MASS Bankruptcy In The 2023 Canadian Housing Market with Randy West

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When it comes to filing for bankruptcy in Canada, is the housing market hurting Canadians? Or is it the one thing helping bail them out from over spending and failed businesses?

In this week’s episode of The Tom Storey Show, Steve Karrasch and Tom Storey sit down with Insolvency Trustee Randy West of R. West & Associates in Surrey BC to discuss what he is seeing in the market and how home values sink and save people trying to file for bankruptcy.

Connect with Randy:
Web: https://rwest.ca/

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TOM STOREY
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Tom's YouTube Channel:    / tomstorey  
The Storey Team, Royal LePage Signature: https://storeyteam.ca/
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FaceBook:   / thestoreyteam  

STEVE KARRASCH
Book a call with Steve: https://calendly.com/stevekarrasch
Steve's YouTube Channel:    / karraschrealproperties  
Karrasch Real Properties, Macdonald Realty: https://www.krproperties.ca/
Instagram:   / karrasch_real_properties  
FaceBook:   / karraschrealproperties  

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The opinions expressed herein are solely that of Steve Karrasch PREC and Tom Storey, not Macdonald Realty, Royal LePage Signature, TREB or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Nor should any of this content be considered or used as financial advice. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

#Bankrupt #CanadaRealEstate #housingmarket

00:00 🚨 Financial Awareness and Procrastination
00:32 🎙️ Introduction
01:00 🏦 Role of a Licensed Insolvency Trustee
02:11 📉 Financial Difficulties and Insolvency Trends
04:19 🚀 Property Value Increase and Financial Struggles
06:37 📈 Real Estate Market Dynamics
09:10 🏠 Mortgage Strategies and Interest Rate Trends
12:24 💸 Rising Costs and Property Taxes
14:18 🤔 Future Concerns for the Real Estate Market
18:25 🏠 Reflecting on Real Estate Decisions
18:53 📝 Real Estate Legal Services Promotion
20:30 🔄 Challenges with Pre-Built Property Transactions
26:56 📈 Impact of Interest Rates on Financial Situations
30:19 💳 Managing Debt through Proposals
33:15 📞 Negotiating with the CRA
36:47 📊 Managing Expectations and Proposal Validity
38:36 🆘 Initial Steps for Financially Stressed Individuals
42:25 🏡 Real Estate and Financial Stability
44:30 🔄 Common Causes of Financial Distress
48:55 🏦 Understanding Variable Mortgage Rates
51:12 💬 Openness and Referrals in Financial Distress
53:46 💳 Payment Structure for Financial Services
55:08 📉 Understanding Debt Proposals
56:09 💼 Impact of Income Increase on Proposals
58:28 🏦 Early Engagement with Financial Professionals
01:00:16 📈 Future Housing Market Concerns
01:04:17 🔄 Ten-Year Outlook for BC Housing
01:07:02 🏘️ Rental Market Struggles
01:12:29 📊 Strata Management and Costs
01:13:11 🔄 Transitioning Toward Retirement