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Halloween PumpkinWith the end of October comes with it Hallowe’en and the memories of the great Dot Com crash that occurred many years ago which we are still recovering. We have seen a lull in our local real estate market for the last number of months. Are we going to experience what the reporters have been waiting for decades to report of a real estate crash? Ask any economist and 50% of them will be correct and become gurus should the event happen. I have no crystal ball. The Buyers tend to hold off writing offers when they hear the news; meanwhile the Sellers don’t put on their properties because they cannot get their pricing. Yet when the market jumps, Buyers scramble to outbid each other to buy anything without much thought. Investors stock up on pre-sales...
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Stockbrokers tell consumers to “buy low, sell high”. Can this be applied to Real Estate? While a great concept, it really doesn’t work for most homeowners and end users. I would argue that many people buy and sell real estate not because of the market but rather because of their personal or family circumstance. The individual who has been relocated sells and moves while the new immigrant needs a place to call home, whether they buy or rent. A couple, either expecting their second child will be looking for a larger place to live or downsizing because the children have all moved out.  A family with a daughter starting university may move into town from Maple Ridge because of the commute. A family looking for a specific n...
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As per my previous blogs and what I have been advising our clients, the local real estate market is unique. The economic and political stability, quality of life, the natural beauty and the sound social and education system is desirable world-wide. This is confirmed by the latest 2011 census report from Statistics Canada shows that our population is growing faster than any G8 nation, fuelled primarily by immigration and the bulk landing in Western Canada. For Metro Vancouver with its’ limited land base, it just means that prices can only head one way overall. This explains why Surrey and Port Moody is experiencing 19.9% and 18.6% growth respectively when compared to 2006. More than 200,000 new residents came to Metro Vancouver since 2006. This...
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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...

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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...
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Office (Kingsway):604-437-1123
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Coldwell Banker Westburn Realty
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