Real Estate Blog

Think Big? Create A New Vancouver 

The B.C. government has earmarked $350 million for affordable housing, which may create a few hundred highly subsidized apartments in Vancouver (it cost nearly twice as much to deliver a social housing unit in the city as a condo apartment, since the subsidized projects require support staff and must all be built to LEED standards).  The City of Vancouver also has an affordable housing plan, as do the federal Liberals. We have all heard this tune before.

Since 2011, governments have rolled out all kinds of schemes to reduce the cost of housing, including tightening mortgage requirements to slow demand and bringing in super high-density to increase supply. (Shaping our Future, Metro Vancouver’s latest growth

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Real Estate Professionals -  Investigate Flipping. Not a practice in Nanaimo, but may have its place with such a shortage of homes on the market. I asked a buyer the other day, " Would you like me to contact the agent who has the accepted offer if they would consider selling his contract" This is still Flipping - but is at an arms length. If the first buyer is willing to give up his rights to make a small immediate profit, and my client gets the home he missed out on???? Where does this leave the original seller, who we can only assume was happy with the contract he entered into. Ponder Ponder!!!

 

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This article was taken from Ozzie Jurocks newsletter:

Very interesting trend that might bode well to diversify your portfolio to include a few Rental properties - We can Help!!

U.S. homeownership rates have fallen to the lowest level in 50 years and much of the decline is linked to "Generation Squeeze" the 20-40 agers who are either priced out or not interested in home buying. In the U.S. this year, just 63.4% of households own their home, down from 64.7% just a year ago, according to the US Census Bureau.

First time home buyers are leading the downward trend. The U.S Urban Institute projects that renter households will grow from 40.7 million in 2010 to 47.9 million in 2020 and 53.7 million in 2030.

Household formation is

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Watching the final game in the series made me wonder about how one critical decision decided the game.  After 8 innings the Mets starting pitcher Matt Harvey was determined to finish the game.  The pitching coach came over and told him the team was changing pitchers for the 9th but Harvey stormed over to the Mets manager and told him he wanted to stay in the game.  The manager relented and the rest as they say is history.  Harvey faltered quickly in the 9th and the momentum shifted to the Royals who went on to win the game.  When you have made the decision to sell your home and you are sitting down with your agent to determine the asking price, this is the same critical moment.  The desire to list your home for more than market value has a major impact on

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You can tell the weather is changing in Nanaimo, a little cooler in the mornings and more rain(finally).  Fall is here is for sure so what does this mean for the real estate market? In the last four months the number of single family homes sold has increased quite a bit.

              2015             2014         2013

April       148               94             126

May        150               124           122

June       167               118           115

July        149               126           113

Some big jumps in the number of homes sold and the number of homes for sale has dropped also, which leads to higher prices.  Year to date the average price is up 7% to $386,000.  Factors that could impact the market are the federal

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The Bank of Canada lowered their overnight rate by 25 basis points to 0.50%.  This is the second rate cut this year.  A report from TD Economics says the Bank now expects the Canadian economy to return to full capacity in the first half of 2017.  The TD Bank goes on to say they do not expect the Bank of Canada to start increasing the rate until mid 2017.  What does this mean to home buyers?  These low bank rates lead to low lending rates making mortgages more affordable than ever.  The June sales report shows the highest level of sales in the province in 10 years.  Low inventory levels are putting pressure on home prices.  Now is the time to get qualified and get into the real estate market.  These market conditions seem to indicate higher prices in

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