It appears as though our real estate market, at least here in the Parksville area, is starting to come out of its deep winter slumber. Homes are starting to sell as local buyers get in on the best deals.
But a few folks from away are starting to take the plunge and make their purchases too. There are a multitude of open house signs out on the weekends now. Certainly many of those visitors will be neighbours wanting to compare value with their own homes if considering listing this spring.
LiveSmart BC Program: Now Extended: On April 11, 2013 provincial government in partnership with BC Hydro and FortisBC, announced the extension of the popular LiveSmart BC: Efficiency Incentive Program.
Our market picked up considerably at the end of January and continues to gain momentum during this first quarter. After having experienced a truly miserable winter on the prairies, buyers from Alberta and Saskatchewan have arrived to see that our spring comes in late February!
This newsletter focuses on home renovation. Sometimes we're quick to tear down and rebuild, however, it may make more sense to renovate a home. The BC government has incentives in place until March 1, 2013. These incentives are intended to encourage homeowners to make their homes more energy efficient. So far, the government hasn't said whether these financial incentives will be extended beyond the spring of 2013. For that reason, I thought it might be a good time to remind people about this.
As of August, single family home prices in the Qualicum Beach Parksville area are down 8% over this time last year. Interest rates are at all time lows. After a prolonged period of focus on Euro-zone debt, global confidence in the economy is cautiously maintained. This could be a very good time to buy. Media reporting often highlights the Vancouver and Toronto real estate markets and their skyrocketing home prices. At some point, there may be a price correction in those markets. It is important to keep in mind our own local market conditions. Here, it is a great time to be a buyer.
This could be the best time in a long time to buy. Interest rates are at all time lows. After a prolonged period of focus on euro zone debt, global confidence in the economy is restored. In a recent Globe & Mail article (June 9, 2012) describing 10-year investment returns, 12 leading investment portfolio experts predicted an average long term return of only 4%, or 6% before an expected 2% inflation rate. It may be a very good time to invest in real estate!
I hear the "coulda - woulda - shoulda" phrase from clients often. The time to buy is now. There is a very good selection available. Prices have come down dramatically since 2008, and have stayed down. It's hard to say for how much longer. If you are in a position to make your move, I recommend you do not sit on the sidelines for much longer. Interest rates really don't have much of an effect here as most retirees buy with cash. As the rates are so low, some do still borrow for buying real estate and then invest their other available equity elsewhere.
The following article from the BC Real Estate Association's Chief Economist is particularly relevant at the end of the first quarter in 2012 and leading into the busy Spring real estate season.
At the Housing Outlook 2012 conference in Vancouver, analysts from Canada Mortgage and Housing Corp. (CMHC) sketched a scenario of surprising stability in the Vancouver and BC market for next year. For all of BC, housing sales are forecast to increase 7.4 per cent, according to CMHC.
Welcome relief may be the best way to describe the reactions of many to two significant announcements for the new housing market made by Minister of Finance Kevin Falcon on February 17, 2012. BCREA thanks the BC government for these measures, which respond directly to concerns expressed for the past two years.
As was universally anticipated, the Bank of Canada opted to hold its target overnight rate at 1 per cent this morning. Ongoing uncertainty in the Euro-zone continues to weigh heavily on the Bank's outlook.
Good news! The HST is going to be eliminated in BC. New home builders and buyers of new homes will be happy to see the HST go.
Residential units sales through the Multiple Listing Service® (MLS®) in BC are forecast to increase 6 per cent to 90,100 units in 2010, before edging back 3 per cent to 87,500 units in 2011.
Wednesday, the provincial government announced the HST transitional rules on housing.
RE/Max has released its comprehensive look at trends in the Canadian real estate market. Read the full report by clicking the link below.
With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.
A new survey of BC homeowners and renters on housing affordability and green housing issues suggests consumer confidence concerning real estate purchases may be improving.
If you can afford to make the payments for the next 5 years or so and you love the property, then it's a great time to buy! We have a very good selection of properties to choose from with mortgage interest rates at 40-year lows. Pricing on single family homes has come down about 7 to 10% from about the spring of 2008 level. It is a buyer's market!
RE/MAX Associates once again showed their generosity and compassion, raising $51,800 with the silent and live auctions at the annual "Breakfast of Champions" in support of the Children's Miracle Network and its affiliated hospitals. The event was held on February 7th during the RE/MAX of Western Canada 26th Annual Conference in Victoria, BC, February 5-7, 2009.
The legendary editor of The New Republic, Michael Kinsley, once held a "Boring Headline Contest" and decided that the winner was "Worthwhile Canadian Initiative." Twenty-two years later, the magazine was rescued from its economic troubles by a Canadian media company, which should have taught us Americans to be a bit more humble.
Canada No. 1, say global execs; Namibia, Malta now rank higher than the U.S.