Like most of Canada (click here to see Canada’s Housing Snapshot), the Greater Vancouver and Fraser Valley Real Estate Board stats* show the continuance of soaring prices thanks to record lows in housing inventory. The cost of the single family detached home is beyond many peoples’ reach. There are still a few of these types of homes for under 1 million as you head towards Maple Ridge, Aldergrove & into the East Valley. Like other major urban centers around the world, people are shifting their paradigmatic thinking away from the standard house with a yard. Recent stats show trending towards a demand for townhomes & condos in both Greater Vancouver and Fraser Valley regions. More developers are starting to break ground in the Tri-Cities & Fraser Valley as land isn’t a pricey, making housing a bit more within reach. Here, newer two-bedroom condo prices continue to hover around the mid 500’s to high 600’s depending on where you buy, but how long will that last?
So why does our market continue to stay HOT???*
Interest rates are expected to show modest increases yet they are still at record lows, meaning that more buyers are able to purchase. People may be scrambling to purchase before interest rates rise.
New Millennials are purchasing whereas many were content to rent before. Their family units are increasing in size and they are outgrowing their space, hence the spike in First Time Home Buyers. Check out this recent article that compares renting to owning: Rent vs. Buy Summary
Many First Time Home Buyers (FTHB) saved up their CERB payments and have applied this to their 5% down payment, making home ownership feasible. FTHB Info
With Covid isolation/restrictions & employers being more open to staff working remotely, the Fraser Valley Real Estate Board is seeing more movement to the valley**. Could suburban life be becoming more appealing?
Investors, national and foreign, despite the high down payments, are looking for ways to diversify & increase revenue streams & are purchasing pre-sale units, increasing condo demand.
Trending: Opportunities with Moving & Downsizing
Of the hundreds of people I’ve met over the last year, I’ve noticed a trend. Many are thinking of packing their bags, SELLING HIGH and moving to a more affordable community. Some say the Okanagan. Others say the Island, Interior or elsewhere in Canada! I’d love to help you.
If you’re in a position to sell and move out of town, I’m connected to a network of great Realtors throughout Canada and can refer you to them.
If you’re thinking of ‘right-sizing’ into a smaller home with less maintenance, now is a fantastic time as it’s still a Seller’s Market (for the 17th consecutive month). Depending on your situation, you could stand to make a significant amount of profit.
Don’t be fooled!!!
Many people are saying that there is no point in upsizing as the homes they’d like to buy are selling for too much & they fear multiple offer situations. Please remember that you are likely buying into the SAME market therefore, it’s all relative (usually). I can help you develop a strategy. I can also refer you to amazing mortgage brokers/lenders who can advise you on what you can do and give you a more accurate idea of interest rates/payment options.
I am always here to help if you or anyone you know are considering buying or selling or just need some advice. Referrals are very much appreciated.