Month: July 2021

2 Storey For Sale in Sardis, Chilliwack

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•  2332 sqft , 3 bath , 4 bdrm 2 storey – FOR SALE  CAD1,019,900 .
MLS® R2605051

in Sardis, Chilliwack

TRUE PRIDE OF OWNERSHIP in this Quality Built Gorgeous Custom & Absolutely Immaculate 2400sf 2 Story home with lots of fine finishing and details. Located in “Wells Landing” one of the most sought after areas in Sardis. Perfect for entertaining, beautifully designed with spacious rooms and touches of elegance, MSTR Bdrm with updated Tiled shower and soaker tub in 5pc ensuite. Loaded with Upgrades including MODERN NEW KITCHEN with granite countertops, Extensive Hardwood floors, high effec.furnace and an Abundance of windows throughout ALL NEW PLUS 10yr Roof.A/C, 2 gas f/p, irrigation system, bi vac, large newer deck, partially covered overlooks the beautifully landscaped totally private yard. Situated on a 7500 sf Corner Lot with Gated RV Parking for 40ft Trailer with full sani in place.

Property information

With such rapid changes taking place, there are dozens of trends to watch that could affect BC’s real estate market.

8 Real Estate Trends to Watch as BC Reopens 

By Justin Kerby Jul 8, 2021

There’s no question that the real estate market in British Columbia has been white-hot over the last year. Since the pandemic began in March 2020, we’ve seen significant year-over-year increases in sales and home prices across the province. The province has now entered phase three of BC’s Restart Plan, as an increasing percentage of the population has been vaccinated, and fewer individuals are testing positive for COVID-19. If case numbers and hospitalizations continue to decline, BC should enter phase four around September 7, 2021. 

With such rapid changes taking place, there are dozens of trends to watch that could affect BC’s real estate market. COVID-19 changed the real estate landscape in BC, and its departure will continue to impact the market. Here are eight real estate trends you should be watching closely as BC reopens. 

 

1. The Impact of Rising Interest Rates

When the pandemic began, the Bank of Canada brought interest rates to all-time lows to soften the impact of job losses and a slowing economy. Rates have remained at 0.25 percent throughout the last year. 

Benjamin Tal, the Deputy Chief Economist at CIBC, says that the sensitivity to higher interest rates is “the number one issue facing the Canadian economy.”  Though the US Federal Reserve has indicated that they won’t touch interest rates until 2023, Tal believes that Canada could move quicker. As interest rates in Canada return to pre-pandemic levels, it’s expected that home price growth could slow. 

Read more at:  https://t.co/Vn2fSVeYH5

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4 Reasons the Canadian Condo Market Could Heat Up This Summer

4 Reasons the Canadian Condo Market Could Heat Up This Summer

By Justin Kerby Jul 21, 2021

The Canadian housing market has been through more than a few major changes over the last year, and there’s evidence building that could suggest another swing is in the works. As more COVID-19 vaccinations are distributed and Canadians gradually return to pre-pandemic life, there is a good chance that a shift in housing preferences could be just on the horizon. The price of detached homes has steadily and quickly increased, which could very well drive buyers back to the Canadian condo market. 

Here are four reasons why the Canadian condo market could heat up this summer. 

1. The return to work and urban centers 

With more than 50 percent of eligible Canadians fully vaccinated and nearly 80 percent of Canadians age 12 and up receiving at least one dose of a COVID-19 vaccine, there’s certainly reason for optimism in Canada. Bars and restaurants are reopening, movie theatres are operating again, and there’s even talk of large sporting events returning with fans. Many companies in Canada are planning on having workers return to the office this fall, with a significant number of those offices being located in urban centers.

The pandemic drove renters, owners, and investors out of urban centers as the desire for more space swept across Canadian cities. Many predicted that this trend would continue for the first half of 2021, but there’s a debate about where we go from here. In-person work and schooling may never return to their pre-pandemic levels, but there’s little contention that they’ll start to inch closer towards the way things were in 2019 than push further towards going even more remote than things are currently. As students and workers return to urban centers, so should the desire to live close to the office or school. There’s also a large number of hospitality workers returning to work, and as the industry reopens, new housing demands will follow. 

There are many trends to watch as the country reopens, and the rate of Canada’s return to work will be one to follow. 

2. An increasing numbers of immigrants, students, and travellers 

Last October, the federal government announced that it was increasing its target of planned permanent resident admissions in 2021 to 401,000, an increase of 50,000 permanent residents from previous plans for 2021. Though Canada is currently on pace to fall short of its lofty immigration goals (the highest ever set in Canadian history), it will no doubt eclipse last year’s total of 184,000 newcomers. More immigration means more housing will be needed, which could certainly add value to the condo market overall. 

The reopening of borders to students and travellers is another factor that could heat up the Canadian condo market. Open borders would see the return of international students that typically rent near their schools or in urban centers, while travellers seeking short-term rentals can provide income for condo owners. These groups are expected to want to get back into major cities, which would drive housing demands.

All of these new and returning groups of people could very well lead to more investors looking at condos in Canada. More on that below.

3. The rush to secure historically low interest rates 

One of the most significant drivers for the real estate market over the last year has been rock-bottom interest rates. The Bank of Canada just announced it would be holding its benchmark interest rate steady at 0.25 percent, noting that though the economy is improving as vaccinations roll out, coronavirus variants make the overall recovery far from certain. In a recent press release, they went on to comment about the possibility of raising rates in the future: 

“We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In the Bank’s July projection, this happens sometime in the second half of 2022.”

Another year of low interest rates could certainly bring more buyers into the market, as the detached housing market begins to cool after one of the busiest first quarters in Canadian real estate history. Buyers who weren’t able to purchase a property in early 2021 may choose to enter a more stable housing market this summer and fall, as multiple offer scenarios become less common and more inventory becomes available. These potential buyers have also had more time to save, making them perfect candidates for entering the market. 

4. New inventory is being scooped up by both local and foreign investors

The pre-build market is hot right now, with many investors coming off the sidelines after an uncertain year. Major markets like Vancouver and Toronto are seeing non-resident ownership of new supply climb. Vancouver, for example, saw the rate of non-resident ownership rise to 1.9% in 2020, up from 1.5% the year prior. As the price of detached homes remains high, it’s possible that both foreign and local investors will consider entering (or re-entering) the condo market. 

Pre-builds priced below $400,000 in Greater Vancouver are currently selling out at record paces, something that’s hard not to take note of if you’re an investor. Recently a new 141-unit development in Surrey, British Columbia, sold out in just one hour. The developer indicated that many of the buyers were investors looking to purchase a new property in one of Canada’s fastest-growing cities. 

Though nothing is certain, there’s a case to be made that the Canadian condo market could be on the heels of a hot summer and fall. Two of the most significant drivers of the market over the last year, low interest rates and limited inventory, are both still factors. The question that remains is whether or not housing preferences will swing back towards condos and urban centers or if the push towards the suburbs for more space is a lasting trend. Time will tell, but soaring housing prices that push buyers back to the condo market could be a storyline to watch over the second half of 2021 and into 2022. 

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Justin Kerby -Justin Kerby is the founder of Something Great, a digital marketing agency that specializes in real estate branding and content creation. They help companies create social media strategies, newsletters, blog content plans, and advertising campaigns.

 

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July 2021 Testimonial

A HUGE THANKS to Gavin + Kim for the kind words on your experience working with me! I truly wish your family much happiness and can’t wait to see the results of your exciting plans 🙂

– R E V I E W  TIME –

Our family had the pleasure of working with Shannon to buy a property in Sunshine Valley, BC. It is the first time we’ve worked together, and I can’t thank Shannon enough for all the help she has given us throughout the buying process. This is spring 2021. Being a Buyer in this red hot Sellers market was extremely challenging. We had to adapt and work with the sellers to ensure we were selected as the next owners. Shannon helped us every step of the way. The entire process was seamless. Shannon was never pushy, she gave us lots of space to make decisions, and still gently provided the needed support when we needed it. 

We’ve met with many real estate agents in the past decade. I think what makes a great agent from a bad agent is that a great agent cares enough to really understand the clients needs, have clients best interest in mind, and have the exceptional EQ to handle difficult situations. Shannon is all of the above. In addition, she has a wealth of knowledge in the Fraser Valley area. I highly recommend Shannon if you are looking for a trusted agent to help you close a deal smoothly. I will not hesitate to use her services again.

 

For all your real estate needs, give me a call!