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.

• Check for air leaks: On a day when it's windy outside, close your windows/doors and feel for air leaks. Typically, leaks will be found at the edges where the window is hinged, slides, or meets another unit. You can tape plastic over windows to seal them, but this can be expensive and rather unattractive. A better and easier solution is to use inexpensive rope caulk to seal leaks. Press the rope to caulk into all the joints where the air is leaking.
• Inspect the outside window moldings: Look around windows for damaged or missing caulking. Use a good quality exterior caulk to seal any gaps you find. 
• Inspect window tracks: Clean the tracks of any debris that might be interfering with seals. 
• Inspect the locking mechanisms & caulking: Make sure they work adequately. You will want to lock them securely once winter sets in. 
• Inspect door caulking: Look around the outside moldings of door frames, and add new exterior-grade caulking if necessary.
• Inspect and replace any failed weather stripping: Check the weather stripping around windows and doors, including the door  sweep attached to the bottom of the door. This will help to minimize draughts

Do a quick check of the roof to prepare for winter. Either hire someone to inspect it if you are not comfortable doing this yourself, or inspect it yourself wearing well-fastened shoes with nonskid soles.

• Inspect the shingles: Check the roof for missing or damaged shingles, and have them replaced. If you can’t get up to the roof, consider using a drone.
• If roof access isn’t feasible: consider taking a flashlight and inspecting the attic space, making sure there are no signs of moisture and that there is enough insulation up there.
• Inspect the flashing: Check flashing around chimneys and other roof projections, which are often the source of leaks. Have repairs made if necessary. 
• Inspect the gutters: Make sure gutters and downspouts are clean with no leaves or debris clogging them. Wet leaves remaining in the gutters over winter add significant weight and volume when frozen, increasing the risk of damage, not to mention water getting in behind the siding. Also, make sure downspouts are solidly attached.

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.

*Sourced from The Spruce, taken November 13, 2021.