BC real estate: How long should I look at listings before buying?
The pandemic, along with ups and downs in the housing market this past year, have shifted the way homebuyers approach real estate transactions, with some trends persisting and others losing traction, according to new data from a Zolo survey that asks homebuyers about their practices.
B.C. homebuyers are taking their time when it comes to a real estate purchase. Nearly 45 per cent of homebuyers spent one to two years browsing listings, with 35 per cent looking at roughly four to six homes, according to survey results.
“We all know about the trope of saving real estate listings and browsing homes even though you’re not in a position to buy. But I feel that these particular survey questions really validated that many, many Canadians are making real estate wish lists long before they actually start their house-hunting journey,” said Jordann Kaye, spokesperson for Zolo.
Another standout data point is more Canadians using parents or relatives as a way to fund a home purchase.
In B.C., roughly 25 per cent of respondents said they utilize funds from their family, or other relatives, or their partner’s family or relative, according to Zolo. Nation-wide, 47 per cent of Canadians received money from family or an inheritance to boost their percentage.
“While we knew that getting help from family was becoming increasingly common, it’s almost at a point now where it’s essentially a prerequisite to even get into the housing market,” said Kaye.
Among the pandemic trends that have not persisted is virtual viewing or buying a home “sight unseen,” according to Zolo. This was very popular during the pandemic and soon after restrictions were lifted; however, data shows that no B.C. respondents bought a home without seeing it. On the other hand, the use of social media like Instagram, Facebook and TikTok for finding listings has continued, says Kaye.
“The real estate listing website is still king, it will be for some time, but Facebook and Instagram are hot on its heels. And if you follow any real estate agents on those platforms, they are using those platforms to sell homes,” she said.
As more millenials and Gen Z buyers enter the market, Kaye believes that the number of people using social media for home buying will increase.
In B.C., the combined total of homebuyers using some form of social media to browse through potential homes, whether on Facebook, Twitter, TikTok or Instagram, is nearly 55 per cent. Real estate listing websites were used by approximately 29 per cent of buyers, according to survey results.
When it comes to comparing B.C. to the rest of Canada, fewer British Columbians (14 per cent) chose to create a budget to prepare for homebuying. Nationally, 55 per cent of Canadians prepared a budget, according to Zolo.
“Budgeting is super, super important in terms of saving for your down payment but also for being successful in homeownership because we all know that the transition from renting to homeownership can be quite the jolt,” said Kaye.
Of the survey responses, the one that matched with expectations the most is when B.C. residents are choosing to buy a home. Kaye described it as matching the real estate cycle “almost perfectly.”
Approximately 14 per cent of B.C. buyers chose to buy in March, with the months of July to September all seeing 11 per cent of buyers transacting at that time.
Three unique real estate listings that caught our eye this week – Western Investor
Western Investor is famous for the breadth of its commercial real estate listings. It is perhaps the only publication in Canada where investors can find a high-rise office tower, a remote waterfront lodge, a golf course, an industrial warehouse or a small-town bowling alley for sale within its pages.
We often have unique listings and there are three this month that stood out.
First is an entire city block for sale in downtown Calgary.
The 2.83-acre site borders the popular East Village, and the land is rezoned for a high-density mixed-use project with a generous floor-ratio-area (FAR) of 20.
Flexible commercial zoning allows for residential rentals, condos or hotel and a variety of commercial uses. Current visions include four high-rise towers, but all options are on the table. It is listed by Goodman Commercial, Vancouver, and NAI Commercial, Calgary, at an asking price of $32.4 million.
Second is a rare listing in B.C.’s Central Okanagan.
The property is the 11.3-acre Vibrant Wine vineyard estates in east Kelowna. The property includes a luxury 9,000-square-foot Italian-style villa. The eight-acre vineyard was named the No.1 winery on Trip Advisor and its product was ranked the Best White Wine in the World in 2013. A proven venture that can be expanded, the entire property and equipment is co-listed by HM Commercial and Jane Hoffman Realty, Kelowna, at $13.5 million.
Third of the unique listings is a productive gold mine.
With a private residence and a two-title acreage in the Cariboo, the property covers 3.2 acres near the original Gold Rush town of Likely, B.C.
The land includes an updated three-bedroom house, but the attraction is the operating gold mine. A two person operation on a five-year renewable permit that covers a 100-acre bench, only nine acres have been worked so far, but there has been a consistent average return of 1 ounce of gold per 100 yards mined, with the highest return of 8 ounces in under 100 yards. Note: the price of gold now is around US$1,980 per ounce. The entire operation, including all the mining machinery, is listed by 3A Group, Re/Max Nyda Realty in Agassiz, B.C., at $1.45 million.
Simcoe County's real estate market shows signs of recovery – CTV News Barrie
Real estate experts paint a cautiously optimistic outlook after a year of downward market trends across the country.
Trends in Simcoe County show an increase in viewings and buyers re-entering the market after key interest rate hikes from the Bank of Canada warded off many last year.
Lance Chilton, the broker of record at Re/Max Hallmark Chilton Realty, calls the local market “more or less balanced.”
“Inventory conditions are the same as they once were in 2018,” he noted.” From 2020 to 2022, prices rose to about 43 per cent, which was rather rapid.”
Chilton said key interest rate hikes eventually bottomed out the local market by about September – that’s when home prices that peaked at around $1 million dropped to about $730,000.
“Since then, it’s recovered by about five per cent,” Chilton said. “In fact, we actually saw showings increase for the first time in about six months.”
The Barrie and District Association of Realtors (BDAR) confirms that showings have picked up again, with people getting that “spring fever.”
However, the one key issue that remains is low inventory.
“We saw prices dip because of interest rates and people pulling out of the market, but we never saw that supply come back online,” said Luc Woolsey, BDAR president, adding the situation creates multi-offer bids.
“So there’s still a lot of people having to come in firm, waiving conditions and inspections because they’re having to compete.”
‘Million Dollar Listing’ star warns CA mansion tax will deliver ‘hardest hit’ to market since 2007 – Fox Business
Though it’s home to some of the most luxurious and expensive real estate listings in America, California is readying to pass a housing bill that one “Million Dollar Listing” agent warned could create the “hardest hit” to the market since the 2007-08 crash.
“In about ten days or so, there’s a measure called the ULA measure that’s going to go into effect, which is going to be probably the hardest hit to the real estate market that we’ve seen since 2007,” broker and television personality Josh Altman said on “Varney & Co.” Monday.
Altman’s comments come in response to the recently-passed “United to House L.A.” (ULA) measure in California, which adopts a so-called “mansion tax” on property sales or transfers over a certain value to pay for affordable housing.
Properties sold above $5 million but below $10 million are subject to a 4% sales or transfer tax, while properties that sold for more than $10 million will face a 5.5% tax, according to the city clerk’s voter information pamphlet.
‘MILLION DOLLAR LISTING’S’ JOSH ALTMAN GIVES INSIDE LOOK AT ‘BOTCHED’ STAR PAUL NASSIF’S $27.9 MILLION HOME
At least 92% of taxpayers’ money would “fund affordable housing under the Affordable Housing Program and tenant assistance programs under the Homeless Prevention Program,” the pamphlet also clarified.
“The way that this ULA measure was passed is just mind-boggling to me,” Altman added, “and I think it’s one of the most ridiculous bills that I have ever seen in my entire 20-year career.”
The Los Angeles city administrative officer estimated the proposed tax could generate $600 million to $1.1 billion in revenue each year. However, he noted it would “fluctuate” based on how many property transactions with values within the scope of the tax actually occur.
While those who support the measure argue it could help solve L.A.’s housing affordability and homeless crisis, others like Altman caution the tax policy would lead to higher home prices and bureaucracy.
“Think about these people that bought houses three years ago for $5 million and they want to sell now,” Altman hypothesized. “The market’s down, rates are up, that happens. But now they got to cut a check for $200,000 out of their own pocket because there’s no profit on that. So it’s really going to rock the real estate market that we’re in here in Los Angeles.”
California’s real estate market, the “Million Dollar Listing” star further argued, is on “a race to the bottom” over the next 10 days as buyers try to close deals before the mansion tax is enacted.
“I’m seeing deals get done that should never have gotten done,” the L.A. agent said. “I’ve even done as much as, on a $28 million listing that I have, we have offered a $1,000,000 bonus for anybody who buys and closes before April 1.”
The “main issue” with the ULA measure remains its “trickle down” effect — not on mansion or luxury homeowners, but on working and middle-class California families.
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“People who voted who said, ‘Oh, I don’t have a $5 million house,’ which by the way, is not a mansion in L.A., we’re talking about a four-bedroom, 4,000 square-foot house in L.A. is $5 million, so this isn’t a mansion tax,” Altman said.
“This isn’t a $30, $40, $50 million house tax – these are regular people that work bill to bill, that have to pay their mortgage just like everybody else, and now they’re being penalized here.”
FOX Business’ Aislinn Murphy contributed to this report.
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