Possibilities and challenges have emerged from the cooldown in our real estate market.  

The recent cooldown is bringing opportunity for buyers including greater choice and less competition from rival bidders.  

We’re seeing growing inventory in this market, which means that buyers no longer have to make a decision in 15 minutes on whether to buy a home or not and have that fear of missing out on an opportunity.

The easing of that supply shortage, coupled with rising interest rates and fewer buyers, has resulted in fewer bidding wars, more reasonable purchase amounts and the opportunity for Canadians to make a more rational decision on buying a home.

So I think having a more balanced market, as we’re seeing today, is certainly more suitable for accommodating our industry and our clients. 

Opportunities, challenges for first-time buyers

Indeed, the cooldown may be long overdue for a segment of the market that’s faced a steep uphill climb to purchase a property over the past couple of years: first-time buyers, who’ve found themselves frequently squeezed out due to affordability challenges and intensive competition.

New entrants to the market who have solid income, employment and can afford a down payment will be well positioned in the current environment.  

If you or anyone you know have questions about the market, or are interested in buying or selling, please reach out to us as we are never too busy to help.  

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I have listed a new property at 1805 9133 HEMLOCK DR in Richmond.
This luxury PENTHOUSE has a modern & elegant feel. It has been completely updated & is a perfect place for relaxation & entertaining guests. The open plan kitchen has the latest appliances including a Fisher & Paykel Fridge, and Fulgor Milano gas cooktop & oven. This home features soaring ceilings in the living/dining areas & offers plenty of natural light from the large windows throughout. It has unobstructed views of the city skyline, & the north shore mountains. There are 3 balconies/decks, and a large den that can double as a 3rd bedroom. This home comes with 2 parking stalls + 2 storage lockers & features hotel like amenities including an indoor pool, hot tub, sauna & steam room, party room & fitness centre. Pet & rental friendly building. This PENTHOUSE is an absolute gem!
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Living in a condominium can seem like a pretty sweet deal. In exchange for your monthly condo fees, all your maintenance tasks are taken care of. Right? Well, while you might not be on the hook for things like shovelling snow or cleaning the building’s pool, there are still some maintenance tasks you can’t forget. Have you overlooked any of these?

Check your dishwasher supply hose. One thing people often forget about living in a condo is that if there’s water damage in your own unit, it’s likely going to damage other units beside or underneath you. A leaking dishwasher is a common cause of this. Make sure you check your dishwasher supply hose (usually located under the sink) seasonally to ensure it’s in good repair and there are no portions that look weakened or torn.

Clean your lint traps—all of them. Many people know not to run a load in the dryer without cleaning the lint trap in the machine. But a surprising amount of people don’t. Not only should it be cleaned every time you put a load in, but many condominium units are designed to have two lint traps, one often in the ceiling of your laundry room or closet. This is to act as a backup, in case the first trap doesn’t collect all of it, so the secondary trap shouldn’t need cleaning every time. It should, however, still be checked monthly.

Clean the windows you can reach. Most condo corporations will hire a professional window cleaning company to clean the building’s windows twice a year. The catch? They will often only clean windows that are inaccessible to residents. That means windows that are part of the facades and can’t be reached by unit owners. So any windows you can safely reach by standing on your balcony may be your responsibility to tackle.

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I have listed a new property at 3035 EUCLID AVE in Vancouver.
Charming, circa 1911, Character Home on a Corner lot in a central location. This home has been tastefully updated & features fir wood floors throughout, stained glass windows, glass door knobs, renovated bathrooms w/ clawfoot tubs & a renovated kitchen w/new appliances. Recent updates include upgraded electrical (2021), insulation (2021), drain tiles (2010), roof (2017), fence (2021) basement windows (2021) & kitchen in 2008. The main floor boasts 9' ceilings & a gas fireplace insert in the living area. There is a 2 bedroom mortgage helper in the basement with its own entrance. Transit, shops and services are just a 5 minute walk away. Very private and quiet setting. Why buy a 1/2 duplex or townhouse when you can get a house w/a mortgage helper for the same price? By appointment only.
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I have listed a new property at 9533 BROADWAY ST in Chilliwack.
You are not going to want to miss out on this massive 0.36-acre (15,681 square foot) property located in the heart of town with an ideal (68' x 239') lot! The 4 bedroom Rancher with a full basement and detached double-car garage has had many updates over the years including windows, flooring, stainless steel appliances and central A/C. A large private backyard allows for plenty of space to park the vehicles and toys. Great home to call your own or buy and hold with the OCP calling for RES2 zoning giving you a variety of options. The development potential is big with this one! Especially w/ the neighboring properties involved. Call for more information on what that entails. Walking distance to schools, Johnson Park, and a short drive to the fast-growing District 1881 in Downtown Chilliwack.
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How the 2022 Federal Budget Promises to Make Housing more affordable:

Building new homes;

To help ease price pressures in Canada’s real estate market, Ottawa would provide $4-billion through Canada Mortgage and Housing Corp. to build 100,000 new homes in the next five years. Another $1.5-billion would serve to create 6,000 affordable housing units over the next two years.

Multigenerational Home Renovation Tax Credit

This is a refundable tax credit for Canadians who are taking home building into their own hands. Families who are constructing a secondary suite for a senior or adult with a disability would be able to claim 15 per cent of up to $50,000 in eligible renovation and building costs, resulting in up to $7,500 worth of savings.

Tax-Free First Home Savings Account

Starting in 2023, first-time home buyers would be able to save up to $40,000 in a new account. As with a registered retirement savings plan, contributions – in this case, up to a maximum of $8,000 a year – would be tax-deductible. And, as with a tax-free savings account, withdrawals would be tax-free. Investment growth inside the account would also be tax-free.

Doubling the First-Time Home Buyers’ Tax Credit

First-time buyers who’ve purchased a property on or after Jan. 1 would be able to claim $10,000 – up from the current $5,000 – which would double the maximum non-refundable tax rebate from $750 to $1,500.

First-Time Home Buyer Incentive extended until early 2025

The Liberal government’s shared-equity mortgage for first-time buyers, which was first introduced in the 2019 budget, will be available until the end of March, 2025, the budget said.

Under the program the government or a mortgage provider covers part of a first home purchase in exchange for what amounts to an equity stake in the property. While the arrangement allows home buyers to take out a smaller mortgage with lower monthly payments, uptake so far has been far below expectations, a recent Globe and Mail analysis showed.

The budget promises to tweak the incentive to make it more appealing.

No principal residence exemption for properties bought and sold within 12 months

The budget proposes taxing the sale of a home designated as a primary residence if it’s been held for less than 12 months. The measure is aimed at discouraging house-flipping, the rapid buying and selling of a property to capture gains in a fast-appreciating real estate market.

Still, Canadians who are forced to sell their home within 12 months owing to circumstances such as a death, disability, a new job, divorce or the birth of a child, among other possible exceptions, would be spared from having to pay the tax.

A two-year ban on foreign buyers

the budget envisions a two-year freeze of purchases of residential property by foreign individuals and entities. Exceptions include recreational real estate and purchases by individuals who live in Canada and have work permits and international students who are on track to become permanent residents, in certain cases.

Sales taxes on assignment sales

Buying a preconstruction condo unit and selling it before it’s finished will be subject to sales taxes as of May 7th. 

Doubling the home accessibility tax credit

Seniors would be able to claim a maximum of $20,000 worth of expenses for upgrades such as walk-in bathtubs and wheelchair ramps that make their homes more accessible. The new ceiling would be double the current cap on eligible expenses and would result in a maximum tax credit of $3,000.

My Take

No doubt these changes will have some effect on the real estate market.  However, these "promises" are just promises and how effective they will be is yet to be determined.  A promise by our government to increase housing supply and fastracking permitting is questionable.  

Canada doesn't have the trades resources to double construction because of a shortage of construction workers and skilled trades. Giving municipalities more resources to provide permits without making sure that developers have the labour to act on them will significantly limit the effectiveness of that policy. 

On Foregin Buyers:

We’ve had two years when it’s been very hard to be a foreign buyer of real estate in Canada because it’s been hard to get here. Yet this is when house prices have had their largest increase over the last 10 years. 

In 2020, foreign homebuyers accounted for 1.4 per cent of the British Columbia real estate market. the trend of foreign homebuyers had been on the decline before the COVID-19 public health crisis. According to BC Ministry of Housing data, foreign buyers as a representation of property purchases had fallen to around one per cent, down from three per cent in 2018.

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I have sold a property at 1026 13 AVE E in Vancouver.
Apple Construction is proud to present this beautiful 2 story infill house located in the heart of Mt. Pleasant. This stunning home features 2 bedrooms on the top floor and a walk out balcony. The main floor features a spacious kitchen, living/dining room and a powder bathroom. This home features in floor radiant heat, wide plank engineered wood floors, Google Home Automation for lighting as well as a single car garage and lots of storage. You do not want to miss out on this beautiful home. Bonus: Location and Amenities
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The Latest March 2022 Market stats are out and available for download.

Greater Vancouver Market Speedo HERE

Metro Vancouver Market Speedo HERE

Fraser Valley Market Speedo HERE

Detached Monthly Variances HERE

Attached Monthly Variances HERE

Download the Complete Report HERE

Ask me for a Copy of SnapStats for your area and find out your home's market speed!

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