In this podcast episode, addy Co-Founder Stephen Jagger sits down with Steve Saretsky, a residential realtor and host of The Looney Hour Podcast, alongside Mark Goodman, a seasoned commercial real estate broker with Goodman Commercial, to dissect British Columbia’s real estate market. From the residential downturn to commercial market shifts, they explore the interplay of government policies, affordability, and what lies ahead for the housing sector in 2025. Packed with insights, this discussion is essential for anyone invested in understanding the forces shaping British Columbia’s real estate.
Key Highlights:
Market Trends and the 2024 Reset
Both Steve Saretsky and Mark Goodman break down how 2024 marked a major reset for the real estate industry. Saretsky sheds light on the residential market’s recovery following interest rate cuts, while Goodman highlights the commercial side’s challenges, including increased taxes and sluggish development progress.
The Supply vs. Policy Debate
A recurring theme in the discussion is the urgent need for more housing supply. Both experts argue that government policies like the vacancy tax and increased development cost charges (DCCs) are adding hurdles for developers, effectively limiting supply. They contrast this with the success of deregulated cities like Seattle, where increased supply led to falling rental prices.
Rents Are Dropping: Causes and Consequences
For the first time in years, Vancouver has seen rents decline—down by as much as 10% in some areas. Goodman explains this shift as a result of more supply coming to market, combined with a weakening economy and rising unemployment, especially among younger Canadians.
What’s Next for 2025?
Both guests share their predictions for the coming year:
- Stabilized interest rates will bring more confidence to buyers and sellers.
- Increased activity is expected in the multifamily commercial market, as many held-off decisions are revisited.
- Smaller developers will continue to struggle with rising costs and tighter margins, leading to more distressed sales.
Why Listen to This Episode?
This episode is a must-listen for real estate investors, professionals, and policy enthusiasts alike. With a blend of data, anecdotes, and expert analysis, Saretsky and Goodman provide actionable insights into how government policies, market dynamics, and economic forces are shaping the future of Canadian real estate.
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