Expensive Real Estate Market

Many reports suggest that we have the most expensive real estate in the world. How then do the residents cope? The studies generally compare the ratios of average or median family income with the ability to finance a detached home. With the average price over CDN $1 million, many cannot afford to buy a house, but they do have other options.

 

Family dynamics have changed over the last 20 years. Couples are getting married later in life, having less children, and needing less space. While a detached house may be desirable, a townhouse or an apartment may be more practical where prices are less and the upkeep of the exterior and common areas is maintained by monthly fees. In fact, according to the REBGV MLS® statistics, more than 50% of all sales are from town homes and apartment units.

 

Many Buyers are also having family help with the down payments and as guarantors for the mortgage, or finding homes with rental suites to offset some of the monthly debt. Those who already have bought can make the easier transition to move up with equity built up over the years and whose values also appreciated. First time buyers have more realistic expectations on what they can buy for their money. Buyers can sacrifice land and opt for less living space for proximity to the city or move to the suburbs and accept the commute.

 

The reality is that we are live in a beautiful place and everyone wants to be here. BC Stats projects in their PEOPLE 36 report that our province will gain another 1.6 million people in 25 years, by 2036. Real estate here is not going to get any more affordable.



--Arthur Ng

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Consult with a Coldwell Banker Agent today“I’m going to wait until prices drop.”
“I want to save enough for a large down payment.”
“The prices are too high.”
“A better house might come up.”
“My friends/media told me not to buy.”
 
We hear these comments on a regular basis. I will say that the right time to buy is when the conditions work for you regardless of the market. If you can afford the mortgage and the property is in the right location and meets most of your needs, why wait? What happens if the prices don’t come down? If the prices do come down, would you and the others sitting on fence jump in at the same time to compete for the same property? When you find the near perfect house but wait to see if another better one comes up and doesn’t, and meanwhile the house that you liked has sold, what do you do then? A home is where you live. And we happen to live in the Lower Mainland where the population continues to grow from international immigration and the rest of Canada at a record pace. Prices are based on supply and demand. Have you wished that you had bought earlier but didn’t because you thought prices were going to fall? Ask some of your friends that did. I am not suggesting that you jump in blindly. Consult with one of our experienced agents and they can guide you in the right direction.
 
 
-- Arthur Ng
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 “My property assessments are up over 15%! Does this mean that my house is worth more now?”
As Real Estate agents we get asked this question all the time, in fact I remember getting asked this question 30 years ago too! Logically homeowners and buyers look at property assessments as some sort of guide to determine house values; unfortunately this method of evaluation is flawed. For example, most properties that are assessed by the BC Assessment Authority are never even inspected, meaning no one enters the home to see its physical condition, properties are mostly viewed from the outside or aerial mapping and assessed based on land size/location and age of the dwelling (recent building permits may trigger some further investigations as well). Can you imagine a Real Estate agent evaluating your home and providing professional price estimation and never even going inside? Of course not.  Well that’s exactly what the property assessor’s do and yet we place so much value on their pricing method, it just doesn’t make sense to use property assessments as your basis to determine the correct Real Estate market value. I have heard some people say that the assessments are always lower than market value, or add 10% or 15%? All of this doesn’t make any sense and are just “guesstimates”. Another major reason for not considering assessed values when pricing a home is the fact that your 2012 assessment was completed by July 1011, over 6 or more months ago (depending when you sell in 2012). Anyone with Real Estate experience will tell you that a lot can change in 6 months when it comes to house prices. So there you have it, don’t put too much weight in your assessed value when deciding on the right price for your home or when you are making an offer to buy a property. At Coldwell Banker Westburn Realty we have experts to help you determine the “Right” price based on recent listings/sales on homes like yours in the market place near your location. Please watch the video below for an even better understanding of how property assessments work in B.C.
 
 
--Paul Prade
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 Coldwell Banker continues to lead the way with innovative Real Estate marketing methods, the latest way to use social media and Facebook to promote listing between agents is demonstrated in the cool video link below. The 2nd Annual Generation Blue Coldwell Banker International Conference is coming up in late February and focuses on the internet and specifically social media as the best way to market Real Estate today. Please take a look at this video and see what the younger generation of realtors and buyers are looking for when searching for properties!
 
 
  
--Paul Prade
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