COVID-19's Effect on Real Estate and Mortgages in Vancouver | Cari Mai (Oakwyn Realty)

COVID-19 has had a real impact on real estate and mortgage financing - particularly in Vancouver and Toronto. I teamed up with a fellow UBC alumni friend and progressive techie turned Vancouver realtor, Cari Mai, to speak about ways to leverage these impacts to find a dream property with the best possible mortgage. The main points cover the importance of mortgage pre-approvals when rates are low, how real estate trends changed leading up to COVID-19, and what you can do now to be a step ahead of the people who are going into hibernation mode. Timestamp: Can't see our whole video now? Click into your preferred topics 1:05 Topics Covered 3:00 Introductions - Cari & Paul 8:30 Three steps to avoid losing $50,000 (and time) 10:43 Mortgage Pre-Approvals and how they can save up to $10,000 12:45 Tips and consequences around Credit Score 15:00 Mortgage Misconceptions 17:20 Real Estate market trends before and during the COVID-19 pandemic 22:09 Consumer behaviour changes offline and online during COVID-19 30:24 The New Home Buying Experience 33:30 How virtual showing look and feel now 35:55 Why leveraging a realtor now is even more important than before 39:25 COVID-19’s effect on mortgage financing 43:30 The most recent mortgage stress test change 44:22 What lenders are closing during COVID-19 and how that affects borrowing power with rentals 45:00 Fixed vs. Variable Rates during the pandemic 47:45 Bank vs Non-Banks: Being conservative with Big Banks can leave $20,000-$40,000 on the table 53:08 Self-employed mortgages 55:09 Is now a good or terrible time to buy a home? 58:06 A recession does not always equal a housing crisis 1:00:09 What is your next step to win real estate and mortgage financing during the pandemic? 1:02:35 Q&A Contact us to lock in a mortgage pre-approval and get access to exclusive listings: Cari Mai (www.carimai.com) Oakwyn Realty Ltd. 604-727-9922 cari@carimai.com Paul Davidescu (www.levelupmortgages.com) Level Up Mortgages 604-809-3188 paul@levelupmortgages.com Subscribe to Level Up Mortgages YouTube Account: http://bit.ly/LevelUpYouTubeSubscribe Email Paul to Level Up your mortgage planning: paul(at)levelupmortgages.com Talk to us or if you want some quick replies, connect with our Facebook Messenger Bot: http://bit.ly/MyMortgageBot Got Mortgage Questions? Trying not to freak out about something that’s stressing you out? We got you 🙋🏽‍♂️🙋‍♀️ + Get immediate answers without needing to talk to a human 🤖 http://bit.ly/MyMortgageBot + Email me and check out our website: paul(at)levelupmortgages.com | www.levelupmortgages.com 👨🏽‍💻 + DM me on Instagram if you want to get more personal 📱 https://www.instagram.com/levelupyourmortgages/ + Get LinkedIn if you want to check our credentials 😎 https://www.linkedin.com/in/pauldavidescu/ + Tweet at me if you hang out there 🐦 https://twitter.com/levelupmortgage + Check updates on our blog to do a deep dive 🔎https://www.levelupmortgages.com/blog