don't know, like if you
look at, there's so many cool

1290
00:40:13,360 --> 00:40:14,710
houses to look at.

1291
00:40:14,710 --> 00:40:17,035
I just think it's probably a

1292
00:40:17,135 --> 00:40:20,604
full-time job just to look at all
those houses.

1293
00:40:20,504 --> 00:40:23,680
But if you look at the upper
mission, West Kelowna, you know,

1294
00:40:23,680 --> 00:40:28,142
the mission Hill, like if you
start looking in that kind of

1295
00:40:28,142 --> 00:40:31,232
price range, there's a lot of cool
houses for sale.

1296
00:40:31,232 --> 00:40:32,994
Yeah, West Kelowna has some huge
value right now.

1297
00:40:32,994 --> 00:40:34,989
I think like Lakeview, Rose
Valley, awesome spots.

1298
00:40:34,989 --> 00:40:35,203
Yeah.

1299
00:40:35,203 --> 00:40:35,310
Yeah.

1300
00:40:35,310 --> 00:40:39,563
All right, Dean, if you could give
your 20 year old self any piece of

1301
00:40:39,563 --> 00:40:43,866
advice, what would it be?
I would say I wish I started real

1302
00:40:43,866 --> 00:40:44,379
estate sooner.

1303
00:40:44,379 --> 00:40:47,137
You know, I'm glad I got to real

1304
00:40:47,137 --> 00:40:48,523
estate when I did.

1305
00:40:48,523 --> 00:40:49,052
I was 40.

1306
00:40:49,152 --> 00:40:51,748
I'm glad I had experience in other
businesses before I came into real

1307
00:40:51,748 --> 00:40:51,809
estate.

1308
00:40:51,809 --> 00:40:53,086
I think that's really good.

1309
00:40:53,086 --> 00:40:55,351
I worked in biotech and did a lot
of traveling internationally,

1310
00:40:55,351 --> 00:40:58,340
worked with a lot of different
people, went across Canada to work

1311
00:40:58,340 --> 00:41:00,204
and got lots of accounting,
business experience, sales

1312
00:41:00,204 --> 00:41:00,456
experience.

1313
00:41:00,456 --> 00:41:01,766
But yeah, I wish I'd started real

1314
00:41:01,766 --> 00:41:03,468
estate a little bit sooner, but
you know, everything happens in

1315
00:41:03,453 --> 00:41:03,653
time.

1316
00:41:03,630 --> 00:41:04,763
So I'm pretty happy with what my

1317
00:41:04,763 --> 00:41:06,746
20 year old self did because I met
my wife and she's in time.

1318
00:41:06,746 --> 00:41:08,340
So I'm pretty happy with what my
20-year-old self did because I met

1319
00:41:08,340 --> 00:41:10,248
my wife and she's still around.

1320
00:41:10,148 --> 00:41:11,715
So I'm pretty happy with that guy.

1321
00:41:11,715 --> 00:41:13,647
He just threw it up.

1322
00:41:13,647 --> 00:41:14,410
just Yeah, that's funny.

1323
00:41:14,410 --> 00:41:15,038
Good for you.

1324
00:41:14,938 --> 00:41:15,936
I always think about that, too.

1325
00:41:15,936 --> 00:41:18,462
When I start real estate earlier,
and I think I would like to have

1326
00:41:18,462 --> 00:41:19,217
started real estate earlier.

1327
00:41:19,317 --> 00:41:19,758
Yeah.

1328
00:41:19,658 --> 00:41:19,847
Yeah.

1329
00:41:19,847 --> 00:41:20,729
And you never know, right?

1330
00:41:20,829 --> 00:41:22,436
Because part of who it, does you
meet?

1331
00:41:22,436 --> 00:41:25,185
Like, I was very lucky to have my
mentors and people that I met

1332
00:41:25,185 --> 00:41:25,970
early on.

1333
00:41:25,970 --> 00:41:27,278
Selling my house in Ontario has

1334
00:41:27,278 --> 00:41:29,935
had a disproportionate impact on
how I see myself as a realtor

1335
00:41:29,935 --> 00:41:31,672
because they have limited dual
agency there.

1336
00:41:31,672 --> 00:41:35,720
And I sold through a very large
team and, you know, I didn't have

1337
00:41:35,820 --> 00:41:36,477
a good experience.

1338
00:41:36,477 --> 00:41:37,970
And when I came to Kelowna, I was

1339
00:41:37,970 --> 00:41:42,031
full of piss and vinegar about,
you know, how I'm going to save

1340
00:41:42,031 --> 00:41:42,389
the world.

1341
00:41:42,389 --> 00:41:44,342
And when I did become a realtor,

1342
00:41:44,442 --> 00:41:47,308
you know, a lot of those feelings
as a consumer were in a lot of the

1343
00:41:47,308 --> 00:41:48,440
things that I wanted to be as a
realtor.

1344
00:41:48,440 --> 00:41:49,935
And I didn't want my clients to
feel that way.

1345
00:41:50,026 --> 00:41:52,180
And, you know, none of us are
perfect, but you know, if you have

1346
00:41:52,180 --> 00:41:54,436
your values in the right place, I
think you do come back to where

1347
00:41:54,436 --> 00:41:55,940
you need to be at some point.

1348
00:41:56,040 --> 00:41:56,317
So.

1349
00:41:56,217 --> 00:41:56,383
Yeah.

1350
00:41:56,383 --> 00:41:57,546
What's your favorite charity or

1351
00:41:57,546 --> 00:41:59,540
how do you get back?
First of all, I love Pathways.

1352
00:41:59,640 --> 00:42:01,194
We have a Pathways gentleman that
works here.

1353
00:42:01,094 --> 00:42:04,978
Pathways is for disabled folks and
it's a society that sort of

1354
00:42:04,878 --> 00:42:07,734
supports the families and then
they put placements and we have a

1355
00:42:07,734 --> 00:42:08,745
gentleman that works here.

1356
00:42:08,845 --> 00:42:11,552
He's part of our team and his

1357
00:42:11,542 --> 00:42:12,822
smile on his face just makes my
day.

1358
00:42:12,822 --> 00:42:14,198
And I'm really proud that we do
that.

1359
00:42:14,198 --> 00:42:15,914
Century 21 supports Eat Your
Seals.

1360
00:42:15,914 --> 00:42:17,552
That's another, it's part of the
same thought process and I'm

1361
00:42:17,552 --> 00:42:18,466
really supportive of that.

1362
00:42:18,434 --> 00:42:19,885
We're one of the top companies in

1363
00:42:19,872 --> 00:42:21,278
the entire Century 21 organization
of over 600 offices.

1364
00:42:21,278 --> 00:42:23,531
We placed seventh in North America
last year for donating to

1365
00:42:23,500 --> 00:42:23,881
Easterseals in Kelowna.

1366
00:42:23,881 --> 00:42:24,644
That is incredible.

1367
00:42:24,644 --> 00:42:24,898
Yeah.

1368
00:42:24,898 --> 00:42:24,982
Yeah.

1369
00:42:24,982 --> 00:42:26,056
And it's an organization wide
thing.

1370
00:42:25,956 --> 00:42:27,100
And we're raising money for the
Texas Hold'em tournament, which is

1371
00:42:27,100 --> 00:42:28,027
in three weeks.

1372
00:42:28,027 --> 00:42:29,818
So we'll, you know, hit you guys

1373
00:42:29,818 --> 00:42:30,312
up for that.

1374
00:42:30,312 --> 00:42:32,713
But what my wife and I do, which

1375
00:42:32,613 --> 00:42:36,413
is a lot of fun, is we support
local musicians and we invite them

1376
00:42:36,413 --> 00:42:38,512
to our house and we do house
concerts.

1377
00:42:38,612 --> 00:42:39,260
That's awesome.

1378
00:42:39,260 --> 00:42:40,692
Our friends come and we invite

1379
00:42:40,692 --> 00:42:43,766
like 300 people and 50 people show
up and we all give the singer $20.

1380
00:42:43,766 --> 00:42:45,581
And we've had everyone from Anna
Jackson to Billy Wiseman to Nikki

1381
00:42:45,580 --> 00:42:45,780
Martinez.

1382
00:42:45,776 --> 00:42:45,923
And it's just local artists who

1383
00:42:45,923 --> 00:42:47,395
are making their way with music.

1384
00:42:47,395 --> 00:42:49,000
And it's just been a really neat

1385
00:42:49,000 --> 00:42:49,305
thing.

1386
00:42:49,305 --> 00:42:52,555
We do three or four of those a

1387
00:42:52,555 --> 00:42:54,483
year throughout the year.

1388
00:42:54,383 --> 00:42:55,909
And that's probably the thing that

1389
00:42:55,909 --> 00:42:57,749
fills our cup the most because
what is it when you meet a

1390
00:42:57,713 --> 00:42:59,517
musician, they're driving a $5,000
vehicle with $20,000 worth of

1391
00:42:59,517 --> 00:43:01,608
equipment in it, you know, and
then being a musician and playing

1392
00:43:01,708 --> 00:43:04,198
the wineries, they don't make a
lot of money.

1393
00:43:04,098 --> 00:43:05,422
It's not a great lifestyle
sometimes because it's evenings

1394
00:43:05,388 --> 00:43:05,680
and weekends.

1395
00:43:05,780 --> 00:43:06,471
And that's something that we've

1396
00:43:06,471 --> 00:43:08,449
been doing for quite a few years
now.

1397
00:43:08,449 --> 00:43:09,199
So that's it, awesome.

1398
00:43:09,199 --> 00:43:10,037
I love that one.

1399
00:43:10,037 --> 00:43:10,275
Yeah.

1400
00:43:10,375 --> 00:43:11,049
All right.

1401
00:43:11,149 --> 00:43:15,080
How can Taylor or I or our
listener help you?

1402
00:43:15,080 --> 00:43:15,600
Well, we're growing.

1403
00:43:15,560 --> 00:43:16,280
We're looking for mortgage brokers

1404
00:43:16,240 --> 00:43:18,100
in Vernon and Kamloops and new
agents and people that want to,

1405
00:43:18,100 --> 00:43:20,443
you know, join Century 21, but
moreover, join a local brokerage

1406
00:43:20,443 --> 00:43:21,749
with local knowledge and support
for agents that want to do the

1407
00:43:21,749 --> 00:43:23,210
very best for their clients.

1408
00:43:23,210 --> 00:43:25,340
That's kind of what we're

1409
00:43:25,340 --> 00:43:28,567
searching for now, you know, and
we do train, you know, we offer

1410
00:43:28,567 --> 00:43:31,536
training for people that are maybe
new to the industry or that have

1411
00:43:31,533 --> 00:43:33,761
been for a while and, and want to
reorient their career.

1412
00:43:33,761 --> 00:43:36,717
And we also offer a lot of
systems.

1413
00:43:36,817 --> 00:43:39,464
And Matt, I know you've
experienced a lot of that

1414
00:43:39,464 --> 00:43:40,392
personally and you as well.

1415
00:43:40,392 --> 00:43:42,109
And so, you know, we like to think

1416
00:43:42,109 --> 00:43:43,164
that we live up to our promises.

1417
00:43:43,078 --> 00:43:43,679
It's the hardest profession in the

1418
00:43:43,679 --> 00:43:43,737
world.

1419
00:43:43,737 --> 00:43:44,338
It's got the lowest success rate,

1420
00:43:44,338 --> 00:43:45,913
but we like to think that we live
up to our promises it's the

1421
00:43:45,913 --> 00:43:48,037
hardest profession in the world
it's got the lowest success rate

1422
00:43:48,037 --> 00:43:54,700
but we like to think that we break
through that mold a bit so i

1423
00:43:54,980 --> 00:43:57,305
appreciate you guys giving us a
chance to you know talk about the

1424
00:43:57,205 --> 00:43:59,500
changes in the industry and the
company and share a little bit of

1425
00:44:00,020 --> 00:44:02,048
wisdom today so thank you guys
really appreciate it no it was

1426
00:44:01,963 --> 00:44:04,825
great dean no it was great dean
yeah thanks for coming on and uh

1427
00:44:04,825 --> 00:44:08,207
yeah it's always fun chatting to
you we'll look forward to the next

1428
00:44:08,207 --> 00:44:10,429
one sorry i couldn't make the golf
invite.

1429
00:44:10,429 --> 00:44:11,198
I really appreciate that.

1430
00:44:11,198 --> 00:44:13,119
But Emily's golfing again for the

1431
00:44:13,119 --> 00:44:14,334
second day in a row.

1432
00:44:14,334 --> 00:44:14,564
Wow.

1433
00:44:14,564 --> 00:44:16,515
So LPGA next or what?
So LPGA That's pretty good.

1434
00:44:16,515 --> 00:44:17,089
pretty good.

1435
00:44:17,089 --> 00:44:18,748
You know, my wife does golf and it

1436
00:44:18,848 --> 00:44:19,212
is fun.

1437
00:44:19,212 --> 00:44:20,809
And, you know, she expects to hit

1438
00:44:20,709 --> 00:44:21,222
every shot.

1439
00:44:21,122 --> 00:44:21,277
Perfect.

1440
00:44:21,277 --> 00:44:21,432
Yeah.

1441
00:44:21,432 --> 00:44:22,757
So after a while, it's tough.

1442
00:44:22,757 --> 00:44:23,641
That's your first mistake.

1443
00:44:23,641 --> 00:44:24,967
She literally looked at me that

1444
00:44:24,967 --> 00:44:26,860
day and said, what am I doing
wrong?

1445
00:44:26,860 --> 00:44:27,933
And I said, no, I'm out.

1446
00:44:27,933 --> 00:44:28,249
I'm gone.

1447
00:44:28,249 --> 00:44:29,734
Now I see why you've been married
for tough.

1448
00:44:29,734 --> 00:44:31,158
That's been married for so long.

1449
00:44:31,158 --> 00:44:32,013
Learning the right lessons.

1450
00:44:32,113 --> 00:44:32,398
Yeah.

1451
00:44:32,298 --> 00:44:33,535
And pickleball is the same And

1452
00:44:33,535 --> 00:44:34,413
pickleball is the same thing,
right?

1453
00:44:34,413 --> 00:44:35,857
You can't play with your spouse
either.

1454
00:44:35,757 --> 00:44:37,288
That's funny that she wants to hit
every shot right.

1455
00:44:37,288 --> 00:44:40,925
When I go golfing, I just want to
hit like one shot right would be

1456
00:44:40,925 --> 00:44:41,426
good for me.

1457
00:44:41,426 --> 00:44:42,856
Oh, I've seen you golf.

1458
00:44:42,856 --> 00:44:44,666
You can hit some shots right.

1459
00:44:44,666 --> 00:44:45,506
So yeah.

1460
00:44:45,506 --> 00:44:46,993
One or two a round.

1461
00:44:46,993 --> 00:44:49,061
One out of 200 is pretty good.

1462
00:44:49,061 --> 00:44:49,413
Yeah, exactly.

1463
00:44:49,413 --> 00:44:50,438
It's a cruel Yeah.

1464
00:44:50,438 --> 00:44:51,556
right?
So One or two yeah.

1465
00:44:51,556 --> 00:44:52,301
a One out round.

1466
00:44:52,301 --> 00:44:53,650
of 200 is pretty exactly.

1467
00:44:53,650 --> 00:44:53,793
good.

1468
00:44:53,793 --> 00:44:55,224
Yeah, Yeah, it's a cruel game,

1469
00:44:55,224 --> 00:44:57,012
that game, but most of them are.

1470
00:44:57,012 --> 00:44:59,164
But you know, it's nice to get out

1471
00:44:59,164 --> 00:44:59,272
there.

1472
00:44:59,272 --> 00:45:01,379
I mean, the weather right now is

1473
00:45:01,379 --> 00:45:02,460
kind of perfect for golf.

1474
00:45:02,460 --> 00:45:04,371
You know, the Okanagan is an

1475
00:45:04,471 --> 00:45:04,987
amazing place.

1476
00:45:04,987 --> 00:45:06,343
You know, the Septembers and early

1477
00:45:06,343 --> 00:45:10,354
Octobers, this is where you, you
know, there's no traffic and you

1478
00:45:10,354 --> 00:45:11,810
kind of, weather's absolutely
perfect.

1479
00:45:11,810 --> 00:45:15,040
And yeah, this is kind of why we
live here.

1480
00:45:15,036 --> 00:45:16,576
Because if we were living anywhere
Yeah.

1481
00:45:16,574 --> 00:45:18,750
this is kind of why we live Yeah.

1482
00:45:18,750 --> 00:45:19,046
else, here.

1483
00:45:19,046 --> 00:45:21,793
Because if we were living anywhere
else, it'd probably be snowing.

1484
00:45:21,693 --> 00:45:21,851
Yeah.

1485
00:45:21,951 --> 00:45:22,214
Seriously.

1486
00:45:22,114 --> 00:45:22,272
Yeah.

1487
00:45:22,272 --> 00:45:22,903
I love the fall.

1488
00:45:23,003 --> 00:45:23,324
the fall.

1489
00:45:23,324 --> 00:45:24,116
It's a good time here.

1490
00:45:24,216 --> 00:45:24,592
time here.

1491
00:45:24,592 --> 00:45:24,771
You too.

1492
00:45:24,771 --> 00:45:24,949
too.

1493
00:45:24,949 --> 00:45:25,406
You too.

1494
00:45:25,306 --> 00:45:25,961
Thanks a lot.

1495
00:45:25,961 --> 00:45:26,794
All right.

1496
00:45:26,794 --> 00:45:27,686
Thanks a lot, Dean.