87: The Start of Single-Family Home Extinction with NobleTerra Developments' Curtis Mitchell

1
00:00:00,000 --> 00:00:01,300
Welcome back to the Kelowna Real
Estate Podcast.

2
00:00:01,300 --> 00:00:03,140
I'm your mortgage broker host,
Taylor Atkinson.

3
00:00:03,300 --> 00:00:05,640
And I'm your real estate agent
host, Matt Glenn.

4
00:00:05,640 --> 00:00:07,420
What's happening today?
Hey, big news.

5
00:00:07,420 --> 00:00:12,060
Bank of Canada, 50 basis point
cut, half a percent off on

6
00:00:12,220 --> 00:00:12,700
variable adjustable rate
mortgages.

7
00:00:12,700 --> 00:00:16,079
Doesn't do anything to your fixed
rate right now.

8
00:00:16,079 --> 00:00:16,900
But yeah, pretty awesome.

9
00:00:16,900 --> 00:00:18,420
Second consecutive half point

10
00:00:18,420 --> 00:00:18,740
decrease.

11
00:00:19,320 --> 00:00:19,500
Yeah.

12
00:00:19,500 --> 00:00:25,880
So we were all kind of expecting
half a point off, or at least had

13
00:00:25,880 --> 00:00:27,380
high hopes for that.

14
00:00:27,500 --> 00:00:28,640
Yeah, I was glad that it came

15
00:00:28,640 --> 00:00:28,840
through.

16
00:00:29,160 --> 00:00:30,060
Like what is a variable rate at

17
00:00:30,060 --> 00:00:32,220
right now?
If somebody wants to go get a

18
00:00:32,220 --> 00:00:33,980
mortgage, what are we talking?
If it's insured, so less than 20 %

19
00:00:33,980 --> 00:00:38,540
down or insurable, we're in that
like 4 .5 % range.

20
00:00:38,540 --> 00:00:38,840
Okay.

21
00:00:38,840 --> 00:00:41,600
If it's not insured, then we're in

22
00:00:41,600 --> 00:00:45,200
kind of the high 4 .9s.

23
00:00:45,200 --> 00:00:46,740
And what are a fix?

24
00:00:46,740 --> 00:00:50,560
Isn't a fix like around the low
fours?

25
00:00:50,560 --> 00:00:50,800
Yeah.

26
00:00:50,800 --> 00:00:51,840
So again, insured, you know, we're

27
00:00:51,840 --> 00:00:56,560
seeing in like the 4 .14 range can
get a little bit cheaper with some

28
00:00:56,560 --> 00:00:59,900
different products, a little bit
more expensive and then not

29
00:00:59,900 --> 00:01:01,500
insured in like that 4 .39 range.

30
00:01:01,500 --> 00:01:01,580
Okay.

31
00:01:01,580 --> 00:01:04,260
So right now fix are still
cheaper, but it's trending towards

32
00:01:04,260 --> 00:01:05,880
variable going down.

33
00:01:06,720 --> 00:01:07,380
Marginally cheaper.

34
00:01:07,380 --> 00:01:11,300
Pretty much all the mortgages I'm
doing right now, obviously we

35
00:01:11,300 --> 00:01:12,060
present.

36
00:01:12,060 --> 00:01:14,160
you know, a few different options.

37
00:01:14,160 --> 00:01:14,880
Here's like your fix.

38
00:01:14,880 --> 00:01:16,760
Here's a 30 year AM, a 25 year AM

39
00:01:16,760 --> 00:01:16,860
variable.

40
00:01:16,860 --> 00:01:18,800
Most people are now just seeing

41
00:01:18,960 --> 00:01:22,380
like, Hey, I'm paying another $20
a month to have this variable.

42
00:01:22,380 --> 00:01:27,980
And if I get one rate decrease by
a quarter point, I'm going to be

43
00:01:27,980 --> 00:01:28,460
on par.

44
00:01:28,460 --> 00:01:30,660
And then anything after that

45
00:01:30,660 --> 00:01:30,920
saving.

46
00:01:30,920 --> 00:01:33,780
So a lot of people are electing to

47
00:01:33,780 --> 00:01:34,900
go variable now, which is nice to
see.

48
00:01:34,900 --> 00:01:36,840
It's nice to see people have that
flexibility.

49
00:01:36,840 --> 00:01:38,860
It's kind of funny because it's
not that much time.

50
00:01:38,860 --> 00:01:41,180
Well, it's fairly rare in my
experience, obviously, not a

51
00:01:41,180 --> 00:01:44,540
mortgage broker, but the fixed and
the variable are somewhat the

52
00:01:44,540 --> 00:01:44,720
same.

53
00:01:44,720 --> 00:01:46,480
Usually, there's a clear favorite.

54
00:01:46,480 --> 00:01:46,680
Yeah.

55
00:01:46,680 --> 00:01:48,920
I mean, I think the favorite is

56
00:01:49,020 --> 00:01:50,420
variable right now, just purely on
projections.

57
00:01:50,420 --> 00:01:54,340
We're not projecting fixed rates
really drop a whole lot more.

58
00:01:54,740 --> 00:01:57,400
They're based off the US economy,
which is just pumping right now

59
00:01:57,400 --> 00:02:01,060
for obviously... based off right
now for obviously...

60
00:02:01,060 --> 00:02:04,560
Trump's in there and everyone's
got high hopes for their economy

61
00:02:04,560 --> 00:02:06,300
and America first kind of thing.

62
00:02:06,300 --> 00:02:04,260
So that doesn't really bode well

63
00:02:04,260 --> 00:02:08,380
for our bond market.

64
00:02:08,380 --> 00:02:12,160
Well, I mean, it does, but it

65
00:02:12,160 --> 00:02:14,500
doesn't bode well for like cheaper
fixed rates.

66
00:02:14,500 --> 00:02:17,520
But just because our economy is
getting crushed, that's why we're

67
00:02:17,520 --> 00:02:19,100
seeing a bigger decrease on the
variable rate.

68
00:02:19,160 --> 00:02:21,700
So I think there's still room on
the variable side, probably not a

69
00:02:21,720 --> 00:02:23,600
whole lot more room on the fixed
side.

70
00:02:23,600 --> 00:02:24,060
Interesting.

71
00:02:24,340 --> 00:02:25,620
All right.

72
00:02:25,620 --> 00:02:26,740
Good time.

73
00:02:26,740 --> 00:02:27,760
What do you think?

74
00:02:27,760 --> 00:02:30,360
What are your predictions for the
next year's market?

75
00:02:30,360 --> 00:02:32,600
End of the year?
Like on rates?

76
00:02:32,600 --> 00:02:33,700
Yeah, rates and also sales.

77
00:02:33,700 --> 00:02:35,000
What do you think's happening?

78
00:02:37,040 --> 00:02:38,280
I don't know.

79
00:02:39,190 --> 00:02:40,690
I got out of the prediction game

80
00:02:40,690 --> 00:02:42,690
as soon as I got into it because I
was always wrong.

81
00:02:42,690 --> 00:02:47,330
You know what?
I was a little less optimistic on

82
00:02:48,050 --> 00:02:48,510
this rate announcement.

83
00:02:48,510 --> 00:02:50,950
I was like quarter point for sure.

84
00:02:50,950 --> 00:02:51,630
Maybe half a point.

85
00:02:51,630 --> 00:02:52,290
It actually surprised me.

86
00:02:52,290 --> 00:02:53,250
I was kind of on the fence.

87
00:02:53,250 --> 00:02:53,450
Really?

88
00:02:53,450 --> 00:02:56,330
You were surprised?
Really?

89
00:02:56,330 --> 00:02:57,230
You were Honestly, I was.

90
00:02:57,230 --> 00:02:59,550
Like a month ago, I was like,

91
00:02:59,550 --> 00:03:01,850
okay, two half point cuts
consecutively for sure.

92
00:03:01,850 --> 00:03:03,770
And it kind of wobbled a little
bit.

93
00:03:03,930 --> 00:03:04,890
And then some job numbers came out
recently and it kind of pushed the

94
00:03:04,890 --> 00:03:06,630
other way.

95
00:03:06,730 --> 00:03:08,370
Like it just seems so volatile

96
00:03:08,530 --> 00:03:08,550
still.

97
00:03:08,550 --> 00:03:08,790
Yeah, yeah.

98
00:03:08,890 --> 00:03:12,990
So I don't really want to make a
lot of predictions.

99
00:03:12,990 --> 00:03:15,190
I don't really want to make a lot
of predictions.

100
00:03:15,190 --> 00:03:17,130
I did notice that the narrative
had changed.

101
00:03:17,130 --> 00:03:18,470
It was like quarter point, half of
my quarter point.

102
00:03:18,470 --> 00:03:24,610
And then I thought the consensus
was pretty much a half point a

103
00:03:24,610 --> 00:03:25,050
couple of days ago.

104
00:03:25,050 --> 00:03:24,370
Interesting what happens on

105
00:03:24,370 --> 00:03:25,910
January 29th now, because that's
the next cut, right?

106
00:03:25,910 --> 00:03:28,170
Yeah, I think we'll see a couple
more cuts, whether that's a

107
00:03:28,170 --> 00:03:31,370
quarter point or half a point,
whatever it's going to be into the

108
00:03:31,370 --> 00:03:31,630
spring.

109
00:03:31,630 --> 00:03:32,450
And then obviously, that's going

110
00:03:32,450 --> 00:03:34,200
to heat up the market a little
bit.

111
00:03:34,200 --> 00:03:36,400
And I think a lot of these new
legislation changes with CMHC,

112
00:03:36,860 --> 00:03:39,120
like insured products for first
-time homebuyers on a 30 -year

113
00:03:39,120 --> 00:03:41,860
amortization, or insured up to a
million and a half, or insurable

114
00:03:41,860 --> 00:03:46,320
with a 2 million if you're putting
it into the basement renovation,

115
00:03:46,320 --> 00:03:48,240
like all these incentives are
really going to support, you know,

116
00:03:48,240 --> 00:03:51,920
houses specifically in Kelowna in
that price point that were before

117
00:03:51,920 --> 00:03:54,980
out of people's range.

118
00:03:54,980 --> 00:03:56,800
So with a couple more rate cuts

119
00:03:57,140 --> 00:04:02,400
and a couple more of these and low
inventory, yeah, I think in the

120
00:04:02,400 --> 00:04:04,980
single family home, we're going to
see things pick up pretty

121
00:04:04,980 --> 00:04:05,220
aggressively.

122
00:04:05,220 --> 00:04:05,840
Nice, nice.

123
00:04:05,840 --> 00:04:10,440
But that was me just saying, I'm
not in the prediction.

124
00:04:10,440 --> 00:04:13,560
What do you think?
I think I agree with that totally.

125
00:04:13,560 --> 00:04:17,120
I think single families are going
to... have a bit of a i don't want

126
00:04:17,120 --> 00:04:20,399
to say a boom but an uptick for
sure 2025 seems like even right

127
00:04:20,519 --> 00:04:24,640
now like anecdotally in my
business i feel like the last few

128
00:04:24,840 --> 00:04:27,420
weeks i've seen a noted increase
in sales and most of them have

129
00:04:27,420 --> 00:04:30,740
been single family so it's it
seems like it's coming alive early

130
00:04:30,740 --> 00:04:32,680
it kind of is funny our
traditional markets like where

131
00:04:32,680 --> 00:04:34,840
it's like busy in the spring
slower in the summer busy in the

132
00:04:34,840 --> 00:04:40,320
fall sore in the winter it's just
not really materialized for like

133
00:04:40,320 --> 00:04:43,220
five years It's just been off ever
since COVID hit.

134
00:04:43,220 --> 00:04:47,040
So I wonder if we get back to that
at some point.

135
00:04:47,040 --> 00:04:49,720
Right now, there's definitely an
uptick that we've seen.

136
00:04:49,720 --> 00:04:50,000
Yeah, absolutely.

137
00:04:50,000 --> 00:04:51,620
This has been, for my business,

138
00:04:51,620 --> 00:04:52,320
the most productive.

139
00:04:52,320 --> 00:04:53,900
It's been this three -month

140
00:04:53,900 --> 00:04:55,340
stretch in any fall, winter
season.

141
00:04:55,340 --> 00:04:56,580
So if that shows anything into the
spring.

142
00:04:56,580 --> 00:04:59,900
But yeah, hey, this is the last
show for us for 2024.

143
00:04:59,900 --> 00:05:01,870
Before we take a break over the
holidays.

144
00:05:01,870 --> 00:05:04,070
So that's two solid calendar years
that we've done the show.

145
00:05:04,070 --> 00:05:04,250
Yeah.

146
00:05:04,250 --> 00:05:04,370
Yeah.

147
00:05:04,370 --> 00:05:05,650
Pat on the back to us.

148
00:05:05,850 --> 00:05:06,410
Yes.

149
00:05:06,410 --> 00:05:06,670
Yeah.

150
00:05:06,670 --> 00:05:07,450
It's been fun, man.

151
00:05:07,450 --> 00:05:07,690
Thanks.

152
00:05:08,390 --> 00:05:08,830
Yeah.

153
00:05:09,250 --> 00:05:10,110
Thanks for partnering.

154
00:05:10,110 --> 00:05:10,930
It's been fun.

155
00:05:10,930 --> 00:05:14,330
We have still not figured out all
the technicals.

156
00:05:14,330 --> 00:05:18,370
Like for some reason I'm super
bright right now.

157
00:05:18,370 --> 00:05:19,950
Can't figure this out, but we're
getting there.

158
00:05:20,170 --> 00:05:21,450
We're getting down the hosting.

159
00:05:21,450 --> 00:05:22,690
We're getting down the having

160
00:05:22,690 --> 00:05:23,770
guests on.

161
00:05:24,890 --> 00:05:26,130
It's been a ton of fun.

162
00:05:26,130 --> 00:05:26,290
Yeah.

163
00:05:26,290 --> 00:05:29,050
And yeah, thanks for the listeners

164
00:05:29,050 --> 00:05:31,410
to support and hope everyone has a
safe and happy holiday.

165
00:05:31,410 --> 00:05:33,550
Today's guest, we brought on
Curtis Mitchell.

166
00:05:33,650 --> 00:05:35,670
He's local in Kelowna right now.

167
00:05:35,830 --> 00:05:37,010
He's the principal at CM Designs

168
00:05:37,090 --> 00:05:37,170
LTD.

169
00:05:37,170 --> 00:05:39,630
So I met him through doing some

170
00:05:39,630 --> 00:05:40,370
renovation projects.

171
00:05:40,370 --> 00:05:41,810
I walked through one of his spec

172
00:05:41,810 --> 00:05:43,350
homes that he's GC'd himself.

173
00:05:43,390 --> 00:05:45,650
So he's a licensed home builder as

174
00:05:45,650 --> 00:05:45,810
well.

175
00:05:45,810 --> 00:05:47,310
Super creative and ambitious.

176
00:05:47,310 --> 00:05:49,030
He's buying land, subdividing.

177
00:05:49,190 --> 00:05:50,150
you know, redeveloping, going

178
00:05:50,150 --> 00:05:52,480
through the BP, DP process, start
to finish, right?

179
00:05:52,480 --> 00:05:55,220
Like it's pretty cool to see
someone do it all.

180
00:05:55,220 --> 00:05:58,260
Yeah, to see someone do it all.

181
00:05:58,260 --> 00:06:00,640
he's just tackling it head on.

182
00:06:00,640 --> 00:06:00,940
Yeah.

183
00:06:00,940 --> 00:06:02,560
So he's got a couple different

184
00:06:02,560 --> 00:06:07,940
businesses, but yeah, that's kind
of the one I know most about is CM

185
00:06:07,940 --> 00:06:08,260
Designs.

186
00:06:08,260 --> 00:06:10,020
And like, if you want someone

187
00:06:10,020 --> 00:06:14,840
incredibly fast and can take your
vision and throw it on a piece of

188
00:06:14,840 --> 00:06:20,420
paper and then get it approved by
the city, highly recommend

189
00:06:20,540 --> 00:06:21,760
reaching out to him.

190
00:06:21,980 --> 00:06:23,300
Like really.

191
00:06:23,560 --> 00:06:25,400
Really impressive how fast he
turns things around.

192
00:06:25,400 --> 00:06:26,880
So yeah, just a personal
appreciation to him.

193
00:06:26,940 --> 00:06:28,560
But I think you guys will enjoy
the show.

194
00:06:28,560 --> 00:06:29,600
Also a great podcast guest.

195
00:06:29,760 --> 00:06:29,980
Yeah.

196
00:06:30,060 --> 00:06:32,160
It was awesome to talk to you.

197
00:06:32,160 --> 00:06:33,260
It was a lot of fun.

198
00:06:33,260 --> 00:06:33,380
show.

199
00:06:33,380 --> 00:06:34,040
Also a Yeah.

200
00:06:34,040 --> 00:06:34,340
Yeah.

201
00:06:34,340 --> 00:06:36,000
He's a great guy.

202
00:06:36,000 --> 00:06:38,140
So enjoy the show, guys.

203
00:06:38,140 --> 00:06:40,480
This episode, like every episode,

204
00:06:40,480 --> 00:06:42,500
is sponsored by the best brokerage
in town.

205
00:06:42,500 --> 00:06:43,700
Best brokers in the interior,
let's be honest.

206
00:06:43,700 --> 00:06:44,500
Century 21 Assurance Realty.

207
00:06:44,920 --> 00:06:45,820
We are expanding.

208
00:06:45,820 --> 00:06:46,480
We're going to Kamloops.

209
00:06:46,480 --> 00:06:49,120
We're going to the Kootenays.

210
00:06:49,120 --> 00:06:50,660
We're going to Salmon Arm.

211
00:06:50,660 --> 00:06:53,160
We just opened a shop in Creston.

212
00:06:53,280 --> 00:06:54,300
Taylor knows all about Creston.

213
00:06:54,300 --> 00:06:55,220
So we are there now too.

214
00:06:55,220 --> 00:06:56,700
Things are looking good.

215
00:06:56,780 --> 00:06:57,520
So if you're ready to join a

216
00:06:57,560 --> 00:06:55,220
brokerage that is expanding size
-wise, but also geographically, we

217
00:06:58,360 --> 00:06:59,420
are the one for you.

218
00:06:59,420 --> 00:07:01,920
So if you're looking for a new

219
00:07:01,920 --> 00:07:03,900
brokerage for the new year, give
us a call.

220
00:07:03,900 --> 00:07:04,820
Give me a call.

221
00:07:05,160 --> 00:07:06,060
Give Dean a call.

222
00:07:06,060 --> 00:07:08,060
Max, love to talk to you.

223
00:07:08,060 --> 00:07:11,580
Or if you're a buyer or a seller

224
00:07:11,580 --> 00:07:13,680
looking for an agent anywhere in
the interior, pretty much, So we

225
00:07:13,760 --> 00:07:16,860
are Century 21 Assurance Realty is
the brokerage for you.

226
00:07:16,860 --> 00:07:18,380
Okay, welcome to the show, Curtis
Mitchell.

227
00:07:18,380 --> 00:07:19,820
How's it going, man?
Good, thanks.

228
00:07:19,820 --> 00:07:20,400
How are you?
Good.

229
00:07:20,400 --> 00:07:21,280
Thanks for joining us.

230
00:07:21,280 --> 00:07:22,800
Thanks for having me.

231
00:07:22,800 --> 00:07:28,460
Yeah, so how we like to start our
show is just kind of what does

232
00:07:28,460 --> 00:07:30,080
your perfect Friday look like in
terms of work, productivity, what

233
00:07:30,080 --> 00:07:32,120
gives you energy, and then a bit
of fun leading into the weekend?

234
00:07:32,120 --> 00:07:34,640
Well, to answer that, I wish you
could treat every day like Friday.

235
00:07:34,640 --> 00:07:36,760
In a perfect world, there would be
no differentiating between Mondays

236
00:07:36,760 --> 00:07:37,420
and Fridays.

237
00:07:37,420 --> 00:07:18,380
Just become a realtor.

238
00:07:38,240 --> 00:07:40,240
Every day is the same.

239
00:07:40,240 --> 00:07:41,260
You never work.

240
00:07:41,260 --> 00:07:44,860
Yeah, right.

241
00:07:45,040 --> 00:07:46,720
Yeah, like the perfect day for me

242
00:07:46,720 --> 00:07:48,200
would still be very much
structured, right.

243
00:07:48,200 --> 00:07:51,960
much structured, getting up 6 a
m., checking the emails, going to

244
00:07:52,040 --> 00:07:53,600
the gym, getting the bulk majority
of my work done in the morning,

245
00:07:53,600 --> 00:07:55,060
and then off by 2 o 'clock.

246
00:07:55,060 --> 00:07:55,220
Nice.

247
00:07:55,220 --> 00:07:58,500
Then you can spend it biking,
hiking, or in the case of a

248
00:07:58,500 --> 00:07:59,280
Friday, getting ready to go.

249
00:07:59,280 --> 00:08:02,420
jaunt off somewhere, whether it's

250
00:08:02,600 --> 00:08:04,280
Explore BC or elsewhere.

251
00:08:04,280 --> 00:08:05,380
Are you from Kelowna originally?

252
00:08:05,840 --> 00:08:06,220
Calgary.

253
00:08:06,220 --> 00:08:06,600
Okay, sweet.

254
00:08:06,600 --> 00:08:06,880
Yeah.

255
00:08:07,040 --> 00:08:09,160
How long have you been here?

256
00:08:09,160 --> 00:08:10,140
Yeah, 11 years.

257
00:08:10,920 --> 00:08:11,500
Oh, yeah.

258
00:08:11,500 --> 00:08:11,620
Yeah.

259
00:08:11,620 --> 00:08:11,900
Nice.

260
00:08:12,160 --> 00:08:12,820
Wouldn't go back.

261
00:08:12,820 --> 00:08:12,900
Yeah.

262
00:08:12,900 --> 00:08:17,540
We hear that a lot around here.

263
00:08:17,720 --> 00:08:17,840
Yeah.

264
00:08:17,840 --> 00:08:21,560
Yeah, I've had friends move to
Calgary and they're still there.

265
00:08:21,560 --> 00:08:24,820
And yeah, Calgary people come
here, but that's a pretty good

266
00:08:24,820 --> 00:08:24,980
spot.

267
00:08:24,980 --> 00:08:27,460
Okay, well, tell us about your

268
00:08:27,460 --> 00:08:28,860
business and what you do.

269
00:08:28,860 --> 00:08:30,060
I mean, you have two businesses,

270
00:08:30,060 --> 00:08:34,280
so we'll kind of break this down
into two parts of the show.

271
00:08:34,280 --> 00:08:35,880
Yeah, sure.

272
00:08:35,880 --> 00:08:39,299
Yeah, if you want to kind of start

273
00:08:39,299 --> 00:08:42,659
on the architect background, like
design and everything like that,

274
00:08:42,659 --> 00:08:45,100
what you do, that'd be great.

275
00:08:45,100 --> 00:08:48,660
Yeah, so I'll go back to my

276
00:08:48,660 --> 00:08:49,000
background, I'm an architectural
technologist.

277
00:08:49,000 --> 00:08:52,340
And I worked for an architect in
town, Meiklejohn Architects, for

278
00:08:52,340 --> 00:08:52,960
five years.

279
00:08:53,900 --> 00:08:54,940
And then started my own company,

280
00:08:54,940 --> 00:08:56,020
CM Designs.

281
00:08:56,240 --> 00:08:57,300
So I specialize in subdivisions,

282
00:08:57,300 --> 00:08:58,600
rezonings, blueprints, anywhere
from renovations, single family

283
00:08:58,820 --> 00:09:00,820
homes, duplexes, fourplexes, that
kind of thing.

284
00:09:00,980 --> 00:09:03,100
and helping clients anywhere in
between all of those phases.

285
00:09:03,100 --> 00:09:04,880
Yeah, it's got to be a tough job.

286
00:09:04,960 --> 00:09:06,040
Like for me, I just wouldn't be

287
00:09:06,040 --> 00:09:06,660
able to see the vision.

288
00:09:06,660 --> 00:09:08,080
Like you have to translate what

289
00:09:08,080 --> 00:09:10,150
somebody communicates you over
email or a 10 minute conversation

290
00:09:10,150 --> 00:09:10,950
into like what they're
envisioning.

291
00:09:10,950 --> 00:09:13,630
And I just could not do that.

292
00:09:13,630 --> 00:09:15,570
But you seem to just thrive in it.

293
00:09:15,690 --> 00:09:19,310
What kind of sets you apart?
Like, what do you love about it so

294
00:09:19,310 --> 00:09:20,490
much?
It's not just me.

295
00:09:20,490 --> 00:09:21,390
not just me.

296
00:09:21,390 --> 00:09:24,090
I use a pretty powerful software

297
00:09:24,090 --> 00:09:26,230
that helps me visualize things as
well.

298
00:09:26,590 --> 00:09:34,350
But going back to my childhood, I
used to draft plans with crayons,

299
00:09:34,350 --> 00:09:37,050
like literally at four years old.

300
00:09:37,050 --> 00:09:40,890
So I feel like I found my passion,

301
00:09:40,890 --> 00:09:41,370
my path.

302
00:09:41,370 --> 00:09:45,250
I've always had a passion for

303
00:09:45,250 --> 00:09:45,430
design.

304
00:09:45,430 --> 00:09:47,070
And what sets me apart, I think

305
00:09:47,070 --> 00:09:47,370
just listening.

306
00:09:47,370 --> 00:09:48,330
Number one, listen to concerns,

307
00:09:48,590 --> 00:09:52,570
maybe not related to the buildings
so much, but...

308
00:09:52,570 --> 00:09:55,690
You want to understand how do the
clients live?

309
00:09:55,690 --> 00:09:59,330
Do they need a sink in their
pantry versus whatever?

310
00:09:59,330 --> 00:10:02,150
You want to get down to how they
live day to day, and that'll help

311
00:10:02,150 --> 00:10:02,990
you design the building.

312
00:10:03,050 --> 00:10:03,090
Yeah.

313
00:10:03,090 --> 00:10:04,740
Are there trends people are doing
right now, or are you working on

314
00:10:04,740 --> 00:10:08,140
such one -off type properties that
there's no one thing that stands

315
00:10:08,140 --> 00:10:10,820
out as what's working in Kelowna
right now?

316
00:10:10,820 --> 00:10:17,220
I work a lot with developers, so
the trend is what can make money.

317
00:10:17,220 --> 00:10:17,480
Right.

318
00:10:17,480 --> 00:10:19,400
Well, yeah, it's got to be tough.

319
00:10:19,400 --> 00:10:21,680
And not cost money, money, I
guess.

320
00:10:21,680 --> 00:10:22,140
Yeah, for sure.

321
00:10:22,140 --> 00:10:23,740
Like there's always that sweet

322
00:10:23,740 --> 00:10:28,140
spot, like, you know, 1400 square
foot townhouse is making money.

323
00:10:28,140 --> 00:10:33,670
You make it too big and you're
building for too much and it's not

324
00:10:33,670 --> 00:10:33,790
profitable.

325
00:10:33,790 --> 00:10:37,070
So my job is so multi -layered

326
00:10:37,070 --> 00:10:40,850
because there's the custom home
where you're working with a client

327
00:10:40,850 --> 00:10:40,990
aspect.

328
00:10:40,990 --> 00:10:42,450
And then there's the working with

329
00:10:42,450 --> 00:10:44,290
a developer and trying to make a
profitable project.

330
00:10:44,290 --> 00:10:47,470
So are you doing a lot of the
infill work?

331
00:10:47,470 --> 00:10:49,810
a lot of the infill work?
Are you working a lot on that?

332
00:10:49,810 --> 00:10:50,270
Totally.

333
00:10:50,270 --> 00:10:50,570
Yeah.

334
00:10:50,570 --> 00:10:51,110
Yeah.

335
00:10:51,110 --> 00:10:52,310
The BC government changed the

336
00:10:52,310 --> 00:10:53,870
zoning in February of 2024.

337
00:10:53,870 --> 00:10:54,150
Yeah.

338
00:10:54,150 --> 00:10:54,330
Yeah.

339
00:10:54,330 --> 00:10:55,270
And then trickle down, Kelowna

340
00:10:55,270 --> 00:10:56,490
changed their zoning.

341
00:10:56,490 --> 00:10:57,910
So infill lots in Kelowna can now

342
00:10:58,680 --> 00:11:00,800
support six units, whereas
previously they would only be able

343
00:11:00,800 --> 00:11:02,500
to support a single family house
with secondary suite.

344
00:11:02,500 --> 00:11:05,260
Have there been a lot of six
plexus being built?

345
00:11:05,260 --> 00:11:05,760
Not yet.

346
00:11:05,760 --> 00:11:07,920
Because I know that that changed

347
00:11:08,040 --> 00:11:09,940
this, but I haven't seen, I don't
think any.

348
00:11:09,940 --> 00:11:13,680
Or very few that have come on that
are actually sixes are all still

349
00:11:13,680 --> 00:11:14,940
doing the four.

350
00:11:14,940 --> 00:11:15,400
For sure.

351
00:11:15,400 --> 00:11:15,740
Yeah.

352
00:11:15,740 --> 00:11:16,800
It all comes down to parking.

353
00:11:16,800 --> 00:11:17,320
Yes.

354
00:11:17,540 --> 00:11:19,480
You always have to provide one

355
00:11:19,480 --> 00:11:20,380
parking stall per unit.

356
00:11:20,380 --> 00:11:22,980
So if you've got a lot that can't

357
00:11:22,980 --> 00:11:24,180
support the parking, you can't
build the six.

358
00:11:23,120 --> 00:11:24,300
But also the zoning is pretty new.

359
00:11:24,300 --> 00:11:24,880
It only came out in June.

360
00:11:25,020 --> 00:11:28,700
only And as we know, the market is
pretty slow.

361
00:11:28,700 --> 00:11:34,340
So we're not seeing construction
in the last half of 2024 or so.

362
00:11:34,340 --> 00:11:39,960
But you think of all the products
that would sell, you think that a

363
00:11:39,960 --> 00:11:42,460
sixplex units would sell is a
little cheaper, easier to get

364
00:11:42,460 --> 00:11:42,700
into.

365
00:11:42,700 --> 00:11:43,340
For sure.

366
00:11:43,340 --> 00:11:46,520
I guess a lot of things have to be
considered there.

367
00:11:46,520 --> 00:11:46,720
sure.

368
00:11:46,720 --> 00:11:48,640
Do you think they'll ever give

369
00:11:48,640 --> 00:11:49,580
exception on that, like parking
variance?

370
00:11:49,580 --> 00:11:54,030
Or even with the, was it the top
floor has to be like 70 % of the

371
00:11:54,030 --> 00:11:55,290
overall footprint?
I think it's a residential bylaw

372
00:11:55,290 --> 00:11:56,770
in Kelowna where like...

373
00:11:57,130 --> 00:11:59,930
They just want it to look like a

374
00:11:59,930 --> 00:12:02,910
residential town, but it seems
like such a waste of space.

375
00:12:02,910 --> 00:12:04,090
If we're talking about
affordability and building

376
00:12:04,090 --> 00:12:06,430
vertically, densification, do you
ever see those kind of bylaws

377
00:12:06,650 --> 00:12:08,830
going away?
Or are we just going to start with

378
00:12:08,830 --> 00:12:11,970
the infill and see what happens?
There are certain areas in Kelowna

379
00:12:11,970 --> 00:12:14,170
that are parking exempt.

380
00:12:14,170 --> 00:12:16,310
They've called them the core

381
00:12:16,310 --> 00:12:16,430
areas.

382
00:12:16,430 --> 00:12:18,510
We've got downtown proper and

383
00:12:18,510 --> 00:12:20,190
then... the hospital district, and
then Rutland.

384
00:12:20,190 --> 00:12:21,550
So those areas already are having
parking exemptions.

385
00:12:21,550 --> 00:12:24,610
So you could build that six, well,
you can build more dense than the

386
00:12:24,610 --> 00:12:24,930
sixplex.

387
00:12:25,310 --> 00:12:26,850
You could build a 30 unit

388
00:12:26,850 --> 00:12:28,010
apartment building and not provide
a parking stall.

389
00:12:25,650 --> 00:12:25,750
None?
Yeah.

390
00:12:28,590 --> 00:12:30,130
Man, the neighbors must love that.

391
00:12:30,130 --> 00:12:31,810
It doesn't make sense.

392
00:12:31,810 --> 00:12:32,170
Yeah.

393
00:12:32,170 --> 00:12:34,750
So are there things that are

394
00:12:34,750 --> 00:12:37,270
changing as things progress?
And yes, there are, but you got to

395
00:12:37,270 --> 00:12:37,870
ask yourself.

396
00:12:37,870 --> 00:12:39,830
Are all of these things good?

397
00:12:39,830 --> 00:12:42,480
I agree with you, the 70 % rule.

398
00:12:42,480 --> 00:12:43,820
That's kind of dumb, but no

399
00:12:43,820 --> 00:12:44,900
parking, that's no good.

400
00:12:44,900 --> 00:12:47,100
Kelowna is like a car city because

401
00:12:47,100 --> 00:12:50,440
you need a car to go everywhere.

402
00:12:51,140 --> 00:12:52,160
no good.

403
00:12:52,160 --> 00:12:55,480
Kelowna is like a car city because
you need a car to go everywhere.

404
00:12:55,480 --> 00:12:57,320
The transit isn't really good
enough to bring you there.

405
00:12:57,320 --> 00:12:59,460
I don't know.

406
00:12:59,460 --> 00:13:01,340
I'm not totally opposed to the no

407
00:13:01,340 --> 00:13:05,460
parking, but yeah, they need to
have the infrastructure.

408
00:13:05,460 --> 00:13:09,090
If they had a little subway or
something, just...

409
00:13:09,370 --> 00:13:14,690
It would make sense if there was a
parkade around or something, but

410
00:13:14,690 --> 00:13:16,730
just have middle of residential,
put a sixplex and no parking.

411
00:13:16,730 --> 00:13:19,010
It's not like those people are not
going to have cars.

412
00:13:19,010 --> 00:13:19,330
Yeah.

413
00:13:19,330 --> 00:13:19,750
Agreed.

414
00:13:19,750 --> 00:13:23,870
So like, I don't know, the
neighbors all of a sudden are

415
00:13:23,870 --> 00:13:25,790
going to have cars in front of
them.

416
00:13:26,130 --> 00:13:26,410
Yeah.

417
00:13:27,050 --> 00:13:27,490
Yeah.

418
00:13:27,490 --> 00:13:33,210
So to kind of go back to, I guess,
the developers making money, hard

419
00:13:33,330 --> 00:13:34,330
thing to do right now.

420
00:13:34,330 --> 00:13:36,800
But do you find like there's a

421
00:13:37,160 --> 00:13:38,320
disconnect?
I mean, you're obviously like...

422
00:13:38,320 --> 00:13:43,060
very well versed and lucky to be
in a position to be like a home

423
00:13:43,060 --> 00:13:44,440
builder, like a licensed home
builder and an architect.

424
00:13:44,440 --> 00:13:43,820
I find like a lot of architects
are not, which then you, you make

425
00:13:43,820 --> 00:13:45,600
some beautiful drawings, but then
the builder probably gets it.

426
00:13:45,600 --> 00:13:48,660
And they're like, holy crap, this
is going to cost a fortune.

427
00:13:48,660 --> 00:13:51,880
Or like, how do we make this work?
Do you find that it's like, people

428
00:13:51,880 --> 00:13:53,300
are being more realistic nowadays.

429
00:13:53,300 --> 00:13:55,500
Like, okay, we're going to

430
00:13:55,500 --> 00:13:56,500
simplify these designs.

431
00:13:56,500 --> 00:13:57,560
And same with like the fast track

432
00:13:57,560 --> 00:14:00,700
Kelowna has, like, let's start
trying to design things that are.

433
00:14:00,960 --> 00:14:03,000
cost effective or do you still
find like Kelowna is one of those

434
00:14:03,000 --> 00:14:06,910
markets where people just want
what they want and you know the

435
00:14:06,910 --> 00:14:08,630
bill comes later well I'm gonna
have to start by correcting you

436
00:14:08,630 --> 00:14:11,950
because I can't represent as
architect okay you have to call me

437
00:14:11,950 --> 00:14:16,910
as architectural technologist or I
can get in a lot of trouble it

438
00:14:16,910 --> 00:14:19,950
sounds smarter to be honest what
is an architect technologist

439
00:14:19,950 --> 00:14:23,240
what's the difference it's just a
tech diploma okay so yeah two

440
00:14:23,240 --> 00:14:25,260
years in and out and I'm gonna
have to start by correcting you

441
00:14:25,420 --> 00:14:28,780
because I can't represent as
architect okay you have to call me

442
00:14:28,780 --> 00:14:31,840
as architectural technologist or I
can get in a lot of trouble it

443
00:14:31,840 --> 00:14:34,800
sounds smarter to be honest what
is an architect technologist

444
00:14:34,880 --> 00:14:37,300
what's the difference it's just a
tech diploma okay so yeah two

445
00:14:37,300 --> 00:14:40,500
years in and out and It gives you
the knowledge to draft things

446
00:14:40,500 --> 00:14:41,060
versus an architect.

447
00:14:41,200 --> 00:14:43,220
You'd have to get a master's

448
00:14:43,320 --> 00:14:45,440
degree and you'd have to write a
boards exam.

449
00:14:45,560 --> 00:14:48,260
And yeah, it's like a 10 year
process to become an architect.

450
00:14:48,260 --> 00:14:48,540
Nice.

451
00:14:48,540 --> 00:14:48,860
Yeah.

452
00:14:48,860 --> 00:14:52,780
Regarding is Kelowna just building
whatever, or are they looking for

453
00:14:52,780 --> 00:14:54,320
efficiencies?
When it comes to a single family

454
00:14:54,320 --> 00:14:57,780
house, especially like I've worked
on some nice homes on the lake and

455
00:14:57,780 --> 00:14:57,940
whatnot.

456
00:14:57,940 --> 00:14:58,140
Yeah.

457
00:14:58,140 --> 00:14:59,740
People don't care.

458
00:14:59,740 --> 00:15:00,440
They want what looks good.

459
00:15:00,440 --> 00:15:02,440
They want something cool.

460
00:15:02,440 --> 00:15:04,540
But then a lot of these infill

461
00:15:04,540 --> 00:15:07,120
houses, well, I would say all the
infill housing, we're looking for

462
00:15:07,120 --> 00:15:07,220
efficiencies.

463
00:15:07,220 --> 00:15:08,100
We're looking at, you know,

464
00:15:08,100 --> 00:15:11,040
stacking your point loads and
having your exterior walls stack

465
00:15:11,040 --> 00:15:13,480
on top of each other for
efficiencies in construction

466
00:15:13,480 --> 00:15:14,000
methods.

467
00:15:14,000 --> 00:15:18,180
And that also sets me apart from

468
00:15:18,180 --> 00:15:02,440
other designers in town because I
have the building background and I

469
00:15:02,440 --> 00:15:03,140
build for myself.

470
00:15:03,140 --> 00:15:04,700
I can find those efficiencies and

471
00:15:04,700 --> 00:15:07,300
I can make sure that the building
is actually going to be

472
00:15:07,300 --> 00:15:08,800
constructed with reduced build
costs, let's say.

473
00:15:08,800 --> 00:15:09,080
Yeah.

474
00:15:09,080 --> 00:15:11,620
You have no one to blame then.

475
00:15:11,620 --> 00:15:12,740
one to blame then.

476
00:15:12,740 --> 00:15:16,700
Hey, you can't go back to the

477
00:15:16,700 --> 00:15:20,240
architect technologist and be
like, oh, they screwed this

478
00:15:20,240 --> 00:15:20,480
drawing up.

479
00:15:20,480 --> 00:15:21,260
I'm the builder.

480
00:15:21,260 --> 00:15:24,280
I'm so angry at them.

481
00:15:24,280 --> 00:15:25,400
You're just mad at yourself.

482
00:15:25,400 --> 00:15:26,080
Yeah, for sure.

483
00:15:26,080 --> 00:15:27,440
Pivoting a little bit.

484
00:15:27,440 --> 00:15:30,580
So what's your second company that
you've started where basically

485
00:15:30,580 --> 00:15:31,420
you're building spec homes,
infill?

486
00:15:31,420 --> 00:15:37,720
Like, yeah, let's talk a little
bit about that.

487
00:15:37,720 --> 00:15:38,120
Sure.

488
00:15:38,420 --> 00:15:38,480
Yeah.

489
00:15:38,480 --> 00:15:41,100
So started another company in
2022, fairly recent.

490
00:15:41,100 --> 00:15:43,520
Got my general contractor's
license and started a company

491
00:15:43,520 --> 00:15:44,160
called Noble Terra Developments.

492
00:15:44,160 --> 00:15:45,500
I've done two projects or they're

493
00:15:45,500 --> 00:15:46,880
currently ongoing right now.

494
00:15:46,880 --> 00:15:48,320
Lucky enough, actually, I got to

495
00:15:48,650 --> 00:15:51,090
do my first project on my parents'
property.

496
00:15:51,090 --> 00:15:52,990
So they've got a one acre parcel
in Lower Mission.

497
00:15:52,990 --> 00:15:53,870
I rezoned it.

498
00:15:53,870 --> 00:15:56,630
to a smaller lot zoning, and then

499
00:15:56,630 --> 00:15:58,750
subdivided it into four lots.

500
00:15:58,750 --> 00:16:01,170
And then I've just finished my

501
00:16:01,170 --> 00:16:02,710
first single family development on
the one lot.

502
00:16:02,710 --> 00:16:06,510
So that's kind of where I'm
standing currently.

503
00:16:06,510 --> 00:16:09,970
But I went from rezoning,
subdivision, building permit, the

504
00:16:09,970 --> 00:16:11,990
whole works, and then built out
the project.

505
00:16:11,990 --> 00:16:13,110
I understand the process very
well.

506
00:16:13,720 --> 00:16:16,720
And then I'm doing the same
project in a site in Clifton, up

507
00:16:16,720 --> 00:16:17,860
Clifton Road, very similar.

508
00:16:17,860 --> 00:16:18,040
rezoning subdivision.

509
00:16:18,040 --> 00:16:20,720
How long does the rezoning
subdivision take?

510
00:16:20,720 --> 00:16:22,180
Is it a reasonable process or any
efficiencies you can see?

511
00:16:22,180 --> 00:16:24,360
Rezoning takes anywhere from
minimum six months up to a year or

512
00:16:24,360 --> 00:16:25,480
even 18 months.

513
00:16:25,480 --> 00:16:26,480
The process is pretty

514
00:16:26,480 --> 00:16:28,400
straightforward once you
understand it, but you have to

515
00:16:28,400 --> 00:16:29,700
rely a lot on consultants.

516
00:16:29,700 --> 00:16:32,780
That's the biggest time factor.

517
00:16:32,780 --> 00:16:35,380
So you have to get civil engineers
involved, environmental engineers.

518
00:16:35,380 --> 00:16:38,980
This site I have in Clifton, it's
heavily forested.

519
00:16:38,980 --> 00:16:42,330
I had to get a wildfire
environmental consultant involved.

520
00:16:42,330 --> 00:16:46,610
So that's what makes the rezoning
process take so long or become so

521
00:16:47,090 --> 00:16:51,010
complicated because depending on
the area and the lay of the lands,

522
00:16:51,010 --> 00:16:56,050
you're going to have all these
different consultants that need to

523
00:16:56,050 --> 00:16:56,870
plug in.

524
00:16:56,870 --> 00:16:57,150
Yeah.

525
00:16:57,150 --> 00:16:59,270
So with the wildfire, just like
curious.

526
00:16:59,270 --> 00:17:02,570
So they write a report being like,
hey, if there were to be a

527
00:17:02,570 --> 00:17:08,270
wildfire, like there's these point
of exits or like there has to be

528
00:17:08,270 --> 00:17:09,210
sprinklers installed.

529
00:17:09,210 --> 00:17:11,410
And he must have been doing this

530
00:17:11,670 --> 00:17:13,030
during the fire.

531
00:17:13,030 --> 00:17:15,030
must have been doing this during

532
00:17:15,030 --> 00:17:15,990
the fire.

533
00:17:15,990 --> 00:17:17,990
It was right after the fire.

534
00:17:17,990 --> 00:17:18,109
Yeah.

535
00:17:18,109 --> 00:17:18,290
Yeah.

536
00:17:18,290 --> 00:17:22,349
No, you should be good for another
20 years here.

537
00:17:22,630 --> 00:17:23,230
Yeah.

538
00:17:23,230 --> 00:17:25,030
They basically just say trim trees

539
00:17:25,030 --> 00:17:25,990
that are four inches.

540
00:17:26,170 --> 00:17:27,390
in diameter or smaller.

541
00:17:27,390 --> 00:17:29,250
And then that's the mitigation
portion.

542
00:17:29,250 --> 00:17:33,170
So I don't know, I guess it's
scientific that fire doesn't

543
00:17:33,170 --> 00:17:36,680
spread through a five inch tree.

544
00:17:36,900 --> 00:17:37,860
Yeah, I don't know.

545
00:17:37,860 --> 00:17:42,760
five Yeah, I think Ponderosa Pines
and their bark a little bit fire

546
00:17:42,760 --> 00:17:42,860
resistant.

547
00:17:42,860 --> 00:17:45,800
Maybe, maybe that's what it comes

548
00:17:45,800 --> 00:17:46,560
down to.

549
00:17:46,560 --> 00:17:49,320
Yeah, this is imposed by the city,

550
00:17:49,320 --> 00:17:55,560
obviously, to be like, okay, if
you're going to subdivide in these

551
00:17:55,560 --> 00:17:59,060
areas, these are the steps you
need to take.

552
00:17:59,720 --> 00:18:03,300
And then it's on you to basically
reach out to these.

553
00:18:03,300 --> 00:18:03,700
Experts.

554
00:18:03,700 --> 00:18:04,140
Yeah.

555
00:18:04,140 --> 00:18:08,220
So that's the rezoning portion,
which has all these different

556
00:18:08,440 --> 00:18:08,520
consultants.

557
00:18:08,520 --> 00:18:10,420
The civil engineer is the most

558
00:18:10,420 --> 00:18:16,400
important, always involved every
single rezoning or subdivision,

559
00:18:16,400 --> 00:18:20,700
because the civil engineer is
going to tell you how many

560
00:18:20,700 --> 00:18:24,100
sanitary, how many water lines,
electric communications for each

561
00:18:24,100 --> 00:18:25,800
lot, right?
And then not only are they

562
00:18:25,800 --> 00:18:27,940
responsible for designing that
portion, But when you actually

563
00:18:27,940 --> 00:18:30,660
hire a contractor to install it,
they are responsible for

564
00:18:30,660 --> 00:18:33,000
inspecting the install, signing
off, and then the project signed

565
00:18:33,260 --> 00:18:33,460
off.

566
00:18:33,620 --> 00:18:34,780
Now your lots are available to

567
00:18:34,780 --> 00:18:35,300
build.

568
00:18:35,480 --> 00:18:35,560
Yeah.

569
00:18:35,560 --> 00:18:38,740
It's a lot of onus on them.

570
00:18:38,740 --> 00:18:40,640
Do you feel we just don't have

571
00:18:40,640 --> 00:18:41,200
enough civil engineers in Kelowna?
Totally.

572
00:18:41,200 --> 00:18:41,400
Yeah.

573
00:18:41,400 --> 00:18:41,200
Like it seems like a very slow

574
00:18:41,200 --> 00:18:44,080
process to work with them.

575
00:18:44,080 --> 00:18:45,340
I totally agree.

576
00:18:45,340 --> 00:18:45,480
Yeah.

577
00:18:45,480 --> 00:18:47,980
I think that's a small niche that

578
00:18:47,980 --> 00:18:48,800
somebody could fill.

579
00:18:48,800 --> 00:18:49,200
Yeah.

580
00:18:49,200 --> 00:18:49,960
More engineers.

581
00:18:51,160 --> 00:18:54,580
You almost think it should be

582
00:18:54,580 --> 00:18:56,160
something like more promoted.

583
00:18:56,160 --> 00:18:59,750
Like if that's the bottleneck in

584
00:18:59,750 --> 00:19:04,050
building more homes, right?
Like if that process, I know they

585
00:19:04,050 --> 00:19:07,710
have done the fast track system
where basically, yeah, you can get

586
00:19:07,710 --> 00:19:12,110
like a BP DP within like 10 days,
but you know, that's on like very

587
00:19:12,110 --> 00:19:12,310
specific lots.

588
00:19:12,310 --> 00:19:14,530
So it's, I guess it's going in

589
00:19:14,530 --> 00:19:16,890
that direction, but yeah, if they
had like civil engineers on

590
00:19:16,890 --> 00:19:19,710
payroll, that could kind of work a
little bit faster.

591
00:19:19,710 --> 00:19:20,430
It might help.

592
00:19:20,430 --> 00:19:21,410
I totally agree.

593
00:19:21,410 --> 00:19:23,170
Everybody talks about we're in a
housing crisis and they really

594
00:19:23,170 --> 00:19:27,400
have done a good thing by speeding
up the process of getting permits

595
00:19:27,400 --> 00:19:28,620
out the door.

596
00:19:28,620 --> 00:19:30,380
That's building permits.

597
00:19:30,380 --> 00:19:34,680
Nobody really talks about the
whole subdividing or rezoning

598
00:19:34,680 --> 00:19:40,440
portion and the civil engineering
side of things, which eats up a

599
00:19:40,440 --> 00:19:41,660
lot of time for a developer.

600
00:19:41,660 --> 00:19:41,840
Yeah.

601
00:19:41,840 --> 00:19:47,340
How are you finding deals?
I remember we spoke a little while

602
00:19:47,340 --> 00:19:50,800
ago and you were like, heading off
to go do some door knocking.

603
00:19:50,800 --> 00:19:52,840
What's good about that?
good about that?

604
00:19:52,840 --> 00:19:56,820
I'm not opposed to getting my
boots in the ground and knocking

605
00:19:56,820 --> 00:20:00,340
on doors for sure to find some
deals.

606
00:20:00,340 --> 00:20:01,860
I found that didn't work great in
Kelowna.

607
00:20:01,860 --> 00:20:03,840
There's a lot of educated people
in Kelowna.

608
00:20:03,840 --> 00:20:05,300
They know what their properties
are valued at.

609
00:20:05,300 --> 00:20:09,820
So if you're trying to get a deal,
yes, you can find it door

610
00:20:09,820 --> 00:20:11,780
knocking, but you're going to have
to be pretty persistent.

611
00:20:12,000 --> 00:20:15,180
Got to hit a lot of doors before
you find a deal.

612
00:20:15,180 --> 00:20:19,620
I still find looking on for sale
by owner or Facebook, Kijiji, like

613
00:20:19,620 --> 00:20:23,200
finding an owner deal, that's
going to be one of the best places

614
00:20:23,200 --> 00:20:24,780
to find a deal.

615
00:20:24,780 --> 00:20:26,280
And I still think there's good

616
00:20:26,280 --> 00:20:27,300
opportunities on MLS as well.

617
00:20:27,300 --> 00:20:28,280
I'm assuming you're researching

618
00:20:28,280 --> 00:20:30,320
like specific areas that are
permitted more for densification.

619
00:20:30,320 --> 00:20:33,420
assuming you're researching like
specific areas that are permitted

620
00:20:33,420 --> 00:20:34,460
more for densification.

621
00:20:34,640 --> 00:20:35,600
What are you looking for exactly?

622
00:20:35,600 --> 00:20:36,920
For my own projects?
my own projects?

623
00:20:36,920 --> 00:20:37,060
Yeah.

624
00:20:37,060 --> 00:20:40,760
I don't have a specific area that

625
00:20:40,760 --> 00:20:41,200
I would target.

626
00:20:41,200 --> 00:20:42,380
If the numbers work, the numbers

627
00:20:42,380 --> 00:20:42,520
work.

628
00:20:42,520 --> 00:20:46,480
I want to make sure that there's

629
00:20:46,480 --> 00:20:49,820
good appreciation in the area if
I'm going to buy a project or buy

630
00:20:49,820 --> 00:20:51,340
a property in that specific area.

631
00:20:51,340 --> 00:20:53,540
But yeah, you just got to crunch

632
00:20:53,540 --> 00:20:56,260
the numbers and make sure it
works.

633
00:20:56,260 --> 00:21:02,240
And you shouldn't be so focused on
the part of town that it's in.

634
00:21:02,240 --> 00:21:02,740
Yeah.

635
00:21:02,740 --> 00:21:03,720
I think Kelowna is pretty safe

636
00:21:03,720 --> 00:21:03,840
too.

637
00:21:03,840 --> 00:21:06,260
I think all the areas are bound to

638
00:21:06,260 --> 00:21:06,480
appreciate.

639
00:21:06,480 --> 00:21:06,900
For sure.

640
00:21:06,900 --> 00:21:07,020
Yeah.

641
00:21:07,020 --> 00:21:07,100
Yeah.

642
00:21:07,100 --> 00:21:12,240
I know Rutland got a lot of harp
for a lot of years, but - I think

643
00:21:12,240 --> 00:21:13,080
it's a fantastic place to invest.

644
00:21:13,080 --> 00:21:15,160
The lots are gigantic.

645
00:21:15,160 --> 00:21:16,580
The city's favorable to rezoning
and development.

646
00:21:16,580 --> 00:21:18,200
I think it's a fantastic place to
invest.

647
00:21:18,200 --> 00:21:18,360
Totally.

648
00:21:18,360 --> 00:21:18,620
Yeah.

649
00:21:19,220 --> 00:21:20,980
Get closer to Big White.

650
00:21:20,980 --> 00:21:22,980
closer to Big White.

651
00:21:22,980 --> 00:21:24,160
Get closer to the airport.

652
00:21:24,160 --> 00:21:24,320
Yeah.

653
00:21:24,320 --> 00:21:25,880
It really is on the up too.

654
00:21:25,880 --> 00:21:27,700
I totally agree with that.

655
00:21:27,700 --> 00:21:27,840
Yeah.

656
00:21:27,840 --> 00:21:30,280
Like room for growth and

657
00:21:30,440 --> 00:21:30,440
appreciation.

658
00:21:30,440 --> 00:21:30,560
Absolutely.

659
00:21:30,560 --> 00:21:30,800
Yeah.

660
00:21:30,800 --> 00:21:30,900
Yeah.

661
00:21:30,900 --> 00:21:32,060
What do you like more, designing
or building?

662
00:21:32,060 --> 00:21:33,160
I love design.

663
00:21:33,160 --> 00:21:35,040
love design.

664
00:21:35,040 --> 00:21:35,200
Always have.

665
00:21:35,200 --> 00:21:35,320
Yeah.

666
00:21:35,320 --> 00:21:35,960
That's definitely my passion.

667
00:21:35,960 --> 00:21:36,460
Construction is challenging.

668
00:21:36,460 --> 00:21:41,920
There's a lot of intricacies that
I never thought you'd have to deal

669
00:21:42,280 --> 00:21:42,780
with.

670
00:21:42,980 --> 00:21:46,980
Being a contractor is like being a

671
00:21:46,980 --> 00:21:48,220
babysitter for adults.

672
00:21:48,220 --> 00:21:49,180
There's just so many personalities

673
00:21:49,180 --> 00:21:49,980
that don't get along.

674
00:21:49,980 --> 00:21:50,820
The tile setter hates the

675
00:21:50,820 --> 00:21:53,280
carpenter and so on and so forth.

676
00:21:53,280 --> 00:21:56,400
It's just a trickle down effect of

677
00:21:56,400 --> 00:21:57,820
making my life hard.

678
00:21:53,080 --> 00:21:55,660
What made you want to get your

679
00:21:55,660 --> 00:21:58,400
building license then?
I have a control issue.

680
00:21:58,400 --> 00:22:00,760
have a control That's what it
comes down to.

681
00:22:00,020 --> 00:22:01,520
what it comes down to.

682
00:22:01,520 --> 00:22:02,900
I don't want to hire somebody else

683
00:22:02,900 --> 00:22:04,230
to build my projects.

684
00:22:04,230 --> 00:22:04,510
Yeah.

685
00:22:04,510 --> 00:22:05,150
So. That's fair.

686
00:22:05,150 --> 00:22:06,590
I mean, I always been hands on,

687
00:22:06,590 --> 00:22:09,470
you know, similar to you, like
renovating my own bathrooms and

688
00:22:09,470 --> 00:22:11,330
various other projects I've taken
on my own homes.

689
00:22:11,330 --> 00:22:14,910
So I already had a good
understanding of the construction

690
00:22:14,910 --> 00:22:16,170
process and figured I'd just do it
myself.

691
00:22:16,170 --> 00:22:19,390
I should set you up to interview
my babysitter because she is.

692
00:22:19,390 --> 00:22:23,450
set you up to interview my
babysitter because she is.

693
00:22:23,450 --> 00:22:23,570
Incredible.

694
00:22:23,570 --> 00:22:24,830
Shout out to Josie, but she could

695
00:22:24,830 --> 00:22:26,170
probably manage trades.

696
00:22:26,170 --> 00:22:27,900
No problem, man.

697
00:22:28,080 --> 00:22:30,420
out to Josie, but she could
probably Yeah.

698
00:22:30,420 --> 00:22:31,200
Well -timed snack here and there.

699
00:22:31,200 --> 00:22:32,420
Well snack here and there.

700
00:22:32,420 --> 00:22:33,200
You're good to go.

701
00:22:33,200 --> 00:22:33,440
Seriously.

702
00:22:33,440 --> 00:22:34,120
But you're right, man.

703
00:22:34,120 --> 00:22:37,080
Like, yeah, even like GC and your

704
00:22:37,080 --> 00:22:38,560
own little home projects and
stuff.

705
00:22:38,560 --> 00:22:40,700
One trade guy doesn't show up on
time.

706
00:22:40,960 --> 00:22:42,520
So it's the other guy back and
then they don't come and like

707
00:22:42,520 --> 00:22:43,720
something's over budget.

708
00:22:44,100 --> 00:22:45,720
Or you get somebody in the wrong

709
00:22:45,820 --> 00:22:45,940
order.

710
00:22:45,940 --> 00:22:47,740
get somebody in the wrong order.

711
00:22:47,740 --> 00:22:50,980
You know, like there's a lot of
things that can go.

712
00:22:50,980 --> 00:22:52,020
Yeah, it's a lot.

713
00:22:52,020 --> 00:22:53,740
It's a lot of responsibility.

714
00:22:53,120 --> 00:22:56,180
How long did the build in lore
mission take?

715
00:22:56,180 --> 00:23:00,030
I was on schedule to be done in
eight months.

716
00:23:00,030 --> 00:23:03,630
a lot of was on schedule to be
done in eight months.

717
00:23:03,630 --> 00:23:05,810
Wow, that's good.

718
00:23:05,810 --> 00:23:11,450
I had some weird things like HVAC

719
00:23:11,450 --> 00:23:15,950
guy went to jail and didn't show
up with my equipment and this kind

720
00:23:15,950 --> 00:23:17,210
of stuff.

721
00:23:17,210 --> 00:23:18,830
So I actually could have done it.

722
00:23:18,830 --> 00:23:22,910
kind Well, I was going to do it in
the eight months.

723
00:23:22,910 --> 00:23:25,050
I think it took nine and a half.

724
00:23:25,050 --> 00:23:25,210
Yeah.

725
00:23:25,210 --> 00:23:25,650
You know, that's the other thing.

726
00:23:26,300 --> 00:23:27,400
You don't know who you're hiring

727
00:23:26,600 --> 00:23:27,620
until you find out they're in
jail.

728
00:23:27,620 --> 00:23:27,880
That's funny.

729
00:23:27,880 --> 00:23:29,800
I guess what was like the biggest

730
00:23:29,800 --> 00:23:34,620
opportunity or biggest thing that
you loved about that build and

731
00:23:34,620 --> 00:23:38,020
kind of the worst thing, like what
catastrophically went wrong and

732
00:23:38,020 --> 00:23:41,020
you would have changed it on the
next one?

733
00:23:41,020 --> 00:23:44,640
Like what lessons did you learn?
Well, what I loved about it was,

734
00:23:44,640 --> 00:23:48,840
you know, I spent so much time
designing things.

735
00:23:48,840 --> 00:23:50,480
I wouldn't say so much time.

736
00:23:50,480 --> 00:23:53,360
I have this vision in my head and

737
00:23:50,040 --> 00:23:51,940
then it becomes a drawing on my
computer.

738
00:23:51,940 --> 00:23:55,870
And then to actually physically
see that thing.

739
00:23:55,870 --> 00:23:58,950
constructed that's the thing i
like the most so rewarding totally

740
00:23:55,530 --> 00:23:57,130
yeah totally there's something
about construction that's really

741
00:24:00,390 --> 00:24:04,550
rewarding in the sense that you
can physically see change every

742
00:24:04,550 --> 00:24:08,210
single day i know it's crazy even
like if you like tile a wall it's

743
00:24:08,210 --> 00:24:12,610
like oh my god that looked like
shit yesterday and now it's like a

744
00:24:12,610 --> 00:24:15,830
work of art totally you know
that's just one thing of one thing

745
00:24:15,830 --> 00:24:19,010
and then every single day is i
know i find that too when i'm

746
00:24:19,010 --> 00:24:19,410
doing projects like that it's
really awesome know it's crazy

747
00:24:19,410 --> 00:24:22,610
even like if you like tile a wall
it's like oh my god that looked

748
00:24:22,610 --> 00:24:25,390
like shit yesterday and now it's
like a work of art totally you

749
00:24:25,390 --> 00:24:28,650
know that's just one thing of one
thing and then every single day is

750
00:24:28,650 --> 00:24:28,650
i know i find that too when i'm
doing projects like that it's

751
00:24:28,650 --> 00:24:30,250
really awesome That was super
rewarding.

752
00:24:30,250 --> 00:24:33,050
You see this masterpiece come to
life.

753
00:24:33,050 --> 00:24:36,390
The thing that went wrong was the
babysitting of trades.

754
00:24:36,390 --> 00:24:39,310
I didn't realize how much effort
would be involved dealing with

755
00:24:39,310 --> 00:24:40,030
different people and different
personalities.

756
00:24:38,070 --> 00:24:41,950
You think people can just come in
and do their job.

757
00:24:41,950 --> 00:24:42,510
Not the case.

758
00:24:42,510 --> 00:24:43,330
No, no, no, my friend.

759
00:24:43,330 --> 00:24:45,290
I feel like too, when did you
build this?

760
00:24:45,290 --> 00:24:48,410
What year was it?
I finished in June of 2024.

761
00:24:48,410 --> 00:24:48,950
So this year.

762
00:24:48,950 --> 00:24:49,010
Okay.

763
00:24:49,010 --> 00:24:52,650
So you're building in a slower
market.

764
00:24:52,650 --> 00:24:55,690
I think in 2021, 2022, it would
have been even worse.

765
00:24:55,690 --> 00:24:55,950
Yeah.

766
00:24:55,950 --> 00:24:56,450
Way worse.

767
00:24:56,450 --> 00:24:57,030
For trades.

768
00:24:57,030 --> 00:24:57,550
Yeah.

769
00:24:57,550 --> 00:25:00,170
Because they just, you know, this
one's getting hard.

770
00:25:00,170 --> 00:25:02,030
Let's just go to the next one.

771
00:25:02,030 --> 00:25:03,730
We'll come back when we get time

772
00:25:03,730 --> 00:25:04,310
for this one.

773
00:25:04,530 --> 00:25:04,810
Totally.

774
00:25:05,010 --> 00:25:05,250
Right.

775
00:25:05,250 --> 00:25:07,630
Where now it's getting a little

776
00:25:07,630 --> 00:25:08,270
more skinny out there.

777
00:25:08,270 --> 00:25:10,270
So I think it's more of an

778
00:25:10,270 --> 00:25:11,090
incentive to do it.

779
00:25:11,090 --> 00:25:12,450
So you probably got the best part

780
00:25:12,450 --> 00:25:12,790
of that.

781
00:25:12,790 --> 00:25:13,210
Yeah.

782
00:25:13,210 --> 00:25:14,790
From a build perspective, maybe.

783
00:25:15,010 --> 00:25:15,070
Yeah.

784
00:25:15,070 --> 00:25:17,210
From a resale perspective, not so
much.

785
00:25:17,210 --> 00:25:19,420
Throws and cons of everything.

786
00:25:19,420 --> 00:25:21,140
Actually, going back to what I

787
00:25:21,140 --> 00:25:25,080
learned, the biggest thing I
overlooked is that you're so stuck

788
00:25:25,080 --> 00:25:25,980
in the day -to -day.

789
00:25:25,980 --> 00:25:26,560
so much.

790
00:25:26,560 --> 00:25:28,840
that you're so stuck in the day
-to -day.

791
00:25:28,840 --> 00:25:31,240
Okay, we're getting the tile in,
we're getting the flooring in,

792
00:25:31,240 --> 00:25:31,560
this and that.

793
00:25:31,560 --> 00:25:32,800
You overlook the fact that you got

794
00:25:32,800 --> 00:25:35,000
to sell this product at the end of
the day.

795
00:25:35,000 --> 00:25:37,360
And if I was to do it over, I'd
spend money on advertising the

796
00:25:37,360 --> 00:25:38,560
product while you're constructing
it.

797
00:25:38,560 --> 00:25:39,960
It's pretty well sold by the time
it's done.

798
00:25:39,960 --> 00:25:29,700
That's an important thing from a
developer perspective that I think

799
00:25:29,700 --> 00:25:30,580
gets overlooked as well.

800
00:25:30,580 --> 00:25:30,820
Yeah.

801
00:25:30,820 --> 00:25:33,040
I guess the only downside to that
is if you sell it three months

802
00:25:33,040 --> 00:25:35,340
previous, then you have another
cook in the kitchen saying like,

803
00:25:35,340 --> 00:25:37,200
oh, you know what?
I actually want this tile or

804
00:25:37,200 --> 00:25:37,360
something.

805
00:25:37,360 --> 00:25:38,860
But that's all in the contract.

806
00:25:38,860 --> 00:25:41,120
If it's drafted out properly, then
it doesn't really matter.

807
00:25:41,120 --> 00:25:43,360
If it's sold, you're happy.

808
00:25:43,540 --> 00:25:45,140
I think it still matters.

809
00:25:45,140 --> 00:25:50,260
I think even if it was in the
contract, if somebody's got to be

810
00:25:50,260 --> 00:25:51,360
in their bonnet.

811
00:25:51,360 --> 00:25:54,580
You're going to hear about it,

812
00:25:54,580 --> 00:25:57,900
right?
Yeah, I think you're going to have

813
00:25:57,900 --> 00:25:58,340
that issue.

814
00:25:58,340 --> 00:25:59,260
going to hear about it, right?

815
00:25:59,260 --> 00:26:05,940
Yeah, pros and cons to everything,
but I feel like I'd rather be in

816
00:26:05,940 --> 00:26:08,770
the bonnet than a product sitting
on the market for months because I

817
00:26:08,770 --> 00:26:12,570
fund these projects with private
equity and you've got a $20 ,000 a

818
00:26:12,570 --> 00:26:15,010
month mortgage and you can eat up
your profit pretty quick with

819
00:26:15,010 --> 00:26:15,090
that.

820
00:26:15,090 --> 00:26:17,610
market got a $20 ,000 a month

821
00:26:17,870 --> 00:26:20,110
mortgage and you can eat up your
profit pretty quick with that.

822
00:26:20,110 --> 00:26:22,190
Yeah, I think that's a good way to
do it, way to do it, for sure.

823
00:26:22,190 --> 00:26:23,670
Do you prefer renovations or new
builds?

824
00:26:23,670 --> 00:26:24,690
Oh, new builds all day.

825
00:26:24,690 --> 00:26:24,910
Yeah.

826
00:26:24,910 --> 00:26:25,710
Oh, sorry.

827
00:26:25,710 --> 00:26:26,210
Yeah, that's fair.

828
00:26:26,210 --> 00:26:26,450
Yeah.

829
00:26:26,450 --> 00:26:28,270
Is it just purely because like you

830
00:26:28,270 --> 00:26:32,290
get a clean slate and like it's
your kind of vision going into it?

831
00:26:32,730 --> 00:26:33,810
For sure.

832
00:26:34,080 --> 00:26:34,760
There's that too.

833
00:26:34,760 --> 00:26:40,200
Clean slate and you just get to
start from new from scratch.

834
00:26:40,200 --> 00:26:41,040
But from a design perspective.

835
00:26:41,300 --> 00:26:43,880
People think, oh, I'm just doing a

836
00:26:43,880 --> 00:26:36,300
little addition here, adding a
secondary suite, and they think

837
00:26:36,300 --> 00:26:45,200
that it should be of lesser value.

838
00:26:45,200 --> 00:26:46,940
But it's more work from a drafting

839
00:26:46,940 --> 00:26:49,720
perspective because you have to
redraft the building and you have

840
00:26:50,240 --> 00:26:52,100
to work with the existing
structure.

841
00:26:52,100 --> 00:26:53,540
Going behind the scenes of what
you don't see, like the

842
00:26:53,540 --> 00:26:55,500
foundations, can they support this
additional level?

843
00:26:55,500 --> 00:27:00,240
Or things that were built in the
70s just aren't up to today's

844
00:27:00,240 --> 00:27:00,480
standards.

845
00:27:00,480 --> 00:27:02,460
Like, where do you find that

846
00:27:02,460 --> 00:27:03,360
information?
You find the city files

847
00:27:04,660 --> 00:27:08,800
originally, or do you kind of like
do a site visit and you do that

848
00:27:08,800 --> 00:27:11,300
inspection?
Or do you then like call in a

849
00:27:11,300 --> 00:27:14,520
civil engineer, like if the
addition is that large, if they're

850
00:27:14,520 --> 00:27:17,600
going to build vertically or
something like, yeah, where do you

851
00:27:17,720 --> 00:27:19,200
start that process?
I would always start by calling

852
00:27:19,200 --> 00:27:20,440
the city and getting those files.

853
00:27:20,440 --> 00:27:23,360
Most of the time they do have the

854
00:27:23,360 --> 00:27:24,040
drawings filed away, but.

855
00:27:24,160 --> 00:27:26,100
I've been burned in the past

856
00:27:26,100 --> 00:27:28,460
because not a lot of people, I
shouldn't say not a lot, but I'd

857
00:27:28,580 --> 00:27:31,790
say 50 % of my projects weren't
built to the existing drawings.

858
00:27:31,790 --> 00:27:34,370
Whether a wall is out of foot here
or they put a different sloped

859
00:27:31,690 --> 00:27:31,790
roof on.

860
00:27:31,790 --> 00:27:36,410
So even if I start with that as a

861
00:27:36,410 --> 00:27:40,190
base, I always have to account for
doing a site visit and double

862
00:27:40,190 --> 00:27:43,030
checking the measurements to make
sure that it's accurate.

863
00:27:43,030 --> 00:27:49,330
Because if you're putting a roof
tie in, onto an existing truss and

864
00:27:49,330 --> 00:27:52,350
the trusses that are on site are
different from what the original

865
00:27:52,350 --> 00:27:50,410
drawings showed, you can see how
quickly that can screw up a build.

866
00:27:50,410 --> 00:27:52,870
What about things like plumbing
stacks and stuff like that?

867
00:27:52,870 --> 00:27:54,910
Do you just go find them before
you go?

868
00:27:54,910 --> 00:27:57,220
When it comes to plumbing and HVAC
systems, I don't draw any of that

869
00:27:57,220 --> 00:27:57,700
stuff.

870
00:27:57,700 --> 00:28:00,260
My scope is related to building

871
00:28:00,260 --> 00:28:01,400
walls, anything life safety.

872
00:28:01,520 --> 00:28:06,020
guardrails smoke detectors i guess

873
00:28:06,620 --> 00:28:10,080
bathroom fans is kind of one that
crosses over but yeah i wouldn't

874
00:28:10,080 --> 00:28:13,320
show plumbing stacks and if you
were doing a renovation it would

875
00:28:13,320 --> 00:28:16,960
be up to the contractor to find
that and and move it or tie into

876
00:28:16,960 --> 00:28:21,550
it or the updated edition drawings
like once the bp is complete the

877
00:28:21,550 --> 00:28:24,210
city will hang on to the new
revision of those drawings like

878
00:28:24,210 --> 00:28:26,810
that's the city's responsibility
it's not up to like the homeowner

879
00:28:26,810 --> 00:28:30,290
guess the updated edition drawings
like once the bp is complete the

880
00:28:30,290 --> 00:28:33,090
city will hang on to the new
revision of those drawings like

881
00:28:33,390 --> 00:28:36,770
that's the city's responsibility
it's not up to like the homeowner

882
00:28:36,770 --> 00:28:41,210
contractor to like make sure that
those files are held by the city

883
00:28:41,210 --> 00:28:45,450
yeah i don't know what the city
has sure they have a huge cloud

884
00:28:45,450 --> 00:28:48,810
database that's wild like but okay
so like from experience colonna is

885
00:28:48,810 --> 00:28:51,130
very organized with all these like
they keep the permits and stuff

886
00:28:51,130 --> 00:28:54,690
like that like the files you
submit for that to get their

887
00:28:54,690 --> 00:28:57,710
approval but you go to somewhere
like lake country or vernon you

888
00:28:57,710 --> 00:29:01,390
ask for the city file and it's
like one sheet of paper that may

889
00:29:01,390 --> 00:29:05,930
or may not be useful in any way
right so like it's not i don't

890
00:29:05,930 --> 00:29:09,940
know what the city has sure they
have a huge cloud database that's

891
00:29:09,940 --> 00:29:12,420
like but okay so like from
experience colonna is very

892
00:29:12,420 --> 00:29:14,760
organized with all these like they
keep the permits and stuff like

893
00:29:14,760 --> 00:29:19,760
that like the files you submit for
that to get their approval but you

894
00:29:19,760 --> 00:29:23,280
go to somewhere like lake country
or vernon you ask for the city

895
00:29:23,280 --> 00:29:28,280
file and it's like one sheet of
paper that may or may not be

896
00:29:28,280 --> 00:29:33,420
useful in any way right so like
it's not the same so i feel like

897
00:29:33,420 --> 00:29:36,540
talking like this is talking about
colonna specifically i think

898
00:29:36,540 --> 00:29:40,830
because it's just not the same
yeah you know yeah good point and

899
00:29:40,830 --> 00:29:43,790
lake country is terrible for not
only collection of like a theme of

900
00:29:44,190 --> 00:29:48,390
the show yeah yeah is that right i
love lake country good point and

901
00:29:48,390 --> 00:29:51,550
lake country is terrible for not
only collection of like a theme of

902
00:29:51,550 --> 00:29:54,870
show yeah is love lake country
Yeah, driving through it.

903
00:29:54,870 --> 00:29:59,410
Even that, actually, as soon as
you get to Lake Country, you can

904
00:29:59,410 --> 00:30:07,240
just tell it's Lake Country
because the roads all of a sudden

905
00:30:07,240 --> 00:30:08,260
have potholes.

906
00:30:08,260 --> 00:30:09,560
We're going to get sued.

907
00:30:09,560 --> 00:30:10,980
going to get sued.

908
00:30:10,980 --> 00:30:12,300
I'm not kidding.

909
00:30:12,300 --> 00:30:13,160
You can tell.

910
00:30:13,160 --> 00:30:15,340
But yeah, it's a beautiful place.

911
00:30:15,340 --> 00:30:16,100
Beautiful place.

912
00:30:16,100 --> 00:30:17,040
Anti -development.

913
00:30:17,040 --> 00:30:17,080
Yeah.

914
00:30:17,080 --> 00:30:17,180
Yeah.

915
00:30:17,180 --> 00:30:18,640
Work at an Italian restaurant in
there, though, too.

916
00:30:18,640 --> 00:30:19,340
too.

917
00:30:19,340 --> 00:30:19,560
Okay.

918
00:30:19,560 --> 00:30:24,700
I don't want to get to the part of
the wrap -up show, but I want to

919
00:30:24,700 --> 00:30:29,520
focus a lot on one of the wrap -up
questions is like, if you were to

920
00:30:29,520 --> 00:30:21,940
buy one property in the Okanagan
in the next 12 months, what would

921
00:30:21,940 --> 00:30:24,700
it be?
And I want to spend like five

922
00:30:24,700 --> 00:30:26,360
minutes on this question.

923
00:30:26,360 --> 00:30:26,540
Sure.

924
00:30:26,540 --> 00:30:29,520
So I've been working with this
developer partner, Devin Ward is

925
00:30:29,520 --> 00:30:30,820
who I'm working with.

926
00:30:30,820 --> 00:30:33,820
And we've been looking at purpose

927
00:30:33,820 --> 00:30:34,360
-built rentals.

928
00:30:34,360 --> 00:30:35,920
So picking up one of those sixplex

929
00:30:35,920 --> 00:30:36,200
lots?
How come?

930
00:30:36,200 --> 00:30:37,680
Why?
Why purpose -built rental?

931
00:30:37,680 --> 00:30:37,760
Yes.

932
00:30:37,760 --> 00:30:39,400
Some people might say that it's

933
00:30:39,400 --> 00:30:44,720
saturated, like there's a lot of
big players in town doing purpose

934
00:30:44,720 --> 00:30:45,120
-built rental.

935
00:30:45,120 --> 00:30:46,740
Let me just mention this.

936
00:30:46,740 --> 00:30:48,060
There's developer incentives for
rentals right now.

937
00:30:48,060 --> 00:30:48,200
now.

938
00:30:48,200 --> 00:30:49,400
So this is where my question is

939
00:30:49,400 --> 00:30:49,720
leading.

940
00:30:49,720 --> 00:30:51,000
Because of the favorable

941
00:30:51,000 --> 00:30:52,700
financing, because of the
developer incentives, there is a

942
00:30:52,700 --> 00:30:54,540
lot of people doing purpose -built
rentals.

943
00:30:54,540 --> 00:30:55,760
We have property taxes.

944
00:30:55,760 --> 00:30:56,820
Is it because the government is

945
00:30:56,820 --> 00:30:58,640
basically telling people to go do
purpose -built rentals?

946
00:30:58,640 --> 00:30:37,680
Is it because the Yeah, I mean,
that is a factor for sure.

947
00:30:37,680 --> 00:30:41,240
They're waiving property taxes for
10 years if you specifically build

948
00:30:41,240 --> 00:30:43,900
to purpose -built rental.

949
00:30:43,900 --> 00:30:45,120
So that's a huge factor.

950
00:30:45,120 --> 00:30:48,560
And then if you use CMHC financing
and secure a 50 -year loan, it

951
00:30:48,560 --> 00:30:49,220
outperforms a build -to -sell
model.

952
00:30:49,220 --> 00:30:51,220
You're holding onto it and
watching this product appreciate

953
00:30:51,220 --> 00:30:55,360
over 10 years, and then you sell
that asset to... a REIT or real

954
00:30:55,360 --> 00:30:55,760
estate investment group.

955
00:30:55,760 --> 00:30:57,020
So that would be the first product

956
00:30:57,020 --> 00:30:58,780
I would look at buying is these
sixplex lots.

957
00:30:58,780 --> 00:31:02,700
A lot easier than building a multi
-unit, like an apartment building

958
00:31:02,700 --> 00:31:06,140
or multi -phased townhouses
because these lots are ready to

959
00:31:06,140 --> 00:31:06,340
go.

960
00:31:06,340 --> 00:31:08,820
You can knock down a single family

961
00:31:08,820 --> 00:31:10,360
house and get started tomorrow.

962
00:31:10,360 --> 00:31:11,880
Do you have like a minimum size

963
00:31:11,880 --> 00:31:15,580
requirement for that?
23 meters wide is the minimum to

964
00:31:15,580 --> 00:31:16,820
ensure that you have enough
parking.

965
00:31:16,820 --> 00:31:11,880
Like off the top of my head, like
those lots are pretty much in

966
00:31:11,880 --> 00:31:12,220
rolling.

967
00:31:12,220 --> 00:31:13,900
much in rolling.

968
00:31:13,900 --> 00:31:15,940
Rutland, there's a couple in the
hospital area.

969
00:31:16,020 --> 00:31:16,280
Okay.

970
00:31:16,820 --> 00:31:19,850
We got a whole spreadsheet of all

971
00:31:19,850 --> 00:31:24,010
the lots that work in GLONAP.

972
00:31:24,010 --> 00:31:24,890
all the lots that work in GLONAP.

973
00:31:25,050 --> 00:31:26,970
Did you guys just go on like the
GIS mapping system?

974
00:31:26,970 --> 00:31:27,150
Yeah.

975
00:31:27,150 --> 00:31:27,270
Basically, yeah.

976
00:31:27,270 --> 00:31:27,270
Yeah.

977
00:31:27,270 --> 00:31:30,750
There should be like AI that would

978
00:31:30,010 --> 00:31:32,750
just pick those out, no?
That would be pretty sweet.

979
00:31:32,750 --> 00:31:32,970
Yeah.

980
00:31:33,430 --> 00:31:34,770
It would for sure help.

981
00:31:34,770 --> 00:31:37,550
I've done this too.

982
00:31:37,550 --> 00:31:40,030
Because before, when the RU7s came

983
00:31:40,030 --> 00:31:44,680
out, it had to be 15 .24 meters
wide.

984
00:31:44,720 --> 00:31:44,800
Yeah.

985
00:31:44,800 --> 00:31:44,940
Right?

986
00:31:44,940 --> 00:31:46,900
I had a list of every RU7 lot in
Kelowna that was 15 .24.

987
00:31:46,900 --> 00:31:48,300
And then I went and knocked on all
the doors.

988
00:31:48,300 --> 00:31:49,100
So you can.

989
00:31:49,100 --> 00:31:50,780
It's the same thing as he's doing

990
00:31:50,780 --> 00:31:51,660
right now for that.

991
00:31:51,660 --> 00:31:53,720
But yeah, an AI, if I knew how to

992
00:31:53,720 --> 00:31:55,760
even do basic shit on my computer,
would be perfect for that.

993
00:31:55,760 --> 00:31:56,940
That's above me.

994
00:31:56,940 --> 00:31:57,300
Yeah.

995
00:31:57,300 --> 00:32:00,540
If you could create an AI plugin
for City of Kelowna Map Viewer,

996
00:32:00,540 --> 00:32:02,520
that'd be pretty cool.

997
00:32:02,520 --> 00:32:03,180
pretty cool.

998
00:32:03,180 --> 00:32:05,880
I bet you something's in the
works.

999
00:32:05,880 --> 00:32:07,700
I bet you it's got to be.

1000
00:32:07,880 --> 00:32:09,880
City of Kelowna probably has the

1001
00:32:10,160 --> 00:32:10,840
data on it.

1002
00:32:10,840 --> 00:32:11,100
cool.

1003
00:32:11,100 --> 00:32:13,420
I bet of Kelowna probably has the
data on it.

1004
00:32:13,420 --> 00:32:14,800
Those properties that he's talking
about.

1005
00:32:14,800 --> 00:32:19,060
are pretty rare right there's not
10 000 properties that are 24

1006
00:32:19,060 --> 00:32:21,420
meters wide right so like you have
just only so many it doesn't take

1007
00:32:21,420 --> 00:32:25,440
that long to figure it out totally
there aren't a lot that can

1008
00:32:25,440 --> 00:32:29,080
support the sixplex yeah and then
like you look at the ones on there

1009
00:32:29,080 --> 00:32:31,900
some of them are going to be
teardowns which are perfect for

1010
00:32:31,900 --> 00:32:34,660
you but some of them are going to
be like ball and hoses which no

1011
00:32:34,660 --> 00:32:40,100
sense to buy to tear down so like
it's pretty easy to narrow down

1012
00:32:40,100 --> 00:32:45,080
the list yeah right yeah yeah even
when we did our list yeah are

1013
00:32:45,080 --> 00:32:52,140
there aren't a lot that can the
sixplex yeah and then like you

1014
00:32:52,140 --> 00:32:57,360
look at the ones on there some of
them are going to be teardowns

1015
00:32:57,360 --> 00:33:02,340
which are perfect for you but some
of them are going to be like ball

1016
00:33:02,340 --> 00:33:05,800
and hoses which no sense to buy to
tear down so like it's pretty easy

1017
00:33:05,800 --> 00:33:11,260
to narrow down the list yeah right
yeah even when we did our list

1018
00:33:11,260 --> 00:33:15,580
yeah Then you get out, start door
knocking and you realize that it's

1019
00:33:15,580 --> 00:33:18,080
that baller house and they're
going to want way too much for it.

1020
00:33:18,080 --> 00:33:19,480
This doesn't make sense.

1021
00:33:19,480 --> 00:33:21,080
Or there's a carrot house already

1022
00:33:21,080 --> 00:33:23,700
on it or stuff like that.

1023
00:33:23,700 --> 00:33:26,020
there's a carrot house already on

1024
00:33:26,020 --> 00:33:27,360
it or stuff like that.

1025
00:33:27,360 --> 00:33:28,060
Would you start looking at buying

1026
00:33:28,060 --> 00:33:30,080
two side -by -side lots that equal
the same needed distance?

1027
00:33:32,000 --> 00:33:32,880
Yeah, totally.

1028
00:33:32,880 --> 00:33:35,480
I also had thought about that.

1029
00:33:35,840 --> 00:33:39,160
I don't know if you'd be able
to... make the numbers run well

1030
00:33:39,160 --> 00:33:40,080
you'd have to be strategic in the
way you develop that but basically

1031
00:33:40,080 --> 00:33:43,680
you're buying two lots and you're
only putting a three plex on each

1032
00:33:43,860 --> 00:33:46,240
in that scenario well i was
thinking you could redevelop and

1033
00:33:46,240 --> 00:33:51,140
put a six but like yeah so three
per lot so from a realtor

1034
00:33:51,260 --> 00:33:54,860
perspective like you have two lots
i was thinking you could redevelop

1035
00:33:55,020 --> 00:33:59,370
and put a six but like yeah so
three per lot so from a realtor

1036
00:33:59,370 --> 00:34:02,410
perspective like you have two lots
And then as soon as they know the

1037
00:34:02,410 --> 00:34:05,230
neighbor wants to sell it, they're
going to want land assembly value.

1038
00:34:05,230 --> 00:34:05,430
Oh, man.

1039
00:34:05,430 --> 00:34:06,530
You drive down Gordon, I feel like

1040
00:34:06,530 --> 00:34:08,850
every single house is a land
assembly.

1041
00:34:08,850 --> 00:34:10,690
From a homeowner perspective, why
would you not?

1042
00:34:10,690 --> 00:34:14,969
When you can sell your house on
the market, get 1 .1, or you put

1043
00:34:14,969 --> 00:34:20,469
it in a land assembly, sell it
with your neighbor, and get 1 .6,

1044
00:34:20,469 --> 00:34:21,090
even if it takes two years.

1045
00:34:21,090 --> 00:34:21,889
if it years.

1046
00:34:21,889 --> 00:34:24,170
Oh, you're telling me I can get 1
.6 if I'm the same?

1047
00:34:24,170 --> 00:34:26,150
For this thing?
No. Okay, you shouldn't be

1048
00:34:20,710 --> 00:34:25,270
preaching that though because
everyone's like, yeah, land

1049
00:34:25,270 --> 00:34:26,929
assembly, I'm going to make all
this money.

1050
00:34:26,929 --> 00:34:28,380
Oh, land assemblies are brutal.

1051
00:34:28,380 --> 00:34:29,219
all this money.

1052
00:34:29,219 --> 00:34:30,600
Oh, land assemblies are brutal.

1053
00:34:30,600 --> 00:34:32,600
They're not selling very well at

1054
00:34:32,600 --> 00:34:34,900
all right now because of this.

1055
00:34:34,900 --> 00:34:35,760
Because the prices are just

1056
00:34:35,760 --> 00:34:36,159
through the roof.

1057
00:34:36,159 --> 00:34:37,860
But I guess why would you not list

1058
00:34:37,860 --> 00:34:40,980
your house if you have four
neighbors to your left and four

1059
00:34:40,980 --> 00:34:42,840
neighbors to your right?
You're like, to your right?

1060
00:34:42,840 --> 00:34:45,219
You're like, I'm going to be stuck
in the middle.

1061
00:34:45,219 --> 00:34:45,860
You're not in a rush.

1062
00:34:45,860 --> 00:34:46,920
Their house is not for sale.

1063
00:34:46,920 --> 00:34:49,520
They don't care if they sell or
not.

1064
00:34:49,520 --> 00:34:51,600
So you just put it for sale.

1065
00:34:51,600 --> 00:34:53,060
It takes two years or a year.

1066
00:34:53,060 --> 00:34:54,800
They don't care.

1067
00:34:54,800 --> 00:34:55,380
They're removed anyway.

1068
00:34:55,380 --> 00:34:39,179
And then when you bring them a
check for 500 grand more than they

1069
00:34:39,179 --> 00:34:42,719
would get on the market, why not?
This is why there's a million land

1070
00:34:42,719 --> 00:34:44,560
assemblies for sale right now in
Kelowna.

1071
00:34:44,560 --> 00:34:45,719
And there's not that many people
buying them.

1072
00:34:45,719 --> 00:34:46,840
What's the logic there?
You're the logic there?

1073
00:34:46,840 --> 00:34:49,699
They increase the value because
you can build something denser.

1074
00:34:49,699 --> 00:34:51,380
Basically, you just increase the
density.

1075
00:34:51,380 --> 00:34:54,800
So instead of building a six
-pleck, you get three together.

1076
00:34:54,800 --> 00:34:56,360
Now you can build 72 units.

1077
00:34:56,710 --> 00:34:58,750
So the cost per square foot per

1078
00:34:58,750 --> 00:34:59,190
unit.

1079
00:34:59,190 --> 00:35:01,150
it goes way down right from your

1080
00:35:01,150 --> 00:35:03,250
experience who's buying that stuff
right now not that many people but

1081
00:35:03,250 --> 00:35:05,830
like it's all -time developers so
i think there is a stat and i'm

1082
00:35:05,830 --> 00:35:06,170
gonna butcher this a little bit
but it'll be close like all of the

1083
00:35:06,430 --> 00:35:09,750
stats on this show yeah there was
like 105 land assemblies listed in

1084
00:35:09,750 --> 00:35:15,490
2024 and five of them sold yeah oh
yeah so we're talking five percent

1085
00:35:15,690 --> 00:35:20,150
if you're listed you don't have a
very good chance so that's this

1086
00:35:20,150 --> 00:35:23,330
year but in 2021 they would sell
immediately people but like it's

1087
00:35:23,330 --> 00:35:26,130
all -time developers so i think
there is a stat and i'm gonna

1088
00:35:26,130 --> 00:35:28,750
butcher this a little bit but
it'll be close like all of the

1089
00:35:28,750 --> 00:35:31,590
stats on this show yeah there was
like 105 land assemblies listed in

1090
00:35:31,590 --> 00:35:28,410
2024 and five of them sold yeah oh
yeah so we're talking five percent

1091
00:35:28,410 --> 00:35:30,950
if you're listed you don't have a
we're talking good chance so

1092
00:35:30,950 --> 00:35:34,910
that's this year but in 2021 so
would sell immediately for way

1093
00:35:34,910 --> 00:35:37,290
more money right so like
everyone's just hoping that the

1094
00:35:37,290 --> 00:35:38,590
market turns around and they come
out and start buying these things

1095
00:35:38,590 --> 00:35:41,670
and then developer incentives
saying build purpose -built rental

1096
00:35:41,670 --> 00:35:45,570
like build the 72 -unit purpose
-built rental with like 40 -year

1097
00:35:46,170 --> 00:35:48,610
amortizations no property taxes
all the other incentives in the

1098
00:35:48,610 --> 00:35:50,510
world the homeowners are like well
fuck it i'm gonna make this money

1099
00:35:50,510 --> 00:35:51,630
too and we've spoken about this
that screams like okay we're

1100
00:35:51,630 --> 00:35:53,890
taking away an asset class that is
existing and needed and we're

1101
00:35:53,890 --> 00:35:55,090
putting rentals there we're gonna
increase our rental population

1102
00:35:55,090 --> 00:36:00,400
which is not a bad thing or good
thing but like it's gonna go up by

1103
00:36:00,400 --> 00:36:02,540
five or ten percent well we're
just taking home ownership away

1104
00:36:02,540 --> 00:36:03,680
from people incentivizing rentals
yeah yeah yeah should we not be

1105
00:36:03,680 --> 00:36:04,120
incentivizing like okay we're
taking away an asset class that is

1106
00:36:04,120 --> 00:36:05,700
existing and needed and we're
putting rentals there we're gonna

1107
00:36:05,700 --> 00:36:09,580
increase our rental population
which is not a bad thing or good

1108
00:36:09,580 --> 00:36:13,560
thing but like it's gonna go up by
five or ten percent well we're

1109
00:36:13,560 --> 00:36:15,620
just taking home ownership away
from people incentivizing rentals

1110
00:36:15,620 --> 00:36:16,380
yeah yeah yeah should we not be
incentivizing Home builders,

1111
00:36:16,440 --> 00:36:16,900
single families.

1112
00:36:17,100 --> 00:36:18,200
I'm just telling you how it is.

1113
00:36:18,200 --> 00:36:20,360
I guess we are with CMHC financing
up to a million and a half now

1114
00:36:20,360 --> 00:36:20,460
insured.

1115
00:36:20,460 --> 00:36:21,480
They are coming, but it's mostly

1116
00:36:21,480 --> 00:36:22,080
for first -time homebuyers.

1117
00:36:22,080 --> 00:36:23,380
Also, just telling you how it is.

1118
00:36:23,380 --> 00:36:26,400
I guess we are when you have no
housing or shortage of housing,

1119
00:36:26,400 --> 00:36:28,840
you take a lot that has a single
-family house on it or two.

1120
00:36:28,840 --> 00:36:30,240
That's two units.

1121
00:36:30,240 --> 00:36:31,580
If they have suites, that's four.

1122
00:36:31,580 --> 00:36:34,340
You tear it down and build a
minimum of six per.

1123
00:36:34,340 --> 00:36:18,540
If you do a land assembly, way
more than that, 10 times that.

1124
00:36:36,460 --> 00:36:38,060
It makes sense for... building
more houses.

1125
00:36:38,060 --> 00:36:42,920
When that incentive is just build
more housing, regardless of what

1126
00:36:42,920 --> 00:36:46,440
it is, this is the best way to do
it.

1127
00:36:46,440 --> 00:36:48,220
I just think that's what's
happening right now.

1128
00:36:48,220 --> 00:36:51,140
It bears in mind, what is
affordable housing anymore?

1129
00:36:51,140 --> 00:36:55,770
What does that look like from
somebody looking to get into the

1130
00:36:55,770 --> 00:37:00,890
market and buy something?
Most people still can't afford a

1131
00:37:00,890 --> 00:37:03,630
$1 .5 million house, which is
probably what the average new home

1132
00:37:03,630 --> 00:37:04,650
is going for right now.

1133
00:37:04,650 --> 00:37:05,430
On the lowest end.

1134
00:37:05,430 --> 00:37:05,830
the lowest end.

1135
00:37:05,830 --> 00:37:07,290
You're looking at townhouses now,

1136
00:37:07,290 --> 00:37:09,050
which is what the incentives are,
whether you're rental or not.

1137
00:37:09,050 --> 00:37:11,430
That's what the city is shooting
for.

1138
00:37:11,430 --> 00:37:15,310
But is a list price of $700 ,000,
$800 ,000, is that still

1139
00:37:15,310 --> 00:37:16,510
achievable for people?
Yeah.

1140
00:37:16,510 --> 00:37:16,690
Yeah.

1141
00:37:16,690 --> 00:37:17,450
I don't know.

1142
00:37:17,450 --> 00:37:17,790
It is.

1143
00:37:17,790 --> 00:37:18,210
Well, yeah.

1144
00:37:18,210 --> 00:37:19,530
So maybe a good segue.

1145
00:37:19,530 --> 00:37:22,030
So first option would be building

1146
00:37:22,030 --> 00:37:22,810
sixplex.

1147
00:37:01,050 --> 00:37:02,970
What would be a second play that

1148
00:37:02,970 --> 00:37:04,970
you would do investment -wise or
personally, whatever you want to

1149
00:37:04,970 --> 00:37:06,090
buy?
I know the question was in the

1150
00:37:06,090 --> 00:37:06,190
Okanagan.

1151
00:37:06,190 --> 00:37:07,970
know the question was in the

1152
00:37:07,970 --> 00:37:08,130
Okanagan.

1153
00:37:08,130 --> 00:37:09,170
But I would probably look at

1154
00:37:09,170 --> 00:37:13,570
Alberta investing or even US
investing and looking at apartment

1155
00:37:13,570 --> 00:37:14,770
buildings there, a 10 unit
minimum.

1156
00:37:14,770 --> 00:37:15,830
The unit's cash flow.

1157
00:37:15,830 --> 00:37:17,650
If you get something in Alberta or

1158
00:37:17,650 --> 00:37:21,710
you go down to the States and you
buy it, it's really hard to find

1159
00:37:21,710 --> 00:37:25,160
multifamily projects that are cash
flowing in the Okanagan unless

1160
00:37:25,160 --> 00:37:27,780
you're doing purpose built, like
from the ground up development.

1161
00:37:27,780 --> 00:37:30,360
Even that though, that though,
like will there be a glutton in

1162
00:37:30,360 --> 00:37:32,080
supply here?
I know.

1163
00:37:32,080 --> 00:37:32,700
Good question.

1164
00:37:32,700 --> 00:37:34,360
Talked in five years when all

1165
00:37:34,360 --> 00:37:39,120
these projects come to fruition?
A lot of the pushback I get just

1166
00:37:39,120 --> 00:37:41,780
in my day -to -day from purpose
-built rentals is that in 10, 20

1167
00:37:41,780 --> 00:37:43,640
years, we're basically just going
to have these dumpy buildings all

1168
00:37:43,640 --> 00:37:46,000
over town that just nobody cares
for.

1169
00:37:46,000 --> 00:37:48,220
When you build them, obviously,
they're not custom homes.

1170
00:37:48,220 --> 00:37:50,560
They're not going to be like that.

1171
00:37:50,560 --> 00:37:53,240
But are they built to the same

1172
00:37:53,240 --> 00:37:54,620
quality that you would own that
you sell?

1173
00:37:54,620 --> 00:37:55,920
Are they going to hold up over
time?

1174
00:37:55,920 --> 00:37:57,320
Or is it just a maintenance
problem?

1175
00:37:57,320 --> 00:38:04,060
I feel like a REIT might do a
pretty good job of maintaining the

1176
00:38:04,060 --> 00:37:46,640
property over the years, but I
don't know, maybe I'm wrong.

1177
00:37:46,640 --> 00:37:49,040
Maybe some of them will, some of
them won't.

1178
00:37:49,040 --> 00:37:52,960
What do you think about that?
How are these buildings going to

1179
00:37:52,960 --> 00:37:55,180
look 10, 20 years from now?
Yeah, I can't speak for other

1180
00:37:55,180 --> 00:37:55,580
developers.

1181
00:37:55,580 --> 00:37:56,740
I can speak like when I think

1182
00:37:56,740 --> 00:38:00,580
about a sixplex development or any
development in that matter, I

1183
00:38:00,580 --> 00:38:04,060
strive for the best product
possible.

1184
00:38:04,060 --> 00:38:06,830
I think about myself living in
that unit.

1185
00:38:07,230 --> 00:38:12,230
I still want... the high -end
luxury items that people come to

1186
00:38:12,230 --> 00:38:14,450
expect, like quartz counters and
solid wood cabinets and the rest

1187
00:38:14,450 --> 00:38:14,650
of it.

1188
00:38:14,650 --> 00:38:16,810
But I think the same thing as you.

1189
00:38:16,810 --> 00:38:12,230
You see all these four or five
-story wood frame condos going up.

1190
00:38:12,230 --> 00:38:21,830
And sure, it works for right now,
but that's not the best use of

1191
00:38:21,830 --> 00:38:24,070
space, especially in a region such
as Kelowna where we can't spread

1192
00:38:24,070 --> 00:38:24,150
outwards.

1193
00:38:24,150 --> 00:38:26,050
So I don't know what's going to

1194
00:38:26,050 --> 00:38:26,530
happen in...

1195
00:38:26,530 --> 00:38:27,930
10 years when we're looking for

1196
00:38:27,930 --> 00:38:31,110
more densification and tearing
those things down and building

1197
00:38:31,110 --> 00:38:33,670
towers at that point like that's
what we're doing with single

1198
00:38:33,670 --> 00:38:36,920
family homes right now well so
does that mean though single

1199
00:38:36,920 --> 00:38:40,300
family home is a good investment
right now i don't know i think

1200
00:38:40,300 --> 00:38:43,700
probably i think so yeah i think
so too and existing it's hard to

1201
00:38:43,700 --> 00:38:48,360
make it work on the new builds
yeah yeah i think there's going to

1202
00:38:48,360 --> 00:38:51,520
be a lack of single family homes
in the next 10 years that's for

1203
00:38:51,520 --> 00:38:56,680
sure it's so obvious what we're
doing with single family homes

1204
00:38:56,680 --> 00:39:00,480
right now well so does that mean
though single family home is a

1205
00:39:00,480 --> 00:39:04,910
good investment right now i don't
know i think probably i think so

1206
00:39:04,910 --> 00:39:10,810
yeah i think too and existing it's
hard to make it work on the new

1207
00:39:10,810 --> 00:39:14,450
builds yeah think there's going to
be a lack of single family homes

1208
00:39:14,450 --> 00:39:16,810
in the next 10 years that's for
sure so obvious Right.

1209
00:39:17,550 --> 00:39:19,470
I think so, too.

1210
00:39:19,470 --> 00:39:22,330
I think you got to buy a single

1211
00:39:22,330 --> 00:39:25,970
family home because we're just
like actively tearing them down

1212
00:39:26,310 --> 00:39:26,970
everywhere you look.

1213
00:39:26,970 --> 00:39:27,130
Right.

1214
00:39:27,130 --> 00:39:28,870
And we're not putting it back up.

1215
00:39:28,870 --> 00:39:30,450
You know what?

1216
00:39:30,610 --> 00:39:31,370
know what?
Probably every growing city

1217
00:39:31,510 --> 00:39:31,770
reaches this capacity point,
though, where it's like, hey, we

1218
00:39:31,770 --> 00:39:32,550
need to go vertical.

1219
00:39:32,550 --> 00:39:33,980
We need to go densification.

1220
00:39:33,980 --> 00:39:39,000
And you just get rid of single
family homes.

1221
00:39:39,000 --> 00:39:39,620
Yeah.

1222
00:39:39,620 --> 00:39:41,520
Like maybe people just get

1223
00:39:41,520 --> 00:39:43,040
accustomed to living in.

1224
00:39:43,040 --> 00:39:45,500
just get accustomed to living in.

1225
00:39:45,500 --> 00:39:47,340
Like Vancouver does this, right?
But then they still have their

1226
00:39:47,340 --> 00:39:47,840
single family neighborhoods.

1227
00:39:47,840 --> 00:39:49,120
They go crazy prices.

1228
00:39:49,120 --> 00:39:50,960
You get like a dump.

1229
00:39:50,960 --> 00:39:52,540
It's like $3 million for this

1230
00:39:52,540 --> 00:39:55,360
thing that doesn't even have a
front door, right?

1231
00:39:55,360 --> 00:39:57,320
So like, you know?
Man, you're just chewing this dump

1232
00:39:57,320 --> 00:39:58,120
in this late country.

1233
00:39:58,120 --> 00:40:00,770
Well, I just mean, Well, I just

1234
00:40:00,770 --> 00:40:01,330
mean, yeah.

1235
00:40:01,330 --> 00:40:02,430
You know?

1236
00:40:02,430 --> 00:40:06,970
The proof is in the pudding that
the values went up a lot of single

1237
00:40:06,970 --> 00:40:07,530
family homes there.

1238
00:40:07,530 --> 00:40:08,110
Yeah.

1239
00:40:08,110 --> 00:40:08,270
Yeah.

1240
00:40:08,270 --> 00:40:09,310
The tough thing is too, because

1241
00:40:09,310 --> 00:40:12,650
the BC government just announced
all these new rules about

1242
00:40:12,650 --> 00:40:13,130
flipping, right?
Yeah.

1243
00:40:13,130 --> 00:40:16,770
So in a previous world, A year
ago, you would have been able to

1244
00:40:16,770 --> 00:40:21,290
buy that dump and fix it up and
actually bring this old 70s home

1245
00:40:21,290 --> 00:40:21,910
back up to nice standards.

1246
00:40:21,910 --> 00:40:22,410
Improve the neighborhood.

1247
00:40:22,410 --> 00:40:22,530
Totally.

1248
00:40:22,530 --> 00:40:24,350
But now they're forcing us into a

1249
00:40:24,350 --> 00:40:26,730
position where, oh, you're going
to get hit with all these capital

1250
00:40:26,830 --> 00:40:27,850
gains implications if you flip
that house.

1251
00:40:27,850 --> 00:40:32,290
So a developer is like, well, I
can only make money if I'm

1252
00:40:32,290 --> 00:40:34,010
redeveloping it and putting...

1253
00:40:34,010 --> 00:40:35,130
that sixplex or the fourplex on

1254
00:40:35,130 --> 00:40:35,390
that lot.

1255
00:40:35,390 --> 00:40:35,850
Yeah, good point.

1256
00:40:35,850 --> 00:40:36,170
point.

1257
00:40:36,170 --> 00:40:36,310
All right.

1258
00:40:36,310 --> 00:40:37,790
Well, yeah, we'll keep moving on
here.

1259
00:40:37,790 --> 00:40:40,950
If you could tell your 20 -year
-old self one thing, what would it

1260
00:40:41,050 --> 00:40:42,370
be?
Yeah, I'd definitely tell myself

1261
00:40:42,570 --> 00:40:44,730
that the real estate game takes
longer than you anticipate.

1262
00:40:44,730 --> 00:40:48,450
I always thought you'd do your
first project and it'd go well and

1263
00:40:48,450 --> 00:40:54,010
you'd roll that into the next one
and it would just snowball very

1264
00:40:54,010 --> 00:40:55,970
quickly, but it's not the case.

1265
00:40:55,970 --> 00:40:58,260
I never accounted for real estate

1266
00:40:58,260 --> 00:40:59,160
cost going up.

1267
00:40:59,160 --> 00:40:59,480
so dramatically.

1268
00:40:59,480 --> 00:41:01,480
I never accounted for inflation.

1269
00:41:01,480 --> 00:41:03,900
All these factors make it a lot

1270
00:41:03,900 --> 00:41:06,060
harder to succeed in real estate
in a short period of time.

1271
00:41:06,060 --> 00:41:11,540
So you just got to stay persistent
and you got to work in it every

1272
00:41:11,540 --> 00:41:11,800
day.

1273
00:41:11,800 --> 00:41:14,420
You got to think 10, 15, 20 years

1274
00:41:14,420 --> 00:41:16,720
out and plan that accordingly.

1275
00:41:16,720 --> 00:41:17,920
But it takes time.

1276
00:41:17,920 --> 00:41:20,640
It's not going to happen in a
year.

1277
00:41:20,640 --> 00:41:21,120
Yeah.

1278
00:41:21,120 --> 00:41:22,520
So when you're a 20 -year -old,

1279
00:41:22,830 --> 00:41:26,990
you're like, damn, I should have
bought a host when I was two.

1280
00:41:26,990 --> 00:41:27,450
Totally, totally.

1281
00:41:27,450 --> 00:41:29,910
What was I doing to waste all

1282
00:41:29,910 --> 00:41:31,050
those days?
I agree with you totally.

1283
00:41:31,050 --> 00:41:32,550
Yeah, it does take time.

1284
00:41:32,550 --> 00:41:33,770
Well, and for any viewers out

1285
00:41:33,770 --> 00:41:37,050
there who are like chomping to get
into the market, but they have

1286
00:41:37,050 --> 00:41:39,110
paralysis or whatever the
situation is, they're waiting for

1287
00:41:39,110 --> 00:41:40,910
interest rates to come down or
whatever.

1288
00:41:40,910 --> 00:41:43,650
Time in the market is better than
timing the market.

1289
00:41:43,650 --> 00:41:44,970
Way better.

1290
00:41:44,970 --> 00:41:45,250
Way better.

1291
00:41:45,250 --> 00:41:46,030
I totally agree with that.

1292
00:41:46,030 --> 00:41:46,810
So just buy.

1293
00:41:46,810 --> 00:41:48,930
Just get something, right?
I also feel like leapfrogging up.

1294
00:41:48,930 --> 00:41:31,430
I don't understand why people
don't talk about this more.

1295
00:41:31,430 --> 00:41:34,070
Getting in with anything you can,
like a condo, even like a one

1296
00:41:34,070 --> 00:41:37,750
-bedroom or studio condo that you
can afford and then living in it

1297
00:41:37,750 --> 00:41:40,910
for a couple of years, pay down
the mortgage and either refinance

1298
00:41:40,910 --> 00:41:45,250
it and buy another one or sell it
and buy another one.

1299
00:41:45,250 --> 00:41:47,070
That's how you increase your real
estate holdings is by leapfrogging

1300
00:41:47,070 --> 00:41:51,110
up until you get to a certain
point and then options are open.

1301
00:41:51,190 --> 00:41:51,710
Yeah, I agree with you.

1302
00:41:51,710 --> 00:41:51,790
you.

1303
00:41:51,790 --> 00:41:54,630
Just getting in the market, I
think, is the most important

1304
00:41:54,630 --> 00:41:54,970
thing.

1305
00:41:54,970 --> 00:41:56,950
What is your favorite charity or

1306
00:41:57,030 --> 00:41:58,910
how do you give back?
For me, giving back is just

1307
00:41:58,650 --> 00:41:59,290
sharing my knowledge.

1308
00:41:59,290 --> 00:41:59,710
Nice.

1309
00:41:59,710 --> 00:42:01,110
On the pod.

1310
00:42:01,110 --> 00:42:01,370
Yeah.

1311
00:42:01,370 --> 00:42:03,370
So I went to SAIT for my
architectural technologies.

1312
00:42:03,370 --> 00:42:05,170
I've been back multiple times
since.

1313
00:42:05,170 --> 00:42:08,310
I speak to future graduates about
what can you do with this career.

1314
00:42:08,310 --> 00:42:10,410
It's such a broad schooling,
architectural technologies.

1315
00:42:10,410 --> 00:42:12,410
Where can you take that and what
kind of career can you make out of

1316
00:42:12,410 --> 00:42:13,770
it?
And even just going for a coffee

1317
00:42:13,770 --> 00:42:17,200
with somebody who wants to learn
more, that's how I give back.

1318
00:42:17,200 --> 00:42:18,040
I love it.

1319
00:42:18,040 --> 00:42:18,400
love it.

1320
00:42:18,400 --> 00:42:18,680
Nice.

1321
00:42:18,680 --> 00:42:19,280
That's awesome.

1322
00:42:19,280 --> 00:42:21,500
How can our listener or Matt and I
help you?

1323
00:42:21,880 --> 00:42:24,760
can our listener or Matt and I
help you?

1324
00:42:24,760 --> 00:42:28,040
I'm currently raising capital for
one of those six plexes.

1325
00:42:28,040 --> 00:42:30,600
So if you want to learn more about
that project or invest yourself,

1326
00:42:30,600 --> 00:42:31,580
feel free to reach out.

1327
00:42:31,580 --> 00:42:32,880
You can find me at Facebook with

1328
00:42:32,880 --> 00:42:36,020
my CM Designs or Noble Terra
Developments, either or.

1329
00:42:36,020 --> 00:42:39,820
Those are ways you can find me.

1330
00:42:39,820 --> 00:42:41,980
Yeah, that is such a cool project

1331
00:42:42,180 --> 00:42:43,000
out there.

1332
00:42:43,000 --> 00:42:45,230
Like good location to it.

1333
00:42:45,230 --> 00:42:48,530
It's a wild lot that like I did
not know existed.

1334
00:42:48,530 --> 00:42:49,630
So this is Xbox and fellas.

1335
00:42:49,630 --> 00:42:49,990
Yeah.

1336
00:42:49,990 --> 00:42:52,250
Good for you for finding that.

1337
00:42:52,250 --> 00:42:52,390
Cool.

1338
00:42:52,390 --> 00:42:54,130
Well, thanks for having me guys.

1339
00:42:54,390 --> 00:42:56,310
Yeah, it's been awesome.

1340
00:42:56,310 --> 00:42:58,550
Thanks a lot for coming on and
sharing your knowledge.

1341
00:42:58,550 --> 00:42:58,630
Likewise.

1342
00:42:58,630 --> 00:42:58,770
Yeah.

1343
00:42:58,770 --> 00:42:58,950
Okay.

1344
00:42:58,950 --> 00:42:59,650
Have a good one.